Atlas Air Worldwide (AAWW) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Document period end date	Sep. 30, 2015
Amendment flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015
Current fiscal year end date	--12-31
Entity central index key	1,135,185
Entity current reporting status	Yes
Entity filer category	Large Accelerated Filer
Entity registrant name	ATLAS AIR WORLDWIDE HOLDINGS INC
Entity trading symbol	AAWW
Entity voluntary filers	No
Entity well known seasoned issuer	Yes
Entity common stock shares outstanding		24,631,001

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 376,695	$ 298,601
Short-term investments	1,866	17,802
Restricted cash	11,085	14,281
Accounts receivable, net of allowance	169,676	162,092
Prepaid maintenance	6,398	20,806
Deferred taxes	41,669	40,923
Prepaid expenses and other current assets	29,017	51,599
Total current assets	636,406	606,104
Property and Equipment
Flight equipment	3,520,413	3,448,791
Ground equipment	57,522	51,418
Less: accumulated depreciation	(425,504)	(348,036)
Purchase deposits for flight equipment	54,548	20,054
Property and equipment, net	3,206,979	3,172,227
Other Assets
Long-term investments and accrued interest	44,052	120,478
Deposits and other assets	80,208	80,258
Intangible assets, net	60,694	67,410
Total Assets	4,028,339	4,046,477
Current Liabilities
Accounts payable	60,338	42,864
Accrued liabilities	257,954	251,594
Current portion of long-term debt	152,421	181,202
Total current liabilities	470,713	475,660
Other Liabilities
Long-term debt	1,642,424	1,736,739
Deferred taxes	358,259	350,868
Other liabilities	69,402	65,415
Total other liabilities	2,070,085	2,153,022
Commitments and contingencies	0	0
Equity
Preferred stock	0	0
Common stock	290	286
Additional paid-in-capital	623,554	573,133
Treasury stock, at cost	(171,715)	(145,322)
Accumulated other comprehensive loss	(8,726)	(9,572)
Retained earnings	1,044,138	999,270
Total stockholders' equity	1,487,541	1,417,795
Total equity	1,487,541	1,417,795
Total Liabilities and Equity	$ 4,028,339	$ 4,046,477

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Allowance for doubtful accounts receivable	$ 1,163	$ 1,658

Consolidated Balance Sheets Sha

Consolidated Balance Sheets Shares (Parentheticals) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
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	28,946,645	28,561,160
Common stock shares outstanding	24,631,001	24,807,718
Treasury stock shares	4,315,644	3,753,442

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Revenue
ACMI	$ 197,020	$ 184,068	$ 575,322	$ 568,929
Charter	225,068	252,855	680,642	655,462
Dry leasing	23,915	25,411	83,235	75,611
Other	3,901	3,467	11,383	10,331
Total Operating Revenue	449,904	465,801	1,350,582	1,310,333
Operating Expenses
Aircraft fuel	87,330	115,690	262,156	301,276
Salaries, wages and benefits	86,434	78,834	262,069	229,637
Maintenance, materials and repairs	41,899	35,084	142,169	144,516
Aircraft rent	36,811	34,183	107,883	104,419
Depreciation and amortization	32,787	29,865	96,753	88,401
Travel	27,555	21,642	72,198	57,698
Navigation fees, landing fees and other rent	25,413	35,336	71,582	93,368
Passenger and ground handling services	20,504	24,876	61,820	66,106
Loss on disposal of aircraft	208	0	1,531	14,679
Special charge	7,674	90	7,605	9,567
Other	34,294	29,212	97,567	84,890
Total Operating Expenses	400,909	404,812	1,183,333	1,194,557
Operating Income	48,995	60,989	167,249	115,776
Non-operating Expenses (Income)
Interest income	(2,040)	(4,588)	(10,953)	(14,034)
Interest expense	22,110	25,960	71,691	78,777
Capitalized interest	(556)	(44)	(759)	(423)
Loss on early extinguishment of debt	(66,729)	0	(66,729)	0
Gain on investments	(13,439)	0	(13,439)	0
Other expense (income), net	1,364	767	1,755	831
Total Non-operating Expenses (Income)	74,168	22,095	115,024	65,151
Income (loss) before income taxes	(25,173)	38,894	52,225	50,625
Income tax expense (benefit)	(12,419)	11,318	7,357	(9,958)
Net Income (Loss)	(12,754)	27,576	44,868	60,583
Less: Net income (loss) attributable to noncontrolling interests	0	0	0	(4,530)
Net Income (Loss) Attributable to Common Stockholders	$ (12,754)	$ 27,576	$ 44,868	$ 65,113
Earnings per share:
Basic	$ (0.51)	$ 1.1	$ 1.81	$ 2.59
Diluted	$ (0.51)	$ 1.1	$ 1.8	$ 2.59
Weighted average shares:
Basic	24,798	24,983	24,771	25,106
Diluted	24,798	25,064	24,947	25,164

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Other Comprehensive Income (Loss)
Net Income (Loss)	$ (12,754)	$ 27,576	$ 44,868	$ 60,583
Interest rate derivatives:
Net change in fair value	0	0	0	(251)
Reclassification to interest expense	636	677	1,924	2,049
Income tax expense	(243)	(259)	(735)	(764)
Foreign currency translation:
Translation adjustment	0	(290)	(343)	59
Accumulated Postretirement Benefit Obligation:
Other comprehensive income (loss)	393	128	846	1,093
Comprehensive Income (Loss)	(12,361)	27,704	45,714	61,676
Less: Comprehensive income (loss) attributable to noncontrolling interests	0	0	0	(4,352)
Comprehensive Income (Loss) Attributable to Common Stockholders	$ (12,361)	$ 27,704	$ 45,714	$ 66,028

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities:
Net Income (Loss)	$ 44,868	$ 60,583
Adjustments to reconcile Net Income to net cash provided by operating activities:
Depreciation and amortization	110,872	101,493
Accretion of debt securities discount	(4,316)	(6,022)
Provision for allowance for doubtful accounts	61	420
Special charge, net of cash payments	6,589	6,484
Loss on early extinguishment of debt	66,729	0
Loss on disposal of aircraft	1,531	14,679
Deferred taxes	6,417	(10,282)
Stock-based compensation expense	14,481	9,769
Changes in:
Accounts receivable	(4,920)	(27,147)
Prepaid expenses and other current assets	24,311	36,931
Deposits and other assets	666	(5,978)
Accounts payable and accrued liabilities	(1,440)	(12,402)
Net cash provided by operating activities	265,849	168,528
Investing Activities:
Capital expenditures	(33,835)	(17,509)
Purchase deposits and delivery payments for flight equipment	(77,502)	(502,782)
Changes in restricted cash	3,196	(7,072)
Proceeds from short-term investments	76,752	2,886
Proceeds from disposal of aircraft	25,166	0
Net cash used for investing activities	(6,223)	(524,477)
Financing Activities:
Proceeds from debt issuance	224,500	572,552
Customer maintenance reserves received	12,250	12,950
Customer maintenance reserves paid	1,752	0
Proceeds from sale of warrants	36,290	0
Payments for convertible note hedges	52,903	0
Proceeds from stock option exercises	1,193	0
Excess tax benefit from stock-based compensation expense	588	0
Payment of debt issuance costs	(6,804)	(17,117)
Purchase of treasury stock	(26,393)	(19,479)
Payment of debt extinguishment costs	(34,014)	0
Payments of debt	(334,487)	(252,549)
Net cash provided by (used for) financing activities	(181,532)	296,357
Net increase (decrease) in cash and cash equivalents	78,094	(59,592)
Cash and cash equivalents at the beginning of period	298,601	321,816
Cash and cash equivalents at the end of period	376,695	262,224
Non-cash Investing and Financing Activities:
Acquisition of flight equipment included in Accounts payable and accrued liabilities	18,321	29,087
Disposition of aircraft included in accounts receivable	$ 0	$ 5,072

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total Stockholders' Equity	Noncontrolling Interest
Balance at Dec. 31, 2013	$ 1,322,125	$ 282	$ (125,826)	$ 561,481	$ (10,677)	$ 892,513	$ 1,317,773	$ 4,352
Net Income (loss)	60,583	0	0	0	0	65,113	65,113	(4,530)
Other comprehensive income (loss)	1,093	0	0	0	915	0	915	178
Stock option and restricted stock compensation	9,769	0	0	9,769	0	0	9,769	0
Purchase of shares of treasury stock	(19,479)	0	(19,479)	0	0	0	(19,479)	0
Issuance of shares of restricted stock	0	4	0	(4)	0	0	0	0
Tax benefit (expense) on restricted stock and stock options	(2,016)	0	0	(2,016)	0	0	(2,016)	0
Balance at Sep. 30, 2014	1,372,075	286	(145,305)	569,230	(9,762)	957,626	1,372,075	0
Balance at Dec. 31, 2014	1,417,795	286	(145,322)	573,133	(9,572)	999,270	1,417,795	0
Net Income (loss)	44,868	0	0	0	0	44,868	44,868	0
Other comprehensive income (loss)	846	0	0	0	846	0	846	0
Stock option and restricted stock compensation	14,481	0	0	14,481	0	0	14,481	0
Purchase of shares of treasury stock	(26,393)	0	(26,393)	0	0	0	(26,393)	0
Exercise of employee stock options	1,193	0	0	1,193	0	0	1,193	0
Issuance of shares of restricted stock	0	4	0	(4)	0	0	0	0
Equity component of convertible notes, net of tax	32,233	0	0	32,233	0	0	32,233	0
Purchase of convertible note hedges, net of tax	(33,837)	0	0	(33,837)	0	0	(33,837)	0
Issuance of warrants	36,290	0	0	36,290	0	0	36,290	0
Tax benefit (expense) on restricted stock and stock options	65	0	0	65	0	0	65	0
Balance at Sep. 30, 2015	$ 1,487,541	$ 290	$ (171,715)	$ 623,554	$ (8,726)	$ 1,044,138	$ 1,487,541	$ 0

Consolidated Statements of Sto9

Consolidated Statements of Stockholders' Equity (Parentheticals) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Consolidated Statements of Stockholders Equity
Purchase of shares of treasury stock	562,202	591,305
Exercise of employee stock options	25,373
Issuance of shares of restricted stock	360,112	356,696

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
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 s ervices (collectively referred to as “Titan”) . 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 worl d, 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, but not the aircraft (“CMI”); (ii) cargo and passenger charter services (“Charter”); and (iii) dry leasing aircraft and engines (“Dry Leasing” or “Dry Lease ”). The accompanying unaudited consolidated financial statements and related notes (the “Financial Statements”) have been prepared in accordance with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10-Q, and consequently exclude certain disclosures normally included in audited consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany accoun ts and transactions have been eliminated. The Financial Statements should be read in conjunction with the audited consolidated financial statements and the notes included in the AAWW Annual Report on Form 10-K for the year ended December 31, 2014 , which includes additional disclosures and a summary of our significant accounting policies. The December 31, 2014 balance sheet data was derived from that Annual Report. In our opinion, the Financial Statements contain all adjustments, consist ing of normal recurring items, necessary to fairly state the financial position of AAWW and its consolidated subsidiaries as of September 30, 2015 , the results of operations for the three and nine months ended September 30, 2015 and 2014 , compr ehensive income (loss) for the three and nine months ended September 30, 2015 and 2014 , cash flows for the nine months ended September 30, 2015 and 2014 , and shareholders’ equity as of and for the nine months ended September 30, 2015 and 2014 . Our quarterly results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. Except for per share data, all dollar amounts are in thousands unless otherwise noted . Certain reclassifications have been made to prior periods’ consolidated financial statement amounts and related note disclosures to conform to the current year’s presentation, including the presentation of segments .

Recently Adopted Accounting Pro

Recently Adopted Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Recently Adopted Accounting Pronouncements [Abstract]
Recently Adopted Accounting Pronouncements	2. Recent Accounting Pronouncement s In May 2014, the Financial Accounting Standards Board (“FASB”) amended its accounting guidance for revenue recognition. The fundamental principles of the new guidance are that companies should recognize revenue in a manner that reflects the timing of the transfer of services to customers and consideration that a company expects to receive for the services provided. It also requires additional disclosures necessary for the financial statement us ers to understand the n ature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. I n August 2015, the FASB deferred the effective date by one year to the beginning of 2018. E arly adoption of the standard is permitted , but not before t he beginning of 2017 . We are c urrently assessing the impact the amended guidance will have on our financial statements. In April 2015, the FASB amended its guidance for presenting debt issuance costs. The new guidance requires debt issuance costs to be p resented in the balance sheet as a reduction of the carrying amount of the related debt liability instead of as an asset. We early adopted this guidance retrospectively effective March 31, 2015 and its adoption did not have a material impact on our financ ial condition, results of operations or cash flows. The amount of debt issuance costs classified on our balance sheet as a reduction of debt was $ 53.1 million at September 30, 2015 and $ 55.1 million at December 31, 2014 .

DHL Investment and Polar

DHL Investment and Polar	9 Months Ended
	Sep. 30, 2015
DHL Investment And Polar [Abstract]
Related Parties	3. Related Parties DHL Investment and Polar AAWW has a 51% equity interest and 75% voting interest in Polar Air Cargo Worldwide, Inc. (“Polar”). DHL Network Operations (USA), Inc. (“DHL”), a subsidiary of Deutsche Post AG (“DP”), holds a 49% equity interest and a 25% voting interest in Polar. Polar is a variable interest entity that we do not consolidate because we are not the primary beneficiary as the risks associated with the direct costs of operation are with DHL . We record our share of Polar’s results under the equity method of accounting. Under a 20-year blocked space agreement (the “BSA”), Polar provides air cargo capacity to DHL. Atlas h as several agreements with Polar to provide ACMI, CMI , Dry Leasing, administrative, sales and ground support services to one another. W e do not have any financial exposure to fund debt obligations or operating losses of Polar, except for any liquidated dam ages that we could incur under these agreements. The following table summarizes our transactions with Polar: For the Three Months Ended For the Nine Months Ended Revenue and Expenses: September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 ACMI segment revenue from Polar $ 96,299 $ 79,098 $ 281,817 $ 222,937 Other revenue from Polar $ 6,188 $ 2,845 $ 11,875 $ 8,529 Ground handling and airport fees paid to Polar $ 414 $ 537 $ 1,641 $ 1,309 Accounts receivable/payable as of: September 30, 2015 December 31, 2014 Receivables from Polar $ 5,194 $ 5,702 Payables to Polar $ 1,658 $ 2,611 Aggregate Carrying Value of Polar Investment as of: September 30, 2015 December 31, 2014 $ 4,870 $ 4,870 GATS We hold a 50% interest in GATS GP (BVI) 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 that we do not consolidate because we are not the primary beneficiary as we do not exercise financial control. As of September 30, 2015 and December 31, 2014 , our investment in GATS was $ 20.1 million and $ 16.4 million , respectively, and our maximum exposure to losses from the entity is limited to our investment, which is comprised prim arily of rotable inventory parts. GATS does not have any third-party debt obligations . We had Accounts payable to GATS of $ 1.6 million as of September 30, 2015 and $ 1.5 million as of December 31, 2014 .

Special Charge

Special Charge	9 Months Ended
	Sep. 30, 2015
Special Charge [Abstract]
Special Charge	4. Special Charge During the three and nine months ended September 30, 2015 , we recognized a Special charge of $ 7.7 million related to the early termination of high-rate operating leases for two engines. During the three and nine months ended September 30, 2014 , we recognized $ 0.2 million and $ 4.1 million, respectively, of employee termination benefits related to British Airways Plc’s (“British Airways”) return of three 74 7-8F aircraft in 2014. In addition, we recognized a reserve of $ 4.9 million during the nine months ended September 30, 2014 related to a loan from Global Supply Systems Limited (“GSS”), a consolidated subsidiary, to its then 51% U.K. shareholder. A summary of the Special charge liabilities is as follows: Lease Termination Costs GSS Employee Termination Benefits Other Total Liability as of December 31, 2014 $ 2,437 $ 1,014 $ 100 $ 3,551 Special charge items, net 384 35 14 433 Cash payments (2,275) (1,049) (114) (3,438) Liability as of September 30, 2015 $ 546 $ - $ - $ 546 Substantially all remaining cash payments related to Special charge liabilities are expected to be paid in 2015.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2015
Accrued Liabilities Tables [Abstract]
Accrued Liabilities	5 . Accrued Liabilities Accrued liabilities consisted of the following as of: September 30, 2015 December 31, 2014 Customer maintenance reserves $ 66,388 $ 64,756 Salaries, wages and benefits 42,826 48,548 Maintenance 41,334 50,702 Aircraft fuel 32,545 15,078 Deferred revenue 10,394 10,705 Other 64,467 61,805 Accrued liabilities $ 257,954 $ 251,594

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt [Abstract]
Debt	6. Debt Convertible Notes In June 2015, we issued $ 224.5 million aggregate principal amount of convertible senior notes (the “Convertible Notes”) in a n underwritten public offering. The Convertible Notes are senior unsecured obligations and accrue interest payable semi-annually on June 1 and December 1 of each year at an annual rate of 2.25%. The Convertible Notes will mature on June 1, 2022, unless earlier converted or repurchased pursuant to their terms. During the three months ended September 30, 2015 , we used proceeds from the issuance of Co nvertible N otes to refinance higher-rate equipment notes funded by enhanced equipment trust certificates (“ EETCs ”) related to five 747-400 freighter aircraft owned by us in the aggregate amount of $187.8 millio n . The EETCs had an average cash coupon of 8.1 %. In connection with the refinancing, we recognized a $ 66.7 million l oss on early extinguishment of debt, of which $ 34.0 million was related to debt extinguishment costs paid to the EETC equipment note holde rs and $ 32.7 million was related to the write-off of the debt discount associated with aircraft financing. The debt extinguishment costs paid are reflected as a financing activity in the consolidated statements of cash flows. As a result of this refinanc ing, we recognized a $13.4 million Gain on investments from the early redemption of certain investments related to EETCs (see Note 8). Each $1,000 of principal of the Convertible Notes will initially be convertible into 13.5036 shares of our common stock , which is equal to an initial conversion price of $ 74.05 per share. The conversion rate will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest, except in certain limited circu mstances. Upon the occurrence of a “make-whole fundamental change , ” we will, in certain circumstances, increase the conversion rate by a number of additional shares of our common stock for Convertible Notes converted in connection with such “ make-whole fun damental change ” . Additionally, if we undergo a “fundamental change ,” a holder will have the option to require us to repurchase all or a portion of its Convertible Notes for cash at a price equal to 100% of the principal amount of the Convertible Notes bei ng repurchased plus any accrued and unpaid interest through, but excluding, the fundamental change repurchase date . In connection with the offering of the Convertible Notes, we entered into convertible note hedge transactions whereby we have the option to purchase initially (subject to adjustment for certain specified events) a total of 3,031,558 shares of our common stock at a price of $ 74.05 per share. The total cost of the convertible note hedge transactions was $ 52.9 million. In addition, we sold warr ants to the option counterparties whereby the holders of the warrants have the option to purchase initially (subject to adjustment for certain specified events) a total of 3,031,558 shares of our common stock at a price of $ 95.01 . We received $ 36.3 millio n in cash proceeds from the sale of these warrants. Taken together, the purchase of the convertible note hedges and the sale of warrants are intended to offset any actual dilution from the conversion of the Convertible Notes and to effectively increase t he overall conversion price from $74.05 to $95.01 per share. The $ 16.6 million net cost incurred in connection with the convertible note hedges and warrants was recorded as a reduction to additional paid-in capital, net of tax, in the consolidated balance sheet. On or after September 1, 2021 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or a portion of its Convertible Notes. Upon conversion, the Convertible Notes will be settled, at our election, in cash, shares of our common stock, or a combination of cash and shares of our common stock. Our current intent and policy is to settle conversions with a combination of cash and shares of common stock with the principal amount of the Convertible Notes paid in cash. Holders may convert their Convertible Notes at their option at any time prior to September 1, 2021, only under the following circumstances: during any calendar quarter (and only during such calendar quarter) if, for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter, the last reported sale price of our common stock for s uch trading day is equal to or greater than 130% of the conversion price on such trading day; during the five consecutive business day period immediately following any five consecutive trading day period (the “measurement period”) in which, for each tradi ng day of the measurement period, the trading price per $1,000 principal amount of the Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock for such trading day and the conversion rate on such trading day; or upon the occurrence of specified corporate events . We separate ly account for the liability and equity components of the Convertible Notes. The carrying amount of the liability component was determined by measuring the fair value o f a similar liability that does no t have an associated conversion feature, assuming our non-convertible unsecured debt borrowing rate. The carrying value of t he equity component, the conversion option, which is recognized as additional paid-in-capital, ne t of tax, creates a debt discount on the Convertible Notes. The debt discount was determined by deducting the relative fair value of the liability component from the proceeds of the Convertible Notes and is amortized to interest expense using an effective interest rate of 6.44% over the term of the Convertible Notes. As of September 30, 2015 , the remaining life of the Convertible Notes is 6.8 years. The equity component will not be remeasured as long as it continues to meet the conditions for equity classification. As of September 30, 2015 , the Convertible Notes consisted of the following: Liability component: Proceeds $ 224,500 Less: debt discount, net of amortization (50,919) Less: debt issuance cost, net of amortization (4,985) Net carrying amount $ 168,596 Equity component (1) $ 52,903 (1) Included in Additional paid-in capital on the consolidated balance sheet as of September 30, 2015. The debt issuance costs related to the issuance of the Convertible Notes were allocated to the liability and equity components based on their relative values, as determined above. Tot al debt issuance costs were $ 6.8 mi llion, of which $ 5.2 million was allocated to the liability component and $ 1.6 million was allocated to the equity component . The debt issuance costs allocated to the liability component are amortized to interest expense using the effective interest method over the term of th e Convertible Notes. The following table presents the amount of interest expense recognized related to the Convertible Notes: For the Three Months Ended For the Nine Months Ended September 30, 2015 September 30, 2015 Contractual interest coupon $ 1,263 $ 1,656 Amortization of debt discount 1,517 1,984 Amortization of debt issuance costs 166 215 Total interest expense recognized $ 2,946 $ 3,855

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Income Taxes	7. Income Taxes Our effective income tax rate s were a benefit of 49.3% for the three months ended September 30, 2015 and an expense of 29.1% for the three months ended September 30, 2014 . Our effective income tax rate s were an expense of 14.1% for the nine months ended September 30, 2015 and a benefit of 19.7% for the nine months ended September 30, 2014 . The effective rate for the nine months ended September 30, 2015 diffe red from the U.S. federal statutory rate partially due to an income tax benefit of $ 4.0 million , net of reserves, related to extraterritorial income from leasing certain of our aircraft (“ETI”) . In addition, t he effective rate for the three and nine months ended September 30, 2015 differed from the U.S. federal statutory rate due to an income tax benefit of $ 2.4 million from the favorable resolution of an IRS exam . The effective rate for the three and nine months ended September 30, 2014 differed from the U.S. federal statutory rate primarily due to an income tax benefit of $ 24.0 million, net of reserves, related to ETI, partially offset by losses associated with GSS for which we have recognized a valuation all owance due to the uncertainty that the benefit of the losses will be realized. The effective rates also differed from the U.S. federal statutory rate due to the income tax impact of foreign operations taxed at different rates, our assertion to indefinitely reinvest the net earnings of certain foreign subsidiaries outside the U.S., U.S. state income taxes, the nondeductibility of certain expenses for tax purposes, adjustments to our liability for uncertain tax positions, and the relationship of these items t o our projected operating results for the year . For interim accounting purposes, we recognize income taxes using an estimated annual effective tax rate. As a result of current and expected future growth in our Dry Leasing business, we determined to indefi nitely reinvest the net earnings of certain foreign subsidiaries engaged in this business outside of the U.S. Our effective income tax rate s for the three and nine months ended September 30, 2015 and 2014 w ere favorably impacted by this determination. As of September 30, 2015 , our undistributed net earnings of foreign subsidiaries for which deferred taxes have not been provided were $ 70.1 million, and the unrecognized deferred tax liability associa ted with these earni ngs was $ 24.5 million.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2015
Financial Instruments [Abstract]
Financial Instruments	8. 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 l iabilities, 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 informat ion to measure fair value. 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 an d 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 inve stments 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 (“PTCs”) related to EETCs issued by Atlas in 1998, 1999 and 2000 . The fair value of our term loans, notes guaranteed by the Export-Import Bank of the United States (“Ex-Im Bank”) and EETCs are based on a discounted cash flow analysis using current borrowing rates for instruments with similar terms. The fair value of our Convertible Notes is based on unadjusted quoted market prices for these securities. The following table summarizes the carrying amount, estimated fair value and classification of our financial instruments as of: September 30, 2015 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 376,695 $ 376,695 $ 376,695 $ - $ - Short-term investments 1,866 1,866 - - 1,866 Restricted cash 11,085 11,085 11,085 - - Long-term investments and accrued interest 44,052 53,088 - - 53,088 $ 433,698 $ 442,734 $ 387,780 $ - $ 54,954 Liabilities Term loans $ 888,735 $ 939,177 $ - $ - $ 939,177 Ex-Im Bank guaranteed notes 707,587 746,480 - - 746,480 EETCs 29,927 32,110 - - 32,110 Convertible Notes 168,596 178,343 178,343 - - $ 1,794,845 $ 1,896,110 $ 178,343 $ - $ 1,717,767 December 31, 2014 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 298,601 $ 298,601 $ 298,601 $ - $ - Short-term investments 17,802 17,802 - - 17,802 Restricted cash 14,281 14,281 14,281 - - Long-term investments and accrued interest 120,478 154,743 - - 154,743 $ 451,162 485,427 312,882 - 172,545 Liabilities Term loans $ 945,813 $ 982,036 $ - $ - $ 982,036 Ex-Im Bank guaranteed notes 760,389 789,834 - - 789,834 EETCs 211,739 270,333 - - 270,333 $ 1,917,941 $ 2,042,203 $ - $ - $ 2,042,203 The following table presents the carrying value, gross unrealized gain (loss) and fair value of our long-term investments and accrued interest by contractual maturity as of : September 30, 2015 December 31, 2014 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 $ 24,342 $ 3,417 $ 27,759 $ 40,040 $ 9,700 $ 49,740 Due after five but within ten years 19,710 5,619 25,329 80,438 24,565 105,003 Total $ 44,052 $ 9,036 $ 53,088 $ 120,478 $ 34,265 $ 154,743 Our Long-term investments include investments in PTCs related to EETCs. During the three months ended September 30, 2015 , we refinanced EETCs related to five 747-400 freighter aircraft owned by us (see Note 6). Following the refinancing, we recognized a $13.4 million Gain on investments resulting from the early redemption of certain PTCs, of which $ 5.7 million was related to the receipt of debt redemption premiums and $ 7.7 m illion was related to the recognition of deferred inc ome on the PTCs purchased at a discount that have been repaid. The early redemption of PTCs does not impact our ability or intent to hold the remainder of our PTC investments to maturity.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	9 . Segment Reporting Our business is organized into three operating segments based on our service offerings: ACMI, Charter and Dry Leasing. All segments are directly or indirectly engaged in the business of air transportation services but have different commercial and economic characteristics. Each operating segment is separately reviewed by our chief operating decision maker to assess operating results and make resource allocation decisions. We do not ag gregate our operating segments and , therefore , ou r operating segments are our reportable segments. 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, Losses (gains) on the disposal of aircraft, Losses on early extinguishment of debt, Gains on investments, unallocated revenue and unallocated fixed costs. D irect operating and ownership costs include crew costs, maintenance, fuel, ground operations, sales costs, aircraft rent, interest expense on the portion of debt used for financing aircraft, interest income on debt securities and aircraft depreciation. Un allocated income and expenses include corporate overhead, non-aircraft depreciation, non-cash expense s and income, interest expense on the portion of debt used for general corporate purposes, interest income on non-debt se curities , capitalized interest, f oreign exchange gains and losses, other revenue and other non-operating costs. During the first quarter of 2015, we changed the methodology for allocating certain expenses to our Charter segment that were previously unallocated and we changed the allocation of certain expenses between our Charter and ACMI segments. The prior period information has been adjusted to consistently reflect these changes. The impact of the changes was as follows: For the Three Months Ended For the Nine Months Ended September 30, 2014 September 30, 2014 Prior Methodology Revised Methodology Prior Methodology Revised Methodology Direct Contribution: ACMI $54,228 $54,974 $143,554 $145,107 Charter 18,174 16,299 24,960 20,306 For the Three Months Ended For the Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Operating Revenue: ACMI $ 197,020 $ 184,068 $ 575,322 $ 568,929 Charter 225,068 252,855 680,642 655,462 Dry Leasing 23,915 25,411 83,235 75,611 Other 3,901 3,467 11,383 10,331 Total Operating Revenue $ 449,904 $ 465,801 $ 1,350,582 $ 1,310,333 Direct Contribution: ACMI $ 46,991 $ 54,974 $ 138,051 $ 145,107 Charter 29,496 16,299 84,974 20,306 Dry Leasing 7,673 8,721 34,092 25,630 Total Direct Contribution for Reportable Segments 84,160 79,994 257,117 191,043 Add back (subtract): Unallocated income and expenses, net (48,161) (41,010) (142,466) (116,172) Loss on early extinguishment of debt (66,729) - (66,729) - Gain on investments 13,439 - 13,439 - Special charge (7,674) (90) (7,605) (9,567) Loss on disposal of aircraft (208) - (1,531) (14,679) Income (loss) before income taxes (25,173) 38,894 52,225 50,625 Add back (subtract): Interest income (2,040) (4,588) (10,953) (14,034) Interest expense 22,110 25,960 71,691 78,777 Capitalized interest (556) (44) (759) (423) Loss on early extinguishment of debt 66,729 - 66,729 - Gain on investments (13,439) - (13,439) - Other expense (income), net 1,364 767 1,755 831 Operating Income $ 48,995 $ 60,989 $ 167,249 $ 115,776 We are exposed to a concentration of Charter revenue from the U.S. Military Air Mobility Command (the “AMC”) and Polar (see Note 3 for further discussion regarding Polar) . No other customer accounted for more than 10.0% of our Total Operating Revenue. Revenue from the AMC was $ 122.5 million for the three months ended September 30, 2015 and $ 109.8 million for the three months ended September 30, 2014 . Revenue from the AMC was $ 326.6 million for the nine months ended September 30, 2015 and $ 263.9 million for the nine months ended September 30, 2014 . Accounts receivable from the AMC were $ 23.2 million and $ 15.3 million as of September 30, 2015 and December 31, 2014 , respectively. We have not exp erienced any credit issues with either of these customers.

Labor and Legal Proceedings

Labor and Legal Proceedings	9 Months Ended
	Sep. 30, 2015
Labor And Legal Proceedings [Abstract]
Legal Proceedings	10. Legal Proceedings Matters Related to Alleged Pricing Practices T he 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 Old Polar and a number of air cargo carriers that have now been centralized for pretrial purposes in the United States District Court for the Eastern District of New York. The consolidated complaint alleges, among other things, t hat 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 seek s treble damages , attorneys’ fees 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 prosecu ting claims against the Company and Old Polar that arose prior to July 28, 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 July 28, 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 Worl dwide, Inc. as an additional defendant, which the court granted for discovery purposes on April 13, 2011. There was substantial pretrial written discovery and document production, and a number of depositions were taken. On October 15, 2014, the magistrat e judge issued a decision recommending that the District Court enter an order certifying the class for adjudicating the claims. On July 10, 2015, the District Court judge issued an order affirming the magistrate judge’s decision and certifying the class. On August 31, 2015, the District Court judge held a hearing on the various motions for summary jud gment filed by the plaintiffs and defendants. Ruling from the bench, the judge granted plaintiffs’ motions and denied defendants’ motions. The District Court judge has scheduled a jury trial to commence on April 18, 2016. We are unable to reasonably pre dict the outcome of the litigation. In the United Kingdom, several groups of named claimants have brought suit against British Airways in connection with the same alleged pricing practices at issue in the proceedings described above and are seeking damages allegedly arising from that conduct. British Airways has filed claims in the lawsuit against Old Polar and a number of air cargo carriers for contribution should British Airways be found liable to claimants. Old Polar’s formal statement of defens e was filed on March 2, 2015. On October 14, 2015, the U.K. Court of Appeal released decisions favorable to the defendant and contributory defendants on two matters under appeal. Future procedures, including the pre-trial disclosure process, are undergoi ng court review. We are unable to reasonably predict the outcome of the litigation. In the Netherlands, Stichting Cartel Compensation, successor in interest to claims of various shippers, has filed suit in the district court in Amsterdam against British Airways, KLM, Martinair, Air France, Lufthansa and Singapore Airlines seeking recovery for damages purportedly arising from the same pricing practices at issue in the proceedings described above. In response, British Airways, KLM, Martinair, Air France an d Lufthansa filed third-party indemnification lawsuits against Old Polar and Polar seeking indemnification in the event the defendants are found to be liable in the main proceedings. Old Polar and Polar entered their initial court appearances on September 30, 2015. We are unable to reasonably predict the outcome of the litigation. If the Company, Old Polar or Polar were to incur an unfavorable outcome in connection with one or more of the matters described above, such outcome may have a material advers e impact on our business, financial condition, results of operations or cash flows. We are unable to reasonably estimate a range of possible loss for such matters at this time . 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 w ere 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 $ 4.9 million in aggregate based on September 30, 2015 exchange rates. In b oth 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 defe nd such claims, we have made deposits pending resolution of these matters. The balances were $ 3.6 million as of September 30, 2015 and $ 5.3 million as of December 31, 2014 , 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. Other We have certain other contingencies incident to the ordinary course of business. Management believes that the ultimate disposition of such other contingencies is not expected to materially affect our financial condition, results of operations or cash flows.

Stock Repurchase

Stock Repurchase	9 Months Ended
	Sep. 30, 2015
Treasury Stock [Abstract]
Treasury Stock Disclosure	11 . Stock Repurchase s In 2008, we established a stock repurchase program authorizing the repurchase of up to $ 100.0 million of our common stock. In November 2013, we announced an increase of $ 51.0 million to our stock repurchase program. During the three and nine months ended September 30, 2015, we repurchased 425,154 shares of our common stock for an aggregate purchase price of $ 20.0 million under an open market repurchase program . As of September 30, 2015 , we repurchased approximately $ 107.1 million under this program, resulting in $ 25.0 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.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	12. 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 using the treas ury stock method. A nti-dilutive shares related to warrants and stock options that were out of the money and excluded for the three and nine months ended September 30, 2015 were 3.0 million and for the three and nine months ended September 30, 2014 were de minimis. The calculations of basic and diluted EPS were as follows: For the Three Months Ended For the Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Numerator: Net Income (Loss) Attributable to Common Stockholders $ (12,754) $ 27,576 $ 44,868 $ 65,113 Denominator: Basic EPS weighted average shares outstanding 24,798 24,983 24,771 25,106 Effect of dilutive stock options and restricted stock - 81 176 58 Diluted EPS weighted average shares outstanding 24,798 25,064 24,947 25,164 EPS: Basic $ (0.51) $ 1.10 $ 1.81 $ 2.59 Diluted $ (0.51) $ 1.10 $ 1.80 $ 2.59 The calculation of EPS does not include restricted share units in which performance or market conditions were not satisfied of 0.3 million for the three and nine months ended September 30, 2015 , respectively, and 0.4 million for the three and nine months ended September 30, 2014 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss)	13 . Accumulated Other Comprehensive Income (Loss) The following table summarizes t he components of Accumulated other comprehensive income (loss): Interest Rate Foreign Currency Derivatives Translation Total Balance as of December 31, 2013 $ (11,375) $ 698 $ (10,677) Net change in fair value (251) - (251) Reclassification to interest expense 2,049 - 2,049 Translation adjustment - (119) (119) Tax effect (764) - (764) Balance as of September 30, 2014 $ (10,341) $ 579 $ (9,762) Interest Rate Foreign Currency Derivatives Translation Total Balance as of December 31, 2014 $ (9,924) $ 352 $ (9,572) Net change in fair value - - - Reclassification to interest expense 1,924 - 1,924 Translation adjustment - (343) (343) Tax effect (735) - (735) Balance as of September 30, 2015 $ (8,735) $ 9 $ (8,726) Interest Rate Derivatives As of September 30, 2015 , there wa s $ 14.1 million of unamortized net 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 and three 777-200LRF financings in 2014. The net loss is amortized and reclassified into Interest expense over the remaining life of the r elated debt. Net realized losses reclassified into earnings were $ 0.6 million and $ 0.7 million for the three months ended September 30, 2015 and 2014 , respectively. Net realized losses reclassified into earnings we re $ 1.9 million and $ 2.0 million for the nine months ended September 30, 2015 and 2014 , respectively. Net realized losses expected to be reclassified into earnings within the next 12 months are $ 14.8 million as of September 30, 2015 .

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SubsequentEventsTextBlock	14. Subsequent Events In October 2015, we refinanced two higher-rate term loans , in the aggreg ate amount of $ 195.2 million, with a new term loan for a period of 97 months and a final payment of $ 65.3 million due in December 2023 (the “ First 2015 Term Loan”). The First 2015 Term Loan, which is secured by a mortgage against aircraft tail number s N857GT and N858GT , contain s customary covenants and events of default and accrues interest at a fixed rate of 3.53% , with principal and interest payable q uarterly. In November 2015 , we borrowed $ 1 25.0 million for the delivery of a 747-8F aircraft under a twelve-year term loan with a final payment of $ 35.3 million due in November 2027 (the “ Second 2015 Term Loan”). The Second 201 5 Term Loan, which is sec ured by a mortgage against aircraft tail number N859GT , contains customary covenants and events of default and accrues interest at a fixed rate of 3.96 %, with principal and interest payable quarterly. The Second 2015 Term Loan is cross collateralized and cross defaulted with the First 2015 Term Loan.

DHL Investment and Polar (Table

DHL Investment and Polar (Tables)	9 Months Ended
	Sep. 30, 2015
DHL Investment And Polar Tables [Abstract]
Summary of Our Transactions with Polar	For the Three Months Ended For the Nine Months Ended Revenue and Expenses: September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 ACMI segment revenue from Polar $ 96,299 $ 79,098 $ 281,817 $ 222,937 Other revenue from Polar $ 6,188 $ 2,845 $ 11,875 $ 8,529 Ground handling and airport fees paid to Polar $ 414 $ 537 $ 1,641 $ 1,309 Accounts receivable/payable as of: September 30, 2015 December 31, 2014 Receivables from Polar $ 5,194 $ 5,702 Payables to Polar $ 1,658 $ 2,611 Aggregate Carrying Value of Polar Investment as of: September 30, 2015 December 31, 2014 $ 4,870 $ 4,870

Special Charge (Table)

Special Charge (Table)	9 Months Ended
	Sep. 30, 2015
Special charge tables [Abstract]
Special charge	Lease Termination Costs GSS Employee Termination Benefits Other Total Liability as of December 31, 2014 $ 2,437 $ 1,014 $ 100 $ 3,551 Special charge items, net 384 35 14 433 Cash payments (2,275) (1,049) (114) (3,438) Liability as of September 30, 2015 $ 546 $ - $ - $ 546

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Accrued Liabilities Tables [Abstract]
Accrued Liabilities	September 30, 2015 December 31, 2014 Customer maintenance reserves $ 66,388 $ 64,756 Salaries, wages and benefits 42,826 48,548 Maintenance 41,334 50,702 Aircraft fuel 32,545 15,078 Deferred revenue 10,394 10,705 Other 64,467 61,805 Accrued liabilities $ 257,954 $ 251,594

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Tables [Abstract]
Schedule of Notes	Liability component: Proceeds $ 224,500 Less: debt discount, net of amortization (50,919) Less: debt issuance cost, net of amortization (4,985) Net carrying amount $ 168,596 Equity component (1) $ 52,903 (1) Included in Additional paid-in capital on the consolidated balance sheet as of September 30, 2015.
Summary of Interest Expense Recognized	For the Three Months Ended For the Nine Months Ended September 30, 2015 September 30, 2015 Contractual interest coupon $ 1,263 $ 1,656 Amortization of debt discount 1,517 1,984 Amortization of debt issuance costs 166 215 Total interest expense recognized $ 2,946 $ 3,855

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Financial Instruments Tables [Abstract]
Carrying Amount, Estimated Fair Value and Classification of Our Financial Instruments	September 30, 2015 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 376,695 $ 376,695 $ 376,695 $ - $ - Short-term investments 1,866 1,866 - - 1,866 Restricted cash 11,085 11,085 11,085 - - Long-term investments and accrued interest 44,052 53,088 - - 53,088 $ 433,698 $ 442,734 $ 387,780 $ - $ 54,954 Liabilities Term loans $ 888,735 $ 939,177 $ - $ - $ 939,177 Ex-Im Bank guaranteed notes 707,587 746,480 - - 746,480 EETCs 29,927 32,110 - - 32,110 Convertible Notes 168,596 178,343 178,343 - - $ 1,794,845 $ 1,896,110 $ 178,343 $ - $ 1,717,767 December 31, 2014 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 298,601 $ 298,601 $ 298,601 $ - $ - Short-term investments 17,802 17,802 - - 17,802 Restricted cash 14,281 14,281 14,281 - - Long-term investments and accrued interest 120,478 154,743 - - 154,743 $ 451,162 485,427 312,882 - 172,545 Liabilities Term loans $ 945,813 $ 982,036 $ - $ - $ 982,036 Ex-Im Bank guaranteed notes 760,389 789,834 - - 789,834 EETCs 211,739 270,333 - - 270,333 $ 1,917,941 $ 2,042,203 $ - $ - $ 2,042,203
Carrying Value, Gross Unrealized Gain (Loss) and Fair Value of Our Long-term Investments by Contractual Maturity	September 30, 2015 December 31, 2014 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 $ 24,342 $ 3,417 $ 27,759 $ 40,040 $ 9,700 $ 49,740 Due after five but within ten years 19,710 5,619 25,329 80,438 24,565 105,003 Total $ 44,052 $ 9,036 $ 53,088 $ 120,478 $ 34,265 $ 154,743

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting Tables [Abstract]
Operating Revenue and Direct Contribution For Our Reportable Business Segments	For the Three Months Ended For the Nine Months Ended September 30, 2014 September 30, 2014 Prior Methodology Revised Methodology Prior Methodology Revised Methodology Direct Contribution: ACMI $54,228 $54,974 $143,554 $145,107 Charter 18,174 16,299 24,960 20,306 For the Three Months Ended For the Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Operating Revenue: ACMI $ 197,020 $ 184,068 $ 575,322 $ 568,929 Charter 225,068 252,855 680,642 655,462 Dry Leasing 23,915 25,411 83,235 75,611 Other 3,901 3,467 11,383 10,331 Total Operating Revenue $ 449,904 $ 465,801 $ 1,350,582 $ 1,310,333 Direct Contribution: ACMI $ 46,991 $ 54,974 $ 138,051 $ 145,107 Charter 29,496 16,299 84,974 20,306 Dry Leasing 7,673 8,721 34,092 25,630 Total Direct Contribution for Reportable Segments 84,160 79,994 257,117 191,043 Add back (subtract): Unallocated income and expenses, net (48,161) (41,010) (142,466) (116,172) Loss on early extinguishment of debt (66,729) - (66,729) - Gain on investments 13,439 - 13,439 - Special charge (7,674) (90) (7,605) (9,567) Loss on disposal of aircraft (208) - (1,531) (14,679) Income (loss) before income taxes (25,173) 38,894 52,225 50,625 Add back (subtract): Interest income (2,040) (4,588) (10,953) (14,034) Interest expense 22,110 25,960 71,691 78,777 Capitalized interest (556) (44) (759) (423) Loss on early extinguishment of debt 66,729 - 66,729 - Gain on investments (13,439) - (13,439) - Other expense (income), net 1,364 767 1,755 831 Operating Income $ 48,995 $ 60,989 $ 167,249 $ 115,776

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share Tables [Abstract]
Calculations of Basic and Diluted EPS	For the Three Months Ended For the Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Numerator: Net Income (Loss) Attributable to Common Stockholders $ (12,754) $ 27,576 $ 44,868 $ 65,113 Denominator: Basic EPS weighted average shares outstanding 24,798 24,983 24,771 25,106 Effect of dilutive stock options and restricted stock - 81 176 58 Diluted EPS weighted average shares outstanding 24,798 25,064 24,947 25,164 EPS: Basic $ (0.51) $ 1.10 $ 1.81 $ 2.59 Diluted $ (0.51) $ 1.10 $ 1.80 $ 2.59

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2013 $ (11,375) $ 698 $ (10,677) Net change in fair value (251) - (251) Reclassification to interest expense 2,049 - 2,049 Translation adjustment - (119) (119) Tax effect (764) - (764) Balance as of September 30, 2014 $ (10,341) $ 579 $ (9,762) Interest Rate Foreign Currency Derivatives Translation Total Balance as of December 31, 2014 $ (9,924) $ 352 $ (9,572) Net change in fair value - - - Reclassification to interest expense 1,924 - 1,924 Translation adjustment - (343) (343) Tax effect (735) - (735) Balance as of September 30, 2015 $ (8,735) $ 9 $ (8,726)

Basis of Presentation (Detail)

Basis of Presentation (Detail)	Sep. 30, 2015
Basis Of Presentation Details [Abstract]
Equity interest in PACW	51.00%
Voting interest in PACW	75.00%

DHL Investment and Polar Percen

DHL Investment and Polar Percentages (Detail)	Sep. 30, 2015
Dhl Investment And Polar Percentages [Abstract]
DHL equity interest in Polar	49.00%
DHL voting interest in Polar	25.00%

Summary of Significant Account

Summary of Significant Account Policies (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Amortization Of Debt Issuance Costs Details [Abstract]
Debt issuance costs classified as reduction of debt	$ 53.1	$ 55.1
Variable Interest Entities And Off Balance Sheet Arrangements Details [Abstract]
Ownership interest in GATS	50.00%
Investment in GATS	$ 20.1	16.4
Payable to GATS	$ 1.6	$ 1.5

DHL Investment and Polar Table

DHL Investment and Polar Table (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
DHL Investment and Polar Table Details [Line Items]
ACMI revenue from Polar	$ 96,299	$ 79,098	$ 281,817	$ 222,937
Other revenue from Polar	6,188	2,845	11,875	8,529
Ground handling and airport fees paid to Polar	414	$ 537	1,641	$ 1,309
Receivables from Polar	5,194		5,194		$ 5,702
Payables to Polar	1,658		1,658		2,611
Aggregate carrying value of Polar investment	$ 4,870		$ 4,870		$ 4,870

Special Charge (Detail)

Special Charge (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Special Charge Details [Abstract]
Early termination of operating leases for engines		$ 7.7
Impairment charges related to employee termination benefits for the 747-200 fleet	$ 0.2		$ 4.1
GSS loan reserve			$ 4.9

Special Charge Table (Detail)

Special Charge Table (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Special Charge [Line Items]
Beginning balance	$ 3,551
Special charge items, net	433
Cash payments	(3,438)
Ending balance	546
Lease termination costs [Member]
Special Charge [Line Items]
Beginning balance	2,437
Special charge items, net	384
Cash payments	(2,275)
Ending balance	546
GSS employee termination benefits [Member]
Special Charge [Line Items]
Beginning balance	1,014
Special charge items, net	35
Cash payments	(1,049)
Ending balance	0
Other [Member]
Special Charge [Line Items]
Beginning balance	100
Special charge items, net	14
Cash payments	(114)
Ending balance	$ 0

Intangible Assets, net Tables (

Intangible Assets, net Tables (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Intangible Assets Table Details [Abstract]
Intangible assets, net	$ 60,694	$ 67,410

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accrued Liabilities Details [Abstract]
Customer maintenance reserves	$ 66,388	$ 64,756
Salaries, wages and benefits	42,826	48,548
Maintenance	41,334	50,702
Aircraft fuel	32,545	15,078
Deferred revenue	10,394	10,705
Other	64,467	61,805
Accrued liabilities	$ 257,954	$ 251,594

Debt Obligations Table (Detail)

Debt Obligations Table (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt [Abstract]
Less current portion of debt	$ 152,421	$ 181,202
Long-term debt	$ 1,642,424	$ 1,736,739

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Sep. 30, 2015
Debt Instrument [Line Items]
Fixed Interest Rate	8.10%

Debt Term Loan (Detail)

Debt Term Loan (Detail)	Sep. 30, 2015
Term Loans [Line Items]
Term loan fixed interest rate	8.10%

Future Cash Payments for Debt T

Future Cash Payments for Debt Table (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Future Cash Payments for Debt [Abstract]
Less: debt discount, net of amortization	$ (50,919)

Financing Arrangements Addition

Financing Arrangements Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)
Long term debt type [Domain]
Debt Instrument [Line Items]
Convertible notes aggregate principal amount	$ 224,500		$ 224,500
Debt instrument interest rate	2.25%		2.25%
Conversion price of convertible notes | $ / shares	$ 74.05		$ 74.05
Effective interest rate of debt	6.44%		6.44%
Remaining life of notes			6 years 8 months
Net cost incurred as reduction to additional paid-in capital			$ 16,600
Convertible notes aggregate principal amount	$ 224,500		$ 224,500
Debt instrument interest rate	8.10%		8.10%
Loss on early extinguishment of debt	$ (66,729)	$ 0	$ (66,729)	$ 0
Payment of debt extinguishment costs			(34,014)	0
Debt extinguishment write-off of the debt discount	32,700
Gain on investments	(13,439)	$ 0	$ (13,439)	0
Number of common shares converted upon debt conversion for each $1000 principal amount			13.5036
Debt issuance costs			$ 6,800
Liability issuance costs	5,200		5,200
Equity issuance costs	$ 1,600		$ 1,600
Hedge option to purchase common stock | shares	3,031,558		3,031,558
Aggregate amount for convertible hedge			$ 52,900
Common stock price per share | $ / shares	$ 74.05		$ 74.05
Aggregate proceeds from the sale of warrants			$ 36,290	$ 0
Warrant [Member]
Debt Instrument [Line Items]
Common stock price per share | $ / shares	$ 95.01		$ 95.01
Aggregate proceeds from the sale of warrants			$ 36,300
Warrant option holder to purchase common stock | shares	3,031,558		3,031,558

Financing Arrangements Schedule

Financing Arrangements Schedule of Notes (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Convertible notes [Line Items]
Proceeds	$ 224,500
Less: debt discount, net of amortization	(50,919)
Less: debt issuance cost, net of amortization	(4,985)
Net carrying amount	168,596
Equity component	$ 52,903

Financial Arrangements Summary

Financial Arrangements Summary of Interest Expense Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Schedule of Interest Expense on Convertible Notes [Abstract]
Contractual interest coupon	$ 1,263	$ 1,656
Amortization of debt discount	1,517	1,984
Amortization of debt issuance costs	166	215
Total interest expense recognized	$ 2,946	$ 3,855

Income Taxes Tables (Detail)

Income Taxes Tables (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Deferred
Total deferred expense			$ 6,417	$ (10,282)
Income tax expense (benefit)	$ (12,419)	$ 11,318	7,357	(9,958)
Domestic and foreign earnings before income taxes
Income (loss) before income taxes	$ (25,173)	$ 38,894	$ 52,225	$ 50,625
Reconciliation of differences between the U.S. federal statutory income tax rate and the effective income tax rates
Effective income tax rate	(49.30%)	29.10%	14.10%	(19.70%)

Income Taxes Monetary (Detail)

Income Taxes Monetary (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure Narrative Details [Abstract]
ETI Benefit	$ 4	$ 4	$ 24
Undistributed Earnings of Foreign Subsidiaries	70.1	70.1
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability	24.5	24.5
Income tax benefit from the favorable resolution of an IRS exam.	$ 2.4	$ 2.4

Financial Instruments Fair Valu

Financial Instruments Fair Value Table (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 376,695	$ 298,601	$ 262,224	$ 321,816
Short-term investments	1,866	17,802
Restricted cash	11,085	14,281
Long-term investments and accrued interest	44,052	120,478
Liabilities
Convertible Notes	168,596
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents	376,695	298,601
Short-term investments	1,866	17,802
Restricted cash	11,085	14,281
Long-term investments and accrued interest	44,052	120,478
Financial instruments assets	433,698	451,162
Liabilities
Term loans	888,735	945,813
Ex-Im Bank guaranteed notes	707,587	760,389
EETCs	29,927	211,739
Convertible Notes	168,596
Financial instruments liabilities	1,794,845	1,917,941
Estimate of Fair Value, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents	376,695	298,601
Short-term investments	1,866	17,802
Restricted cash	11,085	14,281
Long-term investments and accrued interest	53,088	154,743
Financial instruments assets	442,734	485,427
Liabilities
Term loans	939,177	982,036
Ex-Im Bank guaranteed notes	746,480	789,834
EETCs	32,110	270,333
Convertible Notes	178,343
Financial instruments liabilities	1,896,110	2,042,203
Fair Value, Inputs, Level 1 [Member]
Assets
Cash and cash equivalents	376,695	298,601
Short-term investments	0	0
Restricted cash	11,085	14,281
Long-term investments and accrued interest	0	0
Financial instruments assets	387,780	312,882
Liabilities
Term loans	0	0
Ex-Im Bank guaranteed notes	0	0
EETCs	0	0
Convertible Notes	178,343
Financial instruments liabilities	178,343	0
Fair Value, Inputs, Level 2 [Member]
Assets
Cash and cash equivalents	0	0
Short-term investments	0	0
Restricted cash	0	0
Long-term investments and accrued interest	0	0
Financial instruments assets	0	0
Liabilities
Term loans	0	0
Ex-Im Bank guaranteed notes	0	0
EETCs	0	0
Convertible Notes	0
Financial instruments liabilities	0	0
Fair Value, Inputs, Level 3 [Member]
Assets
Cash and cash equivalents	0	0
Short-term investments	1,866	17,802
Restricted cash	0	0
Long-term investments and accrued interest	53,088	154,743
Financial instruments assets	54,954	172,545
Liabilities
Term loans	939,177	982,036
Ex-Im Bank guaranteed notes	746,480	789,834
EETCs	32,110	270,333
Convertible Notes	0
Financial instruments liabilities	$ 1,717,767	$ 2,042,203

Financial Instruments Contractu

Financial Instruments Contractual Maturity Table (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt securities
Due after one but within five years, carrying value	$ 24,342	$ 40,040
Due after five but within ten years, carrying value	19,710	80,438
Total, carrying value	44,052	120,478
Due after one but within five years, gross unrealized gain (loss)	3,417	9,700
Due after five but within ten years, gross unrealized gain (loss)	5,619	24,565
Total, gross unrealized gain (loss)	9,036	34,265
Due after one but within five years, fair value	27,759	49,740
Due after five but within ten years, fair value	25,329	105,003
Total, fair value	$ 53,088	$ 154,743

Financial Instruments Narrative

Financial Instruments Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Financial Instruments [Abstract]
Gain on investments	$ (13,439)	$ 0	$ (13,439)	$ 0
Debt redemption premium			5,700
Gain from investment discount			$ 7,700

Segment Reporting Detail Reclas

Segment Reporting Detail Reclassification - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Direct Contribution [Abstract]
ACMI	$ 46,991	$ 54,974	$ 138,051	$ 145,107
Charter direct contribution	$ 29,496	16,299	$ 84,974	20,306
Prior methodology [Member]
Direct Contribution [Abstract]
ACMI		54,228		143,554
Charter direct contribution		18,174		24,960
Revised methodology [Member]
Direct Contribution [Abstract]
ACMI		54,974		145,107
Charter direct contribution		$ 16,299		$ 20,306

Segment Reporting (Detail)

Segment Reporting (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Revenue
ACMI	$ 197,020	$ 184,068	$ 575,322	$ 568,929
Charter	225,068	252,855	680,642	655,462
Dry Leasing	23,915	25,411	83,235	75,611
Other	3,901	3,467	11,383	10,331
Total Operating Revenue	449,904	465,801	1,350,582	1,310,333
Direct Contribution
ACMI	46,991	54,974	138,051	145,107
Charter	29,496	16,299	84,974	20,306
Dry Leasing	7,673	8,721	34,092	25,630
Total Direct Contribution for Reportable Segments	84,160	79,994	257,117	191,043
Unallocated income and expenses, net	(48,161)	(41,010)	(142,466)	(116,172)
Loss on early extinguishment of debt	(66,729)	0	(66,729)	0
Gain on investments	(13,439)	0	(13,439)	0
Special charge	(7,674)	(90)	(7,605)	(9,567)
Loss (gain) on disposal of aircraft	(208)	0	(1,531)	(14,679)
Income (loss) before income taxes	(25,173)	38,894	52,225	50,625
Interest income	(2,040)	(4,588)	(10,953)	(14,034)
Interest expense	22,110	25,960	71,691	78,777
Capitalized interest	(556)	(44)	(759)	(423)
Loss on early extinguishment of debt	66,729	0	66,729	0
Gain on investments	13,439	0	13,439	0
Other expense (income), net	1,364	767	1,755	831
Operating Income	$ 48,995	$ 60,989	$ 167,249	$ 115,776

Segment Reporting Narrative (De

Segment Reporting Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Narrative Details [Abstract]
AMC revenue	$ 122.5	$ 109.8	$ 326.6	$ 263.9
Accounts receivable from the AMC	$ 23.2		$ 23.2		$ 15.3

Legal Proceedings (Detail)

Legal Proceedings (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Labor And Legal Proceedings [Abstract]
Brazilian claims in the aggregate	$ 4.9
Amounts on deposit for Brazilian claims included in Deposits and other assets	$ 3.6	$ 5.3

Stock Repurchase (Detail)

Stock Repurchase (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)shares
Treasury Stock Details [Abstract]
Amount authorized for the repurchase of common stock	$ 100
Treasury Stock Repurchase Incremental Authorization	51
Cumulative Cost of Treasury Shares Repurchased	107.1
Treasury Stock Repurchase Remaining Authorization	$ 25
Treasury Stock Repurchase Aggregate Shares | shares	425,154
Treasury Stock Repurchase Aggregate Purchase Price	$ 20

Earnings Per Share Table (Detai

Earnings Per Share Table (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net Income (Loss) Attributable to Common Stockholders	$ (12,754)	$ 27,576	$ 44,868	$ 65,113
Denominator:
Basic EPS weighted average shares outstanding	24,798	24,983	24,771	25,106
Effect of dilutive stock options and restricted stock	0	81	176	58
Diluted EPS weighted average shares outstanding	24,798	25,064	24,947	25,164
EPS:
Basic	$ (0.51)	$ 1.1	$ 1.81	$ 2.59
Diluted	$ (0.51)	$ 1.1	$ 1.8	$ 2.59

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share Details [Abstract]
Antidilutive options	3	0	3	0
Restricted shares and units in which performance or market conditions were not satisfied	0.3	0.4	0.3	0.4

Accumulated Other Comprehensi59

Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			$ (9,572)
Net change in fair value	$ 0	$ 0	0	$ (251)
Reclassification to interest expense	(636)	(677)	(1,924)	(2,049)
Income tax benefit (expense)	243	259	735	764
Balance	(8,726)		(8,726)
Interest Rate Derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(9,924)	(11,375)
Net change in fair value			0	(251)
Reclassification to interest expense			1,924	2,049
Translation adjustment			0	0
Income tax benefit (expense)			(735)	(764)
Balance	(8,735)	(10,341)	(8,735)	(10,341)
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			352	698
Net change in fair value			0	0
Reclassification to interest expense			0	0
Translation adjustment			(343)	(119)
Income tax benefit (expense)			0	0
Balance	9	579	9	579
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(9,572)	(10,677)
Net change in fair value			0	(251)
Reclassification to interest expense			1,924	2,049
Translation adjustment			(343)	(119)
Income tax benefit (expense)			(735)	(764)
Balance	$ (8,726)	$ (9,762)	$ (8,726)	$ (9,762)

Accumulated Other Comprehensi60

Accumulated Other Comprehensive Income (Loss) Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income Loss Narrative Details [Abstract]
Unamortized realized loss in Accumulated other comprehensive income (loss) related to forward-starting interest rate swaps	$ 14.1		$ 14.1
Net realized losses reclassified into earnings	0.6	$ 0.7	1.9	$ 2
Realized losses related to forward-starting interest rate swaps expected to be reclassified into earnings within the next 12 months	$ 14.8		$ 14.8

Subsequent Events Narrative (De

Subsequent Events Narrative (Detail) - USD ($) $ in Millions	1 Months Ended
	Nov. 30, 2015	Oct. 31, 2015	Nov. 02, 2015
Subsequent Events [Abstract]
First 2015 Term Loan		$ 195.2
First 2015 Term Loan final payment		$ 65.3
First 2015 Term Loans fixed interest rate		3.53%
Term		97 months
Second 2015 Term Loan	$ 125
Second 2015 Term Loan final payment			$ 35.3
Second 2015 Term Loan due	November 2,027
Second 2015 Term Loan fixed interest rate	3.96%