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INVESTMENTS | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS We have developed strategic relationships with a number of airlines and airline services companies through joint ventures and other forms of cooperation and support, including equity investments. Our equity investments reinforce our commitment to these relationships and generally enhance our ability to offer input to the investee on strategic issues and direction, in some cases through representation on the board of directors. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net in our income statement within non-operating expense and are driven by changes in stock prices, other valuation techniques for investments in companies without publicly-traded shares and foreign currency fluctuations. Our share of our equity method investees' financial results is recorded in impairments and equity method results in our income statement under non-operating expense, except as noted below for Unifi Aviation. If an investment accounted for under the equity method experiences a loss in value that is determined to be other than temporary, we will reduce our carrying value of the investment to fair value and record the loss in impairments and equity method results in our income statement.
Equity investments ownership interest and carrying value
| Accounting Treatment |  | Ownership Interest |  | Carrying Value
(in millions) |  |  | December 31, 2022 | December 31, 2021 |  | December 31, 2022 | December 31, 2021
Air France-KLM | Fair Value |  | 3 | % | 6 | % |  | $ | 97 |  | $ | 165 |
China Eastern | Fair Value |  | 2 | % | 2 | % |  | 189 |  | 177 |
CLEAR | Fair Value |  | 5 | % | 6 | % |  | 227 |  | 260 |
Grupo Aeroméxico | Equity Method |  | 20 | % | 51 | % |  | 412 |  | — |
Hanjin-KAL | Fair Value(1) |  | 15 | % | 13 | % |  | 296 |  | 455 |
LATAM | Fair Value |  | 10 | % | 20 | % |  | 403 |  | — |
Unifi Aviation | Equity Method(2) |  | 49 | % | 49 | % |  | 165 |  | 159 |
Wheels Up | Fair Value(3) |  | 21 | % | 21 | % |  | 54 |  | 241 |
Other investments | Various |  |  |  |  | 285 |  | 255 |
Equity investments |  |  |  |  |  | $ | 2,128 |  | $ | 1,712 |
(1)At December 31, 2022, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (2)Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations. (3)We elected to account for our investment under the fair value option. Grupo Aeroméxico. In the March 2022 quarter, Grupo Aeroméxico ("Aeroméxico") emerged from its voluntary proceedings to reorganize under Chapter 11 of the United States bankruptcy code ("bankruptcy process"). At the conclusion of the bankruptcy process, Aeroméxico's previously outstanding capital stock was consolidated and exchanged for less than 0.01% of new capital stock, which effectively eliminated our historical 51% ownership stake. Upon emergence, Delta received a 20% equity stake in the newly restructured Aeroméxico in exchange for (1) our receivables under Aeroméxico's debtor-in-possession financing, (2) $100 million (recorded as an investing outflow on our cash flows statement), and (3) our agreement to provide expanded commercial services to Aeroméxico in future periods. LATAM. In the December 2022 quarter, LATAM Airlines Group S.A. ("LATAM") emerged from its voluntary proceedings to reorganize under the bankruptcy process. Upon emergence, Delta received full repayment of our outstanding debtor-in-possession financing. We purchased LATAM's New Convertible Notes for $657 million and subsequently converted the Notes to common stock, representing a 10% equity stake in the newly restructured LATAM. Other Investments This category includes various investments that are accounted for at fair value or under the equity method, depending on our ownership interest and the level of influence conveyed by our investment. Included in this category is our investment in Virgin Atlantic. Virgin Atlantic. The carrying value of our investment in Virgin Atlantic remains zero as of December 31, 2022. We maintain our 49% equity interest and continue to track our share of Virgin Atlantic's losses under the equity method of accounting. These previously unrecognized losses are only recorded to the extent we make additional investments in Virgin Atlantic (i.e., additional shareholder support). As of December 31, 2022, we have approximately $300 million of unrecognized equity method losses related to our 49% interest in Virgin Atlantic. We also have an investment in JFK IAT Member LLC which is accounted for under the equity method and is discussed further in Note 8, "Airport Redevelopment."

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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