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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
ASSETS    
Cash and cash equivalents $ 11,604 $ 11,688
Restricted cash 76,448 70,261
Equipment held for operating lease, less accumulated depreciation of $380,166 and $385,483 at June 30, 2019 and December 31, 2018, respectively 1,603,179 1,673,135
Maintenance rights 9,944 14,763
Equipment held for sale 4,079 789
Receivables, net of allowances of $2,688 and $2,559 at June 30, 2019 and December 31, 2018, respectively 46,900 23,270
Spare parts inventory 45,846 48,874
Investments 52,242 47,941
Property, equipment & furnishings, less accumulated depreciation of $7,751 and $6,945 at June 30, 2019 and December 31, 2018, respectively 28,339 27,679
Intangible assets, net 1,342 1,379
Notes receivables 30,599 238
Other assets 20,261 14,926
Total assets [1] 1,930,783 1,934,943
Liabilities:    
Accounts payable and accrued expenses 32,964 42,939
Deferred income taxes 101,711 90,285
Debt obligations 1,285,557 1,337,349
Maintenance reserves 113,409 94,522
Security deposits 21,994 28,047
Unearned revenue 5,139 5,460
Total liabilities [2] 1,560,774 1,598,602
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at June 30, 2019 and December 31, 2018, respectively) 49,596 49,554
Shareholders’ equity:    
Common stock ($0.01 par value, 20,000 shares authorized; 6,350 and 6,176 shares issued at June 30, 2019 and December 31, 2018, respectively) 64 62
Paid-in capital in excess of par 0 0
Retained earnings 321,577 286,623
Accumulated other comprehensive (loss) income, net of income tax (benefit) expense of $(307) and $81 at June 30, 2019 and December 31, 2018, respectively (1,228) 102
Total shareholders’ equity 320,413 286,787
Total liabilities, redeemable preferred stock and shareholders' equity $ 1,930,783 $ 1,934,943
[1]
Total assets at June 30, 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 $271 and $656; Restricted cash $76,000 and $70,261; Equipment $996,241 and $1,032,599; and Other assets $375  and $1,075, respectively.
[2]
Total liabilities at June 30, 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 $876,392 and $903,296, respectively.