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Investments
 6 Months Ended
Jun. 30, 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 June 30, 2024, WMES owned a lease portfolio, inclusive of 47 engines and one aircraft with a net book value of $299.6 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 June 30, 2024, CASC Willis owned a lease portfolio of four engines with a net book value of $38.6 million.
As of June 30, 2024WMESCASC WillisTotal
(in thousands)
Investment in joint ventures as of December 31, 2023$40,047 $17,997 $58,044 
Earnings from joint ventures6,386 113 6,499 
Foreign currency translation adjustment— (558)(558)
Other comprehensive loss from joint ventures(220)— (220)
Investment in joint ventures as of June 30, 2024$46,213 $17,552 $63,765 

“Other revenue” on the Condensed Consolidated Statements of Income includes $1.3 million and $0.6 million during the three months ended June 30, 2024 and 2023, respectively, and $2.7 million and $1.1 million during the six months ended June 30, 2024 and 2023, respectively, consisting of management fees related to the servicing of engines for the WMES lease portfolio.

During the six months ended June 30, 2024, the Company sold three engines to WMES for $44.7 million. During the six months ended June 30, 2023, WMES sold one engine to the Company for $22.3 million, and the Company sold one engine to WMES for $15.5 million.

Unaudited summarized financial information for 100% of WMES is presented in the following tables:
Three months ended June 30,Six months ended June 30,
2024202320242023
(in thousands)(in thousands)
Revenue$22,223 $10,972 $41,149 $21,850 
Expenses14,751 11,387 28,512 22,552 
WMES net income (loss)$7,472 $(415)$12,637 $(702)

June 30,
2024		December 31,
2023
(in thousands)
Total assets$310,149 $236,732 
Total liabilities211,384 150,604 
Total WMES net equity$98,765 $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.