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PBI » Topics » Leveraged Leases

This excerpt taken from the PBI 10-K filed Feb 29, 2008.

Leveraged Leases

Our investment in leveraged lease assets consists of the following:

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2007

 

2006

 

 

 

 

 

 

Rental receivables

 

$

1,889,083

 

$

1,687,730

 

Unguaranteed residual values

 

 

32,487

 

 

28,536

 

Principal and interest on non-recourse loans

 

 

(1,478,555

)

 

(1,326,361

)

Unearned income

 

 

(193,824

)

 

(174,534

)

 

 

 

 

Investment in leveraged leases

 

 

249,191

 

 

215,371

 

Less: Deferred taxes related to leveraged leases

 

 

(117,500

)

 

(90,716

)

 

 

 

 

Net investment in leveraged leases

 

$

131,691

 

$

124,655

 

 

 

 

 

In the fourth quarter of 2006, we determined the need to adjust the accounting for our remaining leveraged lease transactions. As a result, we recorded a $4.6 million reduction to our opening retained earnings. This reflects the cumulative effect of these adjustments. We also adjusted the related lease assets and liabilities on our Consolidated Balance Sheet. See Note 1 to the Consolidated Financial Statements for further discussion.

The following is a summary of the components of income from leveraged leases. The income amounts in prior years from Capital Services have been reclassified as discontinued operations:


 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2007

 

2006

 

2005

 

 

 

 

 

 

 

Pre-tax leveraged lease income

 

$

4,270

 

$

8,019

 

$

10,897

 

Income tax effect

 

 

1,186

 

 

(923

)

 

(3,814

)

 

 

 

 

 

Income from leveraged leases

 

$

5,456

 

$

7,096

 

$

7,083

 

 

 

 

 

 
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