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Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Cash and cash equivalents $ 12,146,000 $ 14,329,000
Restricted cash 76,870,000 81,312,000
Equipment held for operating lease, less accumulated depreciation of $543,183 and $524,968 at December 31, 2022 and 2021, respectively 2,111,935,000 1,991,368,000
Maintenance rights 17,708,000 22,511,000
Equipment held for sale 3,275,000 6,952,000
Receivables, net of allowances of $1,511 and $1,154 at December 31, 2022 and 2021, respectively 46,954,000 39,623,000
Spare parts inventory 38,577,000 50,959,000
Investments 56,189,000 55,927,000
Intangible assets, net 1,129,000 1,188,000
Notes receivable 81,439,000 115,456,000
Investments in sales-type leases 6,440,000 0
Other assets 87,205,000 51,975,000
Total assets [1] 2,575,217,000 2,462,927,000
Liabilities:    
Accounts payable and accrued expenses 43,040,000 26,858,000
Deferred income taxes 132,516,000 124,332,000
Debt obligations 1,847,278,000 1,790,264,000
Maintenance reserves 59,453,000 65,976,000
Security deposits 20,490,000 19,349,000
Unearned revenue 17,863,000 10,458,000
Total liabilities [2] 2,120,640,000 2,037,237,000
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued and outstanding at December 31, 2022 and 2021) 49,889,000 49,805,000
Shareholders’ equity:    
Common stock ($0.01 par value, 20,000 shares authorized; 6,615 and 6,531 shares issued at December 31, 2022 and 2021, respectively) 66,000 65,000
Paid-in capital in excess of par 20,386,000 15,401,000
Retained earnings 357,493,000 355,388,000
Accumulated other comprehensive income, net of income tax expense of $7,587 and $1,469 at December 31, 2022 and 2021, respectively 26,743,000 5,031,000
Total shareholders’ equity 404,688,000 375,885,000
Total liabilities, redeemable preferred stock and shareholders’ equity 2,575,217,000 2,462,927,000
Property, Equipment, and Furnishings    
ASSETS    
Property, equipment & furnishings, less accumulated depreciation of $16,060 and $13,484 at December 31, 2022 and 2021, respectively $ 35,350,000 $ 31,327,000
[1] Total assets at December 31, 2022 and 2021 include the following assets of variable interest entity’s (“VIE’s”) that can only be used to settle the liabilities of the VIE’s: Restricted cash $76,870 and $81,312; Equipment $1,167,970 and $1,226,395; Maintenance rights $5,433 and $5,433; Inventory $0 and $4,367; Notes receivable $80,220 and $90,868; and Other assets $6,470 and $4,775, respectively.
[2] Total liabilities at December 31, 2022 and 2021 include the following liabilities of VIEs for which the VIEs' creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,118,721 and $1,197,922, respectively.