INVESTMENTS

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

5. INVESTMENTS

The following table presents the ownership interests and carrying values of our investments:

			Carrying Value
	Investment	Ownership Percentage	March 31, 2023		December 31, 2022
Advanced Engine Repair JV	Equity method	25%	$	19,799	$	20,207
Falcon MSN 177 LLC	Equity method	50%	1,731		1,830
Quick Turn Engine Center LLC	Equity method	50%	18,672		—
			$	40,202	$	22,037

We did not recognize any other-than-temporary impairments for the three months ended March 31, 2023 and 2022.

The following table presents our proportionate share of equity in (losses) income:

	Three Months Ended March 31,
	2023		2022
Advanced Engine Repair JV	$	(408)	$	(354)
Falcon MSN 177 LLC	(99)		552
Quick Turn Engine Center LLC	(828)		—
Total	$	(1,335)	$	198

Equity Method Investments

Advanced Engine Repair JV

In December 2016, we invested $15 million for a 25% interest in an advanced engine repair joint venture. We focus on developing new cost savings programs for engine repairs. We exercise significant influence over this investment and account for this investment as an equity method investment.

In August 2019, we expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest.

Falcon MSN 177 LLC

In November 2021, we invested $1.6 million for a 50% interest in Falcon MSN 177 LLC, an entity that consists of one Dassault Falcon 2000 aircraft. Falcon MSN 177 LLC leases the aircraft to charter operators on aircraft, crew maintenance, and insurance contracts. We account for our investment in Falcon as an equity method investment as we have significant influence through our interest.

Quick Turn Engine Center LLC

On January 4, 2023, we invested $19.5 million for a 50% interest in Quick Turn Engine Center LLC or “Quick Turn” (previously iAero Thrust LLC), a hospital maintenance and testing facility dedicated to the CFM56 engine. We account for our investment in Quick Turn as an equity method investment as we have significant influence through our interest.