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Investments | 3 Months Ended
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Mar. 31, 2018
Investments |
Investments | 3. Investments The Company is a partner with Mitsui & Co., Ltd. in a joint venture based in Dublin, Ireland — Willis Mitsui & Company Engine Support Limited (“WMES”) which acquires and leases jet engines. Each partner holds a fifty percent interest in the joint venture and the Company uses the equity method in recording investment activity. WMES owned a lease portfolio of 34 engines and one aircraft with a net book value of $268.5 million as of March 31, 2018. The Company is a partner with China Aviation Supplies Company Ltd. (“CASC”) in a joint venture named CASC Willis Engine Lease Company Limited (“CASC Willis”), which is based in Shanghai, China. The Company holds a fifty percent interest in the joint venture and uses the equity method in recording investment activity. CASC Willis acquires and leases jet engines to Chinese airlines and concentrates on the demand for leased commercial aircraft engines and aviation assets in the People’s Republic of China. CASC Willis owned a lease portfolio of 4 engines with a net book value of $58.8 million as of March 31, 2018.
Three Months Ended March 31, 2018 |  | WMES |  | CASC Willis |  | Total
|  | (in thousands)
Investment in joint ventures as of December 31, 2017 |  | $ | 36,014 |  | $ | 14,627 |  | $ | 50,641
Earnings from joint venture |  |  | 390 |  |  | 357 |  |  | 747
Deferred gain on engine sale |  |  | (723) |  |  | — |  |  | (723)
Foreign Currency Translation Adjustment |  |  | — |  |  | 585 |  |  | 585
Investment in joint ventures as of March 31, 2018 |  | $ | 35,681 |  | $ | 15,569 |  | $ | 51,250
“Other revenue” on the Consolidated Statement of Income includes management fees earned of $0.7 million and $0.8 million during the three months ended March 31, 2018 and 2017, respectively, related to the servicing of engines for the WMES lease portfolio. Summarized financial information for 100% of WMES is presented in the following tables:
|  | Three Months Ended March 31,
|  | 2018 |  | 2017
|  | (in thousands)
Revenue |  | $ | 7,606 |  | $ | 11,661
Expenses |  |  | 6,904 |  |  | 8,430
WMES income before income taxes |  | $ | 702 |  | $ | 3,231
|  | March 31, |  |  | December 31,
|  | 2018 |  |  | 2017
|  | (in thousands)
Total assets |  | $ | 273,952 |  | $ | 246,309
Total liabilities |  |  | 192,169 |  |  | 165,228
Total WMES net equity |  | $ | 81,783 |  | $ | 81,081

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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