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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
ASSETS    
Cash and cash equivalents $ 81,360 $ 6,720
Restricted cash 235,879 56,948
Equipment held for operating lease, less accumulated depreciation of $426,507 and $414,835 at March 31, 2020 and December 31, 2019, respectively 1,697,749 1,650,918
Maintenance rights 3,133 3,133
Equipment held for sale 50 120
Receivables, net of allowances of $1,898 and $1,730 at March 31, 2020 and December 31, 2019, respectively 31,123 24,059
Spare parts inventory 41,754 41,759
Investments 57,922 57,936
Property, equipment & furnishings, less accumulated depreciation of $9,373 and $8,666 at March 31, 2020 and December 31, 2019, respectively 32,283 31,520
Intangible assets, net 1,297 1,312
Notes receivable 115,853 38,145
Other assets 28,252 28,038
Total assets [1] 2,326,655 1,940,608
Liabilities:    
Accounts payable and accrued expenses 37,010 45,648
Deferred income taxes 113,762 110,418
Debt obligations 1,626,206 1,251,006
Maintenance reserves 112,407 106,870
Security deposits 24,303 20,569
Unearned revenue 10,301 6,121
Total liabilities [2] 1,923,989 1,540,632
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at March 31, 2020 and December 31, 2019, respectively) 49,659 49,638
Shareholders’ equity:    
Common stock ($0.01 par value, 20,000 shares authorized; 6,344 and 6,356 shares issued at March 31, 2020 and December 31, 2019, respectively) 63 64
Paid-in capital in excess of par 6,527 4,557
Retained earnings 352,420 348,965
Accumulated other comprehensive loss, net of income tax benefit of $1,679 and $896 at March 31, 2020 and December 31, 2019, respectively (6,003) (3,248)
Total shareholders’ equity 353,007 350,338
Total liabilities, redeemable preferred stock and shareholders' equity $ 2,326,655 $ 1,940,608
[1]
Total assets at March 31, 2020 and December 31, 2019, respectively, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Cash nil and $134; Restricted cash $235,461 and $56,523; Equipment $1,167,154 and $1,004,851; Maintenance Rights $3,133 and $3,133; Inventory nil and $2,832; and Other assets $644  and $668, respectively.
[2]
Total liabilities at March 31, 2020 and December 31, 2019, respectively, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $977,637 and $842,996, respectively.