Atlas Air Worldwide (AAWW) 10-K 19 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Feb. 14, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Document period end date	Dec. 31, 2018
Amendment flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018
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 Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity public float			$ 1,570.9
Entity common stock shares outstanding		25,748,988

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 221,501	$ 280,809
Short-term investments	15,624	13,604
Restricted cash	11,240	11,055
Accounts receivable, net of allowance of $1,563 and $1,494, respectively	269,320	194,478
Prepaid maintenance	1,040	13,346
Prepaid expenses and other current assets	111,106	74,294
Total current assets	629,831	587,586
Property and Equipment
Flight equipment	5,213,734	4,447,097
Ground equipment	75,939	70,951
Less: accumulated depreciation	(860,354)	(701,249)
Flight equipment modifications in progress	32,916	186,302
Property and equipment, net	4,462,235	4,003,101
Other Assets
Long-term investments and accrued interest	635	15,371
Deferred costs and other assets	344,402	242,919
Intangible assets, net and goodwill	97,689	106,485
Total Assets	5,534,792	4,955,462
Current Liabilities
Accounts payable	87,229	65,740
Accrued liabilities	465,669	454,843
Current portion of long-term debt and capital lease	264,835	218,013
Total current liabilities	817,733	738,596
Other Liabilities
Long-term debt and capital lease	2,205,005	2,008,986
Deferred taxes	256,970	214,694
Financial instruments and other liabilities	187,120	203,330
Total other liabilities	2,649,095	2,427,010
Commitments and contingencies	0	0
Stockholders’ Equity
Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued	0	0
Common stock, $0.01 par value; 100,000,000 shares authorized; 30,582,571 and 30,104,648 shares issued, 25,590,293 and 25,292,454 shares outstanding (net of treasury stock), as of December 31, 2018 and December 31, 2017, respectively	306	301
Additional paid-in-capital	736,035	715,735
Treasury stock, at cost; 4,992,278 and 4,812,194 shares, respectively	(204,501)	(193,732)
Accumulated other comprehensive loss	(3,832)	(3,993)
Retained earnings	1,539,956	1,271,545
Total stockholders’ equity	2,067,964	1,789,856
Total Liabilities and Equity	$ 5,534,792	$ 4,955,462

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 1,563	$ 1,494
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	100,000,000	100,000,000
Common stock shares issued	30,582,571	30,104,648
Common stock shares outstanding	25,590,293	25,292,454
Treasury stock shares	4,992,278	4,812,194

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Revenue	$ 2,677,724	$ 2,156,460	$ 1,839,627
Operating Expenses
Salaries, wages and benefits	536,120	456,075	424,332
Aircraft fuel	467,569	333,046	275,113
Travel	166,487	144,699	127,748
Aircraft rent	162,444	142,945	146,110
Navigation fees, landing fees and other rent	158,911	116,318	78,441
Passenger and ground handling services	118,973	107,787	89,657
Gain on disposal of aircraft	0	(31)	(11)
Special charge	9,374	106	10,140
Transaction-related expenses	2,111	4,509	22,071
Other	195,553	168,643	142,733
Total Operating Expenses	2,394,182	1,914,486	1,671,316
Operating Income	283,542	241,974	168,311
Non-operating (Income) Expenses
Interest income	(6,710)	(6,009)	(5,532)
Interest expense	119,378	99,687	84,650
Capitalized interest	(4,727)	(7,389)	(3,313)
Loss on early extinguishment of debt	0	167	132
Unrealized (gain) loss on financial instruments	(123,114)	12,533	2,888
Other (income) expense	(10,659)	(387)	70
Total Non-operating (Income) Expenses	(25,832)	98,602	78,895
Income from continuing operations before income taxes	309,374	143,372	89,416
Income tax expense (benefit)	38,727	(80,966)	46,791
Income from continuing operations, net of taxes	270,647	224,338	42,625
Loss from discontinued operations, net of taxes	(80)	(865)	(1,109)
Net Income	$ 270,567	$ 223,473	$ 41,516
Earnings per share from continuing operations:
Basic	$ 10.60	$ 8.89	$ 1.72
Diluted	5.22	8.68	1.70
Loss per share from discontinued operations:
Basic	0	(0.03)	(0.04)
Diluted	0	(0.03)	(0.04)
Earnings per share:
Basic	10.60	8.85	1.67
Diluted	$ 5.22	$ 8.64	$ 1.65
Weighted average shares:
Basic	25,542	25,241	24,843
Diluted	28,281	25,854	25,120
Service [Member]
Operating Expenses
Maintenance, materials and repairs	$ 359,300	$ 273,676	$ 206,106
Depreciation and amortization	$ 217,340	$ 166,713	$ 148,876

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 270,567	$ 223,473	$ 41,516
Other comprehensive income:
Reclassification to interest expense	1,485	1,621	1,770
Income tax expense	(354)	(621)	(700)
Other comprehensive income	1,131	1,000	1,070
Comprehensive Income	$ 271,698	$ 224,473	$ 42,586

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities:
Income from continuing operations, net of taxes	$ 270,647	$ 224,338	$ 42,625
Less: Loss from discontinued operations, net of taxes	(80)	(865)	(1,109)
Net Income	270,567	223,473	41,516
Adjustments to reconcile Net Income to net cash provided by operating activities:
Depreciation and amortization	265,553	197,463	168,721
Accretion of debt securities discount	(888)	(1,172)	(1,277)
Provision for allowance for doubtful accounts	12	198	508
Special charge, net of cash payments	9,374	106	10,140
Loss on early extinguishment of debt	0	167	132
Unrealized (gain) loss on financial instruments	(123,114)	12,533	2,888
Gain on disposal of aircraft	0	(31)	(11)
Deferred taxes	42,580	(81,330)	47,381
Stock-based compensation	20,305	22,319	32,724
Changes in:
Accounts receivable	(74,038)	(33,201)	22,974
Prepaid expenses, current assets and other assets	(57,081)	(67,341)	(29,455)
Accounts payable and accrued liabilities	72,310	58,535	(64,059)
Net cash provided by operating activities	425,580	331,719	232,182
Investing Activities:
Capital expenditures	(114,415)	(87,555)	(46,717)
Payments for flight equipment and modifications	(599,401)	(458,464)	(316,993)
Acquisition of business, net of cash acquired	0	0	(105,392)
Investment in joint venture	(1,050)	0	0
Proceeds from investments	13,604	4,462	11,714
Net cash used for investing activities	(701,262)	(541,557)	(457,388)
Financing Activities:
Proceeds from debt issuance	471,625	620,568	103,492
Payment of debt issuance costs	(9,622)	(14,664)	(4,034)
Payments of debt	(250,015)	(207,093)	(179,153)
Proceeds from revolving credit facility	135,000	150,000	0
Payment of revolving credit facility	(135,000)	(150,000)	0
Customer maintenance reserves and deposits received	15,590	25,784	15,105
Customer maintenance reserves paid	(250)	(18,538)	0
Proceeds from sale of convertible note warrants	0	38,148	0
Payments for convertible note hedges	0	(70,140)	0
Purchase of treasury stock	(10,769)	(10,613)	(11,275)
Excess tax benefit from stock-based compensation	0	0	390
Net cash provided by (used for) financing activities	216,559	363,452	(75,475)
Net increase (decrease) in cash, cash equivalents and restricted cash	(59,123)	153,614	(300,681)
Cash, cash equivalents and restricted cash at the beginning of period	291,864	138,250	438,931
Cash, cash equivalents and restricted cash at the end of period	232,741	291,864	138,250
Noncash Investing and Financing Activities:
Acquisition of flight equipment included in Accounts payable and accrued liabilities	23,498	68,732	14,345
Acquisition of flight equipment under capital lease	$ 0	$ 30,419	$ 10,800

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]
Beginning Balance at Dec. 31, 2015	$ 1,454,183	$ 290	$ (171,844)	$ 625,244	$ (6,063)	$ 1,006,556
Net Income	41,516					41,516
Other comprehensive income	1,070				1,070
Stock-based compensation	32,724			32,724
Purchase of shares of treasury stock	(11,275)		(11,275)
Issuance of shares of restricted stock		6		(6)
Tax benefit (expense) on restricted stock	(880)			(880)
Ending Balance at Dec. 31, 2016	1,517,338	296	(183,119)	657,082	(4,993)	1,048,072
Net Income	223,473					223,473
Other comprehensive income	1,000				1,000
Stock-based compensation	22,319			22,319
Purchase of shares of treasury stock	(10,613)		(10,613)
Issuance of shares of restricted stock		5		(5)
Equity component of convertible notes, net of tax	43,256			43,256
Purchase of convertible note hedges, net of tax	(45,065)			(45,065)
Issuance of warrants	38,148			38,148
Ending Balance at Dec. 31, 2017	1,789,856	301	(193,732)	715,735	(3,993)	1,271,545
Net Income	270,567					270,567
Other comprehensive income	1,131				1,131
Cumulative effect of change in accounting principle	(3,126)					(3,126)
Stock-based compensation	20,305			20,305
Purchase of shares of treasury stock	(10,769)		(10,769)
Issuance of shares of restricted stock		5		(5)
Reclassification of tax effect on other comprehensive loss					(970)	970
Ending Balance at Dec. 31, 2018	$ 2,067,964	$ 306	$ (204,501)	$ 736,035	$ (3,832)	$ 1,539,956

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parentheticals) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement Of Stockholders Equity [Abstract]
Purchase of shares of treasury stock	180,084	195,831	297,569
Issuance of shares of restricted stock	477,923	471,043	678,160

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2018
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 Atlas Air, Inc. (“Atlas”) and Southern Air Holdings, Inc. (“Southern Air”). 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. Intercompany accounts and transactions have been eliminated. We account for investments in entities under the equity method of accounting when we hold between 20% and 50% ownership in the entity and exercise significant influence or when we are not the primary beneficiary of a variable interest entity. “we,” “us,” “our,” and the “Company” mean AAWW and all entities included in its consolidated financial statements. We provide outsourced aircraft and aviation operating services throughout the world, serving Africa, Asia, Australia, Europe, the Middle East, North America and South America through: (i) contractual service arrangements, including those through which we provide aircraft to customers and value-added services, including crew, maintenance and insurance (“ACMI”), as well as those through which we provide crew, maintenance and insurance, but not the aircraft (“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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
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 statements and the related disclosures. Actual results may differ from those estimates. Estimates are used in determining, among other items, asset lives and residual values, cash flows for impairment analysis, heavy maintenance costs, income tax accounting, business combinations, intangible assets, warrants, Revenue Recognition ACMI and CMI Services Our performance obligations under ACMI contracts involve outsourced cargo and passenger aircraft operating services, including the provision of an aircraft, crew, maintenance and insurance. Our performance obligations under CMI contracts also involve outsourced aircraft operating services, generally including the provision of crew, line maintenance and insurance, but not the aircraft. ACMI and CMI contracts generally provide for the transfer of the benefits from these performance obligations on a combined basis through the operation of the aircraft over time. The time interval between when an aircraft departs the terminal until it arrives at the destination terminal is measured in hours and called “Block Hours.” Customers assume fuel, demand and price risk. Generally, customers are also responsible for landing, navigation and most other operational fees and costs and, in the case of CMI customers, the provision of the aircraft and heavy and non-heavy maintenance. When we act as an agent for costs reimbursed by customers, such reimbursed amounts are recorded as Operating Revenue, net of the related costs, when the costs are incurred. When we are responsible for any of these costs, such reimbursed amounts are recorded as Operating Revenue and the costs are recorded as Operating Expenses as incurred. Revenue from ACMI and CMI contracts is typically recognized over time as the services are performed based on Block Hours operated on behalf of a customer during a given month. Revenue for contracts with scheduled rate changes, excluding inflationary adjustments, is recognized over the term of the contract using an estimated average rate per Block Hour, which requires significant judgment to estimate the total number of Block Hours expected. Any revenue adjustments, including those related to minimum contracted Block Hour guarantees and on-time performance targets, are recognized over the applicable measurement period for the adjustment. ACMI and CMI customers are generally billed monthly based on Block Hours operated on behalf of a customer during a given month, as defined contractually. Payment terms and conditions vary by contract, although terms generally require partial payment for minimum contracted Block Hour guarantees in advance of the services being provided. Since advance payments are typically made shortly before the services are performed, such payments are not considered significant financing components. Charter Services Our performance obligations under Charter contracts involve the provision of cargo and passenger aircraft charter services to customers, including the U.S. Military Air Mobility Command (“AMC”), brokers, freight forwarders, direct shippers, airlines, sports teams and fans, and private charter customers. Our obligations are for one or more flights based on a specific origin and destination. We also provide limited airport-to-airport cargo services to select markets, including several cities in South America. The customer pays a fixed charter fee or a variable fee generally based on the weight of cargo flown and we typically bear all direct operating costs for both cargo and passenger charters, which include fuel, insurance, landing and navigation fees, and most other operational fees and costs. When we purchase cargo capacity from our ACMI customers for Charter flights, we are responsible for selling the capacity we purchase. We record revenue related to such purchased capacity as part of Charter revenue and record the related expenses in Navigation fees, landing fees and other rent. Revenue from Charter contracts is typically recognized over time as the services are performed based on Block Hours operated on behalf of a customer. Any revenue adjustments related to on-time performance targets with the AMC are recognized over the applicable measurement period for the adjustment. We generally expense sales commissions when incurred because the amortization period is less than one year. Payment terms and conditions vary by charter contract, although many contracts require payment in advance of the services being provided. Since advance payments are typically made shortly before the services are performed, such payments are not considered significant financing components. Dry Leasing Our performance obligations under Dry Lease contracts involve the provision of aircraft and engines to customers for compensation that is typically based on a fixed monthly amount and are all accounted for as operating leases. We record Dry Lease rental income on a straight-line basis over the term of the operating lease. Rentals received but unearned under the lease agreements are recorded in deferred revenue and included in Accrued liabilities until earned. Customer maintenance reserves are amounts received under our Dry Lease contracts 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 for customer maintenance reserves until the end of the lease, when we are able to finalize the amount, if any, to be reimbursed to the lessee. Other Services Other services include administrative and management support services and flight simulator training. Revenue for these services is recognized when the services are provided. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and other cash investments that are highly liquid in nature and have original maturities of three months or less at acquisition. Short-term Investments Short-term investments are primarily comprised of certificates of deposit, current portions of debt securities and money market funds. Restricted Cash Cash that is restricted under secured aircraft debt agreements, whereby it can only be used to make principal and interest payments on the related debt secured by those aircraft, 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. Expendable Parts Expendable parts, materials and supplies for flight equipment are carried at average acquisition costs and are included in Prepaid expenses and other current assets. When used in operations, they are charged to maintenance expense. Allowances for excess and obsolescence for expendable parts expected to be on hand at the date aircraft are retired from service are provided over the estimated useful lives of the related airframes and engines. These allowances are based on management estimates, which are subject to change as conditions in the business evolve. The net book value of expendable parts inventory was $49.4 million as of December 31, 2018 and $34.7 million at December 31, 2017, net of allowances for obsolescence of $33.0 million at December 31, 2018 and $27.8 million at December 31, 2017. 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 estimated useful lives of our property and equipment are as follows: Range Flight equipment 30 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 $196.6 million in 2018, $153.1 million in 2017 and $141.5 million in 2016. The net book value of flight equipment on dry lease to customers was $1,717.5 million as of December 31, 2018 and $1,270.7 million as of December 31, 2017. The accumulated depreciation for flight equipment on dry lease to customers was $232.4 million as of December 31, 2018 and $152.7 million as of December 31, 2017. Rotable parts are recorded in Property and equipment, net, and are depreciated over their average remaining fleet lives and written off when they are determined to be beyond economic repair. The net book value of rotable parts inventory was $240.7 million as of December 31, 2018 and $184.8 million as of December 31, 2017. Capitalized Interest Interest on funds used to finance the acquisition of flight equipment up to the date the asset is ready for its intended use is capitalized and included in the cost of the asset. Included in capitalized interest is the interest paid 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 for flight equipment modifications and purchase deposits. Goodwill Goodwill represents the excess of an acquisition’s purchase price over the fair value of the identifiable net assets acquired and liabilities assumed. Goodwill is not amortized, but tested for impairment annually during the fourth quarter of each year, or more frequently if certain events or circumstances indicate that an impairment loss may have been incurred. Goodwill is not deductible for tax purposes. We may elect to perform a qualitative analysis on the reporting unit that has goodwill to determine whether it is more likely than not that fair value of the reporting unit is less than its carrying value. If the qualitative analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if we elect not to perform a qualitative analysis, we perform a quantitative analysis to determine whether a goodwill impairment exists. If the goodwill’s carrying value exceeds its implied fair value calculated using the quantitative approach, an impairment charge is recorded for the difference. Fair value is determined using a discounted cash flow analysis based on key assumptions including, but not limited to, (i) a projection of revenues, expenses and other cash flows; (ii) terminal period revenue growth and cash flows; and (iii) an assumed discount rate. The total amount of goodwill was $40.4 million, which is included in Intangible assets, net and goodwill in the consolidated balance sheets as of December 31, 2018 and 2017 (see Note 7). During the fourth quarter of 2018, we performed a qualitative analysis and determined that goodwill was not impaired. 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 and finite-lived intangibles used in our ACMI and Charter segments, assets are grouped at the operating fleet level for impairment testing. For flight equipment and finite-lived intangibles used in our Dry Leasing segment, assets are assessed on an individual basis for impairment. For assets classified as held for sale, an impairment is recognized when the fair value less the cost to sell the asset is less than its carrying amount. In developing estimates for flight equipment and cash flows, we use external appraisals and other industry data for the various equipment types, anticipated utilization of the assets, revenue generated, associated costs and length of service. Variable Interest Entities and Off-Balance Sheet Arrangements We hold a 50% interest in GATS GP (BVI) Ltd. (“GATS”), a joint venture with an unrelated third party. The purpose of the joint venture is to purchase rotable parts and provide repair services for those parts, primarily for our 747-8F aircraft. The joint venture is a . Our investment in GATS was $22.3 million as of December 31, 2018 and $22.1 million as of December 31, 2017 and our maximum exposure to losses from the entity is limited to our investment, which is composed primarily of rotable inventory parts. GATS does not have any third-party debt obligations. We had Accounts payable to GATS of $ million as of December 31, 2018 and $ million as of December 31, 2017. A portion of our operating aircraft are owned or effectively owned and leased through trusts established specifically to purchase, finance and lease aircraft to us. We have not consolidated any aircraft in the related trusts because we are not the primary beneficiary. Our maximum exposure under these operating leases is the remaining lease payments, which amounts are reflected in the future lease commitments more fully described in Note 11. Income Taxes Deferred income taxes are recognized for the tax consequences of reporting items in our income tax returns at different times than the items are reflected in our financial statements. These temporary differences result in deferred tax assets and liabilities that are calculated by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. If necessary, deferred income tax assets are reduced by a valuation allowance to an amount that is determined to be more likely than not recoverable. We must make significant estimates and assumptions about future taxable income and future tax consequences when determining the amount, if any, of the valuation allowance. We have recorded reserves for income taxes that may become 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 taken by us, potentially resulting in additional liabilities for taxes. Heavy Maintenance Except for engines used on our 747-8F aircraft, we 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. These estimates may be subsequently adjusted for changes and the final determination of actual costs incurred. 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 defer the expense recognition of scheduled heavy maintenance events, which are amortized over the estimated period until the next scheduled heavy maintenance event is required. Amortization of deferred maintenance expense is included in Depreciation and amortization. The following table provides a summary of Deferred maintenance included within Deferred costs and other assets as of December 31: 2018 2017 Beginning balance, net $ 63,868 $ 19,100 Deferred maintenance costs 53,343 50,675 Amortization of deferred maintenance (13,564 ) (5,907 ) Ending balance, net $ 103,647 $ 63,868 Prepaid Maintenance Deposits Certain of our aircraft financing agreements require security deposits to our finance providers to ensure that we perform major maintenance as required. These are substantially refundable to us and are accounted for as deposits and included in Prepaid maintenance and in Deferred costs and other assets. Such amounts were $3.2 million as of December 31, 2018 and $37.3 million at December 31, 2017. 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. Gains or losses resulting from foreign currency transactions are included within Non-operating (Income) Expense. Stock-Based Compensation We have various stock-based compensation plans for certain employees and outside directors, which are described more fully in Note 16. We recognize based on the fair value on grant date We estimate restricted stock unit forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual forfeitures differ from those estimates. As a result, we record stock-based compensation expense only for those awards that are expected to vest. Supplemental Cash Flow Information Cash interest paid to lenders is calculated on the face amount of our various debt instruments based on the contractual interest rates in effect during each payment period. The following table summarizes interest and income taxes paid: 2018 2017 2016 Interest paid $ 86,168 $ 73,872 $ 66,306 Income taxes paid, net of refunds $ 695 $ 563 $ 1,160 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows: 2018 2017 Cash and cash equivalents $ 221,501 $ 280,809 Restricted cash 11,240 11,055 Total Cash, cash equivalents and restricted cash shown in Consolidated Statements of Cash Flows $ 232,741 $ 291,864 Recent Accounting Pronouncements Adopted in 2018 In February 2018, the Financial Accounting Standards Board (“FASB”) amended its accounting guidance for the reporting of comprehensive income. The guidance permits entities to reclassify to retained earnings the excess tax effects remaining in accumulated other comprehensive income/(loss) after the reduction in the federal corporate income tax rate from 35% to 21% as a result of the U.S. Tax Cuts and Jobs Act of 2017. The amended guidance is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. We early adopted the new guidance effective as of January 1, 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements and related disclosures. In May 2014, the FASB amended its accounting guidance for revenue recognition. Subsequently, the FASB issued several clarifications and updates. The fundamental principles of the new standard are that companies should recognize revenue in a manner that reflects the timing of the transfer of services to customers and consideration that a company expects to receive for the services provided. It also requires additional disclosures necessary for the financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We adopted the new guidance on January 1, 2018 using the modified retrospective approach, under which the guidance is applied beginning on the date of adoption. Comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods. The adoption did not have a material effect on our financial statements (see Note 4). As a result of adoption, revenue recognized under previous guidance based on flight departure is now recognized over time as the services are performed. In addition, revenue under certain ACMI and CMI contracts, such as revenue related to contracted minimum block hour guarantees, is now recognized in later periods, and some revenue adjustments related to meeting or exceeding on-time performance targets are now recognized in earlier periods. Revenue under our Dry Leasing contracts is explicitly excluded from the scope of the new guidance as it is covered by accounting guidance for leases. Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB amended its accounting guidance for leases. Subsequently, the FASB issued several clarifications and updates. The guidance requires a lessee to recognize assets and liabilities on the balance sheet arising from leases with terms greater than 12 months. While lessor accounting guidance is relatively unchanged, certain amendments were made to conform with changes made to lessee accounting and the amended revenue recognition guidance. The new guidance will continue to classify leases as either finance or operating, with classification affecting the presentation and pattern of expense and income recognition, in the statement of operations. It also requires additional quantitative and qualitative disclosures about leasing arrangements. The guidance is effective as of the beginning of 2019 and upon adoption must be applied using a modified retrospective approach which allows entities to either apply the new guidance to all periods presented or only to the most current period presented. Effective January 1, 2019, we are adopting the new guidance and applying the modified retrospective approach to the most current period presented. We expect to recognize lease assets, net of existing deferred rent and operating lease intangibles, and liabilities on our consolidated balance sheets of approximately $600 million and $650 million, respectively, on the adoption date and we do not expect the adoption to have an impact to our consolidated statements of operations or cash flows.

DHL Investment and Polar

DHL Investment and Polar	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
DHL Investment And Polar	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 . Under a 20-year blocked space agreement, which began in 2008 (the “BSA”), In accordance with the DHL Agreements, Polar flies for DHL’s transpacific express network and DHL provides financial support and assumes the risks and rewards of the operations of Polar The BSA established DHL’s capacity purchase commitments on Polar flights. DHL has the right to terminate the 20-year BSA at the twelfth and 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. Except for any liquidated damages that we could incur as described above, we do not have any continuing financial exposure to fund debt obligations or operating losses of Polar. Combined with Polar, we provide ACMI, CMI, Charter and Dry Leasing services to support DHL’s transpacific express, North American, intra-Asian, and global networks. In addition, we fly between the Asia Pacific region, the Middle East and Europe on behalf of DHL and other customers. Atlas also provides incremental charter capacity to Polar and DHL from time to time. The following table summarizes the aircraft types, services and number of aircraft provided to Polar and DHL as of December 31, 2018: Aircraft Service Total 747-8F ACMI 6 747-400F ACMI 9 777-200LRF CMI 4 777-200LRF CMI and Dry Leasing 2 767-300 CMI and Dry Leasing 4 767-200 CMI 9 737-400F CMI 5 757-200F Dry Leasing 1 Total 40 The following table summarizes our transactions with Polar: For the Year Ended December 31, Revenue and Expenses: 2018 2017 2016 Revenue from Polar $ 412,793 $ 420,564 $ 407,891 Ground handling and airport fees to Polar 2,301 2,746 1,667 Accounts receivable/payable as of: December 31, 2018 December 31, 2017 Receivables from Polar $ 16,349 $ 9,558 Payables to Polar 2,527 2,751 Aggregate Carrying Value of Polar Investment as of: December 31, 2018 December 31, 2017 Aggregate Carrying Value of Polar Investment $ 4,870 $ 4,870 In addition to the amounts in the table above, Atlas recognized revenue of $106.9 million in 2018, $33.5 million in 2017, and $24.6 million in 2016 from flying on behalf of Polar.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2018
Revenue From Contract With Customer [Abstract]
Revenue Recognition	4. Revenue Recognition Adoption We adopted the new revenue recognition guidance using the modified retrospective method and applied it to all customer contracts, excluding Dry Leasing contracts, based on the contract terms in effect as of January 1, 2018. Revenue under our Dry Leasing contracts is explicitly excluded from the scope of the new guidance Balance Balance December 31, 2017 Adjustments January 1, 2018 Accounts receivable $ 194,478 $ (407 ) $ 194,071 Accrued liabilities 454,843 3,614 458,457 Deferred taxes 214,694 (895 ) 213,799 Retained earnings 1,271,545 (3,126 ) 1,268,419 The following tables provide disclosure of the impact of adoption of the new revenue recognition guidance on our consolidated statement of operations and balance sheet: For the Year Ended December 31, 2018 As Reported Amounts without Adoption of New Revenue Recognition Guidance Effect of Change Inc /(Dec) Consolidated Statement of Operations Operating Revenue $ 2,677,724 $ 2,674,790 $ 2,934 Operating Expenses Other 195,553 194,534 1,019 Income from continuing operations before income taxes 309,374 307,459 1,915 Income tax expense 38,727 38,307 420 Income from continuing operations, net of taxes 270,647 269,152 1,495 As of December 31, 2018 As Reported Amounts without Adoption of New Revenue Recognition Guidance Effect of Change Inc/(Dec) Consolidated Balance Sheet Assets Accounts receivable, net $ 269,320 $ 268,590 $ 730 Liabilities and Equity Accrued liabilities 465,669 466,854 (1,185 ) Deferred taxes 256,970 256,550 420 Retained earnings 1,539,956 1,538,461 1,495 Deferred Revenue Deferred revenue for customer contracts, excluding Dry Leasing contracts, represents amounts collected from, or invoiced to, customers in advance of revenue recognition. The balance of Deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue. Significant changes in our Deferred Revenue liability balances during the year ended December 31, 2018 were as follows: Deferred Revenue Balance at beginning of period $ 14,958 Revenue recognized (80,635 ) Amounts collected or invoiced 78,684 Balance at end of period $ 13,007 Accounts Receivable Accounts receivable, net of allowances related to customer contracts, excluding Dry Leasing contracts, was $227.1 million as of December 31, 2018 and $173.2 million as of December 31, 2017. Estimated revenue expected to be recognized in the future is not presented because our contracts, excluding Dry Leasing contracts, typically involve either a duration or measurement period for revenue recognition of one year or less.

Southern Air Acquisition

Southern Air Acquisition	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Southern Air Acquisition	5. Southern Air Acquisition On April 7, 2016, we completed the acquisition of Southern Air and its subsidiaries, including Southern Air Inc. and Florida West International Airways, Inc. (“Florida West”). The acquisition of Southern Air provided us with immediate entry into 777 and 737 aircraft operating platforms, with the potential for developing additional business with existing and new customers. We believe this augments our ability to offer the broadest array of aircraft and services for domestic, regional and international operations. Total consideration for Southern Air was $105.8 million, net of cash acquired (see Note 7 for information regarding goodwill and intangible assets acquired). For 2016, our consolidated results include Southern Air’s operating revenue of $79.8 million. W e incurred Transaction-related expenses of $2.1 million in 2018 and $4.5 million in 2017, primarily related to professional fees and integration costs, and $17.7 million in 2016, primarily related to: certain compensation costs, including employee termination benefits; professional fees; and integration costs associated with the acquisition. The unaudited pro forma operating revenue for 2016 was $1,866.7 million. This pro forma information has been calculated as if the acquisition had taken place on January 1, 2015 and is not necessarily indicative of the net sales that actually would have been achieved. This information includes adjustments to conform with our accounting policies. The earnings of Southern Air were not material and, accordingly, pro forma and actual earnings information have not been presented. As part of integrating Southern Air, management decided and committed to pursue a plan to sell Florida West. As a result, the financial results for Florida West are presented as a discontinued operation and the assets and liabilities of Florida West were classified as held for sale, since the date of acquisition. In February 2017, management determined that a sale of Florida West was no longer likely to occur and committed to a plan to wind down its operations. The wind-down of operations was completed in March 2017.

Special Charge and Other Income

Special Charge and Other Income	12 Months Ended
	Dec. 31, 2018
Aircraft And Aircraft Engines Held For Sale [Abstract]
Special Charge and Other Income	6. Special Charge and Other Income During 2018 and 2016, we recognized $9.4 million of impairment losses for five CF6-80 engines and $10.1 million of impairment losses for six CF6-80 engines, respectively, to be traded in as part of our engine acquisition program that were classified as held for sale. Depreciation ceased on the engines when they were classified as held for sale. The carrying value of one CF6-80 engine held for sale at December 31, 2017 was $1.3 million which was included within Prepaid expenses and other current assets in the consolidated balance sheets. All of the engines have been traded in as of December 31, 2018. During 2018, we recognized a refund of $12.4 million related to aircraft rent paid in previous years within Other (income) expense.

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	12 Months Ended
	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets, Net and Goodwill	7. Intangible Assets, Net and Goodwill The following table presents our Intangible assets, net and goodwill as of December 31: 2018 2017 Goodwill $ 40,361 $ 40,361 Fair value adjustments on operating leases 45,531 45,531 Lease intangible 54,891 54,891 Customer relationship 26,280 26,280 Trade name 700 700 Less: accumulated amortization (70,074 ) (61,278 ) $ 97,689 $ 106,485 Goodwill is primarily attributable to the expanded market opportunities expected from combining the service offerings of Southern Air with ours, as well as the employee work force acquired. 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 Amortization expense related to intangible assets amounted to $8.8 million in 2018, $9.5 million in 2017 and $9.8 million in 2016. The estimated future amortization expense of intangible assets as of December 31, 2018 is as follows: 2019 $ 8,094 2020 8,047 2021 8,547 2022 8,862 2023 6,456 Thereafter 17,322 Total $ 57,328

Amazon

Amazon	12 Months Ended
	Dec. 31, 2018
Warrants And Rights Note Disclosure [Abstract]
Amazon	8. Amazon In May 2016, we entered into certain agreements with Amazon.com, Inc. and its subsidiary, Amazon Fulfillment Services, Inc., (collectively “Amazon”), which involve, among other things, CMI operation of 20 Boeing 767-300 freighter aircraft for Amazon by Atlas, as well as Dry Leasing by Titan. The Dry Leases have a term of ten years from the commencement of each agreement, while the CMI operations are for seven years from the commencement of each agreement (with an option for Amazon to extend the term to a total of ten years). Between August 2016 and November 2018, we placed all 20 freighter aircraft into service for Amazon. In conjunction with these agreements, we granted Amazon a warrant providing the right to acquire up to 20% of our outstanding common shares, after giving effect to the issuance of shares pursuant to the warrants, at an exercise price of $37.50 per share. A portion of the warrant, representing the right to purchase 3.75 million shares, vested upon issuance of the warrant. The remainder of the warrant, representing the right to purchase 3.75 million shares, vested in increments of 375,000 when the lease and operation of each of the 11 th th The agreements also provide incentives for future growth of the relationship as Amazon may increase its business with us. In that regard, we granted Amazon a warrant to acquire up to an additional 10% of our outstanding common shares, after giving effect to the issuance of shares pursuant to the warrants, for an exercise price of $37.50 per share. This warrant to purchase 3.75 million shares would vest in conjunction with payments by Amazon for additional business with us. As of December 31, 2018, no portion of this warrant has vested. Upon vesting, the warrant would become exercisable in accordance with its terms through 2023. At a special meeting in September, 2016, the Company’s shareholders, by a vote of approximately 99.9% of the votes cast, approved the issuance of warrants to acquire up to 30% of our outstanding common shares. This approval constituted a change in control, as defined under certain of the Company’s benefit plans. As a result, we recognized $23.5 million in expense, including accelerated compensation expense for restricted and performance share and cash awards, during 2016. The share-based portion of the compensation expense was $13.3 million. At the time of vesting, the fair value of the vested portion of the warrant issued to Amazon is recorded as a warrant liability within Financial instruments and other liabilities (the “Amazon Warrant”). This initial fair value of the vested portion of the warrant is also recognized as a customer incentive asset within Deferred costs and other assets, net and is amortized as a reduction of revenue in proportion to the amount of revenue recognized over the terms of the Dry Leases and CMI agreements. The following table provides a summary of the customer incentive asset as of December 31: 2018 2017 Beginning balance $ 106,538 $ 92,351 Initial value for vested portion of warrant 94,359 19,448 Amortization of customer incentive asset (16,177 ) (5,261 ) Ending balance $ 184,720 $ 106,538 The Amazon Warrant liability is marked-to-market at the end of each reporting period with changes in fair value recorded in Unrealized (gain) loss on financial instruments. We utilize a Monte Carlo simulation approach to estimate the fair value of the Amazon Warrant which requires inputs such as our common stock price, the warrant strike price, estimated common stock price volatility and risk-free interest rate, among others. We recognized a net unrealized gain of $123.1 million in 2018, and net unrealized losses of $12.5 million in 2017 and $2.9 million in 2016 on the Amazon Warrant. The fair value of the Amazon Warrant liability was $99.0 million as of December 31, 2018 and $127.8 million as of December 31, 2017.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2018
Accrued Liabilities Current And Noncurrent [Abstract]
Accrued Liabilities	9. Accrued Liabilities Accrued liabilities consisted of the following as of December 31: December 31, 2018 December 31, 2017 Maintenance $ 133,337 $ 156,042 Customer maintenance reserves 104,454 89,037 Salaries, wages and benefits 82,809 65,546 Aircraft fuel 32,641 22,196 Deferred revenue 26,584 20,986 U.S. class action settlement - 30,000 Other 85,844 71,036 Accrued liabilities $ 465,669 $ 454,843

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	10. Debt Our debt obligations, as of December 31: 2018 2017 Range of Maturity Dates Interest Rates (1) Balance Interest Rates (1) Balance Ex-Im Guaranteed Notes 2021 to 2025 1.89% $ 481,226 1.89% $ 564,184 Term loans and capital leases 2020 to 2032 4.10% 1,474,949 4.16% 1,145,116 Private Placement Facility 2025 to 2026 3.21% 129,482 3.17% 144,539 Convertible Notes 2022 to 2024 2.04% 513,500 2.04% 513,500 EETC 2019 7.52% 2,158 7.52% 11,480 Total principal amount of debt and capital leases 2,601,315 2,378,819 Less: unamortized debt discount and issuance costs (131,475 ) (151,820 ) Total debt 2,469,840 2,226,999 Less current portion of debt and capital leases (264,835 ) (218,013 ) Long-term debt $ 2,205,005 $ 2,008,986 (1) Interest rates reflect weighted-average rates as of year-end. Many of our financing instruments have cross-default provisions and contain limitations on our ability to, among other things, 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 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. Term Loans and Capital Leases We have entered into various term loans to finance the purchase of aircraft, passenger-to-freighter conversion of aircraft, and for GEnx engine performance upgrade kits and overhauls. Each term loan requires payment of principal and interest quarterly in arrears. Funds available under each term loan are subject to usual and customary fees, and funds drawn 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 March 2017, we amended and extended a lease for a 747-400 freighter aircraft to June 2032 at a lower monthly lease payment. As a result of the extension, we determined that the lease qualifies as a capital lease. The present value of the future minimum lease payments was $32.4 million. The following table summarizes the terms for each term loan entered into during 2018 (in millions): Issue Face Collateral Original Fixed Interest Date Value Type Term Rate First 2018 Term Loan March 2018 $ 19.4 None 60 months 3.12 % Second 2018 Term Loan May 2018 83.5 777-200 120 months 4.63 % Third 2018 Term Loan May 2018 83.5 777-200 120 months 4.63 % Fourth 2018 Term Loan May 2018 20.1 None 60 months 3.31 % Fifth 2018 Term Loan June 2018 21.1 767-300 108 months 3.97 % Sixth 2018 Term Loan June 2018 3.9 767-300 108 months 5.14 % Seventh 2018 Term Loan June 2018 20.7 767-300 108 months 3.98 % Eighth 2018 Term Loan June 2018 4.0 767-300 108 months 5.14 % Ninth 2018 Term Loan June 2018 20.9 767-300 108 months 3.98 % Tenth 2018 Term Loan June 2018 4.0 767-300 108 months 5.13 % Eleventh 2018 Term Loan June 2018 4.0 767-300 98 months 5.10 % Twelfth 2018 Term Loan June 2018 4.0 767-300 104 months 5.11 % Thirteenth 2018 Term Loan June 2018 4.0 767-300 106 months 5.11 % Fourteenth 2018 Term Loan June 2018 4.0 767-300 106 months 5.11 % Fifteenth 2018 Term Loan June 2018 4.0 767-300 108 months 5.11 % Sixteenth 2018 Term Loan June 2018 4.0 767-300 108 months 5.11 % Seventeenth 2018 Term Loan July 2018 20.4 None 60 months 3.38 % Eighteenth 2018 Term Loan September 2018 21.0 767-300 108 months 4.04 % Nineteenth 2018 Term Loan September 2018 4.0 767-300 108 months 5.19 % Twentieth 2018 Term Loan September 2018 21.0 767-300 108 months 4.04 % Twenty-first 2018 Term Loan September 2018 4.0 767-300 108 months 5.19 % Twenty-second 2018 Term Loan September 2018 21.0 767-300 108 months 4.04 % Twenty-third 2018 Term Loan September 2018 4.0 767-300 108 months 5.19 % Twenty-forth 2018 Term Loan November 2018 20.9 767-300 108 months 4.24 % Twenty-fifth 2018 Term Loan November 2018 4.0 767-300 108 months 5.40 % Twenty-sixth 2018 Term Loan November 2018 20.9 767-300 108 months 4.24 % Twenty-seventh 2018 Term Loan November 2018 4.0 767-300 108 months 5.40 % Twenty-eighth 2018 Term Loan November 2018 21.4 None 60 months 3.63 % Total $ 471.7 Private Placement Facility In September 2017, we entered into a debt facility for a total of $145.8 million through private placement to finance the purchase and passenger-to-freighter conversion of six 767-300 freighter aircraft dry leased to a customer (the “Private Placement Facility”). The Private Placement Facility consists of six separate loans (the “Private Placement Loans”). Each Private Placement Loan is comprised of an equipment note and an equipment term loan, both secured by the cash flows from a 767-300 freighter aircraft dry lease and the underlying aircraft. The equipment notes require payment of principal and interest at a fixed interest rate. The equipment term loans accrue interest, at a fixed rate, which is added to the principal balance outstanding until each equipment note is paid in full. Subsequently, the equipment term loans require payment of principal and interest over the remaining term of the loans. The Private Placement Loans are cross-collateralized, but not cross-defaulted, with each other and, except for certain specified events, are not cross-defaulted with other debt facilities of the Company. In connection with entry into the Private Placement Facility, we have agreed to pay usual and customary commitment and other fees associated with this type of financing. The Private Placement Facility is guaranteed by us and subject to customary covenants and events of default. Convertible Notes In May 2017, we issued $289.0 million aggregate principal amount of convertible senior notes that mature on June 1, 2024 (the “2017 Convertible Notes”) in an underwritten public offering. In June 2015, we issued $224.5 million aggregate principal amount of convertible senior notes that mature on June 1, 2022 (the “2015 Convertible Notes”) in an underwritten public offering. The 2017 Convertible Notes and the 2015 Convertible Notes (collectively, the “Convertible Notes”) are senior unsecured obligations and accrue interest payable semiannually on June 1 and December 1 of each year. The Convertible Notes are due on their respective maturity dates, unless earlier converted or repurchased pursuant to their respective terms. The following table lists certain key terms for the Convertible Notes: 2017 Convertible Note 2015 Convertible Note Fixed interest rate 1.88 % 2.25 % Earliest conversion date September 1, 2023 September 1, 2021 Initial conversion price per share $ 61.08 $ 74.05 Conversion rate (shares for each $1,000 of principal) 16.3713 13.5036 During 2017, we used the majority of the net proceeds from the 2017 Convertible Notes to repay $150.0 million then outstanding under our revolving credit facility and to fund the cost of the convertible note hedges described below. During 2015, we used the majority of the proceeds from the 2015 Convertible Notes 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%. The Convertible Notes will initially be convertible into shares of our common stock based on the respective conversion rates, which are equal to the respective initial conversion prices per share. The conversion rates 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 “make-whole fundamental change,” we will, in certain circumstances, increase the conversion rates by a number of additional shares of our common stock for the Convertible Notes converted in connection with such “make-whole fundamental change”. Additionally, if we undergo a “fundamental change,” holders will have the option to require us to repurchase all or a portion of their Convertible Notes for cash at a price equal to 100% of the principal amount of the Convertible Notes being repurchased plus any accrued and unpaid interest through, but excluding, the fundamental change repurchase date. In connection with the offerings of the Convertible Notes, we entered into convertible note hedge transactions whereby we have the option to purchase a certain number of shares of our common stock at a fixed price per share. In addition, we sold warrants to the option counterparties whereby the holders of the warrants have the option to purchase a certain number of shares of our common stock at a fixed price per share. The following table summarizes the convertible note hedges and related warrants: 2017 Convertible Note 2015 Convertible Note Convertible Note Hedges: Number of shares (1) 4,731,306 3,031,558 Initial price per share $ 61.08 $ 74.05 Cost of hedge $ 70,140 $ 52,903 Convertible Note Warrants: Number of shares (1) 4,731,306 3,031,558 Initial price per share $ 92.20 $ 95.01 Proceeds from sale of warrants $ 38,148 $ 36,290 (1) Taken together, the purchases of the convertible note hedges and the sales of the warrants are intended to offset any economic dilution from the conversion of each of the Convertible Notes when the stock price is below the exercise price of the respective warrants and to effectively increase the overall conversion prices from $61.08 to $92.20 per share for the 2017 Convertible Notes and from $74.05 to $95.01 per share On or after the earliest conversion date 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, each of the Convertible Notes will be settled, at our election, in cash, shares of our common stock, or a combination of cash and shares of our common stock. Our current intent and policy is to settle conversions with a combination of cash and shares of common stock with the principal amounts of the Convertible Notes paid in cash. Holders may only convert their Convertible Notes at their option at any time prior to the earliest conversion dates, under the following circumstances: • during any calendar quarter (and only during such calendar quarter) if, for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter, the last reported sale price of our common stock for 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 trading price per $1,000 principal amount of the convertible notes for such trading day was less than 98% of the product of the last reported sale price of our common stock for such trading day and the conversion rate on such trading day; or • upon the occurrence of specified corporate events. We separately account for the liability and equity components of convertible notes. The carrying amount of the liability component is determined by measuring the fair value of a similar liability that does not have an associated conversion feature, assuming our nonconvertible unsecured debt borrowing rate. The carrying value of the 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 is 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 6.14% and 6.44% over the term of the 2017 Convertible Notes and the 2015 Convertible Notes, respectively. The equity components will not be remeasured as long as they continue to meet the conditions for equity classification. 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. Total debt issuance costs for the 2017 Convertible Notes were $7.5 million, of which $5.7 million was allocated to the liability component and $1.8 million was allocated to the equity component. Total debt issuance costs for the 2015 Convertible Notes were $6.8 million, 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 components are amortized to interest expense using the effective interest method over the term of each of the Convertible Notes. The Convertible Notes consisted of the following as of December 31: 2018 2017 2017 Convertible Notes 2015 Convertible Notes 2017 Convertible Notes 2015 Convertible Notes Remaining life in months 65 41 77 53 Liability component: Gross proceeds $ 289,000 $ 224,500 $ 289,000 $ 224,500 Less: debt discount, net of amortization (56,652 ) (28,807 ) (65,187 ) (36,108 ) Less: debt issuance cost, net of amortization (4,457 ) (2,716 ) (5,216 ) (3,445 ) Net carrying amount $ 227,891 $ 192,977 $ 218,597 $ 184,947 Equity component (1) $ 70,140 $ 52,903 $ 70,140 $ 52,903 (1) Included in Additional paid-in capital on the consolidated balance sheets. The following table presents the amount of interest expense recognized related to the 2017 Convertible Notes and the 2015 Convertible Notes: 2018 2017 2016 Contractual interest coupon $ 10,470 $ 8,348 $ 5,051 Amortization of debt discount 15,855 11,801 6,421 Amortization of debt issuance costs 1,487 1,132 677 Total interest expense recognized $ 27,812 $ 21,281 $ 12,149 EETC In 1999, we issued an EETC secured by a 747-400F aircraft in the amount of $109.9 million which matures in February 2019 with fixed interest rates on the underlying equipment notes ranging from 6.88% to 8.77% and an effective interest rate of 7.52%. Revolving Credit Facility In December 2018, we amended and extended our previous three-year $150.0 million secured revolving credit facility into a new four-year $200.0 million secured revolving credit facility (the “Revolver”). The Revolver is for general corporate purposes and is currently secured by mortgages against ten 747-400 and four 767-300 aircraft, and related engines. Amounts outstanding under the Revolver are subject to borrowing base calculations, collateral coverage and fixed charge ratios. The Revolver accrues interest monthly at either LIBOR or an agreed upon rate plus a margin of 1.75% per annum for the first $100.0 million and 2.00% per annum when utilization exceeds $100.0 million. The Revolver includes a facility fee of 0.35% on the undrawn portion. In connection with entry into the Revolver, we paid usual and customary fees. There were no amounts outstanding at December 31, 2018 and 2017, and we had $143.5 million of unused availability under the Revolver, based on the collateral borrowing base as of December 31, 2018. Future Cash Payments for Debt and Capital Leases The following table summarizes the cash required to be paid by year and the carrying value 2019 $ 278,040 2020 392,657 2021 288,745 2022 478,789 2023 433,857 Thereafter 729,227 Total debt cash payments 2,601,315 Less: unamortized debt discount and issuance costs (131,475 ) Debt $ 2,469,840

Commitments

Commitments	12 Months Ended
	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments	11. Commitments Leveraged Lease Structure In three separate transactions, we issued EETCs to finance the acquisition of five 747-400F aircraft 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 nonrecourse basis in the form of equipment notes. The equipment notes were generally issued in three series, for each aircraft, designated as Series A, B and C equipment notes. The loans evidenced by the equipment notes were funded by the public offering of EETCs. Like the equipment notes, the EETCs were issued in three series, with each EETC transaction designated as Series A, B and C EETCs. Each series of EETCs was issued by the trustee for separate Atlas pass-through trusts with the same designation as the series of EETCs issued (“PTCs”). Each of these pass-through trustees is also the holder and beneficial owner of the equipment notes bearing the same series designation. These leasing entities meet the criteria for variable interest entities. We have not consolidated any of the aircraft-leasing trusts because we are not the primary beneficiary. We account for these leases as operating leases Operating Leases The following table summarizes rental expenses in: 2018 2017 2016 Aircraft and engines $ 162,444 $ 142,945 $ 146,110 Purchased capacity, office, vehicles and other $ 63,650 $ 46,817 $ 23,727 As of December 31, 2018, 20 of our 85 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, 2018: Aircraft and Engine Other Operating Operating Leases Leases Total 2019 $ 156,561 $ 9,955 $ 166,516 2020 151,064 8,319 159,383 2021 160,102 5,954 166,056 2022 113,164 2,427 115,591 2023 61,409 346 61,755 Thereafter 53,403 27 53,430 Total minimum rental payments $ 695,703 $ 27,028 $ 722,731 In addition to the aircraft we Dry Lease to customers, Polar subleases aircraft from us 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 reflecting the terms that were in effect as of December 31, 2018: Dry Lease Income 2019 $ 180,366 2020 169,202 2021 148,413 2022 140,876 2023 107,248 Thereafter 257,248 Total minimum lease receipts $ 1,003,353 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 tort liabilities and related indemnities are covered by insurance (subject to deductibles). However, payments under certain tax indemnities related to certain of our financing arrangements, if applicable, could be material, and would not be covered by insurance, although we believe that these payments are not probable. Certain leased premises, such as maintenance and storage facilities, typically include indemnities of such parties for any environmental liability that may arise out of or relate to the use of the leased premises. We also provide standard indemnification agreements to officers and directors in the ordinary course of business. Financings and Guarantees Our financing arrangements typically contain a withholding tax provision that requires us to pay additional amounts to the applicable lender or other financing party, if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law. These increased costs and withholding tax provisions continue for the entire term of the applicable transaction and there is no limitation on the maximum additional amount we could be required to pay under such provisions. Any failure to pay amounts due under such provisions generally would trigger an event of default and, in a secured financing transaction, would entitle the lender to foreclose upon the collateral to realize the amount due.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The United States enacted the U.S. Tax Cuts and Jobs Act on December 22, 2017. The U.S. Tax Cuts and Jobs Act reduces the U.S. federal corporate income tax rate from 35.0% to 21.0% beginning in 2018, requires companies to pay a one-time deemed repatriation tax on unremitted foreign earnings, repeals the corporate alternative minimum tax, provides full expensing of new and used assets, creates new sources of taxable income and deductions related to foreign operations, repeals or modifies certain deductions and credits, and modifies the use of federal net operating loss carryforwards (“NOLs”). On December 22, 2017, the SEC issued guidance which allowed us to record provisional amounts during a measurement period not to extend beyond one year following enactment. As a result of that guidance, and based on our interpretation of the U.S. Tax Cuts and Jobs Act, we recorded provisional income tax benefits of $130.0 million in connection with the remeasurement of our U.S. net deferred tax liability in 2017 and updated these income tax benefits in 2018. Adjustments during the measurement period were not material and have been reflected in income tax expense. Although we no longer consider the amounts recorded to be provisional, the ultimate impact of the U.S. Tax Cuts and Jobs Act may differ from the amounts reflected in these financial statements due to additional regulatory guidance that may be issued, changes in interpretations and assumptions, additional analysis, and actions we may take as a result. The significant components of the provision of income taxes are as follows: 2018 2017 2016 Current: Federal $ (4,518 ) $ (133 ) $ (376 ) State and local 68 (99 ) (298 ) Foreign 597 596 84 Total current (benefit) expense (3,853 ) 364 (590 ) Deferred: Federal 43,167 (87,185 ) 46,391 State and local 1,780 1,868 (1,436 ) Foreign (2,367 ) 3,987 2,426 Total deferred expense (benefit) 42,580 (81,330 ) 47,381 Total income tax expense (benefit) $ 38,727 $ (80,966 ) $ 46,791 The domestic and foreign earnings before income taxes are as follows: 2018 2017 2016 Domestic $ 257,726 $ 104,321 $ 61,006 Foreign 51,648 39,051 28,410 Income before income taxes $ 309,374 $ 143,372 $ 89,416 A reconciliation of the provision (benefit) for income taxes applying the statutory federal income tax rate of 21.0% for the year ended December 31, 2018 and 35.0% for the years ended December 31, 2017 and 2016, respectively, is as follows: 2018 2017 2016 U.S. federal statutory income tax rate 21.0 % 35.0 % 35.0 % State and local taxes based on income, net of federal benefit 0.8 % 0.3 % 1.1 % Change in deferred foreign and state tax rates (3.0 %) 0.6 % (2.2 %) Customer incentive (5.1 %) 5.0 % 10.9 % Nondeductible expenses related to customer - - 13.0 % Other nondeductible expenses 1.2 % 1.4 % 4.3 % Tax effect of foreign operations (2.2 %) (7.7 %) (9.4 %) Impact of U.S. Tax Cuts and Jobs Act - (90.7 %) - Other (0.2 %) (0.4 %) (0.4 %) Effective income tax rate 12.5 % (56.5 %) 52.3 % The effective income tax rate for the year ended December 31, 2018 differed from the U.S. statutory rate primarily due to the nondeductible and nontaxable changes in the fair value of a customer warrant liability (see Note 8) and, to a lesser extent, the benefit recorded on the remeasurement of our deferred income tax liability for Singapore (see below). In 2017, we generated income tax benefits primarily due to the revaluation of our U.S. net deferred tax liability as a result of the U.S. Tax Cuts and Jobs Act. In 2016, we recorded a nondeductible customer incentive and nondeductible compensation expenses resulting from a change in control, as defined under certain of the Company’s benefit plans, both related to the issuance of warrants (see Note 8). Prior to the U.S. Tax Cuts and Jobs Act, we indefinitely reinvested outside of the U.S. the net earnings of our foreign Dry Leasing subsidiaries. We no longer indefinitely reinvest the earnings of our overseas Dry Leasing subsidiaries outside the U.S. As a result, we may repatriate those earnings in the future, and we recorded an immaterial amount of deferred tax expense related to state income taxes for the year ended December 31, 2018. 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) 2018 2017 Deferred tax assets: Net operating loss carryforwards and credits $ 357,022 $ 345,245 Accrued compensation 13,176 11,514 Accrued legal settlements - 6,596 Aircraft leases 17,688 17,323 Goodwill and other intangibles 2,765 7,267 Interest rate derivatives 1,179 1,532 Long-term debt 1,593 1,923 Obsolescence reserve 6,771 5,734 Stock-based compensation 3,203 3,296 Other 508 977 Total deferred tax assets 403,905 401,407 Valuation allowance (29,871 ) (30,869 ) Net deferred tax assets $ 374,034 $ 370,538 Deferred tax liabilities: Fixed assets $ (589,649 ) $ (562,210 ) Acquisition of EETC debt 20 (1,247 ) Customer incentive (15,894 ) (6,709 ) Deferred maintenance (22,747 ) (14,151 ) Total deferred tax liabilities $ (628,270 ) $ (584,317 ) Deferred taxes included within following balance sheet line items: Deferred taxes $ (256,970 ) $ (214,694 ) Deferred costs and other assets 2,734 915 Net deferred tax assets (liabilities) $ (254,236 ) $ (213,779 ) As of December 31, 2018 and 2017, we had U.S. NOLs, net of unrecognized tax benefits and valuation allowances, of approximately $1.3 billion and $1.2 billion, respectively, most of which will expire through 2037, if not utilized. We had alternative minimum tax credits of $4.5 million as of December 31, 2018 and 2017 with no expiration date. Pursuant to the U.S. Tax Cuts and Jobs Act, these credits are refundable on our income tax returns from 2018 through 2022 and are reflected as current and long-term receivables in the accompanying consolidated balance sheets. Additionally, we had foreign NOLs for Hong Kong and Singapore, net of unrecognized tax benefits of approximately $591.9 million and $465.3 million as of December 31, 2018 and 2017, respectively, with no expiration date. We participate in an aircraft leasing incentive program in Singapore, which entitled us to a reduced income tax rate of 10.0% on our Singapore Dry Leasing income through July 31, 2018. We renewed our participation in this program at a reduced income tax rate of 8.0% through July 31, 2023, effective in the third quarter of 2018. As a result, we recorded a benefit of $8.7 million related to the remeasurement of our deferred income tax liability for Singapore. Section 382 of the Internal Revenue 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. In addition, the acquisition of Southern Air in 2016 (see Note 5) constituted an ownership change for that entity. Accordingly, the use of NOLs generated prior to these ownership changes is subject to an annual limitation. If certain changes in our ownership occur prospectively, there could be an additional annual limitation on the amount of utilizable NOLs. On each reporting date, management assesses whether we are more likely than not to realize some or all of our deferred tax assets. After our assessment, we maintained a valuation allowance of $29.9 million and $30.9 million against our deferred tax assets as of December 31, 2018 and 2017, respectively. The valuation allowance decreased by $1.0 million during the year ended December 31, 2018. The valuation allowance decreased by $18.5 million during the year ended December 31, 2017, primarily due to the change in the federal income tax rate under the U.S. Tax Cuts and Jobs Act. 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: 2018 2017 2016 Beginning balance $ 71,717 $ 113,892 $ 112,555 Additions for tax positions related to the current year 2,061 1,366 1,587 Additions for tax positions related to prior years 657 40 - Reductions for tax positions related to prior years (160 ) (43,581 ) (250 ) Ending balance $ 74,275 $ 71,717 $ 113,892 If recognized, all of the unrecognized income tax benefits would favorably impact the effective income tax rate. We will maintain a liability for unrecognized income tax benefits until these uncertain positions are resolved or until the expiration of the applicable statute of limitations, if earlier. Our policy is to record tax-related interest expense and penalties, if applicable, as a component of income tax expense. We recorded no interest benefit in 2018 or 2017. The cumulative liability for tax-related interest was $0.1 million as of December 31, 2018 and 2017 For U.S. federal income tax purposes, the 2012 through 2018 income tax years remain subject to examination. The U.S. Internal Revenue Service is currently examining the 2015 tax year. It is reasonably possible that our unrecognized tax benefits could significantly decrease during 2019. Due to the uncertainty related to the potential outcome of this examination, we cannot estimate the amount of the potential decrease to our unrecognized tax benefits. Income tax examinations are also in progress in New Jersey and New York. The Company files income tax returns in multiple foreign jurisdictions, primarily in Singapore and Hong Kong. The 2013 through 2018 Singapore income tax years and 2012 through 2018 Hong Kong income tax years are subject to examination. The Company is currently undergoing an income tax examination in Hong Kong for the 2015 tax year.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Financial Instruments	13. Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are classified in the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 Other inputs that are observable directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, or inactive quoted prices for identical assets or liabilities in inactive markets; Level 3 Unobservable inputs reflecting assumptions about the inputs used in pricing the asset or liability. We endeavor to utilize the best available information to measure fair value. 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, maturing within five years, for which we have both the ability and the intent to hold until maturity. These investments are classified as held-to-maturity and reported at amortized cost. The fair value of our Long-term investments is based on a discounted cash flow analysis using the contractual cash flows of the investments and a discount rate derived from unadjusted quoted interest rates for debt securities of comparable risk. Such debt securities represent investments in PTCs related to EETCs issued by Atlas in 1998 and 1999. Interest on debt securities and accretion of discounts using the effective interest method are included in Interest income. Term loans and notes consist of term loans, the Ex-Im Guaranteed Notes, the Private Placement Facility, the Revolver and EETCs. The fair values of these debt instruments 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 fair value of a customer warrant liability and certain long-term performance-based restricted shares are based on a Monte Carlo simulation which requires inputs such as our common stock price, the warrant strike price, estimated common stock price volatility, and risk-free interest rate, among others. The following table summarizes the carrying value, estimated fair value and classification of our financial instruments as of: December 31, 2018 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 221,501 $ 221,501 $ 221,501 $ - $ - Short-term investments 15,624 15,624 - - 15,624 Restricted cash 11,240 11,240 11,240 - - Long-term investments and accrued interest 635 1,138 - - 1,138 $ 249,000 $ 249,503 $ 232,741 $ - $ 16,762 Liabilities Term loans and notes $ 2,048,972 $ 1,976,373 $ - $ - $ 1,976,373 Convertible notes (1) 420,868 490,070 490,070 - - Customer warrant 99,000 99,000 - 99,000 - $ 2,568,840 $ 2,565,443 $ 490,070 $ 99,000 $ 1,976,373 December 31, 2017 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 280,809 $ 280,809 $ 280,809 $ - $ - Short-term investments 13,604 13,604 - - 13,604 Restricted cash 11,055 11,055 11,055 - - Long-term investments and accrued interest 15,371 18,074 - - 18,074 $ 320,839 $ 323,542 $ 291,864 $ - $ 31,678 Liabilities Term loans and notes $ 1,791,918 $ 1,844,445 $ - $ - $ 1,844,445 Convertible notes (1) 403,544 602,846 602,846 - - Customer warrant 127,755 127,755 - 127,755 - $ 2,323,217 $ 2,575,046 $ 602,846 $ 127,755 $ 1,844,445 (1) Carrying value is net of debt discounts and debt issuance costs. Hedge transactions associated with the Convertible Notes are reflected in additional paid-in-capital (see Note 10). Gross unrealized gains on our long-term investments and accrued interest were $0.5 million at December 31, 2018 and $2.7 million at December 31, 2017. Our Long-term investments include investments in PTCs related to EETCs, and we intend to hold the investments to maturity.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	14. 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 aggregate our operating segments and, therefore, our operating segments 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 (loss) from continuing operations before income taxes excluding the following: Special charges, Transaction-related expenses, nonrecurring items, Losses (gains) on the disposal of aircraft, Losses on early extinguishment of debt, Unrealized losses (gains) on financial instruments, Gains on investments and Unallocated 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, nonaircraft depreciation, noncash expenses and income, interest expense on the portion of debt used for general corporate purposes, interest income on nondebt securities, capitalized interest, foreign exchange gains and losses, other revenue and other non-operating costs. Management allocates the costs attributable to aircraft operation and ownership for our operating fleet among the various segments based on the aircraft type and activity levels in each segment. Depreciation and amortization expense, aircraft rent, maintenance expense, and other aircraft-related expenses are allocated to segments based upon aircraft utilization because certain individual aircraft are utilized across segments interchangeably. Other allocation methods are standard activity-based methods that are commonly used in the industry. The ACMI segment provides aircraft, crew, maintenance and insurance services to customers. Also included in the ACMI segment is CMI, whereby we provide crew, maintenance and insurance services but not the aircraft. Under ACMI and CMI contracts, customers generally guarantee a monthly level of operation at a predetermined rate for a defined period of time. The customer bears the commercial revenue risk and the obligation for other direct operating costs, including fuel. The Charter segment provides full-planeload air cargo and passenger aircraft charters to customers, including the AMC, brokers, freight forwarders, direct shippers, airlines, sports teams and fans, and private charter customers. Charter customers generally pay a fixed charter fee or a variable fee generally based on the weight of cargo flown and we bear the direct operating costs. The Dry Leasing segment provides for the leasing of aircraft and engines to customers. Other represents revenue for services that are not allocated to any segment, including administrative and management support services and flight simulator training. The following table sets forth Operating Revenue and Direct Contribution for our reportable segments reconciled to Operating Income and Income from continuing operations before income taxes: 2018 2017 2016 Operating Revenue: ACMI $ 1,192,704 $ 988,741 $ 834,997 Charter 1,313,484 1,034,562 881,991 Dry Leasing 168,470 119,820 105,795 Customer incentive asset amortization (16,176 ) (5,261 ) (537 ) Other 19,242 18,598 17,381 Total Operating Revenue $ 2,677,724 $ 2,156,460 $ 1,839,627 Direct Contribution: ACMI $ 235,706 $ 229,498 $ 200,563 Charter 211,661 150,144 133,727 Dry Leasing 48,904 39,939 33,114 Total Direct Contribution for Reportable Segments 496,271 419,581 367,404 Unallocated income and expenses, net (298,526 ) (258,925 ) (242,768 ) Loss on early extinguishment of debt - (167 ) (132 ) Unrealized gain (loss) on financial instruments 123,114 (12,533 ) (2,888 ) Special charge (9,374 ) (106 ) (10,140 ) Transaction-related expenses (2,111 ) (4,509 ) (22,071 ) Loss on disposal of aircraft - 31 11 Income from continuing operations before income taxes 309,374 143,372 89,416 Add back (subtract): Interest income (6,710 ) (6,009 ) (5,532 ) Interest expense 119,378 99,687 84,650 Capitalized interest (4,727 ) (7,389 ) (3,313 ) Loss on early extinguishment of debt - 167 132 Unrealized gain (loss) on financial instruments (123,114 ) 12,533 2,888 Other (income) expense (10,659 ) (387 ) 70 Operating Income $ 283,542 $ 241,974 $ 168,311 For the years ended December 31, 2017 and 2016, the direct contribution amounts for the ACMI and Charter segments and the unallocated income and expenses, net above have been revised to correct for immaterial adjustments. The Company does not believe the impact to the previously issued consolidated financial statements was material. The following table disaggregates our Charter segment revenue by customer and service type: 2018 2017 2016 Cargo Passenger Total Cargo Passenger Total Cargo Passenger Total Commercial customers $ 644,344 $ 33,785 $ 678,129 $ 519,507 $ 18,713 $ 538,220 $ 429,524 $ 16,328 $ 445,852 AMC 327,751 307,604 635,355 205,776 290,566 496,342 170,487 265,652 436,139 Total Charter Revenue $ 972,095 $ 341,389 $ 1,313,484 $ 725,283 $ 309,279 $ 1,034,562 $ 600,011 $ 281,980 $ 881,991 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, Polar and DHL (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 $635.4 million for 2018, $496.3 million for 2017 and $436.1 million 2016. Revenue from DHL was $348.3 million for 2018, $262.6 million for 2017 and $195.1 million for 2016. We have not experienced any credit issues with either of these customers. 2018 2017 2016 Depreciation and amortization expense: ACMI $ 93,706 $ 71,097 $ 61,630 Charter 38,531 36,539 37,239 Dry Leasing 73,868 47,426 40,164 Unallocated 11,235 11,651 9,843 Total Depreciation and Amortization $ 217,340 $ 166,713 $ 148,876

Labor and Legal Proceedings

Labor and Legal Proceedings	12 Months Ended
	Dec. 31, 2018
Labor And Legal Proceedings [Abstract]
Labor and Legal Proceedings	15. Labor and Legal Proceedings Labor Pilots of Atlas and Southern Air, and flight dispatchers of Atlas and Polar are represented by the International Brotherhood of Teamsters (the “IBT”). We have a five-year collective bargaining agreement (“CBA”) with our Atlas pilots, which became amendable in September 2016, and a four-year CBA with the Southern Air pilots, which became amendable in November 2016. We also have a five-year CBA with our Atlas and Polar dispatchers, which was extended in April 2017 for an additional four years, making the CBA amendable in November 2021. After we completed the acquisition of Southern Air in April 2016, we informed the IBT of our intention to pursue (and we have been pursuing) a complete operational merger of Atlas and Southern Air. Pursuant to the merger provisions in both the Atlas and Southern Air CBAs, joint negotiations for a single CBA for Atlas and Southern Air should commence promptly. Further to this process, once a seniority list is presented to us by the unions, it triggers an agreed-upon timeframe to negotiate a new joint CBA with any unresolved issues submitted to binding arbitration. After the merger process began, the IBT filed an application for mediation with the National Mediation Board (“NMB”) on behalf of the Atlas pilots, and subsequently the IBT filed a similar application on behalf of Southern Air pilots. We have opposed both mediation applications as they are not in accordance with the merger provisions in the parties’ existing CBAs. The Atlas and Southern Air CBAs have a defined and streamlined process for negotiating a joint CBA when a merger occurs, as in the case with the Atlas and Southern Air merger. The NMB conducted a premediation investigation on the IBT’s Atlas application in June 2016, which is currently pending (along with the IBT’s Southern Air application). Due to a lack of meaningful progress in such merger discussions, in February 2017, we filed a lawsuit against the IBT to compel arbitration on the issue of whether the merger provisions in Atlas and Southern Air's CBAs apply to the bargaining process. On March 13, 2018, the Southern District Court of New York (“NY Court”) granted the Company’s motion to compel arbitration on this issue. The IBT appealed the NY Court’s decision, which is currently pending. The Company and the IBT conducted the Atlas and Southern Air arbitrations for this issue in October 2018. The Company expects to receive the arbitration decisions in the first half of 2019. The Company and the IBT continue to move the process forward and will start bargaining in good faith for a new joint CBA during the first quarter of 2019, subject to a framework agreement until the Atlas and Southern Air arbitrations are decided. In August 2018, the Southern Air pilots ratified an agreement between Southern Air and the IBT for interim enhancements to the Southern Air pilots’ CBA. The agreement enhances the wages and work rules of the Southern Air pilots and provides similar terms and conditions of employment to those provided to Atlas pilots in the Atlas CBA. The Southern Air pilot agreement became effective in September 2018. In September 2017, the Company requested the U.S. District Court for the District of Columbia (the “DC Court”) to issue a preliminary injunction to require the IBT to meet its obligations under the Railway Labor Act of 1926 (the “Railway Labor Act”) and stop the intentional and illegal work slowdowns and service interruptions. In late November 2017, the Court granted the Company’s request to issue a preliminary injunction to require the IBT to meet its obligations under the Railway Labor Act and stop “authorizing, encouraging, permitting, calling, engaging in, or continuing” any illegal pilot slowdown activities, which were intended to gain leverage in pilot contract negotiations with the Company. In addition, the Court ordered the IBT to take affirmative action to prevent and to refrain from continuing any form of interference with the Company’s operations or any other concerted refusal to perform normal pilot operations consistent with its status quo obligations under the Railway Labor Act. In December 2017, the IBT appealed the DC Court’s decision to the U.S. Court of Appeals for the District of Columbia Circuit and oral arguments were held in September 2018. Pending the outcome of the appeal, the preliminary injunction remains in effect. The Company believes the IBT’s appeal will be unsuccessful and expects the preliminary injunction to remain in effect. We are subject to risks of work interruption or stoppage as permitted by the Railway Labor Act and may incur additional administrative expenses associated with union representation of our employees. Matters Related to Alleged Pricing Practices In the Netherlands, Stichting Cartel Compensation, successor in interest to claims of various shippers, has filed suit in the district court in Amsterdam against British Airways, KLM, Martinair, Air France, Lufthansa and Singapore Airlines seeking recovery for damages purportedly arising from allegedly unlawful pricing practices of such defendants. In response, British Airways, KLM, Martinair, Air France and Lufthansa filed third-party indemnification lawsuits against Polar Air Cargo, LLC (“Old Polar”), a consolidated subsidiary of the Company, and Polar, seeking indemnification in the event the defendants are found to be liable in the main proceedings. Another defendant, Thai Airways, filed a similar indemnification claim. Activities in the case have focused on various procedural issues, some of which are awaiting court determination. The Netherlands proceedings are likely to be affected by a decision readopted by the European Commission in March 2017, finding EU competition law violations by British Airways, KLM, Martinair, Air France and Lufthansa, among others, but not Old Polar or Polar. We are unable to reasonably predict the outcome of the litigation. If the Company, Old Polar or Polar were to incur an unfavorable outcome, 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 this matter at this time. Brazilian Customs Claim Old Polar was cited for two alleged customs violations in Sao Paulo, Brazil, relating to shipments of goods dating back to 1999 and 2000. Each claim asserts that goods listed on the flight manifest of two separate Old Polar scheduled service flights were not on board the aircraft upon arrival and therefore were improperly brought into Brazil. The two claims, which also seek unpaid customs duties, taxes and penalties from the date of the alleged infraction, are approximately $5.3 million in aggregate based on December 31, 2018 exchange rates. In both cases, we believe that the amounts claimed are substantially overstated due to a calculation error when considering the type and amount of goods allegedly missing, among other things. Furthermore, we may seek appropriate indemnity from the shipper in each claim as may be feasible. In the pending claim for one of the cases, we have received an administrative decision dismissing the claim in its entirety, which remains subject to a mandatory appeal by the Brazil customs authorities. As required to defend such claims, we have made deposits pending resolution of these matters. The balance was $4.1 million as of December 31, 2018 and $5.1 million as of December 31, 2017, and is included in Deferred costs and other assets. We are currently defending these and other Brazilian customs claims and the ultimate disposition of these claims, either individually or in the aggregate, is not expected to materially affect our financial condition, results of operations or cash flows. Other We have certain other contingencies incident to the ordinary course of business. Management does not expect that the ultimate disposition of such other contingencies will materially affect our financial condition, results of operations or cash flows.

Stock-Based and Long-term Incen

Stock-Based and Long-term Incentive Compensation Plans	12 Months Ended
	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based and Long-term Incentive Compensation Plans	16. Stock-Based and Long-term Incentive Compensation Plans In 2007, our stockholders approved a Long-Term Incentive Plan (the “2007 Plan”). An aggregate of 0.6 million shares of common stock were reserved for issuance to participants under the 2007 Plan. The 2007 Plan provided for stock awards of up to approximately 2.8 million shares of AAWW’s common stock to employees in various forms, including cash awards and performance cash awards. Stock awards included nonqualified options, incentive stock options, share appreciation rights, restricted shares, restricted share units, performance shares and performance units, dividend equivalents and other share-based awards. In 2016, the stockholders approved a revised Long-Term Incentive Plan (the “2016 Plan”), which replaced the 2007 Plan. An aggregate of 0.8 million shares of common stock were reserved for issuance to participants under the 2016 Plan. No new awards have been made under the 2007 Plan since the adoption of the 2016 Plan in May 2016. In 2018, the stockholders approved a revised Long-Term Incentive Plan (the “2018 Plan”), which replaced the 2016 Plan. An aggregate of 0.5 million shares of common stock were reserved for issuance to participants under the 2018 Plan. No new awards have been made under the 2016 Plan since the adoption of the 2018 Plan in May 2018. The portion of the 2018 Plan, the 2016 Plan and the 2007 Plan applicable to employees is administered by the compensation committee of the board of directors, which also establishes the terms of the awards. Awards outstanding under the 2007 Plan and 2016 Plan will continue to be governed by the terms of those plans and agreements under which they were granted. The 2018 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 2018 Plan. As of December 31, 2018, the 2016 Plan had a total of 0.6 million shares of common stock available for future award grants to management and members of the board of directors. Including the impact of the change in control as defined under the benefit plan in 2016 (see Note 8), our compensation expense for all plans was $19.1 million in 2018, $20.9 million in 2017 and $30.9 million in 2016 $ million in 2018, $5.3 million in 2017 and $8.7 million in 2016 Restricted Share and Time-based Cash Awards Restricted share awards, which have been granted in units, and time-based cash awards generally vest and are expensed over one-, three- or four- year periods. As of December 31, 2018 Unrecognized December 31, 2018 In 2018, we granted time-based cash awards to employees and recognized compensation expense totaling $2.1 million. A summary of our restricted shares as of December 31, 2018 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, 2017 772,157 $ 44.95 Granted 159,763 60.47 Vested (318,020 ) 42.28 Forfeited (9,105 ) 48.32 Unvested as of December 31, 2018 604,795 $ 50.34 The total fair value of shares vested on various vesting dates was $13.4 million in 2018 in 2017 in 2016 Performance Share and Performance Cash Awards Performance share awards, which have been granted in units, and performance cash awards granted are expensed over three years, which generally is the requisite service period. Awards generally become vested if (1) we achieve certain specified performance levels compared 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. Full or partial vesting may occur for certain employee terminations. For performance share and performance cash awards granted in 2018, the Company included a relative total shareholder return (“TSR”) modifier which may impact the number of shares or cash earned at the end of the performance period. For these awards, the number of shares or cash earned based on the achievement of the predefined performance criteria will be reduced or increased if the Company's TSR over the performance period relative to a predefined comparator group of companies falls within defined ranges. The fair value of performance share units that include the TSR modifier is determined using a Monte Carlo valuation model on the date of grant. For the remaining awards that do not include a TSR modifier, the fair value of the performance share units is the quoted market value of the Company's stock on the date of grant and the fair value of performance cash awards is the value of the cash award on the date of grant. The estimated compensation expense recognized for performance share and performance cash awards is net of estimated forfeitures. We assess the performance levels in the first quarter of each year for the prior year. We review the results, adjust the estimated performance level and record any change to compensation cost. For performance cash awards that include a TSR modifier, we assess the TSR component each quarter and record any change to compensation cost. As of December 31, 2018, a total of 1.9 million performance shares have been granted. Unrecognized compensation cost as of is $6.0 million and will be recognized over the remaining weighted average life of 1.4 years. For the performance cash awards, we had accruals of $13.4 million as of December 31, 2018 and $13.8 million as of December 31, 2017 in Other liabilities. In 2016, as a result of a change in control as defined under the applicable benefit plan (see Note 8), the performance levels were deemed to be achieved for all performance share and performance cash awards outstanding as of September 20, 2016. Including the impact of this change in control, we recognized compensation expense associated with the performance cash awards totaling $6.8 million in 2018, $7.1 million in 2017 and $13.9 million in 2016. A summary of our performance shares as of December 31, 2018 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, 2017 454,076 $ 43.63 Granted 71,765 65.03 Vested (162,726 ) 47.48 Forfeited (4,729 ) 40.41 Unvested as of December 31, 2018 358,386 $ 45.37 The total fair value of shares vested on various vesting dates in 2018 was $7.7 million, $10.6 million in 2017 and $5.8 in 2016. Weighted average grant date fair value was $54.20 in 2017 and $37.21 in 2016.

Profit Sharing, Incentive and R

Profit Sharing, Incentive and Retirement Plans	12 Months Ended
	Dec. 31, 2018
Compensation And Retirement Disclosure [Abstract]
Profit Sharing, Incentive and Retirement Plans	17. 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 Atlas crewmembers to receive payments from the plan based upon Atlas’ financial performance. The profit sharing plan is subject to a minimum financial performance threshold. For both plans, we had accruals of $36.0 million as of December 31, 2018 and $26.9 million as of December 31, 2017 in Accrued liabilities. Including the impact of the change in control as defined under the benefit plan in 2016 (see Note 8), we recognized compensation expense associated with both plans totaling $35.8 million in 2018, $26.9 million in 2017 and $21.8 million in 2016. 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 pretax basis, subject to aggregate limits under the Code. In addition to 401(k) contributions, participants may contribute a portion of their eligible compensation to a 401(m) plan on an after-tax basis. On behalf of participants in the plan who make elective compensation deferrals, we provide a matching contribution subject to certain limitations. Employee contributions in the plan are vested at all times and our matching contributions are subject to a three-year cliff vesting provision, except for employees who are represented by a collective bargaining agreement and are subject to a three-year graded vesting provision. We recognized compensation expense associated with the plan matching contributions totaling $13.9 million in 2018, $10.9 million in 2017 and $10.5

Stock Repurchases

Stock Repurchases	12 Months Ended
	Dec. 31, 2018
Treasury Stock [Abstract]
Stock Repurchases	18. Stock Repurchases 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 announced an increase of $51.0 million to our stock repurchase program. As of December 31, 2018, 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 open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual timing and amount of our repurchases will depend on Company and market conditions. In addition, we repurchased 180,084 and 195,831 shares of common stock from management in 2018 and 2017, respectively, in connection with the vesting of equity awards to pay the statutory tax withholdings of employees, at an average price of $59.80 per share in 2018 in 2017,

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	19. Earnings Per Share Basic earnings per share (“EPS”) represents income divided by the weighted average number of common shares outstanding during the measurement period. Diluted EPS represents income 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 treasury stock method. The calculations of basic and diluted EPS were as follows: For the Years Ended December 31, Numerator: 2018 2017 2016 Income from continuing operations, net of taxes $ 270,647 $ 224,338 $ 42,625 Less: Unrealized gain on financial instruments, net of tax (123,114 ) - - Diluted income from continuing operations, net of tax $ 147,533 $ 224,338 $ 42,625 Denominator: Basic EPS weighted average shares outstanding 25,542 25,241 24,843 Effect of dilutive warrant 2,078 - - Effect of dilutive convertible notes 180 27 - Effect of dilutive stock options and restricted stock 481 586 277 Diluted EPS weighted average shares outstanding 28,281 25,854 25,120 Earnings per share from continuing operations: Basic $ 10.60 $ 8.89 $ 1.72 Diluted $ 5.22 $ 8.68 $ 1.70 Loss per share from discontinued operations: Basic $ (0.00 ) $ (0.03 ) $ (0.04 ) Diluted $ (0.00 ) $ (0.03 ) $ (0.04 ) Earnings per share: Basic $ 10.60 $ 8.85 $ 1.67 Diluted $ 5.22 $ 8.64 $ 1.65 Anti-dilutive shares related to warrants issued in connection with our Convertible Notes that were out of the money and excluded were 7.8 million

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2018
Accumulated Other Comprehensive Income Loss [Abstract]
Accumulated Other Comprehensive Income (Loss)	20. 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, 2016 $ (5,002 ) $ 9 $ (4,993 ) Reclassification to interest expense 1,621 - 1,621 Tax effect (621 ) - (621 ) Balance as of December 31, 2017 $ (4,002 ) $ 9 $ (3,993 ) Reclassification to interest expense 1,485 - 1,485 Tax effect (354 ) - (354 ) Reclassification of taxes (970 ) - (970 ) Balance as of December 31, 2018 $ (3,841 ) $ 9 $ (3,832 ) Interest Rate Derivatives As of December 31, 2018, there was $5.0 million of unamortized net realized loss before taxes remaining in Accumulated other comprehensive income (loss) related to terminated forward-starting interest rate swaps, which had been designated as cash flow hedges to effectively fix the interest rates on two 747-8F financings in 2011 and three 777-200LRF financings in 2014. The net loss is amortized and reclassified into Interest expense over the remaining life of the related debt. Net realized losses reclassified into earnings were $1.5 million and $1.6 million for 2018 and 2017, respectively. Net realized losses expected to be reclassified into earnings within the next 12 months are $1.3 million as of December 31, 2018.

Selected Quarterly Financial In

Selected Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Information (unaudited)	21. Selected Quarterly Financial Information (unaudited) The following table summarizes the 2018 and 2017 quarterly results: First Second Third Fourth 2018* Quarter Quarter Quarter Quarter Total Operating Revenue $ 590,014 $ 666,145 $ 656,607 $ 764,958 Operating Income 40,569 60,946 54,470 127,557 Income (Loss) from continuing operations, net of taxes 9,628 (21,123 ) 71,138 211,004 Loss from discontinued operations, net of taxes (16 ) (27 ) (7 ) (30 ) Net Income (Loss) $ 9,612 $ (21,150 ) $ 71,131 $ 210,974 Earnings (Loss) per share from continuing operations: Basic $ 0.38 $ (0.83 ) $ 2.78 $ 8.25 Diluted** $ 0.37 $ (0.83 ) $ 0.84 $ 2.73 Loss per share from discontinued operations: Basic $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Earnings (Loss) per share: Basic $ 0.38 $ (0.83 ) $ 2.78 $ 8.25 Diluted** $ 0.37 $ (0.83 ) $ 0.84 $ 2.73 First Second Third Fourth 2017*** Quarter Quarter Quarter Quarter Total Operating Revenue $ 475,394 $ 517,366 $ 535,748 $ 627,952 Operating Income 24,036 58,478 52,712 106,748 Income (Loss) from continuing operations, net of taxes 35 39,044 (24,195 ) 209,454 Income (Loss) from discontinued operations, net of taxes (787 ) (105 ) 33 (6 ) Net Income (Loss) $ (752 ) $ 38,939 $ (24,162 ) $ 209,448 Earnings (Loss) per share from continuing operations: Basic $ 0.00 $ 1.55 $ (0.96 ) $ 8.28 Diluted**** $ 0.00 $ 0.92 $ (0.96 ) $ 6.71 Loss per share from discontinued operations: Basic $ (0.03 ) $ (0.00 ) $ 0.00 $ (0.00 ) Diluted $ (0.03 ) $ (0.00 ) $ 0.00 $ (0.00 ) Earnings (Loss) per share: Basic $ (0.03 ) $ 1.54 $ (0.96 ) $ 8.28 Diluted**** $ (0.03 ) $ 0.92 $ (0.96 ) $ 6.71 * ** In 2018, the sum of quarterly diluted EPS amounts differs from the full year diluted EPS. The difference primarily relates to the exclusion from the calculation of diluted EPS of unrealized gains on financial instruments in the third and fourth quarters, and anti-dilutive shares in the second quarter, both related to a warrant issued to a customer. *** Included in the first, second and third quarters were an unrealized loss on financial instruments of $5.2 million, an unrealized gain on financial instruments of $13.8 million and an unrealized loss on financial instruments of $44.8 million, respectively. Included in the fourth quarter was an income tax benefit of $130.0 million related to the U.S. Tax Cuts and Jobs Act (see Note 12) and an unrealized gain on financial instruments of $23.7 million. **** In 2017, the sum of quarterly diluted EPS amounts differs from the full year diluted EPS. The difference primarily relates to the exclusion from the calculation of diluted EPS of unrealized gains on financial instruments in the second and fourth quarters, and anti-dilutive shares in the third quarter, both related to a warrant issued to a customer.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2018
Valuation And Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Schedule II—Valuation and Qualifying Accounts (in thousands) Additions Description Balance at Beginning of Period Charged to Costs and Expenses Deductions, net of recoveries Balance at End of Period For the Year ended December 31, 2018 Allowances deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts $ 1,494 $ 12 $ 57 $ 1,563 For the Year ended December 31, 2017 Allowances deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts $ 997 $ 198 $ 299 $ 1,494 For the Year ended December 31, 2016 Allowances deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts $ 1,247 $ 508 $ (758 ) $ 997

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Use of Estimates	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 statements and the related disclosures. Actual results may differ from those estimates. Estimates are used in determining, among other items, asset lives and residual values, cash flows for impairment analysis, heavy maintenance costs, income tax accounting, business combinations, intangible assets, warrants,
Revenue Recognition	Revenue Recognition ACMI and CMI Services Our performance obligations under ACMI contracts involve outsourced cargo and passenger aircraft operating services, including the provision of an aircraft, crew, maintenance and insurance. Our performance obligations under CMI contracts also involve outsourced aircraft operating services, generally including the provision of crew, line maintenance and insurance, but not the aircraft. ACMI and CMI contracts generally provide for the transfer of the benefits from these performance obligations on a combined basis through the operation of the aircraft over time. The time interval between when an aircraft departs the terminal until it arrives at the destination terminal is measured in hours and called “Block Hours.” Customers assume fuel, demand and price risk. Generally, customers are also responsible for landing, navigation and most other operational fees and costs and, in the case of CMI customers, the provision of the aircraft and heavy and non-heavy maintenance. When we act as an agent for costs reimbursed by customers, such reimbursed amounts are recorded as Operating Revenue, net of the related costs, when the costs are incurred. When we are responsible for any of these costs, such reimbursed amounts are recorded as Operating Revenue and the costs are recorded as Operating Expenses as incurred. Revenue from ACMI and CMI contracts is typically recognized over time as the services are performed based on Block Hours operated on behalf of a customer during a given month. Revenue for contracts with scheduled rate changes, excluding inflationary adjustments, is recognized over the term of the contract using an estimated average rate per Block Hour, which requires significant judgment to estimate the total number of Block Hours expected. Any revenue adjustments, including those related to minimum contracted Block Hour guarantees and on-time performance targets, are recognized over the applicable measurement period for the adjustment. ACMI and CMI customers are generally billed monthly based on Block Hours operated on behalf of a customer during a given month, as defined contractually. Payment terms and conditions vary by contract, although terms generally require partial payment for minimum contracted Block Hour guarantees in advance of the services being provided. Since advance payments are typically made shortly before the services are performed, such payments are not considered significant financing components. Charter Services Our performance obligations under Charter contracts involve the provision of cargo and passenger aircraft charter services to customers, including the U.S. Military Air Mobility Command (“AMC”), brokers, freight forwarders, direct shippers, airlines, sports teams and fans, and private charter customers. Our obligations are for one or more flights based on a specific origin and destination. We also provide limited airport-to-airport cargo services to select markets, including several cities in South America. The customer pays a fixed charter fee or a variable fee generally based on the weight of cargo flown and we typically bear all direct operating costs for both cargo and passenger charters, which include fuel, insurance, landing and navigation fees, and most other operational fees and costs. When we purchase cargo capacity from our ACMI customers for Charter flights, we are responsible for selling the capacity we purchase. We record revenue related to such purchased capacity as part of Charter revenue and record the related expenses in Navigation fees, landing fees and other rent. Revenue from Charter contracts is typically recognized over time as the services are performed based on Block Hours operated on behalf of a customer. Any revenue adjustments related to on-time performance targets with the AMC are recognized over the applicable measurement period for the adjustment. We generally expense sales commissions when incurred because the amortization period is less than one year. Payment terms and conditions vary by charter contract, although many contracts require payment in advance of the services being provided. Since advance payments are typically made shortly before the services are performed, such payments are not considered significant financing components. Dry Leasing Our performance obligations under Dry Lease contracts involve the provision of aircraft and engines to customers for compensation that is typically based on a fixed monthly amount and are all accounted for as operating leases. We record Dry Lease rental income on a straight-line basis over the term of the operating lease. Rentals received but unearned under the lease agreements are recorded in deferred revenue and included in Accrued liabilities until earned. Customer maintenance reserves are amounts received under our Dry Lease contracts 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 for customer maintenance reserves until the end of the lease, when we are able to finalize the amount, if any, to be reimbursed to the lessee. Other Services Other services include administrative and management support services and flight simulator training. Revenue for these services is recognized when the services are provided. Adoption
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and other cash investments that are highly liquid in nature and have original maturities of three months or less at acquisition.
Short-Term Investments	Short-term Investments Short-term investments are primarily comprised of certificates of deposit, current portions of debt securities and money market funds.
Restricted Cash	Restricted Cash Cash that is restricted under secured aircraft debt agreements, whereby it can only be used to make principal and interest payments on the related debt secured by those aircraft, is classified as Restricted cash.
Accounts Receivable	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.
Expendable Parts	Expendable Parts Expendable parts, materials and supplies for flight equipment are carried at average acquisition costs and are included in Prepaid expenses and other current assets. When used in operations, they are charged to maintenance expense. Allowances for excess and obsolescence for expendable parts expected to be on hand at the date aircraft are retired from service are provided over the estimated useful lives of the related airframes and engines. These allowances are based on management estimates, which are subject to change as conditions in the business evolve. The net book value of expendable parts inventory was $49.4 million as of December 31, 2018 and $34.7 million at December 31, 2017, net of allowances for obsolescence of $33.0 million at December 31, 2018 and $27.8 million at December 31, 2017.
Property and Equipment	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 estimated useful lives of our property and equipment are as follows: Range Flight equipment 30 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 $196.6 million in 2018, $153.1 million in 2017 and $141.5 million in 2016. The net book value of flight equipment on dry lease to customers was $1,717.5 million as of December 31, 2018 and $1,270.7 million as of December 31, 2017. The accumulated depreciation for flight equipment on dry lease to customers was $232.4 million as of December 31, 2018 and $152.7 million as of December 31, 2017. Rotable parts are recorded in Property and equipment, net, and are depreciated over their average remaining fleet lives and written off when they are determined to be beyond economic repair. The net book value of rotable parts inventory was $240.7 million as of December 31, 2018 and $184.8 million as of December 31, 2017.
Capitalized Interest	Capitalized Interest Interest on funds used to finance the acquisition of flight equipment up to the date the asset is ready for its intended use is capitalized and included in the cost of the asset. Included in capitalized interest is the interest paid 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 for flight equipment modifications and purchase deposits.
Goodwill	Goodwill Goodwill represents the excess of an acquisition’s purchase price over the fair value of the identifiable net assets acquired and liabilities assumed. Goodwill is not amortized, but tested for impairment annually during the fourth quarter of each year, or more frequently if certain events or circumstances indicate that an impairment loss may have been incurred. Goodwill is not deductible for tax purposes. We may elect to perform a qualitative analysis on the reporting unit that has goodwill to determine whether it is more likely than not that fair value of the reporting unit is less than its carrying value. If the qualitative analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if we elect not to perform a qualitative analysis, we perform a quantitative analysis to determine whether a goodwill impairment exists. If the goodwill’s carrying value exceeds its implied fair value calculated using the quantitative approach, an impairment charge is recorded for the difference. Fair value is determined using a discounted cash flow analysis based on key assumptions including, but not limited to, (i) a projection of revenues, expenses and other cash flows; (ii) terminal period revenue growth and cash flows; and (iii) an assumed discount rate. The total amount of goodwill was $40.4 million, which is included in Intangible assets, net and goodwill in the consolidated balance sheets as of December 31, 2018 and 2017 (see Note 7). During the fourth quarter of 2018, we performed a qualitative analysis and determined that goodwill was not impaired.
Impairment of Long-Lived Assets	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 and finite-lived intangibles used in our ACMI and Charter segments, assets are grouped at the operating fleet level for impairment testing. For flight equipment and finite-lived intangibles used in our Dry Leasing segment, assets are assessed on an individual basis for impairment. For assets classified as held for sale, an impairment is recognized when the fair value less the cost to sell the asset is less than its carrying amount. In developing estimates for flight equipment and cash flows, we use external appraisals and other industry data for the various equipment types, anticipated utilization of the assets, revenue generated, associated costs and length of service.
Variable Interest Entities and Off-Balance-Sheet Arrangements	Variable Interest Entities and Off-Balance Sheet Arrangements We hold a 50% interest in GATS GP (BVI) Ltd. (“GATS”), a joint venture with an unrelated third party. The purpose of the joint venture is to purchase rotable parts and provide repair services for those parts, primarily for our 747-8F aircraft. The joint venture is a . Our investment in GATS was $22.3 million as of December 31, 2018 and $22.1 million as of December 31, 2017 and our maximum exposure to losses from the entity is limited to our investment, which is composed primarily of rotable inventory parts. GATS does not have any third-party debt obligations. We had Accounts payable to GATS of $ million as of December 31, 2018 and $ million as of December 31, 2017. A portion of our operating aircraft are owned or effectively owned and leased through trusts established specifically to purchase, finance and lease aircraft to us. We have not consolidated any aircraft in the related trusts because we are not the primary beneficiary. Our maximum exposure under these operating leases is the remaining lease payments, which amounts are reflected in the future lease commitments more fully described in Note 11.
Income Taxes	Income Taxes Deferred income taxes are recognized for the tax consequences of reporting items in our income tax returns at different times than the items are reflected in our financial statements. These temporary differences result in deferred tax assets and liabilities that are calculated by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. If necessary, deferred income tax assets are reduced by a valuation allowance to an amount that is determined to be more likely than not recoverable. We must make significant estimates and assumptions about future taxable income and future tax consequences when determining the amount, if any, of the valuation allowance. We have recorded reserves for income taxes that may become 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 taken by us, potentially resulting in additional liabilities for taxes.
Heavy Maintenance	Heavy Maintenance Except for engines used on our 747-8F aircraft, we 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. These estimates may be subsequently adjusted for changes and the final determination of actual costs incurred. 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 defer the expense recognition of scheduled heavy maintenance events, which are amortized over the estimated period until the next scheduled heavy maintenance event is required. Amortization of deferred maintenance expense is included in Depreciation and amortization. The following table provides a summary of Deferred maintenance included within Deferred costs and other assets as of December 31: 2018 2017 Beginning balance, net $ 63,868 $ 19,100 Deferred maintenance costs 53,343 50,675 Amortization of deferred maintenance (13,564 ) (5,907 ) Ending balance, net $ 103,647 $ 63,868
Prepaid Maintenance Deposits	Prepaid Maintenance Deposits Certain of our aircraft financing agreements require security deposits to our finance providers to ensure that we perform major maintenance as required. These are substantially refundable to us and are accounted for as deposits and included in Prepaid maintenance and in Deferred costs and other assets. Such amounts were $3.2 million as of December 31, 2018 and $37.3 million at December 31, 2017.
Foreign Currency	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. Gains or losses resulting from foreign currency transactions are included within Non-operating (Income) Expense.
Stock-Based Compensation	Stock-Based Compensation We have various stock-based compensation plans for certain employees and outside directors, which are described more fully in Note 16. We recognize based on the fair value on grant date We estimate restricted stock unit forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual forfeitures differ from those estimates. As a result, we record stock-based compensation expense only for those awards that are expected to vest.
Supplemental Cash Flow Information	Supplemental Cash Flow Information Cash interest paid to lenders is calculated on the face amount of our various debt instruments based on the contractual interest rates in effect during each payment period. The following table summarizes interest and income taxes paid: 2018 2017 2016 Interest paid $ 86,168 $ 73,872 $ 66,306 Income taxes paid, net of refunds $ 695 $ 563 $ 1,160 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows: 2018 2017 Cash and cash equivalents $ 221,501 $ 280,809 Restricted cash 11,240 11,055 Total Cash, cash equivalents and restricted cash shown in Consolidated Statements of Cash Flows $ 232,741 $ 291,864
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted in 2018 In February 2018, the Financial Accounting Standards Board (“FASB”) amended its accounting guidance for the reporting of comprehensive income. The guidance permits entities to reclassify to retained earnings the excess tax effects remaining in accumulated other comprehensive income/(loss) after the reduction in the federal corporate income tax rate from 35% to 21% as a result of the U.S. Tax Cuts and Jobs Act of 2017. The amended guidance is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. We early adopted the new guidance effective as of January 1, 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements and related disclosures. In May 2014, the FASB amended its accounting guidance for revenue recognition. Subsequently, the FASB issued several clarifications and updates. The fundamental principles of the new standard are that companies should recognize revenue in a manner that reflects the timing of the transfer of services to customers and consideration that a company expects to receive for the services provided. It also requires additional disclosures necessary for the financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We adopted the new guidance on January 1, 2018 using the modified retrospective approach, under which the guidance is applied beginning on the date of adoption. Comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods. The adoption did not have a material effect on our financial statements (see Note 4). As a result of adoption, revenue recognized under previous guidance based on flight departure is now recognized over time as the services are performed. In addition, revenue under certain ACMI and CMI contracts, such as revenue related to contracted minimum block hour guarantees, is now recognized in later periods, and some revenue adjustments related to meeting or exceeding on-time performance targets are now recognized in earlier periods. Revenue under our Dry Leasing contracts is explicitly excluded from the scope of the new guidance as it is covered by accounting guidance for leases. Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB amended its accounting guidance for leases. Subsequently, the FASB issued several clarifications and updates. The guidance requires a lessee to recognize assets and liabilities on the balance sheet arising from leases with terms greater than 12 months. While lessor accounting guidance is relatively unchanged, certain amendments were made to conform with changes made to lessee accounting and the amended revenue recognition guidance. The new guidance will continue to classify leases as either finance or operating, with classification affecting the presentation and pattern of expense and income recognition, in the statement of operations. It also requires additional quantitative and qualitative disclosures about leasing arrangements. The guidance is effective as of the beginning of 2019 and upon adoption must be applied using a modified retrospective approach which allows entities to either apply the new guidance to all periods presented or only to the most current period presented. Effective January 1, 2019, we are adopting the new guidance and applying the modified retrospective approach to the most current period presented. We expect to recognize lease assets, net of existing deferred rent and operating lease intangibles, and liabilities on our consolidated balance sheets of approximately $600 million and $650 million, respectively, on the adoption date and we do not expect the adoption to have an impact to our consolidated statements of operations or cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Estimated Useful Lives of Property and Equipment	The estimated useful lives of our property and equipment are as follows: Range Flight equipment 30 to 40 years Computer software and equipment 3 to 5 years Ground handling equipment and other 3 to 5 years
Schedule of Deferred Maintenance	The following table provides a summary of Deferred maintenance included within Deferred costs and other assets as of December 31: 2018 2017 Beginning balance, net $ 63,868 $ 19,100 Deferred maintenance costs 53,343 50,675 Amortization of deferred maintenance (13,564 ) (5,907 ) Ending balance, net $ 103,647 $ 63,868
Supplemental Cash Flow Information	The following table summarizes interest and income taxes paid: 2018 2017 2016 Interest paid $ 86,168 $ 73,872 $ 66,306 Income taxes paid, net of refunds $ 695 $ 563 $ 1,160
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows: 2018 2017 Cash and cash equivalents $ 221,501 $ 280,809 Restricted cash 11,240 11,055 Total Cash, cash equivalents and restricted cash shown in Consolidated Statements of Cash Flows $ 232,741 $ 291,864

DHL Investment and Polar (Table

DHL Investment and Polar (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Summary of Aircraft Types, Services and Number of Aircraft Provided to Polar and DHL	The following table summarizes the aircraft types, services and number of aircraft provided to Polar and DHL as of December 31, 2018: Aircraft Service Total 747-8F ACMI 6 747-400F ACMI 9 777-200LRF CMI 4 777-200LRF CMI and Dry Leasing 2 767-300 CMI and Dry Leasing 4 767-200 CMI 9 737-400F CMI 5 757-200F Dry Leasing 1 Total 40
Summary of Transactions with Polar	The following table summarizes our transactions with Polar: For the Year Ended December 31, Revenue and Expenses: 2018 2017 2016 Revenue from Polar $ 412,793 $ 420,564 $ 407,891 Ground handling and airport fees to Polar 2,301 2,746 1,667 Accounts receivable/payable as of: December 31, 2018 December 31, 2017 Receivables from Polar $ 16,349 $ 9,558 Payables to Polar 2,527 2,751 Aggregate Carrying Value of Polar Investment as of: December 31, 2018 December 31, 2017 Aggregate Carrying Value of Polar Investment $ 4,870 $ 4,870

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2018
Summary of Significant Changes in Deferred Revenue Liability Balances	Deferred revenue for customer contracts, excluding Dry Leasing contracts, represents amounts collected from, or invoiced to, customers in advance of revenue recognition. The balance of Deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue. Significant changes in our Deferred Revenue liability balances during the year ended December 31, 2018 were as follows: Deferred Revenue Balance at beginning of period $ 14,958 Revenue recognized (80,635 ) Amounts collected or invoiced 78,684 Balance at end of period $ 13,007
Accounting Standards Update 2014-09 [Member]
Schedule of New Revenue Recognition Guidance using Modified Retrospective Method	We adopted the new revenue recognition guidance using the modified retrospective method and applied it to all customer contracts, excluding Dry Leasing contracts, based on the contract terms in effect as of January 1, 2018. Revenue under our Dry Leasing contracts is explicitly excluded from the scope of the new guidance Balance Balance December 31, 2017 Adjustments January 1, 2018 Accounts receivable $ 194,478 $ (407 ) $ 194,071 Accrued liabilities 454,843 3,614 458,457 Deferred taxes 214,694 (895 ) 213,799 Retained earnings 1,271,545 (3,126 ) 1,268,419
Summary of Impact of Adoption of New Revenue Recognition Guidance on Consolidated Statement of Operation and Balance Sheet	The following tables provide disclosure of the impact of adoption of the new revenue recognition guidance on our consolidated statement of operations and balance sheet: For the Year Ended December 31, 2018 As Reported Amounts without Adoption of New Revenue Recognition Guidance Effect of Change Inc /(Dec) Consolidated Statement of Operations Operating Revenue $ 2,677,724 $ 2,674,790 $ 2,934 Operating Expenses Other 195,553 194,534 1,019 Income from continuing operations before income taxes 309,374 307,459 1,915 Income tax expense 38,727 38,307 420 Income from continuing operations, net of taxes 270,647 269,152 1,495 As of December 31, 2018 As Reported Amounts without Adoption of New Revenue Recognition Guidance Effect of Change Inc/(Dec) Consolidated Balance Sheet Assets Accounts receivable, net $ 269,320 $ 268,590 $ 730 Liabilities and Equity Accrued liabilities 465,669 466,854 (1,185 ) Deferred taxes 256,970 256,550 420 Retained earnings 1,539,956 1,538,461 1,495

Intangible Assets, Net and Go_2

Intangible Assets, Net and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net and Goodwill	The following table presents our Intangible assets, net and goodwill as of December 31: 2018 2017 Goodwill $ 40,361 $ 40,361 Fair value adjustments on operating leases 45,531 45,531 Lease intangible 54,891 54,891 Customer relationship 26,280 26,280 Trade name 700 700 Less: accumulated amortization (70,074 ) (61,278 ) $ 97,689 $ 106,485
Schedule of Estimated Future Amortization Expense of Intangible Assets	The estimated future amortization expense of intangible assets as of December 31, 2018 is as follows: 2019 $ 8,094 2020 8,047 2021 8,547 2022 8,862 2023 6,456 Thereafter 17,322 Total $ 57,328

Amazon (Tables)

Amazon (Tables)	12 Months Ended
	Dec. 31, 2018
Warrants And Rights Note Disclosure [Abstract]
Summary of the Customer Incentive Asset	The following table provides a summary of the customer incentive asset as of December 31: 2018 2017 Beginning balance $ 106,538 $ 92,351 Initial value for vested portion of warrant 94,359 19,448 Amortization of customer incentive asset (16,177 ) (5,261 ) Ending balance $ 184,720 $ 106,538

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Accrued Liabilities Current And Noncurrent [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following as of December 31: December 31, 2018 December 31, 2017 Maintenance $ 133,337 $ 156,042 Customer maintenance reserves 104,454 89,037 Salaries, wages and benefits 82,809 65,546 Aircraft fuel 32,641 22,196 Deferred revenue 26,584 20,986 U.S. class action settlement - 30,000 Other 85,844 71,036 Accrued liabilities $ 465,669 $ 454,843

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Obligations	Our debt obligations, as of December 31: 2018 2017 Range of Maturity Dates Interest Rates (1) Balance Interest Rates (1) Balance Ex-Im Guaranteed Notes 2021 to 2025 1.89% $ 481,226 1.89% $ 564,184 Term loans and capital leases 2020 to 2032 4.10% 1,474,949 4.16% 1,145,116 Private Placement Facility 2025 to 2026 3.21% 129,482 3.17% 144,539 Convertible Notes 2022 to 2024 2.04% 513,500 2.04% 513,500 EETC 2019 7.52% 2,158 7.52% 11,480 Total principal amount of debt and capital leases 2,601,315 2,378,819 Less: unamortized debt discount and issuance costs (131,475 ) (151,820 ) Total debt 2,469,840 2,226,999 Less current portion of debt and capital leases (264,835 ) (218,013 ) Long-term debt $ 2,205,005 $ 2,008,986 (1) Interest rates reflect weighted-average rates as of year-end.
Schedule of Convertible Notes	The Convertible Notes consisted of the following as of December 31: 2018 2017 2017 Convertible Notes 2015 Convertible Notes 2017 Convertible Notes 2015 Convertible Notes Remaining life in months 65 41 77 53 Liability component: Gross proceeds $ 289,000 $ 224,500 $ 289,000 $ 224,500 Less: debt discount, net of amortization (56,652 ) (28,807 ) (65,187 ) (36,108 ) Less: debt issuance cost, net of amortization (4,457 ) (2,716 ) (5,216 ) (3,445 ) Net carrying amount $ 227,891 $ 192,977 $ 218,597 $ 184,947 Equity component (1) $ 70,140 $ 52,903 $ 70,140 $ 52,903 (1) Included in Additional paid-in capital on the consolidated balance sheets.
Summary of Convertible Note Hedges and Related Warrants	The following table summarizes the convertible note hedges and related warrants: 2017 Convertible Note 2015 Convertible Note Convertible Note Hedges: Number of shares (1) 4,731,306 3,031,558 Initial price per share $ 61.08 $ 74.05 Cost of hedge $ 70,140 $ 52,903 Convertible Note Warrants: Number of shares (1) 4,731,306 3,031,558 Initial price per share $ 92.20 $ 95.01 Proceeds from sale of warrants $ 38,148 $ 36,290 (1)
Summary of Interest Expense Recognized	The following table presents the amount of interest expense recognized related to the 2017 Convertible Notes and the 2015 Convertible Notes: 2018 2017 2016 Contractual interest coupon $ 10,470 $ 8,348 $ 5,051 Amortization of debt discount 15,855 11,801 6,421 Amortization of debt issuance costs 1,487 1,132 677 Total interest expense recognized $ 27,812 $ 21,281 $ 12,149
Schedule of Future Cash Payments for Debt	The following table summarizes the cash required to be paid by year and the carrying value 2019 $ 278,040 2020 392,657 2021 288,745 2022 478,789 2023 433,857 Thereafter 729,227 Total debt cash payments 2,601,315 Less: unamortized debt discount and issuance costs (131,475 ) Debt $ 2,469,840
Term Loans and Capital Lease [Member]
Terms And Balances for Financing	The following table summarizes the terms for each term loan entered into during 2018 (in millions): Issue Face Collateral Original Fixed Interest Date Value Type Term Rate First 2018 Term Loan March 2018 $ 19.4 None 60 months 3.12 % Second 2018 Term Loan May 2018 83.5 777-200 120 months 4.63 % Third 2018 Term Loan May 2018 83.5 777-200 120 months 4.63 % Fourth 2018 Term Loan May 2018 20.1 None 60 months 3.31 % Fifth 2018 Term Loan June 2018 21.1 767-300 108 months 3.97 % Sixth 2018 Term Loan June 2018 3.9 767-300 108 months 5.14 % Seventh 2018 Term Loan June 2018 20.7 767-300 108 months 3.98 % Eighth 2018 Term Loan June 2018 4.0 767-300 108 months 5.14 % Ninth 2018 Term Loan June 2018 20.9 767-300 108 months 3.98 % Tenth 2018 Term Loan June 2018 4.0 767-300 108 months 5.13 % Eleventh 2018 Term Loan June 2018 4.0 767-300 98 months 5.10 % Twelfth 2018 Term Loan June 2018 4.0 767-300 104 months 5.11 % Thirteenth 2018 Term Loan June 2018 4.0 767-300 106 months 5.11 % Fourteenth 2018 Term Loan June 2018 4.0 767-300 106 months 5.11 % Fifteenth 2018 Term Loan June 2018 4.0 767-300 108 months 5.11 % Sixteenth 2018 Term Loan June 2018 4.0 767-300 108 months 5.11 % Seventeenth 2018 Term Loan July 2018 20.4 None 60 months 3.38 % Eighteenth 2018 Term Loan September 2018 21.0 767-300 108 months 4.04 % Nineteenth 2018 Term Loan September 2018 4.0 767-300 108 months 5.19 % Twentieth 2018 Term Loan September 2018 21.0 767-300 108 months 4.04 % Twenty-first 2018 Term Loan September 2018 4.0 767-300 108 months 5.19 % Twenty-second 2018 Term Loan September 2018 21.0 767-300 108 months 4.04 % Twenty-third 2018 Term Loan September 2018 4.0 767-300 108 months 5.19 % Twenty-forth 2018 Term Loan November 2018 20.9 767-300 108 months 4.24 % Twenty-fifth 2018 Term Loan November 2018 4.0 767-300 108 months 5.40 % Twenty-sixth 2018 Term Loan November 2018 20.9 767-300 108 months 4.24 % Twenty-seventh 2018 Term Loan November 2018 4.0 767-300 108 months 5.40 % Twenty-eighth 2018 Term Loan November 2018 21.4 None 60 months 3.63 % Total $ 471.7
Convertible Notes [Member]
Schedule of Convertible Notes	The following table lists certain key terms for the Convertible Notes: 2017 Convertible Note 2015 Convertible Note Fixed interest rate 1.88 % 2.25 % Earliest conversion date September 1, 2023 September 1, 2021 Initial conversion price per share $ 61.08 $ 74.05 Conversion rate (shares for each $1,000 of principal) 16.3713 13.5036

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2018
Leases And Aircraft Purchase Commitments Tables [Abstract]
Summary of Rental Expenses	The following table summarizes rental expenses in: 2018 2017 2016 Aircraft and engines $ 162,444 $ 142,945 $ 146,110 Purchased capacity, office, vehicles and other $ 63,650 $ 46,817 $ 23,727
Summary of Minimum Annual Rental Commitments	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, 2018: Aircraft and Engine Other Operating Operating Leases Leases Total 2019 $ 156,561 $ 9,955 $ 166,516 2020 151,064 8,319 159,383 2021 160,102 5,954 166,056 2022 113,164 2,427 115,591 2023 61,409 346 61,755 Thereafter 53,403 27 53,430 Total minimum rental payments $ 695,703 $ 27,028 $ 722,731
Summary of Contractual Amount of Minimum Dry Lease Income	The following table summarizes the contractual amount of minimum income under Dry Leases reflecting the terms that were in effect as of December 31, 2018: Dry Lease Income 2019 $ 180,366 2020 169,202 2021 148,413 2022 140,876 2023 107,248 Thereafter 257,248 Total minimum lease receipts $ 1,003,353

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Components of the Provision for Income Taxes	The significant components of the provision of income taxes are as follows: 2018 2017 2016 Current: Federal $ (4,518 ) $ (133 ) $ (376 ) State and local 68 (99 ) (298 ) Foreign 597 596 84 Total current (benefit) expense (3,853 ) 364 (590 ) Deferred: Federal 43,167 (87,185 ) 46,391 State and local 1,780 1,868 (1,436 ) Foreign (2,367 ) 3,987 2,426 Total deferred expense (benefit) 42,580 (81,330 ) 47,381 Total income tax expense (benefit) $ 38,727 $ (80,966 ) $ 46,791
Domestic and Foreign Earnings before Income Taxes	The domestic and foreign earnings before income taxes are as follows: 2018 2017 2016 Domestic $ 257,726 $ 104,321 $ 61,006 Foreign 51,648 39,051 28,410 Income before income taxes $ 309,374 $ 143,372 $ 89,416
Effective Income Tax Rate Reconciliation	A reconciliation of the provision (benefit) for income taxes applying the statutory federal income tax rate of 21.0% for the year ended December 31, 2018 and 35.0% for the years ended December 31, 2017 and 2016, respectively, is as follows: 2018 2017 2016 U.S. federal statutory income tax rate 21.0 % 35.0 % 35.0 % State and local taxes based on income, net of federal benefit 0.8 % 0.3 % 1.1 % Change in deferred foreign and state tax rates (3.0 %) 0.6 % (2.2 %) Customer incentive (5.1 %) 5.0 % 10.9 % Nondeductible expenses related to customer - - 13.0 % Other nondeductible expenses 1.2 % 1.4 % 4.3 % Tax effect of foreign operations (2.2 %) (7.7 %) (9.4 %) Impact of U.S. Tax Cuts and Jobs Act - (90.7 %) - Other (0.2 %) (0.4 %) (0.4 %) Effective income tax rate 12.5 % (56.5 %) 52.3 %
Deferred Tax Assets (Liabilities)	The net noncurrent deferred tax asset (liability) was comprised of the following as of December 31: Assets (Liabilities) 2018 2017 Deferred tax assets: Net operating loss carryforwards and credits $ 357,022 $ 345,245 Accrued compensation 13,176 11,514 Accrued legal settlements - 6,596 Aircraft leases 17,688 17,323 Goodwill and other intangibles 2,765 7,267 Interest rate derivatives 1,179 1,532 Long-term debt 1,593 1,923 Obsolescence reserve 6,771 5,734 Stock-based compensation 3,203 3,296 Other 508 977 Total deferred tax assets 403,905 401,407 Valuation allowance (29,871 ) (30,869 ) Net deferred tax assets $ 374,034 $ 370,538 Deferred tax liabilities: Fixed assets $ (589,649 ) $ (562,210 ) Acquisition of EETC debt 20 (1,247 ) Customer incentive (15,894 ) (6,709 ) Deferred maintenance (22,747 ) (14,151 ) Total deferred tax liabilities $ (628,270 ) $ (584,317 ) Deferred taxes included within following balance sheet line items: Deferred taxes $ (256,970 ) $ (214,694 ) Deferred costs and other assets 2,734 915 Net deferred tax assets (liabilities) $ (254,236 ) $ (213,779 )
Unrecognized Income Tax Benefits	A reconciliation of the beginning and ending unrecognized income tax benefits is as follows: 2018 2017 2016 Beginning balance $ 71,717 $ 113,892 $ 112,555 Additions for tax positions related to the current year 2,061 1,366 1,587 Additions for tax positions related to prior years 657 40 - Reductions for tax positions related to prior years (160 ) (43,581 ) (250 ) Ending balance $ 74,275 $ 71,717 $ 113,892

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Summary of Carrying Value, Estimated Fair Value and Classification of Financial Instruments	The following table summarizes the carrying value, estimated fair value and classification of our financial instruments as of: December 31, 2018 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 221,501 $ 221,501 $ 221,501 $ - $ - Short-term investments 15,624 15,624 - - 15,624 Restricted cash 11,240 11,240 11,240 - - Long-term investments and accrued interest 635 1,138 - - 1,138 $ 249,000 $ 249,503 $ 232,741 $ - $ 16,762 Liabilities Term loans and notes $ 2,048,972 $ 1,976,373 $ - $ - $ 1,976,373 Convertible notes (1) 420,868 490,070 490,070 - - Customer warrant 99,000 99,000 - 99,000 - $ 2,568,840 $ 2,565,443 $ 490,070 $ 99,000 $ 1,976,373 December 31, 2017 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 280,809 $ 280,809 $ 280,809 $ - $ - Short-term investments 13,604 13,604 - - 13,604 Restricted cash 11,055 11,055 11,055 - - Long-term investments and accrued interest 15,371 18,074 - - 18,074 $ 320,839 $ 323,542 $ 291,864 $ - $ 31,678 Liabilities Term loans and notes $ 1,791,918 $ 1,844,445 $ - $ - $ 1,844,445 Convertible notes (1) 403,544 602,846 602,846 - - Customer warrant 127,755 127,755 - 127,755 - $ 2,323,217 $ 2,575,046 $ 602,846 $ 127,755 $ 1,844,445 (1) Carrying value is net of debt discounts and debt issuance costs. Hedge transactions associated with the Convertible Notes are reflected in additional paid-in-capital (see Note 10).

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting Tables [Abstract]
Operating Revenue and Direct Contribution For Our Reportable Business Segments	The following table sets forth Operating Revenue and Direct Contribution for our reportable segments reconciled to Operating Income and Income from continuing operations before income taxes: 2018 2017 2016 Operating Revenue: ACMI $ 1,192,704 $ 988,741 $ 834,997 Charter 1,313,484 1,034,562 881,991 Dry Leasing 168,470 119,820 105,795 Customer incentive asset amortization (16,176 ) (5,261 ) (537 ) Other 19,242 18,598 17,381 Total Operating Revenue $ 2,677,724 $ 2,156,460 $ 1,839,627 Direct Contribution: ACMI $ 235,706 $ 229,498 $ 200,563 Charter 211,661 150,144 133,727 Dry Leasing 48,904 39,939 33,114 Total Direct Contribution for Reportable Segments 496,271 419,581 367,404 Unallocated income and expenses, net (298,526 ) (258,925 ) (242,768 ) Loss on early extinguishment of debt - (167 ) (132 ) Unrealized gain (loss) on financial instruments 123,114 (12,533 ) (2,888 ) Special charge (9,374 ) (106 ) (10,140 ) Transaction-related expenses (2,111 ) (4,509 ) (22,071 ) Loss on disposal of aircraft - 31 11 Income from continuing operations before income taxes 309,374 143,372 89,416 Add back (subtract): Interest income (6,710 ) (6,009 ) (5,532 ) Interest expense 119,378 99,687 84,650 Capitalized interest (4,727 ) (7,389 ) (3,313 ) Loss on early extinguishment of debt - 167 132 Unrealized gain (loss) on financial instruments (123,114 ) 12,533 2,888 Other (income) expense (10,659 ) (387 ) 70 Operating Income $ 283,542 $ 241,974 $ 168,311
Schedule of Disaggregated Charter Segment Revenue by Customer and Service Type	The following table disaggregates our Charter segment revenue by customer and service type: 2018 2017 2016 Cargo Passenger Total Cargo Passenger Total Cargo Passenger Total Commercial customers $ 644,344 $ 33,785 $ 678,129 $ 519,507 $ 18,713 $ 538,220 $ 429,524 $ 16,328 $ 445,852 AMC 327,751 307,604 635,355 205,776 290,566 496,342 170,487 265,652 436,139 Total Charter Revenue $ 972,095 $ 341,389 $ 1,313,484 $ 725,283 $ 309,279 $ 1,034,562 $ 600,011 $ 281,980 $ 881,991
Depreciation and Amortization by Reportable Business Segments	2018 2017 2016 Depreciation and amortization expense: ACMI $ 93,706 $ 71,097 $ 61,630 Charter 38,531 36,539 37,239 Dry Leasing 73,868 47,426 40,164 Unallocated 11,235 11,651 9,843 Total Depreciation and Amortization $ 217,340 $ 166,713 $ 148,876

Stock-Based and Long-term Inc_2

Stock-Based and Long-term Incentive Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2018
Stock Based Compensation Plans Tables [Abstract]
Summary of Our Restricted Shares	A summary of our restricted shares as of December 31, 2018 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, 2017 772,157 $ 44.95 Granted 159,763 60.47 Vested (318,020 ) 42.28 Forfeited (9,105 ) 48.32 Unvested as of December 31, 2018 604,795 $ 50.34
Summary of Our Performance Shares	A summary of our performance shares as of December 31, 2018 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, 2017 454,076 $ 43.63 Granted 71,765 65.03 Vested (162,726 ) 47.48 Forfeited (4,729 ) 40.41 Unvested as of December 31, 2018 358,386 $ 45.37

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Calculations of Basic and Diluted EPS	Basic earnings per share (“EPS”) represents income divided by the weighted average number of common shares outstanding during the measurement period. Diluted EPS represents income 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 treasury stock method. The calculations of basic and diluted EPS were as follows: For the Years Ended December 31, Numerator: 2018 2017 2016 Income from continuing operations, net of taxes $ 270,647 $ 224,338 $ 42,625 Less: Unrealized gain on financial instruments, net of tax (123,114 ) - - Diluted income from continuing operations, net of tax $ 147,533 $ 224,338 $ 42,625 Denominator: Basic EPS weighted average shares outstanding 25,542 25,241 24,843 Effect of dilutive warrant 2,078 - - Effect of dilutive convertible notes 180 27 - Effect of dilutive stock options and restricted stock 481 586 277 Diluted EPS weighted average shares outstanding 28,281 25,854 25,120 Earnings per share from continuing operations: Basic $ 10.60 $ 8.89 $ 1.72 Diluted $ 5.22 $ 8.68 $ 1.70 Loss per share from discontinued operations: Basic $ (0.00 ) $ (0.03 ) $ (0.04 ) Diluted $ (0.00 ) $ (0.03 ) $ (0.04 ) Earnings per share: Basic $ 10.60 $ 8.85 $ 1.67 Diluted $ 5.22 $ 8.64 $ 1.65

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2018
Accumulated Other Comprehensive Income Loss [Abstract]
Components of 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, 2016 $ (5,002 ) $ 9 $ (4,993 ) Reclassification to interest expense 1,621 - 1,621 Tax effect (621 ) - (621 ) Balance as of December 31, 2017 $ (4,002 ) $ 9 $ (3,993 ) Reclassification to interest expense 1,485 - 1,485 Tax effect (354 ) - (354 ) Reclassification of taxes (970 ) - (970 ) Balance as of December 31, 2018 $ (3,841 ) $ 9 $ (3,832 )

Selected Quarterly Financial _2

Selected Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Financial Information	The following table summarizes the 2018 and 2017 quarterly results: First Second Third Fourth 2018* Quarter Quarter Quarter Quarter Total Operating Revenue $ 590,014 $ 666,145 $ 656,607 $ 764,958 Operating Income 40,569 60,946 54,470 127,557 Income (Loss) from continuing operations, net of taxes 9,628 (21,123 ) 71,138 211,004 Loss from discontinued operations, net of taxes (16 ) (27 ) (7 ) (30 ) Net Income (Loss) $ 9,612 $ (21,150 ) $ 71,131 $ 210,974 Earnings (Loss) per share from continuing operations: Basic $ 0.38 $ (0.83 ) $ 2.78 $ 8.25 Diluted** $ 0.37 $ (0.83 ) $ 0.84 $ 2.73 Loss per share from discontinued operations: Basic $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Earnings (Loss) per share: Basic $ 0.38 $ (0.83 ) $ 2.78 $ 8.25 Diluted** $ 0.37 $ (0.83 ) $ 0.84 $ 2.73 First Second Third Fourth 2017*** Quarter Quarter Quarter Quarter Total Operating Revenue $ 475,394 $ 517,366 $ 535,748 $ 627,952 Operating Income 24,036 58,478 52,712 106,748 Income (Loss) from continuing operations, net of taxes 35 39,044 (24,195 ) 209,454 Income (Loss) from discontinued operations, net of taxes (787 ) (105 ) 33 (6 ) Net Income (Loss) $ (752 ) $ 38,939 $ (24,162 ) $ 209,448 Earnings (Loss) per share from continuing operations: Basic $ 0.00 $ 1.55 $ (0.96 ) $ 8.28 Diluted**** $ 0.00 $ 0.92 $ (0.96 ) $ 6.71 Loss per share from discontinued operations: Basic $ (0.03 ) $ (0.00 ) $ 0.00 $ (0.00 ) Diluted $ (0.03 ) $ (0.00 ) $ 0.00 $ (0.00 ) Earnings (Loss) per share: Basic $ (0.03 ) $ 1.54 $ (0.96 ) $ 8.28 Diluted**** $ (0.03 ) $ 0.92 $ (0.96 ) $ 6.71 * ** In 2018, the sum of quarterly diluted EPS amounts differs from the full year diluted EPS. The difference primarily relates to the exclusion from the calculation of diluted EPS of unrealized gains on financial instruments in the third and fourth quarters, and anti-dilutive shares in the second quarter, both related to a warrant issued to a customer. *** Included in the first, second and third quarters were an unrealized loss on financial instruments of $5.2 million, an unrealized gain on financial instruments of $13.8 million and an unrealized loss on financial instruments of $44.8 million, respectively. Included in the fourth quarter was an income tax benefit of $130.0 million related to the U.S. Tax Cuts and Jobs Act (see Note 12) and an unrealized gain on financial instruments of $23.7 million. **** In 2017, the sum of quarterly diluted EPS amounts differs from the full year diluted EPS. The difference primarily relates to the exclusion from the calculation of diluted EPS of unrealized gains on financial instruments in the second and fourth quarters, and anti-dilutive shares in the third quarter, both related to a warrant issued to a customer.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - Polar [Member]	12 Months Ended
	Dec. 31, 2018
Basis Of Presentation [Line Items]
Equity interest	51.00%
Voting interest	75.00%

Summary of Significant Account

Summary of Significant Account Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Expendable parts net book value	$ 49,400	$ 34,700
Allowance for expendable obsolescence	33,000	27,800
Depreciation expense	196,600	153,100	$ 141,500
Net book value on flight equipment dry leased to customers	1,717,500	1,270,700
Accumulated depreciation on flight equipment on dry lease	232,400	152,700
Rotable parts inventory, net book value	240,700	184,800
Goodwill total balance	40,400	40,400
Prepaid maintenance deposits	$ 3,200	$ 37,300
Federal corporate income tax rate	21.00%	35.00%	35.00%
Change in accounting principle, retrospective effect of adoption	$ (3,126)
Leases, Accounting Standards Update, Feburary 2016 [Member] | Lease Assets Net of Deferred Rent and Operation Lease Intangibles [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, retrospective effect of adoption	600,000
Leases, Accounting Standards Update, Feburary 2016 [Member] | Liabilities [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, retrospective effect of adoption	$ 650,000
GATS [Member]
Significant Accounting Policies [Line Items]
Voting interest	50.00%
Investment in joint venture	$ 22,300	$ 22,100
GATS [Member]
Significant Accounting Policies [Line Items]
Payables to related party	$ 500	$ 400
Charter Services [Member]
Significant Accounting Policies [Line Items]
Sales commissions, description	We generally expense sales commissions when incurred because the amortization period is less than one year.

Summary of Significant Accoun_4

Summary of Significant Account Policies - Property and Equipment Depreciable Lives (Details)	12 Months Ended
	Dec. 31, 2018
Minimum [Member] | Flight equipment [Member]
Property Plant And Equipment [Line Items]
Property and Equipment, depreciable life	30 years
Minimum [Member] | Computer software and equipment [Member]
Property Plant And Equipment [Line Items]
Property and Equipment, depreciable life	3 years
Minimum [Member] | Ground handling equipment and other [Member]
Property Plant And Equipment [Line Items]
Property and Equipment, depreciable life	3 years
Maximum [Member] | Flight equipment [Member]
Property Plant And Equipment [Line Items]
Property and Equipment, depreciable life	40 years
Maximum [Member] | Computer software and equipment [Member]
Property Plant And Equipment [Line Items]
Property and Equipment, depreciable life	5 years
Maximum [Member] | Ground handling equipment and other [Member]
Property Plant And Equipment [Line Items]
Property and Equipment, depreciable life	5 years

Summary of Significant Accoun_5

Summary of Significant Account Policies - Schedule of Deferred Maintenance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Beginning balance, net	$ 63,868	$ 19,100
Deferred maintenance costs	53,343	50,675
Amortization of deferred maintenance	(13,564)	(5,907)
Ending balance, net	$ 103,647	$ 63,868

Summary of Significant Accoun_6

Summary of Significant Account Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Interest paid	$ 86,168	$ 73,872	$ 66,306
Income taxes paid, net of refunds	$ 695	$ 563	$ 1,160

Summary of Significant Accoun_7

Summary of Significant Account Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 221,501	$ 280,809
Restricted cash	11,240	11,055
Total Cash, cash equivalents and restricted cash shown in Consolidated Statements of Cash Flows	$ 232,741	$ 291,864	$ 138,250	$ 438,931

DHL Investment and Polar - Addi

DHL Investment and Polar - Additional Information (Details) - DHL [Member] - Polar [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Equity interest	49.00%
Voting interest	25.00%
Revenue recognized	$ 106.9	$ 33.5	$ 24.6

DHL Investment and Polar - Summ

DHL Investment and Polar - Summary of Aircraft Types, Services and Number of Aircraft Provided to Polar and DHL (Details)	12 Months Ended
	Dec. 31, 2018
Service [Member]
Aircraft type [Line Items]
747-8F	ACMI
747-400F	ACMI
777-200LRF	CMI
777-200LRF	CMI and Dry Leasing
767-300	CMI and Dry Leasing
767-200	CMI
737-400F	CMI
757-200F	Dry Leasing
Total Aircraft [Member]
Aircraft type [Line Items]
747-8F	6
747-400F	9
777-200LRF	4
777-200LRF	2
767-300	4
767-200	9
737-400F	5
757-200F	1
Total	40

DHL Investment and Polar - Su_2

DHL Investment and Polar - Summary of Transactions with Polar (Details) - Polar [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Revenue from related party	$ 412,793	$ 420,564	$ 407,891
Ground handling and airport fees to Polar	2,301	2,746	$ 1,667
Receivables from related party	16,349	9,558
Payables to related party	2,527	2,751
Aggregate Carrying Value of Polar Investment	$ 4,870	$ 4,870

Revenue Recognition - Schedule

Revenue Recognition - Schedule of New Revenue Recognition Guidance using Modified Retrospective Method (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue Recognition [Line Items]
Accounts receivable		$ 269,320	$ 194,478
Accrued liabilities		465,669	454,843
Deferred taxes		256,970	214,694
Retained earnings		1,539,956	$ 1,271,545
Accounting Standards Update 2014-09 [Member]
Revenue Recognition [Line Items]
Accounts receivable	$ 194,071
Accrued liabilities	458,457
Deferred taxes	213,799
Retained earnings	1,268,419
Accounting Standards Update 2014-09 [Member] | Adjustments [Member]
Revenue Recognition [Line Items]
Accounts receivable	(407)	730
Accrued liabilities	3,614	(1,185)
Deferred taxes	(895)	420
Retained earnings	$ (3,126)	$ 1,495

Revenue Recognition - Summary o

Revenue Recognition - Summary of Impact of Adoption of New Revenue Recognition Guidance on Consolidated Statement of Operation and Balance Sheet (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019
Revenue Recognition [Line Items]
Operating Revenue	$ 2,677,724	$ 2,156,460	$ 1,839,627
Operating Expenses
Other	195,553	168,643	142,733
Income from continuing operations before income taxes	309,374	143,372	89,416
Income tax expense	38,727	(80,966)	46,791
Income from continuing operations, net of taxes	270,647	224,338	$ 42,625
Assets
Accounts receivable, net	269,320	194,478
Liabilities and Equity
Accrued liabilities	465,669	454,843
Deferred taxes	256,970	214,694
Retained earnings	1,539,956	$ 1,271,545
Accounting Standards Update 2014-09 [Member]
Assets
Accounts receivable, net				$ 194,071
Liabilities and Equity
Accrued liabilities				458,457
Deferred taxes				213,799
Retained earnings				1,268,419
Accounting Standards Update 2014-09 [Member] | Amounts without Adoption of New Revenue Recognition Guidance [Member]
Revenue Recognition [Line Items]
Operating Revenue	2,674,790
Operating Expenses
Other	194,534
Income from continuing operations before income taxes	307,459
Income tax expense	38,307
Income from continuing operations, net of taxes	269,152
Assets
Accounts receivable, net	268,590
Liabilities and Equity
Accrued liabilities	466,854
Deferred taxes	256,550
Retained earnings	1,538,461
Accounting Standards Update 2014-09 [Member] | Effect of Change Inc/(Dec) [Member]
Revenue Recognition [Line Items]
Operating Revenue	2,934
Operating Expenses
Other	1,019
Income from continuing operations before income taxes	1,915
Income tax expense	420
Income from continuing operations, net of taxes	1,495
Assets
Accounts receivable, net	730			(407)
Liabilities and Equity
Accrued liabilities	(1,185)			3,614
Deferred taxes	420			(895)
Retained earnings	$ 1,495			$ (3,126)

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Significant Changes in Deferred Revenue Liability Balances (Details) - Non-Dry Lease Revenue Contracts with Customers [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Revenue Recognition [Line Items]
Balance at beginning of period	$ 14,958
Revenue recognized	(80,635)
Amounts collected or invoiced	78,684
Balance at end of period	$ 13,007

Revenue Recognition - Addtional

Revenue Recognition - Addtional Information (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Revenue From Contract With Customer [Abstract]
Accounts receivable related to customer contracts excluding dry leasing contracts	$ 227.1	$ 173.2

Revenue Recognition - Addtion_2

Revenue Recognition - Addtional Information (Details 1)	Dec. 31, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01
Revenue Recognition [Line Items]
Unsatisfied performance obligation, expected measurement period for revenue	1 year

Southern Air Acquisition - Addi

Southern Air Acquisition - Additional Information (Details) - USD ($) $ in Thousands	Apr. 07, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Operating Revenue		$ 2,677,724	$ 2,156,460	$ 1,839,627
Transaction-related expenses		2,111	4,509	22,071
Southern Air and Subsidiaries [Member]
Business Acquisition [Line Items]
Acquisition completion date	Apr. 7, 2016
Total consideration transferred	$ 105,800
Operating Revenue				79,800
Transaction-related expenses		$ 2,100	$ 4,500	17,700
Unaudited pro forma operating revenue				$ 1,866,700

Special Charge and Other Inco_2

Special Charge and Other Income - Additional Information (Details) - CF6-80 Engines [Member] $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)Engine	Dec. 31, 2017USD ($)Engine	Dec. 31, 2016USD ($)Engine
Impairment Of Aircraft Engines Held For Sale [Line Items]
Number of assets held for sale | Engine	5		6
Number of assets traded | Engine		1
Impairment loss recognized for held for sale assets	$ 9.4		$ 10.1
Other Expense (Income) [Member]
Impairment Of Aircraft Engines Held For Sale [Line Items]
Aircraft rent refund	$ 12.4
Prepaid Expenses and Other Current Assets [Member]
Impairment Of Aircraft Engines Held For Sale [Line Items]
Carrying value of asset held for sale		$ 1.3

Intangible Assets, Net and Go_3

Intangible Assets, Net and Goodwill - Schedule of Intangible Assets, Net and Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Intangible Assets Table Details [Abstract]
Goodwill	$ 40,361	$ 40,361
Fair value adjustments on operating leases	45,531	45,531
Lease intangible	54,891	54,891
Customer relationship	26,280	26,280
Trade name	700	700
Less: accumulated amortization	(70,074)	(61,278)
Intangible assets, net	$ 97,689	$ 106,485

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Intangible Assets Amortization Expense Details [Abstract]
Amortization of Intangible Assets	$ 8.8	$ 9.5	$ 9.8

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Dec. 31, 2018USD ($)
Schedule Of Estimated Amortization Expense Table Details [Abstract]
2,019	$ 8,094
2,020	8,047
2,021	8,547
2,022	8,862
2,023	6,456
Thereafter	17,322
Total	$ 57,328

Amazon - Additional Information

Amazon - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Class Of Warrant Or Right [Line Items]
Right to acquire outstanding common shares		up to 20% of our outstanding common shares
Warrant exercise price	$ 37.50
Warrant for number of shares vested	3,750,000
Warrant to buy number of shares vesting	3,750,000
Vesting increments of Amazon warrants	375,000
Warrant vesting year	2,021
Warrants exercised		0
Additional warrant to acquire outstanding shares		up to an additional 10% of our outstanding common shares
Additional warrant exercise price		$ 37.50
Additional warrant to buy number of shares vesting		3,750,000
Portion of warrant vested		0
Additional warrant vesting year		2,023
Shareholder approval threshold					99.90%
Warrant maximum issuance of stocks					30.00%
Accelerated compensation expense				$ 23,500
Share-based portion of compensation expense				13,300
Warrant liability unrealized losses (gains)		$ 123,100,000	$ (12,500,000)	$ (2,900,000)
Fair value of warrant liability		$ 99,000,000	$ 127,800,000
Maximum [Member]
Class Of Warrant Or Right [Line Items]
Warrant providing right to acquire outstanding common shares percentage	20.00%
Percentage of additional warrant to acquire outstanding common shares		10.00%
Dry Leases [Member]
Class Of Warrant Or Right [Line Items]
Lease term		10 years
CMI Operation [Member]
Class Of Warrant Or Right [Line Items]
Lease term		7 years

Amazon - Summary of the Custome

Amazon - Summary of the Customer Incentive Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Warrants And Rights Note Disclosure [Abstract]
Beginning balance	$ 106,538	$ 92,351
Initial value for vested portion of warrant	94,359	19,448
Amortization of customer incentive asset	(16,177)	(5,261)
Ending balance	$ 184,720	$ 106,538

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accrued Liabilities Current And Noncurrent [Abstract]
Maintenance	$ 133,337	$ 156,042
Customer maintenance reserves	104,454	89,037
Salaries, wages and benefits	82,809	65,546
Aircraft fuel	32,641	22,196
Deferred revenue	26,584	20,986
U.S. class action settlement	0	30,000
Other	85,844	71,036
Accrued liabilities	$ 465,669	$ 454,843

Debt - Debt Obligations (Detail

Debt - Debt Obligations (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total principal amount of debt and capital leases		$ 2,601,315	$ 2,378,819
Less: unamortized debt discount and issuance costs		(131,475)	(151,820)
Total debt		2,469,840	2,226,999
Less current portion of debt and capital leases		(264,835)	(218,013)
Long-term debt and capital lease		2,205,005	2,008,986
Ex-Im Guaranteed Notes [Member]
Debt Instrument [Line Items]
Ex-Im Guaranteed Notes		$ 481,226	$ 564,184
Interest Rates	[1]	1.89%	1.89%
Ex-Im Guaranteed Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Range of Maturity Dates		2,021
Ex-Im Guaranteed Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Range of Maturity Dates		2,025
Term Loans and Capital Lease [Member]
Debt Instrument [Line Items]
Term loans and capital leases		$ 1,474,949	$ 1,145,116
Interest Rates	[1]	4.10%	4.16%
Term Loans and Capital Lease [Member] | Minimum [Member]
Debt Instrument [Line Items]
Range of Maturity Dates		2,020
Term Loans and Capital Lease [Member] | Maximum [Member]
Debt Instrument [Line Items]
Range of Maturity Dates		2,032
Private Placement Facility [Member]
Debt Instrument [Line Items]
Private Placement Facility		$ 129,482	$ 144,539
Interest Rates	[1]	3.21%	3.17%
Private Placement Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Range of Maturity Dates		2,025
Private Placement Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Range of Maturity Dates		2,026
Convertible Notes [Member]
Debt Instrument [Line Items]
Convertible Notes		$ 513,500	$ 513,500
Interest Rates	[1]	2.04%	2.04%
Convertible Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Range of Maturity Dates		2,022
Convertible Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Range of Maturity Dates		2,024
EETCs [Member]
Debt Instrument [Line Items]
EETC		$ 2,158	$ 11,480
Range of Maturity Dates		2,019
Interest Rates	[1]	7.52%	7.52%
[1]	Interest rates reflect weighted-average rates as of year-end

Debt - Term Loans and Capital L

Debt - Term Loans and Capital Leases - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2018
Debt Instrument [Line Items]
Lease extended expiration date	2032-06
Capital lease obligation	$ 32.4
Capital Lease Amended [Member]
Debt Instrument [Line Items]
Issue date	2017-03
Collateral Type		747-400 freighter

Debt - Schedule of Term Loans (

Debt - Schedule of Term Loans (Details) - Term Loans and Capital Lease [Member]	12 Months Ended
	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Face Value	$ 471,700,000
First 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-03
Face Value	$ 19,400,000
Collateral Type	None
Original Term	60 months
Fixed Interest Rate	3.12%
Second 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-05
Face Value	$ 83,500,000
Collateral Type	777-200
Original Term	120 months
Fixed Interest Rate	4.63%
Third 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-05
Face Value	$ 83,500,000
Collateral Type	777-200
Original Term	120 months
Fixed Interest Rate	4.63%
Fourth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-05
Face Value	$ 20,100,000
Collateral Type	None
Original Term	60 months
Fixed Interest Rate	3.31%
Fifth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 21,100,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	3.97%
Sixth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 3,900,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	5.14%
Seventh 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 20,700,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	3.98%
Eighth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	5.14%
Ninth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 20,900,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	3.98%
Tenth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	5.13%
Eleventh 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	98 months
Fixed Interest Rate	5.10%
Twelfth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	104 months
Fixed Interest Rate	5.11%
Thirteenth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	106 months
Fixed Interest Rate	5.11%
Fourteenth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	106 months
Fixed Interest Rate	5.11%
Fifteenth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	5.11%
Sixteenth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-06
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	5.11%
Seventeenth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-07
Face Value	$ 20,400,000
Collateral Type	None
Original Term	60 months
Fixed Interest Rate	3.38%
Eighteenth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-09
Face Value	$ 21,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	4.04%
Nineteenth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-09
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	5.19%
Twentieth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-09
Face Value	$ 21,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	4.04%
Twenty-first 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-09
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	5.19%
Twenty-second 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-09
Face Value	$ 21,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	4.04%
Twenty-third 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-09
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	5.19%
Twenty-forth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-11
Face Value	$ 20,900,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	4.24%
Twenty-fifth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-11
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	5.40%
Twenty-sixth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-11
Face Value	$ 20,900,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	4.24%
Twenty-seventh 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-11
Face Value	$ 4,000,000
Collateral Type	767-300
Original Term	108 months
Fixed Interest Rate	5.40%
Twenty-eighth 2018 Term Loan [Member]
Debt Instrument [Line Items]
Issue Date	2018-11
Face Value	$ 21,400,000
Collateral Type	None
Original Term	60 months
Fixed Interest Rate	3.63%

Debt - Private Placement Facili

Debt - Private Placement Facility - Additional Information (Details) - Private Placement Facility [Member]	1 Months Ended
	Sep. 30, 2017USD ($)FreighterAircraft
Debt Instrument [Line Items]
Debt facility amount | $	$ 145,800,000
Number of freighter aircraft dry leased | FreighterAircraft	6

Debt - Convertible Notes - Addi

Debt - Convertible Notes - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2017USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2018USD ($)Day$ / shares	Dec. 31, 2017USD ($)	Dec. 31, 2015USD ($)	May 31, 2016$ / shares
Debt Instrument [Line Items]
Refinanced enhanced equipment trust certificates (EETCs)					$ 187,800
Aggregate amount of EETCs refinanced interest rate					8.10%
Debt instrument, conversion price | $ / shares						$ 37.50
Convertible Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, repurchase percentage			100.00%
Debt instrument, convertible, threshold trading days | Day			20
Debt instrument, convertible, threshold consecutive trading days | Day			30
Debt instrument, convertible, threshold percentage of stock price trigger			130.00%
Debt instrument, convertible, threshold business days			5 days
Debt instrument, convertible, threshold consecutive measurement period			5 days
Debt instrument, convertible, threshold percentage of stock price trigger in measurement period			98.00%
2017 Convertible Notes [Member]
Debt Instrument [Line Items]
Convertible notes aggregate principal amount	$ 289,000		$ 289,000	$ 289,000
Convertable notes, date of matruity	Jun. 1, 2024
Debt instrument, conversion price | $ / shares			$ 61.08
Effective interest rate of debt			6.14%
Debt issuance costs			$ 7,500
Liability issuance costs			5,700
Equity issuance costs			$ 1,800
2017 Convertible Notes [Member] | Warrant [Member]
Debt Instrument [Line Items]
Debt instrument, conversion price | $ / shares			$ 92.20
2017 Convertible Notes [Member] | Long-term Debt and Capital Lease [Member] | Revolver [Member]
Debt Instrument [Line Items]
Repayment line of credit outstanding balance				150,000
2015 Convertible Notes [Member]
Debt Instrument [Line Items]
Convertible notes aggregate principal amount		$ 224,500	$ 224,500	$ 224,500
Convertable notes, date of matruity		Jun. 1, 2022
Debt instrument, conversion price | $ / shares			$ 74.05
Effective interest rate of debt			6.44%
Debt issuance costs			$ 6,800
Liability issuance costs			5,200
Equity issuance costs			$ 1,600
2015 Convertible Notes [Member] | Warrant [Member]
Debt Instrument [Line Items]
Debt instrument, conversion price | $ / shares			$ 95.01

Debt - Certain Key Terms for Co

Debt - Certain Key Terms for Convertible Note (Details)	12 Months Ended
	Dec. 31, 2018$ / shares	May 31, 2016$ / shares
Debt Instrument [Line Items]
Initial conversion price per share		$ 37.50
2017 Convertible Notes [Member]
Debt Instrument [Line Items]
Fixed Interest Rate	1.88%
Earliest conversion date	Sep. 1, 2023
Initial conversion price per share	$ 61.08
Conversion rate (shares for each $1,000 of principal)	16.3713
2015 Convertible Notes [Member]
Debt Instrument [Line Items]
Fixed Interest Rate	2.25%
Earliest conversion date	Sep. 1, 2021
Initial conversion price per share	$ 74.05
Conversion rate (shares for each $1,000 of principal)	13.5036

Debt - Summary of Convertible N

Debt - Summary of Convertible Note Hedges and Related Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	May 31, 2016
Debt Instrument [Line Items]
Initial price per share					$ 37.50
Proceeds from sale of convertible note warrants		$ 0	$ 38,148	$ 0
2017 Convertible Notes [Member]
Debt Instrument [Line Items]
Number of shares	[1]	4,731,306
Initial price per share		$ 61.08
Cost of hedge		$ 70,140
2017 Convertible Notes [Member] | Warrant [Member]
Debt Instrument [Line Items]
Number of shares	[1]	4,731,306
Initial price per share		$ 92.20
Proceeds from sale of convertible note warrants		$ 38,148
2015 Convertible Notes [Member]
Debt Instrument [Line Items]
Number of shares	[1]	3,031,558
Initial price per share		$ 74.05
Cost of hedge		$ 52,903
2015 Convertible Notes [Member] | Warrant [Member]
Debt Instrument [Line Items]
Number of shares	[1]	3,031,558
Initial price per share		$ 95.01
Proceeds from sale of convertible note warrants		$ 36,290
[1]	Subject to adjustment for certain specified events

Debt - Schedule of Convertible

Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	May 31, 2017	Jun. 30, 2015
Debt Instrument [Line Items]
Less: debt discount, net of amortization		$ (131,475)
2017 Convertible Notes [Member]
Debt Instrument [Line Items]
Remaining life in months		65 months	77 months
Gross proceeds		$ 289,000	$ 289,000	$ 289,000
Less: debt discount, net of amortization		(56,652)	(65,187)
Less: debt issuance cost, net of amortization		(4,457)	(5,216)
Net carrying amount		227,891	218,597
Equity component	[1]	$ 70,140	$ 70,140
2015 Convertible Notes [Member]
Debt Instrument [Line Items]
Remaining life in months		41 months	53 months
Gross proceeds		$ 224,500	$ 224,500		$ 224,500
Less: debt discount, net of amortization		(28,807)	(36,108)
Less: debt issuance cost, net of amortization		(2,716)	(3,445)
Net carrying amount		192,977	184,947
Equity component	[1]	$ 52,903	$ 52,903
[1]	Included in Additional paid-in capital on the consolidated balance sheets.

Debt - Summary of Interest Expe

Debt - Summary of Interest Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Short Term Debt [Line Items]
Total interest expense recognized	$ 119,378	$ 99,687	$ 84,650
Convertible Notes [Member]
Short Term Debt [Line Items]
Contractual interest coupon	10,470	8,348	5,051
Amortization of debt discount	15,855	11,801	6,421
Amortization of debt issuance costs	1,487	1,132	677
Total interest expense recognized	$ 27,812	$ 21,281	$ 12,149

Debt - EETC - Additional Inform

Debt - EETC - Additional Information (Details) - EETC [Member] $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Issue Date	1,999
Face Value	$ 109.9
Debt instrument maturity date	2019-02
Collateral Type	747-400F
Effective interest rate of debt	7.52%
Minimum [Member]
Debt Instrument [Line Items]
Fixed Interest Rate	6.88%
Maximum [Member]
Debt Instrument [Line Items]
Fixed Interest Rate	8.77%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility - Additional Information (Details) - Revolver [Member] - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2016	Dec. 31, 2017
Debt Instrument [Line Items]
Term of revolving credit facility	4 years	3 years
Borrowing capacity	$ 200,000,000	$ 150,000,000
Revolver collateral	ten 747-400 and four 767-300 aircraft
Revolver interest rate description	LIBOR or an agreed upon rate plus a margin of 1.75% per annum
Interest rate of undrawn portion	0.35%
Outstanding balance	$ 0		$ 0
Unused availability	$ 143,500,000
Debt Instruement Face Amount for First $100 Million [Million]
Debt Instrument [Line Items]
Debt Instrument, Basis spread on variable Interest rate	1.75%
Utilization Greater than $100 Million [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis spread on variable Interest rate	2.00%
1.75 % [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 100,000
2.00% [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 100,000

Debt - Schedule of Future Cash

Debt - Schedule of Future Cash Payments for Debt (Details) $ in Thousands	Dec. 31, 2018USD ($)
Long Term Debt By Maturity [Abstract]
2,019	$ 278,040
2,020	392,657
2,021	288,745
2,022	478,789
2,023	433,857
Thereafter	729,227
Total debt cash payments	2,601,315
Less: unamortized debt discount and issuance costs	(131,475)
Debt	$ 2,469,840

Commitments - Additional Inform

Commitments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018IssuanceSeriesNumber
Operating Leased Assets [Line Items]
Number of series equipment notes are issued	3
Operating lease average remaining lease term	4 years 6 months
Description of lease agreement	As of December 31, 2018, 20 of our 85 aircraft were under operating leases, with lease term expiration dates ranging from 2020 to 2025 and an average remaining lease term of 4.5 years.
Minimum [Member]
Operating Leased Assets [Line Items]
Operating lease expiration year	2,020
Maximum [Member]
Operating Leased Assets [Line Items]
Operating lease expiration year	2,025
Original owner participant [Member]
Operating Leased Assets [Line Items]
Percentage of each aircraft cost invested on an equity basis	20.00%
Wells Fargo [Member]
Operating Leased Assets [Line Items]
Percentage of each aircraft cost financed with nonrecourse debt	80.00%

Commitments - Summary of Rental

Commitments - Summary of Rental Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments [Abstract]
Aircraft and engines	$ 162,444	$ 142,945	$ 146,110
Purchased capacity, office, vehicles and other	$ 63,650	$ 46,817	$ 23,727

Commitments - Summary of Minimu

Commitments - Summary of Minimum Annual Rental Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Aircraft Operating Leases [Member]
Minimum Annual Commitments [Line Items]
2,019	$ 156,561
2,020	151,064
2,021	160,102
2,022	113,164
2,023	61,409
Thereafter	53,403
Total minimum rental payments	695,703
Other Operating Leases [Member]
Minimum Annual Commitments [Line Items]
2,019	9,955
2,020	8,319
2,021	5,954
2,022	2,427
2,023	346
Thereafter	27
Total minimum rental payments	27,028
Total [Member]
Minimum Annual Commitments [Line Items]
2,019	166,516
2,020	159,383
2,021	166,056
2,022	115,591
2,023	61,755
Thereafter	53,430
Total minimum rental payments	$ 722,731

Commitments - Summary of Contra

Commitments - Summary of Contractual Amount of Minimum Dry Lease Income (Details) - Dry Lease Income [Member] $ in Thousands	Dec. 31, 2018USD ($)
Operating Leased Assets [Line Items]
2,019	$ 180,366
2,020	169,202
2,021	148,413
2,022	140,876
2,023	107,248
Thereafter	257,248
Total minimum lease receipts	$ 1,003,353

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Line Items]
U.S. federal corporate income tax rate		21.00%	35.00%	35.00%
Provisional income tax benefits in connection with remeasurement of U.S. net deferred tax liability	$ 130		$ 130
U.S. federal tax credits	4.5	$ 4.5	4.5
Credits refundable on income tax returns period description		Pursuant to the U.S. Tax Cuts and Jobs Act, these credits are refundable on our income tax returns from 2018 through 2022 and are reflected as current and long-term receivables in the accompanying consolidated balance sheets.
Foreign NOLs for HK and Singapore net of unreognized tax benfits	465.3	$ 591.9	465.3
Aircraft leasing incentive program, reduced income tax rate		10.00%
Aircraft leasing incentive program participation expire date		Jul. 31, 2018
Aircraft leasing incentive program, reduced income tax rate upon renewal		8.00%
Aircraft leasing incentive program participation expiration date upon renewal		Jul. 31, 2023
Deferred income tax benefit related to remeasurement of deferred tax liability		$ 8.7
Valuation allowance	30.9	29.9	30.9
Adjustment to the valuation allowance primarily due to change in federal income tax rate under U.S. Tax Cuts and Jobs Act		1	18.5
Tax-related interest benefit		0	0
Cumulative liability for tax-related interest	0.1	0.1	0.1
U.S. Federal [Member]
Income Taxes [Line Items]
U.S. NOLs	$ 1,200	$ 1,300	$ 1,200
NOL Expirations		2,037
Income tax year subject to examination		2012 2018
U.S. Federal [Member] | U.S. Internal Revenue Service [Member]
Income Taxes [Line Items]
Income tax examination tax year under examination		2,015
Foreign [Member] | Hong Kong [Member]
Income Taxes [Line Items]
Income tax year subject to examination		2012 2018
Income tax examination tax year under examination		2,015
Foreign [Member] | Singapore [Member]
Income Taxes [Line Items]
Income tax year subject to examination		2013 2018

Income Taxes - Components of th

Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ (4,518)	$ (133)	$ (376)
State and local	68	(99)	(298)
Foreign	597	596	84
Total current (benefit) expense	(3,853)	364	(590)
Deferred:
Federal	43,167	(87,185)	46,391
State and local	1,780	1,868	(1,436)
Foreign	(2,367)	3,987	2,426
Total deferred expense (benefit)	42,580	(81,330)	47,381
Total income tax expense (benefit)	$ 38,727	$ (80,966)	$ 46,791

Income Taxes - Domestic and For

Income Taxes - Domestic and Foreign Earnings before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Domestic and foreign earnings before income taxes
Domestic	$ 257,726	$ 104,321	$ 61,006
Foreign	51,648	39,051	28,410
Income from continuing operations before income taxes	$ 309,374	$ 143,372	$ 89,416

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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	21.00%	35.00%	35.00%
State and local taxes based on income, net of federal benefit	0.80%	0.30%	1.10%
Change in deferred foreign and state tax rates	(3.00%)	0.60%	(2.20%)
Customer incentive	(5.10%)	5.00%	10.90%
Nondeductible expenses related to customer			13.00%
Other nondeductible expenses	1.20%	1.40%	4.30%
Tax effect of foreign operations	(2.20%)	(7.70%)	(9.40%)
Impact of U.S. Tax Cuts and Jobs Act		(90.70%)
Other	(0.20%)	(0.40%)	(0.40%)
Effective income tax rate	12.50%	(56.50%)	52.30%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Net operating loss carryforwards and credits	$ 357,022	$ 345,245
Accrued compensation	13,176	11,514
Accrued legal settlements		6,596
Aircraft leases	17,688	17,323
Goodwill and other intangibles	2,765	7,267
Interest rate derivatives	1,179	1,532
Long-term debt	1,593	1,923
Obsolescence reserve	6,771	5,734
Stock-based compensation	3,203	3,296
Other	508	977
Total deferred tax assets	403,905	401,407
Valuation allowance	(29,871)	(30,869)
Net deferred tax assets	374,034	370,538
Deferred tax liabilities:
Fixed assets	(589,649)	(562,210)
Acquisition of EETC debt	20	(1,247)
Customer incentive	(15,894)	(6,709)
Deferred maintenance	(22,747)	(14,151)
Total deferred tax liabilities	(628,270)	(584,317)
Deferred taxes included within following balance sheet line items:
Deferred taxes	(256,970)	(214,694)
Deferred costs and other assets	2,734	915
Net deferred tax assets (liabilities)	$ (254,236)	$ (213,779)

Income Taxes - Unrecognized Inc

Income Taxes - Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 71,717	$ 113,892	$ 112,555
Additions for tax positions related to the current year	2,061	1,366	1,587
Additions for tax positions related to prior years	657	40
Reductions for tax positions related to prior years	(160)	(43,581)	(250)
Ending balance	$ 74,275	$ 71,717	$ 113,892

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Long Term Investments Details [Abstract]
Long-term investments maturing period	5 years
Gross unrealized gains on long-term investments and accrued interest	$ 0.5	$ 2.7

Financial Instruments - Summary

Financial Instruments - Summary of Carrying Value, Estimated Fair Value and Classification of Financial Instruments (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Short-term investments		$ 15,624	$ 13,604
Restricted cash		11,240	11,055
Long-term investments and accrued interest		635	15,371
Liabilities
Customer warrant		184,720	106,538	$ 92,351
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents		221,501	280,809
Short-term investments		15,624	13,604
Restricted cash		11,240	11,055
Long-term investments and accrued interest		635	15,371
Financial instruments assets		249,000	320,839
Liabilities
Term loans and notes		2,048,972	1,791,918
Convertible notes (1)	[1]	420,868	403,544
Customer warrant		99,000	127,755
Financial instruments liabilities		2,568,840	2,323,217
Estimate of Fair Value, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents		221,501	280,809
Short-term investments		15,624	13,604
Restricted cash		11,240	11,055
Long-term investments and accrued interest		1,138	18,074
Financial instruments assets		249,503	323,542
Liabilities
Term loans and notes		1,976,373	1,844,445
Convertible notes (1)	[1]	490,070	602,846
Customer warrant		99,000	127,755
Financial instruments liabilities		2,565,443	2,575,046
Fair Value, Inputs, Level 1 [Member]
Assets
Cash and cash equivalents		221,501	280,809
Short-term investments		0	0
Restricted cash		11,240	11,055
Long-term investments and accrued interest		0	0
Financial instruments assets		232,741	291,864
Liabilities
Term loans and notes		0	0
Convertible notes (1)	[1]	490,070	602,846
Customer warrant		0	0
Financial instruments liabilities		490,070	602,846
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 and notes		0	0
Convertible notes (1)	[1]	0	0
Customer warrant		99,000	127,755
Financial instruments liabilities		99,000	127,755
Fair Value, Inputs, Level 3 [Member]
Assets
Cash and cash equivalents		0	0
Short-term investments		15,624	13,604
Restricted cash		0	0
Long-term investments and accrued interest		1,138	18,074
Financial instruments assets		16,762	31,678
Liabilities
Term loans and notes		1,976,373	1,844,445
Convertible notes (1)	[1]	0	0
Customer warrant		0	0
Financial instruments liabilities		$ 1,976,373	$ 1,844,445
[1]	Carrying value is net of debt discounts and debt issuance costs. Hedge transactions associated with the Convertible Notes are reflected in additional paid-in-capital (see Note 10).

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Segment	3
Operating Revenue	$ 2,677,724	$ 2,156,460	$ 1,839,627
DHL [Member]
Segment Reporting Information [Line Items]
Operating Revenue	348,300	262,600	195,100
AMC [Member]
Segment Reporting Information [Line Items]
Operating Revenue	$ 635,400	$ 496,300	$ 436,100

Segment Reporting - Operating R

Segment Reporting - Operating Revenue and Direct Contribution For Our Reportable Business Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Revenue:
Customer incentive asset amortization	$ (16,176)	$ (5,261)	$ (537)
Other	19,242	18,598	17,381
Operating Revenue	2,677,724	2,156,460	1,839,627
Direct Contribution:
Total Direct Contribution for Reportable Segments	496,271	419,581	367,404
Unallocated income and expenses, net	(298,526)	(258,925)	(242,768)
Loss on early extinguishment of debt	0	(167)	(132)
Unrealized gain (loss) on financial instruments	123,114	(12,533)	(2,888)
Special charge	(9,374)	(106)	(10,140)
Transaction-related expenses	(2,111)	(4,509)	(22,071)
Loss on disposal of aircraft	0	31	11
Income from continuing operations before income taxes	309,374	143,372	89,416
Interest income	(6,710)	(6,009)	(5,532)
Interest expense	119,378	99,687	84,650
Capitalized interest	(4,727)	(7,389)	(3,313)
Unrealized (gain) loss on financial instruments	(123,114)	12,533	2,888
Other (income) expense	(10,659)	(387)	70
Operating Income	283,542	241,974	168,311
ACMI [Member]
Operating Revenue:
Operating Revenue	1,192,704	988,741	834,997
Direct Contribution:
Total Direct Contribution for Reportable Segments	235,706	229,498	200,563
Charter [Member]
Operating Revenue:
Operating Revenue	1,313,484	1,034,562	881,991
Direct Contribution:
Total Direct Contribution for Reportable Segments	211,661	150,144	133,727
Dry Leasing [Member]
Operating Revenue:
Operating Revenue	168,470	119,820	105,795
Direct Contribution:
Total Direct Contribution for Reportable Segments	$ 48,904	$ 39,939	$ 33,114

Segment Reporting - Schedule of

Segment Reporting - Schedule of Disaggregated Charter Segment Revenue by Customer and Service Type (Details) - Charter [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total Charter Revenue	$ 1,313,484	$ 1,034,562	$ 881,991
Commercial Customers [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	678,129	538,220	445,852
AMC [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	635,355	496,342	436,139
Cargo [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	972,095	725,283	600,011
Cargo [Member] | Commercial Customers [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	644,344	519,507	429,524
Cargo [Member] | AMC [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	327,751	205,776	170,487
Passenger [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	341,389	309,279	281,980
Passenger [Member] | Commercial Customers [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	33,785	18,713	16,328
Passenger [Member] | AMC [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	$ 307,604	$ 290,566	$ 265,652

Segment Reporting - Depreciatio

Segment Reporting - Depreciation and Amortization by Reportable Business Segments (Details) - Service [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Depreciation and amortization expense:
Depreciation and Amortization	$ 217,340	$ 166,713	$ 148,876
Unallocated Depreciation and Amortization	11,235	11,651	9,843
ACMI [Member]
Depreciation and amortization expense:
Depreciation and Amortization	93,706	71,097	61,630
Charter [Member]
Depreciation and amortization expense:
Depreciation and Amortization	38,531	36,539	37,239
Dry Leasing [Member]
Depreciation and amortization expense:
Depreciation and Amortization	$ 73,868	$ 47,426	$ 40,164

Labor and Legal Proceedings - A

Labor and Legal Proceedings - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Brazilian Customs Claim [Member]
Loss Contingencies [Line Items]
Brazilian claims in the aggregate	$ 5.3
Amounts on deposit for Brazilian claims included in deferred costs and other assets	$ 4.1	$ 5.1
Atlas Pilots [Member]
Loss Contingencies [Line Items]
Collective bargaining agreement period	5 years
Southern Air Pilots [Member]
Loss Contingencies [Line Items]
Collective bargaining agreement period	4 years
Atlas and Polar Dispatchers [Member]
Loss Contingencies [Line Items]
Collective bargaining agreement period	5 years

Stock-Based and Long-term Inc_3

Stock-Based and Long-term Incentive Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	May 31, 2018	May 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
LTIP compensation expense	$ 19.1	$ 20.9	$ 30.9
Tax benefit recognized for stock-based compensation arrangements	$ 4.8	5.3	8.7
Restricted shares awards and time-based cash awards vesting period	Restricted share awards, which have been granted in units, and time-based cash awards generally vest and are expensed over one-, three- or four- year periods.
Restricted shares unrecognized stock compensation cost	$ 18.2
Restricted shares remaining weighted average life (in years)	1 year 9 months 18 days
Total fair value, on vesting date, of restricted shares vested	$ 13.4	14.8	19.8
Performance shares vesting period	Performance share awards, which have been granted in units, and performance cash awards granted are expensed over three years, which generally is the requisite service period. Awards generally become vested if (1) we achieve certain specified performance levels compared 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. Full or partial vesting may occur for certain employee terminations.
Total performance shares granted	1,900,000
Performance shares unrecognized compensation cost	$ 6
Performance shares remaining weighted average life (in years)	1 year 4 months 24 days
Total fair value, on vesting date, of performance shares vested	$ 7.7	$ 10.6	$ 5.8
Restricted Share Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted	159,763
Weighted average grant date fair value	$ 60.47	$ 54.40	$ 36.10
Time-based Cash Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized compensation expenses	$ 2.1
Accruals	2.1
Performance Cash Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized compensation expenses	6.8	$ 7.1	$ 13.9
Accruals	$ 13.4	$ 13.8
Performance Share Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted	71,765
Weighted average grant date fair value	$ 65.03	$ 54.20	$ 37.21
2007 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance under the LTIP	600,000
Number of shares authorized under the LTIP	2,800,000				0
Description of revised LTIP	In 2016, the stockholders approved a revised Long-Term Incentive Plan (the “2016 Plan”), which replaced the 2007 Plan.
2016 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized under the LTIP				0
LTIP number of shares available for future award grants			800,000
Shares of common stock available for future award grants under 2016 plan	600,000
2018 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance under the LTIP	500,000
Description of revised LTIP	In 2018, the stockholders approved a revised Long-Term Incentive Plan (the “2018 Plan”), which replaced the 2016 Plan.
Maximum term of award under the 2018 LTIP	ten years
2007, 2016 and 2018 Plans [Member] | Restricted Share Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted	4,000,000

Stock-Based and Long-term Inc_4

Stock-Based and Long-term Incentive Compensation Plans - Summary of Our Restricted Shares (Details) - Restricted Share Awards [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested beginning balance	772,157
Number of Shares, Granted	159,763
Number of Shares, Vested	(318,020)
Number of Shares, Forfeited	(9,105)
Number of Shares, Unvested ending balance	604,795	772,157
Weighted-Average Grant-Date Fair Value, Unvested beginning balance	$ 44.95
Weighted-Average Grant-Date Fair Value, Granted	60.47	$ 54.40	$ 36.10
Weighted-Average Grant-Date Fair Value, Vested	42.28
Weighted-Average Grant-Date Fair Value, Forfeited	48.32
Weighted-Average Grant-Date Fair Value, Unvested ending balance	$ 50.34	$ 44.95

Stock-Based and Long-term Inc_5

Stock-Based and Long-term Incentive Compensation Plans - Summary of Our Performance Shares (Details) - Performance Share Awards [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested beginning balance	454,076
Number of Shares, Granted	71,765
Number of Shares, Vested	(162,726)
Number of Shares, Forfeited	(4,729)
Number of Shares, Unvested ending balance	358,386	454,076
Weighted-Average Grant-Date Fair Value, Unvested beginning balance	$ 43.63
Weighted-Average Grant-Date Fair Value, Granted	65.03	$ 54.20	$ 37.21
Weighted-Average Grant-Date Fair Value, Vested	47.48
Weighted-Average Grant-Date Fair Value, Forfeited	40.41
Weighted-Average Grant-Date Fair Value, Unvested ending balance	$ 45.37	$ 43.63

Profit Sharing, Incentive and_2

Profit Sharing, Incentive and Retirement Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Profit Sharing And Incentive Plans Details [Abstract]
Accrual for profit sharing and incentive plans liabilities	$ 36	$ 26.9
Profit sharing and incentive plans expense recognized	$ 35.8	26.9	$ 21.8
Retirement Plans 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.
401(k) compensation expense	$ 13.9	$ 10.9	$ 10.5

Stock Repurchases - Additional

Stock Repurchases - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2013	Dec. 31, 2008
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	$ 126
Treasury stock repurchase remaining authorization	$ 25	$ 25
Treasury stock shares acquired from management vests		180,084	195,831
Average cost per share of treasury stock acquired from management		$ 59.80	$ 54.20

Earnings Per Share - Calculatio

Earnings Per Share - Calculations of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Income from continuing operations, net of taxes									$ 270,647	$ 224,338	$ 42,625
Less: Unrealized gain on financial instruments, net of tax									(123,114)
Diluted income from continuing operations, net of tax									$ 147,533	$ 224,338	$ 42,625
Denominator:
Basic EPS weighted average shares outstanding									25,542	25,241	24,843
Effect of dilutive warrant									2,078	0	0
Effect of dilutive convertible notes									180	27	0
Effect of dilutive stock options and restricted stock									481	586	277
Diluted EPS weighted average shares outstanding									28,281	25,854	25,120
Earnings per share from continuing operations:
Basic	$ 8.25	$ 2.78	$ (0.83)	$ 0.38	$ 8.28	$ (0.96)	$ 1.55	$ 0	$ 10.60	$ 8.89	$ 1.72
Diluted	2.73	0.84	(0.83)	0.37	6.71	(0.96)	0.92	0	5.22	8.68	1.70
Loss per share from discontinued operations:
Basic	0	0	0	0	0	0	0	(0.03)	0	(0.03)	(0.04)
Diluted	0	0	0	0	0	0	0	(0.03)	0	(0.03)	(0.04)
Earnings per share:
Basic	8.25	2.78	(0.83)	0.38	8.28	(0.96)	1.54	(0.03)	10.60	8.85	1.67
Diluted	$ 2.73	$ 0.84	$ (0.83)	$ 0.37	$ 6.71	$ (0.96)	$ 0.92	$ (0.03)	$ 5.22	$ 8.64	$ 1.65

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Restricted shares and units in which performance or market conditions were not satisfied	3.9	6.8	7.5
Warrant [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted EPS	7.8	7.8	3.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 1,789,856	$ 1,517,338	$ 1,454,183
Reclassification to interest expense	1,485	1,621	1,770
Income tax expense	(354)	(621)	(700)
Reclassification of taxes	(970)
Ending Balance	2,067,964	1,789,856	1,517,338
Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(4,002)	(5,002)
Reclassification to interest expense	1,485	1,621
Income tax expense	(354)	(621)
Reclassification of taxes	(970)
Ending Balance	(3,841)	(4,002)	(5,002)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	9	9
Income tax expense	0	0
Reclassification of taxes	0
Ending Balance	9	9	9
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(3,993)	(4,993)	(6,063)
Ending Balance	$ (3,832)	$ (3,993)	$ (4,993)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income Loss [Abstract]
Unamortized realized loss in Accumulated other comprehensive income (loss) related to forward-starting interest rate swaps	$ 5
Net realized losses reclassified into earnings	1.5	$ 1.6
Realized losses related to forward-starting interest rate swaps expected to be reclassified into earnings within the next 12 months	$ 1.3

Selected Quarterly Financial _3

Selected Quarterly Financial Information (Unaudited) - Summary of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Selected Quarterly Financial Information Detail [Abstract]
Total Operating Revenue	$ 764,958	$ 656,607	$ 666,145	$ 590,014	$ 627,952	$ 535,748	$ 517,366	$ 475,394
Operating Income	127,557	54,470	60,946	40,569	106,748	52,712	58,478	24,036
Income (Loss) from continuing operations, net of taxes	211,004	71,138	(21,123)	9,628	209,454	(24,195)	39,044	35
Loss from discontinued operations, net of taxes	(30)	(7)	(27)	(16)	(6)	33	(105)	(787)	$ (80)	$ (865)	$ (1,109)
Net Income (Loss)	$ 210,974	$ 71,131	$ (21,150)	$ 9,612	$ 209,448	$ (24,162)	$ 38,939	$ (752)
Earnings (Loss) per share from continuing operations:
Basic	$ 8.25	$ 2.78	$ (0.83)	$ 0.38	$ 8.28	$ (0.96)	$ 1.55	$ 0	$ 10.60	$ 8.89	$ 1.72
Diluted	2.73	0.84	(0.83)	0.37	6.71	(0.96)	0.92	0	5.22	8.68	1.70
Loss per share from discontinued operations:
Basic	0	0	0	0	0	0	0	(0.03)	0	(0.03)	(0.04)
Diluted	0	0	0	0	0	0	0	(0.03)	0	(0.03)	(0.04)
Earnings (Loss) per share:
Basic	8.25	2.78	(0.83)	0.38	8.28	(0.96)	1.54	(0.03)	10.60	8.85	1.67
Diluted	$ 2.73	$ 0.84	$ (0.83)	$ 0.37	$ 6.71	$ (0.96)	$ 0.92	$ (0.03)	$ 5.22	$ 8.64	$ 1.65

Selected Quarterly Financial _4

Selected Quarterly Financial Information (Unaudited) - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017
Selected Quarterly Financial Information Narrative Detail [Abstract]
Unrealized gain (loss) on financial instruments	$ 134.8	$ 46.1	$ (50)	$ (7.7)	$ 23.7	$ (44.8)	$ 13.8	$ (5.2)
Income tax benefit related to the U.S. tax cuts and jobs act					$ 130				$ 130

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 1,494	$ 997	$ 1,247
Additions Charged to Costs and Expenses	12	198	508
Deductions, net of recoveries	57	299	(758)
Balance at End of Period	$ 1,563	$ 1,494	$ 997