XML 19 R2.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
ASSETS    
Cash and cash equivalents $ 16,455 $ 42,540
Restricted cash 212,734 36,385
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation 31,148 31,753
Maintenance rights 22,468 20,097
Equipment held for sale 13,402 2,850
Receivables, net of allowances of $1,343 and $1,372 at June 30, 2021 and December 31, 2020, respectively 45,112 28,269
Spare parts inventory 54,777 59,434
Investments 52,940 53,275
Intangible assets, net 1,217 1,246
Notes receivable 195,645 158,708
Other assets 49,170 43,778
Total assets [1] 2,584,976 2,364,948
Liabilities:    
Accounts payable and accrued expenses 34,702 26,977
Deferred income taxes 115,657 116,838
Debt obligations 1,911,159 1,693,753
Maintenance reserves 73,397 82,484
Security deposits 20,574 19,522
Unearned revenue 11,034 11,637
Total liabilities [2] 2,166,523 1,951,211
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at June 30, 2021 and December 31, 2020, respectively) 49,764 49,722
Shareholders’ equity:    
Common stock ($0.01 par value, 20,000 shares authorized; 6,749 and 6,570 shares issued at June 30, 2021 and December 31, 2020, respectively) 67 66
Paid-in capital in excess of par 16,196 13,696
Retained earnings 352,442 355,370
Accumulated other comprehensive loss, net of income tax expense (benefit) of $10 and $(1,485) at June 30, 2021 and December 31, 2020, respectively (16) (5,117)
Total shareholders’ equity 368,689 364,015
Total liabilities, redeemable preferred stock and shareholders’ equity 2,584,976 2,364,948
Equipment Held For Operating Lease    
ASSETS    
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation $ 1,889,908 $ 1,886,613
[1] Total assets at June 30, 2021 and December 31, 2020, respectively, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $212,734 and $35,262; Equipment $1,216,186 and $1,037,684; Maintenance Rights $4,317 and $767; Inventory $4,367 and $5,437; Notes receivable $132,134 and $26,392; and Other assets $4,791 and $558, respectively.
[2] Total liabilities at June 30, 2021 and December 31, 2020, respectively, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,220,448 and $907,550, respectively.