Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 6,720	$ 11,688
Restricted cash		56,948	70,261
Equipment held for operating lease, less accumulated depreciation of $414,835 and $385,483 at December 31, 2019 and 2018, respectively		1,650,918	1,673,135
Maintenance rights		3,133	14,763
Equipment held for sale		120	789
Receivables, net of allowances of $1,730 and $2,559 at December 31, 2019 and 2018, respectively		24,059	23,270
Spare parts inventory		41,759	48,874
Investments		57,936	47,941
Property, equipment & furnishings, less accumulated depreciation of $8,666 and $6,945 at December 31, 2019 and 2018, respectively		31,520	27,679
Intangible assets, net		1,312	1,379
Notes receivable		38,145	238
Other assets		28,038	14,926
Total assets	[1]	1,940,608	1,934,943
Liabilities:
Accounts payable and accrued expenses		45,648	42,939
Deferred income taxes		110,418	90,285
Debt obligations		1,251,006	1,337,349
Maintenance reserves		106,870	94,522
Security deposits		20,569	28,047
Unearned revenue		6,121	5,460
Total liabilities	[2]	1,540,632	1,598,602
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued and outstanding at December 31, 2019 and 2018, respectively)		49,638	49,554
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,356 and 6,176 shares issued and outstanding at December 31, 2019 and 2018, respectively)		64	62
Paid-in capital in excess of par		4,557	0
Retained earnings		348,965	286,623
Accumulated other comprehensive (loss) income, net of income tax (benefit) expense of $(896) and $81 at December 31, 2019 and 2018, respectively.		(3,248)	102
Total shareholders’ equity		350,338	286,787
Total liabilities, redeemable preferred stock and shareholders' equity		$ 1,940,608	$ 1,934,943

[1] Total assets at December 31, 2019 and December 31, 2018 include the following assets of variable interest entity’s (“VIE’s”) that can only be used to settle the liabilities of the VIE’s: Cash, $134 and $656; Restricted Cash, $56,523 and $70,261, Equipment, $1,004,851 and $1,032,599; Maintenance Rights, $3,133 and $11,466; Inventory, $2,832 and $4,921; and Other, $668 and $1,075 respectively.

[2] Total liabilities at December 31, 2019 and December 31, 2018 include the following liabilities of VIE’s for which the VIE’s creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations, $842,996 and $903,296, respectively.