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Investments | 9 Months Ended
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Sep. 30, 2022
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 September 30, 2022, WMES owned a lease portfolio, inclusive of 36 engines and five aircraft with a net book value of $253.4 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 September 30, 2022, CASC Willis owned a lease portfolio of four engines with a net book value of $43.1 million.
As of September 30, 2022 |  | WMES |  | CASC Willis |  | Total
|  | (in thousands)
Investment in joint ventures as of December 31, 2021 |  | $ | 39,069 |  |  | $ | 16,858 |  |  | $ | 55,927 |
Loss from joint ventures |  | (1,090) |  |  | (441) |  |  | (1,531) |
Foreign currency translation adjustment |  | — |  |  | (1,877) |  |  | (1,877) |
Other comprehensive gain from joint ventures |  | 1,764 |  |  | — |  |  | 1,764 |
Investment in joint ventures as of September 30, 2022 |  | $ | 39,743 |  |  | $ | 14,540 |  |  | $ | 54,283 |
“Other revenue” on the Condensed Consolidated Statements of Income includes $0.4 million and $0.9 million of management fees earned during the three months ended September 30, 2022 and 2021, respectively, and $1.4 million and $1.6 million during the nine months ended September 30, 2022 and 2021, respectively, related to the servicing of engines for the WMES lease portfolio. There were no aircraft or engine sales to WMES or CASC Willis during the nine months ended September 30, 2022. During the nine months ended September 30, 2021, the Company sold two engines to WMES for $25.0 million. Unaudited summarized financial information for 100% of WMES is presented in the following tables:
| Three months ended September 30, |  | Nine months ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in thousands) |  | (in thousands)
Revenue | $ | 8,540 |  |  | $ | 7,269 |  |  | $ | 39,266 |  |  | $ | 16,915 |
Expenses | 8,910 |  |  | 7,217 |  |  | 41,601 |  |  | 19,992 |
WMES net income (loss) | $ | (370) |  |  | $ | 52 |  |  | $ | (2,335) |  |  | $ | (3,077) |
| September 30, 2022 |  | December 31, 2021
| (in thousands)
Total assets | $ | 276,753 |  |  | $ | 310,260 |
Total liabilities | 194,744 |  |  | 225,917 |
Total WMES net equity | $ | 82,009 |  |  | $ | 84,343 |
The difference between the Company’s investment in WMES and 50% of total WMES net equity is primarily attributable to the recognition of deferred gains, prior to the adoption of ASU 2017-05, related to engines sold by the Company to WMES.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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- References No definition available. + Details
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