XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.19.1

Investments | 3 Months Ended
--- | ---
Mar. 31, 2019
Investments [Abstract] |
Investments | Investments In 2011, the Company entered into an agreement with Mitsui & Co., Ltd. to participate in a joint venture formed as a Dublin-based Irish limited company - Willis Mitsui & Company Engine Support Limited (“WMES”) for the purpose of acquiring and leasing jet engines. Each partner holds a fifty percent interest in the joint venture and the Company uses the equity method in recording investment activity. As of March 31, 2019, WMES owned a lease portfolio of 33 engines and six aircraft with a net book value of $318.4 million. In 2014, the Company entered into an agreement with China Aviation Supplies Import & Export Corporation (“CASC”) to participate in a joint venture named CASC Willis Engine Lease Company Limited (“CASC Willis”), a joint venture based in Shanghai, China. Each partner holds a fifty percent interest in the joint venture and the Company 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. As of March 31, 2019, CASC Willis owned a lease portfolio of four engines with a net book value of $52.7 million.
Three Months Ended March 31, 2019 |  | WMES |  | CASC Willis |  | Total
|  | (in thousands)
Investment in joint ventures as of December 31, 2018 |  | $ | 34,183 |  |  | $ | 13,758 |  |  | $ | 47,941 |
Earnings from joint ventures |  | 747 |  |  | 199 |  |  | 946 |
Investment |  | 5,013 |  |  | — |  |  | 5,013 |
Foreign currency translation adjustment |  | — |  |  | 353 |  |  | 353 |
Investment in joint ventures as of March 31, 2019 |  | $ | 39,943 |  |  | $ | 14,310 |  |  | $ | 54,253 |
“Other revenue” on the Condensed Consolidated Statements of Income includes management fees earned of $0.6 million and $0.7 million during the three months ended March 31, 2019 and 2018, respectively. These fees related to the servicing of engines for the WMES lease portfolio. During the three months ended March 31, 2019, the Company sold five aircraft to WMES for $75.5 million. During the three months ended March 31, 2018, the Company sold one aircraft and one engine to WMES for $21.4 million. Summarized financial information for 100% of WMES is presented in the following tables:
| Three Months Ended March 31
| 2019 |  | 2018
| (in thousands)
Revenue | $ | 9,543 |  |  | $ | 7,606 |
Expenses | 8,205 |  |  | 6,904 |
WMES income before income taxes | $ | 1,338 |  |  | $ | 702 |
| March 31, 2019 |  | December 31, 2018
| (in thousands)
Total assets | $ | 325,763 |  |  | $ | 274,744 |
Total liabilities | 238,318 |  |  | 198,534 |
Total WMES net equity | $ | 87,445 |  |  | $ | 76,210 |

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration