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Investment in Other Companies | 12 Months Ended
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Dec. 31, 2014
Investment in Trip Linhas Aereas ("TRIP") |
Investment in Other Companies | (7) Investment in Other Companies In 2012, the Company sold its 20% interest in TRIP to Trip Investimentos Ltda. ("Trip Investimentos") for $42 million. The purchase price was scheduled to be paid in three installments over a two-year period and the Company received the final payment in July 2014. Under the terms of the agreement, Trip Investimentos could not transfer the TRIP shares until the final installment payment was made to the Company, which prevented the Company from recognizing the gain on the transaction until the Company received the final payment. Accordingly, the Company recorded the gain from the sale of its TRIP shares of $24.9 million during the year ended December 31, 2014, which is reflected in "Other Income" in the Consolidated Statements of Comprehensive Income (Loss). As part of the sale transaction, the Company also received an option to acquire 15.38% of the ownership in Trip Investimentos. The option has an initial exercise price per share equal to the price paid by Trip Investimentos to acquire the TRIP shares from the Company. The exercise price escalates annually at a specified rate and the Company can exercise the option, at its discretion, between the second and fourth anniversaries of July 2014. The Company recorded the fair value of the option as additional consideration received in the transaction. The value of the option was recorded at a nominal amount based on the Company's assessment of the option's fair value. In 2010, the Company invested $7 million for a 30% ownership interest in Mekong Aviation Joint Stock Company, an airline operating in Vietnam ("Air Mekong") and, in 2011, invested an additional $3 million. In 2013, the Company sold its shares of Air Mekong and recognized a gain of $5 million during the year ended December 31, 2013, which is reflected in other income in the Consolidated Statements of Comprehensive Income (Loss). Additionally, in 2013, the Company terminated its sub-lease of certain aircraft to Air Mekong and recognized $5.1 million of other income during the year ended December 31, 2013 primarily due to the recognition of collected and realized contingent rent payments, net of the write-off of certain maintenance deposits.

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