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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 9,110 $ 7,071
Restricted cash 123,392 160,958
Equipment held for operating lease, less accumulated depreciation of $613,118 and $594,293 at December 31, 2024 and 2023, respectively 2,635,910 2,112,837
Maintenance rights 31,134 9,180
Equipment held for sale 12,269 805
Receivables, net of allowances of $1,316 and $2,311 at December 31, 2024 and 2023, respectively 38,291 58,485
Spare parts inventory 72,150 40,954
Investments 62,670 58,044
Intangible assets, net 2,929 1,040
Notes receivable, net of allowances of $247 and $69 at December 31, 2024 and 2023, respectively 183,629 92,621
Investments in sales-type leases, net of allowances of $22 and $9 at December 31, 2024 and 2023, respectively 21,606 8,759
Other assets 56,045 64,430
Total assets [1] 3,297,196 2,652,344
Liabilities:    
Accounts payable and accrued expenses 75,983 52,937
Deferred income taxes 185,049 147,779
Debt obligations 2,264,552 1,802,881
Maintenance reserves 97,817 92,497
Security deposits 23,424 23,790
Unearned revenue 37,911 43,533
Total liabilities [2] 2,684,736 2,163,417
Redeemable preferred stock ($0.01 par value, 5,000 shares authorized; 3,250 shares and 2,500 issued at December 31, 2024 and December 31, 2023, respectively) 63,122 49,964
Shareholders’ equity:    
Common stock ($0.01 par value, 20,000 shares authorized; 7,173 and 6,849 shares issued at December 31, 2024 and 2023, respectively) 72 68
Paid-in capital in excess of par 50,928 29,667
Retained earnings 491,439 397,781
Accumulated other comprehensive income, net of income tax expense of $1,981 and $3,276 at December 31, 2024 and 2023, respectively 6,899 11,447
Total shareholders’ equity 549,338 438,963
Total liabilities, redeemable preferred stock and shareholders’ equity 3,297,196 2,652,344
Property, Equipment, and Furnishings    
ASSETS    
Property, equipment & furnishings, less accumulated depreciation of $22,784 and $19,374 at December 31, 2024 and 2023, respectively $ 48,061 $ 37,160
[1] Total assets at December 31, 2024 and 2023 include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $123,392 and $160,958; Equipment $1,681,197 and $1,518,050; Maintenance rights $12,708 and $7,806; Notes receivable $139,853 and $91,960; Investments in sales-type leases $17,752 and $3,564; and Other assets $11,973 and $13,339, respectively.
[2] Total liabilities at December 31, 2024 and 2023 include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,518,391 and $1,411,680, respectively. Further, refer to Note 10 of the consolidated financial statements for details of the Company’s commitments and contingencies.