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Investments | 3 Months Ended
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Mar. 31, 2024
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 50% interest in the joint venture, and the Company uses the equity method in recording investment activity. As of March 31, 2024, WMES owned a lease portfolio, inclusive of 40 engines and four aircraft with a net book value of $221.1 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 50% 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, 2024, CASC Willis owned a lease portfolio of four engines with a net book value of $39.2 million.
As of March 31, 2024 |  | WMES |  | CASC Willis |  | Total
|  | (in thousands)
Investment in joint ventures as of December 31, 2023 |  | $ | 40,047 |  |  | $ | 17,997 |  |  | $ | 58,044 |
Earnings from joint ventures |  | 2,616 |  |  | 58 |  |  | 2,674 |
Foreign currency translation adjustment |  | — |  |  | (344) |  |  | (344) |
Other comprehensive loss from joint ventures |  | (75) |  |  | — |  |  | (75) |
Investment in joint ventures as of March 31, 2024 |  | $ | 42,588 |  |  | $ | 17,711 |  |  | $ | 60,299 |
“Other revenue” on the Condensed Consolidated Statements of Income includes $1.4 million and $0.5 million during the three months ended March 31, 2024 and 2023, respectively, consisting of management fees related to the servicing of engines for the WMES lease portfolio. During the three months ended March 31, 2023, WMES sold an engine to the Company for $22.3 million. Unaudited summarized financial information for 100% of WMES is presented in the following tables:
| Three months ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (in thousands) |  |
Revenue | $ | 18,926 |  |  | $ | 10,878 |  |  |  |  |
Expenses | 13,762 |  |  | 11,165 |  |  |  |  |
WMES net income (loss) | $ | 5,164 |  |  | $ | (287) |  |  |  |  |
| March 31, 2024 |  | December 31, 2023
| (in thousands)
Total assets | $ | 241,784 |  |  | $ | 236,732 |
Total liabilities | 150,491 |  |  | 150,604 |
Total WMES net equity | $ | 91,293 |  |  | $ | 86,128 |
The difference between the Company’s investment in WMES and 50% of total WMES net equity, as well as the difference between the Company’s income from WMES and 50% of total WMES net income or loss, is primarily attributable to the recognition of deferred gains, which are related to engines sold by WMES to the Company, and 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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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