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INVESTMENT IN AFFILIATES | 12 Months Ended
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Dec. 31, 2022
Investments in and Advances to Affiliates [Abstract] |
INVESTMENT IN AFFILIATES |
NOTE 5 - | INVESTMENT IN AFFILIATES
On November 25, 2015, the Company signed an agreement with Russian-based Engineering Holding of Moscow (“Engineering”), to establish a new facility for the provision of services for heat transfer products. The new Company, TAT-Engineering LLC, is based in Novosibirsk’s Tolmachevo airport. TAT-Engineering, LLC shall provide services for heat transfer products. 51% of TAT-Engineering LLC's shares are held by TAT and the remaining 49% are held by Engineering. The accounting treatment of the joint venture is based on the equity method due to variable participating rights granted to Engineering. The new entity was established in January 2016. Summarized financial information of TAT-Engineering LLC:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Balance sheets: |  |  |  |  |  |
Current assets |  | $ | 913 |  |  | $ | 358 |
Non-current assets |  |  | 1,168 |  |  |  | 1,091 |
Current liabilities |  |  | 1,426 |  |  |  | 1,154 |
|  | Year ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Statements of operation: |  |  |  |  |  |  |  |  |
Revenues |  | $ | 1,277 |  |  | $ | 501 |  |  | $ | 413 |
Gross profit (loss) |  |  | 605 |  |  |  | (22 | ) |  |  | (153 | )
Net income (loss) |  |  | 365 |  |  |  | (148 | ) |  |  | (365 | )
Net income (losses) attributable to the Company |  |  | 184 |  |  |  | (76 | ) |  |  | (185 | )

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 + Details
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