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v3.19.1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018
--- | --- | ---
ASSETS |  |  |
Cash and cash equivalents |  | $ 12,181 | $ 11,688
Restricted cash |  | 68,452 | 70,261
Equipment held for operating lease, less accumulated depreciation of $389,320 and $385,483 at March 31, 2019 and December 31, 2018, respectively |  | 1,605,120 | 1,673,135
Maintenance rights |  | 14,763 | 14,763
Equipment held for sale |  | 629 | 789
Receivables, net of allowances of $2,465 and $2,559 at March 31, 2019 and December 31, 2018, respectively |  | 24,986 | 23,270
Spare parts inventory |  | 47,038 | 48,874
Investments |  | 54,253 | 47,941
Property, equipment & furnishings, less accumulated depreciation of $7,437 and $6,945 at March 31, 2019 and December 31, 2018, respectively |  | 27,758 | 27,679
Intangible assets, net |  | 1,359 | 1,379
Notes receivables |  | 30,854 | 238
Other assets |  | 18,109 | 14,926
Total assets | [1] | 1,905,502 | 1,934,943
Liabilities: |  |  |
Accounts payable and accrued expenses |  | 32,410 | 42,939
Deferred income taxes |  | 96,995 | 90,285
Debt obligations |  | 1,297,836 | 1,337,349
Maintenance reserves |  | 93,979 | 94,522
Security deposits |  | 22,212 | 28,047
Unearned revenue |  | 5,057 | 5,460
Total liabilities | [2] | 1,548,489 | 1,598,602
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at March 31, 2019 and December 31, 2018, respectively) |  | 49,575 | 49,554
Shareholders’ equity: |  |  |
Common stock ($0.01 par value, 20,000 shares authorized; 6,160 and 6,176 shares issued at March 31, 2019 and December 31, 2018, respectively) |  | 62 | 62
Paid-in capital in excess of par |  | 563 | 0
Retained earnings |  | 306,912 | 286,623
Accumulated other comprehensive (loss) income, net of income tax expense of $23 and $83 at March 31, 2019 and December 31, 2018, respectively |  | (99) | 102
Total shareholders’ equity |  | 307,438 | 286,787
Total liabilities, redeemable preferred stock and shareholders' equity |  | $ 1,905,502 | $ 1,934,943
[1] | Total assets at March 31, 2019 and December 31, 2018, respectively, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Cash $268 and $656; Restricted cash $68,072 and $70,261; Equipment $1,020,182 and $1,032,599; and Other assets $328 and $1,075, respectively.
[2] | Total liabilities at March 31, 2019 and December 31, 2018, respectively, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $890,701 and $903,296, respectively.

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- Definition This element represents money paid in advance to protect the provider of a product or service, such as a lessor, against damage or nonpayment by the buyer or tenant (lessee) during the term of the agreement. Such damages may include physical damage to the property, theft of property, and other contractual breaches. Security deposits held may be interest or noninterest bearing. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.15(a)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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- References No definition available. + Details
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- Definition Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer. + References No definition available. + Details
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- Definition Equipment held for sale. + References No definition available. + Details
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- Definition A liability for future maintenance events that have a refundable aspect contingent on return conditions. + References No definition available. + Details
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- Definition Represents the carrying amount of maintenance rights as of balance sheet date. + References No definition available. + Details
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