Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 42,540	$ 6,720
Restricted cash		36,385	56,948
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation		31,753	31,520
Maintenance rights		20,097	3,133
Equipment held for sale		2,850	120
Receivables, net of allowances of $1,372 and $1,730 at December 31, 2020 and 2019, respectively		28,269	24,059
Spare parts inventory		59,434	41,759
Investments		53,275	57,936
Intangible assets, net		1,246	1,312
Notes receivable		158,708	38,145
Other assets		43,778	28,038
Total assets	[1]	2,364,948	1,940,608
Liabilities:
Accounts payable and accrued expenses		26,977	45,648
Deferred income taxes		116,838	110,418
Debt obligations		1,693,753	1,251,006
Maintenance reserves		82,484	106,870
Security deposits		19,522	20,569
Unearned revenue		11,637	6,121
Total liabilities	[2]	1,951,211	1,540,632
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued and outstanding at December 31, 2020 and 2019, respectively)		49,722	49,638
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,570 and 6,356 shares issued at December 31, 2020 and 2019, respectively)		66	64
Paid-in capital in excess of par		13,696	4,557
Retained earnings		355,370	348,965
Accumulated other comprehensive loss, net of income tax benefit of $1,428 and $896 at December 31, 2020 and 2019, respectively.		(5,117)	(3,248)
Total shareholders’ equity		364,015	350,338
Total liabilities, redeemable preferred stock and shareholders’ equity		2,364,948	1,940,608
Assets Leased to Others
ASSETS
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation		$ 1,886,613	$ 1,650,918

[1] Total assets at December 31, 2020 and 2019 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, $0 and $134; Restricted Cash, $35,262 and $56,523, Equipment, $1,037,684 and $1,004,851; Maintenance Rights, $767 and $3,133; Inventory, $5,437 and $2,832; and Other, $558 and $668 respectively.

[2] Total liabilities at December 31, 2020 and 2019 include the following liabilities of VIE’s for which the VIE’s creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations, $907,550 and $842,996, respectively.