Atlas Air Worldwide (AAWW) 10-K 18 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 11, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Document period end date	Dec. 31, 2015
Amendment flag	false
Document Fiscal Period Focus	FY
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 public float			$ 1,139,283,867
Entity common stock shares outstanding		24,636,651

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 425,950	$ 298,601
Short-term investments	5,098	17,802
Restricted cash	12,981	14,281
Accounts receivable, net of allowance	164,308	162,092
Prepaid maintenance	6,052	20,806
Prepaid expenses and other current assets	37,548	51,599
Total current assets	651,937	565,181
Property and Equipment
Flight equipment	3,687,248	3,448,791
Ground equipment	58,487	51,418
Less: accumulated depreciation	(450,217)	(348,036)
Purchase deposits for flight equipment	39,678	20,054
Property and equipment, net	3,335,196	3,172,227
Other Assets
Long-term investments and accrued interest	37,604	120,478
Deposits and other assets	81,183	81,981
Intangible assets, net	58,483	67,410
Total Assets	4,164,403	4,007,277
Current Liabilities
Accounts payable	93,278	42,864
Accrued liabilities	293,138	251,594
Current portion of long-term debt	161,811	181,193
Total current liabilities	548,227	475,651
Other Liabilities
Long-term debt	1,739,496	1,736,747
Deferred taxes	286,928	311,668
Other liabilities	135,569	65,416
Total other liabilities	2,161,993	2,113,831
Equity
Preferred stock	0	0
Common stock	290	286
Additional paid-in-capital	625,244	573,133
Treasury stock, at cost	(171,844)	(145,322)
Accumulated other comprehensive loss	(6,063)	(9,572)
Retained earnings	1,006,556	999,270
Total stockholders' equity	1,454,183	1,417,795
Total equity	1,454,183	1,417,795
Total Liabilities and Equity	$ 4,164,403	$ 4,007,277

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Allowance for doubtful accounts receivable	$ 1,247	$ 1,658

Consolidated Balance Sheets Sha

Consolidated Balance Sheets Shares (Parentheticals) - $ / shares	Dec. 31, 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	28,955,445	28,561,160
Common stock shares outstanding	24,636,651	24,807,718
Treasury stock shares	4,318,794	3,753,442

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Revenue
ACMI	$ 791,442	$ 778,091	$ 755,008
Charter	908,753	906,676	852,452
Dry leasing	107,218	100,059	35,168
Other	15,246	14,372	14,272
Total Operating Revenue	1,822,659	1,799,198	1,656,900
Operating Expenses
Salaries, wages and benefits	351,372	311,143	299,136
Aircraft fuel	333,390	404,263	410,353
Maintenance, materials and repairs	202,337	203,567	162,972
Aircraft rent	145,031	140,390	160,415
Depreciation and amortization	128,740	120,793	86,389
Travel	102,755	79,199	61,420
Navigation fees, landing fees and other rent	99,345	131,138	90,733
Passenger and ground handling services	83,185	86,820	72,503
Loss on disposal of aircraft	1,538	14,679	351
Special charge	17,388	15,114	18,642
Other	234,073	116,120	107,196
Total Operating Expenses	1,699,154	1,623,226	1,470,110
Operating Income	123,505	175,972	186,790
Non-operating Expenses (Income)
Interest income	(12,554)	(18,480)	(19,813)
Interest expense	96,756	104,252	83,659
Capitalized interest	(1,027)	(453)	(2,350)
Loss on early extinguishment of debt	69,728	0	5,518
Gain on investments	(13,439)	0	0
Other expense (income), net	1,261	1,104	1,954
Total Non-operating Expenses (Income)	140,725	86,423	68,968
Income (loss) before income taxes	(17,220)	89,549	117,822
Income tax expense (benefit)	(24,506)	(12,678)	23,833
Net Income (Loss)	7,286	102,227	93,989
Less: Net income (loss) attributable to noncontrolling interests	0	(4,530)	152
Net Income (Loss) Attributable to Common Stockholders	$ 7,286	$ 106,757	$ 93,837
Earnings per share:
Basic	$ 0.29	$ 4.26	$ 3.67
Diluted	$ 0.29	$ 4.25	$ 3.66
Weighted average shares:
Basic	24,833	25,031	25,541
Diluted	25,018	25,127	25,627

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Comprehensive Income (Loss)
Net Income (Loss)	$ 7,286	$ 102,227	$ 93,989
Interest rate derivatives:
Net change in fair value	0	(251)	1,386
Reclassification to interest expense	6,129	2,724	3,064
Income tax expense	(2,277)	(1,022)	(1,207)
Foreign currency translation:
Translation adjustment	(343)	(168)	700
Income tax benefit (expense)	0	0	0
Accumulated Postretirement Benefit Obligation:
Other comprehensive income (loss)	3,509	1,283	3,943
Comprehensive Income (Loss)	10,795	103,510	97,932
Less: Comprehensive income (loss) attributable to noncontrolling interests	0	(4,352)	509
Comprehensive Income (Loss) Attributable to Common Stockholders	$ 10,795	$ 107,862	$ 97,423

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities:
Net Income (Loss)	$ 7,286	$ 102,227	$ 93,989
Adjustments to reconcile Net Income to net cash provided by operating activities:
Depreciation and amortization	147,604	138,324	101,671
Accretion of debt securities discount	(4,651)	(7,947)	(8,889)
Provision for allowance for doubtful accounts	171	643	178
Special charge, net of cash payments	16,351	12,013	18,642
Loss on early extinguishment of debt	69,728	0	5,518
Loss on disposal of aircraft	1,538	14,679	351
Deferred taxes	(25,898)	(12,714)	22,856
Stock-based compensation expense	16,181	13,606	16,690
Changes in:
Accounts receivable	2,016	(21,070)	(6,029)
Prepaid expenses and other current assets	23,171	23,605	(192)
Accounts payable and accrued liabilities	119,390	9,779	57,308
Net cash provided by operating activities	372,887	273,145	302,093
Investing Activities:
Capital expenditures	(45,040)	(24,920)	(29,531)
Purchase deposits and delivery payments for flight equipment	(227,048)	(519,399)	(573,416)
Changes in restricted cash	1,300	(7,790)	(6,491)
Proceeds from investments	80,302	3,728	5,569
Proceeds from insurance	0	0	9,109
Proceeds from disposal of aircraft	25,441	0	4,780
Net cash used for investing activities	(165,045)	(548,381)	(589,980)
Financing Activities:
Proceeds from debt issuance	568,033	572,552	709,484
Customer maintenance reserves received	16,148	17,555	2,907
Customer maintenance reserves paid	3,801	0	0
Refund of accelerated share repurchase	0	0	21,886
Prepayment of accelerated share repurchase	0	0	(21,886)
Proceeds from sale of warrants	36,290	0	0
Payments for convertible note hedges	52,903	0	0
Proceeds from stock option exercises	1,193	69	0
Excess tax benefit from stock-based compensation expense	555	8	465
Payment of debt extinguishment costs	(36,054)	0	0
Purchase of treasury stock	(26,522)	(19,496)	(80,976)
Payment of debt issuance costs	(14,509)	(17,117)	(19,769)
Payments of debt	(568,923)	(301,550)	(412,171)
Net cash provided by (used for) financing activities	(80,493)	252,021	199,940
Net increase (decrease) in cash and cash equivalents	127,349	(23,215)	(87,947)
Cash and cash equivalents at the beginning of period	298,601	321,816	409,763
Cash and cash equivalents at the end of period	425,950	298,601	321,816
Non-cash Investing and Financing Activities:
Acquisition of flight equipment and assumed debt	0	0	90,498
Acquisition of flight equipment included in Accounts payable and accrued liabilities	33,294	29,087	21,823
Disposition of aircraft included in accounts receivable	$ 0	$ 5,072	$ 0

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, 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 (expense) 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
Net Income (loss)	102,227	0	0	0	0	106,757	106,757	(4,530)
Other comprehensive income (loss)	1,283	0	0	0	1,105	0	1,105	178
Stock option and restricted stock compensation	13,606	0	0	13,606	0	0	13,606	0
Purchase of shares of treasury stock	(19,496)	0	(19,496)	0	0	0	(19,496)	0
Exercise of employee stock options	69	0	0	69	0	0	69	0
Issuance of shares of restricted stock	0	4	0	(4)	0	0	0	0
Prepayment of accelerated share repurchase	0
Refund of accelerated share repurchase	0
Tax benefit (expense) on restricted stock and stock options	(2,019)	0	0	(2,019)	0	0	(2,019)	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)	7,286	0	0	0	0	7,286	7,286	0
Other comprehensive income (loss)	3,509	0	0	0	3,509	0	3,509	0
Stock option and restricted stock compensation	16,181	0	0	16,181	0	0	16,181	0
Purchase of shares of treasury stock	(26,522)	0	(26,522)	0	0	0	(26,522)	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	32,234	0	0	32,234	0	0	32,234	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
Prepayment of accelerated share repurchase	0
Refund of accelerated share repurchase	0
Tax benefit (expense) on restricted stock and stock options	54	0	0	54	0	0	54	0
Balance at Dec. 31, 2015	$ 1,454,183	$ 290	$ (171,844)	$ 625,244	$ (6,063)	$ 1,006,556	$ 1,454,183	$ 0

Consolidated Statements of Sto9

Consolidated Statements of Stockholders' Equity (Parentheticals) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Stockholders Equity
Purchase of shares of treasury stock	565,352	591,858	1,932,101
Exercise of employee stock options	25,373	2,500	0
Issuance of shares of restricted stock	368,912	358,447	527,289

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 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 services (collectively referred to as “Titan”) . 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 me thod 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 entit ies 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, but not the aircra ft (“CMI”); (ii) cargo and passenger charter services (“Charter”); and (iii) dry leasing aircraft and engines (“Dry Leasing” or “Dry Lease”). Except for per share data, all dollar amounts are in thousands unless otherwise noted. Cer tain 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 , debt i ssuance costs and deferred taxes (see Note s 2 and 11 for further discussion) .

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
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 these financial s tatements 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, heavy maintenance costs, income tax accounting, business combinations , intangible assets, contingent liabilities (including, but not limited to litigation accruals) , valuation allowances (including, but not limited to, those related to receivables, expend able parts inventory and deferred taxes), stock-based compensation and self-insurance employee benefit accruals. Revenue Recognition Revenue from ACMI and CMI contracts is typically recognized as the block hours are operated on behalf of a customer durin g 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 a “Block Hour”. If a customer flies below a minimum contracted Block Hour guarantee, the contracted minimum revenue amounts are recognized as revenue. We recognize revenue for Charter upon flight departure. We record Dry Lease rental income on a straight-line basis over the term of the operating l ease. In limited 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 agree ment, and is typically reported monthly by the lessee. Rentals received but unearned under the lease agreements are recorded in deferred revenue and included in Accrued liabilities until earned. Customer maintenance reserves are amounts received under our Dry Leases that are subject to reimbursement to the lessee upon the completion of qualifying maintenance work on the specific Dry Leased aircraft and are included in Accrued liabilities. We defer revenue recognition until the end of the lease, when we ar e able to finalize the amount, if any, to be reimbursed to the customer. 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-t erm 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 restricted under secured aircraft debt agreements, whereby it can only be used to make pri ncipal and interest payments on the related debt secured by those aircraft, is classified as Restricted cash. 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 the receivable will not be recovered. Escrow Deposit s and Letters of Credit We had $ 3.9 million as of December 31, 2015 and $ 5.3 million as of December 31, 2014 , for certain deposits required in the normal course of business for various items including, but not limited to, surety an d 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. Expendable Parts Expendable parts, materials and supplies f or 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 expe cted to be on hand at the date aircraft are retired from service are provided over the estimated useful lives of the related air frames and engines. These allowances are based on management estimates, which are subject to change as conditions in the busine ss evolve. T he net book value of expendable parts inventory was $ 18.1 million as of December 31, 2015 and $ 17.5 million at December 31, 2014 , net of allowances for obsolescence of $ 19.7 million at December 31, 2015 and $ 16.6 million at December 31, 2014 . Property and Equipment We record property and equipment at cost and depreciate these assets to their estimated residual values on a straight-line basis over their estimated useful lives or average remaining fleet lives. 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, the modified assets’ remaining life or remaining lease term. Most of our flight equipment is specifically pledged as collateral for our indebtedness. The est imated useful lives of our property and equipment are as follows: Range Flight equipment 3 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 $ 122.2 million in 2015 , $ 114.0 million in 2014 and $ 83.9 million in 2013 . The net book value of flight equipment on dry lease to customers was $ 887.9 million as of December 31, 2015 and $ 890.1 million as of December 31, 2014 . The accumulated depreciation for flight equipment on dry lease to customers was $ 64.5 million as of December 31, 2015 and $ 38.8 million as of December 31, 2014 . Rotable parts are recorded in Property and equipment, net, and are depreciated over their average remaining fleet lives and written off when they are determin ed to be beyond economic repair. The net book value of rotable parts inventory was $ 125.6 million as of December 31, 2015 and $ 108.2 million as of December 31, 2014 . Capitalized Interest on Purchase Deposits Interest on funds us ed 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 pai d on the purchase 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 purchase deposits. Impairment of Long-Lived Assets We record impairment charges on long-lived assets 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 the associated carrying amount and the net book value of the assets exceeds the associated estimated fair value. For flight equipment used in our ACMI and Charter segments, assets are gro uped at the operating fleet level for impairment testing. For flight equipment used in our Dry Leasing segment, assets are tested on an individual basis for impairment. In developing estimates for flight equipment and cash flows, we use external appraisal s and other industry data for the various equipment types, anticipated utilization of the assets, revenue generated, associated costs and length of service . 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 met hod are included in Interest income. Variable Interest Entities and Off-Balance Sheet Arrangements 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 $ 20.7 million as of December 31, 2015 and $ 16.4 million as of December 31, 2014 and our maximum exposure to losses from the entity is limited to our investment, which is comp osed primarily of rotable inventory parts. GATS does not have any third-party debt obligations. We had Accounts payable to GATS of $ 2.3 million as of December 31, 2015 and $ 1.5 million as of December 31, 2014 . A portion of our opera ting 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 maxi mum 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 t o 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 l ikely 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. We have recorded reserves for income taxes that may bec ome payable in future years. Although management believes that its positions taken on income tax matters are reasonable, we have nevertheless established tax reserves in recognition that various taxing authorities may challenge certain of the positions ta ken by us, potentially resulting in additional liabilities for taxes. Heavy Maintenance Except for engines used on our 747-8F aircraft, w e account for heavy maintenance costs for airframes and engines used in our ACMI and 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. We account for heavy maintenance costs for airframes and engines used in our Dry Leasing segment and engines used on our 747-8F aircraft using the deferral method. Under this method, we capitalize the cost of scheduled heavy maintenance events, which are amortized over the estimated period until the next scheduled heavy maintenance ev ent is required. A s of December 31, 2015 , we had not capitalized any heavy maintenance costs under the deferral method. Prepaid Maintenance Deposits Certain of our aircraft financing agreements require security deposits to our finance providers to ensure tha t 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 $ 47.2 mill ion as of December 31, 2015 and $ 54.5 million a t December 31, 2014 . 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. We do not currently have a foreign currency hedging program related to our foreign currency-denominated transactions. Gai ns or losses resulting from foreign currency transactions are included within 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 ea ch 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 re vise 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. Legal and Regulatory Matters We are party to legal and regulatory proceedings with respect to a variety of matters. We evaluate the likelihood of an unfavorable outcome of these proceedings each quarter. Our judgments are subjective and are based on the status of the legal or regulatory proceedings, the mer its of our defenses and consultation with legal counsel. Due to the inherent uncertainties of the legal and regulatory proceedings in the multiple jurisdictions in which we operate, our judgments may be different from the actual outcomes. Supplemental Ca sh 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 following table summarizes interest and income taxes pai d: 2015 2014 2013 Interest paid $ 75,135 $ 84,265 $ 68,026 Income taxes paid, net of refunds $ (228) $ 1,181 $ 238 Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) amended its guidance on the classification of deferred income taxes on the balance sheet. The new guidance requires companies to classify all deferred income taxes as noncurrent. We early adopted this guidance retrospectively effective December 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 current deferred tax assets reclassified on our balance sheet was $ 40.9 million at December 31, 2014. In September 2015, the FASB amended its guidance for simplifying the accounting for business combination measurement-p eriod adjustments. The new guidance requires an acquirer to record the income statement effects, if any, as a result of the change in provisional amounts in the period’s financial statements when the adjustment is determined, calculated as if the accounti ng had been completed at the acquisition date. This amendment eliminates the requirement to retrospectively account for provisional adjustments. This standard is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. In April 2015, the FASB amended its guidance for presenting debt issuance costs. The new guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the carrying amount of the related debt liability i nstead 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 financial condition, results of operations or cash flows. The amount of debt issuance costs classified o n our balance sheet as a reduction of debt was $ 57.3 million at December 31, 2015 and $ 55.1 million at December 31, 2014. In May 2014, the FASB amended its accounting guidance for revenue recognition. The fundamental principles of the new guidance are that c ompanies 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 financ ial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB deferred the effective date by one year to the beginning of 2018. Early adoption of the standard is permitted, but not before the beginning of 2017. We are currently assessing the impact the amended guidance will have on our financial statements.

DHL Investment and Polar

DHL Investment and Polar	12 Months Ended
	Dec. 31, 2015
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, which began in 2008 (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 pro vides 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 vario us 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 wit h a guaranteed revenue stream from six 747 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 transpacific express network and DHL provides financial support and also assumed the risks and rewards of the operations of Polar . In addition to transpacific ro utes, Polar also flies between the Asia Pacific region, the 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 a nd fifteenth anniversaries of commencement, which was 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. Polar operates six 747-400 freighter aircraft and four 747-8F aircraft that are subleased from us. Atlas operates two additiona l 747-8F and one additional 747-400 aircraft to support the Polar network and DHL through commercial agreements whereby Atlas provides ACMI services to Polar. Atlas also provides incremental charter capacity to Polar on an ad hoc basis. We fly CMI servic e for three 767-300 aircraft, two of which are owned by DHL and one that is Dry Leased by Titan to DHL, and nine 767-200 freighters owned by DHL. The 767 CMI aircraft support both DHL’s North American and intra-Asian networks. Except for any liquidated d amages 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: 2015 2014 2013 Revenue from Polar $ 399,113 $ 325,053 $ 294,401 Ground handling and airport fees paid to Polar $ 2,019 $ 1,909 $ 1,174 Accounts receivable/payable as of December 31: 2015 2014 Receivables from Polar $ 6,527 $ 5,702 Payables to Polar $ 4,660 $ 2,611 Aggregate Carrying Value of Polar Investment as of December 31: 2015 2014 $ 4,870 $ 4,870

Special Charge

Special Charge	12 Months Ended
	Dec. 31, 2015
Special Charge [Abstract]
Special Charge	4. Special Charge During 201 5 , we entered into agreement s to sell five aircraft engines . As of December 31, 201 5 , we classified the engines as held for sale, recognized a n impairment loss of $ 8.3 million and ceased depreciation on the engines . The aggregate carrying value of the engines held for sale at December 31, 201 5 was $ 7.7 million, which was included within Prepaid expenses and other current assets in the consolidated balance sheets. The sale s are expected to be completed during the f irst quarter of 201 6 . In addition, we recognized a charge of $ 7.7 million related to the early termination of high-rate operating leases for two engines. During 2014, we entered into an agreement to sell a 737-800 aircraft used in our Dry Leas ing busine ss. As of December 31, 2014, we classified the aircraft as held for sale, recognized a loss of $ 6.2 million and ceased depreciation on the aircraft. The aggregate carrying value of the aircraft held for sale at December 31, 2014 was $ 25.0 million, which was included within Prepaid expenses and other current assets in the consolidated balance sheets. The sale was completed during the first quarter of 2015. Also during 2014, we recognized $ 3.8 million, of employee termination benefits related to British Airways Plc’s (“British Airways”) return of three 747-8F aircraft. In addition, we recognized a loss of $ 4.7 million during 2014 related to a loan from Global Supply Systems Limited (“GSS”), a consolidated subsi diary, 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 392 35 14 441 Cash payments (2,829) (1,049) (114) (3,992) Liability as of December 31, 2015 $ - $ - $ - $ -

Intangible Assets, net

Intangible Assets, net	12 Months Ended
	Dec. 31, 2015
Intangible Assets, net [Abstract]
Intangible Assets, net	5 . Intangible Assets, n et The following table present s our I ntangible assets, net as of December 31: 2015 2014 Fair value adjustments on operating leases $ 45,531 $ 45,531 Lease intangibles 57,203 57,203 Less: accumulated amortization (44,251) (35,324) $ 58,483 $ 67,410 Fair value adjustments on operating leases represent the capitalized discount recorded in prior years to adjust the lease commitments for our 747-400 aircraft to fair market value and are amortized on a straight-line basis over the life of the leases . Lease intangibles resulted from the acquisition of various aircraft that are Dry Leased to customers on a long-term basis and are amortized on a straight-line basis over the life of the leases . Amortization expense related to intangible assets amounted to $8.9 million in 2015 , $9.4 million in 2014 and $4.9 million in 2013 . The estimated future amortization expense of intangible assets as of December 31, 2015 is as follows: 2016 $ 8,213 2017 7,922 2018 7,647 2019 6,948 2020 6,773 Thereafter 20,980 Total $ 58,483

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2015
Accrued Liabilities Tables [Abstract]
Accrued Liabilities	6. Accrued Liabilities Accrued liabilities consisted of the following as of December 31: 2015 2014 Customer maintenance reserves $ 70,252 $ 64,756 Maintenance 52,070 50,702 Salaries, wages and benefits 51,649 48,548 Class action settlement 35,000 - Aircraft fuel 12,983 15,078 Deferred revenue 12,702 10,705 Other 58,482 61,805 Accrued liabilities $ 293,138 $ 251,594

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt [Abstract]
Debt	7 . Debt Our debt obligations , as of December 31 : 2015 2014 Ex-Im Bank guaranteed notes $ 689,720 $ 760,389 Term loans 1,013,265 945,813 Convertible Notes 170,300 - EETCs 28,022 211,738 Total debt 1,901,307 1,917,940 Less current portion of debt (161,811) (181,193) Long-term debt $ 1,739,496 $ 1,736,747 At December 31, 2015 and 2014 , we had $ 106.8 million and $ 91.0 million, respectively, of unamortized debt discount s and debt issuance costs . Many of our financing instruments have cross- default provisions and 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 We have issued various notes guaranteed by the Export-Import Bank of the United States (“Ex-Im Bank”), each secured by a mortgage on a 747-8F or 777- 200LRF aircraft (the “Ex-Im Guaranteed Notes”). In connection with the issuance of Ex-Im Guaranteed Notes, we paid usual and customary commitment and other fees associated with this type of financing. In addition, there are customary covenants, events of default and certain operating conditions that we must meet for the Ex-Im Guaranteed Notes. These notes accrue interest at a fixed rate with principal and interest payable quarterly. The following table summarizes the terms and balances for each note guar anteed by Ex-Im Bank as of December 31 (in millions): Collateral Fixed Issue Face Aircraft Original Interest Date Value Tail Number Term Rate 2015 2014 2014 Ex-Im Guaranteed Note 2014 $ 140.6 N854GT 134 months 2.67% $ 118.7 $ 129.8 First 2013 Ex-Im Guaranteed Note 2013 143.0 N855GT 12 years 1.83% 115.7 126.8 Second 2013 Ex-Im Guaranteed Note 2013 88.0 MSN 35606 90 months 1.84% 62.9 74.2 First 2012 Ex-Im Guaranteed Note 2012 142.0 N850GT 12 years 2.02% 104.1 115.2 Second 2012 Ex-Im Guaranteed Note 2012 142.7 N851GT 12 years 1.73% 107.2 118.4 Third 2012 Ex-Im Guaranteed Note 2012 142.8 N852GT 12 years 1.56% 106.9 118.1 Fourth 2012 Ex-Im Guaranteed Note 2012 143.2 N853GT 12 years 1.48% 109.8 121.1 $ 725.3 $ 803.6 Term Loans We have entered into various term loans to finance the acquisition of aircraft. Each term loan requires p ayment of principal and interest quarterly in arrears. Funds available under each term loan agreement are subject to usual and customary fees , and funds drawn under the loan agreements typically bear interest at a fixed rate based on LIBOR, plus a margin. Each facility is guaranteed by us and subject to customary covenants and events of default. In October 2015, we refinanced two higher -rate term loans, in the aggregate amount of $195.2 million, with a new term loan (the “First 2015 Term Loan”). The First 2015 Term Loan is secured by a mortgage against aircraft tail numbers N857GT and N858GT. In connection with this refinancing, we rec ognized a $ 3.0 million loss on early extinguishment of debt which was paid and reflected as a financing activity in the consolidated statements of cash flows. In November 2015, we borrowed $125.0 million for the delivery of a 747-8F aircraft u nder a term loan (the “Second 2015 Term Loan”). The Second 2015 Term Loan is secured by a mortgage against aircraft tail number N859GT. The Second 2015 Term Loan is cross- collateralized and cross- defaulted with the First 2015 Term Loan. In December 2015, w e borrowed $23.3 million related to the purchase and conversion of a 767-300BDSF aircraft under a term loan (the “Third 2015 Term Loan”). The Third 2015 Term Loan is secured by a mortgage against aircraft tail number N647GT. In 2014, we purchased three 77 7-200LRF aircraft that are leased to a customer on a long-term basis and 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. 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 2015 2014 2015 2014 First 2015 Term Loan 2015 $ 195.2 N857GT, N858GT 97 months Fixed 3.53% 0.00% $ 191.7 $ - Second 2015 Term Loan 2015 125.0 N859GT 12 years Fixed 3.96% 0.00% 125.0 - Third 2015 Term Loan 2015 23.3 N647GT 8 years Fixed 3.72% 0.00% 23.3 - First 2014 Term Loan 2014 115.0 MSN 38969 114 months Fixed 4.48% 4.48% 101.7 108.9 Second 2014 Term Loan 2014 30.8 MSN 38969 114 months Fixed 7.30% 7.30% 25.7 28.1 Third 2014 Term Loan 2014 115.0 MSN 37138 118 months Fixed 4.57% 4.57% 101.4 108.3 Fourth 2014 Term Loan 2014 29.0 MSN 37138 118 months Fixed 7.29% 7.29% 24.6 26.8 Fifth 2014 Term Loan 2014 115.0 MSN 39286 116 months Fixed 4.51% 4.51% 102.9 109.9 Sixth 2014 Term Loan 2014 27.2 MSN 39286 116 months Fixed 7.35% 7.35% 23.6 25.7 First 2013 Term Loan 2013 119.5 MSN 36201 89 months Variable 3.12% 3.06% 98.0 104.6 Second 2013 Term Loan 2013 110.0 MSN 36200 88 months Fixed 4.18% 4.18% 93.1 100.6 First 2012 Term Loan 2012 35.7 N464MC, N465MC, N640GT,N641GT 5 years Fixed 6.91% 6.91% 8.9 15.5 Second 2012 Term Loan 2012 8.5 N642GT 5 years Fixed 6.89% 6.89% - 3.9 Third 2012 Term Loan 2012 26.0 MSN 29681 7 years Fixed 4.27% 4.27% 14.8 18.6 First 2011 Term Loan 2011 120.3 N856GT 12 years Fixed 6.16% 6.16% 95.5 101.9 Second 2011 Term Loan 2011 120.0 N857GT 12 years Fixed 0.00% 6.37% - 102.5 Third 2011 Term Loan 2011 120.0 N858GT 12 years Fixed 0.00% 6.37% - 102.5 $ 1,030.2 $ 957.8 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 semiannually on June 1 and December 1 of each year at a fixed rate of 2.25%. The Convertible Notes will mature on June 1, 2022, unless earlier converted or repurchased pursuant to their terms. During 2015 , we used proceeds from the issuance of the 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 million . 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 holders and $ 32.7 million was related to the write-off of the debt discount associated with the EETCs . The debt extinguishment costs paid are reflected as a financing activity in the consolidated statements of cash flows. As a result of this refinancing, we recognized a $ 13.4 million Gain on investments from the early redemption of certain investments related to EETCs (see Note 10). 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 conversi on 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 circumstances. Upon the occurrence of a “mak e-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 fundamental change ” . Additionally, if we u ndergo 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 being repurchased plus any accrued and unp aid 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 adjustm ent 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 warrants to the option counterparties where by 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 million in cash proceeds from the sale of the se 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 the 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, shar es 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 (whet her 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 such 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 trading day of the measurement period, the t rading 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 occur rence 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 of a similar liability that does no t hav e an associated conversion feature, assuming our nonconvertible unsecured debt borrowing rate. The carrying value of t he equity component, the conversion option, which is recognized as additional paid-in-capital, net 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 December 31, 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 December 31, 2015 , the Convertible Notes consisted of the following: Liability component: Gross proceeds $ 224,500 Less: debt discount, net of amortization (49,377) Less: debt issuance cost, net of amortization (4,823) Net carrying amount $ 170,300 Equity component (1) $ 52,903 (1) Included in Additional paid-in capital on the consolidated balance sheet as of December 31, 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 the Convertible Notes. The following table presents the amount of interest expense recognized related to the Convertible Notes: For the Year Ended December 31, 2015 Contractual interest coupon $ 2,919 Amortization of debt discount 3,526 Amortization of debt issuance costs 380 Total interest expense recognized $ 6,825 Leveraged Lease Structure In three separate transactions in 1998, 1999 and 2000, we issued 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 is sued 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 EE TC 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 fiv e 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 i f 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 2016 . 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 a ccording to the terms of the equipment notes, principal payments vary and are payable monthly through each m aturity. With respect to the seven 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 i ssued with respect to owned aircraft are with full recourse to us. During 2015, five of these notes were repaid using proceeds from the Convertible Notes and one note was repaid upon maturity. The following table summarizes the terms and balances for each EETC outstan ding as of December 31 (in millions): Collateral Fixed Effective Issue Face Aircraft Original Equipment Interest Date Value Tail Number Term Note Rates Rate 2015 2014 2000 EETC 2000 $ 108.5 N409MC 20 years 8.71% to 9.70% 11.31% $ - $ 42.5 1999 EETC 1999 108.3 N476GT 20 years 6.88% to 8.77% 13.94% - 27.4 1999 108.4 N496MC 20 years 6.88% to 8.77% 13.94% - 35.6 1999 109.9 N499MC 20 years 6.88% to 8.77% 7.52% 28.0 35.4 1998 EETC 1998 105.6 N475GT 20 years 7.38% to 8.01% 13.89% - 34.1 1998 103.1 N493MC 20 years 7.38% to 8.01% 13.72% - 33.2 1998 107.9 N477GT 20 years 7.38% to 8.01% 7.54% - 3.5 $ 28.0 $ 211.7 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, 2015 : 2016 $ 171,538 2017 172,842 2018 177,203 2019 175,742 2020 283,533 Thereafter 1,027,248 Total debt cash payments 2,008,106 Less: unamortized debt discount and debt issuance costs (106,799) Debt $ 1,901,307

Commitments

Commitments	12 Months Ended
	Dec. 31, 2015
Leases And Aircraft Purchase Commitments [Abstract]
Leases and Aircraft Purchase Commitments	8. Commitments Leases The following table summarizes rental expenses in : 2015 2014 2013 Aircraft and engines $ 145,031 $ 140,390 $ 160,415 Purchased capacity, office, vehicles and other $ 44,228 $ 68,855 $ 34,062 As of December 31, 2015 , fourteen of our forty-nine operating aircraft were leased, all of which were operating leases with initial lease term expiration dates ranging from 2017 to 2025 , with an average remaining lease term of 6.7 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 , engine , 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, 2015 : Aircraft and Engine Other Operating Operating Leases Leases Total 2016 $ 132,120 $ 4,401 $ 136,521 2017 131,003 2,267 133,270 2018 130,955 642 131,597 2019 140,193 333 140,526 2020 135,372 321 135,693 Thereafter 323,682 331 324,013 Total payments $ 993,325 $ 8,295 $ 1,001,620 In addition to the aircraft we Dry Lease to customers, Polar subleases 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 income under Dry Leases and the non-cancelable aircraft subleases, reflecting the terms that were in effect as of December 31, 2015 : Dry Lease Sublease Income Income Total 2016 $ 105,020 $ 63,360 $ 168,380 2017 105,264 63,360 168,624 2018 104,053 52,800 156,853 2019 92,059 - 92,059 2020 81,003 - 81,003 Thereafter 160,240 - 160,240 Total minimum lease receipts $ 647,639 $ 179,520 $ 827,159 Guarantees and Indemnifications In the ordinary course of business, we enter into numerous leasing and financing arrangements for real estate, equipment, aircraft and engines 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 t ort 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 insu rance, 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, 2015
Income Taxes [Abstract]
Income Taxes	9. Income Taxes The significant components of the provision for income taxes are as follows: 2015 2014 2013 Current: Federal $ 52 $ 607 $ - State and local 48 65 116 Foreign 1,292 (636) 861 Total current expense 1,392 36 977 Deferred: Federal (24,425) (13,332) 26,354 State and local (3,531) 2,271 (2,111) Foreign 2,058 (1,653) (1,387) Total deferred expense (benefit) (25,898) (12,714) 22,856 Total income tax expense (benefit) $ (24,506) $ (12,678) $ 23,833 The domestic and foreign earnings before income taxes are as follows: 2015 2014 2013 Domestic $ (57,825) $ 73,386 $ 108,709 Foreign 40,605 16,163 9,113 Income (loss) before income taxes $ (17,220) $ 89,549 $ 117,822 A reconciliation of differences between the U.S. federal statutory income tax rate and the effective income tax rates is presented as a percent of expense (benefit) as follows : 2015 2014 2013 U.S. federal statutory income tax rate (35.0%) 35.0% 35.0% State and local taxes based on income, net of federal benefit (2.0%) 2.2% 1.1% Change in deferred foreign and state tax rates (12.0%) (4.2%) (1.9%) Extraterritorial income tax benefit (23.3%) (38.8%) (12.3%) Expenses not deductible for tax purposes 10.2% 2.2% 1.5% Tax incentives and additional deductions (4.9%) (3.8%) 0.0% Favorable resolution of income tax issues (13.8%) (1.5%) (1.8%) Tax effect of foreign operations (66.4%) (5.7%) (1.5%) Other 4.9% 0.4% 0.1% Effective income tax rate (142.3%) (14.2%) 20.2% The effective income tax rate is lower than in prior years primarily because we generated income from our Dry Leasing business taxed at lower rates and we incurred a loss in the U.S. We also generated tax benefits from extraterritorial income (“ETI”) in 2015 , 2014 and 2013 , which reduced our income tax rate in proportion to our income or loss. We indefinitely reinvest the net earnings of certain foreign subsidiaries engaged in our Dry Leasing business. Our effective income tax rate for 2015 , 2014 and 2013 was favorably impacted by this determination. At December 31, 2015 , our undistributed net earnings of foreign subsidiaries for which deferred taxes have not been provided were $ 77.1 million , and the unrecognized deferred tax liability associated with these earnings was $ 27.0 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 noncurrent deferred tax asset (liability) was comprised of the following as of December 31: Assets (Liabilities) 2015 2014 Deferred tax assets: Net operating loss carryforwards and credits $ 437,408 $ 382,266 Accrued compensation 16,523 13,510 Accrued legal settlements 35,909 - Aircraft leases 14,863 13,491 Allowance for doubtful accounts 1,597 1,673 Interest rate derivatives 3,825 6,101 Long-term debt 3,827 - Obsolescence reserve 6,723 6,470 Stock-based compensation 5,385 5,616 Other 1,397 1,496 Total deferred tax assets 527,457 430,623 Valuation allowance (50,711) (50,764) Net deferred tax assets 476,746 379,859 Deferred tax liabilities: Fixed assets $ (754,318) $ (673,311) Accrued expenses (1,694) (2,488) Acquisition of EETC debt (6,390) (12,809) Long-term debt - (607) Total deferred tax liabilities (762,402) (689,215) Net deferred tax assets (liabilities) $ (285,656) $ (309,356) Assets (Liabilities) Deferred taxes included within following 2015 2014 balance sheet line items: Deferred taxes $ (286,928) $ (311,668) Deposits and other assets 1,272 2,312 Net deferred tax assets (liabilities) $ (285,656) $ (309,356) As of December 31, 2015 and 2014 , we had U.S. federal tax net operating losses (“NOLs”), net of unrecognized tax benefits and valuation allowances, of approximately $ 951.6 million and $ 823.7 million, respectively, which will expire through 203 5 , if not utilized. The increase in NOLs during 2015 resulted primarily from accelerated tax depreciation. We had alternative minimum tax credits of $ 5.2 million and $ 5.1 million as of December 31, 2015 and 2014 , respectively, with no expiration date. Additionally, we had foreign NOLs for Hong Kong and Singapore of approximately $ 428.8 million and $ 335.0 mil lion as of December 31, 2015 and 2014 , respectively, 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, as defined, in 2004 and 2009. Accordingly, the use of our NOLs generated prior to these ownership changes is subject to an annual limitation. If certain changes in ou r ownership occur prospectively, there could be an additional annual limitation on the amount of utilizable carryforwards . On each reporting date, management assesses whether we are more likely than not to realize some or all of our deferred tax assets. A fter our assessment, we maintain ed a valuation allowance of $ 50.7 million , $ 50.8 million and $ 47.8 million agai nst our deferred tax assets as of December 31, 2015 , 2014 and 2013 , respectively . We recorded a decrease to the valuation allowance of $ 0.1 million during the year ended December 31, 2015 , and increases of $ 3 . 0 million and $ 0. 1 million during the years ended 2014 and 2013 , 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. A reconciliation of the beginning and ending unrecognized income tax benefits is as follows: 2015 2014 2013 Beginning balance $ 109,993 $ 76,679 $ 73,518 Additions for tax positions related to the current year 551 1,614 - Additions for tax positions related to prior years 5,503 32,933 5,822 Reductions for tax positions related to prior years (3,492) (1,233) (2,661) Ending balance $ 112,555 $ 109,993 $ 76,679 If recognized, all of the unrecognized income tax benefits of $ 112.6 million , as of December 31, 2015 , 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. W e recorde d a tax-related interest benefit of zero and $ 2.0 million in 2015 and 2014 , respectively . T he cumulative liability for tax-related interest was $ 0.1 million a s of December 31, 2015 and 2014 . 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 2012 through 2015 income tax years rem ain subject to examination. We also file income tax returns in multiple states as well as in Hong Kong and Singapore. Generally, the 20 11 through 2015 income tax years remain subject to examination in the states where we file. In addition, 2011 through 2015 Hong Kong and Singapore income tax years are subject to examination. No income tax examinations are in process.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2015
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 informa tion 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 a nd 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 inv estments 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 20 00 . Interest on debt securities and accretion of discounts using the effective interest method are included in Interest income. The fair value of our term loans, notes guaranteed by 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 value , estimated fair value and classification of our financial instruments as of: December 31, 2015 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 425,950 $ 425,950 $ 425,950 $ - $ - Short-term investments 5,098 5,098 - - 5,098 Restricted cash 12,981 12,981 12,981 - - Long-term investments and accrued interest 37,604 45,867 - - 45,867 $ 481,633 $ 489,896 $ 438,931 $ - $ 50,965 Liabilities Term loans $ 1,013,265 $ 1,049,785 $ - $ - $ 1,049,785 Ex-Im Bank guaranteed notes 689,720 715,890 - - 715,890 EETCs 28,022 30,074 - - 30,074 Convertible Notes 170,300 185,325 185,325 - - $ 1,901,307 $ 1,981,074 $ 185,325 $ - $ 1,795,749 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 211,738 270,333 - - 270,333 $ 1,917,940 $ 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 : December 31, 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 $ 37,604 $ 8,263 $ 45,867 $ 40,040 $ 9,700 $ 49,740 Due after five but within ten years - - - 80,438 24,565 105,003 Total $ 37,604 $ 8,263 $ 45,867 $ 120,478 $ 34,265 $ 154,743 Our Long-term investments include investments in PTCs related to EETCs. During the twelve months ended December 31, 2015 , we repaid EETCs related to five 747-400 freighter aircraft owned by us using proceeds from the Convertible Notes (see Note 7). 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 income 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	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting	11. 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 , our operating seg ments are our reportable segments. We use an economic performance metric (“Direct Contribution”) that shows the profitability of each segment after allocation of direct operating and ownership costs. Direct Contribution represents Income before income t axes 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 and U nallocated income and expenses, net . Direct 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. Unallocated income and expenses , net 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 securities , capitalized interest, foreign excha nge 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 Years Ended December 31, 2014 2013 Prior Methodology Revised Methodology Prior Methodology Revised Methodology Direct Contribution: ACMI $197,750 $200,489 $227,829 $228,581 Charter 54,099 47,245 52,546 48,606 For the Years Ended December 31, 2015 2014 2013 Operating Revenue: ACMI $ 791,442 $ 778,091 $ 755,008 Charter 908,753 906,676 852,452 Dry Leasing 107,218 100,059 35,168 Other 15,246 14,372 14,272 Total Operating Revenue $ 1,822,659 $ 1,799,198 $ 1,656,900 Direct Contribution: ACMI $ 185,615 $ 200,489 $ 228,581 Charter 124,808 47,245 48,606 Dry Leasing 42,023 33,224 14,017 Total Direct Contribution for Reportable Segments 352,446 280,958 291,204 Add back (subtract): Unallocated income and expenses, net (294,451) (161,616) (148,871) Loss on early extinguishment of debt (69,728) - (5,518) Gain on investments 13,439 - - Special charge (17,388) (15,114) (18,642) Loss on disposal of aircraft (1,538) (14,679) (351) Income (loss) before income taxes (17,220) 89,549 117,822 Add back (subtract): Interest income (12,554) (18,480) (19,813) Interest expense 96,756 104,252 83,659 Capitalized interest (1,027) (453) (2,350) Loss on early extinguishment of debt 69,728 - 5,518 Gain on investments (13,439) - - Other expense (income), net 1,261 1,104 1,954 Operating Income $ 123,505 $ 175,972 $ 186,790 Given the nature of our business and international flying, geographic information for revenue, long-lived assets and total assets is not presented because it is impracticable to do so. We are exposed to a concentration of revenue from 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 $ 418.3 million in 2015 , $ 336.6 million in 2014 , and $ 356.3 million in 2013 . Accounts receivable from the AMC were $ 26.3 million and $ 15.3 million as of December 31, 2015 and December 31, 2014 , respectively. We have not experienced any credit issues with ei ther of these customers. 2015 2014 2013 Depreciation and amortization expense: ACMI $ 62,253 $ 56,289 $ 45,737 Charter 27,294 25,286 21,262 Dry Leasing 31,326 31,592 11,669 Unallocated 7,867 7,626 7,721 Total Depreciation and Amortization $ 128,740 $ 120,793 $ 86,389

Labor and Legal Proceedings

Labor and Legal Proceedings	12 Months Ended
	Dec. 31, 2015
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 60.3% of our workforce as of December 31, 2015 . 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. We have a five-year collective bargaining agreement with our pilots , which will not become amendable until September 2016. The terms of the agreement provide for a single pilot workforce that serves both Atlas and Polar. We have a five-year collective bargaining agreement with the Atlas and Polar dispatchers , which will not become amendable until November 2017. L egal Proceedings Matters Related to Alleged Pricing Practices T he Company and Old Polar were 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. These actions were all centralized in the United States District Court for the Eastern District of New York. Polar was later joined as an additional defendant. The consolidated complain t alleged, 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 Unio n antitrust laws. The suit sought treble damages and attorneys’ fees. On January 7, 2016, the Company, Old Polar, and Polar entered into a settlement agreement to resolve all claims by participating class members against the Company, Old Polar and Polar . T he Company, Polar, and Old Polar deny any wrongdoing or liability, and there is no admission of any wrongdoing or liability in the settlement agreement. Pursuant to the settlement agreement, Old Polar has agreed to make installment payments over three years to settle the plaintiffs’ claims, with payments of $ 35.0 million paid on January 15, 2016, $ 35.0 million due on or before January 15, 2017, and $ 30.0 million due on or before January 15, 2018, resulting in an accrual of $ 100.0 million as of December 31, 2015. The United States District Court for the Eastern District of New York issued an order granting preliminary approval of the settlement on January 12, 2016. The settlement is still subject to final court approval. 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 cl aims 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 defense was filed on March 2, 2015. On October 14, 2015, the U.K. Court of Appe al released decisions favorable to the defendant and contributory defendants on two matters under appeal. Permission has been sought to appeal the U.K Court of Appeal's decisions to the U.K. Supreme Court . In December 2015, certain claimants settled with British Airways rem oving a significant portion of the claim against British Airways and therefore reducing the potential contribution required by the other airlines, including Old Polar. On December 16, 2015, the European General Court released decisions annulling the Europ ean Commission’s decisions against the majority of the air cargo carriers. The European Commission may decide to re open its investigation and/or appeal the General Court judgments; either of which would have a significant impact on the proceedings in the U.K. court. Future procedures, including the pre trial disclosure process, are undergoing court review. We are unable to reasonably predict the outcome of the litigation. In the Netherlands, Stichting Cartel Compensation, successor in interest to clai ms 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 and 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 m ain proceedings. Old Polar and Polar entered their initial court appearances on September 30, 2015. Like the U.K. proceedings, the Netherlands proceedings are likely to be affected and have been delayed by the European General Court decisions of December 16, 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 the UK or Netherlands proceedings, such outcome may have a material adverse 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 P aulo, 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 impro perly brought into Brazil. The two claims, which also seek unpaid customs duties, taxes and penalties from the date of the alleged infraction, are approximately $ 5.0 million in aggregate based on December 31, 2015 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 clai m 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 c laims, we have made deposits pending resolution of these matters. The balances were $ 3.8 million as of December 31, 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. Ot her 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-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2015
Stock-Based Compensation Plans [Abstract]
Stock-Based Compensation Plans	13. Stock-Based and Long-term Incentive Compensation Plans In 2004, we implemented a Long-Term Incentive Plan (the “2004 LTIP”). The 2004 LTIP provided for stock awards of up to approximately 2.8 million shares of AAWW’s common stock to employees in various forms, cash awards and performance cash awards. Stock awards included non qualified options, incentive stock options, share appreciation rights, restricted shares, restricted share units, performance shares and performance units, dividend equivalen ts 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 m illion shares in 2010 of our common stock to be reserved under the 2007 Plan. As of December 31, 2015 , the 2007 Plan had a total of 0.9 million shares of common stock available for future award grants to ma nagement and members of the board of directors. Our compensation expense for both plans was $ 15.0 million in 2015 , $ 12.5 million in 2014 and $ 15.4 million in 2013 . Income tax benefit s recognized for share-based compensation arrangements w ere $ 5.7 million in 2015 , $ 4.0 million in 2014 and $ 3.1 million in 2013 . The excess cash tax effect classified as a financing cash inflow was a nominal benefit in 2015 and 2014 and a benefit of $ 0.5 million in 2013 . Non qualifie d 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, vest over a three or four year period and expire seven to ten years from the date of grant. As of December 31, 2015 , options to acquire a total of 1.3 million shares of common stock have been granted to management under bo th 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 op tions as of December 31, 2015 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, 2014 64,373 $ 51.87 Granted - - Exercised (25,373) 47.04 Forfeited, net of adjustments (4,300) 27.50 Outstanding as of December 31, 2015 34,700 $ 58.41 0.6 $ - Exercisable as of December 31, 2015 34,700 $ 58.41 0.6 $ - The total intrinsic value of options exercised in 2015 and 2014 was nominal and t he cash received was $ 1.2 million and $ 0.1 million, respectively . No options were exercised in 2013 . As of December 31, 2015 , there was no unrecognized compensation cost related to non-vested stock options granted and all options have vested. Restricted Share Awards Restricted shares granted, vest and are expensed over three- , four- or five- year periods. Restricted sha re awards have been granted in both shares and units. As of December 31, 2015 , a total of 3.1 million restricted shares have been granted under both plans. All shares were valued at their fair market value on the date of issuanc e. Unrecognized compensation cost as of December 31, 2015 is $ 22.6 million and will be recognized over the remaining weighted average life of 2.1 years. A su mmary of our restricted shares as of December 31, 2015 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, 2014 782,870 $ 40.33 Granted 345,106 47.10 Vested (286,013) 47.92 Forfeited (1,084) 45.34 Unvested as of December 31, 2015 840,879 $ 40.52 The total fair value of shares vested on various vesting dates was $ 13.7 million in 2015 , $ 11.3 million in 2014 and $ 12.4 million in 2013 . Weighted average grant date fair value was $ 33.21 in 2014 and $ 49.85 in 2013 . Performance Share and Performance Cash Awards Performance share and performance cash awards granted are expensed over three years, which generally is the requisite service period. Awards granted prior to 2015 generally become vested if (1) we achieve certain specified performance levels compared with 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. Awards granted in 2015 generally become vested if (1) we achieve certain specified p erformance levels compared with predeter mined performance thresholds during a three-year period starting in the grant year and ending on December 31 three years later, 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 employees in shares and units. All performance share and cash performance awards are valued at their fair market va lue on the date of grant. The estimated compensation expense recognized for performance share and performance cash awards are net of estimated forfeitures. We assess the performance levels in the first quarter of each year for the prior year after each o f 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, 2015 , a total of 1.2 million performance shar es have been granted. Unrecognized compensation cost as of December 31, 2015 is $ 5.9 million and will be recognized over the remaining weighted average life of 1.7 years. For the performance cash awards , we had accruals of $ 4.0 million as of December 31, 2015 and $ 2.5 million as of December 31, 2014 in Other liabilities. We recognized compensation expense associated with the p erformance cash awards totaling $ 1.6 million in 2015 , $ 1.3 million in 2014 and $ 1.2 million in 2013 . A sum mary of our performance shares as of December 31, 2015 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, 2014 392,714 $ 27.17 Granted 107,753 47.48 Vested (82,899) 44.25 Forfeited (82,876) 49.88 Unvested as of December 31, 2015 334,692 $ 23.85 The total fair value of shares vested on various vesting dates in 2015 was $ 3.7 million, $ 7.0 million in 2014 and $ 10.2 in 2013 . Weighted average grant date fair value was $ 32.20 in 2014 and $ 43.46 in 2013 .

Profit Sharing, Incentive and R

Profit Sharing, Incentive and Retirement Plans	12 Months Ended
	Dec. 31, 2015
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 performan ce. The profit sharing plan is subject to a minimum financial performance threshold. For both plans, we had accru als of $ 27.0 million as of December 31, 2015 and $ 22.4 million a s of December 31, 2014 in Accru ed liabilities. We recognized compensation expense associated with both plans totaling $ 28.5 million in 2015 , $ 21.7 million in 2014 and $ 17.0 million in 2013 . 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 compensati on to a 401(m) plan on an after- tax basis. O n behalf of participants in th e plan who make elective compensation deferrals, we provide a matching contribution subject to certain limitations. Employee contributions in the p lan are vested at all times and our matching contributions are subject to a three-year cliff vesting provisi on , 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 $ 9.5 million in 2015 , $ 8.5 million in 2014 and $ 7.7 million in 2013 .

Stock Repurchase

Stock Repurchase	12 Months Ended
	Dec. 31, 2015
Treasury Stock [Abstract]
Treasury Stock Disclosure	15 . Stock Repurchase s 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. In November 2013, we annou nced an increase of $ 51.0 million to our stock repurchase program. As of December 31, 2015 , we had repurchased a total of 3,307,911 shares of our common stock for approximately $ 126.0 million under this program, resulting in $ 25.0 million of available authorization remaining. Purchases may be made at our discretion in the form of ope n 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. In addition, we repurch ased 140,198 and 132,921 shares of common stock from management, in connection with the vesting of equity awards to pay the statutory tax withholdings of employees , at an average price of $ 46.54 per share in 2015 and $ 33.82 per share in 2014 , and held the shares as treasury shares.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
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 using the treas ury stock method. Anti dilutive shares related to warrants and stock options that were out of the money and excluded for 2015 were 3.0 million, and were de minimis for 2014 and 2013 . The calculations of basic and diluted EPS were as follows: 2015 2014 2013 Numerator: Net Income Attributable to Common Stockholders $ 7,286 $ 106,757 $ 93,837 Denominator: Basic EPS weighted average shares outstanding 24,833 25,031 25,541 Effect of dilutive stock options and restricted stock 185 96 86 Diluted EPS weighted average shares outstanding 25,018 25,127 25,627 EPS: Basic $ 0.29 $ 4.26 $ 3.67 Diluted $ 0.29 $ 4.25 $ 3.66 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 0.3 million in 2015 , 0.4 million in 2014 and 0.5 million in 2013 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss)	17. 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 2,724 - 2,724 Translation adjustment - (346) (346) Tax effect (1,022) - (1,022) Balance as of December 31, 2014 (9,924) 352 (9,572) Net change in fair value - - - Reclassification to interest expense 6,129 - 6,129 Translation adjustment - (343) (343) Tax effect (2,277) - (2,277) Balance as of December 31, 2015 $ (6,072) $ 9 $ (6,063) Interest Rate Derivatives As of December 31, 2015 , there wa s $ 9.9 million of net 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 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 loss reclassified into earnings was $ 6.1 million in 2015 , of which $ 3.7 million was related to the refinancing of two term loans on 747-8F aircraft (see Note 7) and $ 2.7 millio n in 2014 . Net realized loss expected to be reclassified into earnings within the next 12 months is $ 1.8 million as of December 31, 2015 .

Selected Quarterly Financial In

Selected Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Information (unaudited) [Abstract]
Selected Quarterly Financial Information (unaudited)	18. Selected Quarterly Financial Information (unaudited) The following tables summarize the 2015 and 2014 quarterly results: First Second Third Fourth 2015* Quarter Quarter Quarter Quarter Total Operating Revenue $444,845 $455,833 $449,904 $472,077 Operating Income 56,970 61,284 48,995 $(43,744) Net Income (Loss) Attributable to Common Stockholders $29,232 $28,390 $(12,754) $(37,582) EPS: Basic $1.18 $1.13 $(0.51) $(1.53) Diluted $1.17 $1.13 $(0.51) $(1.53) First Second Third Fourth 2014** Quarter Quarter Quarter Quarter Total Operating Revenue $403,363 $441,169 $465,801 $488,865 Operating Income 28,130 26,657 60,989 60,196 Net Income Attributable to Common Stockholders $7,944 $29,593 $27,576 $41,644 EPS: Basic $0.32 $1.17 $1.10 $1.68 Diluted $0.32 $1.17 $1.10 $1.66 * Included in the third quarter was a pretax loss on early extinguishment of debt of $66.7 million, a gain on investments of $13.4 million and a special charge of $7.7 million. Included in the fourth quarter was a pre tax charge for a legal settlement of $99.8 million included in Other operating expenses (see Note 12), the reclassification of a derivative loss into earnings of $3.7 million, a loss on early extinguishment of debt of $ 3.0 million and a special charge of $9.8 million . * * Included in the f i rst quarter of 201 4 wa s a pretax special charge of $ 8.0 million. Included in the second quarter was a pretax loss on disposal of equipment of $14.7 million and a special charge of $1.4 million. Included in the fourth quarter was a pretax special charge of $5.5 million .

Subsequent Events

Subsequent Events	Jan. 15, 2016
Subsequent Events [Abstract]
SubsequentEventsTextBlock	19. Subsequent Events On January 15, 2016, we entered into an Agreement and Plan of Merger to acquire Southern Air Holdings, Inc. , (“Southern Air”) (the “Merger”). Total consideration valued at approximately $ 110.0 million is expected to be paid using available cash on hand, subject to customary working capital and other adjustments. Southern Air is the parent company of Worldwide Air Logistics Group and its two operating subsidiaries, Southern Air Inc. and Florida West International Airways, Inc. The acquisition of Southern Air provides us with immediate entry into 777 and 737 aircraft operating platforms, with the potential for developing additional business with existing and new customers of both companies. We believe the platforms provided by thes e aircraft will augment our ability to offer customers the broadest array of aircraft and operating services for domestic, regional and international applications. Southern Air currently flies five 777-200F and five 737-400F aircraft under CMI agreements for DHL Express. The Merger is expected to close during the first half of 2016 and is subject to customary closing conditions including, but not limited to, approval by the U.S. Department of Transportation.

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
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 these financial s tatements 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, heavy maintenance costs, income tax accounting, business combinations , intangible assets, contingent liabilities (including, but not limited to litigation accruals) , valuation allowances (including, but not limited to, those related to receivables, expend able parts inventory and deferred taxes), stock-based compensation and self-insurance employee benefit accruals.
Revenue Recognition Policy	Revenue Recognition Revenue from ACMI and CMI contracts is typically recognized as the block hours are operated on behalf of a customer durin g 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 a “Block Hour”. If a customer flies below a minimum contracted Block Hour guarantee, the contracted minimum revenue amounts are recognized as revenue. We recognize revenue for Charter upon flight departure. We record Dry Lease rental income on a straight-line basis over the term of the operating l ease. In limited 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 agree ment, and is typically reported monthly by the lessee. Rentals received but unearned under the lease agreements are recorded in deferred revenue and included in Accrued liabilities until earned. Customer maintenance reserves are amounts received under our Dry Leases that are subject to reimbursement to the lessee upon the completion of qualifying maintenance work on the specific Dry Leased aircraft and are included in Accrued liabilities. We defer revenue recognition until the end of the lease, when we ar e able to finalize the amount, if any, to be reimbursed to the customer. 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-t erm 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 restricted under secured aircraft debt agreements, whereby it can only be used to make pri ncipal and interest payments on the related debt secured by those aircraft, is classified as Restricted cash.
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 the receivable will not be recovered.
Escrow Deposits and Letters of Credit Policy	Escrow Deposit s and Letters of Credit We had $ 3.9 million as of December 31, 2015 and $ 5.3 million as of December 31, 2014 , for certain deposits required in the normal course of business for various items including, but not limited to, surety an d 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.
Expendable Parts Policy	Expendable Parts Expendable parts, materials and supplies f or 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 expe cted to be on hand at the date aircraft are retired from service are provided over the estimated useful lives of the related air frames and engines. These allowances are based on management estimates, which are subject to change as conditions in the busine ss evolve. T he net book value of expendable parts inventory was $ 18.1 million as of December 31, 2015 and $ 17.5 million at December 31, 2014 , net of allowances for obsolescence of $ 19.7 million at December 31, 2015 and $ 16.6 million at December 31, 2014 .
Property and Equipment Policy	Property and Equipment We record property and equipment at cost and depreciate these assets to their estimated residual values on a straight-line basis over their estimated useful lives or average remaining fleet lives. 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, the modified assets’ remaining life or remaining lease term. Most of our flight equipment is specifically pledged as collateral for our indebtedness. The est imated useful lives of our property and equipment are as follows: Range Flight equipment 3 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 $ 122.2 million in 2015 , $ 114.0 million in 2014 and $ 83.9 million in 2013 . The net book value of flight equipment on dry lease to customers was $ 887.9 million as of December 31, 2015 and $ 890.1 million as of December 31, 2014 . The accumulated depreciation for flight equipment on dry lease to customers was $ 64.5 million as of December 31, 2015 and $ 38.8 million as of December 31, 2014 . Rotable parts are recorded in Property and equipment, net, and are depreciated over their average remaining fleet lives and written off when they are determin ed to be beyond economic repair. The net book value of rotable parts inventory was $ 125.6 million as of December 31, 2015 and $ 108.2 million as of December 31, 2014 .
Capitalized Interest on Pre-delivery Deposits Policy	Capitalized Interest on Purchase Deposits Interest on funds us ed 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 pai d on the purchase 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 purchase deposits.
Impairment of Long-Lived Assets Policy	Impairment of Long-Lived Assets We record impairment charges on long-lived assets 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 the associated carrying amount and the net book value of the assets exceeds the associated estimated fair value. For flight equipment used in our ACMI and Charter segments, assets are gro uped at the operating fleet level for impairment testing. For flight equipment used in our Dry Leasing segment, assets are tested on an individual basis for impairment. In developing estimates for flight equipment and cash flows, we use external appraisal s and other industry data for the various equipment types, anticipated utilization of the assets, revenue generated, associated costs and length of service .
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 met hod are included in Interest income.
Variable Interest Entities and Off-Balance-Sheet Arrangements Policy	Variable Interest Entities and Off-Balance Sheet Arrangements 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 $ 20.7 million as of December 31, 2015 and $ 16.4 million as of December 31, 2014 and our maximum exposure to losses from the entity is limited to our investment, which is comp osed primarily of rotable inventory parts. GATS does not have any third-party debt obligations. We had Accounts payable to GATS of $ 2.3 million as of December 31, 2015 and $ 1.5 million as of December 31, 2014 . A portion of our opera ting 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 maxi mum 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 t o 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 l ikely 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.
Heavy Maintenance Policy	We have recorded reserves for income taxes that may bec ome payable in future years. Although management believes that its positions taken on income tax matters are reasonable, we have nevertheless established tax reserves in recognition that various taxing authorities may challenge certain of the positions ta ken by us, potentially resulting in additional liabilities for taxes. Heavy Maintenance Except for engines used on our 747-8F aircraft, w e account for heavy maintenance costs for airframes and engines used in our ACMI and 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.
Prepaid Maintenance Deposits Policy	Prepaid Maintenance Deposits Certain of our aircraft financing agreements require security deposits to our finance providers to ensure tha t 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 $ 47.2 mill ion as of December 31, 2015 and $ 54.5 million a t December 31, 2014 .
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. We do not currently have a foreign currency hedging program related to our foreign currency-denominated transactions. Gai ns or losses resulting from foreign currency transactions are included within 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 ea ch 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 re vise 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	Legal and Regulatory Matters We are party to legal and regulatory proceedings with respect to a variety of matters. We evaluate the likelihood of an unfavorable outcome of these proceedings each quarter. Our judgments are subjective and are based on the status of the legal or regulatory proceedings, the mer its of our defenses and consultation with legal counsel. Due to the inherent uncertainties of the legal and regulatory proceedings in the multiple jurisdictions in which we operate, our judgments may be different from the actual outcomes.
Supplemental Cash Flow Information	Supplemental Ca sh 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 following table summarizes interest and income taxes pai d: 2015 2014 2013 Interest paid $ 75,135 $ 84,265 $ 68,026 Income taxes paid, net of refunds $ (228) $ 1,181 $ 238
Recently Adopted Accounting Pronouncements Policy	Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) amended its guidance on the classification of deferred income taxes on the balance sheet. The new guidance requires companies to classify all deferred income taxes as noncurrent. We early adopted this guidance retrospectively effective December 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 current deferred tax assets reclassified on our balance sheet was $ 40.9 million at December 31, 2014. In September 2015, the FASB amended its guidance for simplifying the accounting for business combination measurement-p eriod adjustments. The new guidance requires an acquirer to record the income statement effects, if any, as a result of the change in provisional amounts in the period’s financial statements when the adjustment is determined, calculated as if the accounti ng had been completed at the acquisition date. This amendment eliminates the requirement to retrospectively account for provisional adjustments. This standard is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. In April 2015, the FASB amended its guidance for presenting debt issuance costs. The new guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the carrying amount of the related debt liability i nstead 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 financial condition, results of operations or cash flows. The amount of debt issuance costs classified o n our balance sheet as a reduction of debt was $ 57.3 million at December 31, 2015 and $ 55.1 million at December 31, 2014. In May 2014, the FASB amended its accounting guidance for revenue recognition. The fundamental principles of the new guidance are that c ompanies 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 financ ial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB deferred the effective date by one year to the beginning of 2018. Early adoption of the standard is permitted, but not before the beginning of 2017. We are currently assessing the impact the amended guidance will have on our financial statements.

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies Tables [Abstract]
Estimated Useful Lives of Property and Equipment	Range Flight equipment 3 to 40 years Computer software and equipment 3 to 5 years Ground handling equipment and other 3 to 5 years
Supplemental Cash Flow Information	2015 2014 2013 Interest paid $ 75,135 $ 84,265 $ 68,026 Income taxes paid, net of refunds $ (228) $ 1,181 $ 238

DHL Investment and Polar (Table

DHL Investment and Polar (Tables)	12 Months Ended
	Dec. 31, 2015
DHL Investment And Polar Tables [Abstract]
Summary of Our Transactions with Polar	Revenue and Expenses: 2015 2014 2013 Revenue from Polar $ 399,113 $ 325,053 $ 294,401 Ground handling and airport fees paid to Polar $ 2,019 $ 1,909 $ 1,174 Accounts receivable/payable as of December 31: 2015 2014 Receivables from Polar $ 6,527 $ 5,702 Payables to Polar $ 4,660 $ 2,611 Aggregate Carrying Value of Polar Investment as of December 31: 2015 2014 $ 4,870 $ 4,870

Special Charge (Table)

Special Charge (Table)	12 Months Ended
	Dec. 31, 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 392 35 14 441 Cash payments (2,829) (1,049) (114) (3,992) Liability as of December 31, 2015 $ - $ - $ - $ -

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	12 Months Ended
	Dec. 31, 2015
Intangible Assets Net Tables [Abstract]
Intangible Assets, net	2015 2014 Fair value adjustments on operating leases $ 45,531 $ 45,531 Lease intangibles 57,203 57,203 Less: accumulated amortization (44,251) (35,324) $ 58,483 $ 67,410
Estimated Future Amortization Expense of Intangible Assets	2016 $ 8,213 2017 7,922 2018 7,647 2019 6,948 2020 6,773 Thereafter 20,980 Total $ 58,483

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Accrued Liabilities Tables [Abstract]
Accrued Liabilities	2015 2014 Customer maintenance reserves $ 70,252 $ 64,756 Maintenance 52,070 50,702 Salaries, wages and benefits 51,649 48,548 Class action settlement 35,000 - Aircraft fuel 12,983 15,078 Deferred revenue 12,702 10,705 Other 58,482 61,805 Accrued liabilities $ 293,138 $ 251,594

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Tables [Abstract]
Debt Obligations	2015 2014 Ex-Im Bank guaranteed notes $ 689,720 $ 760,389 Term loans 1,013,265 945,813 Convertible Notes 170,300 - EETCs 28,022 211,738 Total debt 1,901,307 1,917,940 Less current portion of debt (161,811) (181,193) Long-term debt $ 1,739,496 $ 1,736,747
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 2015 2014 2014 Ex-Im Guaranteed Note 2014 $ 140.6 N854GT 134 months 2.67% $ 118.7 $ 129.8 First 2013 Ex-Im Guaranteed Note 2013 143.0 N855GT 12 years 1.83% 115.7 126.8 Second 2013 Ex-Im Guaranteed Note 2013 88.0 MSN 35606 90 months 1.84% 62.9 74.2 First 2012 Ex-Im Guaranteed Note 2012 142.0 N850GT 12 years 2.02% 104.1 115.2 Second 2012 Ex-Im Guaranteed Note 2012 142.7 N851GT 12 years 1.73% 107.2 118.4 Third 2012 Ex-Im Guaranteed Note 2012 142.8 N852GT 12 years 1.56% 106.9 118.1 Fourth 2012 Ex-Im Guaranteed Note 2012 143.2 N853GT 12 years 1.48% 109.8 121.1 $ 725.3 $ 803.6
Terms And Balances For Each Term Loan Outstanding	Collateral Interest Interest Issue Face Aircraft Original Rate Rate at Date Value Tail Number Term Type 2015 2014 2015 2014 First 2015 Term Loan 2015 $ 195.2 N857GT, N858GT 97 months Fixed 3.53% 0.00% $ 191.7 $ - Second 2015 Term Loan 2015 125.0 N859GT 12 years Fixed 3.96% 0.00% 125.0 - Third 2015 Term Loan 2015 23.3 N647GT 8 years Fixed 3.72% 0.00% 23.3 - First 2014 Term Loan 2014 115.0 MSN 38969 114 months Fixed 4.48% 4.48% 101.7 108.9 Second 2014 Term Loan 2014 30.8 MSN 38969 114 months Fixed 7.30% 7.30% 25.7 28.1 Third 2014 Term Loan 2014 115.0 MSN 37138 118 months Fixed 4.57% 4.57% 101.4 108.3 Fourth 2014 Term Loan 2014 29.0 MSN 37138 118 months Fixed 7.29% 7.29% 24.6 26.8 Fifth 2014 Term Loan 2014 115.0 MSN 39286 116 months Fixed 4.51% 4.51% 102.9 109.9 Sixth 2014 Term Loan 2014 27.2 MSN 39286 116 months Fixed 7.35% 7.35% 23.6 25.7 First 2013 Term Loan 2013 119.5 MSN 36201 89 months Variable 3.12% 3.06% 98.0 104.6 Second 2013 Term Loan 2013 110.0 MSN 36200 88 months Fixed 4.18% 4.18% 93.1 100.6 First 2012 Term Loan 2012 35.7 N464MC, N465MC, N640GT,N641GT 5 years Fixed 6.91% 6.91% 8.9 15.5 Second 2012 Term Loan 2012 8.5 N642GT 5 years Fixed 6.89% 6.89% - 3.9 Third 2012 Term Loan 2012 26.0 MSN 29681 7 years Fixed 4.27% 4.27% 14.8 18.6 First 2011 Term Loan 2011 120.3 N856GT 12 years Fixed 6.16% 6.16% 95.5 101.9 Second 2011 Term Loan 2011 120.0 N857GT 12 years Fixed 0.00% 6.37% - 102.5 Third 2011 Term Loan 2011 120.0 N858GT 12 years Fixed 0.00% 6.37% - 102.5 $ 1,030.2 $ 957.8
Schedule of Notes	Liability component: Gross proceeds $ 224,500 Less: debt discount, net of amortization (49,377) Less: debt issuance cost, net of amortization (4,823) Net carrying amount $ 170,300 Equity component (1) $ 52,903 (1) Included in Additional paid-in capital on the consolidated balance sheet as of December 31, 2015.
Summary of Interest Expense Recognized	For the Year Ended December 31, 2015 Contractual interest coupon $ 2,919 Amortization of debt discount 3,526 Amortization of debt issuance costs 380 Total interest expense recognized $ 6,825
Terms And Balances For Each EETC Outstanding	Collateral Fixed Effective Issue Face Aircraft Original Equipment Interest Date Value Tail Number Term Note Rates Rate 2015 2014 2000 EETC 2000 $ 108.5 N409MC 20 years 8.71% to 9.70% 11.31% $ - $ 42.5 1999 EETC 1999 108.3 N476GT 20 years 6.88% to 8.77% 13.94% - 27.4 1999 108.4 N496MC 20 years 6.88% to 8.77% 13.94% - 35.6 1999 109.9 N499MC 20 years 6.88% to 8.77% 7.52% 28.0 35.4 1998 EETC 1998 105.6 N475GT 20 years 7.38% to 8.01% 13.89% - 34.1 1998 103.1 N493MC 20 years 7.38% to 8.01% 13.72% - 33.2 1998 107.9 N477GT 20 years 7.38% to 8.01% 7.54% - 3.5 $ 28.0 $ 211.7
Future Cash Payments For Debt	2016 $ 171,538 2017 172,842 2018 177,203 2019 175,742 2020 283,533 Thereafter 1,027,248 Total debt cash payments 2,008,106 Less: unamortized debt discount and debt issuance costs (106,799) Debt $ 1,901,307

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Leases And Aircraft Purchase Commitments Tables [Abstract]
Rental Expenses	2015 2014 2013 Aircraft and engines $ 145,031 $ 140,390 $ 160,415 Purchased capacity, office, vehicles and other $ 44,228 $ 68,855 $ 34,062
Minimum Annual Rental Commitments	Aircraft and Engine Other Operating Operating Leases Leases Total 2016 $ 132,120 $ 4,401 $ 136,521 2017 131,003 2,267 133,270 2018 130,955 642 131,597 2019 140,193 333 140,526 2020 135,372 321 135,693 Thereafter 323,682 331 324,013 Total payments $ 993,325 $ 8,295 $ 1,001,620
Contractual Amount of Minimum Dry Lease Income	Dry Lease Sublease Income Income Total 2016 $ 105,020 $ 63,360 $ 168,380 2017 105,264 63,360 168,624 2018 104,053 52,800 156,853 2019 92,059 - 92,059 2020 81,003 - 81,003 Thereafter 160,240 - 160,240 Total minimum lease receipts $ 647,639 $ 179,520 $ 827,159

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes Tables [Abstract]
Components of the Provision for Income Taxes	2015 2014 2013 Current: Federal $ 52 $ 607 $ - State and local 48 65 116 Foreign 1,292 (636) 861 Total current expense 1,392 36 977 Deferred: Federal (24,425) (13,332) 26,354 State and local (3,531) 2,271 (2,111) Foreign 2,058 (1,653) (1,387) Total deferred expense (benefit) (25,898) (12,714) 22,856 Total income tax expense (benefit) $ (24,506) $ (12,678) $ 23,833
Domestic and Foreign Earnings before Income Taxes	2015 2014 2013 Domestic $ (57,825) $ 73,386 $ 108,709 Foreign 40,605 16,163 9,113 Income (loss) before income taxes $ (17,220) $ 89,549 $ 117,822
Effective Income Tax Rate Reconciliation	2015 2014 2013 U.S. federal statutory income tax rate (35.0%) 35.0% 35.0% State and local taxes based on income, net of federal benefit (2.0%) 2.2% 1.1% Change in deferred foreign and state tax rates (12.0%) (4.2%) (1.9%) Extraterritorial income tax benefit (23.3%) (38.8%) (12.3%) Expenses not deductible for tax purposes 10.2% 2.2% 1.5% Tax incentives and additional deductions (4.9%) (3.8%) 0.0% Favorable resolution of income tax issues (13.8%) (1.5%) (1.8%) Tax effect of foreign operations (66.4%) (5.7%) (1.5%) Other 4.9% 0.4% 0.1% Effective income tax rate (142.3%) (14.2%) 20.2%
Deferred Tax Assets (Liabilities)	Assets (Liabilities) 2015 2014 Deferred tax assets: Net operating loss carryforwards and credits $ 437,408 $ 382,266 Accrued compensation 16,523 13,510 Accrued legal settlements 35,909 - Aircraft leases 14,863 13,491 Allowance for doubtful accounts 1,597 1,673 Interest rate derivatives 3,825 6,101 Long-term debt 3,827 - Obsolescence reserve 6,723 6,470 Stock-based compensation 5,385 5,616 Other 1,397 1,496 Total deferred tax assets 527,457 430,623 Valuation allowance (50,711) (50,764) Net deferred tax assets 476,746 379,859 Deferred tax liabilities: Fixed assets $ (754,318) $ (673,311) Accrued expenses (1,694) (2,488) Acquisition of EETC debt (6,390) (12,809) Long-term debt - (607) Total deferred tax liabilities (762,402) (689,215) Net deferred tax assets (liabilities) $ (285,656) $ (309,356) Assets (Liabilities) Deferred taxes included within following 2015 2014 balance sheet line items: Deferred taxes $ (286,928) $ (311,668) Deposits and other assets 1,272 2,312 Net deferred tax assets (liabilities) $ (285,656) $ (309,356)
Unrecognized Income Tax Benefits	2015 2014 2013 Beginning balance $ 109,993 $ 76,679 $ 73,518 Additions for tax positions related to the current year 551 1,614 - Additions for tax positions related to prior years 5,503 32,933 5,822 Reductions for tax positions related to prior years (3,492) (1,233) (2,661) Ending balance $ 112,555 $ 109,993 $ 76,679

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Financial Instruments Tables [Abstract]
Carrying Amount, Estimated Fair Value and Classification of Our Financial Instruments	10. Financial Instruments December 31, 2015 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 425,950 $ 425,950 $ 425,950 $ - $ - Short-term investments 5,098 5,098 - - 5,098 Restricted cash 12,981 12,981 12,981 - - Long-term investments and accrued interest 37,604 45,867 - - 45,867 $ 481,633 $ 489,896 $ 438,931 $ - $ 50,965 Liabilities Term loans $ 1,013,265 $ 1,049,785 $ - $ - $ 1,049,785 Ex-Im Bank guaranteed notes 689,720 715,890 - - 715,890 EETCs 28,022 30,074 - - 30,074 Convertible Notes 170,300 185,325 185,325 - - $ 1,901,307 $ 1,981,074 $ 185,325 $ - $ 1,795,749 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 211,738 270,333 - - 270,333 $ 1,917,940 $ 2,042,203 $ - $ - $ 2,042,203
Carrying Value, Gross Unrealized Gain (Loss) and Fair Value of Our Long-term Investments by Contractual Maturity	December 31, 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 $ 37,604 $ 8,263 $ 45,867 $ 40,040 $ 9,700 $ 49,740 Due after five but within ten years - - - 80,438 24,565 105,003 Total $ 37,604 $ 8,263 $ 45,867 $ 120,478 $ 34,265 $ 154,743

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting Tables [Abstract]
Operating Revenue and Direct Contribution For Our Reportable Business Segments	For the Years Ended December 31, 2014 2013 Prior Methodology Revised Methodology Prior Methodology Revised Methodology Direct Contribution: ACMI $197,750 $200,489 $227,829 $228,581 Charter 54,099 47,245 52,546 48,606 For the Years Ended December 31, 2015 2014 2013 Operating Revenue: ACMI $ 791,442 $ 778,091 $ 755,008 Charter 908,753 906,676 852,452 Dry Leasing 107,218 100,059 35,168 Other 15,246 14,372 14,272 Total Operating Revenue $ 1,822,659 $ 1,799,198 $ 1,656,900 Direct Contribution: ACMI $ 185,615 $ 200,489 $ 228,581 Charter 124,808 47,245 48,606 Dry Leasing 42,023 33,224 14,017 Total Direct Contribution for Reportable Segments 352,446 280,958 291,204 Add back (subtract): Unallocated income and expenses, net (294,451) (161,616) (148,871) Loss on early extinguishment of debt (69,728) - (5,518) Gain on investments 13,439 - - Special charge (17,388) (15,114) (18,642) Loss on disposal of aircraft (1,538) (14,679) (351) Income (loss) before income taxes (17,220) 89,549 117,822 Add back (subtract): Interest income (12,554) (18,480) (19,813) Interest expense 96,756 104,252 83,659 Capitalized interest (1,027) (453) (2,350) Loss on early extinguishment of debt 69,728 - 5,518 Gain on investments (13,439) - - Other expense (income), net 1,261 1,104 1,954 Operating Income $ 123,505 $ 175,972 $ 186,790
Depreciation and Amortization by Reportable Business Segments	2015 2014 2013 Depreciation and amortization expense: ACMI $ 62,253 $ 56,289 $ 45,737 Charter 27,294 25,286 21,262 Dry Leasing 31,326 31,592 11,669 Unallocated 7,867 7,626 7,721 Total Depreciation and Amortization $ 128,740 $ 120,793 $ 86,389

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2014 64,373 $ 51.87 Granted - - Exercised (25,373) 47.04 Forfeited, net of adjustments (4,300) 27.50 Outstanding as of December 31, 2015 34,700 $ 58.41 0.6 $ - Exercisable as of December 31, 2015 34,700 $ 58.41 0.6 $ -
Summary of Our Restricted Shares	Weighted-Average Restricted Share Awards Number of Shares Grant-Date Fair Value Unvested as of December 31, 2014 782,870 $ 40.33 Granted 345,106 47.10 Vested (286,013) 47.92 Forfeited (1,084) 45.34 Unvested as of December 31, 2015 840,879 $ 40.52
Summary of Our Performance Shares	Weighted-Average Performance Share Awards Number of Shares Grant-Date Fair Value Unvested as of December 31, 2014 392,714 $ 27.17 Granted 107,753 47.48 Vested (82,899) 44.25 Forfeited (82,876) 49.88 Unvested as of December 31, 2015 334,692 $ 23.85

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share Tables [Abstract]
Calculations of Basic and Diluted EPS	2015 2014 2013 Numerator: Net Income Attributable to Common Stockholders $ 7,286 $ 106,757 $ 93,837 Denominator: Basic EPS weighted average shares outstanding 24,833 25,031 25,541 Effect of dilutive stock options and restricted stock 185 96 86 Diluted EPS weighted average shares outstanding 25,018 25,127 25,627 EPS: Basic $ 0.29 $ 4.26 $ 3.67 Diluted $ 0.29 $ 4.25 $ 3.66

Accumulated Other Comprehensi42

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 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 2,724 - 2,724 Translation adjustment - (346) (346) Tax effect (1,022) - (1,022) Balance as of December 31, 2014 (9,924) 352 (9,572) Net change in fair value - - - Reclassification to interest expense 6,129 - 6,129 Translation adjustment - (343) (343) Tax effect (2,277) - (2,277) Balance as of December 31, 2015 $ (6,072) $ 9 $ (6,063)

Selected Quarterly Financial 43

Selected Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Information Tables [Abstract]
Selected Quarterly Financial Information (unaudited)	First Second Third Fourth 2015* Quarter Quarter Quarter Quarter Total Operating Revenue $444,845 $455,833 $449,904 $472,077 Operating Income 56,970 61,284 48,995 $(43,744) Net Income (Loss) Attributable to Common Stockholders $29,232 $28,390 $(12,754) $(37,582) EPS: Basic $1.18 $1.13 $(0.51) $(1.53) Diluted $1.17 $1.13 $(0.51) $(1.53) First Second Third Fourth 2014** Quarter Quarter Quarter Quarter Total Operating Revenue $403,363 $441,169 $465,801 $488,865 Operating Income 28,130 26,657 60,989 60,196 Net Income Attributable to Common Stockholders $7,944 $29,593 $27,576 $41,644 EPS: Basic $0.32 $1.17 $1.10 $1.68 Diluted $0.32 $1.17 $1.10 $1.66

Basis of Presentation (Detail)

Basis of Presentation (Detail)	Dec. 31, 2015
Basis Of Presentation Details [Abstract]
Equity interest in PACW	51.00%
Voting interest in PACW	75.00%

Summary of Significant Account

Summary of Significant Account Policies - Property and Equipment Depreciable Lives (Detail)	12 Months Ended
	Dec. 31, 2015
Flight equipment | Minimum [Member]
Property And Equipment Useful Life Minimum [Abstract]
Property and Equipment, depreciable life	3 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 Accoun46

Summary of Significant Account Policies - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income taxes paid [Abstract]
Income taxes paid, net of refunds	$ (228)	$ 1,181	$ 238
Interest paid [Abstract]
Interest paid	$ 75,135	$ 84,265	$ 68,026

Summary of Significant Accoun47

Summary of Significant Account Policies (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Escrow Deposits And Letters Of Credit Details [Abstract]
Escrow deposits and letters of credit	$ 3.9	$ 5.3
Expendable Parts Inventory Details [Abstract]
Expendable parts net book value	18.1	17.5
Allowance for expendable obsolescence	19.7	16.6
Property and Equipment [Abstract]
Depreciation expense	122.2	114	$ 83.9
Net book value on flight equipment dry leased to customers	887.9	890.1
Accumulated depreciation on flight equipment on dry lease	64.5	38.8
Rotable parts inventory, net book value	$ 125.6	108.2
Variable Interest Entities And Off Balance Sheet Arrangements Details [Abstract]
Ownership interest in GATS	50.00%
Investment in GATS	$ 20.7	16.4
Payable to GATS	2.3	1.5
Prepaid Maintenance Deposits Details [Abstract]
Prepaid maintenance deposits	47.2	54.5
Deferred tax reclassification abstract [Abstract]
Deferred tax reclassification		40.9
Amortization Of Debt Issuance Costs Details [Abstract]
Debt issuance costs classified as reduction of debt	$ 57.3	$ 55.1

DHL Investment and Polar Percen

DHL Investment and Polar Percentages (Detail)	Dec. 31, 2015
Dhl Investment And Polar Percentages [Abstract]
DHL equity interest in Polar	49.00%
DHL voting interest in Polar	25.00%

DHL Investment and Polar Table

DHL Investment and Polar Table (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
DHL Investment and Polar Table Details [Line Items]
Revenue from Polar	$ 399,113	$ 325,053	$ 294,401
Ground handling and airport fees paid to Polar	2,019	1,909	$ 1,174
Receivables from Polar	6,527	5,702
Payables to Polar	4,660	2,611
Aggregate carrying value of Polar investment	$ 4,870	$ 4,870

Special Charge (Detail)

Special Charge (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Special Charge Details [Abstract]
Impairment loss recognized for held for sale assets	$ 8.3	$ 6.2
Carrying value of asset held for sale	7.7	25
Early termination of operating leases for engines	$ 7.7
Impairment charges related to employee termination benefits for the 747-200 fleet		3.8
GSS loan reserve		$ 4.7

Special Charge Table (Detail)

Special Charge Table (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Special Charge [Line Items]
Beginning balance	$ 3,551
Special charge items, net	441
Cash payments	(3,992)
Ending balance	0
Lease termination costs [Member]
Special Charge [Line Items]
Beginning balance	2,437
Special charge items, net	392
Cash payments	(2,829)
Ending balance	0
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	Dec. 31, 2015	Dec. 31, 2014
Intangible Assets Table Details [Abstract]
Fair value adjustment on operating leases	$ 45,531	$ 45,531
Lease intangibles	57,203	57,203
Less: accumulated amortization	(44,251)	(35,324)
Intangible assets, net	$ 58,483	$ 67,410

Intangible Assets, net Narrativ

Intangible Assets, net Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible Assets Amortization Expense Details [Abstract]
Amortization of Intangible Assets	$ 8.9	$ 9.4	$ 4.9

Intangible Assets, net Future A

Intangible Assets, net Future Amortization Table (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Schedule Of Estimated Amortization Expense Table Details [Abstract]
2,016	$ 8,213
2,017	7,922
2,018	7,647
2,019	6,948
2,020	6,773
Thereafter	20,980
Total	$ 58,483

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued Liabilities Details [Abstract]
Customer maintenance reserves	$ 70,252	$ 64,756
Maintenance	52,070	50,702
Salaries, wages and benefits	51,649	48,548
Class action settlement	35,000	0
Aircraft fuel	12,983	15,078
Deferred revenue	12,702	10,705
Other	58,482	61,805
Accrued liabilities	$ 293,138	$ 251,594

Debt Obligations Table (Detail)

Debt Obligations Table (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt [Abstract]
Ex-Im Bank guaranteed notes	$ 689,720	$ 760,389
Term Loans	1,013,265	945,813
Convertible Notes	170,300	0
EETCs	28,022	211,738
Total debt	1,901,307	1,917,940
Less current portion of debt	161,811	181,193
Long-term debt	$ 1,739,496	$ 1,736,747

Debt Monetary (Detail)

Debt Monetary (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Debt [Abstract]
Unamortized discount related to the fair market value adjustments recorded against debt	$ 106.8	$ 91

Debt Guaranteed Notes (Detail)

Debt Guaranteed Notes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
2014 Ex-Im Guaranteed Note
Debt Instrument [Line Items]
Issue Date	2,014
Guaranteed Note Face Value	$ 140.6
Collateral Aircraft Tail Number	N854GT
Original Term	134 months
Fixed Interest Rate	2.67%
Carrying Value	$ 118.7	$ 129.8
First 2013 Ex-Im Guaranteed Note
Debt Instrument [Line Items]
Issue Date	2,013
Guaranteed Note Face Value	$ 143
Collateral Aircraft Tail Number	N855GT
Original Term	12 years
Fixed Interest Rate	1.83%
Carrying Value	$ 115.7	126.8
Second 2013 Ex-Im Guaranteed Note
Debt Instrument [Line Items]
Issue Date	2,013
Guaranteed Note Face Value	$ 88
Collateral Aircraft Tail Number	MSN 35,606
Original Term	90 months
Fixed Interest Rate	1.84%
Carrying Value	$ 62.9	74.2
First 2012 Ex-Im Guaranteed Note
Debt Instrument [Line Items]
Issue Date	2,012
Guaranteed Note Face Value	$ 142
Collateral Aircraft Tail Number	N850GT
Original Term	12 years
Fixed Interest Rate	2.02%
Carrying Value	$ 104.1	115.2
Second 2012 Ex-Im Guaranteed Note
Debt Instrument [Line Items]
Issue Date	2,012
Guaranteed Note Face Value	$ 142.7
Collateral Aircraft Tail Number	N851GT
Original Term	12 years
Fixed Interest Rate	1.73%
Carrying Value	$ 107.2	118.4
Third 2012 Ex-Im Guaranteed Note
Debt Instrument [Line Items]
Issue Date	2,012
Guaranteed Note Face Value	$ 142.8
Collateral Aircraft Tail Number	N852GT
Original Term	12 years
Fixed Interest Rate	1.56%
Carrying Value	$ 106.9	118.1
Fourth 2012 Ex-Im Guaranteed Note
Debt Instrument [Line Items]
Issue Date	2,012
Guaranteed Note Face Value	$ 143.2
Collateral Aircraft Tail Number	N853GT
Original Term	12 years
Fixed Interest Rate	1.48%
Carrying Value	$ 109.8	$ 121.1

Debt Term Loan (Detail)

Debt Term Loan (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
First 2015 Term Loan
Term Loans [Line Items]
Issue Date	2,015
Term Loan Face Value	$ 195.2
Collateral Aircraft Tail Number	N857GT, N858GT
Original Term	97 months
Interest Rate Type	Fixed
Term loan fixed interest rate	3.53%	0.00%
Carrying Value	$ 191.7	$ 0
Second 2015 Term Loan
Term Loans [Line Items]
Issue Date	2,015
Term Loan Face Value	$ 125
Collateral Aircraft Tail Number	N859GT
Original Term	12 years
Interest Rate Type	Fixed
Term loan fixed interest rate	3.96%	0.00%
Carrying Value	$ 125	$ 0
Third 2015 Term Loan
Term Loans [Line Items]
Issue Date	2,015
Term Loan Face Value	$ 23.3
Collateral Aircraft Tail Number	N647GT
Original Term	8 years
Interest Rate Type	Fixed
Term loan fixed interest rate	3.72%	0.00%
Carrying Value	$ 23.3	$ 0
First 2014 Term Loan
Term Loans [Line Items]
Issue Date	2,014
Term Loan Face Value	$ 115
Collateral Aircraft Tail Number	MSN 38,969
Original Term	114 months
Interest Rate Type	Fixed
Term loan fixed interest rate	4.48%	4.48%
Carrying Value	$ 101.7	$ 108.9
Second 2014 Term Loan
Term Loans [Line Items]
Issue Date	2,014
Term Loan Face Value	$ 30.8
Collateral Aircraft Tail Number	MSN 38,969
Original Term	114 months
Interest Rate Type	Fixed
Term loan fixed interest rate	7.30%	7.30%
Carrying Value	$ 25.7	$ 28.1
Third 2014 Term Loan
Term Loans [Line Items]
Issue Date	2,014
Term Loan Face Value	$ 115
Collateral Aircraft Tail Number	MSN 37,138
Original Term	118 months
Interest Rate Type	Fixed
Term loan fixed interest rate	4.57%	4.57%
Carrying Value	$ 101.4	$ 108.3
Fourth 2014 Term Loan
Term Loans [Line Items]
Issue Date	2,014
Term Loan Face Value	$ 29
Collateral Aircraft Tail Number	MSN 37,138
Original Term	118 months
Interest Rate Type	Fixed
Term loan fixed interest rate	7.29%	7.29%
Carrying Value	$ 24.6	$ 26.8
Fifth 2014 Term Loan
Term Loans [Line Items]
Issue Date	2,014
Term Loan Face Value	$ 115
Collateral Aircraft Tail Number	MSN 39,286
Original Term	116 months
Interest Rate Type	Fixed
Term loan fixed interest rate	4.51%	4.51%
Carrying Value	$ 102.9	$ 109.9
Sixth 2014 Term Loan
Term Loans [Line Items]
Issue Date	2,014
Term Loan Face Value	$ 27.2
Collateral Aircraft Tail Number	MSN 39,286
Original Term	116 months
Interest Rate Type	Fixed
Term loan fixed interest rate	7.35%	7.35%
Carrying Value	$ 23.6	$ 25.7
First 2013 Term Loan
Term Loans [Line Items]
Issue Date	2,013
Term Loan Face Value	$ 119.5
Collateral Aircraft Tail Number	MSN 36,201
Original Term	89 months
Interest Rate Type	Variable
Variable Interest Rate	3.12%	3.06%
Carrying Value	$ 98	$ 104.6
Second 2013 Term Loan
Term Loans [Line Items]
Issue Date	2,013
Term Loan Face Value	$ 110
Collateral Aircraft Tail Number	MSN 36,200
Original Term	88 months
Interest Rate Type	Fixed
Term loan fixed interest rate	4.18%	4.18%
Carrying Value	$ 93.1	$ 100.6
First 2012 Term Loan
Term Loans [Line Items]
Issue Date	2,012
Term Loan Face Value	$ 35.7
Collateral Aircraft Tail Number	N464MC, N465MC, N640GT,N641GT
Original Term	5 years
Interest Rate Type	Fixed
Term loan fixed interest rate	6.91%	6.91%
Carrying Value	$ 8.9	$ 15.5
Second 2012 Term Loan
Term Loans [Line Items]
Issue Date	2,012
Term Loan Face Value	$ 8.5
Collateral Aircraft Tail Number	N642GT
Original Term	5 years
Interest Rate Type	Fixed
Term loan fixed interest rate	6.89%	6.89%
Carrying Value	$ 0	$ 3.9
Third 2012 Term Loan
Term Loans [Line Items]
Issue Date	2,012
Term Loan Face Value	$ 26
Collateral Aircraft Tail Number	MSN 29,681
Original Term	7 years
Interest Rate Type	Fixed
Term loan fixed interest rate	4.27%	4.27%
Carrying Value	$ 14.8	$ 18.6
First 2011 Term Loan
Term Loans [Line Items]
Issue Date	2,011
Term Loan Face Value	$ 120.3
Collateral Aircraft Tail Number	N856GT
Original Term	12 years
Interest Rate Type	Fixed
Term loan fixed interest rate	6.16%	6.16%
Carrying Value	$ 95.5	$ 101.9
Second 2011 Term Loan
Term Loans [Line Items]
Issue Date	2,011
Term Loan Face Value	$ 120
Collateral Aircraft Tail Number	N857GT
Original Term	12 years
Interest Rate Type	Fixed
Term loan fixed interest rate	0.00%	6.37%
Carrying Value	$ 0	$ 102.5
Third 2011 Term Loan
Term Loans [Line Items]
Issue Date	2,011
Term Loan Face Value	$ 120
Collateral Aircraft Tail Number	N858GT
Original Term	12 years
Interest Rate Type	Fixed
Term loan fixed interest rate	0.00%	6.37%
Carrying Value	$ 0	$ 102.5

Financing Arrangements Addition

Financing Arrangements Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Long term debt type [Domain]
Debt Instrument [Line Items]
Convertible notes aggregate principal amount	$ 224,500
Debt instrument interest rate	2.25%
Refinanced enhanced equipment trust certificates (EETCs)	$ 187,800
GainsLossesOnExtinguishmentOfDebt	66,700
Payment of debt extinguishment costs	34,000
Debt extinguishment write-off of the debt discount	32,700
Gain on investments	$ 13,400
Conversion price of convertible notes | $ / shares	$ 74.05
Effective interest rate of debt	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
Aggregate amount of EETCs refinanced interest rate	8.10%
GainsLossesOnExtinguishmentOfDebt	$ (69,728)	$ 0	$ (5,518)
Payment of debt extinguishment costs	(36,054)	0	0
Gain on investments	$ (13,439)	0	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
Equity issuance costs	$ 1,600
Hedge option to purchase common stock | shares	3,031,558
Aggregate amount for convertible hedge	$ 52,900
Common stock price per share | $ / shares	$ 74.05
Aggregate proceeds from the sale of warrants	$ 36,290	$ 0	$ 0
Warrant [Member]
Debt Instrument [Line Items]
Common stock price per share | $ / shares	$ 95.01
Aggregate proceeds from the sale of warrants	$ 36,300
Warrant option holder to purchase common stock | shares	3,031,558

Financing Arrangements Schedule

Financing Arrangements Schedule of Notes (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Convertible notes [Line Items]
Proceeds	$ 224,500
Less: debt discount, net of amortization	(49,377)
Less: debt issuance cost, net of amortization	(4,823)
Net carrying amount	170,300	$ 0
Equity component	$ 52,903

Financial Arrangements Summary

Financial Arrangements Summary of Interest Expense Recognized (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Schedule of Interest Expense on Convertible Notes [Abstract]
Contractual interest coupon	$ 2,919
Amortization of debt discount	3,526
Amortization of debt issuance costs	380
Total interest expense recognized	$ 6,825

Debt Leveraged Lease Structure

Debt Leveraged Lease Structure (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
EETC 2,000
LeveragedLease [Line Items]
Issue Date	2,000
EETC 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	$ 0	$ 42.5
First 1999 EETC
LeveragedLease [Line Items]
Issue Date	1,999
EETC 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	$ 0	27.4
Second 1999 EETC
LeveragedLease [Line Items]
Issue Date	1,999
EETC 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	$ 0	35.6
Third 1999 EETC
LeveragedLease [Line Items]
Issue Date	1,999
EETC 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	$ 28	35.4
First 1998 EETC
LeveragedLease [Line Items]
Issue Date	1,998
EETC 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	$ 0	34.1
Second 1998 EETC
LeveragedLease [Line Items]
Issue Date	1,998
EETC 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	$ 0	33.2
Third 1998 EETC
LeveragedLease [Line Items]
Issue Date	1,998
EETC 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	$ 0	$ 3.5

Future Cash Payments for Debt T

Future Cash Payments for Debt Table (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Future Cash Payments for Debt [Abstract]
2,016	$ 171,538
2,017	172,842
2,018	177,203
2,019	175,742
2,020	283,533
Thereafter	1,027,248
Total debt cash payments	2,008,106
Less: debt discount, net of amortization	(106,799)
Total debt	$ 1,901,307	$ 1,917,940

Leases and Aircraft Purchase Co

Leases and Aircraft Purchase Commitments Tables (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Rental Expenses [Abstract]
Aircraft and engines	$ 145,031	$ 140,390	$ 160,415
Purchase capacity, offices, vehicles and other	44,228	$ 68,855	$ 34,062
Minimum income under Dry Leases [Line Items]
2,016	168,380
2,017	168,624
2,018	156,853
2,019	92,059
2,020	81,003
Thereafter	160,240
Total minimum Dry Lease income	827,159
Sublease Income [Member]
Minimum income under Dry Leases [Line Items]
2,016	63,360
2,017	63,360
2,018	52,800
2,019	0
2,020	0
Thereafter	0
Total minimum Dry Lease income	179,520
Dry Lease Income [Member]
Minimum income under Dry Leases [Line Items]
2,016	105,020
2,017	105,264
2,018	104,053
2,019	92,059
2,020	81,003
Thereafter	160,240
Total minimum Dry Lease income	$ 647,639

Lease and Minimum Purchase Comm

Lease and Minimum Purchase Commitments Table (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Aircraft Operating Leases [Member]
Minimum Annual Commitments [Line Items]
2,016	$ 132,120
2,017	131,003
2,018	130,955
2,019	140,193
2,020	135,372
Thereafter	323,682
Total payments	993,325
Other Operating Leases [Member]
Minimum Annual Commitments [Line Items]
2,016	4,401
2,017	2,267
2,018	642
2,019	333
2,020	321
Thereafter	331
Total payments	8,295
Total [Member]
Minimum Annual Commitments [Line Items]
2,016	136,521
2,017	133,270
2,018	131,597
2,019	140,526
2,020	135,693
Thereafter	324,013
Total payments	$ 1,001,620

Income Taxes Tables (Detail)

Income Taxes Tables (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current
Federal	$ 52	$ 607	$ 0
State and local	48	65	116
Foreign	1,292	(636)	861
Total current expense (benefit)	1,392	36	977
Deferred
Federal	(24,425)	(13,332)	26,354
State and local	(3,531)	2,271	(2,111)
Foreign	2,058	(1,653)	(1,387)
Total deferred expense (benefit)	(25,898)	(12,714)	22,856
Income tax expense (benefit)	(24,506)	(12,678)	23,833
Domestic and foreign earnings before income taxes
Domestic	(57,825)	73,386	108,709
Foreign	40,605	16,163	9,113
Income (loss) before income taxes	$ (17,220)	$ 89,549	$ 117,822
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	(2.00%)	2.20%	1.10%
Change in deferred foreign and state tax rates	(12.00%)	(4.20%)	(1.90%)
Extraterritorial income tax benefit	(23.30%)	(38.80%)	(12.30%)
Expenses not deductible for tax purposes	10.20%	2.20%	1.50%
Tax incentives and additional deductions	(4.90%)	(3.80%)	0.00%
Favorable resolution of income tax issues	(13.80%)	(1.50%)	(1.80%)
Tax effect of foreign operations	(66.40%)	(5.70%)	(1.50%)
Other	4.90%	0.40%	0.10%
Effective income tax rate	(142.30%)	(14.20%)	20.20%
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 109,993	$ 76,679	$ 73,518
Additions for tax positions related to the current year	551	1,614	0
Additions for tax positions related to prior year	5,503	32,933	5,822
Reductions for tax positions related to prior years	(3,492)	(1,233)	(2,661)
Ending Balance	$ 112,555	$ 109,993	$ 76,679

Income Taxes Monetary (Detail)

Income Taxes Monetary (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure Narrative Details [Abstract]
Undstributed earnings of foreign subsidiaries for which deferred taxes have not been provided	$ 77.1
Unrecognized deferred tax liability associated with the earnings of foreign subsidiaries	27
U.S. Federal tax net operating losses	951.6	$ 823.7
U.S. federal tax credits	5.2	5.1
Foreign NOLs for HK and Singapore	428.8	335
Valuation allowance	50.7	50.8	$ 47.8
Adjustment to the valuation allowance	0.1	3	$ 0.1
Unrecognized income tax benefits that would impact the effective income tax rate	112.6
Unrecognized tax benefits	0	2
Cumulative liability for tax-related interest	$ 0.1	$ 0.1

Income Taxes Net Deferred Tax T

Income Taxes Net Deferred Tax Table (Detail) - Noncurrent Net Deferred Tax Asset Liability [Member] - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Components Of Net Deferred Tax Asset Liability [Abstract]
Net operating loss carryforwards and credits	$ 437,408	$ 382,266
Accrued compensation	16,523	13,510
Accrued legal settlements	35,909	0
Aircraft leases	14,863	13,491
Allowance for doubtful accounts	1,597	1,673
Interest rate derivatives	3,825	6,101
Long-term debt	3,827	0
Obsolescence Reserve	6,723	6,470
Stock-based compensation	5,385	5,616
Other	1,397	1,496
Total deferred tax assets	527,457	430,623
Valuation allowance	(50,711)	(50,764)
Net deferred tax assets	476,746	379,859
Fixed assets	(754,318)	(673,311)
Accrued expenses	(1,694)	(2,488)
Acquisition of EETC debt	(6,390)	(12,809)
Long-term debt	0	(607)
Total deferred tax liabilities	(762,402)	(689,215)
Total net deferred tax asset (liability)	(285,656)	(309,356)
Deferred Taxes Included Within [Abstract]
Deposits and other assets	(286,928)	(311,668)
Deferred taxes	1,272	2,312
Total net deferred tax asset (liability)	$ (285,656)	$ (309,356)

Financial Instruments Fair Valu

Financial Instruments Fair Value Table (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 425,950	$ 298,601	$ 321,816	$ 409,763
Short-term investments	5,098	17,802
Restricted cash	12,981	14,281
Long-term investments and accrued interest	37,604	120,478
Liabilities
Term loans	1,013,265	945,813
Ex-Im Bank guaranteed notes	689,720	760,389
EETCs	28,022	211,738
Convertible Notes	170,300	0
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents	425,950	298,601
Short-term investments	5,098	17,802
Restricted cash	12,981	14,281
Long-term investments and accrued interest	37,604	120,478
Financial instruments assets	481,633	451,162
Liabilities
Term loans	1,013,265	945,813
Ex-Im Bank guaranteed notes	689,720	760,389
EETCs	28,022	211,738
Convertible Notes	170,300
Financial instruments liabilities	1,901,307	1,917,940
Estimate of Fair Value, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents	425,950	298,601
Short-term investments	5,098	17,802
Restricted cash	12,981	14,281
Long-term investments and accrued interest	45,867	154,743
Financial instruments assets	489,896	485,427
Liabilities
Term loans	1,049,785	982,036
Ex-Im Bank guaranteed notes	715,890	789,834
EETCs	30,074	270,333
Convertible Notes	185,325
Financial instruments liabilities	1,981,074	2,042,203
Fair Value, Inputs, Level 1 [Member]
Assets
Cash and cash equivalents	425,950	298,601
Short-term investments	0	0
Restricted cash	12,981	14,281
Long-term investments and accrued interest	0	0
Financial instruments assets	438,931	312,882
Liabilities
Term loans	0	0
Ex-Im Bank guaranteed notes	0	0
EETCs	0	0
Convertible Notes	185,325
Financial instruments liabilities	185,325	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	5,098	17,802
Restricted cash	0	0
Long-term investments and accrued interest	45,867	154,743
Financial instruments assets	50,965	172,545
Liabilities
Term loans	1,049,785	982,036
Ex-Im Bank guaranteed notes	715,890	789,834
EETCs	30,074	270,333
Convertible Notes	0
Financial instruments liabilities	$ 1,795,749	$ 2,042,203

Financial Instruments Contractu

Financial Instruments Contractual Maturity Table (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt securities
Due after one but within five years, carrying value	$ 37,604	$ 40,040
Due after five but within ten years, carrying value	0	80,438
Total, carrying value	37,604	120,478
Due after one but within five years, gross unrealized gain (loss)	8,263	9,700
Due after five but within ten years, gross unrealized gain (loss)	0	24,565
Total, gross unrealized gain (loss)	8,263	34,265
Due after one but within five years, fair value	45,867	49,740
Due after five but within ten years, fair value	0	105,003
Total, fair value	$ 45,867	$ 154,743

Financial Instruments Narrative

Financial Instruments Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial Instruments [Abstract]
Gain on investments	$ (13,439)	$ 0	$ 0
Debt redemption premium	5,700
Gain from investment discount	$ 7,700

Segment Reporting Detail Reclas

Segment Reporting Detail Reclassification - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Direct Contribution [Abstract]
ACMI	$ 185,615	$ 200,489	$ 228,581
Charter direct contribution	$ 124,808	47,245	48,606
Prior methodology [Member]
Direct Contribution [Abstract]
ACMI		197,750	227,829
Charter direct contribution		54,099	52,546
Revised methodology [Member]
Direct Contribution [Abstract]
ACMI		200,489	228,581
Charter direct contribution		$ 47,245	$ 48,606

Segment Reporting (Detail)

Segment Reporting (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Revenue
ACMI	$ 791,442	$ 778,091	$ 755,008
Charter	908,753	906,676	852,452
Dry Leasing	107,218	100,059	35,168
Other	15,246	14,372	14,272
Total Operating Revenue	1,822,659	1,799,198	1,656,900
Direct Contribution
ACMI	185,615	200,489	228,581
Charter	124,808	47,245	48,606
Dry Leasing	42,023	33,224	14,017
Total Direct Contribution for Reportable Segments	352,446	280,958	291,204
Unallocated income and expenses, net	(294,451)	(161,616)	(148,871)
Loss on early extinguishement of debt	(69,728)	0	(5,518)
Gain on investments	(13,439)	0	0
Special charge	(17,388)	(15,114)	(18,642)
Loss (gain) on disposal of aircraft	(1,538)	(14,679)	(351)
Income (loss) before income taxes	(17,220)	89,549	117,822
Interest income	(12,554)	(18,480)	(19,813)
Interest expense	96,756	104,252	83,659
Capitalized interest	(1,027)	(453)	(2,350)
Loss on early extinguishment of debt	69,728	0	5,518
Gain on investments	13,439	0	0
Other expense (income), net	1,261	1,104	1,954
Operating Income	$ 123,505	$ 175,972	$ 186,790

Segment Reporting Narrative (De

Segment Reporting Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Narrative Details [Abstract]
AMC revenue	$ 418.3	$ 336.6	$ 356.3
Accounts receivable from the AMC	$ 26.3	$ 15.3

Segment Reporting Depreciation

Segment Reporting Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SegmentReportingDepreciationAndAmortization[Abstract]
ACMI	$ 62,253	$ 56,289	$ 45,737
Charter	27,294	25,286	21,262
Dry Leasing	31,326	31,592	11,669
Unallocated	$ 7,867	$ 7,626	$ 7,721

Legal Proceedings (Detail)

Legal Proceedings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Labor And Legal Proceedings [Abstract]
Brazilian claims in the aggregate	$ 5
Amounts on deposit for Brazilian claims included in Deposits and other assets	3.8	$ 5.3
Legal settlement to be paid in 2016	35
Legal settlement to be paid in 2017	35
Legal settlement to be paid in 2018	30
Total legal settlement accrued	$ 100

Stock-Based Compensaton Plans N

Stock-Based Compensaton Plans Narrative (Detail) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	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
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	0.9
LTIP compensation expense	$ 15,000,000	$ 12,500,000	$ 15,400,000
Tax benefit recognized for stock-based compensation arrangements	5,700,000	4,000,000	3,100,000
Excess cash tax benefit	$ 0	0	500,000
Non-qualified stock options terms	Nonqualified stock options granted, 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
Total intrinsic value of options exercised	$ 0	0
Cash received for options exercised	$ 1,200,000	100,000
Restricted shares vesting period	Restricted shares granted, vest and are expensed over three-, four- or five- year periods.
Total restricted shares granted under both plans	3.1
Restricted shares unrecognized compensation cost	$ 22,600,000
Restricted shares remaining weighted average life (in years)	2 years 1 month
Total fair value, on vesting date, of restricted shares vested	$ 13,700,000	11,300,000	12,400,000
Weighted average grant date fair value of restricted share awards		33.21	49.85
Performance shares vesting period	Performance share and performance cash awards granted are expensed over three years, which generally is the requisite service period. Awards granted prior to 2015 generally become vested if (1) we achieve certain specified performance levels compared with 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. Awards granted in 2015 generally become vested if (1) we achieve certain specified performance levels compared with predetermined performance thresholds during a three-year period starting in the grant year and ending on December 31 three years later, 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	1.2
Performance shares unrecognized compensation cost	$ 5,900,000
Performance shares remaining weighted average life (in years)	1 year 8 months
Accrued performance cash awards	$ 4,000,000	2,500,000
Performance cash awards expense	1,600,000	1,300,000	1,200,000
Total fair value, on vesting date, of performance shares vested	$ 3,700,000	7,000,000	10,200,000
Weighted average grant date fair value of performance share awards		$ 32.2	$ 43.46

Stock-Based Compensaton Plans T

Stock-Based Compensaton Plans Tables-Share (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Restricted Shares [Abstract]
Unvested restricted share awards	840,879	782,870
Granted restricted share awards	345,106
Vested restricted share awards	(286,013)
Forfeited restricted share awards	(1,084)
Summary Of Options [Abstract]
Options outstanding	34,700	64,373
Options granted	0
Options exercised	(25,373)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	4,300
Weighted-average remaining contractual term of options outstanding (in years)	7 months
Options exercisable	34,700
Weighted-average remaining contractual term of options exercisable (in years)	7 months
Summary Of Performance Shares [Abstract]
Unvested performance share awards	334,692	392,714
Granted performance share awards	107,753
Vested performance share awards	(82,899)
Forfeited performance share awards	(82,876)

Stock-Based Compensaton Plans80

Stock-Based Compensaton Plans Tables-Per Share (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary Of Restricted Shares [Abstract]
Weighted-average grant-date fair value of restricted shares unvested	$ 40.52	$ 40.33
Weighted-average grant-date fair value of restricted shares granted	47.1	33.21	$ 49.85
Weighted-average grant-date fair value of restricted shares vested	47.92
Weighted-average grant-date fair value of restricted shares forfeited	45.34
Summary Of Options [Abstract]
Weighted-average exercise price of options outstanding	58.41	51.87
Weighted-average exercise price of options granted	0
Weighted-average exercise price of options exercised	47.04
Weighted-average exercise price of grants of options forfeited, net of adjustments	27.5
Weighted-average exercise price of options exercisable	58.41
Summary Of Performance Shares [Abstract]
Weighted-average grant-date fair value of performance shares unvested	23.85	27.17
Weighted-average grant-date fair value of performance shares granted	47.48	$ 32.2	$ 43.46
Weighted-average grant-date fair value of performance shares vested	44.25
Weighted-average grant-date fair value of performance shares forfeited	$ 49.88

Stock-Based Compensaton Plans81

Stock-Based Compensaton Plans Tables-Aggregate (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Summary Of Options [Abstract]
Aggregate intrinsic value of options outstanding	$ 0
Aggregate intrinsic value of options exercisable	$ 0

Profit Sharing, Incentive and82

Profit Sharing, Incentive and Retirement Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Profit Sharing And Incentive Plans Details [Abstract]
Accrual for profit sharing and incentive plans liabilities	$ 27	$ 22.4
Profit sharing and incentive plans expense recognized	28.5	21.7	$ 17
Retirement Plans Details [Abstract]
401(k) compensation expense	$ 9.5	$ 8.5	$ 7.7

Profit Sharing, Incentive and83

Profit Sharing, Incentive and Retirement Plans Terms (Detail)	12 Months Ended
	Dec. 31, 2015
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, except for employees who are represented by a collective bargaining agreement and are subject to a three-year graded vesting provision.

Stock Repurchase (Detail)

Stock Repurchase (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Treasury Stock Details [Abstract]
Amount authorized for the repurchase of common stock	$ 100
Treasury Stock Repurchase Incremental Authorization	$ 51
Shares of treasury stock acquired under the repurchase program	3,307,911
Cumulative Cost of Treasury Shares Repurchased	$ 126
Treasury Stock Repurchase Remaining Authorization	$ 25
TreasuryStockSharesAcquiredFromMgmtVests	140,198	132,921
Average cost per share of treasury stock acquired from management	$ 46.54	$ 33.82

Earnings Per Share Table (Detai

Earnings Per Share Table (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net Income (Loss) Attributable to Common Stockholders	$ 7,286	$ 106,757	$ 93,837
Denominator:
Basic EPS weighted average shares outstanding	24,833	25,031	25,541
Effect of dilutive stock options and restricted stock	185	96	86
Diluted EPS weighted average shares outstanding	25,018	25,127	25,627
EPS:
Basic	$ 0.29	$ 4.26	$ 3.67
Diluted	$ 0.29	$ 4.25	$ 3.66

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share Details [Abstract]
Antidilutive options	3,000,000	0	0
Restricted shares and units in which performance or market conditions were not satisfied	300,000	400,000	500,000

Accumulated Other Comprehensi87

Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ (9,572)
Net change in fair value	0	$ (251)	$ 1,386
Reclassification to interest expense	(6,129)	(2,724)	(3,064)
Income tax benefit (expense)	2,277	1,022	1,207
Balance	(6,063)	(9,572)
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	6,129	2,724
Translation adjustment	0	0
Income tax benefit (expense)	(2,277)	(1,022)
Balance	(6,072)	(9,924)	(11,375)
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)	(346)
Income tax benefit (expense)	0	0
Balance	9	352	698
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	6,129	2,724
Translation adjustment	(343)	(346)
Income tax benefit (expense)	(2,277)	(1,022)
Balance	$ (6,063)	$ (9,572)	$ (10,677)

Accumulated Other Comprehensi88

Accumulated Other Comprehensive Income (Loss) Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 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	$ 9.9
Net realized losses reclassified into earnings	6.1	$ 2.7
Net loss reclassified into earnings related to the refinancing of two term loans	3.7
Realized losses related to forward-starting interest rate swaps expected to be reclassified into earnings within the next 12 months	$ 1.8

Selected Quarterly Financial 89

Selected Quarterly Financial Information (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Selected Quarterly Financial Information Detail [Abstract]
Total Operating Revenue	$ 472,077	$ 449,904	$ 455,833	$ 444,845	$ 488,865	$ 465,801	$ 441,169	$ 403,363
Operating Income	(43,744)	48,995	61,284	56,970	60,196	60,989	26,657	28,130
Net Income Attributable to Common Stockholders	$ (37,582)	$ (12,754)	$ 28,390	$ 29,232	$ 41,644	$ 27,576	$ 29,593	$ 7,944
EPS:
Basic	$ (1.53)	$ (0.51)	$ 1.13	$ 1.18	$ 1.68	$ 1.1	$ 1.17	$ 0.32
Diluted	$ (1.53)	$ (0.51)	$ 1.13	$ 1.17	$ 1.66	$ 1.1	$ 1.17	$ 0.32

Subsequent Events Narrative (De

Subsequent Events Narrative (Detail) $ in Millions	Jan. 15, 2016USD ($)
Subsequent Events [Abstract]
Name of entity entered into an Agreement and Plan of Merger	Southern Air Holdings, Inc.
Approximate total consideration valued	$ 110