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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
ASSETS    
Cash and cash equivalents $ 11,914 $ 14,329
Restricted cash 69,473 81,312
Equipment held for operating lease, less accumulated depreciation of $531,913 and $524,968 at September 30, 2022 and December 31, 2021, respectively 2,078,775 1,991,368
Maintenance rights 21,358 22,511
Equipment held for sale 3,853 6,952
Receivables, net of allowances of $1,511 and $1,154 at September 30, 2022 and December 31, 2021, respectively 49,544 39,623
Spare parts inventory 41,901 50,959
Investments 54,283 55,927
Intangible assets, net 1,144 1,188
Notes receivable 82,487 115,456
Investment in sales-type leases 6,735 0
Other assets 85,976 51,975
Total assets [1] 2,541,968 2,462,927
Liabilities:    
Accounts payable and accrued expenses 29,493 26,858
Deferred income taxes 130,288 124,332
Debt obligations 1,851,650 1,790,264
Maintenance reserves 58,022 65,976
Security deposits 19,909 19,349
Unearned revenue 13,331 10,458
Total liabilities [2] 2,102,693 2,037,237
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at September 30, 2022 and December 31, 2021, respectively) 49,868 49,805
Shareholders’ equity:    
Common stock ($0.01 par value, 20,000 shares authorized; 6,619 and 6,531 shares issued at September 30, 2022 and December 31, 2021, respectively) 66 65
Paid-in capital in excess of par 17,810 15,401
Retained earnings 343,990 355,388
Accumulated other comprehensive income, net of income tax expense of $7,990 and $1,469 at September 30, 2022 and December 31, 2021, respectively 27,541 5,031
Total shareholders’ equity 389,407 375,885
Total liabilities, redeemable preferred stock and shareholders’ equity 2,541,968 2,462,927
Property, Equipment, and Furnishings    
ASSETS    
Property, equipment & furnishings, less accumulated depreciation of $15,250 and $13,484 at September 30, 2022 and December 31, 2021, respectively $ 34,525 $ 31,327
[1] Total assets at September 30, 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 $69,473 and $81,312; Equipment $1,187,898 and $1,226,395; Maintenance Rights $5,433 and $5,433; Inventory $0 and $4,367; Notes receivable $80,949 and $90,868; and Other assets $6,364 and $4,775, respectively.
[2] Total liabilities at September 30, 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 $1,147,889 and $1,197,922, respectively.