Within our Aviation Supply Chain segment, we own commercial aircraft with joint venture partners as well as aircraft that are wholly-owned. These aircraft are available for lease or sale to commercial air carriers.

As of May 31, 2012 and 2011, we had ownership interests in 18 and 23 aircraft, respectively, with joint venture partners. As of May 31, 2012 and 2011, our equity investment in the aircraft owned with joint venture partners was approximately $41,326 and $39,994, respectively, and is included in Investment in joint ventures on the Consolidated Balance Sheet. Our aircraft joint ventures represent investments in limited liability companies that are accounted for under the equity method of accounting. Our membership interest in each of these limited liability companies is 50% and the primary business of these companies is the acquisition, ownership, lease and disposition of certain commercial aircraft. Aircraft are purchased with cash contributions by the members of the companies and debt financing provided to the limited liability companies on a limited recourse basis. Under the terms of servicing agreements with certain of the limited liability companies, we provide administrative services and technical advisory services, including aircraft evaluations, oversight and logistical support of the maintenance process and records management. We also provide remarketing services with respect to the divestiture of aircraft by the limited liability companies. During fiscal 2012, 2011 and 2010, we were paid $600, $1,289 and $772, respectively, for such services. The income tax benefit or expense related to the operations of the ventures is recorded by the member companies.

Distributions from joint ventures are classified as operating or investing activities in the consolidated statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution.

Summarized financial information for these limited liability companies is as follows:

	For the Year Ended May 31,

	2012		2011		2010
Sales	$	45,736	$	65,161	$	45,332
Income before provision for income taxes		3,651		7,449		967

	May 31,

	2012		2011
Balance sheet information:
Assets	$	169,643	$	219,810
Debt		75,556		127,037
Members' capital		88,794		89,375

In addition to the aircraft owned with joint venture partners, we own two aircraft at May 31, 2012 and we owned five aircraft at May 31, 2011, for our own account that are considered wholly-owned. Our investment in the wholly-owned aircraft, after consideration of financing, is comprised of the following components:

	May 31,

	2012			2011
Gross carrying value	$	25,168		$	44,586
Debt		(8,380	)		(14,072	)
Capital lease obligation		—			(6,716	)

Net AAR investment	$	16,788		$	23,798

Information relating to aircraft type, year of manufacture, lessee, lease expiration date and expected disposition upon lease expiration for the 18 aircraft owned with joint venture partners and two wholly-owned aircraft is as follows:

	Aircraft Type	Year Manufactured	Lessee	Lease Expiration Date (FY)	Post-Lease Disposition

2	767-300	1991	United Airlines	2016 and 2017	Re-lease
16	737-400	Various¹	Malaysia Airlines	Various²	Sale/Re-lease

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¹: Five aircraft in 1992; eight aircraft in 1993; two aircraft 1994; and one aircraft in 1997
²: Twelve aircraft in 2013 and four aircraft in 2014. The joint venture partners entered into LOIs for sale of four aircraft and an additional four are expected to go under LOI in fiscal 2013.

	Aircraft Type	Year Manufactured	Lessee		Post-Lease Disposition

1	737-300	1997	Small Planet Airlines	2015	Re-lease
1	A320	1997	Dombassaero Airlines	2017	Re-lease

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