Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

We account for the following investments at fair value with adjustments to fair value recognized in gain/(loss) on investments within non-operating expense in our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income ("income statement"). We recorded losses of $112 million and gains of $100 million on our fair value investments during the three months ended March 31, 2020 and 2019, respectively. These results were driven by changes in stock prices and foreign currency fluctuations.


	Ownership Interest						Carrying Value
(in millions)	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Hanjin-KAL	15	%	10	%	$	538	$	205
Air France-KLM	9	%	9	%	211		418
China Eastern	3	%	3	%	159		258
Wheels Up	27	%	—	%	234		—
Other investments					225		218
Total fair value investments					$	1,367	$	1,099

Summary of equity method investments

We account for the investments listed below under the equity method of accounting.


	Ownership Interest						Carrying Value
(in millions)	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
LATAM	20	%	—	%	$	1,088	$	—
Grupo Aeroméxico ⁽¹⁾	51	%	51	%	770		833
Virgin Atlantic ⁽²⁾	49	%	49	%	207		375
AirCo	49	%	49	%	141		142

⁽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 Grupo 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.