Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 91,485	$ 6,720
Restricted cash		66,373	56,948
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation		32,155	31,520
Maintenance rights		767	3,133
Equipment held for sale		2,843	120
Receivables, net of allowances of $2,006 and $1,730 at September 30, 2020 and December 31, 2019, respectively		42,244	24,059
Spare parts inventory		54,986	41,759
Investments		53,673	57,936
Intangible assets, net		1,261	1,312
Notes receivable		159,627	38,145
Other assets		27,296	28,038
Total assets	[1]	2,149,223	1,940,608
Liabilities:
Accounts payable and accrued expenses		27,086	45,648
Deferred income taxes		121,053	110,418
Debt obligations		1,462,730	1,251,006
Maintenance reserves		96,210	106,870
Security deposits		21,209	20,569
Unearned revenue		6,939	6,121
Total liabilities	[2]	1,735,227	1,540,632
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at September 30, 2020 and December 31, 2019, respectively)		49,701	49,638
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,559 and 6,356 shares issued at September 30, 2020 and December 31, 2019, respectively)		66	64
Paid-in capital in excess of par		10,524	4,557
Retained earnings		359,104	348,965
Accumulated other comprehensive loss, net of income tax benefit of $1,508 and $896 at September 30, 2020 and December 31, 2019, respectively		(5,399)	(3,248)
Total shareholders’ equity		364,295	350,338
Total liabilities, redeemable preferred stock and shareholders' equity		2,149,223	1,940,608
Assets Leased to Others
ASSETS
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation		$ 1,616,513	$ 1,650,918

[1] Total assets at September 30, 2020 and December 31, 2019, respectively, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Cash nil and $134; Restricted cash $66,317 and $56,523; Equipment $1,081,757 and $1,004,851; Maintenance Rights $767 and $3,133; Inventory $4,367 and $2,832; and Other assets $1,240  and $668, respectively.

[2] Total liabilities at September 30, 2020 and December 31, 2019, respectively, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $935,064 and $842,996, respectively.