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Investments
 12 Months Ended
Dec. 31, 2022
Schedule of Investments [Line Items]  
Investments Investments
To help expand our network and as part of our ongoing commitment to sustainability, we enter into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies. Our equity investments are reflected in other assets on our consolidated balance sheets. Our share of equity method investees’ financial results and changes in fair value are recorded in nonoperating other income, net on the consolidated statements of operations.
Our equity investments ownership interest and carrying value were:
Ownership InterestCarrying Value (in millions)
December 31,December 31,
Accounting Treatment2022202120222021
Republic HoldingsEquity Method25.0 %25.0 %$222 $202 
China Southern AirlinesFair Value1.5 %1.8 %176 163 
Other investments (a)
Various212 83 
Total$610 $448 
(a) Other investments
Other investments primarily include our investment in Vertical, which is accounted for at fair value, and in 2022, our investments in JetSmart Airlines SpA (JetSMART) and GOL.
In April 2022, we completed an investment agreement with GOL, a Brazilian low-cost airline, and invested $200 million in 22.2 million of newly issued preferred shares. The total consideration of $200 million was allocated on our consolidated balance sheet as follows based on relative fair values: $81 million to the preferred shares, which is reflected within other assets, and $119 million to the indefinite-lived intangible asset derived from the related commercial agreements. The ownership interest is accounted for at fair value based on GOL’s stock price and mark-to-market adjustments are recorded to nonoperating other income, net on the consolidated statement of operations.
In December 2022, we completed an investment agreement with JetSMART, an ultra-low-cost carrier operating in South America, representing a 35.4% ownership. This ownership interest is accounted for under the equity method and our portion of JetSMART’s financial results is recognized within nonoperating other income, net on the consolidated statement of operations.
American Airlines, Inc.  
Schedule of Investments [Line Items]  
Investments Investments
To help expand American’s network and as part of its ongoing commitment to sustainability, American enters into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies. American’s equity investments are reflected in other assets on its consolidated balance sheets. American’s share of equity method investees’ financial results and changes in fair value are recorded in nonoperating other income, net on the consolidated statements of operations.
American’s equity investments ownership interest and carrying value were:
Ownership InterestCarrying Value (in millions)
December 31,December 31,
Accounting Treatment2022202120222021
Republic HoldingsEquity Method25.0 %25.0 %$222 $202 
China Southern AirlinesFair Value1.5 %1.8 %176 163 
Other investments (a)
Various212 83 
Total$610 $448 
(a) Other investments
Other investments primarily include American’s investment in Vertical, which is accounted for at fair value, and in 2022, American’s investments in JetSmart Airlines SpA (JetSMART) and GOL.
In April 2022, American completed an investment agreement with GOL, a Brazilian low-cost airline, and invested $200 million in 22.2 million of newly issued preferred shares. The total consideration of $200 million was allocated on its consolidated balance sheet as follows based on relative fair values: $81 million to the preferred shares, which is reflected within other assets, and $119 million to the indefinite-lived intangible asset derived from the related commercial agreements. The ownership interest is accounted for at fair value based on GOL’s stock price and mark-to-market adjustments are recorded to nonoperating other income, net on the consolidated statement of operations.
In December 2022, American completed an investment agreement with JetSMART, an ultra-low-cost carrier operating in South America, representing a 35.4% ownership. This ownership interest is accounted for under the equity method and American’s portion of JetSMART’s financial results is recognized within nonoperating other income, net on the consolidated statement of operations.