We have developed strategic relationships with a number of airlines and airline services companies through equity investments and other forms of cooperation and support. Our equity investments reinforce our commitment to these relationships and provide us with the ability to participate in strategic decision-making, often through representation on the boards of directors of the investee.

During the years ended December 31, 2019 and 2018, we recorded net gains on our equity investments of $119 million and $38 million, respectively, which were recorded in gain/(loss) on investments in our income statement within non-operating expense. These net gains were primarily driven by changes in stock prices and foreign currency fluctuations as well as the sale of certain investments, as described below. During 2017, before we adopted the new financial instruments accounting standard in 2018, we recorded unrealized gains and losses on available-for-sale investments in AOCI.


	Ownership Interest						Carrying Value
(in millions)	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Air France-KLM	9	%	9	%	$	418	$	408
China Eastern	3	%	3	%	258		259
Hanjin-KAL	10	%	—	%	205		—
GOL	—	%	9	%	—		213
Other investments					218		210
Total fair value investments					$	1,099	$	1,090

In the December 2019 quarter we sold our 9% ownership stake of GOL Linhas Aéreas Inteligentes, the parent company of VRG Linhas Aéreas (operating as GOL), for $278 million. The gain on sale of our investment in GOL is recorded in gain/(loss) on investments within non-operating expense in our income statement.

Additionally, GOL has a $300 million five-year term loan facility with third parties maturing in 2020, which we have guaranteed. Our guaranty is secured by GOL's ownership interest in Smiles, GOL's publicly-traded loyalty program. Because GOL remains in compliance with the terms of its loan facility, we have not recorded a liability on our balance sheet as of December 31, 2019.


	Ownership Interest						Carrying Value
(in millions)	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Grupo Aeroméxico ⁽¹⁾	51	%	51	%	$	833	$	897
Virgin Atlantic ⁽²⁾	49	%	49	%	375		383
AirCo	49	%	49	%	142		109

⁽¹⁾Grupo Aeroméxico's corporate bylaws (as authorized by the Mexican Foreign Investment Commission) limit our voting interest to a maximum of 49%. Therefore, we account for our investment under the equity method. Due to Aeroméxico's share repurchase program, our equity stake in Grupo Aeroméxico has increased to a non-controlling 51% interest.

⁽²⁾We have a non-controlling equity stake in Virgin Atlantic Limited, the parent company of Virgin Atlantic Airways, and similar non-controlling interests in certain affiliated Virgin Atlantic companies.

Our portion of Grupo Aeroméxico's and Virgin Atlantic's financial results are recorded in miscellaneous, net in our income statement under non-operating expense, and our share of AirCo's financial results is recorded in contracted services in our income statement as this entity is integral to the operations of our business. We also have an investment in JFK IAT Member LLC which is accounted for under the equity method and is discussed further in Note 9, "Airport Redevelopment."

Our equity method investments are recorded in other noncurrent assets on our balance sheet. If an equity method investment experiences a loss in fair value that is determined to be other than temporary, we will reduce our basis in the investment to fair value and record the loss in gain/(loss) on investments.

In September 2019, we announced our plan to enter into a strategic alliance with LATAM Airlines Group S.A ("LATAM") as well as acquire up to a 20% interest through a tender offer. In January 2020, we acquired 20% of the shares of LATAM for $1.9 billion, or $16 per share.

In addition, to support the establishment of the strategic alliance, we will invest $350 million, $200 million of which was disbursed in 2019. As part of our planned strategic alliance with LATAM, we have also agreed to acquire four A350 aircraft from LATAM and plan to assume ten of LATAM's A350 purchase commitments from Airbus, with deliveries through 2025.

In January 2020, we combined Delta Private Jets, our wholly owned subsidiary which provides private jet operations, with Wheels Up. Upon closing, we received a 27% equity stake in Wheels Up, which will be accounted for under the equity method beginning in the March 2020 quarter.