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Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019
--- | --- | ---
ASSETS |  |  |
Cash and cash equivalents |  | $ 42,540 | $ 6,720
Restricted cash |  | 36,385 | 56,948
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation |  | 31,753 | 31,520
Maintenance rights |  | 20,097 | 3,133
Equipment held for sale |  | 2,850 | 120
Receivables, net of allowances of $1,372 and $1,730 at December 31, 2020 and 2019, respectively |  | 28,269 | 24,059
Spare parts inventory |  | 59,434 | 41,759
Investments |  | 53,275 | 57,936
Intangible assets, net |  | 1,246 | 1,312
Notes receivable |  | 158,708 | 38,145
Other assets |  | 43,778 | 28,038
Total assets | [1] | 2,364,948 | 1,940,608
Liabilities: |  |  |
Accounts payable and accrued expenses |  | 26,977 | 45,648
Deferred income taxes |  | 116,838 | 110,418
Debt obligations |  | 1,693,753 | 1,251,006
Maintenance reserves |  | 82,484 | 106,870
Security deposits |  | 19,522 | 20,569
Unearned revenue |  | 11,637 | 6,121
Total liabilities | [2] | 1,951,211 | 1,540,632
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued and outstanding at December 31, 2020 and 2019, respectively) |  | 49,722 | 49,638
Shareholders’ equity: |  |  |
Common stock ($0.01 par value, 20,000 shares authorized; 6,570 and 6,356 shares issued at December 31, 2020 and 2019, respectively) |  | 66 | 64
Paid-in capital in excess of par |  | 13,696 | 4,557
Retained earnings |  | 355,370 | 348,965
Accumulated other comprehensive loss, net of income tax benefit of $1,428 and $896 at December 31, 2020 and 2019, respectively. |  | (5,117) | (3,248)
Total shareholders’ equity |  | 364,015 | 350,338
Total liabilities, redeemable preferred stock and shareholders’ equity |  | 2,364,948 | 1,940,608
Assets Leased to Others |  |  |
ASSETS |  |  |
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation |  | $ 1,886,613 | $ 1,650,918
[1] | Total assets at December 31, 2020 and 2019 include the following assets of variable interest entity’s (“VIE’s”) that can only be used to settle the liabilities of the VIE’s: Cash, $0 and $134; Restricted Cash, $35,262 and $56,523, Equipment, $1,037,684 and $1,004,851; Maintenance Rights, $767 and $3,133; Inventory, $5,437 and $2,832; and Other, $558 and $668 respectively.
[2] | Total liabilities at December 31, 2020 and 2019 include the following liabilities of VIE’s for which the VIE’s creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations, $907,550 and $842,996, respectively.

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- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. + References Reference 1: 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(14)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 3: 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(a)(8)) -URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910 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(13)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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- Definition Amount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + 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(a)(2)) -URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910 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(1)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121583591&loc=SL98516268-108586 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3044-108585 + Details
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. + References Reference 1: 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)(a)(3)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 65 -Paragraph 15 -Subparagraph (g)(2) -URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333 Reference 3: 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(a)(23)(a)(4)) -URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 65 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641 + Details
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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=120400017&loc=d3e572229-122910 + Details
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