Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Document period end date | 30-Sep-13 | ' |
Amendment flag | 'false | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Current fiscal year end date | '--12-31 | ' |
Entity central index key | '0001135185 | ' |
Entity current reporting status | 'Yes | ' |
Entity filer category | 'Large Accelerated Filer | ' |
Entity registrant name | 'ATLAS AIR WORLDWIDE HOLDINGS INC | ' |
Entity voluntary filers | 'No | ' |
Entity well known seasoned issuer | 'Yes | ' |
Entity common stock shares outstanding | ' | 25,038,629 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $280,967 | $409,763 |
Short-term investments | 11,573 | 10,119 |
Restricted cash | 5,886 | 0 |
Accounts receivable, net of allowance | 118,515 | 127,704 |
Prepaid maintenance | 21,004 | 22,293 |
Deferred taxes | 53,799 | 26,390 |
Prepaid expenses and other current assets | 36,628 | 36,726 |
Total current assets | 528,372 | 632,995 |
Property and Equipment | ' | ' |
Flight equipment | 2,971,696 | 2,209,782 |
Ground equipment | 45,049 | 39,230 |
Less: accumulated depreciation | -238,992 | -185,419 |
Purchase deposits for flight equipment | 38,978 | 147,946 |
Property and equipment, net | 2,816,731 | 2,211,539 |
Other Assets | ' | ' |
Long-term investments and accrued interest | 129,665 | 140,498 |
Deposits and other assets | 133,238 | 132,120 |
Intangible assets, net | 35,947 | 35,533 |
Total Assets | 3,643,953 | 3,152,685 |
Current Liabilities | ' | ' |
Accounts payable | 42,700 | 20,789 |
Accrued liabilities | 150,741 | 152,467 |
Current portion of long-term debt | 262,568 | 154,760 |
Total current liabilities | 456,009 | 328,016 |
Other Liabilities | ' | ' |
Long-term debt | 1,473,685 | 1,149,282 |
Deferred taxes | 302,274 | 265,384 |
Other liabilities | 124,897 | 121,899 |
Total other liabilities | 1,900,856 | 1,536,565 |
Commitments and contingencies | 0 | 0 |
Equity | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 282 | 277 |
Additional paid-in-capital | 557,078 | 544,421 |
Treasury stock, at cost | -125,796 | -44,850 |
Accumulated other comprehensive loss | -12,790 | -14,263 |
Retained earnings | 862,555 | 798,676 |
Total stockholders' equity | 1,281,329 | 1,284,261 |
Noncontrolling interest | 5,759 | 3,843 |
Total equity | 1,287,088 | 1,288,104 |
Total Liabilities and Equity | $3,643,953 | $3,152,685 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Allowance for doubtful accounts receivable | $1,539 | $3,172 |
Consolidated_Balance_Sheets_Sh
Consolidated Balance Sheets Shares (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Consolidated Balance Sheets | ' | ' |
Preferred stock par value | $1 | $1 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares issued | 0 | 0 |
Common stock par value | $0.01 | $0.01 |
Common stock shares authorized | 50,000,000 | 50,000,000 |
Common stock shares issued | 28,198,464 | 27,672,924 |
Common stock shares outstanding | 25,037,540 | 26,443,441 |
Treasury stock shares | 3,160,924 | 1,229,483 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Revenue | ' | ' | ' | ' |
ACMI | $189,583 | $177,722 | $552,710 | $492,846 |
AMC charter | 95,668 | 117,377 | 287,840 | 376,685 |
Commercial charter | 104,605 | 108,078 | 313,488 | 305,852 |
Dry leasing | 11,874 | 3,057 | 21,844 | 8,864 |
Other | 3,660 | 3,017 | 10,417 | 9,013 |
Total Operating Revenue | 405,390 | 409,251 | 1,186,299 | 1,193,260 |
Operating Expenses | ' | ' | ' | ' |
Aircraft fuel | 93,434 | 99,080 | 289,535 | 311,414 |
Salaries, wages and benefits | 74,167 | 71,386 | 219,216 | 215,640 |
Maintenance, materials and repairs | 31,306 | 40,524 | 133,152 | 136,875 |
Aircraft rent | 48,448 | 44,133 | 130,703 | 126,309 |
Depreciation and amortization | 23,661 | 16,612 | 61,840 | 44,792 |
Passenger and ground handling services | 18,037 | 18,711 | 52,109 | 50,100 |
Navigation fees, landing fees and other rent | 16,438 | 15,153 | 46,901 | 44,090 |
Travel | 14,535 | 14,746 | 43,485 | 42,189 |
Loss (gain) on disposal of aircraft | 501 | -1,058 | 79 | -2,417 |
Other | 27,157 | 27,699 | 80,515 | 85,306 |
Total Operating Expenses | 347,684 | 346,986 | 1,057,535 | 1,054,298 |
Operating Income | 57,706 | 62,265 | 128,764 | 138,962 |
Non-operating Expenses (Income) | ' | ' | ' | ' |
Interest income | -4,849 | -4,833 | -15,003 | -14,629 |
Interest expense | 22,594 | 17,004 | 61,711 | 46,598 |
Capitalized interest | -291 | -4,052 | -1,985 | -16,356 |
Loss on early extinguishment of debt | 4,524 | 143 | 5,518 | 285 |
Other expense (income), net | -241 | -331 | 1,415 | 454 |
Total Non-operating Expenses (Income) | 21,737 | 7,931 | 51,656 | 16,352 |
Income before income taxes | 35,969 | 54,334 | 77,108 | 122,610 |
Income tax expense | 11,247 | 19,759 | 11,320 | 45,899 |
Net Income | 24,722 | 34,575 | 65,788 | 76,711 |
Less: Net income (loss) attributable to noncontrolling interests | 981 | 717 | 1,909 | -834 |
Net Income Attributable to Common Stockholders | $23,741 | $33,858 | $63,879 | $77,545 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.94 | $1.28 | $2.48 | $2.94 |
Diluted | $0.94 | $1.27 | $2.48 | $2.92 |
Weighted average shares: | ' | ' | ' | ' |
Basic | 25,124 | 26,443 | 25,710 | 26,410 |
Diluted | 25,212 | 26,580 | 25,784 | 26,527 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Net Income | $24,722 | $34,575 | $65,788 | $76,711 |
Interest rate derivatives: | ' | ' | ' | ' |
Net change in fair value | 0 | 0 | 0 | -713 |
Reclassification into earnings | 764 | 817 | 2,301 | 1,849 |
Income tax benefit (expense) | -277 | -286 | -835 | -398 |
Foreign currency translation: | ' | ' | ' | ' |
Translation adjustment | 356 | 173 | 14 | 250 |
Income tax benefit (expense) | 0 | -137 | 0 | -121 |
Other comprehensive income (loss) | 843 | 841 | 1,480 | 1,109 |
Comprehensive Income | 25,565 | 35,416 | 67,268 | 77,820 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 1,163 | 875 | 1,916 | -645 |
Comprehensive Income Attributable to Common Stockholders | $24,402 | $34,541 | $65,352 | $78,465 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities: | ' | ' |
Net Income Attributable to Common Stockholders | $63,879 | $77,545 |
Net income (loss) attributable to noncontrolling interests | 1,909 | -834 |
Net Income | 65,788 | 76,711 |
Adjustments to reconcile Net Income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 73,324 | 51,509 |
Accretion of debt securities discount | -6,758 | -6,454 |
Provision for allowance for doubtful accounts | 217 | 897 |
Loss on early extinguishment of debt | 5,518 | 285 |
Loss (gain) on disposal of aircraft | 79 | -2,417 |
Deferred taxes | 10,511 | 45,346 |
Stock-based compensation expense | 12,176 | 12,243 |
Changes in: | ' | ' |
Accounts receivable | 6,818 | -334 |
Prepaid expenses and other current assets | 12,494 | 38,991 |
Deposits and other assets | 2,834 | -10,315 |
Accounts payable and accrued liabilities | 24,665 | -9,256 |
Net cash provided by operating activities | 207,666 | 197,206 |
Investing Activities: | ' | ' |
Capital expenditures | -24,860 | -26,732 |
Purchase deposits and delivery payments for flight equipment | -561,979 | -312,494 |
Changes in restricted cash | -5,886 | 0 |
Investment in debt securities | 0 | -1,179 |
Proceeds from short-term investments | 4,672 | 4,342 |
Proceeds from insurance | 9,109 | 0 |
Proceeds from disposal of aircraft | 4,250 | 2,715 |
Net cash used for investing activities | -574,694 | -333,348 |
Financing Activities: | ' | ' |
Proceeds from debt issuance | 709,484 | 639,628 |
Refund of accelerated share repurchase | 21,886 | 0 |
Purchase of treasury stock | -80,946 | -3,318 |
Prepayment of accelerated share repurchase | -21,886 | 0 |
Excess tax benefit from stock-based compensation expense | 472 | 550 |
Payment of debt issuance costs | -19,682 | -24,808 |
Payments of debt | -371,096 | -347,232 |
Net cash provided by financing activities | 238,232 | 264,820 |
Net increase (decrease) in cash and cash equivalents | -128,796 | 128,678 |
Cash and cash equivalents at the beginning of period | 409,763 | 187,111 |
Cash and cash equivalents at the end of period | 280,967 | 315,789 |
Non-cash Investing and Financing Activities: | ' | ' |
Acquisition of flight equipment and assumed debt | $90,498 | $0 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Stockholders' Equity | Noncontrolling Interest |
In Thousands | ||||||||
Balance at Dec. 31, 2011 | $1,141,375 | $275 | ($41,499) | $525,670 | ($15,683) | $668,749 | $1,137,512 | $3,863 |
Net Income (Loss) | 76,711 | 0 | 0 | 0 | 0 | 77,545 | 77,545 | -834 |
Other comprehensive income (loss) | -1,109 | 0 | 0 | 0 | 920 | 0 | 920 | 189 |
Stock option and restricted stock compensation | 12,243 | 0 | 0 | 12,243 | 0 | 0 | 12,243 | 0 |
Purchase of shares of treasury stock | -3,318 | 0 | -3,318 | 0 | 0 | 0 | -3,318 | 0 |
Issuance of shares of restricted stock | 0 | 2 | 0 | -2 | 0 | 0 | 0 | 0 |
Prepayment of accelerated share repurchase | 0 | ' | ' | ' | ' | ' | ' | ' |
Refund of accelerated share repurchase | 0 | ' | ' | ' | ' | ' | ' | ' |
Tax benefit on restricted stock and stock options | 550 | 0 | 0 | 550 | 0 | 0 | 550 | 0 |
Balance at Sep. 30, 2012 | 1,228,670 | 277 | -44,817 | 538,461 | -14,763 | 746,294 | 1,225,452 | 3,218 |
Balance at Dec. 31, 2012 | 1,288,104 | 277 | -44,850 | 544,421 | -14,263 | 798,676 | 1,284,261 | 3,843 |
Net Income (Loss) | 65,788 | 0 | 0 | 0 | 0 | 63,879 | 63,879 | 1,909 |
Other comprehensive income (loss) | -1,480 | 0 | 0 | 0 | 1,473 | 0 | 1,473 | 7 |
Stock option and restricted stock compensation | 12,176 | 0 | 0 | 12,176 | 0 | 0 | 12,176 | 0 |
Purchase of shares of treasury stock | -80,946 | 0 | -80,946 | 0 | 0 | 0 | -80,946 | 0 |
Issuance of shares of restricted stock | 0 | 5 | 0 | -5 | 0 | 0 | 0 | 0 |
Prepayment of accelerated share repurchase | -21,886 | 0 | 0 | 21,886 | 0 | 0 | 21,886 | 0 |
Refund of accelerated share repurchase | 21,886 | 0 | 0 | 21,886 | 0 | 0 | 21,886 | 0 |
Reversal of prior year deferred tax | 14 | 0 | 0 | 14 | 0 | 0 | 14 | 0 |
Tax benefit on restricted stock and stock options | ' | 0 | 0 | 472 | 0 | 0 | 472 | 0 |
Balance at Sep. 30, 2013 | $1,287,088 | $282 | ($125,796) | $557,078 | ($12,790) | $862,555 | $1,281,329 | $5,759 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parentheticals) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Consolidated Statements of Stockholders Equity | ' | ' |
Purchase of shares of treasury stock | 1,931,441 | 71,488 |
Issuance of shares of restricted stock | 525,540 | 209,057 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
1. Basis of Presentation | |
Our consolidated financial statements include the accounts of the holding company, Atlas Air Worldwide Holdings, Inc. (“AAWW”) and its consolidated subsidiaries. AAWW is the parent company of its principal operating subsidiary, Atlas Air, Inc. (“Atlas”), and of Polar Air Cargo LLC (“Old Polar”). AAWW is also the parent company of several subsidiaries related to our dry leasing services (collectively referred to as “Titan”). In addition, we are the primary beneficiary of Global Supply Systems Limited (“GSS”), a consolidated subsidiary. AAWW has a 51% equity interest and 75% voting interest in Polar Air Cargo Worldwide, Inc. (“Polar”). We record our share of Polar's results under the equity method of accounting. | |
The terms “we,” “us,” “our,” and the “Company” mean AAWW and all entities included in its consolidated financial statements. | |
We provide outsourced aircraft and aviation operating solutions throughout the world, serving Africa, Asia, Australia, Europe, the Middle East, North America and South America through: (i) contractual service arrangements, including those through which we provide aircraft to customers and value-added services, including crew, maintenance and insurance (“ACMI”), as well as those through which we provide crew, maintenance and insurance services, with the customer providing the aircraft (“CMI”); (ii) military charter services provided to the U.S. Military Air Mobility Command (the “AMC”) (“AMC Charter”); (iii) seasonal, commercial and ad hoc charter services (“Commercial Charter”); and (iv) dry leasing of aircraft and engines (“Dry Leasing” or “Dry Lease”). | |
The accompanying unaudited consolidated financial statements and related notes (the “Financial Statements”) have been prepared in accordance with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10-Q, and consequently exclude certain disclosures normally included in audited consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany accounts and transactions have been eliminated. The Financial Statements should be read in conjunction with the audited consolidated financial statements and the notes included in the AAWW Annual Report on Form 10-K for the year ended December 31, 2012, which includes additional disclosures and a summary of our significant accounting policies. In our opinion, the Financial Statements contain all adjustments, consisting of normal recurring items, necessary to fairly state the financial position of AAWW and its consolidated subsidiaries as of September 30, 2013, the results of operations for the three and nine months ended September 30, 2013 and 2012, comprehensive income for the three and nine months ended September 30, 2013 and 2012, cash flows for the nine months ended September 30, 2013 and 2012, and shareholders' equity as of and for the nine months ended September 30, 2013 and 2012. | |
Our quarterly results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. | |
Except for per share data, all dollar amounts are in thousands unless otherwise noted. |
Recently_Adopted_Accounting_Pr
Recently Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recently Adopted Accounting Pronouncements [Abstract] | ' |
Recently Adopted Accounting Pronouncements | ' |
2. Recently Adopted Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board issued new guidance requiring additional information about reclassification adjustments out of accumulated other comprehensive income, including changes in accumulated other comprehensive income balances by component and significant items reclassified out of accumulated other comprehensive income. The new guidance was effective as of the beginning of 2013 and its adoption did not have any impact on our financial condition, results of operations or cash flows. |
Related_Parties
Related Parties | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
DHL Investment And Polar [Abstract] | ' | |||||||||||||
Related Parties | ' | |||||||||||||
3. Related Parties | ||||||||||||||
DHL Investment and Polar | ||||||||||||||
DHL Network Operations (USA), Inc. (“DHL”), a subsidiary of Deutsche Post AG (“DP”), holds a 49% equity interest and a 25% voting interest in Polar. Polar is a variable interest entity that is not consolidated because we are not the primary beneficiary as the risks associated with the direct costs of operation are with DHL. Under a 20-year blocked space agreement (the “BSA”), Polar provides air cargo capacity to DHL through Polar's network. Atlas has several agreements with Polar to provide ACMI, CMI, administrative, sales and ground support services to one another. We do not have any financial exposure to fund debt obligations or operating losses of Polar, except for any liquidated damages that we could incur under these agreements. The following table summarizes our transactions with Polar: | ||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||
Revenue and Expenses: | 30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||
ACMI segment revenue from Polar | $ | 70,821 | $ | 67,489 | $ | 212,873 | $ | 189,169 | ||||||
Other revenue from Polar | $ | 2,842 | $ | 2,837 | $ | 8,538 | $ | 8,512 | ||||||
Ground handling and airport fees paid to Polar | $ | 258 | $ | 1,129 | $ | 908 | $ | 3,315 | ||||||
Accounts receivable/payable as of: | 30-Sep-13 | 31-Dec-12 | ||||||||||||
Receivables from Polar | $ | 5,591 | $ | 4,264 | ||||||||||
Payables to Polar | $ | 742 | $ | 140 | ||||||||||
Aggregate Carrying Value of Polar Investment as of: | 30-Sep-13 | 31-Dec-12 | ||||||||||||
$ | 4,870 | $ | 4,870 | |||||||||||
GATS | ||||||||||||||
We hold a 50% equity and voting interest in Global Aviation Technical Solutions Co. Ltd. (“GATS”), a joint venture with an unrelated third party. The purpose of the joint venture is to purchase rotable parts and source repair services for those parts, primarily for our 747-8F aircraft. The joint venture is a variable interest entity and we have not consolidated GATS because we are not the primary beneficiary as we do not exercise financial control. As of September 30, 2013 and December 31, 2012, our investment in GATS was $12.2 million and $12.3 million, respectively, and our maximum exposure to losses from the entity is limited to our investment, which is comprised primarily of rotable inventory parts. GATS does not have any third-party debt obligations. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Financial Instruments [Abstract] | ' | ||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||
4. Financial Instruments | |||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are classified in the following hierarchy: | |||||||||||||||||||
Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||||
Level 2 Other inputs that are observable directly or indirectly, such as quoted prices in | |||||||||||||||||||
active markets for similar assets or liabilities, or inactive quoted prices for identical | |||||||||||||||||||
assets or liabilities in inactive markets; | |||||||||||||||||||
Level 3 Unobservable inputs reflecting assumptions about the inputs used in pricing the | |||||||||||||||||||
asset or liability. | |||||||||||||||||||
We endeavor to utilize the best available information to measure fair value. | |||||||||||||||||||
We maintain Cash and cash equivalents, Short-term investments and Restricted cash, which include cash on hand, demand deposits, other cash investments that are highly liquid in nature and have original maturities of three months or less at acquisition, money market funds, certificates of deposit and the current portion of debt securities. The carrying value of Cash and cash equivalents, Short-term investments and Restricted cash is based on cost, which approximates fair value. | |||||||||||||||||||
Long-term investments consist of debt securities for which we have both the ability and the intent to hold until maturity. These investments are classified as held-to-maturity and reported at amortized cost. The fair value of our Long-term investments is based on a discounted cash flow analysis using the contractual cash flows of the investments and a discount rate derived from unadjusted quoted interest rates for debt securities of comparable risk. Such debt securities represent investments in Pass-Through Trust Certificates related to enhanced equipment trust certificates (“EETCs”) issued by Atlas in 1998, 1999 and 2000. Interest on debt securities and accretion of discounts using the effective interest method are included in Interest income. | |||||||||||||||||||
The fair value of our EETCs is measured based on Level 3 inputs. When available, we use quoted market prices of our equipment notes as a basis for valuing the EETCs. If not available, fair value is based on a discounted cash flow analysis using current borrowing rates for instruments with similar terms. | |||||||||||||||||||
The fair values of our term loans and the Export-Import Bank of the United States (“Ex-Im Bank”) guaranteed notes are based on a discounted cash flow analysis using current borrowing rates for instruments with similar terms. | |||||||||||||||||||
The following table summarizes the carrying amount, estimated fair value and classification of our financial instruments as of: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 280,967 | $ | 280,967 | $ | 280,967 | $ | - | $ | - | |||||||||
Short-term investments | 11,573 | 11,573 | - | - | 11,573 | ||||||||||||||
Restricted cash | 5,886 | 5,886 | 5,886 | - | - | ||||||||||||||
Long-term investments and accrued interest | 129,665 | 176,112 | - | - | 176,112 | ||||||||||||||
$ | 428,091 | $ | 474,538 | $ | 286,853 | $ | - | $ | 187,685 | ||||||||||
Liabilities | |||||||||||||||||||
Term loans | $ | 716,004 | $ | 711,678 | $ | - | $ | - | $ | 711,678 | |||||||||
Ex-Im Bank guaranteed notes | 756,043 | 727,642 | - | - | 727,642 | ||||||||||||||
EETCs | 264,206 | 342,344 | - | - | 342,344 | ||||||||||||||
$ | 1,736,253 | $ | 1,781,664 | $ | - | $ | - | $ | 1,781,664 | ||||||||||
31-Dec-12 | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 409,763 | $ | 409,763 | $ | 409,763 | $ | - | $ | - | |||||||||
Short-term investments | 10,119 | 10,119 | - | - | 10,119 | ||||||||||||||
Long-term investments and accrued interest | 140,498 | 177,740 | - | - | 177,740 | ||||||||||||||
$ | 560,380 | $ | 597,622 | $ | 409,763 | $ | - | $ | 187,859 | ||||||||||
Liabilities | |||||||||||||||||||
Term loans | $ | 450,652 | $ | 461,530 | $ | - | $ | - | $ | 461,530 | |||||||||
Ex-Im Bank guaranteed notes | 560,078 | 556,742 | - | - | 556,742 | ||||||||||||||
EETCs | 293,312 | 325,187 | - | - | 325,187 | ||||||||||||||
$ | 1,304,042 | $ | 1,343,459 | $ | - | $ | - | $ | 1,343,459 | ||||||||||
The following table presents the carrying value, gross unrealized gain (loss) and fair value of our long-term investments by contractual maturity as of: | |||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
Carrying Value | Gross Unrealized Gain (Loss) | Fair Value | Carrying Value | Gross Unrealized Gain (Loss) | Fair Value | ||||||||||||||
Debt securities | |||||||||||||||||||
Due after one but within five years | $ | - | $ | - | $ | - | $ | 8,365 | $ | 1,404 | $ | 9,769 | |||||||
Due after five but within ten years | 129,665 | 46,447 | 176,112 | 132,133 | 35,838 | 167,971 | |||||||||||||
Total | $ | 129,665 | $ | 46,447 | $ | 176,112 | $ | 140,498 | $ | 37,242 | $ | 177,740 |
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accrued Liabilities Tables [Abstract] | ' | ||||||
Accrued Liabilities | ' | ||||||
5. Accrued Liabilities | |||||||
Accrued liabilities consisted of the following as of: | |||||||
30-Sep-13 | 31-Dec-12 | ||||||
Maintenance | $ | 41,361 | $ | 38,475 | |||
Salaries, wages and benefits | 27,356 | 32,734 | |||||
Aircraft fuel | 18,616 | 19,882 | |||||
Deferred revenue | 18,435 | 18,619 | |||||
Other | 44,973 | 42,757 | |||||
Accrued liabilities | $ | 150,741 | $ | 152,467 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt [Abstract] | ' |
Debt | ' |
6. Debt | |
Ex-Im Bank Guaranteed Notes | |
On January 30, 2012, we entered into a term loan facility for up to $864.8 million with Apple Bank for Savings, guaranteed by Ex-Im Bank to finance up to six 747-8F aircraft deliveries (the “Ex-Im Bank Facility”). The Ex-Im Bank Facility consists of up to six separate term loans, each secured by a mortgage on a 747-8F aircraft. In connection with entry into the Ex-Im Bank Facility, we have agreed to pay usual and customary commitment and other fees associated with this type of financing. Borrowings under the Ex-Im Bank Facility initially accrue interest at a variable rate, payable quarterly at London InterBank Offered Rate (“LIBOR”), plus a margin. The Ex-Im Bank Facility provides options to refinance the loans through the issuance of bonds in the capital markets or to convert the loans to a fixed rate. The Ex-Im Bank Facility contains customary covenants and event of default provisions. In addition, there are certain operating conditions under the Ex-Im Bank Facility that we must meet. | |
On May 16, 2013, we borrowed $143.0 million under the Ex-Im Bank Facility as a variable-rate loan secured by a mortgage against one 747-8F (aircraft tail number N855GT). On May 28, 2013, we refinanced the loan through the issuance of twelve-year fixed-rate notes in the amount of $143.0 million (the “First 2013 Ex-Im Guaranteed Notes”). The First 2013 Ex-Im Guaranteed Notes accrue interest at a fixed rate of 1.83% with principal and interest payable quarterly. | |
On July 10, 2013, we purchased a 777-200LRF aircraft that is being leased to a customer on a long-term basis. As part of the transaction, we assumed a $90.5 million term loan secured by a mortgage on the aircraft (manufacturer serial number 35606) with a remaining term of 93 months (the “Second 2013 Term Loan”). The Second 2013 Term Loan is guaranteed by Ex-Im Bank although it is not part of our Ex-Im Bank Facility. On September 27, 2013, we refinanced the Second 2013 Term Loan through the issuance of fixed-rate notes with a remaining term of 90 months in the amount of $88.0 million (the “Second 2013 Ex-Im Guaranteed Notes”). The Second 2013 Ex-Im Guaranteed Notes accrue interest at a fixed rate of 1.84% with principal and interest payable quarterly. | |
Term Loans | |
On March 7, 2013, we entered into a $119.5 million term loan secured by a mortgage on a 777-200LRF aircraft (manufacturer serial number 36201) for a period of 89 months with a final payment of $62.4 million due in July 2020 (the “First 2013 Term Loan”). In connection with entry into the First 2013 Term Loan, we paid usual and customary fees. The First 2013 Term Loan accrues interest at a variable rate, payable quarterly, at LIBOR plus a margin and contains customary covenants and event of default provisions. | |
On March 28, 2013, we entered into a $105.4 million six-month term loan secured by a mortgage on a 747-8F aircraft (aircraft tail number N854GT) (the “First 2013 Bridge Loan”). On September 27, 2013, the First 2013 Bridge Loan was extended to March 28, 2014. In connection with entry into the First 2013 Bridge Loan, we paid usual and customary fees. The First 2013 Bridge Loan accrues interest at a variable rate, payable monthly, at LIBOR plus a margin and contains customary covenants and event of default provisions. | |
On July 31, 2013, we entered into a $110.0 million term loan secured by a mortgage on a 777-200LRF aircraft (manufacturer serial number 36200) for a period of 88 months with a final payment of $50.0 million due in November 2020 (the “Third 2013 Term Loan”). In connection with entry into the Third 2013 Term Loan, we paid usual and customary fees. The Third 2013 Term Loan accrues interest at a fixed rate of 4.18% with principal and interest payable quarterly and contains customary covenants and event of default provisions. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Reporting | ' | |||||||||||
7. Segment Reporting | ||||||||||||
We have the following four reportable segments: ACMI (which includes CMI), AMC Charter, Commercial Charter and Dry Leasing. We use an economic performance metric (“Direct Contribution”) that shows the profitability of each segment after allocation of operating and ownership costs. The following table sets forth Operating Revenue and Direct Contribution for our reportable business segments reconciled to Operating Income and Income before Income Taxes: | ||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||
Operating Revenue: | ||||||||||||
ACMI | $ | 189,583 | $ | 177,722 | $ | 552,710 | $ | 492,846 | ||||
AMC Charter | 95,668 | 117,377 | 287,840 | 376,685 | ||||||||
Commercial Charter | 104,605 | 108,078 | 313,488 | 305,852 | ||||||||
Dry Leasing | 11,874 | 3,057 | 21,844 | 8,864 | ||||||||
Other | 3,660 | 3,017 | 10,417 | 9,013 | ||||||||
Total Operating Revenue | $ | 405,390 | $ | 409,251 | $ | 1,186,299 | $ | 1,193,260 | ||||
Direct Contribution: | ||||||||||||
ACMI | $ | 62,587 | $ | 51,625 | $ | 157,594 | $ | 116,573 | ||||
AMC Charter | 14,749 | 25,437 | 40,144 | 76,002 | ||||||||
Commercial Charter | -3,859 | 3,602 | -15,023 | 15,559 | ||||||||
Dry Leasing | 4,681 | 1,378 | 8,294 | 3,967 | ||||||||
Total Direct Contribution for Reportable Segments | 78,158 | 82,042 | 191,009 | 212,101 | ||||||||
Add back (subtract): | ||||||||||||
Unallocated income and expenses, net | -37,164 | -28,623 | -108,304 | -91,623 | ||||||||
Loss on early extinguishment of debt | -4,524 | -143 | -5,518 | -285 | ||||||||
Loss (gain) on disposal of aircraft | -501 | 1,058 | -79 | 2,417 | ||||||||
Income before Income Taxes | 35,969 | 54,334 | 77,108 | 122,610 | ||||||||
Add back (subtract): | ||||||||||||
Interest income | -4,849 | -4,833 | -15,003 | -14,629 | ||||||||
Interest expense | 22,594 | 17,004 | 61,711 | 46,598 | ||||||||
Capitalized interest | -291 | -4,052 | -1,985 | -16,356 | ||||||||
Loss on early extinguishment of debt | 4,524 | 143 | 5,518 | 285 | ||||||||
Other expense (income), net | -241 | -331 | 1,415 | 454 | ||||||||
Operating Income | $ | 57,706 | $ | 62,265 | $ | 128,764 | $ | 138,962 | ||||
We are exposed to a concentration of revenue to the AMC and Polar (see Note 3 for further discussion regarding Polar). No other customer accounted for 10.0% of our Total Operating Revenue. We have not experienced any credit issues with either of these customers. |
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2013 | |
Labor And Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
8. Legal Proceedings | |
Department of Justice Investigation and Related Litigation | |
In 2010, Old Polar entered into a plea agreement with the United States Department of Justice (the "DOJ") relating to the previously disclosed DOJ investigation concerning alleged manipulation by cargo carriers of fuel surcharges and other rate components for air cargo services (the “DOJ Investigation”). | |
As a result of the DOJ Investigation, the Company and Old Polar have been named defendants, along with a number of other cargo carriers, in several class actions in the United States arising from allegations about the pricing practices of a number of air cargo carriers that have now been consolidated for pretrial purposes in the United States District Court for the Eastern District of New York. The consolidated complaint alleges, among other things, that the defendants, including the Company and Old Polar, manipulated the market price for air cargo services sold domestically and abroad through the use of surcharges, in violation of United States, state, and European Union antitrust laws. The suit seeks treble damages and injunctive relief. | |
In 2007, the Company and Old Polar commenced an adversary proceeding in bankruptcy court against each of the plaintiffs in this class action litigation seeking to enjoin the plaintiffs from prosecuting claims against the Company and Old Polar that arose prior to 2004, the date on which the Company and Old Polar emerged from bankruptcy. In 2007, the plaintiffs consented to the injunctive relief requested and the bankruptcy court entered an order enjoining plaintiffs from prosecuting Company claims arising prior to 2004. | |
The court in the antitrust class actions has heard and decided a number of procedural motions. Among those was the plaintiffs' motion to join Polar Air Cargo Worldwide, Inc. as an additional defendant, which the court granted on April 13, 2011. There was substantial pretrial written discovery and document production, and a number of depositions were taken. A court hearing on whether or not to certify the case as a class action was held in October 2013 and oral arguments have been scheduled for November 2013. We are unable to reasonably predict the court's ruling or the ultimate outcome of the litigation. | |
The Company, Old Polar and a number of other cargo carriers have also been named as defendants in civil class action suits in the provinces of British Columbia, Ontario and Quebec, Canada that are substantially similar to the class action suits in the United States. The plaintiffs in the British Columbia case have indicated they do not intend to pursue their lawsuit against the Company and Old Polar. We are unable to reasonably predict the outcome of the litigation in Ontario and Quebec. | |
If the Company or Old Polar were to incur an unfavorable outcome in connection with one or more of the matters described above, such outcome is not expected to materially affect our business, financial condition, results of operations, and/or cash flows. | |
Brazilian Customs Claim | |
Old Polar was cited for two alleged customs violations in Sao Paulo, Brazil, relating to shipments of goods dating back to 1999 and 2000. Each claim asserts that goods listed on the flight manifest of two separate Old Polar scheduled service flights were not on board the aircraft upon arrival and therefore were improperly brought into Brazil. The two claims, which also seek unpaid customs duties, taxes and penalties from the date of the alleged infraction, are approximately $8.7 million in aggregate based on September 30, 2013 exchange rates. | |
In both cases, we believe that the amounts claimed are substantially overstated due to a calculation error when considering the type and amount of goods allegedly missing, among other things. Furthermore, we may seek appropriate indemnity from the shipper in each claim as may be feasible. In the pending claim for one of the cases, we have received an administrative decision dismissing the claim in its entirety, which remains subject to a mandatory appeal by the Brazil customs authorities. As required to defend such claims, we have made deposits pending resolution of these matters. The balances were $5.9 million as of September 30, 2013 and $6.3 million as of December 31, 2012, and are included in Deposits and other assets. | |
We are currently defending these and other Brazilian customs claims and the ultimate disposition of these claims, either individually or in the aggregate, is not expected to materially affect our financial condition, results of operations or cash flows. | |
Trademark Matters | |
Since 2005, we have been involved in ongoing litigation in Europe against Atlas Transport, an unrelated and unaffiliated entity, over the use of the name “Atlas”. Following application by us to register the mark “ATLAS AIR” in the European Union (“EU”), opposition from Atlas Transport and follow-up filings by us, the Office for Harmonization in the Internal Market (“OHIM”), which handles trademark matters in the EU, declared Atlas Transport's own trademark “ATLAS” partially invalid because of the prior existence of our Benelux trademark registration. In 2008, OHIM's First Board of Appeal upheld the lower panel's decision, and Atlas Transport appealed that decision to the EU General Court (formally the Court of First Instance), which upheld the court's decision on May 18, 2011. Atlas Transport appealed that ruling to the European Court of Justice (“ECJ”). On March 9, 2012, the ECJ denied the appeal, bringing to an end that aspect of the OHIM proceedings. The Company's request for OHIM to resume another aspect of the proceedings remains pending. | |
In 2007, Atlas Transport also filed a lawsuit in the Netherlands challenging the validity of our Benelux trademark. In 2009, following completion of its proceedings, the court issued a judgment in favor of us. Atlas Transport appealed that decision to the Dutch Court of Appeal, but the judgment took effect immediately upon entry. The appeal remains pending and an oral hearing is currently scheduled for March 20, 2014. | |
In 2009, Atlas Transport instituted a trademark infringement lawsuit against us in the regional court in Hamburg, Germany. The amended complaint alleges that Atlas Air has been unlawfully using Atlas Transport's trademark in Germany without permission and should be required to render information on the scope of use and pay compensation. In a supplementary motion, Atlas Transport asserts a cease and desist claim against Atlas Air, to be considered if the court denies the claim for compensation. On May 31, 2011, the court dismissed the case and Atlas Transport filed an appeal, which remains pending. | |
We believe that the ultimate disposition of these claims, either individually or in the aggregate, will not materially affect our financial condition, results of operations or cash flows. | |
Other | |
We have certain other contingencies incident to the ordinary course of business. Management believes that the ultimate disposition of such other contingencies is not expected to materially affect our financial condition, results of operations or cash flows. |
Stock_Repurchase
Stock Repurchase | 9 Months Ended |
Sep. 30, 2013 | |
Treasury Stock [Abstract] | ' |
Treasury Stock Disclosure | ' |
9. Stock Repurchase | |
In 2008, we announced a stock repurchase program authorizing the repurchase of up to $100.0 million of our common stock, of which we have purchased a total of $91.0 million. In November 2013, we announced an increase of $51.0 million to our stock repurchase program authorization, resulting in $60.0 million of available authorization remaining. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual timing and amount of our repurchases will depend on Company and market conditions. Repurchased shares are included in Treasury stock. | |
On February 19, 2013, we entered into an accelerated share repurchase program agreement (“ASR”) with a financial institution for the repurchase of our common stock for an aggregate purchase price of a minimum of $25.0 million up to a maximum of $50.0 million (the “First 2013 ASR”). On April 25, 2013, the First 2013 ASR was settled and, in the aggregate, we repurchased 903,301 shares for $36.5 million at an average cost of $40.40 per share. | |
On May 22, 2013, we entered into a second ASR with a financial institution for the repurchase of our common stock for an aggregate purchase price of a minimum of $35.0 million up to a maximum of $44.0 million (the “Second 2013 ASR”). On August 13, 2013, the Second 2013 ASR was settled and, in the aggregate, we repurchased 820,276 shares for $35.6 million at an average cost of $43.43 per share. | |
Under both ASRs, the number of shares repurchased by us was generally based on the volume weighted average price of our common stock during the terms of the ASRs less a pre-determined discount. We accounted for both ASRs as a repurchase of common stock and as forward contracts indexed to our own common stock. We have determined that the forward contracts met all of the applicable criteria for equity classification and, therefore, neither ASR was accounted for as a derivative instrument. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
10. Earnings Per Share | ||||||||||||
Basic earnings per share (“EPS”) represent net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. Anti-dilutive options that were out of the money for the three and nine months ended September 30, 2013 and 2012 were de minimis and excluded. | ||||||||||||
The calculations of basic and diluted EPS were as follows: | ||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||
Numerator: | ||||||||||||
Net Income Attributable to Common Stockholders | $ | 23,741 | $ | 33,858 | $ | 63,879 | $ | 77,545 | ||||
Denominator: | ||||||||||||
Basic EPS weighted average shares outstanding | 25,124 | 26,443 | 25,710 | 26,410 | ||||||||
Effect of dilutive stock options and restricted stock | 88 | 137 | 74 | 117 | ||||||||
Diluted EPS weighted average shares outstanding | 25,212 | 26,580 | 25,784 | 26,527 | ||||||||
EPS: | ||||||||||||
Basic | $ | 0.94 | $ | 1.28 | $ | 2.48 | $ | 2.94 | ||||
Diluted | $ | 0.94 | $ | 1.27 | $ | 2.48 | $ | 2.92 | ||||
Diluted shares reflect the potential dilution that could occur from stock options and restricted share units using the treasury stock method. The calculation does not include restricted share units in which performance or market conditions were not satisfied of 0.4 million and 0.5 million for the three and nine months ended September 30, 2013, respectively and 0.4 million for the three and nine months ended September 30, 2012. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||
11. Accumulated Other Comprehensive Income (Loss) | |||||||||||
The following table summarizes the components of Accumulated other comprehensive income (loss): | |||||||||||
Interest Rate | Foreign Currency | ||||||||||
Derivatives | Translation | Total | |||||||||
Balance as of December 31, 2012 | $ | -14,618 | $ | 355 | $ | -14,263 | |||||
Reclassification into earnings | 2,301 | - | 2,301 | ||||||||
Translation adjustment | - | 7 | 7 | ||||||||
Tax effect | -835 | - | -835 | ||||||||
Balance as of September 30, 2013 | $ | -13,152 | $ | 362 | $ | -12,790 | |||||
Interest Rate Derivatives | |||||||||||
As of September 30, 2013, there was $20.6 million of unamortized realized loss before taxes remaining in Accumulated other comprehensive income (loss) related to terminated forward-starting interest rate swaps, which had been designated as cash flow hedges to effectively fix the interest rates on two 747-8F financings in 2011. The loss is amortized and reclassified into Interest expense over the remaining life of the related debt. Realized losses reclassified into earnings were $0.8 million for the three months ended September 30, 2013 and 2012, respectively. Realized losses reclassified into earnings were $2.3 million and $1.8 million for the nine months ended September 30, 2013 and 2012, respectively. Realized losses expected to be reclassified into earnings within the next 12 months are $2.9 million as of September 30, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
12. Income Taxes | |
Our effective income tax rates were 31.3% and 36.4% for the three months ended September 30, 2013 and September 30, 2012, respectively. Our effective income tax rates were 14.7% and 37.4% for the nine months ended September 30, 2013 and September 30, 2012, respectively. The effective rate for the nine months ended September 30, 2013 differs from the U.S. federal statutory rate primarily due to an income tax benefit of $14.2 million related to extraterritorial income (“ETI”) from certain of our aircraft. We recognized this income tax benefit based on a decision in a recent court case. The effective rates also differ from the U.S. federal statutory rate due to the income tax impact of foreign operations taxed at different rates, U.S. state income taxes, the nondeductibility of certain expenses for tax purposes, adjustments to our liability for uncertain tax positions, and the relationship of these items to our projected operating results for the year. For interim accounting purposes, we recognize income taxes using an estimated annual effective tax rate. | |
As a result of current and expected future growth in our Dry Leasing business, we determined that the net earnings of certain foreign subsidiaries engaged in this business will be indefinitely reinvested outside of the U.S. Our effective rates for the three and nine months ended September 30, 2013 were favorably impacted by our assertion to indefinitely reinvest these net earnings. As of September 30, 2013, our undistributed net earnings of foreign subsidiaries for which deferred taxes have not been provided were $8.0 million, and the unrecognized deferred tax liability associated with these earnings was $2.8 million. |
Related_Parties_Tables
Related Parties (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
DHL Investment And Polar Tables [Abstract] | ' | |||||||||||||
Summary of Our Transactions with Polar | ' | |||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||
Revenue and Expenses: | 30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||
ACMI segment revenue from Polar | $ | 70,821 | $ | 67,489 | $ | 212,873 | $ | 189,169 | ||||||
Other revenue from Polar | $ | 2,842 | $ | 2,837 | $ | 8,538 | $ | 8,512 | ||||||
Ground handling and airport fees paid to Polar | $ | 258 | $ | 1,129 | $ | 908 | $ | 3,315 | ||||||
Accounts receivable/payable as of: | 30-Sep-13 | 31-Dec-12 | ||||||||||||
Receivables from Polar | $ | 5,591 | $ | 4,264 | ||||||||||
Payables to Polar | $ | 742 | $ | 140 | ||||||||||
Aggregate Carrying Value of Polar Investment as of: | 30-Sep-13 | 31-Dec-12 | ||||||||||||
$ | 4,870 | $ | 4,870 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Financial Instruments Tables [Abstract] | ' | ||||||||||||||||||
Carrying Amount, Estimated Fair Value and Classification of Our Financial Instruments | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 280,967 | $ | 280,967 | $ | 280,967 | $ | - | $ | - | |||||||||
Short-term investments | 11,573 | 11,573 | - | - | 11,573 | ||||||||||||||
Restricted cash | 5,886 | 5,886 | 5,886 | - | - | ||||||||||||||
Long-term investments and accrued interest | 129,665 | 176,112 | - | - | 176,112 | ||||||||||||||
$ | 428,091 | $ | 474,538 | $ | 286,853 | $ | - | $ | 187,685 | ||||||||||
Liabilities | |||||||||||||||||||
Term loans | $ | 716,004 | $ | 711,678 | $ | - | $ | - | $ | 711,678 | |||||||||
Ex-Im Bank guaranteed notes | 756,043 | 727,642 | - | - | 727,642 | ||||||||||||||
EETCs | 264,206 | 342,344 | - | - | 342,344 | ||||||||||||||
$ | 1,736,253 | $ | 1,781,664 | $ | - | $ | - | $ | 1,781,664 | ||||||||||
31-Dec-12 | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 409,763 | $ | 409,763 | $ | 409,763 | $ | - | $ | - | |||||||||
Short-term investments | 10,119 | 10,119 | - | - | 10,119 | ||||||||||||||
Long-term investments and accrued interest | 140,498 | 177,740 | - | - | 177,740 | ||||||||||||||
$ | 560,380 | $ | 597,622 | $ | 409,763 | $ | - | $ | 187,859 | ||||||||||
Liabilities | |||||||||||||||||||
Term loans | $ | 450,652 | $ | 461,530 | $ | - | $ | - | $ | 461,530 | |||||||||
Ex-Im Bank guaranteed notes | 560,078 | 556,742 | - | - | 556,742 | ||||||||||||||
EETCs | 293,312 | 325,187 | - | - | 325,187 | ||||||||||||||
$ | 1,304,042 | $ | 1,343,459 | $ | - | $ | - | $ | 1,343,459 | ||||||||||
Carrying Value, Gross Unrealized Gain (Loss) and Fair Value of Our Long-term Investments by Contractual Maturity | ' | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
Carrying Value | Gross Unrealized Gain (Loss) | Fair Value | Carrying Value | Gross Unrealized Gain (Loss) | Fair Value | ||||||||||||||
Debt securities | |||||||||||||||||||
Due after one but within five years | $ | - | $ | - | $ | - | $ | 8,365 | $ | 1,404 | $ | 9,769 | |||||||
Due after five but within ten years | 129,665 | 46,447 | 176,112 | 132,133 | 35,838 | 167,971 | |||||||||||||
Total | $ | 129,665 | $ | 46,447 | $ | 176,112 | $ | 140,498 | $ | 37,242 | $ | 177,740 |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accrued Liabilities Tables [Abstract] | ' | ||||||
Accrued Liabilities | ' | ||||||
30-Sep-13 | 31-Dec-12 | ||||||
Maintenance | $ | 41,361 | $ | 38,475 | |||
Salaries, wages and benefits | 27,356 | 32,734 | |||||
Aircraft fuel | 18,616 | 19,882 | |||||
Deferred revenue | 18,435 | 18,619 | |||||
Other | 44,973 | 42,757 | |||||
Accrued liabilities | $ | 150,741 | $ | 152,467 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Segment Reporting Tables [Abstract] | ' | |||||||||||
Operating Revenue and Direct Contribution For Our Reportable Business Segments | ' | |||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||
Operating Revenue: | ||||||||||||
ACMI | $ | 189,583 | $ | 177,722 | $ | 552,710 | $ | 492,846 | ||||
AMC Charter | 95,668 | 117,377 | 287,840 | 376,685 | ||||||||
Commercial Charter | 104,605 | 108,078 | 313,488 | 305,852 | ||||||||
Dry Leasing | 11,874 | 3,057 | 21,844 | 8,864 | ||||||||
Other | 3,660 | 3,017 | 10,417 | 9,013 | ||||||||
Total Operating Revenue | $ | 405,390 | $ | 409,251 | $ | 1,186,299 | $ | 1,193,260 | ||||
Direct Contribution: | ||||||||||||
ACMI | $ | 62,587 | $ | 51,625 | $ | 157,594 | $ | 116,573 | ||||
AMC Charter | 14,749 | 25,437 | 40,144 | 76,002 | ||||||||
Commercial Charter | -3,859 | 3,602 | -15,023 | 15,559 | ||||||||
Dry Leasing | 4,681 | 1,378 | 8,294 | 3,967 | ||||||||
Total Direct Contribution for Reportable Segments | 78,158 | 82,042 | 191,009 | 212,101 | ||||||||
Add back (subtract): | ||||||||||||
Unallocated income and expenses, net | -37,164 | -28,623 | -108,304 | -91,623 | ||||||||
Loss on early extinguishment of debt | -4,524 | -143 | -5,518 | -285 | ||||||||
Loss (gain) on disposal of aircraft | -501 | 1,058 | -79 | 2,417 | ||||||||
Income before Income Taxes | 35,969 | 54,334 | 77,108 | 122,610 | ||||||||
Add back (subtract): | ||||||||||||
Interest income | -4,849 | -4,833 | -15,003 | -14,629 | ||||||||
Interest expense | 22,594 | 17,004 | 61,711 | 46,598 | ||||||||
Capitalized interest | -291 | -4,052 | -1,985 | -16,356 | ||||||||
Loss on early extinguishment of debt | 4,524 | 143 | 5,518 | 285 | ||||||||
Other expense (income), net | -241 | -331 | 1,415 | 454 | ||||||||
Operating Income | $ | 57,706 | $ | 62,265 | $ | 128,764 | $ | 138,962 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share Tables [Abstract] | ' | |||||||||||
Calculations of Basic and Diluted EPS | ' | |||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||
Numerator: | ||||||||||||
Net Income Attributable to Common Stockholders | $ | 23,741 | $ | 33,858 | $ | 63,879 | $ | 77,545 | ||||
Denominator: | ||||||||||||
Basic EPS weighted average shares outstanding | 25,124 | 26,443 | 25,710 | 26,410 | ||||||||
Effect of dilutive stock options and restricted stock | 88 | 137 | 74 | 117 | ||||||||
Diluted EPS weighted average shares outstanding | 25,212 | 26,580 | 25,784 | 26,527 | ||||||||
EPS: | ||||||||||||
Basic | $ | 0.94 | $ | 1.28 | $ | 2.48 | $ | 2.94 | ||||
Diluted | $ | 0.94 | $ | 1.27 | $ | 2.48 | $ | 2.92 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Accumulated Other Comprehensive Income (Loss) Tables [Abstract] | ' | ||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||
Interest Rate | Foreign Currency | ||||||||||
Derivatives | Translation | Total | |||||||||
Balance as of December 31, 2012 | $ | -14,618 | $ | 355 | $ | -14,263 | |||||
Reclassification into earnings | 2,301 | - | 2,301 | ||||||||
Translation adjustment | - | 7 | 7 | ||||||||
Tax effect | -835 | - | -835 | ||||||||
Balance as of September 30, 2013 | $ | -13,152 | $ | 362 | $ | -12,790 |
Basis_of_Presentation_Detail
Basis of Presentation (Detail) | Sep. 30, 2013 |
Basis Of Presentation Details [Abstract] | ' |
Equity interest in PACW | 51.00% |
Voting interest in PACW | 75.00% |
Related_Parties_Detail
Related Parties (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Variable Interest Entities And Off Balance Sheet Arrangements Details [Abstract] | ' | ' |
Investment in GATS | $12.20 | $12.30 |
Related_Parties_Percentages_De
Related Parties Percentages (Detail) | Sep. 30, 2013 |
Dhl Investment And Polar Percentages [Abstract] | ' |
DHL equity interest in Polar | 49.00% |
DHL voting interest in Polar | 25.00% |
Ownership interest in GATS | 50.00% |
DHL_Investment_and_Polar_Table
DHL Investment and Polar Table (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
DHL Investment and Polar Table Details [Line Items] | ' | ' | ' | ' | ' |
ACMI revenue from Polar | $70,821 | $67,489 | $212,873 | $189,169 | ' |
Other revenue from Polar | 2,842 | 2,837 | 8,538 | 8,512 | ' |
Ground handling and airport fees paid to Polar | 258 | 1,129 | 908 | 3,315 | ' |
Receivables from Polar | 5,591 | ' | 5,591 | ' | 4,264 |
Payables to Polar | 742 | ' | 742 | ' | 140 |
Aggregate carrying value of Polar investment | $4,870 | ' | $4,870 | ' | $4,870 |
Financial_Instruments_Fair_Val
Financial Instruments Fair Value Table (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $280,967 | $409,763 | $315,789 | $187,111 |
Short-term investments | 11,573 | 10,119 | ' | ' |
Restricted cash | 5,886 | 0 | ' | ' |
Long-term investments and accrued interest | 129,665 | 140,498 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 280,967 | 409,763 | ' | ' |
Short-term investments | 11,573 | 10,119 | ' | ' |
Restricted cash | 5,886 | ' | ' | ' |
Long-term investments and accrued interest | 129,665 | 140,498 | ' | ' |
Financial instruments assets | 428,091 | 560,380 | ' | ' |
Liabilities | ' | ' | ' | ' |
Ex-Im Bank guaranteed notes | 756,043 | 560,078 | ' | ' |
Term loans | 716,004 | 450,652 | ' | ' |
EETCs | 264,206 | 293,312 | ' | ' |
Financial instruments liabilities | 1,736,253 | 1,304,042 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 280,967 | 409,763 | ' | ' |
Short-term investments | 11,573 | 10,119 | ' | ' |
Restricted cash | 5,886 | ' | ' | ' |
Long-term investments and accrued interest | 176,112 | 177,740 | ' | ' |
Financial instruments assets | 474,538 | 597,622 | ' | ' |
Liabilities | ' | ' | ' | ' |
Ex-Im Bank guaranteed notes | 727,642 | 556,742 | ' | ' |
Term loans | 711,678 | 461,530 | ' | ' |
EETCs | 342,344 | 325,187 | ' | ' |
Financial instruments liabilities | 1,781,664 | 1,343,459 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 280,967 | 409,763 | ' | ' |
Short-term investments | 0 | 0 | ' | ' |
Restricted cash | 5,886 | ' | ' | ' |
Long-term investments and accrued interest | 0 | 0 | ' | ' |
Financial instruments assets | 286,853 | 409,763 | ' | ' |
Liabilities | ' | ' | ' | ' |
Ex-Im Bank guaranteed notes | 0 | 0 | ' | ' |
Term loans | 0 | 0 | ' | ' |
EETCs | 0 | 0 | ' | ' |
Financial instruments liabilities | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Short-term investments | 0 | 0 | ' | ' |
Restricted cash | 0 | ' | ' | ' |
Long-term investments and accrued interest | 0 | 0 | ' | ' |
Financial instruments assets | 0 | 0 | ' | ' |
Liabilities | ' | ' | ' | ' |
Ex-Im Bank guaranteed notes | 0 | 0 | ' | ' |
Term loans | 0 | 0 | ' | ' |
EETCs | 0 | 0 | ' | ' |
Financial instruments liabilities | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Short-term investments | 11,573 | 10,119 | ' | ' |
Restricted cash | 0 | ' | ' | ' |
Long-term investments and accrued interest | 176,112 | 177,740 | ' | ' |
Financial instruments assets | 187,685 | 187,859 | ' | ' |
Liabilities | ' | ' | ' | ' |
Ex-Im Bank guaranteed notes | 727,642 | 556,742 | ' | ' |
Term loans | 711,678 | 461,530 | ' | ' |
EETCs | 342,344 | 325,187 | ' | ' |
Financial instruments liabilities | $1,781,664 | $1,343,459 | ' | ' |
Financial_Instruments_Contract
Financial Instruments Contractual Maturity Table (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt securities | ' | ' |
Due after one but within five years, carrying value | $0 | $8,365 |
Due after five but within ten years, carrying value | 129,665 | 132,133 |
Total, carrying value | 129,665 | 140,498 |
Due after one but within five years, gross unrealized gain (loss) | 0 | 1,404 |
Due after five but within ten years, gross unrealized gain (loss) | 46,447 | 35,838 |
Total, gross unrealized gain (loss) | 46,447 | 37,242 |
Due after one but within five years, fair value | 0 | 9,769 |
Due after five but within ten years, fair value | 176,112 | 167,971 |
Total, fair value | $176,112 | $177,740 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities Details [Abstract] | ' | ' |
Maintenance | $41,361 | $38,475 |
Salaries, wages and benefits | 27,356 | 32,734 |
Aircraft fuel | 18,616 | 19,882 |
Deferred revenue | 18,435 | 18,619 |
Other | 44,973 | 42,757 |
Accrued liabilities | $150,741 | $152,467 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Second 2013 Term Loan | ' |
Debt Instrument [Line Items] | ' |
Face Value | $90.50 |
Duration | '93 months |
Second 2013 EX-IM Guaranteed Notes | ' |
Debt Instrument [Line Items] | ' |
Face Value | 88 |
Duration | '90 months |
Fixed Interest Rate | 1.84% |
Frequency of Payments | 'quarterly |
Third 2013 Term Loan | ' |
Debt Instrument [Line Items] | ' |
Face Value | 110 |
Duration | '88 months |
Final Payment Amount | 50 |
Final Payment Date | 'November 2020 |
Fixed Interest Rate | 4.18% |
Frequency of Payments | 'quarterly |
First Ex-Im Bank Facility | ' |
Debt Instrument [Line Items] | ' |
Face Value | 143 |
First 2013 Guaranteed Note | ' |
Debt Instrument [Line Items] | ' |
Face Value | 143 |
Duration | '12 years |
Fixed Interest Rate | 1.83% |
Frequency of Payments | 'quarterly |
First 2013 Term Loan | ' |
Debt Instrument [Line Items] | ' |
Face Value | 119.5 |
Duration | '89 months |
Final Payment Amount | 62.4 |
Final Payment Date | 'July 2020 |
Frequency of Payments | 'quarterly |
First 2013 Bridge Loan | ' |
Debt Instrument [Line Items] | ' |
Face Value | $105.40 |
Duration | '6 months |
Final Payment Date | 'March 2014 |
Frequency of Payments | 'monthly |
Debt_Detail
Debt (Detail) | Sep. 30, 2013 |
Debt [Abstract] | ' |
Maximum number of seperate term loans under the Ex-Im Bank Facility | 6 |
Maximum number of aircraft deliveries to be financed by the Ex-Im Bank Facility | 6 |
Number of aircraft mortgages that secure each seperate term loan under the Ex-Im Bank Facility | 1 |
Debt_Monetary_Detail
Debt Monetary (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Debt [Abstract] | ' |
Apple Bank Term Loan Facility | $864.80 |
Segment_Reporting_Detail
Segment Reporting (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Revenue | ' | ' | ' | ' |
ACMI | $189,583 | $177,722 | $552,710 | $492,846 |
AMC Charter | 95,668 | 117,377 | 287,840 | 376,685 |
Commercial Charter | 104,605 | 108,078 | 313,488 | 305,852 |
Dry Leasing | 11,874 | 3,057 | 21,844 | 8,864 |
Other | 3,660 | 3,017 | 10,417 | 9,013 |
Total Operating Revenue | 405,390 | 409,251 | 1,186,299 | 1,193,260 |
Direct Contribution | ' | ' | ' | ' |
ACMI | 62,587 | 51,625 | 157,594 | 116,573 |
AMC Charter | 14,749 | 25,437 | 40,144 | 76,002 |
Commercial Charter | -3,859 | 3,602 | -15,023 | 15,559 |
Dry Leasing | 4,681 | 1,378 | 8,294 | 3,967 |
Total Direct Contribution for Reportable Segments | 78,158 | 82,042 | 191,009 | 212,101 |
Unallocated income and expenses, net | -37,164 | -28,623 | -108,304 | -91,623 |
Loss on early extinguishment of debt | -4,524 | -143 | -5,518 | -285 |
Loss (gain) on disposal of aircraft | -501 | 1,058 | -79 | 2,417 |
Income before income taxes | 35,969 | 54,334 | 77,108 | 122,610 |
Interest income | -4,849 | -4,833 | -15,003 | -14,629 |
Interest expense | 22,594 | 17,004 | 61,711 | 46,598 |
Capitalized interest | -291 | -4,052 | -1,985 | -16,356 |
Loss on early extinguishment of debt | 4,524 | 143 | 5,518 | 285 |
Other expense (income), net | -241 | -331 | 1,415 | 454 |
Operating Income | $57,706 | $62,265 | $128,764 | $138,962 |
Legal_Proceedings_Detail
Legal Proceedings (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Labor And Legal Proceedings [Abstract] | ' | ' |
Brazilian claims in the aggregate | $8.70 | ' |
Amounts on deposit for Brazilian claims included in Deposits and other assets | $5.90 | $6.30 |
Stock_Repurchase_Detail
Stock Repurchase (Detail) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 |
Treasury Stock Details [Abstract] | ' |
Amount authorized for the repurchase of common stock | $100 |
Cumulative Cost of Treasury Shares Repurchased | 91 |
Treasury Stock Repurchase Incremental Authorization | 51 |
Treasury Stock Repurchase Remaining Authorization | 60 |
Treasury Stock Repurchase Minimum Aggregate Purchase Price | 25 |
Treasury Stock Repurchase Maximum Aggregate Purchase Price | 50 |
Treasury Stock Repurchase Aggregate Shares | 903,301 |
Treasury Stock Repurchase Aggregate Purchase Price | 36.5 |
Treasury Stock Repurchase Average Price | $40.40 |
Second Treasury Stock Repurchase Minimum Aggregate Purchase Price | 35 |
Second Treasury Stock Repurchase Maximum Aggregate Purchase Price | 44 |
Second Treasury Stock Repurchase Aggregate Shares | 820,276 |
Second Treasury Stock Repurchase Aggregate Purchase Price | $35.60 |
Second Treasury Stock Repurchase Average Price | $43.43 |
Earnings_Per_Share_Table_Detai
Earnings Per Share Table (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net Income Attributable to Common Stockholders | $23,741 | $33,858 | $63,879 | $77,545 |
Denominator: | ' | ' | ' | ' |
Basic EPS weighted average shares outstanding | 25,124 | 26,443 | 25,710 | 26,410 |
Effect of dilutive stock options and restricted stock | 88 | 137 | 74 | 117 |
Diluted EPS weighted average shares outstanding | 25,212 | 26,580 | 25,784 | 26,527 |
EPS: | ' | ' | ' | ' |
Basic | $0.94 | $1.28 | $2.48 | $2.94 |
Diluted | $0.94 | $1.27 | $2.48 | $2.92 |
Earnings_Per_Share_Narrative_D
Earnings Per Share Narrative (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share Details [Abstract] | ' | ' | ' | ' |
Antidilutive options | 0 | 0 | 0 | 0 |
Restricted shares and units in which performance or market conditions were not satisfied | 0.4 | 0.4 | 0.5 | 0.4 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Balance | ' | ' | ($14,263) | ' |
Reclassification into earnings | 764 | 817 | 2,301 | 1,849 |
Translation adjustment | ' | ' | 7 | ' |
Income tax benefit (expense) | 277 | 286 | 835 | 398 |
Balance | -12,790 | ' | -12,790 | ' |
Interest Rate Derivatives | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Balance | ' | ' | -14,618 | ' |
Reclassification into earnings | ' | ' | 2,301 | ' |
Translation adjustment | ' | ' | 0 | ' |
Income tax benefit (expense) | ' | ' | -835 | ' |
Balance | -13,152 | ' | -13,152 | ' |
Foreign Currency Translation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Balance | ' | ' | 355 | ' |
Reclassification into earnings | ' | ' | 0 | ' |
Translation adjustment | ' | ' | 7 | ' |
Income tax benefit (expense) | ' | ' | 0 | ' |
Balance | $362 | ' | $362 | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income Loss Narrative Details [Abstract] | ' | ' | ' | ' |
Unamortized realized loss in Accumulated other comprehensive income (loss) related to forward-starting interest rate swaps | $20.60 | ' | $20.60 | ' |
Realized loss on interest rate derivatives in earnings as a component of Interest expense | 0.8 | 0.8 | 2.3 | 1.8 |
Realized losses related to forward-starting interest rate swaps expected to be reclassified into earnings within the next 12 months | $2.90 | ' | $2.90 | ' |
Income_Tax_Disclosure_Narrativ
Income Tax Disclosure Narrative Percentages (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure Narrative Percentage Details [Abstract] | ' | ' | ' | ' |
Effective Income Tax Expense (Benefit) | 31.30% | 36.40% | 14.70% | 37.40% |
ETI Income Tax Benefit | ' | ' | ($14.20) | ' |
Undistributed Earnings of Foreign Subsidiaries | 8 | ' | 8 | ' |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability | $2.80 | ' | $2.80 | ' |