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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
ASSETS    
Cash and cash equivalents $ 14,105 $ 14,329
Restricted cash 68,875 81,312
Maintenance rights 22,511 22,511
Equipment held for sale 10,873 6,952
Receivables, net of allowances of $1,197 and $1,154 at March 31, 2022 and December 31, 2021, respectively 42,598 39,623
Spare parts inventory 47,654 50,959
Investments 54,454 55,927
Intangible assets, net 1,173 1,188
Notes receivable 114,253 115,456
Other assets 70,715 51,975
Total assets [1] 2,429,926 2,462,927
Liabilities:    
Accounts payable and accrued expenses 32,358 26,858
Deferred income taxes 121,398 124,332
Debt obligations 1,759,126 1,790,264
Maintenance reserves 67,762 65,976
Security deposits 18,321 19,349
Unearned revenue 10,128 10,458
Total liabilities [2] 2,009,093 2,037,237
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at March 31, 2022 and December 31, 2021, respectively) 49,826 49,805
Shareholders’ equity:    
Common stock ($0.01 par value, 20,000 shares authorized; 6,488 and 6,531 shares issued at March 31, 2022 and December 31, 2021, respectively) 65 65
Paid-in capital in excess of par 18,353 15,401
Retained earnings 333,365 355,388
Accumulated other comprehensive income, net of income tax expense of $5,570 and $1,469 at March 31, 2022 and December 31, 2021, respectively 19,224 5,031
Total shareholders’ equity 371,007 375,885
Total liabilities, redeemable preferred stock and shareholders’ equity 2,429,926 2,462,927
Equipment Held For Operating Lease    
ASSETS    
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation 1,951,448 1,991,368
Property, Equipment, and Furnishings    
ASSETS    
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation $ 31,267 $ 31,327
[1] Total assets at March 31, 2022 and December 31, 2021, respectively, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $68,875 and $81,312; Equipment $1,197,953 and $1,226,395; Maintenance Rights $5,433 and $5,433; Inventory $— and $4,367; Notes receivable $90,145 and $90,868; and Other assets $5,248 and $4,775, respectively.
[2] Total liabilities at March 31, 2022 and December 31, 2021, respectively, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,176,975 and $1,197,922, respectively.