The Company provides financing for various types of equipment through operating leasing arrangements. The equipment leased to others is carried at cost less accumulated depreciation in other assets on our consolidated balance sheets. The Company had equipment leased to others of $30.7 million and $58.0 million at December 31, 2024 and December 31, 2023, respectively, net of accumulated depreciation of $18.1 million and $21.2 million at December 31, 2024 and December 31, 2023, respectively. The Company recorded lease income of $16.1 million and $18.0 million related to lease payments for operating leases in other income on our consolidated statements of income for the years ended December 31, 2024 and 2023, respectively. Depreciation expense related to leased equipment was $12.6 million and $14.7 million for the years ended December 31, 2024 and 2023, respectively.

The Company performs assessment of the recoverability of long-lived assets when events or changes in circumstances indicate their carrying values may not be recoverable. During the year ended December 31, 2024, the Company recognized impairment losses of $6.0 million associated with equipment leased to others in other expenses on our consolidated statements of income.