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INVESTMENTS
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
We have developed strategic relationships with a number of airlines and airline services companies through joint ventures and other forms of cooperation and support, including equity investments. Our equity investments reinforce our commitment to these relationships and generally enhance our ability to offer input to the investee on strategic issues and direction, in some cases through representation on the board of directors.

Fair Value Investments. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net in our income statement within non-operating expense and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in companies without publicly-traded shares.

Equity Method Investments. We record our share of our equity method investees' financial results in our income statement as described in the table below.

Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)June 30, 2023December 31, 2022June 30, 2023December 31, 2022
Air France-KLMFair Value3 %3 %$138 $97 
China EasternFair Value2 %2 %158 189 
CLEARFair Value5 %5 %192 227 
Grupo Aeroméxico
Equity Method(1)
20 %20 %417 412 
Hanjin KAL
Fair Value(2)
15 %15 %354 296 
LATAMFair Value10 %10 %574 403 
Unifi Aviation
Equity Method(3)
49 %49 %168 165 
Wheels Up
Fair Value(4)
21 %21 %6 54 
Other investmentsVarious382 285 
Equity investments$2,389 $2,128 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(2)At June 30, 2023, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(3)Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations.
(4)We elected to account for our investment under the fair value option.