Shares subscribed (in shares)

Notes to the Consolidated Financial StatementsNOTE 4. 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.   


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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity investments ownership interest and carrying value |
|  | Accounting Treatment |  | Ownership Interest |  | Carrying Value |
| (in millions) |  |  | September 30, 2022 | December 31, 2021 |  | September 30, 2022 | December 31, 2021 |
| Air France-KLM | Fair Value |  | 3  | % | 6  | % |  | $ | 94  |  | $ | 165  |  |
| China Eastern | Fair Value |  | 2  | % | 2  | % |  | 158  |  | 177  |  |
| CLEAR | Fair Value |  | 6  | % | 6  | % |  | 189  |  | 260  |  |
| Grupo Aeroméxico | Equity Method(1) |  | 20  | % | 51  | % |  | 424  |  | —  |  |
| Hanjin KAL | Fair Value(2) |  | 15  | % | 13  | % |  | 259  |  | 455  |  |
| Unifi Aviation | Equity Method(3) |  | 49  | % | 49  | % |  | 161  |  | 159  |  |
| Wheels Up | Fair Value(4) |  | 21  | % | 21  | % |  | 60  |  | 241  |  |
| Other investments | Various |  |  |  |  | 240  |  | 255  |  |
| Equity investments |  |  |  |  |  | $ | 1,585  |  | $ | 1,712  |  |

(1)Results are included in equity method results in our income statement under non-operating expense.(2)At September 30, 2022, 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.  
Air France-KLM. During the June 2022 quarter, Air France-KLM ("AFKL") executed a €2.3 billion rights issue, through the issuance of 1.9 billion new AFKL shares. We participated in the rights issue on a cash neutral basis by subscribing to approximately 36 million new AFKL shares using the proceeds from the sale of part of our rights to a third party. The net impact of these transactions reduced our ownership interest to approximately 3% and the change in the fair value of our investment in AFKL is recorded in gain/(loss) on investments, net in our income statement within non-operating expense.  
Grupo Aeroméxico. In the March 2022 quarter, Grupo Aeroméxico ("Aeroméxico") emerged from its voluntary proceedings to reorganize under Chapter 11 of the United States bankruptcy code ("bankruptcy process"). At the conclusion of the bankruptcy process, Aeroméxico's previously outstanding capital stock was consolidated and exchanged for less than 0.01% of new capital stock, which effectively eliminated our historical 51% ownership stake. Upon emergence, Delta received a 20% equity stake in the newly restructured Aeroméxico in exchange for (1) our receivables under Aeroméxico's debtor-in-possession financing, (2) $100 million (recorded as an investing outflow on our Condensed Consolidated Statements of Cash Flows), and (3) our agreement to provide expanded commercial services to Aeroméxico in future periods. We account for our investment in Aeroméxico under the equity method of accounting and record our share of Aeroméxico's financial results in equity method results in our income statement.  
Delta Air Lines, Inc. September 2022 Form 10-Q                                 11
