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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Cash and cash equivalents $ 5,372 $ 12,146
Restricted cash 50,260 76,870
Equipment held for operating lease, less accumulated depreciation of $600,026 and $543,183 at September 30, 2023 and December 31, 2022, respectively 2,170,980 2,111,935
Maintenance rights 13,375 17,708
Equipment held for sale 1,060 3,275
Receivables, net of allowances of $1,778 and $1,511 at September 30, 2023 and December 31, 2022, respectively 46,305 46,954
Spare parts inventory 45,476 38,577
Investments 53,860 56,189
Intangible assets, net 1,085 1,129
Notes receivable, net of allowances of $71 and $0 at September 30, 2023 and December 31, 2022, respectively 93,999 81,439
Investments in sales-type leases, net of allowances of $6 and $0 at September 30, 2023 and December 31, 2022, respectively 5,514 6,440
Other assets 77,870 87,205
Total assets [1] 2,602,320 2,575,217
Liabilities:    
Accounts payable and accrued expenses 42,973 43,040
Deferred income taxes 143,090 132,516
Debt obligations 1,788,024 1,847,278
Maintenance reserves 85,370 59,453
Security deposits 23,462 20,490
Unearned revenue 37,521 17,863
Total liabilities [2] 2,120,440 2,120,640
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at September 30, 2023 and December 31, 2022, respectively) 49,952 49,889
Shareholders’ equity:    
Common stock ($0.01 par value, 20,000 shares authorized; 6,859 and 6,615 shares issued at September 30, 2023 and December 31, 2022, respectively) 69 66
Paid-in capital in excess of par 25,709 20,386
Retained earnings 387,743 357,493
Accumulated other comprehensive income, net of income tax expense of $5,236 and $7,587 at September 30, 2023 and December 31, 2022, respectively 18,407 26,743
Total shareholders’ equity 431,928 404,688
Total liabilities, redeemable preferred stock and shareholders’ equity 2,602,320 2,575,217
Property, Equipment, and Furnishings    
ASSETS    
Property, equipment & furnishings, less accumulated depreciation of $18,494 and $16,060 at September 30, 2023 and December 31, 2022, respectively $ 37,164 $ 35,350
[1] Total assets at September 30, 2023 and December 31, 2022, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $50,260 and $76,870; Equipment $1,166,001 and $1,167,970; Maintenance Rights $6,822 and $5,433; Notes receivable $77,945 and $80,220; and Other assets $6,941 and $6,470 (each respectively).
[2] Total liabilities at September 30, 2023 and December 31, 2022, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,039,650 and $1,118,721, respectively.