4. 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 December 31, 2018, WMES owned a lease portfolio of 32 engines and one aircraft with a net book value of $234.8 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. 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. During 2016, CASC was reorganized, with portions of its partnership interest in CASC Willis being transferred to three Chinese airlines and another government-owned entity. The 2016 CASC reorganization resulted in no voting structure change to the joint venture. CASC Willis owned a lease portfolio of four engines with a net book value of $51.9 million as of December 31, 2018.


Years Ending December 31, 2018, 2017 and 2016 (in thousands)	WMES		CASC Willis		Total
Investment in joint ventures as of December 31, 2015	$	27,272	$	14,023	$	41,295
Investment		5,545		—		5,545
Earnings (losses) from joint ventures		2,032		(219)		1,813
Deferred gain on engines sale		(1,212)		—		(1,212)
Distribution		(1,167)		—		(1,167)
Foreign Currency Translation Adjustment		—		(868)		(868)
Investment in joint ventures as of December 31, 2016		32,470		12,936		45,406
Earnings from joint ventures		5,867		1,291		7,158
Deferred gain on engine sale		(443)		(496)		(939)
Distribution		(1,880)		—		(1,880)
Foreign Currency Translation Adjustment		—		896		896
Investment in joint ventures as of December 31, 2017		36,014		14,627		50,641
Earnings (losses) from joint ventures		3,899		(99)		3,800
Distribution		(5,730)		—		(5,730)
Foreign Currency Translation Adjustment		—		(770)		(770)
Investment in joint ventures as of December 31, 2018	$	34,183	$	13,758	$	47,941

“Other revenue” on the Consolidated Statements of Income includes management fees earned of $2.6 million, $2.4 million and $2.1 million during the years ended December 31, 2018, 2017 and 2016, respectively, related to the servicing of engines for the WMES lease portfolio.

Summarized financial information for 100% of WMES is presented in the following table:


	Years Ended December 31,
	2018		2017		2016
	(in thousands)
Revenue	$	38,465	$	40,211	$	35,463
Expenses		30,934		28,754		31,669
WMES net income	$	7,531	$	11,457	$	3,794

			As of December 31,
			2018		2017
			(in thousands)
Total assets			$	274,744	$	246,309
Total liabilities				198,534		165,228
Total WMES net equity			$	76,210	$	81,081