Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 03, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Document period end date | 31-Dec-13 | ' | ' |
Amendment flag | 'false | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | ' |
Entity public float | ' | ' | $1,080,891,036 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $321,816 | $409,763 |
Short-term investments | 10,904 | 10,119 |
Restricted cash | 6,491 | 0 |
Accounts receivable, net of allowance | 132,159 | 127,704 |
Prepaid maintenance | 31,620 | 22,293 |
Deferred taxes | 54,001 | 26,390 |
Prepaid expenses and other current assets | 36,962 | 36,726 |
Total current assets | 593,953 | 632,995 |
Property and Equipment | ' | ' |
Flight equipment | 2,969,379 | 2,209,782 |
Ground equipment | 46,951 | 39,230 |
Less: accumulated depreciation | -256,685 | -185,419 |
Purchase deposits for flight equipment | 69,320 | 147,946 |
Property and equipment, net | 2,828,965 | 2,211,539 |
Other Assets | ' | ' |
Long-term investments and accrued interest | 130,267 | 140,498 |
Deposits and other assets | 131,216 | 132,120 |
Intangible assets, net | 33,858 | 35,533 |
Total Assets | 3,718,259 | 3,152,685 |
Current Liabilities | ' | ' |
Accounts payable | 65,367 | 20,789 |
Accrued liabilities | 194,292 | 152,467 |
Current portion of long-term debt | 157,486 | 154,760 |
Total current liabilities | 417,145 | 328,016 |
Other Liabilities | ' | ' |
Long-term debt | 1,539,139 | 1,149,282 |
Deferred taxes | 371,655 | 315,949 |
Other liabilities | 68,195 | 71,334 |
Total other liabilities | 1,978,989 | 1,536,565 |
Commitments and contingencies | 0 | 0 |
Equity | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 282 | 277 |
Additional paid-in-capital | 561,481 | 544,421 |
Treasury stock, at cost | -125,826 | -44,850 |
Accumulated other comprehensive loss | -10,677 | -14,263 |
Retained earnings | 892,513 | 798,676 |
Total stockholders' equity | 1,317,773 | 1,284,261 |
Noncontrolling interest | 4,352 | 3,843 |
Total equity | 1,322,125 | 1,288,104 |
Total Liabilities and Equity | $3,718,259 | $3,152,685 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Allowance for doubtful accounts receivable | $1,402 | $3,172 |
Consolidated_Balance_Sheets_Sh
Consolidated Balance Sheets Shares (Parentheticals) (USD $) | Dec. 31, 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 | 28,200,213 | 27,672,924 |
Common stock shares outstanding | 25,038,629 | 26,443,441 |
Treasury stock shares | 3,161,584 | 1,229,483 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Revenue | ' | ' | ' |
ACMI | $755,008 | $682,189 | $632,509 |
AMC charter | 356,340 | 488,063 | 442,725 |
Commercial charter | 496,112 | 450,277 | 299,528 |
Dry leasing | 35,168 | 11,843 | 9,695 |
Other | 14,272 | 13,660 | 13,759 |
Total Operating Revenue | 1,656,900 | 1,646,032 | 1,398,216 |
Operating Expenses | ' | ' | ' |
Aircraft fuel | 410,353 | 436,618 | 388,579 |
Salaries, wages and benefits | 299,136 | 293,881 | 261,844 |
Maintenance, materials and repairs | 162,972 | 165,069 | 167,749 |
Aircraft rent | 160,415 | 154,968 | 159,362 |
Navigation fees, landing fees and other rent | 90,733 | 71,698 | 54,786 |
Depreciation and amortization | 86,389 | 62,475 | 39,345 |
Passenger and ground handling services | 72,503 | 69,886 | 31,460 |
Travel | 61,420 | 56,461 | 44,037 |
Loss (gain) on disposal of aircraft | 351 | -2,417 | -364 |
Special charge | 18,642 | 0 | 5,441 |
Other | 107,196 | 110,902 | 94,877 |
Total Operating Expenses | 1,470,110 | 1,419,541 | 1,247,116 |
Operating Income | 186,790 | 226,491 | 151,100 |
Non-operating Expenses (Income) | ' | ' | ' |
Interest income | -19,813 | -19,636 | -20,193 |
Interest expense | 83,659 | 64,532 | 42,120 |
Capitalized interest | -2,350 | -18,727 | -27,636 |
Loss on early extinguishment of debt | 5,518 | 576 | 0 |
Other expense (income), net | 1,954 | -5,529 | -180 |
Total Non-operating Expenses (Income) | 68,968 | 21,216 | -5,889 |
Income before income taxes | 117,822 | 205,275 | 156,989 |
Income tax expense | 23,833 | 75,561 | 60,680 |
Net Income | 93,989 | 129,714 | 96,309 |
Less: Net income (loss) attributable to noncontrolling interests | 152 | -213 | 226 |
Net Income Attributable to Common Stockholders | $93,837 | $129,927 | $96,083 |
Earnings per share: | ' | ' | ' |
Basic | $3.67 | $4.92 | $3.66 |
Diluted | $3.66 | $4.89 | $3.64 |
Weighted average shares: | ' | ' | ' |
Basic | 25,541 | 26,419 | 26,227 |
Diluted | 25,627 | 26,549 | 26,422 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive Income (Loss) | ' | ' | ' |
Net Income | $93,989 | $129,714 | $96,309 |
Interest rate derivatives: | ' | ' | ' |
Net change in fair value | 1,386 | -713 | -24,887 |
Reclassification into earnings | 3,064 | 2,652 | 0 |
Income tax benefit (expense) | -1,207 | -704 | 9,034 |
Foreign currency translation: | ' | ' | ' |
Translation adjustment | 700 | 256 | -42 |
Income tax benefit (expense) | 0 | -122 | -22 |
Accumulated Postretirement Benefit Obligation: | ' | ' | ' |
Amortization | 0 | 0 | 442 |
Income tax benefit (expense) | 0 | 0 | 164 |
Other comprehensive income (loss) | 3,943 | 1,613 | -16,151 |
Comprehensive Income | 97,932 | 131,327 | 80,158 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 509 | -20 | 216 |
Comprehensive Income Attributable to Common Stockholders | $97,423 | $131,347 | $79,942 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net Income Attributable to Common Stockholders | $93,837 | $129,927 | $96,083 |
Net income (loss) attributable to noncontrolling interests | -152 | 213 | -226 |
Net Income | 93,989 | 129,714 | 96,309 |
Adjustments to reconcile Net Income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 101,671 | 72,194 | 47,313 |
Accretion of debt securities discount | -8,889 | -8,560 | -8,341 |
Provision for allowance for doubtful accounts | 178 | 837 | 335 |
Special charge | 18,642 | 0 | 5,441 |
Loss on early extinguishment of debt | 5,518 | 576 | 0 |
Loss (gain) on disposal of aircraft | 351 | -2,417 | -364 |
Deferred taxes | 22,856 | 75,365 | 81,616 |
Stock-based compensation expense | 16,690 | 18,202 | 12,528 |
Changes in: | ' | ' | ' |
Accounts receivable | -6,029 | -25,217 | -12,914 |
Prepaid expenses and other current assets | -4,298 | 48,213 | -50,303 |
Deposits and other assets | 4,106 | -26,027 | -21,854 |
Accounts payable and accrued liabilities | 60,215 | -24,383 | -6,808 |
Net cash provided by operating activities | 305,000 | 258,497 | 142,958 |
Investing Activities: | ' | ' | ' |
Capital expenditures | -29,531 | -31,266 | -37,374 |
Purchase deposits and delivery payments for flight equipment | -573,416 | -520,770 | -764,268 |
Changes in restricted cash | -6,491 | 0 | 0 |
Investment in debt securities | 0 | -6,658 | 0 |
Proceeds from short-term investments | 5,569 | 4,342 | 6,165 |
Proceeds from insurance | 9,109 | 3,300 | 0 |
Proceeds from disposal of aircraft | 4,780 | 3,215 | 1,480 |
Net cash used for investing activities | -589,980 | -547,837 | -793,997 |
Financing Activities: | ' | ' | ' |
Proceeds from debt issuance | 709,484 | 1,211,560 | 360,250 |
Refund of accelerated share repurchase | 21,886 | 0 | 0 |
Prepayment of accelerated share repurchase | -21,886 | ' | ' |
Proceeds from stock option exercises | 0 | 0 | 4,733 |
Purchase of treasury stock | -80,976 | -3,351 | -9,251 |
Excess tax benefit from stock-based compensation expense | 465 | 551 | 3,117 |
Payment of debt issuance costs | -19,769 | -34,141 | -6,980 |
Payments of debt | -412,171 | -662,627 | -102,571 |
Net cash provided by (used for) financing activities | 197,033 | 511,992 | 249,298 |
Net increase (decrease) in cash and cash equivalents | -87,947 | 222,652 | -401,741 |
Cash and cash equivalents at the beginning of period | 409,763 | 187,111 | 588,852 |
Cash and cash equivalents at the end of period | 321,816 | 409,763 | 187,111 |
Non-cash Investing and Financing Activities: | ' | ' | ' |
Acquisition of flight equipment and assumed debt | 90,498 | 0 | 0 |
Acquisition of flight equipment included in Accounts payable and accrued liabilities | $21,823 | $0 | $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, 2010 | $1,050,090 | $270 | ($32,248) | $505,297 | $458 | $572,666 | $1,046,443 | $3,647 |
Net Income (Loss) | 96,309 | 0 | 0 | 0 | 0 | 96,083 | 96,083 | 226 |
Other comprehensive income (loss) | -16,151 | 0 | 0 | 0 | -16,141 | 0 | -16,141 | -10 |
Stock option and restricted stock compensation | 12,528 | 0 | 0 | 12,528 | 0 | 0 | 12,528 | 0 |
Purchase of shares of treasury stock | -9,251 | 0 | -9,251 | 0 | 0 | 0 | -9,251 | 0 |
Exercise of employee stock options | 4,733 | 1 | 0 | 4,732 | 0 | 0 | 4,733 | 0 |
Issuance of shares of restricted stock | 0 | 4 | 0 | -4 | 0 | 0 | 0 | 0 |
Refund of accelerated share repurchase | 0 | ' | ' | ' | ' | ' | ' | ' |
Tax benefit on restricted stock and stock options | 3,117 | 0 | 0 | 3,117 | 0 | 0 | 3,117 | 0 |
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) | 129,714 | 0 | 0 | 0 | 0 | 129,927 | 129,927 | -213 |
Other comprehensive income (loss) | 1,613 | 0 | 0 | 0 | 1,420 | 0 | 1,420 | 193 |
Stock option and restricted stock compensation | 18,202 | 0 | 0 | 18,202 | 0 | 0 | 18,202 | 0 |
Purchase of shares of treasury stock | -3,351 | 0 | -3,351 | 0 | 0 | 0 | -3,351 | 0 |
Issuance of shares of restricted stock | 0 | 2 | 0 | -2 | 0 | 0 | 0 | 0 |
Refund of accelerated share repurchase | 0 | ' | ' | ' | ' | ' | ' | ' |
Tax benefit on restricted stock and stock options | 551 | 0 | 0 | 551 | 0 | 0 | 551 | 0 |
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) | 93,989 | 0 | 0 | 0 | 0 | 93,837 | 93,837 | 152 |
Other comprehensive income (loss) | 3,943 | 0 | 0 | 0 | 3,586 | 0 | 3,586 | 357 |
Stock option and restricted stock compensation | 16,690 | 0 | 0 | 16,690 | 0 | 0 | 16,690 | 0 |
Purchase of shares of treasury stock | -80,976 | 0 | -80,976 | 0 | 0 | 0 | -80,976 | 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 | -90 | 0 | 0 | -90 | 0 | 0 | -90 | 0 |
Tax benefit on restricted stock and stock options | 465 | 0 | 0 | 465 | 0 | 0 | 465 | 0 |
Balance at Dec. 31, 2013 | $1,322,125 | $282 | ($125,826) | $561,481 | ($10,677) | $892,513 | $1,317,773 | $4,352 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statements of Stockholders Equity | ' | ' | ' |
Purchase of shares of treasury stock | 1,932,101 | 72,131 | 138,443 |
Exercise of employee stock options | 0 | 0 | 122,354 |
Issuance of shares of restricted stock | 527,289 | 210,808 | 383,839 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 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. | |
Noncontrolling interest represents the interest not owned by us and is recorded for consolidated entities in which we own less than 100% of the interest. All significant intercompany accounts and transactions have been eliminated. We account for investments in entities under the equity method of accounting when we hold between 20% and 50% ownership in the entity and exercise significant influence or when we are not the primary beneficiary of a variable interest entity. 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 services 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, 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 aircraft and engines (“Dry Leasing” or “Dry Lease”). | |
Except for per share data, all dollar amounts are in thousands unless otherwise noted. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
2. Summary of Significant Accounting Policies | |||||||||||
Use of Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and judgments that affect the amounts reported in the Financial Statements and the related disclosures. Actual results may differ from those estimates. Estimates are used in determining, among other items, asset lives and residual values, cash flows for impairment analysis, maintenance accruals, valuation allowances (including, but not limited to, those related to receivables, expendable inventory and deferred taxes), income tax accounting, business combinations and related intangible assets, stock-based compensation, self-insurance employee benefit accruals and contingent liabilities (including, but not limited to litigation accruals). | |||||||||||
Revenue Recognition | |||||||||||
ACMI and CMI revenue are typically recognized as the block hours are operated on behalf of a customer during a given month, as defined contractually, based on flight departure. The time interval between when an aircraft departs the terminal until it arrives at the destination terminal is measured in hours and called “Block Hours”. If a customer flies below the minimum contracted Block Hour guarantee, the contracted minimum revenue amounts are recognized as revenue. We recognize revenue for AMC and Commercial Charter upon flight departure. | |||||||||||
We record Dry Lease rental income on a straight-line basis over the term of the operating lease. Rentals received but unearned under the lease agreements are recorded in deferred revenue and included in Accrued liabilities until earned. In certain cases, leases provide for additional rentals based on usage, which is recorded as revenue as it is earned under the terms of the lease. Usage is calculated based on hourly usage or number of flights operated, depending on the lease agreement, and is typically reported monthly by the lessee. | |||||||||||
The Company recognizes revenue for management and administrative support services when the services are provided. | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents include cash on hand, demand deposits and other cash investments that are highly liquid in nature and have original maturities of three months or less at acquisition. | |||||||||||
Short-Term Investments | |||||||||||
Short-term investments are primarily comprised of certificates of deposit, current portions of debt securities and money market funds. | |||||||||||
Restricted Cash | |||||||||||
Cash that is typically restricted under secured aircraft debt agreements, whereby it can only be used to make principal and interest payments on the related debt secured by those aircraft. | |||||||||||
Accounts Receivable | |||||||||||
We perform a monthly evaluation of our accounts receivable and establish an allowance for doubtful accounts based on our best estimate of probable credit losses resulting from the inability or unwillingness of our customers to make required payments. Account balances are charged off against the allowance when we determine that it is probable that the receivable will not be recovered. | |||||||||||
Escrow Deposits and Letters of Credit | |||||||||||
We had $5.7 million as of December 31, 2013 and $6.3 million as of December 31, 2012, for certain deposits required in the normal course of business for various items including, but not limited to, surety and customs bonds, airfield privileges, judicial deposits, insurance and cash pledged under standby letters of credit related to collateral. These amounts are included in Deposits and other assets. | |||||||||||
Long-term Investments | |||||||||||
Long-term investments consist of debt securities, including accrued interest, for which management has the intent and ability to hold to maturity. These investments are classified as held-to-maturity and are reported at amortized cost. Interest on debt securities and accretion of discounts using the effective interest method are included in Interest income. | |||||||||||
Expendable Parts | |||||||||||
Expendable parts, materials and supplies for flight equipment are carried at average acquisition costs and are included in Prepaid expenses and other current assets. When used in operations, they are charged to maintenance expense. Allowances for excess and obsolescence for expendable parts expected to be on hand at the date aircraft are retired from service are provided over the estimated useful lives of the related aircraft and engines. These allowances are based on management estimates, which are subject to change as conditions in the business evolve. The net book value of expendable parts inventory was $30.9 million as of December 31, 2013 and $27.5 million at December 31, 2012. The allowance for expendable obsolescence was $11.7 million as of December 31, 2013 and $8.9 million at December 31, 2012. | |||||||||||
Property and Equipment | |||||||||||
We record property and equipment at cost and depreciate these assets on a straight-line basis over their estimated useful lives or average remaining fleet lives to their estimated residual values. We review these assumptions at least annually and adjust depreciation on a prospective basis. Expenditures for major additions, improvements and flight equipment modifications are generally capitalized and depreciated over the shorter of the estimated life of the improvement or the modified assets' remaining life or remaining lease term if any modifications or improvements are made to operating lease equipment. Substantially all property and equipment is specifically pledged as collateral for our indebtedness. The estimated useful lives of our property and equipment are as follows: | |||||||||||
Range | |||||||||||
Flight equipment | 6 to 40 years | ||||||||||
Computer software and equipment | 3 to 5 years | ||||||||||
Ground handling equipment and other | 3 to 5 years | ||||||||||
Depreciation expense related to property and equipment was $83.9 million in 2013, $60.2 million in 2012 and $37.0 million in 2011. | |||||||||||
The net book value of flight equipment on Dry Lease to customers was $507.1 million as of December 31, 2013 and $88.0 million as of December 31, 2012. The accumulated depreciation for flight equipment on Dry Lease to customers was $18.7 million as of December 31, 2013 and $7.9 million as of December 31, 2012. | |||||||||||
Rotable parts are recorded in Property and equipment, net, and are depreciated over their average remaining fleet lives and written off when they are determined to be beyond economic repair. The net book value of rotable parts inventory was $97.5 million as of December 31, 2013 and $82.8 million as of December 31, 2012. | |||||||||||
Capitalized Interest on Pre-delivery Deposits | |||||||||||
Interest on funds used to finance the acquisition of flight equipment up to the date the asset is ready for its intended use is capitalized and included in the cost of the asset if the asset is actively under construction. Included in capitalized interest is the interest paid on the pre-delivery deposit borrowings directly associated with the acquisition of flight equipment. The remainder of capitalized interest recorded on the acquisition of flight equipment is determined by taking the weighted average cost of funds associated with our other debt and applying it against the amounts paid as pre-delivery deposits. Pre-delivery deposits for our 747-8F aircraft included capitalized interest of $23.3 million as of December 31, 2012. | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
We record impairment charges on long-lived assets used in operations when events and circumstances indicate that the assets may be impaired, the undiscounted cash flows estimated to be generated by those assets are less than their carrying amount and the net book value of the assets exceeds their estimated fair value. In making these determinations, we use certain assumptions, including, but not limited to: (i) estimated fair value of the assets and (ii) estimated future cash flows expected to be generated by these assets, which are based on additional assumptions such as asset utilization, revenue generated, associated costs, length of service and estimated residual values. To conduct impairment testing, we group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. For flight equipment used in our ACMI, AMC Charter and Commercial Charter segments, assets are grouped at the operating fleet level. For flight equipment used in our Dry Leasing segment, assets are grouped on an individual basis. | |||||||||||
In developing these estimates for flight equipment, we use industry data for the equipment types and our anticipated utilization of the assets. | |||||||||||
During 2011, we recorded impairment charges on our 747-200 aircraft, as well as the related engines, rotable inventory and other equipment (see Note 4). | |||||||||||
Variable Interest Entities and Off-Balance Sheet Arrangements | |||||||||||
We hold a 49% interest in GSS, a private company. GSS is a variable interest entity and we are the primary beneficiary of GSS for financial reporting purposes. Atlas dry leases three 747-8F owned aircraft to GSS. The leases provide for payment of rent and a provision for maintenance costs associated with the aircraft. GSS provides ACMI services to British Airways Plc (“British Airways”) using these three aircraft. In January 2014, British Airways notified us that they would be terminating our ACMI agreement and returning three 747-8F aircraft in April 2014. | |||||||||||
Our investment in GSS was $2.8 million as of December 31, 2013 and $2.9 million as of December 31, 2012 and our maximum exposure to losses from the entity is limited to our investment in GSS and any operating losses of GSS. GSS does not have any third-party debt obligations. | |||||||||||
We hold a 50% 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 provide 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. Our investment in GATS was $13.2 million as of December 31, 2013 and $12.3 million as of December 31, 2012 and our maximum exposure to losses from the entity is limited to our investment, which is composed primarily of rotable inventory parts. GATS does not have any third-party debt obligations. | |||||||||||
A portion of our operating aircraft are owned or effectively owned and leased through trusts established specifically to purchase, finance and lease aircraft to us. We have not consolidated any aircraft in the related trusts because we are not the primary beneficiary. Our maximum exposure under these operating leases is the remaining lease payments, which amounts are reflected in the future lease commitments more fully described in Note 8. | |||||||||||
Income Taxes | |||||||||||
Deferred income taxes are recognized for the tax consequences of reporting items in our income tax returns at different times than the items are reflected in our financial statements. These temporary differences result in deferred tax assets and liabilities that are calculated by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. If necessary, deferred income tax assets are reduced by a valuation allowance to an amount that is determined to be more likely than not recoverable. We must make significant estimates and assumptions about future taxable income and future tax consequences when determining the amount, if any, of the valuation allowance. | |||||||||||
In addition, we establish tax reserves when we believe that certain tax positions are subject to challenge and may not be sustained on audit. These reserves are based on subjective estimates and assumptions involving the relative filing positions and the potential exposure from audits and litigation. | |||||||||||
Debt Issuance Costs | |||||||||||
Costs associated with the issuance of debt are capitalized and amortized over the life of the respective debt obligation, using the effective interest method of amortization. Amortization of debt issuance costs was $7.5 million in 2013, $2.2 million in 2012 and $0.5 million in 2011, and was included as a component of Interest expense. | |||||||||||
Heavy Maintenance | |||||||||||
We account for heavy maintenance costs for airframes and engines used in our ACMI, AMC Charter and Commercial Charter segments using the direct expense method. Under this method, heavy maintenance costs are charged to expense upon induction, based on our best estimate of the costs. This method can result in expense volatility between quarterly and annual periods, depending on the number and type of heavy maintenance events performed. | |||||||||||
We account for heavy maintenance costs for airframes and engines used in our Dry Leasing segment using the deferral method. Under this method, we capitalize the cost of heavy maintenance events, which are depreciated on a straight-line basis over the estimated period until the next maintenance event is required. | |||||||||||
Prepaid Maintenance Deposits | |||||||||||
Certain of our aircraft financing agreements require security deposits to our finance providers to ensure that we perform major maintenance as required. These are substantially refundable to us and are, therefore, accounted for as deposits and included in Prepaid maintenance and in Deposits and other assets. Such amounts were $48.8 million as of December 31, 2013 and $58.2 million at December 31, 2012. | |||||||||||
Foreign Currency | |||||||||||
While most of our revenues are denominated in U.S. dollars, our results of operations may be exposed to the effect of fluctuations in the U.S. dollar value of foreign currency-denominated operating revenues and expenses. Our largest exposures come from the Brazilian real, British pound and Japanese yen. We do not currently have a foreign currency hedging program related to our foreign currency-denominated transactions. Gains or losses resulting from foreign currency transactions are included in Non-operating expenses (income). | |||||||||||
Stock-Based Compensation | |||||||||||
We have various stock-based compensation plans for certain employees and outside directors, which are described more fully in Note 13. We recognize compensation expense, net of estimated forfeitures, on a straight-line basis over the vesting period for each award based on the fair value on grant date. We estimate grant date fair value for all option grants using the Black-Scholes-Merton option pricing model. We estimate option and restricted stock/unit forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual forfeitures differ from those estimates. As a result, we record stock-based compensation expense only for those awards that are expected to vest. | |||||||||||
Litigation Accruals | |||||||||||
We are party to certain legal and regulatory proceedings with respect to a variety of matters. We evaluate the likelihood of an unfavorable outcome of these proceedings under accounting guidance for contingencies. These judgments are subjective based on numerous factors, which may include the status of the legal or regulatory proceedings, the merits of our defenses and consultation with legal counsel. The actual outcomes of these proceedings may differ materially from our judgments. Legal costs are accrued as incurred and recorded in Other operating expenses. | |||||||||||
Supplemental Cash Flow Information | |||||||||||
Cash interest paid to lenders is calculated on the face amount of our various debt instruments based on the contractual interest rates in effect during each payment period. | |||||||||||
The amortization of debt discount shown as a reconciling item in cash flows from operating activities is the difference between interest expense and cash interest owed to lenders. This amount arises from the amortization of the difference between the fair value of our debt recorded on the balance sheet and the face amount of debt payable to lenders. | |||||||||||
The following table summarizes interest and income taxes paid: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Interest paid | $ | 68,026 | $ | 54,790 | $ | 37,616 | |||||
Income taxes paid, net of refunds | $ | 238 | $ | -27,371 | $ | 4,236 | |||||
Reclassifications | |||||||||||
Certain reclassifications have been made to prior periods' consolidated financial statement amounts and related note disclosures to conform to the current year's presentation. | |||||||||||
Recently Adopted Accounting Pronouncements | |||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) 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. | |||||||||||
In July 2013, the FASB issued updated income tax presentation guidance that requires entities to net unrecognized tax benefits with certain deferred tax assets when specific requirements are met. We adopted this guidance effective December 31, 2013 and its adoption did not have a material impact on our financial condition, results of operations or cash flows. |
DHL_Investment_and_Polar
DHL Investment and Polar | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
DHL Investment And Polar [Abstract] | ' | ||||||||||
Related Parties | ' | ||||||||||
3. 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 and we do not consolidate Polar 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. In addition to the BSA, Atlas and Polar have a flight services agreement, whereby Atlas is compensated by Polar on a per Block Hour basis, subject to a monthly minimum Block Hour guarantee, at a predetermined rate that escalates annually. Under the flight services agreement, Atlas provides Polar with crew, maintenance and insurance for the aircraft. Under other separate agreements, Atlas and Polar supply administrative, sales and ground support services to one another. DP has guaranteed DHL's (and Polar's) obligations under the various transaction agreements described above. AAWW has agreed to indemnify DHL for and against various obligations of Polar and its affiliates. Collectively, these agreements are referred to herein as the “DHL Agreements”. The DHL Agreements provide us with a guaranteed revenue stream from 747-400 aircraft that have been dedicated to Polar for outsourced airport-to-airport wide-body cargo aircraft solutions for the benefit of DHL and other customers' freight due to monthly minimum Block Hour guarantees over the life of the agreements. | |||||||||||
In accordance with the DHL Agreements, Polar flies for DHL's trans-Pacific express network and DHL provides financial support and also assumed the risks and rewards of the operations of Polar. In addition to its trans-Pacific routes, Polar is also flying between the Asia Pacific regions, Middle East and Europe on behalf of DHL and other customers. | |||||||||||
The BSA established DHL's capacity purchase commitments on Polar flights. DHL has the right to terminate the 20-year BSA at the tenth and fifteenth anniversaries of commencement, which was on October 27, 2008. Either party may terminate for cause (as defined) at any time. With respect to DHL, “cause” includes Polar's inability to meet certain departure and arrival criteria for an extended period of time and upon certain change-of-control events, in which case DHL may be entitled to liquidated damages from Polar. Under such circumstances, DHL is further entitled to have an affiliate assume any or all of the six 747-400 freighter Dry Leases for the remainder of the term under each such Dry Lease, with Polar liable up to an agreed amount of such lease obligations. In the event of any termination during the Dry Lease term, DHL is required to pay the lease obligations for the remainder of the head lease and guarantee Polar's performance under the leases. | |||||||||||
In addition to the six 747-400 freighter aircraft there are two 747-8F aircraft operated by Polar, and one additional 747-400 freighter aircraft is operated by Atlas to support the Polar network and DHL through an alliance agreement whereby Atlas provides ACMI services to Polar as of December 31, 2013. We also provide charter capacity to Polar on an as-needed basis. Except for any liquidated damages that we could incur as described above, we do not have any continuing financial exposure to fund debt obligations or operating losses of Polar. The following table summarizes our transactions with Polar: | |||||||||||
Revenue and Expenses: | 2013 | 2012 | 2011 | ||||||||
ACMI segment revenue from Polar | $ | 283,021 | $ | 259,757 | $ | 228,896 | |||||
Other revenue from Polar | $ | 11,380 | $ | 11,349 | $ | 11,349 | |||||
Ground handling and airport fees paid to Polar | $ | 1,174 | $ | 1,654 | $ | 1,683 | |||||
Accounts receivable/payable as of December 31: | 2013 | 2012 | |||||||||
Receivables from Polar | $ | 4,249 | $ | 4,264 | |||||||
Payables to Polar | $ | 3,464 | $ | 140 | |||||||
Aggregate Carrying Value of Polar Investment as of December 31: | 2013 | 2012 | |||||||||
$ | 4,870 | $ | 4,870 |
Special_Charge
Special Charge | 12 Months Ended |
Dec. 31, 2013 | |
Special Charge [Abstract] | ' |
Special Charge | ' |
4. Special Charge | |
In December 2013, we permanently parked two 747-400BCF aircraft that we had leased following 747-8F aircraft delivery delays. With the completed deliveries of our 747-8F aircraft and the reduction in AMC and Commercial Charter demand, these two aircraft are no longer needed. As a result, we recorded a special charge of $17.8 million related to the early termination of the operating leases. Substantially all cash payments related to this charge are expected to be paid by 2015. | |
In January 2014, British Airways notified us that they would be terminating our ACMI agreement and returning three 747-8F aircraft in April 2014. We recorded an impairment charge of $0.8 million at December 31, 2013 related to a customer relationship intangible asset. | |
We record impairment charges on long-lived assets used in operations when events and circumstances (“Triggering Events”) indicate that the assets may be impaired. In 2011, we determined that Triggering Events occurred, performed an impairment test and concluded that the carrying value of our 747-200 fleet was no longer recoverable. | |
We viewed the 747-200 fleet, as well as the related engines, rotable inventory and other equipment as one asset group in developing our cash flow models. In determining fair value, we considered the effects of the current market environment, age of the assets, marketability and excess capacity. Our estimate of fair value was not based on distressed sales or forced liquidations. Instead, it appropriately considered the current market conditions in conjunction with other indicators and represents a Level 3 input, as defined in Note 10. The fair value for each of the aircraft and spare engines remaining in service was adjusted based on estimates of maintenance status. For engines and airframes that are permanently parked, fair value was determined to be scrap value. | |
In 2011, we recorded a fleet retirement charge of $5.4 million. Of this amount, $4.1 million related to an impairment of the 747-200 fleet, as well as the related engines, rotable inventory and other equipment to their estimated fair value or scrap value, as appropriate. All 747-200 aircraft and related spare engines have been sold. In addition, we recorded a $1.3 million charge related to employee termination benefits for 747-200 crewmembers. |
Intangible_Assets_net
Intangible Assets, net | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Intangible Assets, net [Abstract] | ' | ||||||
Intangible Assets, net | ' | ||||||
5. Intangible Assets, net | |||||||
The following table presents our Intangible assets, net as of December 31: | |||||||
2013 | 2012 | ||||||
Fair value adjustment on operating leases | $ | 45,531 | $ | 45,531 | |||
Lease intangibles | 14,230 | 10,205 | |||||
Customer relationship | - | 2,438 | |||||
Less: accumulated amortization | -25,903 | -22,641 | |||||
$ | 33,858 | $ | 35,533 | ||||
Fair value adjustment on operating leases represents the capitalized discount recorded to adjust leases of our 747-400 aircraft to fair market value in 2004. The lease intangible resulted from the acquisition of various aircraft that are primarily Dry Leased to customers on a long-term basis. The customer relationship intangible asset primarily resulted from the consolidation of GSS and was written off as of December 31, 2013 (see Note 4). | |||||||
Amortization expense related to intangible assets amounted to $4.9 million in 2013, $4.7 million in 2012 and $4.7 million in 2011. | |||||||
The estimated future amortization expense of intangible assets as of December 31, 2013 is as follows: | |||||||
2014 | $ | 4,760 | |||||
2015 | 4,538 | ||||||
2016 | 3,826 | ||||||
2017 | 3,535 | ||||||
2018 | 3,259 | ||||||
Thereafter | 13,940 | ||||||
Total | $ | 33,858 |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accrued Liabilities Tables [Abstract] | ' | ||||||
Accrued Liabilities | ' | ||||||
6. Accrued Liabilities | |||||||
Accrued liabilities consisted of the following as of December 31: | |||||||
2013 | 2012 | ||||||
Maintenance | $ | 43,813 | $ | 38,475 | |||
Salaries, wages and benefits | 36,450 | 32,734 | |||||
Deferred revenue | 26,279 | 18,619 | |||||
Aircraft fuel | 14,905 | 19,882 | |||||
Other | 72,845 | 42,757 | |||||
Accrued liabilities | $ | 194,292 | $ | 152,467 |
Debt
Debt | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Debt [Abstract] | ' | |||||||||||||||||
Debt | ' | |||||||||||||||||
7. Debt | ||||||||||||||||||
Our debt obligations, as of December 31: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Ex-Im Bank guaranteed notes | $ | 739,741 | $ | 560,078 | ||||||||||||||
Term loans | 702,668 | 450,652 | ||||||||||||||||
EETCs | 254,216 | 293,312 | ||||||||||||||||
Total debt | 1,696,625 | 1,304,042 | ||||||||||||||||
Less current portion of debt | -157,486 | -154,760 | ||||||||||||||||
Long-term debt | $ | 1,539,139 | $ | 1,149,282 | ||||||||||||||
At December 31, 2013 and 2012, we had $41.4 million and $46.8 million, respectively, of unamortized discount related to the fair market value adjustments recorded against debt in prior years. | ||||||||||||||||||
Many of our financing instruments contain limitations on our ability to, among other things, pay certain dividends or make certain other restricted payments, consummate certain asset sales, merge or consolidate with any other person or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of our assets. | ||||||||||||||||||
Description of our Debt Obligations | ||||||||||||||||||
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 the Export-Import Bank of the United States (“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 July 10, 2013, we purchased a 777-200LRF aircraft that is 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. This term loan was guaranteed by Ex-Im Bank although it is not part of our Ex-Im Bank Facility. On September 27, 2013, we refinanced this 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 with principal and interest payable quarterly. | ||||||||||||||||||
Except for the Second 2013 Ex-Im Guaranteed Notes, all of our Ex-Im Bank guaranteed notes were issued under the Ex-Im Bank Facility. Each of these borrowings were initially funded as variable-rate loans secured by an aircraft and were subsequently refinanced with the issuance of fixed-rate notes with principal and interest payable quarterly. | ||||||||||||||||||
The following table summarizes the terms and balances for each note guaranteed by Ex-Im Bank as of December 31 (in millions): | ||||||||||||||||||
Collateral | Fixed | |||||||||||||||||
Issue | Face | Aircraft | Original | Interest | ||||||||||||||
Date | Value | Tail Number | Term | Rate | 2013 | 2012 | ||||||||||||
First 2013 Ex-Im Guaranteed Note | 2013 | $ | 143 | N855GT | P12Y | 1.83% | $ | 137.6 | $ | - | ||||||||
Second 2013 Ex-Im Guaranteed Note | 2013 | 88 | MSN 35606 | P0Y90M | 1.84% | 85.3 | - | |||||||||||
First 2012 Ex-Im Guaranteed Note | 2012 | 142 | N850GT | P12Y | 2.02% | 126.1 | 136.8 | |||||||||||
Second 2012 Ex-Im Guaranteed Note | 2012 | 142.7 | N851GT | P12Y | 1.73% | 129.3 | 140 | |||||||||||
Third 2012 Ex-Im Guaranteed Note | 2012 | 142.8 | N852GT | P12Y | 1.56% | 129.2 | 140.1 | |||||||||||
Fourth 2012 Ex-Im Guaranteed Note | 2012 | 143.2 | N853GT | P12Y | 1.48% | 132.2 | 143.2 | |||||||||||
$ | 739.7 | $ | 560.1 | |||||||||||||||
Term Loans | ||||||||||||||||||
We have entered into various term loans to finance the acquisition of aircraft. Each term loan requires payment of principal and interest paid quarterly in arrears. Funds available under each term loan agreement are subject to certain up-front and commitment fees, and funds drawn under the loan agreements bear interest at LIBOR, plus a margin. Each facility is guaranteed by us and subject to customary covenants and events of default. | ||||||||||||||||||
The following table summarizes the terms and balances for each term loan outstanding as of December 31 (in millions): | ||||||||||||||||||
Collateral | Interest | Interest | ||||||||||||||||
Issue | Face | Aircraft | Original | Rate | Rate at | |||||||||||||
Date | Value | Tail Number | Term | Type | 2013 | 2012 | 2013 | 2012 | ||||||||||
First 2013 Term Loan | 2013 | $ | 119.5 | MSN 36201 | P0Y89M | Variable | 3.08% | 0.00% | $ | 112.9 | $ | - | ||||||
First 2013 Bridge Loan | 2013 | 105.4 | N854GT | P1Y | Variable | 4.66% | 0.00% | 103.6 | - | |||||||||
Third 2013 Term Loan | 2013 | 110 | MSN 36200 | P0Y88M | Fixed | 4.18% | 0.00% | 107.9 | - | |||||||||
First 2012 Term Loan | 2012 | 35.7 | N464MC, N465MC, N640GT,N641GT | P5Y | Fixed | 6.91% | 6.91% | 23 | 30.4 | |||||||||
Second 2012 Term Loan | 2012 | 8.5 | N642GT | P5Y | Fixed | 6.89% | 6.89% | 5.8 | 7.5 | |||||||||
Third 2012 Term Loan | 2012 | 26 | MSN 29681 | P7Y | Fixed | 4.27% | 4.27% | 22.3 | 26 | |||||||||
First 2011 Term Loan | 2011 | 120.3 | G-GSSD | P12Y | Fixed | 6.16% | 6.16% | 108 | 113.6 | |||||||||
Second 2011 Term Loan | 2011 | 120 | G-GSSE | P12Y | Fixed | 6.37% | 6.37% | 108.6 | 114.5 | |||||||||
Third 2011 Term Loan | 2011 | 120 | G-GSSF | P12Y | Fixed | 6.37% | 6.37% | 108.6 | 114.5 | |||||||||
2010 Term Loan | 2010 | 8.1 | B-2808 | P0Y50M | Fixed | 4.33% | 4.33% | 2 | 4 | |||||||||
First 2008 Term Loan | 2008 | 58.4 | N419MC | P5Y | Variable | 0.00% | 2.61% | - | 23.5 | |||||||||
Second 2008 Term Loan | 2008 | 41.6 | N429MC | P5Y | Variable | 0.00% | 2.45% | - | 16.7 | |||||||||
$ | 702.7 | $ | 450.7 | |||||||||||||||
Leveraged Lease Structure | ||||||||||||||||||
In three separate transactions in 1998, 1999 and 2000, we issued enhanced equipment trust certificates (“EETCs”) to finance the acquisition of twelve 747-400F aircraft, five of which are financed as leveraged leases. In a leveraged lease, the owner trustee is the owner of record for the aircraft. Wells Fargo Bank Northwest, National Association (“Wells Fargo”) serves as the owner trustee with respect to the leveraged leases in each of our EETC transactions. As the owner trustee of the aircraft, Wells Fargo serves as the lessor of the aircraft under the EETC lease between us and the owner trustee. Wells Fargo also serves as trustee for the beneficial owner of the aircraft, the owner participant. The original owner participant for each aircraft invested (on an equity basis) approximately 20% of the original cost of the aircraft. The remaining approximately 80% of the aircraft cost was financed with debt issued by the owner trustee on a non-recourse basis in the form of equipment notes. | ||||||||||||||||||
The equipment notes were generally issued in three series, for each aircraft, designated as Series A, B and C equipment notes. The loans evidenced by the equipment notes were funded by the public offering of EETCs. Like the equipment notes, the EETCs were issued in three series, for each EETC transaction designated as Series A, B and C EETCs. Each series of EETCs was issued by the trustee for separate Atlas pass through trusts with the same designation as the series of EETCs issued. Each of these pass through trustees is also the holder and beneficial owner of the equipment notes bearing the same series designation. | ||||||||||||||||||
We could be subject to additional monthly lease rentals (“AMLR”), which could require payment of up to an additional $0.1 million per month in rent on each of the five leased EETC aircraft, subject to an $11.0 million per aircraft limit over the remaining term. The AMLR payments would be applied to the underlying notes in the leveraged leases, and would only arise if we exceed certain financial targets and if it is determined that the then fair market monthly rental for the aircraft exceeds a certain level. We have not made any AMLR payments and do not anticipate making any AMLR payments in 2014. We perform this test annually in the third quarter. | ||||||||||||||||||
In connection with each of these secured debt financings, we executed equipment notes with original interest rates ranging from 6.88% to 9.70% and according to the terms of the equipment notes, principal payments vary and are payable monthly through each maturity. | ||||||||||||||||||
With respect to the seven EETC-financed aircraft that are currently owned by us, there is no leveraged lease structure or EETC lease. We are the beneficial owner of the aircraft and the issuer of the equipment notes with respect thereto. The equipment notes issued with respect to owned aircraft are with full recourse to us. | ||||||||||||||||||
The following table summarizes the terms and balances for each EETC outstanding as of December 31 (in millions): | ||||||||||||||||||
Collateral | Fixed | Effective | ||||||||||||||||
Issue | Face | Aircraft | Original | Equipment | Interest | |||||||||||||
Date | Value | Tail Number | Term | Note Rates | Rate | 2013 | 2012 | |||||||||||
2000 EETC | 2000 | $ | 108.5 | N409MC | P20Y | 8.71% to 9.70% | 11.31% | $ | 47.2 | $ | 51.5 | |||||||
1999EETC | 1999 | 108.3 | N476GT | P20Y | 6.88% to 8.77% | 13.94% | 31.7 | 36 | ||||||||||
1999 | 108.4 | N496MC | P20Y | 6.88% to 8.77% | 13.94% | 41.2 | 45.9 | |||||||||||
1999 | 109.9 | N499MC | P20Y | 6.88% to 8.77% | 7.52% | 42.3 | 48.8 | |||||||||||
1998 EETC | 1998 | 105.6 | N475GT | P20Y | 7.38% to 8.01% | 13.89% | 39.6 | 44.8 | ||||||||||
1998 | 103.1 | N493MC | P20Y | 7.38% to 8.01% | 13.72% | 39.5 | 45.4 | |||||||||||
1998 | 107.9 | N477GT | P20Y | 7.38% to 8.01% | 7.54% | 12.7 | 20.9 | |||||||||||
$ | 254.2 | $ | 293.3 | |||||||||||||||
Future Cash Payments for Debt | ||||||||||||||||||
The following table summarizes the cash required to be paid by year and the carrying value of our debt reflecting the terms that were in effect as of December 31, 2013: | ||||||||||||||||||
2014 | $ | 266,525 | ||||||||||||||||
2015 | 157,610 | |||||||||||||||||
2016 | 160,977 | |||||||||||||||||
2017 | 161,610 | |||||||||||||||||
2018 | 166,393 | |||||||||||||||||
Thereafter | 824,878 | |||||||||||||||||
Total debt cash payments | 1,737,993 | |||||||||||||||||
Less: unamortized debt discount | -41,368 | |||||||||||||||||
Debt | $ | 1,696,625 |
Commitments
Commitments | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Leases And Aircraft Purchase Commitments [Abstract] | ' | ||||||||||
Leases and Aircraft Purchase Commitments | ' | ||||||||||
8. Commitments | |||||||||||
Leases | |||||||||||
The following table summarizes rental expenses in: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Aircraft | $ | 160,415 | $ | 154,968 | $ | 159,362 | |||||
Purchased capacity, office, vehicles and other | $ | 34,062 | $ | 21,335 | $ | 13,735 | |||||
As of December 31, 2013, 13 of our 43 operating aircraft were leased, all of which were operating leases with initial lease term expiration dates ranging from 2014 to 2025, with an average remaining lease term of P9Y1M years. Certain of our operating leases contain renewal options and escalations. In addition, we lease engines under short-term lease agreements on an as-needed basis. We record rent expense on a straight-line basis over the lease term. | |||||||||||
The following table summarizes our minimum annual rental commitments as of the periods indicated under non-cancelable aircraft, real estate and other operating leases with initial or remaining terms of more than one year, reflecting the terms that were in effect as of December 31, 2013: | |||||||||||
Aircraft | Other | ||||||||||
Operating | Operating | ||||||||||
Leases | Leases | Total | |||||||||
2014 | $ | 131,309 | $ | 4,623 | $ | 135,932 | |||||
2015 | 131,241 | 4,342 | 135,583 | ||||||||
2016 | 129,632 | 3,902 | 133,534 | ||||||||
2017 | 129,480 | 142 | 129,622 | ||||||||
2018 | 130,955 | 145 | 131,100 | ||||||||
Thereafter | 599,247 | 633 | 599,880 | ||||||||
Total payments | $ | 1,251,864 | $ | 13,787 | $ | 1,265,651 | |||||
As discussed in Note 3, Polar Dry Leases aircraft from Old Polar that are leased from a third party and are included in the table above under aircraft operating leases. The following table summarizes the contractual amount of minimum Dry Lease income under these non-cancelable aircraft Dry Leases, reflecting the terms that were in effect as of December 31, 2013: | |||||||||||
Dry Lease | |||||||||||
Income | |||||||||||
2014 | $ | 63,360 | |||||||||
2015 | 63,360 | ||||||||||
2016 | 63,360 | ||||||||||
2017 | 63,360 | ||||||||||
2018 | 52,800 | ||||||||||
Thereafter | - | ||||||||||
$ | 306,240 | ||||||||||
Guarantees and Indemnifications | |||||||||||
In the ordinary course of business, we enter into numerous real estate leasing, equipment and aircraft financing arrangements that have various guarantees included in the contracts. These guarantees are primarily in the form of indemnities. In both leasing and financing transactions, we typically indemnify the lessors and any financing parties against tort liabilities that arise out of the use, occupancy, manufacture, design, operation or maintenance of the leased premises or financed aircraft, regardless of whether these liabilities relate to the negligence of the indemnified parties. Currently, we believe that any future payments required under many of these guarantees or indemnities would be immaterial, as most tort liabilities and related indemnities are covered by insurance (subject to deductibles). However, payments under certain tax indemnities related to certain of our financing arrangements, if applicable, could be material, and would not be covered by insurance, although we believe that these payments are not probable. Certain leased premises, such as maintenance and storage facilities, typically include indemnities of such parties for any environmental liability that may arise out of or relate to the use of the leased premises. We also provide standard indemnification agreements to officers and directors in the ordinary course of business. | |||||||||||
Financings and Guarantees | |||||||||||
Our financing arrangements typically contain a withholding tax provision that requires us to pay additional amounts to the applicable lender or other financing party, if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law. | |||||||||||
These increased costs and withholding tax provisions continue for the entire term of the applicable transaction and there is no limitation on the maximum additional amount we could be required to pay under such provisions. Any failure to pay amounts due under such provisions generally would trigger an event of default and, in a secured financing transaction, would entitle the lender to foreclose upon the collateral to realize the amount due. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Taxes [Abstract] | ' | |||||||||||||
Income Taxes | ' | |||||||||||||
9. Income Taxes | ||||||||||||||
The significant components of the provision for income taxes are as follows: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Current: | ||||||||||||||
Federal | $ | - | $ | - | $ | -22,082 | ||||||||
State and local | 116 | 173 | 682 | |||||||||||
Foreign | 861 | 23 | 464 | |||||||||||
Total current expense (benefit) | 977 | 196 | -20,936 | |||||||||||
Deferred: | ||||||||||||||
Federal | 26,354 | 69,352 | 77,252 | |||||||||||
State and local | -2,111 | 4,867 | 2,639 | |||||||||||
Foreign | -1,387 | 1,146 | 1,725 | |||||||||||
Total deferred expense | 22,856 | 75,365 | 81,616 | |||||||||||
Total income tax expense | $ | 23,833 | $ | 75,561 | $ | 60,680 | ||||||||
The domestic and foreign earnings before income taxes are as follows: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
United States | $ | 108,709 | $ | 204,034 | $ | 155,899 | ||||||||
Foreign | 9,113 | 1,241 | 1,090 | |||||||||||
Income before income taxes | $ | 117,822 | $ | 205,275 | $ | 156,989 | ||||||||
A reconciliation of differences between the U.S. federal statutory income tax rate and the effective income tax rates for the periods defined below is as follows: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |||||||||||
State and local taxes based on income, net of federal benefit | 1.10% | 1.60% | 1.50% | |||||||||||
Change in state deferred tax rate | -1.90% | 0.00% | 0.00% | |||||||||||
Extraterritorial income tax benefit | -12.30% | 0.00% | 0.00% | |||||||||||
Other expenses not deductible for tax purposes | 1.50% | 0.70% | 0.80% | |||||||||||
Favorable resolution of income tax issues for prior periods | -1.80% | -1.20% | 0.00% | |||||||||||
Tax effect of foreign operations | -1.50% | 0.80% | 0.80% | |||||||||||
Other | 0.10% | -0.10% | 0.50% | |||||||||||
Effective income tax rate | 20.20% | 36.80% | 38.60% | |||||||||||
The effective income tax rate for 2013 differs from effective income tax rates for prior years primarily due to a 2013 income tax benefit of $14.2 million related to extraterritorial income from certain of our aircraft. We recognized this income tax benefit based on a decision in a recent court case. In addition, the rate for 2013 also reflects a reduction in state income taxes resulting from changes in our mix of flying as well as the favorable resolution of income tax issues for prior periods. | ||||||||||||||
As a result of current and expected future growth in our Dry Leasing business, we determined to indefinitely reinvest the net earnings of certain foreign subsidiaries engaged in this business outside of the U.S. Our effective income tax rate for the period ended December 31, 2013 was favorably impacted by this determination. At December 31, 2013, our undistributed net earnings of foreign subsidiaries for which deferred taxes have not been provided were $10.8 million, and the unrecognized deferred tax liability associated with these earnings was $3.8 million. | ||||||||||||||
Deferred tax assets and liabilities represent the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. The net deferred tax asset (liability) was comprised of the following as of December 31: | ||||||||||||||
Assets (Liabilities) | ||||||||||||||
2013 | 2012 | |||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||
Fixed assets | $ | - | $ | -643,197 | $ | - | $ | -593,483 | ||||||
Net operating loss carryforwards and credits | 47,161 | 300,110 | 21,251 | 306,124 | ||||||||||
Aircraft leases | - | 12,704 | - | 10,959 | ||||||||||
Interest rate derivatives | - | 7,124 | - | 8,330 | ||||||||||
Stock-based compensation | - | 7,190 | - | 8,251 | ||||||||||
Accrued compensation | 9,219 | - | 7,079 | - | ||||||||||
Maintenance expense | -1,120 | 509 | -2,444 | 718 | ||||||||||
Equity investments in affiliates | - | 585 | - | -668 | ||||||||||
Revaluation of debt | - | -2,467 | - | -2,748 | ||||||||||
Accrued expenses | -1,156 | -2,024 | -457 | -3,081 | ||||||||||
Acquisition of EETC debt | - | -12,407 | - | -9,353 | ||||||||||
Other | 146 | 4,011 | -147 | 4,775 | ||||||||||
Valuation allowance | -4,643 | -43,133 | -2,375 | -45,320 | ||||||||||
Obsolescence reserve | 4,381 | - | 3,249 | - | ||||||||||
$ | 53,988 | $ | -370,995 | $ | 26,156 | $ | -315,496 | |||||||
Assets (Liabilities) | ||||||||||||||
2013 | 2012 | |||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||
Deferred taxes included within: | ||||||||||||||
Deferred taxes | $ | 54,001 | $ | - | $ | 26,390 | $ | - | ||||||
Accrued liabilities | -13 | - | -234 | - | ||||||||||
Deferred taxes | - | -371,655 | - | -315,949 | ||||||||||
Deposits and other assets | - | 660 | - | 453 | ||||||||||
$ | 53,988 | $ | -370,995 | $ | 26,156 | $ | -315,496 | |||||||
As of December 31, 2013 and 2012, we had U.S. federal tax net operating losses (“NOLs”) of approximately $761.0 million and $733.3 million, respectively, net of unrecognized tax benefits and valuation allowances, which will expire through 2033, if not utilized. The increase in NOLs during 2013 resulted from the impact of 50% bonus tax depreciation on two 747-8F aircraft placed in service during the year. We had U.S. federal tax credits of $4.5 million and $4.8 million as of December 31, 2013 and 2012, respectively. Additionally, as of December 31, 2013, we had foreign NOLs for Hong Kong and Singapore of approximately $185.9 million with no expiration date. | ||||||||||||||
Section 382 of the Internal Revenue Code (the “Code”) imposes an annual limitation on the amount of a corporation's U.S. federal taxable income that can be offset by NOLs if it experiences an “ownership change”, as defined. We experienced ownership changes in 2004 and 2009. Accordingly, the use of our NOLs generated prior to these ownership changes is subject to the annual limitation. If certain substantial changes in our ownership occur prospectively, there could be an additional annual limitation on the amount of utilizable carryforwards. Certain tax attributes, including NOLs, reflected on our federal income tax returns, as filed, differ significantly from those reflected in the Financial Statements. | ||||||||||||||
On each reporting date, management assesses whether we are more likely than not to realize some or all of our deferred tax assets. After our assessment, we maintained a valuation allowance of $47.8 million and $47.0 million against our deferred tax assets as of December 31, 2013 and 2012, respectively. The valuation allowance is attributable to a limitation on NOL utilization resulting from the ownership change under Section 382. Due to this limitation, we expect a portion of our NOLs generated in 2004 and prior years to eventually expire unused. | ||||||||||||||
Included in Prepaid expenses and other current assets are tax receivables of $0.6 million and $0.6 million as of December 31, 2013 and 2012, respectively. In 2012, we received a refund of $27.6 million of U.S. federal income taxes paid for 2010. | ||||||||||||||
A reconciliation of the beginning and ending unrecognized income tax benefits is as follows for: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Beginning balance | $ | 73,518 | $ | 75,951 | $ | 75,681 | ||||||||
Additions for tax positions related to the current year | - | 310 | 333 | |||||||||||
Additions for tax positions related to prior years | 5,822 | 307 | 21 | |||||||||||
Reductions for tax positions related to prior years | -2,661 | -3,050 | -84 | |||||||||||
Ending balance | $ | 76,679 | $ | 73,518 | $ | 75,951 | ||||||||
If recognized, all of the unrecognized income tax benefits of $76.7 million as of December 31, 2013, would favorably impact the effective income tax rate. We will maintain a liability for unrecognized income tax benefits until these uncertain positions are resolved or until the expiration of the applicable statute of limitations, if earlier. | ||||||||||||||
Our policy is to record tax-related interest expense and penalties, if applicable, as a component of income tax expense. We recorded a tax-related interest benefit of $1.8 million in 2013 and tax-related interest expense of $0.6 million in 2012. As of December 31, 2013 and 2012, the cumulative liability for tax-related interest was $2.1 million and $3.9 million, respectively. We have not recorded any liability for income tax-related penalties, and the tax authorities historically have not assessed any. | ||||||||||||||
For U.S. federal income tax purposes, the 2010 through 2012 income tax returns remain subject to examination. The Internal Revenue Service is currently examining the 2010 and 2011 federal income tax returns. We also file income tax returns in multiple states as well as in Hong Kong and Singapore. Generally, the 2009 through 2012 income tax returns remain subject to examination in the states where we file. In addition, the 2007 through 2013 Hong Kong income tax returns and the 2011 through 2013 Singapore income tax returns are subject to examination. No state or foreign income tax examinations are in process. | ||||||||||||||
We adopted updated income tax accounting guidance at December 31, 2013 (see Note 2). As a result, we reclassified $50.6 million between two accounts within Other Liabilities at December 31, 2012 to conform to the current presentation in the accompanying Consolidated Balance Sheets. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Financial Instruments [Abstract] | ' | ||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||
10. 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 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 Ex-Im Bank guaranteed notes are based on a discounted cash flow analysis using current borrowing rates for instruments with similar terms. | |||||||||||||||||||
The fair value of our interest rate derivatives was based on Level 2 inputs utilized in expected cash flow models. The incorporated market inputs include the implied forward LIBOR yield curve for the same period as the future interest rate swap settlements. These derivatives were designated as hedging instruments. | |||||||||||||||||||
The following table summarizes the carrying amount, estimated fair value and classification of our financial instruments as of: | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 321,816 | $ | 321,816 | $ | 321,816 | $ | - | $ | - | |||||||||
Short-term investments | 10,904 | 10,904 | - | - | 10,904 | ||||||||||||||
Restricted cash | 6,491 | 6,491 | 6,491 | - | - | ||||||||||||||
Interest rate derivatives | 9,182 | 9,182 | - | 9,182 | - | ||||||||||||||
Long-term investments and accrued interest | 130,267 | 174,795 | - | - | 174,795 | ||||||||||||||
$ | 478,660 | $ | 523,188 | $ | 328,307 | $ | 9,182 | $ | 185,699 | ||||||||||
Liabilities | |||||||||||||||||||
Interest rate derivatives | $ | 7,796 | $ | 7,796 | $ | - | $ | 7,796 | $ | - | |||||||||
Term loans | 702,668 | 701,421 | - | - | 701,421 | ||||||||||||||
Ex-Im Bank guaranteed notes | 739,741 | 718,703 | - | - | 718,703 | ||||||||||||||
EETCs | 254,216 | 329,973 | - | - | 329,973 | ||||||||||||||
$ | 1,704,421 | $ | 1,757,893 | $ | - | $ | 7,796 | $ | 1,750,097 | ||||||||||
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: | |||||||||||||||||||
31-Dec-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 | 130,267 | 44,528 | 174,795 | 132,133 | 35,838 | 167,971 | |||||||||||||
Total | $ | 130,267 | $ | 44,528 | $ | 174,795 | $ | 140,498 | $ | 37,242 | $ | 177,740 |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Segment Reporting | ' | ||||||||||
11. 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. Direct Contribution represents Income before income taxes excluding the following: Special charges, pre-operating expenses, nonrecurring items, gains on the disposal of aircraft, Loss on early extinguishment of debt, unallocated revenue and unallocated fixed costs. Direct operating and ownership costs include crew costs, maintenance, fuel, ground operations, sales costs, aircraft rent, interest expense related to aircraft debt, interest income on debt securities and aircraft depreciation. Unallocated income and expenses include corporate overhead, non-aircraft depreciation, interest income, capitalized interest, foreign exchange gains and losses, other revenue and other non-operating costs, including pre-operating expenses. Management uses Direct Contribution to measure segment profitability. Each segment has different operating and economic characteristics that are separately reviewed by our senior management. | |||||||||||
Management allocates the costs attributable to aircraft operation and ownership among the various segments based on the aircraft type and activity levels in each segment. Depreciation and amortization expense, aircraft rent, maintenance expense, and other aircraft related expenses are allocated to segments based upon aircraft utilization because certain individual aircraft are utilized across segments interchangeably. In addition, certain ownership costs are directly apportioned to the ACMI segment. Other allocation methods are standard activity-based methods that are commonly used in the industry. | |||||||||||
The ACMI segment provides aircraft, crew, maintenance and insurance services to customers. Also included in the ACMI segment are the results of operations for CMI. CMI provides crew, maintenance and insurance services, with the customer providing the aircraft. Under ACMI and CMI contracts, customers guarantee a monthly level of operation at a predetermined rate for a defined period of time. The customer bears the commercial revenue risk and the obligation for other direct operating costs, including fuel. | |||||||||||
The AMC Charter segment primarily provides full planeload charter flights to the AMC. In addition to cargo flights, the AMC Charter segment includes passenger flights, which we began providing in the second quarter of 2011. We also earn commissions on subcontracting certain flying of oversized cargo and less than full planeload missions, or in connection with flying cargo into areas of military conflict where we cannot perform the services on our own. Revenue from the AMC Charter business is typically derived from one-year contracts on a cost-plus basis with the AMC. Our current AMC contract runs from October 1, 2013 through September 30, 2014. Although we are responsible for the direct operating costs of the aircraft, the price paid for fuel consumed during AMC flights is fixed by the U.S. Military. We receive reimbursement from the AMC each month if the price of fuel paid by us to vendors for AMC missions exceeds the fixed price. Alternatively, if the price of fuel paid by us is less than the fixed price, we pay the difference to the AMC each month. | |||||||||||
The Commercial Charter segment provides full planeload air cargo and passenger aircraft charters to charter brokers, cruise-ship operators, freight forwarders, direct shippers and airlines. Charters are often paid in advance and we typically bear the direct operating costs. | |||||||||||
The Dry Leasing segment provides for the leasing of aircraft and engines to customers. | |||||||||||
Other represents revenue for services that are not allocated to any segment, including administrative and management support services and flight simulator training. | |||||||||||
The following table sets forth Operating Revenue and Direct Contribution for our reportable business segments reconciled to Operating Income and Income before Income Taxes: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Operating Revenue: | |||||||||||
ACMI | $ | 755,008 | $ | 682,189 | $ | 632,509 | |||||
AMC Charter | 356,340 | 488,063 | 442,725 | ||||||||
Commercial Charter | 496,112 | 450,277 | 299,528 | ||||||||
Dry Leasing | 35,168 | 11,843 | 9,695 | ||||||||
Other | 14,272 | 13,660 | 13,759 | ||||||||
Total Operating Revenue | $ | 1,656,900 | $ | 1,646,032 | $ | 1,398,216 | |||||
Direct Contribution: | |||||||||||
ACMI | $ | 227,829 | $ | 191,497 | $ | 148,320 | |||||
AMC Charter | 52,489 | 99,591 | 86,962 | ||||||||
Commercial Charter | 57 | 32,079 | 40,200 | ||||||||
Dry Leasing | 14,017 | 4,598 | 4,631 | ||||||||
Total Direct Contribution for Reportable Segments | 294,392 | 327,765 | 280,113 | ||||||||
Add back (subtract): | |||||||||||
Unallocated income and expenses, net | -152,059 | -124,331 | -118,047 | ||||||||
Loss on early extinguishment of debt | -5,518 | -576 | - | ||||||||
Special charge | -18,642 | - | -5,441 | ||||||||
Loss (gain) on disposal of aircraft | -351 | 2,417 | 364 | ||||||||
Income before Income Taxes | 117,822 | 205,275 | 156,989 | ||||||||
Add back (subtract): | |||||||||||
Interest income | -19,813 | -19,636 | -20,193 | ||||||||
Interest expense | 83,659 | 64,532 | 42,120 | ||||||||
Capitalized interest | -2,350 | -18,727 | -27,636 | ||||||||
Loss on early extinguishment of debt | 5,518 | 576 | - | ||||||||
Other expense (income), net | 1,954 | -5,529 | -180 | ||||||||
Operating Income | $ | 186,790 | $ | 226,491 | $ | 151,100 | |||||
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. Accounts receivable from the AMC were $6.6 million and $14.0 million as of December 31, 2013 and December 31, 2012, respectively. We have not experienced any credit issues with either of these customers. | |||||||||||
2013 | 2012 | 2011 | |||||||||
Depreciation and amortization expense: | |||||||||||
ACMI | $ | 45,737 | $ | 34,965 | $ | 22,057 | |||||
AMC Charter | 10,647 | 10,720 | 5,879 | ||||||||
Commercial Charter | 10,615 | 7,415 | 4,294 | ||||||||
Dry Leasing | 11,669 | 4,873 | 3,031 | ||||||||
Unallocated | 7,721 | 4,502 | 4,084 | ||||||||
Total Depreciation and Amortization | $ | 86,389 | $ | 62,475 | $ | 39,345 |
Labor_and_Legal_Proceedings
Labor and Legal Proceedings | 12 Months Ended |
Dec. 31, 2013 | |
Labor And Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
12. Labor and Legal Proceedings | |
Labor | |
Pilots and flight dispatchers of Atlas and Polar are represented by the International Brotherhood of Teamsters (the “IBT”). These employees represented approximately 53.5% of our workforce as of December 31, 2013. We are subject to risks of work interruption or stoppage as permitted by the Railway Labor Act of 1926 (the “Railway Labor Act”) and may incur additional administrative expenses associated with union representation of our employees. | |
In September 2011, we completed, and have since implemented, a five-year collective bargaining agreement with our pilots, which will not become amendable until September 2016. The terms of the agreement resulted in a single pilot workforce that serves both Atlas and Polar. | |
In November 2012, we completed, and have since implemented, a five-year collective bargaining agreement with the Atlas and Polar dispatchers. These dispatchers have been represented by the IBT since 2009. | |
Legal Proceedings | |
Department of Justice Investigation and Related Litigation | |
In 2010, Old Polar entered into an agreement with the United States Department of Justice (the "DOJ") to resolve issues 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 were held in 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 $8.3 million in aggregate based on December 31, 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 $5.7 million as of December 31, 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. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stock-Based Compensation Plans [Abstract] | ' | |||||||||||
Stock-Based Compensation Plans | ' | |||||||||||
13. Stock-Based Compensation Plans | ||||||||||||
In 2004, we implemented a Long-Term Incentive Plan (the “2004 LTIP”). The 2004 LTIP provided for awards of up to approximately 2.8 million shares of AAWW's common stock to employees in various forms. These included non-qualified options, incentive stock options, share appreciation rights, restricted shares, restricted share units, performance shares and performance units, dividend equivalents and other share-based awards. In 2007, the stockholders approved a revised Long-Term Incentive Plan (the “2007 Plan”), which replaced the 2004 LTIP. An aggregate of 0.6 million shares of common stock was reserved for issuance to participants under the 2007 Plan. No new awards have been made under the 2004 LTIP since the adoption of the 2007 Plan in May 2007. Awards outstanding under the 2004 LTIP will continue to be governed by the terms of that plan and agreements under which they were granted. The 2007 Plan limits the terms of awards to ten years and prohibits the granting of awards more than ten years after the effective date of the 2007 Plan. The stockholders approved an additional 1.3 million shares in 2013, 0.8 million shares in 2011 and 0.5 million shares in 2010 of our common stock to be reserved under the 2007 Plan. | ||||||||||||
As of December 31, 2013, the 2007 Plan had a total of 1.9 million shares of common stock available for future award grants to management and members of the board of directors. Our compensation expense for both plans was $15.4 million in 2013, $16.8 million in 2012 and $11.4 million in 2011. Income tax benefit recognized for share-based compensation arrangements was $3.1 million in 2013, $6.7 million in 2012 and $4.8 million in 2011. The excess cash tax effect classified as a financing cash inflow was a benefit of $0.5 million in 2013, a benefit of $0.6 million in 2012 and a benefit of $3.1 million in 2011. | ||||||||||||
Non-qualified Stock Options | ||||||||||||
The portion of the 2007 Plan and the 2004 LTIP applicable to employees is administered by the compensation committee of the board of directors, which also establishes the terms of the awards. | ||||||||||||
Non-qualified stock options granted under both the 2007 Plan and the 2004 LTIP vest over a three or four year period and expire seven to ten years from the date of grant. As of December 31, 2013, options to acquire a total of 1.3 million shares of common stock have been granted to management under both plans. No options have been granted since 2007. While non-qualified stock options may be granted at any price, they have never been granted with an exercise price less than the fair market value of the stock on the date of grant. | ||||||||||||
A summary of our options as of December 31, 2013 and changes during the year then ended is presented below: | ||||||||||||
Number of Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||
Outstanding as of December 31, 2012 | 69,473 | $ | 50.89 | |||||||||
Granted | - | - | ||||||||||
Exercised | - | - | ||||||||||
Forfeited, net of adjustments | - | - | ||||||||||
Outstanding as of December 31, 2013 | 69,473 | $ | 50.89 | P2Y4M | $ | 119 | ||||||
Exercisable as of December 31, 2013 | 69,473 | $ | 50.89 | P2Y4M | $ | 119 | ||||||
No options were exercised in 2013 and 2012. The total intrinsic value of options exercised in 2011 was $3.2 million and the cash received was $4.7 million. | ||||||||||||
As of December 31, 2013, there was no unrecognized compensation cost related to non-vested stock options granted and all options have vested. | ||||||||||||
Restricted Share Awards | ||||||||||||
Restricted shares granted under the 2007 Plan and the 2004 LTIP vest and are expensed over three, four or five year periods. Restricted share awards have been granted in both shares and units. As of December 31, 2013, a total of 2.4 million restricted shares have been granted under both plans. All shares were valued at their fair market value on the date of issuance. Unrecognized compensation cost as of December 31, 2013 is $20.6 million and will be recognized over the remaining weighted average life of 2.2 years. | ||||||||||||
A summary of our restricted shares as of December 31, 2013 and changes during the year then ended are presented below: | ||||||||||||
Weighted-Average | ||||||||||||
Restricted Share Awards | Number of Shares | Grant-Date Fair Value | ||||||||||
Unvested as of December 31, 2012 | 562,055 | $ | 26.44 | |||||||||
Granted | 328,837 | 49.85 | ||||||||||
Vested | -269,188 | 45.95 | ||||||||||
Forfeited | -12,730 | 46.8 | ||||||||||
Unvested as of December 31, 2013 | 608,974 | $ | 30.03 | |||||||||
The total fair value of shares vested on vesting date was $12.4 million in 2013, $9.8 million in 2012 and $14.3 million in 2011. | ||||||||||||
Performance Share Awards | ||||||||||||
Performance shares granted under the 2007 Plan are expensed over three years which generally is the requisite service period. Awards generally become vested if (1) we achieve certain specified performance levels compared to a peer group of companies during a three-year period starting in the grant year and ending on December 31 three years later (the “Performance Period”), and (2) the employee remains employed by us through the determination date which can be no later than four months following the end of the Performance Period. Partial vesting may occur for certain employee terminations. Performance share awards have been granted to executives in shares and units. All shares are valued at their fair market value on the date of issuance. The estimated compensation expense recognized for performance share awards is net of estimated forfeitures. We assess the performance levels in the first quarter of each year for the prior year after each of the peer companies has filed its financial statements. We review the results, adjust the estimated performance level and record any change to compensation cost. As of December 31, 2013, a total of 1.0 million performance shares have been granted. Unrecognized compensation cost as of December 31, 2013 is $6.3 million and will be recognized over the remaining weighted average life of 1.5 years. | ||||||||||||
A summary of our performance shares as of December 31, 2013 and changes during the year then ended are presented below: | ||||||||||||
Weighted-Average | ||||||||||||
Performance Share Awards | Number of Shares | Grant-Date Fair Value | ||||||||||
Unvested as of December 31, 2012 | 444,050 | $ | 47.94 | |||||||||
Granted | 209,008 | 43.46 | ||||||||||
Vested | -258,101 | 39.49 | ||||||||||
Forfeited | -2,755 | 50.01 | ||||||||||
Unvested as of December 31, 2013 | 392,202 | $ | 51.1 | |||||||||
The total fair value, on vesting date, of shares vested in 2013 was $10.2 million, zero in 2012 and $11.5 million in 2011. |
Profit_Sharing_Incentive_and_R
Profit Sharing, Incentive and Retirement Plans | 12 Months Ended |
Dec. 31, 2013 | |
Profit Sharing, Incentive and Retirement Plans [Abstract] | ' |
Profit Sharing, Incentive and Retirement Plans | ' |
14. Profit Sharing, Incentive and Retirement Plans | |
Profit Sharing and Incentive Plans | |
We have an annual incentive compensation program for management employees. The program provides for payments to eligible employees based upon our financial performance, service performance and attainment of individual performance goals, among other things. In addition, our profit sharing plan allows IBT-represented crewmembers to receive payments from the plan based upon Atlas' financial performance. The profit sharing plan is subject to a minimum financial performance threshold. For both plans, we had accruals of $17.0 million as of December 31, 2013 and $14.9 million as of December 31, 2012 in Accrued liabilities. We recognized compensation expense associated with both plans totaling $7.7 million in 2013, $20.5 million in 2012 and $21.9 million in 2011. | |
401(k) and 401(m) Plans | |
Participants in our retirement plan may contribute a portion of their annual compensation to a 401(k) plan on a pre-tax basis, subject to aggregate limits under the Code. In addition to 401(k) contributions, participants may contribute a portion of their eligible compensation to a 401(m) plan on an after-tax basis. On behalf of participants in the plan who make elective compensation deferrals, we provide a matching contribution subject to certain limitations. Employee contributions in the plan are vested at all times and our matching contributions are subject to a three-year cliff vesting provision, except for employees who are represented by a collective bargaining agreement and are subject to a three-year graded vesting provision. We recognized compensation expense associated with the plan matching contributions totaling $7.7 million in 2013, $7.5 million in 2012 and $6.7 million in 2011. |
Stock_Repurchase
Stock Repurchase | 12 Months Ended |
Dec. 31, 2013 | |
Treasury Stock [Abstract] | ' |
Treasury Stock Disclosure | ' |
15. Stock Repurchase | |
We record the repurchase of our shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock, which is a reduction to stockholders' equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. | |
In 2008, we established a stock repurchase program authorizing the repurchase of up to $100.0 million of our common stock. As of December 31, 2013, we had repurchased 2,423,820 shares of our common stock for approximately $91.0 million, at an average cost of $37.55 per share under this program. In November 2013, we announced an increase of $51.0 million to our stock repurchase program, 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. | |
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. | |
In addition, we repurchased 208,524 and 72,131 shares of common stock from management in connection with the vesting of awards at an average price of $42.50 per share in 2013 and $46.46 per share in 2012, and held the shares as treasury shares. The payments were used to pay the statutory tax withholdings of employees related to restricted shares that had previously vested. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share | ' | |||||||||
16. 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 years ended December 31, 2013, 2012 and 2011 were de minimis and excluded. | ||||||||||
The calculations of basic and diluted EPS were as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Numerator: | ||||||||||
Net Income Attributable to Common Stockholders | $ | 93,837 | $ | 129,927 | $ | 96,083 | ||||
Denominator: | ||||||||||
Basic EPS weighted average shares outstanding | 25,541 | 26,419 | 26,227 | |||||||
Effect of dilutive stock options and restricted stock | 86 | 130 | 195 | |||||||
Diluted EPS weighted average shares outstanding | 25,627 | 26,549 | 26,422 | |||||||
EPS: | ||||||||||
Basic | $ | 3.67 | $ | 4.92 | $ | 3.66 | ||||
Diluted | $ | 3.66 | $ | 4.89 | $ | 3.64 | ||||
Diluted shares reflect the potential dilution that could occur from stock options and restricted shares using the treasury stock method. The calculation does not include restricted shares and units in which performance or market conditions were not satisfied of 0.5 million in 2013, 0.4 million in 2012 and 0.3 million in 2011. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||
17. 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, 2011 | $ | -15,853 | $ | 170 | $ | -15,683 | |||||
Net change in fair value | -713 | - | -713 | ||||||||
Reclassification into earnings | 2,652 | - | 2,652 | ||||||||
Translation adjustment | - | 125 | 125 | ||||||||
Tax effect | -704 | 60 | -644 | ||||||||
Balance as of December 31, 2012 | -14,618 | 355 | -14,263 | ||||||||
Net change in fair value | 1,386 | - | 1,386 | ||||||||
Reclassification into earnings | 3,064 | - | 3,064 | ||||||||
Translation adjustment | - | 343 | 343 | ||||||||
Tax effect | -1,207 | - | -1,207 | ||||||||
Balance as of December 31, 2013 | $ | -11,375 | $ | 698 | $ | -10,677 | |||||
Interest Rate Derivatives | |||||||||||
We were exposed to changes in interest rates for the anticipated debt issuances related to the financing of three Boeing 777-200LRF aircraft that we purchased in January 2014 (see Note 19). We used forward-starting interest rate swaps in the fourth quarter of 2013 to effectively fix the interest rate on the three 777-200LRF financings. The use of forward-starting interest rate swaps effectively converted our floating-rate forecasted debt issuances to a fixed rate basis. When entering into forward-starting interest rate swaps, we become exposed to both market risk and credit risk. We were subject to market risk with respect to changes in the underlying benchmark interest rate that impacts the fair value of the forward-starting interest rate swaps. We were subject to counterparty credit risk when the value of the forward-starting interest rate swaps are a gain and the risk exists that the counterparty will fail to perform under the terms of the contract. We manage our counterparty credit risk by only entering into forward-starting interest rate swaps with major financial institutions with investment-grade credit ratings. We manage our market risk by matching the terms of each forward-starting interest rate swap with a specified expected debt issuance. We do not use derivative instruments for trading or speculative purposes. | |||||||||||
We formally document all relationships between hedging instruments and hedged items, as well as our risk management objectives and strategies for undertaking the hedge. This process includes specific identification of the hedging instrument and the hedged transaction, the nature of the risk being hedged and how the hedging instrument's effectiveness will be assessed. Both at the inception of the hedge and on an ongoing basis, we assess whether the derivatives used in a projected transaction are highly effective in offsetting changes in cash flows or the fair value of hedged items. | |||||||||||
In December 2013, we entered into six forward-starting interest rate swaps with a total notional value of $432.5 million to hedge the risk of changes in quarterly interest payments due to fluctuations in the forward 90-day LIBOR swap rate for anticipated debt issuances in January 2014. We designated these forward-starting interest rate swaps as cash flow hedges. Changes in the fair value of the effective portion of the forward-starting interest rate swaps are recorded as a gain or loss in accumulated other comprehensive income (loss) until the underlying hedged item is recognized in net income. We classify both the net earnings and cash flow impact from these forward-starting interest rate swaps consistent with the underlying hedged item. If the debt is not issued and the forward-starting interest rate swaps are terminated, any gain or loss from the termination would be recorded in net income immediately. Hedging ineffectiveness and a net earnings impact would occur if the change in the value of the hedge did not offset the change in the value of the underlying hedged item. | |||||||||||
As of December 31, 2013, the fair value of those forward-starting interest rate swaps was an asset of $9.2 million included in Deposits and other assets, and a liability of $7.8 million included within Accrued liabilities. We recorded unrealized pre-tax gains of $1.4 million and after-tax gains of $1.3 million in Other comprehensive loss for changes in the fair value of our forward-starting interest rate swaps for year ended December 31, 2013. | |||||||||||
In January, 2014, we terminated all six of the forward-starting interest rate swaps in connection with the debt issuances, which converted a previously unrealized gain of $1.1 million into a realized gain in Accumulated other comprehensive income (loss). There was no ineffectiveness associated with these hedges upon their termination. | |||||||||||
As of December 31, 2013, there was $19.8 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 $3.1 million in 2013 and $3.1 million in 2012. Realized losses expected to be reclassified into earnings within the next 12 months are $2.9 million as of December 31, 2013. |
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information (unaudited) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Selected Quarterly Financial Information (unaudited) [Abstract] | ' | ||||||||
Selected Quarterly Financial Information (unaudited) | ' | ||||||||
18. Selected Quarterly Financial Information (unaudited) | |||||||||
The following tables summarize the 2013 and 2012 quarterly results: | |||||||||
First | Second | Third | Fourth | ||||||
2013* | Quarter | Quarter | Quarter | Quarter | |||||
Total Operating Revenue | $377,336 | $403,573 | $405,390 | $470,601 | |||||
Operating Income | 22,597 | 48,461 | 57,706 | 58,027 | |||||
Net Income Attributable | |||||||||
to Common Stockholders | $20,078 | $20,060 | $23,741 | $29,958 | |||||
EPS: | |||||||||
Basic | $0.76 | $0.78 | $0.94 | $1.20 | |||||
Diluted | $0.76 | $0.78 | $0.94 | $1.19 | |||||
First | Second | Third | Fourth | ||||||
2012** | Quarter | Quarter | Quarter | Quarter | |||||
Total Operating Revenue | $359,304 | $424,705 | $409,251 | $452,772 | |||||
Operating Income | 20,579 | 56,118 | 62,265 | 87,529 | |||||
Net Income Attributable | |||||||||
to Common Stockholders | $12,835 | $30,852 | $33,858 | $52,382 | |||||
EPS: | |||||||||
Basic | $0.49 | $1.17 | $1.28 | $1.98 | |||||
Diluted | $0.48 | $1.16 | $1.27 | $1.97 | |||||
* Included in the fourth quarter of 2013 is a special charge of $18.6 million. | |||||||||
** Included in the fourth quarter of 2012 is an insurance gain of $6.3 million related to flood damage at a warehouse. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||||
SubsequentEventsTextBlock | ' | ||||||||||||||
19. Subsequent Events | |||||||||||||||
In January 2014, we purchased three 777-200LRF aircraft that are leased to a customer on a long-term basis. As part of the transaction, we entered into six separate term loans in the aggregate amount of $432.0 million each secured by a mortgage on the aircraft and the attached leases. In connection with entry into these term loans, we paid usual and customary fees. The term loans accrue interest with principal and interest payable quarterly and contain customary covenants and event of default provisions. | |||||||||||||||
The following table summarizes the terms and amounts for each term loan (in millions): | |||||||||||||||
Collateral | Interest | ||||||||||||||
Issue | Face | Aircraft | Original | Rate | Interest | ||||||||||
Date | Value | Tail Number | Term | Type | Rate | ||||||||||
First 2014 Term Loan | 2014 | $ | 115 | MSN 38969 | P0Y114M | Fixed | 4.48% | ||||||||
Second 2014 Term Loan | 2014 | 30.8 | MSN 38969 | P0Y114M | Fixed | 7.30% | |||||||||
Third 2014 Term Loan | 2014 | 115 | MSN 37138 | P0Y118M | Fixed | 4.57% | |||||||||
Fourth 2014 Term Loan | 2014 | 29 | MSN 37138 | P0Y118M | Fixed | 7.38% | |||||||||
Fifth 2014 Term Loan | 2014 | 115 | MSN 39286 | P0Y116M | Fixed | 4.51% | |||||||||
Sixth 2014 Term Loan | 2014 | 27.2 | MSN 39286 | P0Y116M | Fixed | 7.35% | |||||||||
$ | 432 | ||||||||||||||
In January 2014, we refinanced the First 2013 Bridge Loan with an Ex-Im Bank guaranteed note in the amount of $140.6 million secured by a mortgage on a 747-8F aircraft (aircraft tail number N854GT) for a period of 134 months. In connection with entry into this guaranteed note, we paid usual and customary fees. This guaranteed note accrues interest at a fixed rate of 2.67% with principal and interest payable quarterly and contains customary covenants and event of default provisions. | |||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||
Use of Estimates Policy | ' | ||||||||||
Use of Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and judgments that affect the amounts reported in the Financial Statements and the related disclosures. Actual results may differ from those estimates. Estimates are used in determining, among other items, asset lives and residual values, cash flows for impairment analysis, maintenance accruals, valuation allowances (including, but not limited to, those related to receivables, expendable inventory and deferred taxes), income tax accounting, business combinations and related intangible assets, stock-based compensation, self-insurance employee benefit accruals and contingent liabilities (including, but not limited to litigation accruals). | |||||||||||
Revenue Recognition Policy | ' | ||||||||||
Revenue Recognition | |||||||||||
ACMI and CMI revenue are typically recognized as the block hours are operated on behalf of a customer during a given month, as defined contractually, based on flight departure. The time interval between when an aircraft departs the terminal until it arrives at the destination terminal is measured in hours and called “Block Hours”. If a customer flies below the minimum contracted Block Hour guarantee, the contracted minimum revenue amounts are recognized as revenue. We recognize revenue for AMC and Commercial Charter upon flight departure. | |||||||||||
We record Dry Lease rental income on a straight-line basis over the term of the operating lease. Rentals received but unearned under the lease agreements are recorded in deferred revenue and included in Accrued liabilities until earned. In certain cases, leases provide for additional rentals based on usage, which is recorded as revenue as it is earned under the terms of the lease. Usage is calculated based on hourly usage or number of flights operated, depending on the lease agreement, and is typically reported monthly by the lessee. | |||||||||||
The Company recognizes revenue for management and administrative support services when the services are provided. | |||||||||||
Cash and Cash Equivalents Policy | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents include cash on hand, demand deposits and other cash investments that are highly liquid in nature and have original maturities of three months or less at acquisition. | |||||||||||
Short-Term Investments Policy | ' | ||||||||||
Short-Term Investments | |||||||||||
Short-term investments are primarily comprised of certificates of deposit, current portions of debt securities and money market funds. | |||||||||||
Restricted Cash Policy | ' | ||||||||||
Restricted Cash | |||||||||||
Cash that is typically restricted under secured aircraft debt agreements, whereby it can only be used to make principal and interest payments on the related debt secured by those aircraft. | |||||||||||
Accounts Receivable Policy | ' | ||||||||||
Accounts Receivable | |||||||||||
We perform a monthly evaluation of our accounts receivable and establish an allowance for doubtful accounts based on our best estimate of probable credit losses resulting from the inability or unwillingness of our customers to make required payments. Account balances are charged off against the allowance when we determine that it is probable that the receivable will not be recovered. | |||||||||||
Escrow Deposits and Letters of Credit Policy | ' | ||||||||||
Escrow Deposits and Letters of Credit | |||||||||||
We had $5.7 million as of December 31, 2013 and $6.3 million as of December 31, 2012, for certain deposits required in the normal course of business for various items including, but not limited to, surety and customs bonds, airfield privileges, judicial deposits, insurance and cash pledged under standby letters of credit related to collateral. These amounts are included in Deposits and other assets. | |||||||||||
Long Term Investments Policy | ' | ||||||||||
Long-term Investments | |||||||||||
Long-term investments consist of debt securities, including accrued interest, for which management has the intent and ability to hold to maturity. These investments are classified as held-to-maturity and are reported at amortized cost. Interest on debt securities and accretion of discounts using the effective interest method are included in Interest income. | |||||||||||
Expendable Parts Policy | ' | ||||||||||
Expendable Parts | |||||||||||
Expendable parts, materials and supplies for flight equipment are carried at average acquisition costs and are included in Prepaid expenses and other current assets. When used in operations, they are charged to maintenance expense. Allowances for excess and obsolescence for expendable parts expected to be on hand at the date aircraft are retired from service are provided over the estimated useful lives of the related aircraft and engines. These allowances are based on management estimates, which are subject to change as conditions in the business evolve. The net book value of expendable parts inventory was $30.9 million as of December 31, 2013 and $27.5 million at December 31, 2012. The allowance for expendable obsolescence was $11.7 million as of December 31, 2013 and $8.9 million at December 31, 2012. | |||||||||||
Property and Equipment Policy | ' | ||||||||||
Property and Equipment | |||||||||||
We record property and equipment at cost and depreciate these assets on a straight-line basis over their estimated useful lives or average remaining fleet lives to their estimated residual values. We review these assumptions at least annually and adjust depreciation on a prospective basis. Expenditures for major additions, improvements and flight equipment modifications are generally capitalized and depreciated over the shorter of the estimated life of the improvement or the modified assets' remaining life or remaining lease term if any modifications or improvements are made to operating lease equipment. Substantially all property and equipment is specifically pledged as collateral for our indebtedness. The estimated useful lives of our property and equipment are as follows: | |||||||||||
Range | |||||||||||
Flight equipment | 6 to 40 years | ||||||||||
Computer software and equipment | 3 to 5 years | ||||||||||
Ground handling equipment and other | 3 to 5 years | ||||||||||
Depreciation expense related to property and equipment was $83.9 million in 2013, $60.2 million in 2012 and $37.0 million in 2011. | |||||||||||
The net book value of flight equipment on Dry Lease to customers was $507.1 million as of December 31, 2013 and $88.0 million as of December 31, 2012. The accumulated depreciation for flight equipment on Dry Lease to customers was $18.7 million as of December 31, 2013 and $7.9 million as of December 31, 2012. | |||||||||||
Rotable parts are recorded in Property and equipment, net, and are depreciated over their average remaining fleet lives and written off when they are determined to be beyond economic repair. The net book value of rotable parts inventory was $97.5 million as of December 31, 2013 and $82.8 million as of December 31, 2012. | |||||||||||
Capitalized Interest on Pre-delivery Deposits Policy | ' | ||||||||||
Capitalized Interest on Pre-delivery Deposits | |||||||||||
Interest on funds used to finance the acquisition of flight equipment up to the date the asset is ready for its intended use is capitalized and included in the cost of the asset if the asset is actively under construction. Included in capitalized interest is the interest paid on the pre-delivery deposit borrowings directly associated with the acquisition of flight equipment. The remainder of capitalized interest recorded on the acquisition of flight equipment is determined by taking the weighted average cost of funds associated with our other debt and applying it against the amounts paid as pre-delivery deposits. Pre-delivery deposits for our 747-8F aircraft included capitalized interest of $23.3 million as of December 31, 2012. | |||||||||||
Impairment of Long-Lived Assets Policy | ' | ||||||||||
Impairment of Long-Lived Assets | |||||||||||
We record impairment charges on long-lived assets used in operations when events and circumstances indicate that the assets may be impaired, the undiscounted cash flows estimated to be generated by those assets are less than their carrying amount and the net book value of the assets exceeds their estimated fair value. In making these determinations, we use certain assumptions, including, but not limited to: (i) estimated fair value of the assets and (ii) estimated future cash flows expected to be generated by these assets, which are based on additional assumptions such as asset utilization, revenue generated, associated costs, length of service and estimated residual values. To conduct impairment testing, we group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. For flight equipment used in our ACMI, AMC Charter and Commercial Charter segments, assets are grouped at the operating fleet level. For flight equipment used in our Dry Leasing segment, assets are grouped on an individual basis. | |||||||||||
In developing these estimates for flight equipment, we use industry data for the equipment types and our anticipated utilization of the assets. | |||||||||||
During 2011, we recorded impairment charges on our 747-200 aircraft, as well as the related engines, rotable inventory and other equipment (see Note 4). | |||||||||||
Variable Interest Entities and Off-Balance-Sheet Arrangements Policy | ' | ||||||||||
Variable Interest Entities and Off-Balance Sheet Arrangements | |||||||||||
We hold a 49% interest in GSS, a private company. GSS is a variable interest entity and we are the primary beneficiary of GSS for financial reporting purposes. Atlas dry leases three 747-8F owned aircraft to GSS. The leases provide for payment of rent and a provision for maintenance costs associated with the aircraft. GSS provides ACMI services to British Airways Plc (“British Airways”) using these three aircraft. In January 2014, British Airways notified us that they would be terminating our ACMI agreement and returning three 747-8F aircraft in April 2014. | |||||||||||
Our investment in GSS was $2.8 million as of December 31, 2013 and $2.9 million as of December 31, 2012 and our maximum exposure to losses from the entity is limited to our investment in GSS and any operating losses of GSS. GSS does not have any third-party debt obligations. | |||||||||||
We hold a 50% 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 provide 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. Our investment in GATS was $13.2 million as of December 31, 2013 and $12.3 million as of December 31, 2012 and our maximum exposure to losses from the entity is limited to our investment, which is composed primarily of rotable inventory parts. GATS does not have any third-party debt obligations. | |||||||||||
A portion of our operating aircraft are owned or effectively owned and leased through trusts established specifically to purchase, finance and lease aircraft to us. We have not consolidated any aircraft in the related trusts because we are not the primary beneficiary. Our maximum exposure under these operating leases is the remaining lease payments, which amounts are reflected in the future lease commitments more fully described in Note 8. | |||||||||||
Income Taxes Policy | ' | ||||||||||
Income Taxes | |||||||||||
Deferred income taxes are recognized for the tax consequences of reporting items in our income tax returns at different times than the items are reflected in our financial statements. These temporary differences result in deferred tax assets and liabilities that are calculated by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. If necessary, deferred income tax assets are reduced by a valuation allowance to an amount that is determined to be more likely than not recoverable. We must make significant estimates and assumptions about future taxable income and future tax consequences when determining the amount, if any, of the valuation allowance. | |||||||||||
In addition, we establish tax reserves when we believe that certain tax positions are subject to challenge and may not be sustained on audit. These reserves are based on subjective estimates and assumptions involving the relative filing positions and the potential exposure from audits and litigation. | |||||||||||
Debt Issuance Costs Policy | ' | ||||||||||
Debt Issuance Costs | |||||||||||
Costs associated with the issuance of debt are capitalized and amortized over the life of the respective debt obligation, using the effective interest method of amortization. Amortization of debt issuance costs was $7.5 million in 2013, $2.2 million in 2012 and $0.5 million in 2011, and was included as a component of Interest expense. | |||||||||||
Heavy Maintenance Policy | ' | ||||||||||
Heavy Maintenance | |||||||||||
We account for heavy maintenance costs for airframes and engines used in our ACMI, AMC Charter and Commercial Charter segments using the direct expense method. Under this method, heavy maintenance costs are charged to expense upon induction, based on our best estimate of the costs. This method can result in expense volatility between quarterly and annual periods, depending on the number and type of heavy maintenance events performed. | |||||||||||
We account for heavy maintenance costs for airframes and engines used in our Dry Leasing segment using the deferral method. Under this method, we capitalize the cost of heavy maintenance events, which are depreciated on a straight-line basis over the estimated period until the next maintenance event is required. | |||||||||||
Prepaid Maintenance Deposits Policy | ' | ||||||||||
Prepaid Maintenance Deposits | |||||||||||
Certain of our aircraft financing agreements require security deposits to our finance providers to ensure that we perform major maintenance as required. These are substantially refundable to us and are, therefore, accounted for as deposits and included in Prepaid maintenance and in Deposits and other assets. Such amounts were $48.8 million as of December 31, 2013 and $58.2 million at December 31, 2012. | |||||||||||
Foreign Currency Policy | ' | ||||||||||
Foreign Currency | |||||||||||
While most of our revenues are denominated in U.S. dollars, our results of operations may be exposed to the effect of fluctuations in the U.S. dollar value of foreign currency-denominated operating revenues and expenses. Our largest exposures come from the Brazilian real, British pound and Japanese yen. We do not currently have a foreign currency hedging program related to our foreign currency-denominated transactions. Gains or losses resulting from foreign currency transactions are included in Non-operating expenses (income). | |||||||||||
Stock-Based Compensation Policy | ' | ||||||||||
Stock-Based Compensation | |||||||||||
We have various stock-based compensation plans for certain employees and outside directors, which are described more fully in Note 13. We recognize compensation expense, net of estimated forfeitures, on a straight-line basis over the vesting period for each award based on the fair value on grant date. We estimate grant date fair value for all option grants using the Black-Scholes-Merton option pricing model. We estimate option and restricted stock/unit forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual forfeitures differ from those estimates. As a result, we record stock-based compensation expense only for those awards that are expected to vest. | |||||||||||
Litigation Accruals Policy | ' | ||||||||||
Litigation Accruals | |||||||||||
We are party to certain legal and regulatory proceedings with respect to a variety of matters. We evaluate the likelihood of an unfavorable outcome of these proceedings under accounting guidance for contingencies. These judgments are subjective based on numerous factors, which may include the status of the legal or regulatory proceedings, the merits of our defenses and consultation with legal counsel. The actual outcomes of these proceedings may differ materially from our judgments. Legal costs are accrued as incurred and recorded in Other operating expenses. | |||||||||||
Supplemental Cash Flow Information | ' | ||||||||||
Supplemental Cash Flow Information | |||||||||||
Cash interest paid to lenders is calculated on the face amount of our various debt instruments based on the contractual interest rates in effect during each payment period. | |||||||||||
The amortization of debt discount shown as a reconciling item in cash flows from operating activities is the difference between interest expense and cash interest owed to lenders. This amount arises from the amortization of the difference between the fair value of our debt recorded on the balance sheet and the face amount of debt payable to lenders. | |||||||||||
The following table summarizes interest and income taxes paid: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Interest paid | $ | 68,026 | $ | 54,790 | $ | 37,616 | |||||
Income taxes paid, net of refunds | $ | 238 | $ | -27,371 | $ | 4,236 | |||||
Reclassifications Policy | ' | ||||||||||
Reclassifications | |||||||||||
Certain reclassifications have been made to prior periods' consolidated financial statement amounts and related note disclosures to conform to the current year's presentation. | |||||||||||
Recently Adopted Accounting Pronouncements Policy | ' | ||||||||||
Recently Adopted Accounting Pronouncements | |||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) 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. | |||||||||||
In July 2013, the FASB issued updated income tax presentation guidance that requires entities to net unrecognized tax benefits with certain deferred tax assets when specific requirements are met. We adopted this guidance effective December 31, 2013 and its adoption did not have a material impact on our financial condition, results of operations or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Summary Of Significant Accounting Policies Tables [Abstract] | ' | ||||||||||
Estimated Useful Lives of Property and Equipment | ' | ||||||||||
Range | |||||||||||
Flight equipment | 6 to 40 years | ||||||||||
Computer software and equipment | 3 to 5 years | ||||||||||
Ground handling equipment and other | 3 to 5 years | ||||||||||
Supplemental Cash Flow Information | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Interest paid | $ | 68,026 | $ | 54,790 | $ | 37,616 | |||||
Income taxes paid, net of refunds | $ | 238 | $ | -27,371 | $ | 4,236 |
DHL_Investment_and_Polar_Table
DHL Investment and Polar (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
DHL Investment And Polar Tables [Abstract] | ' | ||||||||||
Summary of Our Transactions with Polar | ' | ||||||||||
Revenue and Expenses: | 2013 | 2012 | 2011 | ||||||||
ACMI segment revenue from Polar | $ | 283,021 | $ | 259,757 | $ | 228,896 | |||||
Other revenue from Polar | $ | 11,380 | $ | 11,349 | $ | 11,349 | |||||
Ground handling and airport fees paid to Polar | $ | 1,174 | $ | 1,654 | $ | 1,683 | |||||
Accounts receivable/payable as of December 31: | 2013 | 2012 | |||||||||
Receivables from Polar | $ | 4,249 | $ | 4,264 | |||||||
Payables to Polar | $ | 3,464 | $ | 140 | |||||||
Aggregate Carrying Value of Polar Investment as of December 31: | 2013 | 2012 | |||||||||
$ | 4,870 | $ | 4,870 |
Intangible_Assets_net_Tables
Intangible Assets, net (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Intangible Assets Net Tables [Abstract] | ' | ||||||
Intangible Assets, net | ' | ||||||
2013 | 2012 | ||||||
Fair value adjustment on operating leases | $ | 45,531 | $ | 45,531 | |||
Lease intangibles | 14,230 | 10,205 | |||||
Customer relationship | - | 2,438 | |||||
Less: accumulated amortization | -25,903 | -22,641 | |||||
$ | 33,858 | $ | 35,533 | ||||
Estimated Future Amortization Expense of Intangible Assets | ' | ||||||
2014 | $ | 4,760 | |||||
2015 | 4,538 | ||||||
2016 | 3,826 | ||||||
2017 | 3,535 | ||||||
2018 | 3,259 | ||||||
Thereafter | 13,940 | ||||||
Total | $ | 33,858 |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accrued Liabilities Tables [Abstract] | ' | ||||||
Accrued Liabilities | ' | ||||||
2013 | 2012 | ||||||
Maintenance | $ | 43,813 | $ | 38,475 | |||
Salaries, wages and benefits | 36,450 | 32,734 | |||||
Deferred revenue | 26,279 | 18,619 | |||||
Aircraft fuel | 14,905 | 19,882 | |||||
Other | 72,845 | 42,757 | |||||
Accrued liabilities | $ | 194,292 | $ | 152,467 |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Debt Tables [Abstract] | ' | |||||||||||||||||
Debt Obligations | ' | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Ex-Im Bank guaranteed notes | $ | 739,741 | $ | 560,078 | ||||||||||||||
Term loans | 702,668 | 450,652 | ||||||||||||||||
EETCs | 254,216 | 293,312 | ||||||||||||||||
Total debt | 1,696,625 | 1,304,042 | ||||||||||||||||
Less current portion of debt | -157,486 | -154,760 | ||||||||||||||||
Long-term debt | $ | 1,539,139 | $ | 1,149,282 | ||||||||||||||
Terms And Balances For Each Note Issued Under The Ex-Im Bank Facility | ' | |||||||||||||||||
Collateral | Fixed | |||||||||||||||||
Issue | Face | Aircraft | Original | Interest | ||||||||||||||
Date | Value | Tail Number | Term | Rate | 2013 | 2012 | ||||||||||||
First 2013 Ex-Im Guaranteed Note | 2013 | $ | 143 | N855GT | P12Y | 1.83% | $ | 137.6 | $ | - | ||||||||
Second 2013 Ex-Im Guaranteed Note | 2013 | 88 | MSN 35606 | P0Y90M | 1.84% | 85.3 | - | |||||||||||
First 2012 Ex-Im Guaranteed Note | 2012 | 142 | N850GT | P12Y | 2.02% | 126.1 | 136.8 | |||||||||||
Second 2012 Ex-Im Guaranteed Note | 2012 | 142.7 | N851GT | P12Y | 1.73% | 129.3 | 140 | |||||||||||
Third 2012 Ex-Im Guaranteed Note | 2012 | 142.8 | N852GT | P12Y | 1.56% | 129.2 | 140.1 | |||||||||||
Fourth 2012 Ex-Im Guaranteed Note | 2012 | 143.2 | N853GT | P12Y | 1.48% | 132.2 | 143.2 | |||||||||||
$ | 739.7 | $ | 560.1 | |||||||||||||||
Terms And Balances For Each Term Loan Outstanding | ' | |||||||||||||||||
Collateral | Interest | Interest | ||||||||||||||||
Issue | Face | Aircraft | Original | Rate | Rate at | |||||||||||||
Date | Value | Tail Number | Term | Type | 2013 | 2012 | 2013 | 2012 | ||||||||||
First 2013 Term Loan | 2013 | $ | 119.5 | MSN 36201 | P0Y89M | Variable | 3.08% | 0.00% | $ | 112.9 | $ | - | ||||||
First 2013 Bridge Loan | 2013 | 105.4 | N854GT | P1Y | Variable | 4.66% | 0.00% | 103.6 | - | |||||||||
Third 2013 Term Loan | 2013 | 110 | MSN 36200 | P0Y88M | Fixed | 4.18% | 0.00% | 107.9 | - | |||||||||
First 2012 Term Loan | 2012 | 35.7 | N464MC, N465MC, N640GT,N641GT | P5Y | Fixed | 6.91% | 6.91% | 23 | 30.4 | |||||||||
Second 2012 Term Loan | 2012 | 8.5 | N642GT | P5Y | Fixed | 6.89% | 6.89% | 5.8 | 7.5 | |||||||||
Third 2012 Term Loan | 2012 | 26 | MSN 29681 | P7Y | Fixed | 4.27% | 4.27% | 22.3 | 26 | |||||||||
First 2011 Term Loan | 2011 | 120.3 | G-GSSD | P12Y | Fixed | 6.16% | 6.16% | 108 | 113.6 | |||||||||
Second 2011 Term Loan | 2011 | 120 | G-GSSE | P12Y | Fixed | 6.37% | 6.37% | 108.6 | 114.5 | |||||||||
Third 2011 Term Loan | 2011 | 120 | G-GSSF | P12Y | Fixed | 6.37% | 6.37% | 108.6 | 114.5 | |||||||||
2010 Term Loan | 2010 | 8.1 | B-2808 | P0Y50M | Fixed | 4.33% | 4.33% | 2 | 4 | |||||||||
First 2008 Term Loan | 2008 | 58.4 | N419MC | P5Y | Variable | 0.00% | 2.61% | - | 23.5 | |||||||||
Second 2008 Term Loan | 2008 | 41.6 | N429MC | P5Y | Variable | 0.00% | 2.45% | - | 16.7 | |||||||||
$ | 702.7 | $ | 450.7 | |||||||||||||||
Terms And Balances For Each EETC Outstanding | ' | |||||||||||||||||
Collateral | Fixed | Effective | ||||||||||||||||
Issue | Face | Aircraft | Original | Equipment | Interest | |||||||||||||
Date | Value | Tail Number | Term | Note Rates | Rate | 2013 | 2012 | |||||||||||
2000 EETC | 2000 | $ | 108.5 | N409MC | P20Y | 8.71% to 9.70% | 11.31% | $ | 47.2 | $ | 51.5 | |||||||
1999EETC | 1999 | 108.3 | N476GT | P20Y | 6.88% to 8.77% | 13.94% | 31.7 | 36 | ||||||||||
1999 | 108.4 | N496MC | P20Y | 6.88% to 8.77% | 13.94% | 41.2 | 45.9 | |||||||||||
1999 | 109.9 | N499MC | P20Y | 6.88% to 8.77% | 7.52% | 42.3 | 48.8 | |||||||||||
1998 EETC | 1998 | 105.6 | N475GT | P20Y | 7.38% to 8.01% | 13.89% | 39.6 | 44.8 | ||||||||||
1998 | 103.1 | N493MC | P20Y | 7.38% to 8.01% | 13.72% | 39.5 | 45.4 | |||||||||||
1998 | 107.9 | N477GT | P20Y | 7.38% to 8.01% | 7.54% | 12.7 | 20.9 | |||||||||||
$ | 254.2 | $ | 293.3 | |||||||||||||||
Future Cash Payments For Debt | ' | |||||||||||||||||
2014 | $ | 266,525 | ||||||||||||||||
2015 | 157,610 | |||||||||||||||||
2016 | 160,977 | |||||||||||||||||
2017 | 161,610 | |||||||||||||||||
2018 | 166,393 | |||||||||||||||||
Thereafter | 824,878 | |||||||||||||||||
Total debt cash payments | 1,737,993 | |||||||||||||||||
Less: unamortized debt discount | -41,368 | |||||||||||||||||
Debt | $ | 1,696,625 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Leases And Aircraft Purchase Commitments Tables [Abstract] | ' | ||||||||||
Rental Expenses | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Aircraft | $ | 160,415 | $ | 154,968 | $ | 159,362 | |||||
Purchased capacity, office, vehicles and other | $ | 34,062 | $ | 21,335 | $ | 13,735 | |||||
Minimum Annual Rental Commitments | ' | ||||||||||
Aircraft | Other | ||||||||||
Operating | Operating | ||||||||||
Leases | Leases | Total | |||||||||
2014 | $ | 131,309 | $ | 4,623 | $ | 135,932 | |||||
2015 | 131,241 | 4,342 | 135,583 | ||||||||
2016 | 129,632 | 3,902 | 133,534 | ||||||||
2017 | 129,480 | 142 | 129,622 | ||||||||
2018 | 130,955 | 145 | 131,100 | ||||||||
Thereafter | 599,247 | 633 | 599,880 | ||||||||
Total payments | $ | 1,251,864 | $ | 13,787 | $ | 1,265,651 | |||||
Contractual Amount of Minimum Dry Lease Income | ' | ||||||||||
Dry Lease | |||||||||||
Income | |||||||||||
2014 | $ | 63,360 | |||||||||
2015 | 63,360 | ||||||||||
2016 | 63,360 | ||||||||||
2017 | 63,360 | ||||||||||
2018 | 52,800 | ||||||||||
Thereafter | - | ||||||||||
$ | 306,240 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Taxes Tables [Abstract] | ' | |||||||||||||
Components of the Provision for Income Taxes | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Current: | ||||||||||||||
Federal | $ | - | $ | - | $ | -22,082 | ||||||||
State and local | 116 | 173 | 682 | |||||||||||
Foreign | 861 | 23 | 464 | |||||||||||
Total current expense (benefit) | 977 | 196 | -20,936 | |||||||||||
Deferred: | ||||||||||||||
Federal | 26,354 | 69,352 | 77,252 | |||||||||||
State and local | -2,111 | 4,867 | 2,639 | |||||||||||
Foreign | -1,387 | 1,146 | 1,725 | |||||||||||
Total deferred expense | 22,856 | 75,365 | 81,616 | |||||||||||
Total income tax expense | $ | 23,833 | $ | 75,561 | $ | 60,680 | ||||||||
Domestic and Foreign Earnings before Income Taxes | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
United States | $ | 108,709 | $ | 204,034 | $ | 155,899 | ||||||||
Foreign | 9,113 | 1,241 | 1,090 | |||||||||||
Income before income taxes | $ | 117,822 | $ | 205,275 | $ | 156,989 | ||||||||
Effective Income Tax Rate Reconciliation | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |||||||||||
State and local taxes based on income, net of federal benefit | 1.10% | 1.60% | 1.50% | |||||||||||
Change in state deferred tax rate | -1.90% | 0.00% | 0.00% | |||||||||||
Extraterritorial income tax benefit | -12.30% | 0.00% | 0.00% | |||||||||||
Other expenses not deductible for tax purposes | 1.50% | 0.70% | 0.80% | |||||||||||
Favorable resolution of income tax issues for prior periods | -1.80% | -1.20% | 0.00% | |||||||||||
Tax effect of foreign operations | -1.50% | 0.80% | 0.80% | |||||||||||
Other | 0.10% | -0.10% | 0.50% | |||||||||||
Effective income tax rate | 20.20% | 36.80% | 38.60% | |||||||||||
Deferred Tax Assets (Liabilities) | ' | |||||||||||||
Assets (Liabilities) | ||||||||||||||
2013 | 2012 | |||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||
Fixed assets | $ | - | $ | -643,197 | $ | - | $ | -593,483 | ||||||
Net operating loss carryforwards and credits | 47,161 | 300,110 | 21,251 | 306,124 | ||||||||||
Aircraft leases | - | 12,704 | - | 10,959 | ||||||||||
Interest rate derivatives | - | 7,124 | - | 8,330 | ||||||||||
Stock-based compensation | - | 7,190 | - | 8,251 | ||||||||||
Accrued compensation | 9,219 | - | 7,079 | - | ||||||||||
Maintenance expense | -1,120 | 509 | -2,444 | 718 | ||||||||||
Equity investments in affiliates | - | 585 | - | -668 | ||||||||||
Revaluation of debt | - | -2,467 | - | -2,748 | ||||||||||
Accrued expenses | -1,156 | -2,024 | -457 | -3,081 | ||||||||||
Acquisition of EETC debt | - | -12,407 | - | -9,353 | ||||||||||
Other | 146 | 4,011 | -147 | 4,775 | ||||||||||
Valuation allowance | -4,643 | -43,133 | -2,375 | -45,320 | ||||||||||
Obsolescence reserve | 4,381 | - | 3,249 | - | ||||||||||
$ | 53,988 | $ | -370,995 | $ | 26,156 | $ | -315,496 | |||||||
Assets (Liabilities) | ||||||||||||||
2013 | 2012 | |||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||
Deferred taxes included within: | ||||||||||||||
Deferred taxes | $ | 54,001 | $ | - | $ | 26,390 | $ | - | ||||||
Accrued liabilities | -13 | - | -234 | - | ||||||||||
Deferred taxes | - | -371,655 | - | -315,949 | ||||||||||
Deposits and other assets | - | 660 | - | 453 | ||||||||||
$ | 53,988 | $ | -370,995 | $ | 26,156 | $ | -315,496 | |||||||
Unrecognized Income Tax Benefits | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Beginning balance | $ | 73,518 | $ | 75,951 | $ | 75,681 | ||||||||
Additions for tax positions related to the current year | - | 310 | 333 | |||||||||||
Additions for tax positions related to prior years | 5,822 | 307 | 21 | |||||||||||
Reductions for tax positions related to prior years | -2,661 | -3,050 | -84 | |||||||||||
Ending balance | $ | 76,679 | $ | 73,518 | $ | 75,951 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Financial Instruments Tables [Abstract] | ' | ||||||||||||||||||
Carrying Amount, Estimated Fair Value and Classification of Our Financial Instruments | ' | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 321,816 | $ | 321,816 | $ | 321,816 | $ | - | $ | - | |||||||||
Short-term investments | 10,904 | 10,904 | - | - | 10,904 | ||||||||||||||
Restricted cash | 6,491 | 6,491 | 6,491 | - | - | ||||||||||||||
Interest rate derivatives | 9,182 | 9,182 | - | 9,182 | - | ||||||||||||||
Long-term investments and accrued interest | 130,267 | 174,795 | - | - | 174,795 | ||||||||||||||
$ | 478,660 | $ | 523,188 | $ | 328,307 | $ | 9,182 | $ | 185,699 | ||||||||||
Liabilities | |||||||||||||||||||
Interest rate derivatives | $ | 7,796 | $ | 7,796 | $ | - | $ | 7,796 | $ | - | |||||||||
Term loans | 702,668 | 701,421 | - | - | 701,421 | ||||||||||||||
Ex-Im Bank guaranteed notes | 739,741 | 718,703 | - | - | 718,703 | ||||||||||||||
EETCs | 254,216 | 329,973 | - | - | 329,973 | ||||||||||||||
$ | 1,704,421 | $ | 1,757,893 | $ | - | $ | 7,796 | $ | 1,750,097 | ||||||||||
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 | ' | ||||||||||||||||||
31-Dec-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 | 130,267 | 44,528 | 174,795 | 132,133 | 35,838 | 167,971 | |||||||||||||
Total | $ | 130,267 | $ | 44,528 | $ | 174,795 | $ | 140,498 | $ | 37,242 | $ | 177,740 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Reporting Tables [Abstract] | ' | ||||||||||
Operating Revenue and Direct Contribution For Our Reportable Business Segments | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Operating Revenue: | |||||||||||
ACMI | $ | 755,008 | $ | 682,189 | $ | 632,509 | |||||
AMC Charter | 356,340 | 488,063 | 442,725 | ||||||||
Commercial Charter | 496,112 | 450,277 | 299,528 | ||||||||
Dry Leasing | 35,168 | 11,843 | 9,695 | ||||||||
Other | 14,272 | 13,660 | 13,759 | ||||||||
Total Operating Revenue | $ | 1,656,900 | $ | 1,646,032 | $ | 1,398,216 | |||||
Direct Contribution: | |||||||||||
ACMI | $ | 227,829 | $ | 191,497 | $ | 148,320 | |||||
AMC Charter | 52,489 | 99,591 | 86,962 | ||||||||
Commercial Charter | 57 | 32,079 | 40,200 | ||||||||
Dry Leasing | 14,017 | 4,598 | 4,631 | ||||||||
Total Direct Contribution for Reportable Segments | 294,392 | 327,765 | 280,113 | ||||||||
Add back (subtract): | |||||||||||
Unallocated income and expenses, net | -152,059 | -124,331 | -118,047 | ||||||||
Loss on early extinguishment of debt | -5,518 | -576 | - | ||||||||
Special charge | -18,642 | - | -5,441 | ||||||||
Loss (gain) on disposal of aircraft | -351 | 2,417 | 364 | ||||||||
Income before Income Taxes | 117,822 | 205,275 | 156,989 | ||||||||
Add back (subtract): | |||||||||||
Interest income | -19,813 | -19,636 | -20,193 | ||||||||
Interest expense | 83,659 | 64,532 | 42,120 | ||||||||
Capitalized interest | -2,350 | -18,727 | -27,636 | ||||||||
Loss on early extinguishment of debt | 5,518 | 576 | - | ||||||||
Other expense (income), net | 1,954 | -5,529 | -180 | ||||||||
Operating Income | $ | 186,790 | $ | 226,491 | $ | 151,100 | |||||
Depreciation and Amortization by Reportable Business Segments | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Depreciation and amortization expense: | |||||||||||
ACMI | $ | 45,737 | $ | 34,965 | $ | 22,057 | |||||
AMC Charter | 10,647 | 10,720 | 5,879 | ||||||||
Commercial Charter | 10,615 | 7,415 | 4,294 | ||||||||
Dry Leasing | 11,669 | 4,873 | 3,031 | ||||||||
Unallocated | 7,721 | 4,502 | 4,084 | ||||||||
Total Depreciation and Amortization | $ | 86,389 | $ | 62,475 | $ | 39,345 |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stock Based Compensation Plans Tables [Abstract] | ' | |||||||||||
Summary of Our Options | ' | |||||||||||
Number of Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||
Outstanding as of December 31, 2012 | 69,473 | $ | 50.89 | |||||||||
Granted | - | - | ||||||||||
Exercised | - | - | ||||||||||
Forfeited, net of adjustments | - | - | ||||||||||
Outstanding as of December 31, 2013 | 69,473 | $ | 50.89 | P2Y4M | $ | 119 | ||||||
Exercisable as of December 31, 2013 | 69,473 | $ | 50.89 | P2Y4M | $ | 119 | ||||||
Summary of Our Restricted Shares | ' | |||||||||||
Weighted-Average | ||||||||||||
Restricted Share Awards | Number of Shares | Grant-Date Fair Value | ||||||||||
Unvested as of December 31, 2012 | 562,055 | $ | 26.44 | |||||||||
Granted | 328,837 | 49.85 | ||||||||||
Vested | -269,188 | 45.95 | ||||||||||
Forfeited | -12,730 | 46.8 | ||||||||||
Unvested as of December 31, 2013 | 608,974 | $ | 30.03 | |||||||||
Summary of Our Performance Shares | ' | |||||||||||
Weighted-Average | ||||||||||||
Performance Share Awards | Number of Shares | Grant-Date Fair Value | ||||||||||
Unvested as of December 31, 2012 | 444,050 | $ | 47.94 | |||||||||
Granted | 209,008 | 43.46 | ||||||||||
Vested | -258,101 | 39.49 | ||||||||||
Forfeited | -2,755 | 50.01 | ||||||||||
Unvested as of December 31, 2013 | 392,202 | $ | 51.1 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share Tables [Abstract] | ' | |||||||||
Calculations of Basic and Diluted EPS | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Numerator: | ||||||||||
Net Income Attributable to Common Stockholders | $ | 93,837 | $ | 129,927 | $ | 96,083 | ||||
Denominator: | ||||||||||
Basic EPS weighted average shares outstanding | 25,541 | 26,419 | 26,227 | |||||||
Effect of dilutive stock options and restricted stock | 86 | 130 | 195 | |||||||
Diluted EPS weighted average shares outstanding | 25,627 | 26,549 | 26,422 | |||||||
EPS: | ||||||||||
Basic | $ | 3.67 | $ | 4.92 | $ | 3.66 | ||||
Diluted | $ | 3.66 | $ | 4.89 | $ | 3.64 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 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, 2011 | $ | -15,853 | $ | 170 | $ | -15,683 | |||||
Net change in fair value | -713 | - | -713 | ||||||||
Reclassification into earnings | 2,652 | - | 2,652 | ||||||||
Translation adjustment | - | 125 | 125 | ||||||||
Tax effect | -704 | 60 | -644 | ||||||||
Balance as of December 31, 2012 | -14,618 | 355 | -14,263 | ||||||||
Net change in fair value | 1,386 | - | 1,386 | ||||||||
Reclassification into earnings | 3,064 | - | 3,064 | ||||||||
Translation adjustment | - | 343 | 343 | ||||||||
Tax effect | -1,207 | - | -1,207 | ||||||||
Balance as of December 31, 2013 | $ | -11,375 | $ | 698 | $ | -10,677 |
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Selected Quarterly Financial Information Tables [Abstract] | ' | ||||||||
Selected Quarterly Financial Information (unaudited) | ' | ||||||||
First | Second | Third | Fourth | ||||||
2013* | Quarter | Quarter | Quarter | Quarter | |||||
Total Operating Revenue | $377,336 | $403,573 | $405,390 | $470,601 | |||||
Operating Income | 22,597 | 48,461 | 57,706 | 58,027 | |||||
Net Income Attributable | |||||||||
to Common Stockholders | $20,078 | $20,060 | $23,741 | $29,958 | |||||
EPS: | |||||||||
Basic | $0.76 | $0.78 | $0.94 | $1.20 | |||||
Diluted | $0.76 | $0.78 | $0.94 | $1.19 | |||||
First | Second | Third | Fourth | ||||||
2012** | Quarter | Quarter | Quarter | Quarter | |||||
Total Operating Revenue | $359,304 | $424,705 | $409,251 | $452,772 | |||||
Operating Income | 20,579 | 56,118 | 62,265 | 87,529 | |||||
Net Income Attributable | |||||||||
to Common Stockholders | $12,835 | $30,852 | $33,858 | $52,382 | |||||
EPS: | |||||||||
Basic | $0.49 | $1.17 | $1.28 | $1.98 | |||||
Diluted | $0.48 | $1.16 | $1.27 | $1.97 |
Subsequent_Events_Table
Subsequent Events Table | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||||
Subsequent Events (Table) | ' | ||||||||||||||
Collateral | Interest | ||||||||||||||
Issue | Face | Aircraft | Original | Rate | Interest | ||||||||||
Date | Value | Tail Number | Term | Type | Rate | ||||||||||
First 2014 Term Loan | 2014 | $ | 115 | MSN 38969 | P0Y114M | Fixed | 4.48% | ||||||||
Second 2014 Term Loan | 2014 | 30.8 | MSN 38969 | P0Y114M | Fixed | 7.30% | |||||||||
Third 2014 Term Loan | 2014 | 115 | MSN 37138 | P0Y118M | Fixed | 4.57% | |||||||||
Fourth 2014 Term Loan | 2014 | 29 | MSN 37138 | P0Y118M | Fixed | 7.38% | |||||||||
Fifth 2014 Term Loan | 2014 | 115 | MSN 39286 | P0Y116M | Fixed | 4.51% | |||||||||
Sixth 2014 Term Loan | 2014 | 27.2 | MSN 39286 | P0Y116M | Fixed | 7.35% | |||||||||
$ | 432 |
Basis_of_Presentation_Detail
Basis of Presentation (Detail) | Dec. 31, 2013 |
Basis Of Presentation Details [Abstract] | ' |
Equity interest in PACW | 51.00% |
Voting interest in PACW | 75.00% |
Summary_of_Significant_Account3
Summary of Significant Account Policies (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization Of Debt Issuance Costs Details [Abstract] | ' | ' | ' |
Amortization of debt issuance costs | $7.50 | $2.20 | $0.50 |
Capitalized Interest on Pre-delivery Deposits [Abstract] | ' | ' | ' |
Capitalized interest on pre-delivery deposits | ' | 23.3 | ' |
Escrow Deposits And Letters Of Credit Details [Abstract] | ' | ' | ' |
Escrow deposits and letters of credit | 5.7 | 6.3 | ' |
Expendable Parts Inventory Details [Abstract] | ' | ' | ' |
Expendable parts net book value | 30.9 | 27.5 | ' |
Allowance for expendable obsolescence | 11.7 | 8.9 | ' |
Prepaid Maintenance Deposits Details [Abstract] | ' | ' | ' |
Prepaid maintenance deposits | 48.8 | 58.2 | ' |
Property and Equipment [Abstract] | ' | ' | ' |
Depreciation expense | 83.9 | 60.2 | 37 |
Net book value on flight equipment dry leased to customers | 507.1 | 88 | ' |
Accumulated depreciation on flight equipment on dry lease | 18.7 | 7.9 | ' |
Rotable parts inventory, net book value | 97.5 | 82.8 | ' |
Variable Interest Entities And Off Balance Sheet Arrangements Details [Abstract] | ' | ' | ' |
Ownership interest in GSS | 49.00% | ' | ' |
747-8F owned aircraft dry leased to GSS | 3 | ' | ' |
Investment in GSS | 2.8 | 2.9 | ' |
Ownership interest in GATS | 50.00% | ' | ' |
Investment in GATS | $13.20 | $12.30 | ' |
Summary_of_Significant_Account4
Summary of Significant Account Policies - Property and Equipment Depreciable Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Flight equipment | Minimum [Member] | ' |
Property And Equipment Useful Life Minimum [Abstract] | ' |
Property and Equipment, depreciable life | '6 years |
Flight equipment | Maximum [Member] | ' |
Property And Equipment Useful Life Minimum [Abstract] | ' |
Property and Equipment, depreciable life | '40 years |
Computer software and equipment | Minimum [Member] | ' |
Property And Equipment Useful Life Minimum [Abstract] | ' |
Property and Equipment, depreciable life | '3 years |
Computer software and equipment | Maximum [Member] | ' |
Property And Equipment Useful Life Minimum [Abstract] | ' |
Property and Equipment, depreciable life | '5 years |
Ground handling equipment and other | Minimum [Member] | ' |
Property And Equipment Useful Life Minimum [Abstract] | ' |
Property and Equipment, depreciable life | '3 years |
Ground handling equipment and other | Maximum [Member] | ' |
Property And Equipment Useful Life Minimum [Abstract] | ' |
Property and Equipment, depreciable life | '5 years |
Summary_of_Significant_Account5
Summary of Significant Account Policies - Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income taxes paid [Abstract] | ' | ' | ' |
Income taxes paid, net of refunds | $238 | ($27,371) | $4,236 |
Interest paid [Abstract] | ' | ' | ' |
Interest paid | $68,026 | $54,790 | $37,616 |
DHL_Investment_and_Polar_Detai
DHL Investment and Polar (Detail) | Dec. 31, 2013 |
Dhl Investment And Polar Details [Abstract] | ' |
Number of aircraft Polar currently operates that are subleased from Atlas | 6 |
DHL_Investment_and_Polar_Perce
DHL Investment and Polar Percentages (Detail) | Dec. 31, 2013 |
Dhl Investment And Polar Percentages [Abstract] | ' |
DHL equity interest in Polar | 49.00% |
DHL voting interest in Polar | 25.00% |
DHL_Investment_and_Polar_Table1
DHL Investment and Polar Table (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
DHL Investment and Polar Table Details [Line Items] | ' | ' | ' |
ACMI revenue from Polar | $283,021 | $259,757 | $228,896 |
Other revenue from Polar | 11,380 | 11,349 | 11,349 |
Ground handling and airport fees paid to Polar | 1,174 | 1,654 | 1,683 |
Receivables from Polar | 4,249 | 4,264 | ' |
Payables to Polar | 3,464 | 140 | ' |
Aggregate carrying value of Polar investment | $4,870 | $4,870 | ' |
Special_Charge_Detail
Special Charge (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Special Charge Details [Abstract] | ' | ' |
Early Termination of Operating Leases | $17.80 | ' |
Customer Relationship Impairment | 0.8 | ' |
Fleet retirement charge | ' | 5.4 |
Impairment charge for the retirement of the 747-200 fleet, as well as the related engines, rotable inventory and other equipment | ' | 4.1 |
Impairment charges related to employee termination benefits for the 747-200 fleet | ' | $1.30 |
Intangible_Assets_net_Tables_D
Intangible Assets, net Tables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets Table Details [Abstract] | ' | ' |
Fair value adjustment on operating leases | $45,531 | $45,531 |
Lease intangibles | 14,230 | 10,205 |
CustomerRelationship | 0 | 2,438 |
Less: accumulated amortization | -25,903 | -22,641 |
Intangible assets, net | $33,858 | $35,533 |
Intangible_Assets_net_Narrativ
Intangible Assets, net Narrative (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Intangible Assets Amortization Expense Details [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $4.90 | $4.70 | $4.70 |
Intangible_Assets_net_Future_A
Intangible Assets, net Future Amortization Table (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Schedule Of Estimated Amortization Expense Table Details [Abstract] | ' |
2014 | $4,760 |
2015 | 4,538 |
2016 | 3,826 |
2017 | 3,535 |
2018 | 3,259 |
Thereafter | 13,940 |
Total | $33,858 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities Details [Abstract] | ' | ' |
Maintenance | $43,813 | $38,475 |
Salaries, wages and benefits | 36,450 | 32,734 |
Deferred revenue | 26,279 | 18,619 |
Aircraft fuel | 14,905 | 19,882 |
Other | 72,845 | 42,757 |
Accrued liabilities | $194,292 | $152,467 |
Debt_Obligations_Table_Detail
Debt Obligations Table (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt [Abstract] | ' | ' |
Ex-Im Bank guaranteed notes | $739,741 | $560,078 |
Term Loans | 702,668 | 450,652 |
EETCs | 254,216 | 293,312 |
Total debt | 1,696,625 | 1,304,042 |
Less current portion of debt | 157,486 | 154,760 |
Long-term debt | $1,539,139 | $1,149,282 |
Debt_Monetary_Detail
Debt Monetary (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt [Abstract] | ' | ' |
Unamortized discount related to the fair market value adjustments recorded against debt | $41.40 | $46.80 |
Apple Bank Term Loan Facility | 864.8 | ' |
Potential additional AMLR per month | 0.1 | ' |
AMLR limit per aircraft | $11 | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 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 |
Debt_Guaranteed_Notes_Detail
Debt Guaranteed Notes (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | $739.70 | $560.10 |
First 2013 Ex-Im Guaranteed Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Issue Date | '2013 | ' |
Face Value | 143 | ' |
Collateral Aircraft Tail Number | 'N855GT | ' |
Original Term | '12 years | ' |
Fixed Interest Rate | 1.83% | ' |
Carrying Value | 137.6 | 0 |
Second 2013 Ex-Im Guaranteed Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Issue Date | '2013 | ' |
Face Value | 88 | ' |
Collateral Aircraft Tail Number | 'MSN 35606 | ' |
Original Term | '0 years 90 months | ' |
Fixed Interest Rate | 1.84% | ' |
Carrying Value | 85.3 | 0 |
First 2012 Ex-Im Guaranteed Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Issue Date | '2012 | ' |
Face Value | 142 | ' |
Collateral Aircraft Tail Number | 'N850GT | ' |
Original Term | '12 years | ' |
Fixed Interest Rate | 2.00% | ' |
Carrying Value | 126.1 | 136.8 |
Second 2012 Ex-Im Guaranteed Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Issue Date | '2012 | ' |
Face Value | 142.7 | ' |
Collateral Aircraft Tail Number | 'N851GT | ' |
Original Term | '12 years | ' |
Fixed Interest Rate | 1.73% | ' |
Carrying Value | 129.3 | 140 |
Third 2012 Ex-Im Guaranteed Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Issue Date | '2012 | ' |
Face Value | 142.8 | ' |
Collateral Aircraft Tail Number | 'N852GT | ' |
Original Term | '12 years | ' |
Fixed Interest Rate | 1.56% | ' |
Carrying Value | 129.2 | 140.1 |
Fourth 2012 Ex-Im Guaranteed Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Issue Date | '2012 | ' |
Face Value | 143.2 | ' |
Collateral Aircraft Tail Number | 'N853GT | ' |
Original Term | '12 years | ' |
Fixed Interest Rate | 1.48% | ' |
Carrying Value | $132.20 | $143.20 |
Debt_Term_Loan_Detail
Debt Term Loan (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Term Loans [Line Items] | ' | ' |
Carrying Value | $739.70 | $560.10 |
First 2013 Term Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2013 | ' |
Face Value | 119.5 | ' |
Collateral Aircraft Tail Number | 'MSN 36201 | ' |
Original Term | '0 years 89 months | ' |
Interest Rate Type | 'Variable | ' |
Variable Interest Rate | 3.08% | 0.00% |
Carrying Value | 112.9 | 0 |
First 2013 Bridge Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2013 | ' |
Face Value | 105.4 | ' |
Collateral Aircraft Tail Number | 'N854GT | ' |
Original Term | '1 year | ' |
Interest Rate Type | 'Variable | ' |
Variable Interest Rate | 4.66% | 0.00% |
Carrying Value | 103.6 | 0 |
Third 2013 Term Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2013 | ' |
Face Value | 110 | ' |
Collateral Aircraft Tail Number | 'MSN 36200 | ' |
Original Term | '0 years 88 months | ' |
Interest Rate Type | 'Fixed | ' |
Fixed Interest Rate | 4.18% | 0.00% |
Carrying Value | 107.9 | 0 |
First 2012 Term Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2012 | ' |
Face Value | 35.7 | ' |
Collateral Aircraft Tail Number | 'N464MC, N465MC, N640GT,N641GT | ' |
Original Term | '5 years | ' |
Interest Rate Type | 'Fixed | ' |
Fixed Interest Rate | 6.91% | 6.91% |
Carrying Value | 23 | 30.4 |
Second 2012 Term Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2012 | ' |
Face Value | 8.5 | ' |
Collateral Aircraft Tail Number | 'N642GT | ' |
Original Term | '5 years | ' |
Interest Rate Type | 'Fixed | ' |
Fixed Interest Rate | 6.89% | 6.89% |
Carrying Value | 5.8 | 7.5 |
Third 2012 Term Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2012 | ' |
Face Value | 26 | ' |
Collateral Aircraft Tail Number | 'MSN 29681 | ' |
Original Term | '7 years | ' |
Interest Rate Type | 'Fixed | ' |
Fixed Interest Rate | 4.27% | 4.27% |
Carrying Value | 22.3 | 26 |
First 2011 Term Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2011 | ' |
Face Value | 120.3 | ' |
Collateral Aircraft Tail Number | 'G-GSSD | ' |
Original Term | '12 years | ' |
Interest Rate Type | 'Fixed | ' |
Fixed Interest Rate | 6.16% | 6.16% |
Carrying Value | 108 | 113.6 |
Second 2011 Term Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2011 | ' |
Face Value | 120 | ' |
Collateral Aircraft Tail Number | 'G-GSSE | ' |
Original Term | '12 years | ' |
Interest Rate Type | 'Fixed | ' |
Fixed Interest Rate | 6.37% | 6.37% |
Carrying Value | 108.6 | 114.5 |
Third 2011 Term Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2011 | ' |
Face Value | 120 | ' |
Collateral Aircraft Tail Number | 'G-GSSF | ' |
Original Term | '12 years | ' |
Interest Rate Type | 'Fixed | ' |
Fixed Interest Rate | 6.37% | 6.37% |
Carrying Value | 108.6 | 114.5 |
Term Loan 2010 | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2010 | ' |
Face Value | 8.1 | ' |
Collateral Aircraft Tail Number | 'B-2808 | ' |
Original Term | '0 years 50 months | ' |
Interest Rate Type | 'Fixed | ' |
Fixed Interest Rate | 4.33% | 4.33% |
Carrying Value | 2 | 4 |
First 2008 Term Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2008 | ' |
Face Value | 58.4 | ' |
Collateral Aircraft Tail Number | 'N419MC | ' |
Original Term | '5 years | ' |
Interest Rate Type | 'Variable | ' |
Variable Interest Rate | 0.00% | 2.61% |
Carrying Value | 0 | 23.5 |
Second 2008 Term Loan | ' | ' |
Term Loans [Line Items] | ' | ' |
Issue Date | '2008 | ' |
Face Value | 41.6 | ' |
Collateral Aircraft Tail Number | 'N429MC | ' |
Original Term | '5 years | ' |
Interest Rate Type | 'Variable | ' |
Variable Interest Rate | 0.00% | 2.45% |
Carrying Value | $0 | $16.70 |
Debt_Detail
Debt (Detail) | Dec. 31, 2013 |
Debt [Abstract] | ' |
Maximum number of separate 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 separate term loan under the Ex-Im Bank Facility | 1 |
Number of aircraft financed under EETCs | 12 |
Number of aircraft financed under EETCs as leveraged leases | 5 |
Number of series issued for equipment notes for each aircraft financed by EETCs | 3 |
Debt_Percentage_Detail
Debt Percentage (Detail) | Dec. 31, 2013 |
Debt [Abstract] | ' |
Percentage of original cost of aircraft invested by original owner participant for each aircraft for EETC | 20.00% |
Percentage of original cost of aircraft financed with debt for EETC | 80.00% |
Minimum original interest rate on EETCs | 6.88% |
Maximum original interest rate on EETCs | 9.70% |
Debt_Leveraged_Lease_Structure
Debt Leveraged Lease Structure (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
LeveragedLease [Line Items] | ' | ' |
Carrying Value | $739.70 | $560.10 |
EETC 2000 | ' | ' |
LeveragedLease [Line Items] | ' | ' |
Issue Date | '2000 | ' |
Face Value | 108.5 | ' |
Collateral Aircraft Tail Number | 'N409MC | ' |
Original Term | '20 years | ' |
Fixed Interst Rate Range | '8.71% to 9.70% | ' |
Fixed Interest Rate | 11.31% | ' |
Carrying Value | 47.2 | 51.5 |
First 1999 EETC | ' | ' |
LeveragedLease [Line Items] | ' | ' |
Issue Date | '1999 | ' |
Face Value | 108.3 | ' |
Collateral Aircraft Tail Number | 'N476GT | ' |
Original Term | '20 years | ' |
Fixed Interst Rate Range | '6.88% to 8.77% | ' |
Fixed Interest Rate | 13.94% | ' |
Carrying Value | 31.7 | 36 |
Second 1999 EETC | ' | ' |
LeveragedLease [Line Items] | ' | ' |
Issue Date | '1999 | ' |
Face Value | 108.4 | ' |
Collateral Aircraft Tail Number | 'N496MC | ' |
Original Term | '20 years | ' |
Fixed Interst Rate Range | '6.88% to 8.77% | ' |
Fixed Interest Rate | 13.94% | ' |
Carrying Value | 41.2 | 45.9 |
Third 1999 EETC | ' | ' |
LeveragedLease [Line Items] | ' | ' |
Issue Date | '1999 | ' |
Face Value | 109.9 | ' |
Collateral Aircraft Tail Number | 'N499MC | ' |
Original Term | '20 years | ' |
Fixed Interst Rate Range | '6.88% to 8.77% | ' |
Fixed Interest Rate | 7.52% | ' |
Carrying Value | 42.3 | 48.8 |
First 1998 EETC | ' | ' |
LeveragedLease [Line Items] | ' | ' |
Issue Date | '1998 | ' |
Face Value | 105.6 | ' |
Collateral Aircraft Tail Number | 'N475GT | ' |
Original Term | '20 years | ' |
Fixed Interst Rate Range | '7.38% to 8.01% | ' |
Fixed Interest Rate | 13.89% | ' |
Carrying Value | 39.6 | 44.8 |
Second 1998 EETC | ' | ' |
LeveragedLease [Line Items] | ' | ' |
Issue Date | '1998 | ' |
Face Value | 103.1 | ' |
Collateral Aircraft Tail Number | 'N493MC | ' |
Original Term | '20 years | ' |
Fixed Interst Rate Range | '7.38% to 8.01% | ' |
Fixed Interest Rate | 13.72% | ' |
Carrying Value | 39.5 | 45.4 |
Third 1998 EETC | ' | ' |
LeveragedLease [Line Items] | ' | ' |
Issue Date | '1998 | ' |
Face Value | 107.9 | ' |
Collateral Aircraft Tail Number | 'N477GT | ' |
Original Term | '20 years | ' |
Fixed Interst Rate Range | '7.38% to 8.01% | ' |
Fixed Interest Rate | 7.54% | ' |
Carrying Value | $12.70 | $20.90 |
Future_Cash_Payments_for_Debt_
Future Cash Payments for Debt Table (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Future Cash Payments for Debt [Abstract] | ' | ' |
2014 | $266,525 | ' |
2015 | 157,610 | ' |
2016 | 160,977 | ' |
2017 | 161,610 | ' |
2018 | 166,393 | ' |
Thereafter | 824,878 | ' |
Total debt cash payments | 1,737,993 | ' |
Less: unamortized debt discount | -41,368 | ' |
Total debt | $1,696,625 | $1,304,042 |
Leases_and_Aircraft_Purchase_C
Leases and Aircraft Purchase Commitments Narrative (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Leases And Aircraft Purchase Commitments Details [Abstract] | ' |
Number of operating aircraft leased | 13 |
Total number of operating aircraft | 43 |
Average remaining lease term of leased aircraft | '9 years 1 month |
Lease Term Range | '2014 to 2025 |
Leases_and_Aircraft_Purchase_C1
Leases and Aircraft Purchase Commitments Tables (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Dry Lease Income [Abstract] | ' | ' | ' |
2014 | $63,360 | ' | ' |
2015 | 63,360 | ' | ' |
2016 | 63,360 | ' | ' |
2017 | 63,360 | ' | ' |
2018 | 52,800 | ' | ' |
Thereafter | 0 | ' | ' |
Total minimum Dry Lease income | 306,240 | ' | ' |
Rental Expenses [Abstract] | ' | ' | ' |
Aircraft | 160,415 | 154,968 | 159,362 |
Purchase capacity, offices, vehicles and other | $34,062 | $21,335 | $13,735 |
Lease_and_Minimum_Purchase_Com
Lease and Minimum Purchase Commitments Table (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Aircraft Operating Leases [Member] | ' |
Minimum Annual Commitments [Line Items] | ' |
2014 | $131,309 |
2015 | 131,241 |
2016 | 129,632 |
2017 | 129,480 |
2018 | 130,955 |
Thereafter | 599,247 |
Total payments | 1,251,864 |
Other Operating Leases [Member] | ' |
Minimum Annual Commitments [Line Items] | ' |
2014 | 4,623 |
2015 | 4,342 |
2016 | 3,902 |
2017 | 142 |
2018 | 145 |
Thereafter | 633 |
Total payments | 13,787 |
Total [Member] | ' |
Minimum Annual Commitments [Line Items] | ' |
2014 | 135,932 |
2015 | 135,583 |
2016 | 133,534 |
2017 | 129,622 |
2018 | 131,100 |
Thereafter | 599,880 |
Total payments | $1,265,651 |
Income_Taxes_Tables_Detail
Income Taxes Tables (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Federal | $0 | $0 | ($22,082) |
State and local | 116 | 173 | 682 |
Foreign | 861 | 23 | 464 |
Total current expense (benefit) | 977 | 196 | -20,936 |
Deferred | ' | ' | ' |
Federal | 26,354 | 69,352 | 77,252 |
State and local | -2,111 | 4,867 | 2,639 |
Foreign | -1,387 | 1,146 | 1,725 |
Total deferred expense | 22,856 | 75,365 | 81,616 |
Total income tax expense | 23,833 | 75,561 | 60,680 |
Domestic and foreign earnings before income taxes | ' | ' | ' |
United States | 108,709 | 204,034 | 155,899 |
Foreign | 9,113 | 1,241 | 1,090 |
Income before income taxes | 117,822 | 205,275 | 156,989 |
Reconciliation of differences between the U.S. federal statutory income tax rate and the effective income tax rates | ' | ' | ' |
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State and local taxes based on income, net of federal benefit | 1.10% | 1.60% | 1.50% |
Change in state deferred tax rate | -1.90% | 0.00% | 0.00% |
Extraterritorial income tax benefit | -12.30% | 0.00% | 0.00% |
Other expenses not deductible for tax purposes | 1.50% | 0.70% | 0.80% |
Favorable resolution of income tax issues on prior returns | -1.80% | -1.20% | 0.00% |
Tax effect of foreign operations | -1.50% | 0.80% | 0.80% |
Other | 0.10% | -0.10% | 0.50% |
Effective income tax rate | 20.20% | 36.80% | 38.60% |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning Balance | 73,518 | 75,951 | 75,681 |
Additions for tax positions related to the current year | 0 | 310 | 333 |
Additions for tax positions related to prior year | 5,822 | 307 | 21 |
Reductions for tax positions related to prior years | -2,661 | -3,050 | -84 |
Ending Balance | $73,518 | $75,951 | $75,681 |
Income_Taxes_Monetary_Detail
Income Taxes Monetary (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure Narrative Details [Abstract] | ' | ' |
ETI Benefit | $14.20 | ' |
Undistributed Earnings of Foreign Subsidiaries | 10.8 | ' |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability | 3.8 | ' |
U.S. Federal tax net operating losses | 761 | 733.3 |
NOL Expirations | 'Through 2033 | ' |
U.S. federal tax credits | 4.5 | 4.8 |
Foreign NOLs for HK and Singapore | 185.9 | ' |
Valuation allowance | 47.8 | 47 |
Income taxes receivable | 0.6 | 0.6 |
Refund of U.S. federal income taxes paid | ' | 27.6 |
Unrecognized income tax benefits that would impact the effective income tax rate | 76.7 | ' |
Tax-related interest expense | -1.8 | 0.6 |
Cumulative liability for tax-related interest | 2.1 | 3.9 |
Prior period tax reclass | ' | $50.60 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes Net Deferred Tax Table (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Net Deferred Tax Asset Liability [Member] | ' | ' |
Components Of Net Deferred Tax Asset Liability [Abstract] | ' | ' |
Fixed assets | $0 | $0 |
Net operating loss carryforwards and credits | 47,161 | 21,251 |
Aircraft leases | 0 | 0 |
Interest rate derivatives | 0 | 0 |
Stock-based compensation | 0 | 0 |
Accrued compensation | 9,219 | 7,079 |
Maintenance expense | -1,120 | -2,444 |
Equity investments in affiliates | 0 | 0 |
Revaluation of debt | 0 | 0 |
Accrued expenses | -1,156 | -457 |
Acquisition of EETC debt | 0 | 0 |
Other | 146 | -147 |
Valuation allowance | -4,643 | -2,375 |
Obsolescence Reserve | 4,381 | 3,249 |
Total net deferred tax asset (liability) | 53,988 | 26,156 |
Deferred Taxes Included Within [Abstract] | ' | ' |
Deferred taxes | 54,001 | 26,390 |
Accrued Liabilities Deferred Tax | -13 | -234 |
Deferred Tax Liability | 0 | 0 |
Deposits and other assets | 0 | 0 |
Total net deferred tax asset (liability) | 53,988 | 26,156 |
Noncurrent Net Deferred Tax Asset Liability [Member] | ' | ' |
Components Of Net Deferred Tax Asset Liability [Abstract] | ' | ' |
Fixed assets | -643,197 | -593,483 |
Net operating loss carryforwards and credits | 300,110 | 306,124 |
Aircraft leases | 12,704 | 10,959 |
Interest rate derivatives | 7,124 | 8,330 |
Stock-based compensation | 7,190 | 8,251 |
Accrued compensation | 0 | 0 |
Maintenance expense | 509 | 718 |
Equity investments in affiliates | 585 | -668 |
Revaluation of debt | -2,467 | -2,748 |
Accrued expenses | -2,024 | -3,081 |
Acquisition of EETC debt | -12,407 | -9,353 |
Other | 4,011 | 4,775 |
Valuation allowance | -43,133 | -45,320 |
Obsolescence Reserve | 0 | 0 |
Total net deferred tax asset (liability) | -370,995 | -315,496 |
Deferred Taxes Included Within [Abstract] | ' | ' |
Deferred taxes | 0 | 0 |
Accrued Liabilities Deferred Tax | 0 | 0 |
Deferred Tax Liability | -371,655 | -315,949 |
Deposits and other assets | 660 | 453 |
Total net deferred tax asset (liability) | ($370,995) | ($315,496) |
Financial_Instruments_Fair_Val
Financial Instruments Fair Value Table (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $321,816 | $409,763 | $187,111 | $588,852 |
Short-term investments | 10,904 | 10,119 | ' | ' |
Restricted cash | 6,491 | 0 | ' | ' |
Interest rate derivatives | 9,200 | ' | ' | ' |
Long-term investments and accrued interest | 130,267 | 140,498 | ' | ' |
Liabilities | ' | ' | ' | ' |
Interest rate derivatives | 7,800 | ' | ' | ' |
Term loans | 702,668 | 450,652 | ' | ' |
Ex-Im Bank guaranteed notes | 739,741 | 560,078 | ' | ' |
EETCs | 254,216 | 293,312 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 321,816 | 409,763 | ' | ' |
Short-term investments | 10,904 | 10,119 | ' | ' |
Restricted cash | 6,491 | ' | ' | ' |
Interest rate derivatives | 9,182 | ' | ' | ' |
Long-term investments and accrued interest | 130,267 | 140,498 | ' | ' |
Financial instruments assets | 478,660 | 560,380 | ' | ' |
Liabilities | ' | ' | ' | ' |
Interest rate derivatives | 7,796 | ' | ' | ' |
Term loans | 702,668 | 450,652 | ' | ' |
Ex-Im Bank guaranteed notes | 739,741 | 560,078 | ' | ' |
EETCs | 254,216 | 293,312 | ' | ' |
Financial instruments liabilities | 1,704,421 | 1,304,042 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 321,816 | 409,763 | ' | ' |
Short-term investments | 10,904 | 10,119 | ' | ' |
Restricted cash | 6,491 | ' | ' | ' |
Interest rate derivatives | 9,182 | ' | ' | ' |
Long-term investments and accrued interest | 174,795 | 177,740 | ' | ' |
Financial instruments assets | 523,188 | 597,622 | ' | ' |
Liabilities | ' | ' | ' | ' |
Interest rate derivatives | 7,796 | ' | ' | ' |
Term loans | 701,421 | 461,530 | ' | ' |
Ex-Im Bank guaranteed notes | 718,703 | 556,742 | ' | ' |
EETCs | 329,973 | 325,187 | ' | ' |
Financial instruments liabilities | 1,757,893 | 1,343,459 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 321,816 | 409,763 | ' | ' |
Short-term investments | 0 | 0 | ' | ' |
Restricted cash | 6,491 | ' | ' | ' |
Interest rate derivatives | 0 | ' | ' | ' |
Long-term investments and accrued interest | 0 | 0 | ' | ' |
Financial instruments assets | 328,307 | 409,763 | ' | ' |
Liabilities | ' | ' | ' | ' |
Interest rate derivatives | 0 | ' | ' | ' |
Term loans | 0 | 0 | ' | ' |
Ex-Im Bank guaranteed notes | 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 | ' | ' | ' |
Interest rate derivatives | 9,182 | ' | ' | ' |
Long-term investments and accrued interest | 0 | 0 | ' | ' |
Financial instruments assets | 9,182 | 0 | ' | ' |
Liabilities | ' | ' | ' | ' |
Interest rate derivatives | 7,796 | ' | ' | ' |
Term loans | 0 | 0 | ' | ' |
Ex-Im Bank guaranteed notes | 0 | 0 | ' | ' |
EETCs | 0 | 0 | ' | ' |
Financial instruments liabilities | 7,796 | 0 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Short-term investments | 10,904 | 10,119 | ' | ' |
Restricted cash | 0 | ' | ' | ' |
Interest rate derivatives | 0 | ' | ' | ' |
Long-term investments and accrued interest | 174,795 | 177,740 | ' | ' |
Financial instruments assets | 185,699 | 187,859 | ' | ' |
Liabilities | ' | ' | ' | ' |
Interest rate derivatives | 0 | ' | ' | ' |
Term loans | 701,421 | 461,530 | ' | ' |
Ex-Im Bank guaranteed notes | 718,703 | 556,742 | ' | ' |
EETCs | 329,973 | 325,187 | ' | ' |
Financial instruments liabilities | $1,750,097 | $1,343,459 | ' | ' |
Financial_Instruments_Contract
Financial Instruments Contractual Maturity Table (Detail) (USD $) | Dec. 31, 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 | 130,267 | 132,133 |
Total, carrying value | 130,267 | 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) | 44,528 | 35,838 |
Total, gross unrealized gain (loss) | 44,528 | 37,242 |
Due after one but within five years, fair value | 0 | 9,769 |
Due after five but within ten years, fair value | 174,795 | 167,971 |
Total, fair value | $174,795 | $177,740 |
Segment_Reporting_Narrative_De
Segment Reporting Narrative (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Narrative Details [Abstract] | ' | ' |
Current AMC contract period | 'October 1, 2013 through September 30, 2014 | ' |
Accounts receivable from the AMC | $6.60 | $14 |
Segment_Reporting_Detail
Segment Reporting (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Revenue | ' | ' | ' |
ACMI | $755,008 | $682,189 | $632,509 |
AMC Charter | 356,340 | 488,063 | 442,725 |
Commercial Charter | 496,112 | 450,277 | 299,528 |
Dry Leasing | 35,168 | 11,843 | 9,695 |
Other | 14,272 | 13,660 | 13,759 |
Total Operating Revenue | 1,656,900 | 1,646,032 | 1,398,216 |
Direct Contribution | ' | ' | ' |
ACMI | 227,829 | 191,497 | 148,320 |
AMC Charter | 52,489 | 99,591 | 86,962 |
Commercial Charter | 57 | 32,079 | 40,200 |
Dry Leasing | 14,017 | 4,598 | 4,631 |
Total Direct Contribution for Reportable Segments | 294,392 | 327,765 | 280,113 |
Unallocated income and expenses, net | -152,059 | -124,331 | -118,047 |
Loss on early extinguishment of debt | -5,518 | -576 | 0 |
Special charge | -18,642 | 0 | -5,441 |
Loss (gain) on disposal of aircraft | -351 | 2,417 | 364 |
Income before income taxes | 117,822 | 205,275 | 156,989 |
Interest income | -19,813 | -19,636 | -20,193 |
Interest expense | 83,659 | 64,532 | 42,120 |
Capitalized interest | -2,350 | -18,727 | -27,636 |
Loss on early extinguishment of debt | 5,518 | 576 | 0 |
Other expense (income), net | 1,954 | -5,529 | -180 |
Operating Income | $186,790 | $226,491 | $151,100 |
Segment_Reporting_Depreciation
Segment Reporting Depreciation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SegmentReportingDepreciationAndAmortization[Abstract] | ' | ' | ' |
ACMI | $45,737 | $34,965 | $22,057 |
AMC Charter | 10,647 | 10,720 | 5,879 |
Commercial Charter | 10,615 | 7,415 | 4,294 |
Dry Leasing | 11,669 | 4,873 | 3,031 |
Unallocated | 7,721 | 4,502 | 4,084 |
Total depreciation and amortization | $86,389 | $62,475 | $39,345 |
Legal_Proceedings_Detail
Legal Proceedings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Labor And Legal Proceedings [Abstract] | ' | ' |
Union work force percentage | 53.50% | ' |
Brazilian claims in the aggregate | $8.30 | ' |
Amounts on deposit for Brazilian claims included in Deposits and other assets | $5.70 | $6.30 |
StockBased_Compensaton_Plans_N
Stock-Based Compensaton Plans Narrative (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Stock Based Compensation Plans Text Details [Abstract] | ' | ' | ' | ' |
Number of shares authorized under the 2004 LTIP | 2.8 | ' | ' | ' |
Shares reserved for issuance under the 2007 LTIP | 0.6 | ' | ' | ' |
Awards under 2004 LTIP since the adoption of the 2007 LTIP | 0 | ' | ' | ' |
2007 LTIP terms | 'The 2007 Plan limits the terms of awards to ten years and prohibits the granting of awards more than ten years after the effective date of the 2007 Plan. | ' | ' | ' |
Additional shares approved by stockholders to be reserved under the 2007 LTIP | 1.3 | 0.8 | ' | 0.5 |
2007 LTIP number of shares available for future award grants | 1.9 | ' | ' | ' |
LTIP compensation expense | $15.40 | $16.80 | $11.40 | ' |
Tax benefit recognized for stock-based compensation arrangements | 3.1 | 6.7 | 4.8 | ' |
Excess cash tax benefit | 0.5 | 0.6 | 3.1 | ' |
Non-qualified stock options terms | 'Non-qualified stock options granted under both the 2007 Plan and the 2004 LTIP vest over a three or four year period and expire seven to ten years from the date of grant. | ' | ' | ' |
Options to acquire shares of common stock granted to management | 1.3 | ' | ' | ' |
Options granted since 2007 | 0 | ' | ' | ' |
Total intrinsic value of options exercised | 0 | 0 | 3.2 | ' |
Unrecognized compensation cost related to nonvested options | 0 | ' | ' | ' |
Cash received for options exercised | ' | ' | 4.7 | ' |
Restricted shares vesting period | 'Restricted shares granted under the 2007 Plan and the 2004 LTIP vest and are being expensed over three, four or five year periods. | ' | ' | ' |
Total restricted shares granted under both plans | 2.4 | ' | ' | ' |
Restricted shares unrecognized compensation cost | 20.6 | ' | ' | ' |
Restricted shares remaining weighted average life (in years) | 2.2 | ' | ' | ' |
Total fair value, on vesting date, of restricted shares vested | 12.4 | 9.8 | 14.3 | ' |
Performance shares vesting period | 'Performance shares granted under the 2007 Plan are being expensed over three years which generally is the requisite service period. Awards generally become vested if (1) we achieve certain specified performance levels compared to a peer group of companies during a three-year period starting in the grant year and ending on December 31 three years later (the “Performance Period”), and (2) the employee remains employed by us through the determination date which can be no later than four months following the end of the Performance Period. Partial vesting may occur for certain employee terminations. | ' | ' | ' |
Total performance shares granted | 1 | ' | ' | ' |
Performance shares unrecognized compensation cost | 6.3 | ' | ' | ' |
Performance shares remaining weighted average life (in years) | 1.5 | ' | ' | ' |
Total fair value, on vesting date, of performance shares vested | $10.20 | $0 | $11.50 | ' |
StockBased_Compensaton_Plans_T
Stock-Based Compensaton Plans Tables-Share (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Options [Abstract] | ' | ' |
Options outstanding | 69,473 | 69,473 |
Options granted | 0 | ' |
Options exercised | 0 | ' |
Options forfeited, net of adjustments | 0 | ' |
Weighted-average remaining contractual term of options outstanding (in years) | '2 years 4 months | ' |
Options exercisable | 69,473 | ' |
Weighted-average remaining contractual term of options exercisable (in years) | '2 years 4 months | ' |
Summary Of Performance Shares [Abstract] | ' | ' |
Unvested performance share awards | 392,202 | 444,050 |
Granted performance share awards | 209,008 | ' |
Vested performance share awards | -258,101 | ' |
Forfeited performance share awards | -2,755 | ' |
Summary Of Restricted Shares [Abstract] | ' | ' |
Unvested restricted share awards | 608,974 | 562,055 |
Granted restricted share awards | 328,837 | ' |
Vested restricted share awards | -269,188 | ' |
Forfeited restricted share awards | -12,730 | ' |
StockBased_Compensaton_Plans_T1
Stock-Based Compensaton Plans Tables-Per Share (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Options [Abstract] | ' | ' |
Weighted-average exercise price of options outstanding | $50.89 | $50.89 |
Weighted-average exercise price of options granted | $0 | ' |
Weighted-average exercise price of options exercised | $0 | ' |
Weighted-average exercise price of grants of options forfeited, net of adjustments | $0 | ' |
Weighted-average exercise price of options exercisable | $50.89 | ' |
Summary Of Performance Shares [Abstract] | ' | ' |
Weighted-average grant-date fair value of performance shares unvested | $51.10 | $47.94 |
Weighted-average grant-date fair value of performance shares granted | $43.46 | ' |
Weighted-average grant-date fair value of performance shares vested | $39.49 | ' |
Weighted-average grant-date fair value of performance shares forfeited | $50.01 | ' |
Summary Of Restricted Shares [Abstract] | ' | ' |
Weighted-average grant-date fair value of restricted shares unvested | $30.03 | $26.44 |
Weighted-average grant-date fair value of restricted shares granted | $49.85 | ' |
Weighted-average grant-date fair value of restricted shares vested | $45.95 | ' |
Weighted-average grant-date fair value of restricted shares forfeited | $46.80 | ' |
StockBased_Compensaton_Plans_T2
Stock-Based Compensaton Plans Tables-Aggregate (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Summary Of Options [Abstract] | ' |
Aggregate intrinsic value of options outstanding | $119 |
Aggregate intrinsic value of options exercisable | $119 |
Profit_Sharing_Incentive_and_R1
Profit Sharing, Incentive and Retirement Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Profit Sharing And Incentive Plans Details [Abstract] | ' | ' | ' |
Accrual for profit sharing and incentive plans liabilities | $17 | $14.90 | ' |
Profit sharing and incentive plans expense recognized | 7.7 | 20.5 | 21.9 |
Retirement Plans Details [Abstract] | ' | ' | ' |
401(k) compensation expense | $7.70 | $7.50 | $6.70 |
Profit_Sharing_Incentive_and_R2
Profit Sharing, Incentive and Retirement Plans Terms (Detail) | Dec. 31, 2013 |
Retirement Plans Terms Details [Abstract] | ' |
Matching contributions vesting period | 'Employee contributions in the plan are vested at all times and our matching contributions are subject to a three-year cliff vesting provision. |
CBA employees matching contributions vesting period | 'Employees who are represented by the collective bargaining agreement are subject to a three-year graded vesting provision. |
Stock_Repurchase_Detail
Stock Repurchase (Detail) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Treasury Stock Details [Abstract] | ' | ' |
Amount authorized for the repurchase of common stock | $100 | ' |
Shares of treasury stock acquired under the repurchase program | 2,423,820 | ' |
Cumulative Cost of Treasury Shares Repurchased | 91 | ' |
Treasury Stock Repurchase Average Price | $37.55 | ' |
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 | ' |
First 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 | ' |
Average cost per share of treasury stock acquired from management | $42.50 | $46.46 |
TreasuryStockSharesAcquiredFromMgmtVests | 208,524 | 72,131 |
Earnings_Per_Share_Table_Detai
Earnings Per Share Table (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' |
Net Income Attributable to Common Stockholders | $93,837 | $129,927 | $96,083 |
Denominator: | ' | ' | ' |
Basic EPS weighted average shares outstanding | 25,541 | 26,419 | 26,227 |
Effect of dilutive stock options and restricted stock | 86 | 130 | 195 |
Diluted EPS weighted average shares outstanding | 25,627 | 26,549 | 26,422 |
EPS: | ' | ' | ' |
Basic | $3.67 | $4.92 | $3.66 |
Diluted | $3.66 | $4.89 | $3.64 |
Earnings_Per_Share_Narrative_D
Earnings Per Share Narrative (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share Details [Abstract] | ' | ' | ' |
Antidilutive options | 0 | 0 | 0 |
Restricted shares and units in which performance or market conditions were not satisfied | 0.5 | 0.4 | 0.3 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance | ($14,263) | ' | ' |
Net change in fair value | 1,386 | -713 | -24,887 |
Reclassification into earnings | 3,064 | 2,652 | 0 |
Income tax benefit (expense) | 1,207 | 704 | -9,034 |
Balance | -10,677 | -14,263 | ' |
Interest Rate Derivatives | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance | -14,618 | -15,853 | ' |
Net change in fair value | 1,386 | -713 | ' |
Reclassification into earnings | 3,064 | 2,652 | ' |
Translation adjustment | 0 | 0 | ' |
Income tax benefit (expense) | 1,207 | 704 | ' |
Balance | -11,375 | -14,618 | ' |
Foreign Currency Translation | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance | 355 | 170 | ' |
Net change in fair value | 0 | 0 | ' |
Reclassification into earnings | 0 | 0 | ' |
Translation adjustment | 343 | 125 | ' |
Income tax benefit (expense) | 0 | -60 | ' |
Balance | 698 | 355 | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance | -14,263 | -15,683 | ' |
Net change in fair value | 1,386 | -713 | ' |
Reclassification into earnings | 3,064 | 2,652 | ' |
Translation adjustment | 343 | 125 | ' |
Income tax benefit (expense) | 1,207 | 644 | ' |
Balance | ($10,677) | ($14,263) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) Narrative (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income Loss Narrative Details [Abstract] | ' | ' |
Notional value of forward starting interest rate swaps | $432.50 | ' |
Interest Rate Cash Flow Hedge Asset at Fair Value | 9.2 | ' |
Interest Rate Cash Flow Hedge Liability at Fair Value | 7.8 | ' |
Unrealized pretax gain on cash flow hedge | 1.4 | ' |
Unrealized after tax gain on cash flow hedge | 1.3 | ' |
Realized gain on cash flow hedge | 1.1 | ' |
Unamortized realized loss in Accumulated other comprehensive income (loss) related to forward-starting interest rate swaps | 19.8 | ' |
Realized loss on interest rate derivatives in earnings as a component of Interest expense | 3.1 | 3.1 |
Realized losses related to forward-starting interest rate swaps expected to be reclassified into earnings within the next 12 months | $2.90 | ' |
Selected_Quarterly_Financial_I2
Selected Quarterly Financial Information (Unaudited) (Detail) (USD $) | 3 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Selected Quarterly Financial Information Detail [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Total Operating Revenue | $470,601 | $405,390 | $403,573 | $377,336 | $452,772 | $409,251 | $424,705 | $359,304 |
Operating Income | 58,027 | 57,706 | 48,461 | 22,597 | 87,529 | 62,265 | 56,118 | 20,579 |
Net Income Attributable to Common Stockholders | $29,958 | $23,741 | $20,060 | $20,078 | $52,382 | $33,858 | $30,852 | $12,835 |
EPS: | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $1.20 | $0.94 | $0.78 | $0.76 | $1.98 | $1.28 | $1.17 | $0.49 |
Diluted | $1.19 | $0.94 | $0.78 | $0.76 | $1.97 | $1.27 | $1.16 | $0.48 |
Selected_Quarterly_Financial_I3
Selected Quarterly Financial Information (Unaudited) Narrative (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information Narrative Detail [Abstract] | ' | ' | ' |
Special Charge | $18.60 | ' | ' |
Asset impairment and employee termination charges related to the retirement of the 747-200 fleet | ' | ' | 5.4 |
Insurance gain related to flood damage at a warehouse | ' | $6.30 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 |
In Millions, unless otherwise specified | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
First 2014 Term Loan [Member] | Second 2014 Term Loan [Member] | Third 2014 Term Loan [Member] | Fourth 2014 Term Loan [Member] | Fifth 2014 Term Loan [Member] | Sixth 2014 Term Loan [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue Date | ' | ' | ' | '2014 | '2014 | '2014 | '2014 | '2014 | '2014 |
Face Value | ' | ' | $432 | $115 | $30.80 | $115 | $29 | $115 | $27.20 |
Collateral Aircraft Tail Number | ' | ' | ' | 'MSN 38969 | 'MSN 38969 | 'MSN 37138 | 'MSN 37138 | 'MSN 39286 | 'MSN 39286 |
Original Term | ' | ' | ' | '0 years 114 months | '0 years 114 months | '0 years 118 months | '0 years 118 months | '0 years 116 months | '0 years 116 months |
Interest Rate Type | ' | ' | ' | 'Fixed | 'Fixed | 'Fixed | 'Fixed | 'Fixed | 'Fixed |
Fixed Interest Rate | ' | ' | ' | 4.48% | 7.30% | 4.57% | 7.38% | 4.51% | 7.35% |
Carrying Value | $739.70 | $560.10 | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Narrative_De
Subsequent Events Narrative (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Subsequent Events [Abstract] | ' |
First 2013 Bridge Loan refinanced | $140.60 |
Term | 'P0Y134M |
Fixed interest rate | 2.67% |
Collateral | 'N854GT |