XML 12 R2.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
ASSETS    
Cash and cash equivalents $ 15,092 $ 42,540
Restricted cash 56,477 36,385
Maintenance rights 22,511 20,097
Equipment held for sale 11,057 2,850
Receivables, net of allowances of $1,258 and $1,372 at September 30, 2021 and December 31, 2020, respectively 42,595 28,269
Spare parts inventory 53,556 59,434
Investments 53,153 53,275
Intangible assets, net 1,202 1,246
Notes receivable 196,146 158,708
Other assets 47,047 43,778
Total assets [1] 2,500,888 2,364,948
Liabilities:    
Accounts payable and accrued expenses 50,124 26,977
Deferred income taxes 118,941 116,838
Debt obligations 1,814,208 1,693,753
Maintenance reserves 61,482 82,484
Security deposits 22,915 19,522
Unearned revenue 12,590 11,637
Total liabilities [2] 2,080,260 1,951,211
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at September 30, 2021 and December 31, 2020, respectively) 49,785 49,722
Shareholders’ equity:    
Common stock ($0.01 par value, 20,000 shares authorized; 6,624 and 6,570 shares issued at September 30, 2021 and December 31, 2020, respectively) 66 66
Paid-in capital in excess of par 15,653 13,696
Retained earnings 354,486 355,370
Accumulated other comprehensive income (loss), net of income tax expense (benefit) of $201 and $(1,485) at September 30, 2021 and December 31, 2020, respectively 638 (5,117)
Total shareholders’ equity 370,843 364,015
Total liabilities, redeemable preferred stock and shareholders’ equity 2,500,888 2,364,948
Equipment Held For Operating Lease    
ASSETS    
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation 1,971,252 1,886,613
Property, Equipment, and Furnishings    
ASSETS    
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation $ 30,800 $ 31,753
[1] Total assets at September 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 $56,476 and $35,262; Equipment $1,224,879 and $1,037,684; Maintenance Rights $5,433 and $767; Inventory $4,367 and $5,437; Notes receivable $131,584 and $26,392; and Other assets $4,748 and $558, respectively.
[2] Total liabilities at September 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 $1,208,679 and $907,550, respectively.