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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.