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v3.20.2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019
--- | --- | ---
ASSETS |  |  |
Cash and cash equivalents |  | $ 100,096 | $ 6,720
Restricted cash |  | 71,312 | 56,948
Maintenance rights |  | 767 | 3,133
Equipment held for sale |  | 50 | 120
Receivables, net of allowances of $2,044 and $1,730 at June 30, 2020 and December 31, 2019, respectively |  | 41,678 | 24,059
Spare parts inventory |  | 50,670 | 41,759
Investments |  | 58,865 | 57,936
Property, equipment & furnishings, less accumulated depreciation of $10,081 and $8,666 at June 30, 2020 and December 31, 2019, respectively |  | 32,260 | 31,520
Intangible assets, net |  | 1,282 | 1,312
Notes receivable |  | 170,362 | 38,145
Other assets |  | 28,534 | 28,038
Total assets | [1] | 2,209,571 | 1,940,608
Liabilities: |  |  |
Accounts payable and accrued expenses |  | 32,359 | 45,648
Deferred income taxes |  | 117,915 | 110,418
Debt obligations |  | 1,520,240 | 1,251,006
Maintenance reserves |  | 100,179 | 106,870
Security deposits |  | 22,841 | 20,569
Unearned revenue |  | 8,489 | 6,121
Total liabilities | [2] | 1,802,023 | 1,540,632
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at June 30, 2020 and December 31, 2019, respectively) |  | 49,680 | 49,638
Shareholders’ equity: |  |  |
Common stock ($0.01 par value, 20,000 shares authorized; 6,552 and 6,356 shares issued at June 30, 2020 and December 31, 2019, respectively) |  | 66 | 64
Paid-in capital in excess of par |  | 7,203 | 4,557
Retained earnings |  | 356,960 | 348,965
Accumulated other comprehensive loss, net of income tax benefit of $1,781 and $896 at June 30, 2020 and December 31, 2019, respectively |  | (6,361) | (3,248)
Total shareholders’ equity |  | 357,868 | 350,338
Total liabilities, redeemable preferred stock and shareholders' equity |  | 2,209,571 | 1,940,608
Assets Leased to Others |  |  |
ASSETS |  |  |
Property, equipment & furnishings, less accumulated depreciation of $10,081 and $8,666 at June 30, 2020 and December 31, 2019, respectively |  | $ 1,653,695 | $ 1,650,918
[1] | Total assets at June 30, 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 $71,251 and $56,523; Equipment $1,098,181 and $1,004,851; Maintenance Rights $767 and $3,133; Inventory $2,382 and $2,832; and Other assets $778 and $668, respectively.
[2] | Total liabilities at June 30, 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 $957,119 and $842,996, 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=119400593&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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- Details
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