Atlas Air Worldwide (AAWW) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019
Cover [Abstract]
Document Type	10-Q
Document period end date	Sep. 30, 2019
Amendment flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Current fiscal year end date	--12-31
Entity central index key	0001135185
Entity filer category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity registrant name	ATLAS AIR WORLDWIDE HOLDINGS INC
Entity common stock shares outstanding		25,870,876
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-16545
Entity Tax Identification Number	13-4146982
Entity Address, Address Line One	2000 Westchester Avenue
Entity Address, Address Line Two	Purchase
Entity Address, State or Province	NY
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10577
City Area Code	914
Local Phone Number	701-8000
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	AAWW
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 70,327	$ 221,501
Short-term investments	2,129	15,624
Restricted cash	10,376	11,240
Accounts receivable, net of allowance of $1,521 and $1,563, respectively	264,752	269,320
Prepaid expenses and other current assets	82,505	112,146
Total current assets	430,089	629,831
Property and Equipment
Flight equipment	5,377,985	5,213,734
Ground equipment	87,282	75,939
Less: accumulated depreciation	(1,020,278)	(860,354)
Flight equipment modifications in progress	88,632	32,916
Property and equipment, net	4,533,621	4,462,235
Other Assets
Operating lease right-of-use assets	520,063	0
Deferred costs and other assets	403,871	345,037
Intangible assets, net and goodwill	81,590	97,689
Total Assets	5,969,234	5,534,792
Current Liabilities
Accounts payable	90,850	87,229
Accrued liabilities	522,694	465,669
Current portion of long-term debt and finance lease	341,807	264,835
Current portion of long-term operating leases	141,362	0
Total current liabilities	1,096,713	817,733
Other Liabilities
Long-term debt and finance lease	2,031,642	2,205,005
Long-term operating leases	427,459	0
Deferred taxes	186,599	256,970
Financial instruments and other liabilities	33,529	187,120
Total other liabilities	2,679,229	2,649,095
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; 31,043,847 and 30,582,571 shares issued, 25,867,423 and 25,590,293 shares outstanding (net of treasury stock), as of September 30, 2019 and December 31, 2018, respectively	310	306
Additional paid-in-capital	752,790	736,035
Treasury stock, at cost; 5,176,424 and 4,992,278 shares, respectively	(213,837)	(204,501)
Accumulated other comprehensive loss	(3,059)	(3,832)
Retained earnings	1,657,088	1,539,956
Total stockholders’ equity	2,193,292	2,067,964
Total Liabilities and Equity	$ 5,969,234	$ 5,534,792

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 1,521	$ 1,563
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	31,043,847	30,582,571
Common stock shares outstanding	25,867,423	25,590,293
Treasury stock shares	5,176,424	4,992,278

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating Revenue	$ 648,539	$ 656,607	$ 1,992,140	$ 1,912,766
Operating Expenses
Salaries, wages and benefits	145,987	138,345	432,911	392,603
Aircraft fuel	123,132	119,604	351,611	345,613
Travel	49,110	41,605	140,513	123,810
Aircraft rent	40,048	39,973	122,271	119,778
Navigation fees, landing fees and other rent	32,270	43,258	110,468	116,553
Passenger and ground handling services	34,453	28,716	97,138	86,980
Special charge, net	18,861	0	22,130	9,374
Transaction-related expenses	324	765	3,585	1,275
Other	54,494	46,318	160,548	143,663
Total Operating Expenses	649,418	602,137	1,937,175	1,756,781
Operating (Loss) Income	(879)	54,470	54,965	155,985
Non-operating Expenses (Income)
Interest income	(653)	(1,592)	(3,975)	(4,704)
Interest expense	30,117	31,115	90,515	87,639
Capitalized interest	(853)	(1,120)	(1,943)	(4,335)
Loss on early extinguishment of debt	559	0	804	0
Unrealized (gain) loss on financial instruments	(83,175)	(46,080)	(78,900)	11,691
Other (income) expense, net	1,434	975	(596)	(10,777)
Total Non-operating Expenses (Income)	(52,571)	(16,702)	5,905	79,514
Income from continuing operations before income taxes	51,692	71,172	49,060	76,471
Income tax (benefit) expense	(8,282)	34	(68,072)	16,828
Income from continuing operations, net of taxes	59,974	71,138	117,132	59,643
Loss from discontinued operations, net of taxes	0	(7)	0	(50)
Net Income	$ 59,974	$ 71,131	$ 117,132	$ 59,593
Earnings per share from continuing operations:
Basic	$ 2.32	$ 2.78	$ 4.54	$ 2.34
Diluted	2.32	0.84	1.34	2.27
Loss per share from discontinued operations:
Basic		0		0
Diluted		0		0
Earnings per share:
Basic	2.32	2.78	4.54	2.33
Diluted	$ 2.32	$ 0.84	$ 1.34	$ 2.27
Weighted average shares:
Basic	25,854	25,575	25,814	25,526
Diluted	25,854	28,747	26,909	26,274
Service [Member]
Operating Expenses
Maintenance, materials and repairs	$ 88,240	$ 88,136	$ 305,331	$ 261,251
Depreciation and amortization	$ 62,499	$ 55,417	$ 190,669	$ 155,881

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 59,974	$ 71,131	$ 117,132	$ 59,593
Other comprehensive income:
Reclassification to interest expense	331	370	1,012	1,120
Income tax expense	(78)	(88)	(239)	(265)
Other comprehensive income	253	282	773	855
Comprehensive Income	$ 60,227	$ 71,413	$ 117,905	$ 60,448

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities:
Income from continuing operations, net of taxes	$ 117,132	$ 59,643
Less: Loss from discontinued operations, net of taxes	0	(50)
Net Income	117,132	59,593
Adjustments to reconcile Net Income to net cash provided by operating activities:
Depreciation and amortization	241,284	189,682
Accretion of debt securities discount	(237)	(719)
Provision for allowance for doubtful accounts	(83)	40
Loss on early extinguishment of debt	804	0
Special charge, net of cash payments	22,130	9,374
Unrealized (gain) loss on financial instruments	(78,900)	11,691
Deferred taxes	(68,552)	16,453
Stock-based compensation	16,553	15,376
Changes in:
Accounts receivable	1,397	(59,058)
Prepaid expenses, current assets and other assets	(69,254)	(34,483)
Accounts payable and accrued liabilities	11,016	56,174
Net cash provided by operating activities	193,290	264,123
Investing Activities:
Capital expenditures	(107,594)	(84,819)
Payments for flight equipment and modifications	(153,706)	(543,342)
Proceeds from insurance	38,133	0
Proceeds from investments	14,367	9,461
Net cash used for investing activities	(208,800)	(618,700)
Financing Activities:
Proceeds from debt issuance	93,723	400,471
Payment of debt issuance costs	(1,316)	(6,632)
Payments of debt and finance lease obligations	(273,142)	(180,722)
Proceeds from revolving credit facility	50,000	135,000
Payment of revolving credit facility	0	(60,000)
Customer maintenance reserves and deposits received	11,717	11,520
Customer maintenance reserves paid	(8,174)	0
Purchase of treasury stock	(9,336)	(10,769)
Net cash provided by (used for) financing activities	(136,528)	288,868
Net decrease in cash, cash equivalents and restricted cash	(152,038)	(65,709)
Cash, cash equivalents and restricted cash at the beginning of period	232,741	291,864
Cash, cash equivalents and restricted cash at the end of period	80,703	226,155
Noncash Investing and Financing Activities:
Acquisition of flight equipment included in Accounts payable and accrued liabilities	55,610	42,826
Acquisition of property and equipment acquired under operating leases	21,969	0
Acquisition of flight equipment under capital lease	$ 10,825	$ 0

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 2017	$ 1,789,856	$ 301	$ (193,732)	$ 715,735	$ (3,993)	$ 1,271,545
Net Income	59,593	0	0	0	0	59,593
Other comprehensive income	855	0	0	0	855	0
Cumulative effect of change in accounting principle	(3,126)	0	0	0	0	(3,126)
Stock-based compensation	15,376	0	0	15,376	0	0
Purchase of shares of treasury stock	(10,769)	0	(10,769)	0	0	0
Issuance of shares of restricted stock	0	5	0	(5)	0	0
Reclassification of tax effect on other comprehensive loss	0	0	0	0	(970)	970
Ending Balance at Sep. 30, 2018	1,851,785	306	(204,501)	731,106	(4,108)	1,328,982
Beginning Balance at Jun. 30, 2018	1,776,073	306	(204,051)	726,357	(4,390)	1,257,851
Net Income	71,131	0	0	0	0	71,131
Other comprehensive income	282	0	0	0	282	0
Stock-based compensation	4,749	0	0	4,749	0	0
Purchase of shares of treasury stock	(450)	0	(450)	0	0	0
Ending Balance at Sep. 30, 2018	1,851,785	306	(204,501)	731,106	(4,108)	1,328,982
Beginning Balance at Dec. 31, 2018	2,067,964	306	(204,501)	736,035	(3,832)	1,539,956
Net Income	117,132	0	0	0	0	117,132
Other comprehensive income	773	0	0	0	773	0
Stock-based compensation	16,553	0	0	16,553	0	0
Customer warrant	206	0	0	206	0	0
Purchase of shares of treasury stock	(9,336)	0	(9,336)	0	0	0
Issuance of shares of restricted stock	0	4	0	(4)	0	0
Ending Balance at Sep. 30, 2019	2,193,292	310	(213,837)	752,790	(3,059)	1,657,088
Beginning Balance at Jun. 30, 2019	2,127,109	310	(213,728)	746,725	(3,312)	1,597,114
Net Income	59,974	0	0	0	0	59,974
Other comprehensive income	253	0	0	0	253	0
Stock-based compensation	6,527	0	0	6,527	0	0
Customer warrant	(462)	0	0	(462)	0	0
Purchase of shares of treasury stock	(109)	0	(109)	0	0	0
Issuance of shares of restricted stock	0	0	0	0	0	0
Ending Balance at Sep. 30, 2019	$ 2,193,292	$ 310	$ (213,837)	$ 752,790	$ (3,059)	$ 1,657,088

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parentheticals) (Unaudited) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Stockholders Equity [Abstract]
Purchase of shares of treasury stock	4,064	7,082	184,146	180,084
Issuance of shares of restricted stock	17,347		461,276	477,923

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
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. The terms “we,” “us,” “our,” and the “Company” mean AAWW and all entities included in its consolidated financial statements. We provide outsourced aircraft and aviation operating services throughout the world, serving Africa, Asia, Australia, Europe, the Middle East, North America and South America through: (i) contractual service arrangements, including those through which we provide aircraft to customers and value-added services, including crew, maintenance and insurance (“ACMI”), as well as those through which we provide crew, maintenance and insurance, but not the aircraft (“CMI”); (ii) cargo and passenger charter services (“Charter”); and (iii) dry leasing aircraft and engines (“Dry Leasing” or “Dry Lease”). The accompanying unaudited consolidated financial statements and related notes (the “Financial Statements”) have been prepared in accordance with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10-Q, and consequently exclude certain disclosures normally included in audited consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Intercompany accounts and transactions have been eliminated. The Financial Statements should be read in conjunction with the audited consolidated financial statements and the notes included in the AAWW Annual Report on Form 10-K for the year ended December 31, 2018, which includes additional disclosures and a summary of our significant accounting policies. The December 31, 2018 balance sheet data was derived from that Annual Report. In our opinion, the Financial Statements contain all adjustments, consisting of normal recurring items, necessary to fairly state the financial position of AAWW and its consolidated subsidiaries as of September 30, 2019, the results of operations for the three and nine months ended September 30, 2019 and 2018, comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018, cash flows for the nine months ended September 30, 2019 and 2018, and shareholders’ equity as of and for the three and nine months ended September 30, 2019 and 2018. Our quarterly results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. Except for per share data, all dollar amounts are in thousands unless otherwise noted.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Warrant Liability Common stock warrants classified as a liability are 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 warrant liability, 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. Our earnings are affected by changes in our common stock price due to the impact those changes have on the fair value of our warrant liability (see Note 4 to our Financial Statements). 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. 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 included in Depreciation and amortization was $5.5 million and $3.3 million for the three months ended September 30, 2019 and 2018, respectively and was $15.2 million and $8.6 million for the nine months ended September 30, 2019 and 2018, respectively. Deferred maintenance included within Deferred costs and other assets is as follows: Deferred Maintenance Balance as of December 31, 2018 $ 103,647 Deferred maintenance costs 106,299 Disposals (1,551 ) Amortization of deferred maintenance (15,188 ) Balance as of September 30, 2019 $ 193,207 Recent Accounting Pronouncements Adopted in 2019 In February 2016, the Financial Accounting Standards Board (“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 continues 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. We adopted the new guidance on January 1, 2019 using the modified retrospective approach, which was applied beginning on the adoption date. 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 consolidated statements of operations or cash flows. We recognized operating lease right-of-use assets, net of pre-existing deferred rent and operating lease intangibles, and operating lease liabilities on our consolidated balance sheets of approximately $596.9 million and $650.0 million, respectively, on the adoption date (see Note 8 to our Financial Statements).

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Parties	3. Related Parties Polar AAWW has a 51% equity interest and 75% voting interest in Polar. DHL Network Operations (USA), Inc. (“DHL”), a subsidiary of Deutsche Post AG, holds a 49% equity interest and a 25% voting interest in Polar. Polar is a variable interest entity that we do not consolidate because we are not the primary beneficiary as the risks associated with the direct costs of operation are with DHL. Under a 20-year blocked space agreement, which began in 2008, Polar provides air cargo capacity to DHL. Atlas has several agreements with Polar to provide ACMI, CMI, Dry Leasing, administrative, sales and ground support services to one another. We do not have any financial exposure to fund debt obligations or operating losses of Polar, except for any liquidated damages that we could incur under these agreements. The following table summarizes our transactions with Polar: For the Three Months Ended For the Nine Months Ended Revenue and Expenses: September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenue from Polar $ 84,957 $ 99,671 $ 283,313 $ 305,401 Ground handling and airport fees to Polar 568 841 1,631 2,219 Accounts receivable/payable as of: September 30, 2019 December 31, 2018 Receivables from Polar $ 1,145 $ 16,349 Payables to Polar 7,277 2,527 Aggregate Carrying Value of Polar Investment as of: September 30, 2019 December 31, 2018 Aggregate Carrying Value of Polar Investment $ 4,870 $ 4,870 In addition to the amounts in the table above, Atlas recognized revenue of $23.8 million and $34.3 million for the three months ended September 30, 2019 and 2018, respectively, and $70.2 million and $70.9 million for the nine months ended September 30, 2019 and 2018, respectively, from flying on behalf of Polar. GATS We hold a 50% interest in GATS GP (BVI) Ltd. (“GATS”), a joint venture with an unrelated third party. As of September 30, 2019 and December 31, 2018, our investment in GATS was $20.7 million and $22.3 million, respectively. We had Accounts payable to GATS of $1.1 million as of September 30, 2019 and $0.5 million as of December 31, 2018.

Amazon

Amazon	9 Months Ended
	Sep. 30, 2019
Warrants And Rights Note Disclosure [Abstract]
Amazon	4. Amazon In May 2016, we entered into certain agreements with Amazon.com, Inc. and its subsidiary, Amazon Fulfillment Services, Inc., (collectively “Amazon”), which involves, among other things, CMI operation of up to 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 ten years). Between August 2016 and November 2018, we placed all 20 767-300 freighter aircraft into service for Amazon. In February 2019, the number of 767-300 freighters in CMI and Dry Lease service for Amazon was reduced to 19 with the loss of an aircraft. In September 2019, the number of 767-300 freighters in CMI service for Amazon was reduced to 17 with the early termination of CMI services for two aircraft. In conjunction with the agreements entered into in May 2016, 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 (“Warrant A”). As of December 31, 2018, this warrant to purchase 7.5 million shares had vested in full. Warrant A is exercisable in accordance with its terms through 2021. As of September 30, 2019, no portion of Warrant A has been exercised. The agreements entered into in May 2016 also provided 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 (“Warrant B”). This warrant to purchase 3.75 million shares will vest in increments of 37,500 shares each time Amazon has paid $4.2 million of revenue to us, up to a total of $420.0 million, for incremental business beyond the original 20 767-300 freighters. As of September 30, 2019, 37,500 shares of Warrant B have vested. Upon vesting, Warrant B becomes exercisable in accordance with its terms through May 2023. As of September 30, 2019, no portion of Warrant B has been exercised. In March 2019, we amended the agreements entered into in 2016 with Amazon, pursuant to which we will provide CMI services using Boeing 737-800 freighter aircraft provided by Amazon. The 737-800 CMI operations will be for a term of seven years from the commencement of each agreement (with an option for Amazon to extend the term to ten years). As of September 30, 2019, the first four of five 737-800 freighter aircraft entered CMI service and the fifth aircraft is expected to enter service during the fourth quarter of 2019. Amazon may, in its sole discretion, place up to 15 additional 737-800 freighter aircraft into service with us by May 31, 2021. In connection with the amended agreements, we granted Amazon a warrant to acquire up to an additional 9.9% of our outstanding common shares, after giving effect to the issuance of shares pursuant to the warrants, for an exercise price of $52.90 per share (“Warrant C”). When combined with Warrant A and Warrant B, this would allow Amazon to acquire up to a total of 39.9% (after the issuance) of our outstanding common shares and Amazon would be entitled to vote the shares it owns up to 14.9% of our outstanding common shares, in its discretion. Amazon would be required to vote any shares it owns in excess of 14.9% of our outstanding common shares in accordance with the recommendation of our board of directors. After Warrant B has vested in full, this warrant to purchase 6.6 million shares would vest in increments of 45,428 shares each time Amazon has paid $6.9 million of revenue to us, up to a total of $1.0 billion, for incremental business beyond Warrant A and Warrant B. As of September 30, 2019, no portion of Warrant C has vested. Upon vesting, Warrant C would become exercisable in accordance with its terms through March 2026. At the time of vesting, the fair value of the vested portion of the warrants issued to Amazon is recorded as a warrant liability within Financial instruments and other liabilities (the “Amazon Warrant”). The initial fair value of the vested portion of Warrant A was recognized as a customer incentive asset within Deferred costs and other assets, net and is amortized as a reduction of Operating Revenue in proportion to the amount of revenue recognized over the terms of the Dry Leases and CMI agreements. Determining the amount of amortization related to the CMI agreements requires significant judgment to estimate the total number of Block Hours expected over the terms of those agreements. When it becomes probable that an increment of either Warrant B or C will vest and the related revenue begins to be recognized, the fair value of such portion is recorded as Additional paid-in-capital. The initial fair value of such increment is also recognized as a customer incentive asset within Deferred costs and other assets, net and is amortized as a reduction of Operating Revenue in proportion to the amount of related revenue recognized. At the time of vesting, the amount recorded in Additional paid-in-capital would be reclassified to the Amazon Warrant liability. We amortized $12.8 million and $4.1 million of the customer incentive asset for the three months ended September 30, 2019 and 2018, respectively. We amortized $26.0 million and $10.0 million of the customer incentive asset for the nine months ended September 30, 2019 and 2018, respectively. Amortization of the customer incentive asset for the three and nine months ended September 30, 2019 included $6.4 million of accelerated amortization related to a 767-300 aircraft that is no longer in CMI service. Customer incentive asset included within Deferred costs and other assets is as follows: Balance at December 31, 2018 $ 184,720 Initial value for estimate of vested or expected to vest warrants 413 Amortization of customer incentive asset (26,018 ) Balance at September 30, 2019 $ 159,115 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 recognized net unrealized gains of $83.2 million and $78.9 million on the Amazon Warrant during the three and nine months ended September 30, 2019, respectively. We recognized a net unrealized gain of $46.1 million and a net unrealized loss of $11.7 million on the Amazon Warrant during the three and nine months ended September 30, 2018, respectively. The fair value of the Amazon Warrant liability was $20.3 million as of September 30, 2019 and $99.0 million as of December 31, 2018.

Supplemental Balance Sheet and

Supplemental Balance Sheet and Cash Flow Information	9 Months Ended
	Sep. 30, 2019
Supplemental Balance Sheet And Cash Flow Information [Abstract]
Supplemental Balance Sheet and Cash Flow Information	5. Supplemental Balance Sheet and Cash Flow Information Accounts Receivable Accounts receivable, net of allowance related to customer contracts, excluding Dry Leasing contracts, was $216.3 million as of September 30, 2019 and $227.1 million as of December 31, 2018. Accrued Liabilities Accrued liabilities consisted of the following as of: September 30, 2019 December 31, 2018 Maintenance $ 186,946 $ 133,337 Customer maintenance reserves 107,790 104,454 Salaries, wages and benefits 52,517 82,809 Aircraft fuel 35,636 32,641 Deferred revenue 41,808 26,584 Other 97,997 85,844 Accrued liabilities $ 522,694 $ 465,669 Revenue Contract Liability 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 Revenue contract liability balances during the nine months ended September 30, 2019 were as follows: Balance as of December 31, 2018 $ 13,007 Revenue recognized (105,359 ) Amounts collected or invoiced 122,474 Balance as of September 30, 2019 $ 30,122 Supplemental Cash Flow Information 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: September 30, 2019 December 31, 2018 Cash and cash equivalents $ 70,327 $ 221,501 Restricted cash 10,376 11,240 Total Cash, cash equivalents and restricted cash shown in Consolidated Statements of Cash Flows $ 80,703 $ 232,741

Special Charge

Special Charge	9 Months Ended
	Sep. 30, 2019
Aircraft And Aircraft Engines Held For Sale [Abstract]
Special Charge	6. Special Charge During the three months ended September 30, 2019, we recognized a Special charge, net primarily related to $19.6 million of impairment losses for four CF6-80 engines being disposed of and the permanent parking of two 737-400 passenger aircraft used for training purposes. During the nine months ended September 30, 2018, we recognized $9.4 million of impairment losses for five CF6-80 engines traded in as part of our engine acquisition program.

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	7. Debt Term Loans In August 2019, we refinanced a higher-rate secured term loan with a new $74.0 million lower-rate secured five-year term loan with a final payment of $32.0 million due in August 2024 (the “Second 2019 Term Loan”) for spare GEnx engines. The Second 2019 Term Loan contains customary covenants, events of default and accrues interest at a fixed rate of 2.98%, with principal and interest payable quarterly. In connection with the refinancing, we recognized a $0.6 million loss on early extinguishment of debt. In March 2019, we borrowed $19.7 million under an unsecured five-year term loan due in March 2024 (the “First 2019 Term Loan”) for GEnx engine performance upgrade kits and overhauls. The First 2019 Term Loan contains customary covenants, events of default and accrues interest at a fixed rate of 2.73%, with principal and interest payable quarterly. In March 2019, we received $41.1 million in proceeds from insurance related to the loss of a 767-300 freighter aircraft and used $20.7 million of the proceeds to repay two term loans related to the aircraft. In connection with the repayment, we recognized a $0.2 million loss on early of extinguishment of debt. During the nine months ended September 30, 2019, we also recognized a net insurance recovery of $3.6 million resulting from the excess of insurance proceeds over the carrying amount of the aircraft and other related costs within Other income, net. Convertible Notes In May 2017, we issued $289.0 million aggregate principal amount of 1.875% 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 2.25% 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 Convertible Notes consisted of the following as of September 30, 2019: 2017 Convertible Notes 2015 Convertible Notes Remaining life in months 56 32 Liability component: Gross proceeds $ 289,000 $ 224,500 Less: debt discount, net of amortization (49,883 ) (23,013 ) Less: debt issuance cost, net of amortization (3,896 ) (2,151 ) Net carrying amount $ 235,221 $ 199,336 Equity component (1) $ 70,140 $ 52,903 (1) Included in Additional paid-in capital on the consolidated balance sheet as of September 30, 2019. The following table presents the amount of interest expense recognized related to the Convertible Notes: For the Three Months Ended For the Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Contractual interest coupon $ 2,618 $ 2,618 $ 7,853 $ 7,853 Amortization of debt discount 4,253 3,994 12,560 11,798 Amortization of debt issuance costs 379 397 1,126 1,119 Total interest expense recognized $ 7,250 $ 7,009 $ 21,539 $ 20,770 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”).

Leases and Guarantees

Leases and Guarantees	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases and Guarantees	8. Leases and Guarantees Adoption We adopted the new lease accounting guidance using the modified retrospective method and applied it to all leases based on the contract terms in effect as of January 1, 2019. For existing contracts, we carried forward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. Although our performance obligations under ACMI contracts include the provision of aircraft to customers, we do not separate any potential aircraft lease components from the nonlease components of these contracts as the provision of the crew, maintenance and insurance components are, in the aggregate, the predominant components. Such contracts are accounted for in their entirety under the amended guidance for revenue recognition. Lessee As of September 30, 2019, we lease 21 aircraft, of which 19 are operating leases. Lease expirations for our leased aircraft range from March 2020 to June 2032. In addition, we lease a variety of office space, airport station locations, warehouse space, vehicles and equipment, with lease expirations ranging from to May 2027. . The following table presents the lease-related assets and liabilities recorded on the consolidated balance sheet: Classification on the Consolidated Balance Sheets September 30, 2019 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 520,063 Finance lease assets Property and equipment, net 41,245 Less: Accumulated amortization on finance lease assets Property and equipment, net (5,144 ) Total lease assets $ 556,164 Liabilities Current Operating lease liabilities Current portion of long-term operating leases $ 141,362 Finance lease liabilities Current portion of long-term debt and finance lease 11,399 Noncurrent Operating lease liabilities Long-term operating leases 427,459 Finance lease liabilities Long-term debt and finance lease 29,816 Total lease liabilities $ 610,036 Weighted Average Remaining Lease Term in years Operating Leases 4.15 Finance Leases 9.68 Weighted Average Discount Rate Operating Leases 4.53 % Finance Leases 15.73 % The following table presents information related to lease costs for finance and operating leases: For the Three Months Ended For the Nine Months Ended September 30, 2019 September 30, 2019 Fixed operating lease costs (1) $ 39,976 $ 120,056 Variable operating lease costs (1) 4,083 13,381 Finance lease costs: Amortization of leased assets 636 1,633 Interest on lease liabilities 1,380 4,052 Total lease cost $ 46,075 $ 139,122 (1) Expenses are classified within Aircraft rent and Navigation fees, landing fees and other rent on the consolidated statement of operations. Short-term lease contracts are not material. The table below presents supplemental cash flow information related to leases as follows: For the Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 124,319 Operating cash flows for finance lease 4,052 Financing cash flows for finance lease 617 As of September 30, 2019, maturities of lease liabilities for the periods indicated were as follows: Operating Finance Leases Lease Total 2019 $ 43,103 $ 2,007 $ 45,110 2020 160,068 16,522 176,590 2021 167,623 6,000 173,623 2022 118,998 6,000 124,998 2023 66,502 6,000 72,502 Thereafter 67,155 50,500 117,655 Total minimum rental payments 623,449 87,029 710,478 Less: imputed interest 54,628 45,814 100,442 Total $ 568,821 $ 41,215 $ 610,036 As of September 30, 2019, the Company’s obligations for operating leases that have not yet commenced are immaterial. In October 2019, we entered into a long-term lease for a building with an expected operating lease liability of approximately $19.7 million that is expected to commence during the second half of 2020. As of December 31, 2018, our minimum annual rental commitments for the periods indicated under operating leases with initial or remaining terms of more than one year were as follows: Operating Leases 2019 $ 166,516 2020 159,383 2021 166,056 2022 115,591 2023 61,755 Thereafter 53,430 Total $ 722,731 Lessor 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 all are accounted for as operating leases. We record Dry Lease rental income on a straight-line basis over the term of the operating lease. Dry Lease rental income subject to adjustment based on an index is recognized on a straight-line basis over each adjustment period. Our Dry Leases do not contain purchase options, renewal options or residual guarantees. In addition, our Dry Leases typically do not contain early termination options. If they do, there are typically substantial termination penalties. Rentals received but unearned under the lease agreements are recorded in deferred revenue and included in Accrued liabilities until earned. To manage our residual value risk, we require lessees to perform maintenance on the Dry Leased asset and they may also be required to make maintenance payments to us during or at the end of the lease term. When an aircraft is returned at the end of lease, if we choose not to re-lease or sell the returned aircraft, we typically have the ability to operate the aircraft in our ACMI and Charter segments. Customer maintenance reserves are amounts received during the lease term that are subject to reimbursement to the lessee upon the completion of qualifying maintenance work on the specific Dry Leased asset 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. End of lease maintenance payments are amounts received upon return of the Dry Leased asset based on the utilization of the asset during the lease term. Such payments made to us are recognized as revenue at the end of the lease. As of September 30, 2019, our contractual amount of minimum receipts, excluding taxes, for the periods indicated under Dry Leases reflecting the terms that were in effect were as follows: 2019 $ 41,752 2020 166,985 2021 145,288 2022 137,604 2023 104,139 Thereafter 246,466 Total minimum lease receipts $ 842,234 As of December 31, 2018, our contractual amount of minimum receipts, excluding taxes, for the periods indicated under Dry Leases reflecting the terms that were in effect were as follows: 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 The net book value of flight equipment on Dry Lease to customers was $1,636.6 million as of September 30, 2019 and $1,717.5 million as of December 31, 2018. The accumulated depreciation for flight equipment on Dry Lease to customers was $288.2 million as of September 30, 2019 and $232.4 million as of December 31, 2018. See Note 11 to our Financial Statements for disclosure of our Dry Leasing segment revenue. 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	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The income tax benefit for the three months ended September 30, 2019 differed from tax at the U.S. statutory rate primarily due to $18.2 million of tax benefit from nontaxable changes in the fair value of the customer warrant liability (see Note 4 to our Financial Statements). The income tax benefit for the nine months ended September 30, 2019 differed from tax at the U.S. statutory rate primarily due to $59.8 million of tax benefit related to the favorable completion of the IRS’s examination of our 2015 income tax return, and to a lesser extent, $17.3 million of tax benefit from nontaxable changes in the fair value of the customer warrant liability. The income tax expense for the three and nine months ended September 30, 2018 differed from tax at the U.S. statutory rate due to $8.7 million of tax benefit from the remeasurement of our deferred income tax liability for Singapore. In addition, the income tax expense for the three and nine months ended September 30, 2018 differed from tax at the U.S. statutory rate due to changes in the fair value of the customer warrant liability (see Note 4 to our Financial Statements). This change resulted in $6.1 million of tax benefit for the three months ended September 30, 2018, and $11.8 million of tax expense for the nine months ended September 30, 2018.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Financial Instruments	10. Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are classified in the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 Other inputs that are observable directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, or inactive quoted prices for identical assets or liabilities in inactive markets; Level 3 Unobservable inputs reflecting assumptions about the inputs used in pricing the asset or liability. We endeavor to utilize the best available information to measure fair value. 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 Pass-Through Trust Certificates related to enhanced equipment trust certificates (“EETCs”) issued by Atlas in 1998 and 1999. Term loans and notes consist of term loans, notes guaranteed by the Export-Import Bank of the United States (“Ex-Im Bank”), 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: September 30, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 70,327 $ 70,327 $ 70,327 $ - $ - Short-term investments 2,129 2,129 - - 2,129 Restricted cash 10,376 10,376 10,376 - - $ 82,832 $ 82,832 $ 80,703 $ - $ 2,129 Liabilities Term loans and notes $ 1,888,893 $ 2,016,272 $ - $ - $ 2,016,272 Revolver 50,000 51,208 - - 51,208 Convertible notes (1) 434,555 444,235 444,235 - - Customer warrant 20,306 20,306 - 20,306 - $ 2,393,754 $ 2,532,021 $ 444,235 $ 20,306 $ 2,067,480 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 (1) Carrying value is net of debt discounts and debt issuance costs (see Note 7 to our Financial Statements). Gross unrealized gains on our long-term investments and accrued interest were $0.5 million at December 31, 2018.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	11. Segment Reporting Our business is organized into three operating segments based on our service offerings: ACMI, Charter and Dry Leasing. All segments are directly or indirectly engaged in the business of air transportation services but have different commercial and economic characteristics. Each operating segment is separately reviewed by our chief operating decision maker to assess operating results and make resource allocation decisions. We do not 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 charge, Transaction-related expenses, nonrecurring items, Losses (gains) on the disposal of aircraft, Losses on early extinguishment of debt, Unrealized (gain) loss on financial instruments, and Unallocated expenses and (income), 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, including certain contract start-up costs. The following table sets forth Operating Revenue and Direct Contribution for our reportable segments reconciled to Operating Income (Loss) and Income from continuing operations before income taxes: For the Three Months Ended For the Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Operating Revenue: ACMI $ 289,024 $ 288,602 $ 902,869 $ 832,777 Charter 324,046 322,750 944,839 954,725 Dry Leasing 43,847 44,487 157,328 120,837 Customer incentive asset amortization (12,796 ) (4,124 ) (26,018 ) (10,010 ) Other 4,418 4,892 13,122 14,437 Total Operating Revenue $ 648,539 $ 656,607 $ 1,992,140 $ 1,912,766 Direct Contribution: ACMI $ 33,401 $ 51,672 $ 114,048 $ 145,251 Charter 36,339 44,370 79,554 129,738 Dry Leasing 12,028 12,645 58,646 36,195 Total Direct Contribution for Reportable Segments 81,768 108,687 252,248 311,184 Unallocated expenses and (income), net (93,507 ) (82,830 ) (255,569 ) (212,373 ) Loss on early extinguishment of debt (559 ) - (804 ) - Unrealized gain (loss) on financial instruments 83,175 46,080 78,900 (11,691 ) Special charge, net (18,861 ) - (22,130 ) (9,374 ) Transaction-related expenses (324 ) (765 ) (3,585 ) (1,275 ) Income from continuing operations before income taxes 51,692 71,172 49,060 76,471 Add back (subtract): Interest income (653 ) (1,592 ) (3,975 ) (4,704 ) Interest expense 30,117 31,115 90,515 87,639 Capitalized interest (853 ) (1,120 ) (1,943 ) (4,335 ) Loss on early extinguishment of debt 559 - 804 - Unrealized (gain) loss on financial instruments (83,175 ) (46,080 ) (78,900 ) 11,691 Other (income) expense, net 1,434 975 (596 ) (10,777 ) Operating (Loss) Income $ (879 ) $ 54,470 $ 54,965 $ 155,985 The following table disaggregates our Charter segment revenue by customer and service type: For the Three Months Ended September 30, 2019 September 30, 2018 Cargo Passenger Total Cargo Passenger Total Commercial customers $ 127,558 $ 17,075 $ 144,633 $ 158,129 $ 11,651 $ 169,780 AMC 85,382 94,031 179,413 85,267 67,703 152,970 Total Charter Revenue $ 212,940 $ 111,106 $ 324,046 $ 243,396 $ 79,354 $ 322,750 For the Nine Months Ended September 30, 2019 September 30, 2018 Cargo Passenger Total Cargo Passenger Total Commercial customers $ 409,640 $ 27,736 $ 437,376 $ 440,881 $ 14,241 $ 455,122 AMC 234,845 272,618 507,463 264,142 235,461 499,603 Total Charter Revenue $ 644,485 $ 300,354 $ 944,839 $ 705,023 $ 249,702 $ 954,725 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 U.S. Military Air Mobility Command (“AMC”), Polar and DHL (see above and Note 3 to our Financial Statements for further discussion regarding Polar). No other customer accounted for more than 10.0% of our Total Operating Revenue. Revenue from DHL was $91.4 million for the three months ended September 30, 2019 and $90.9 million for the three months ended September 30, 2018. Revenue from DHL was $267.8 million for the nine months ended September 30, 2019 and $242.8 million for the nine months ended September 30, 2018. We have not experienced any credit issues with these customers.

Labor and Legal Proceedings

Labor and Legal Proceedings	9 Months Ended
	Sep. 30, 2019
Labor And Legal Proceedings [Abstract]
Labor and Legal Proceedings	12. 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. The Atlas and Southern Air CBAs both have a defined and streamlined process for negotiating a joint CBA (“JCBA”) when a merger occurs, as in the case with the Atlas and Southern Air merger. Pursuant to the merger provisions in both CBAs, joint negotiations for a single CBA for Atlas and Southern Air should commence promptly. Further, once an integrated seniority list (“ISL”) of Atlas and Southern Air pilots is presented to the Company by the union, it triggers a nine month agreed-upon timeframe to negotiate a new JCBA with any unresolved issues promptly submitted to binding arbitration. The IBT has refused to follow the merger provisions in the Atlas and Southern Air CBAs. This has resulted in significant litigation, arbitrations and delay. As more fully stated below, the Company has prevailed in all of the merger related proceedings. After the merger process began, the IBT also 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 NMB conducted a premediation investigation on the IBT’s Atlas application in June 2016, which has remained pending (along with the IBT’s Southern Air application) since 2016. Due to the IBT’s refusal to adhere to the merger provisions of the respective CBAs, in February 2017, the Company 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 District Court”) ruled in the Company’s favor and ordered arbitration of this issue. The IBT appealed the NY District 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 prevailed in both the Atlas and Southern Air management grievance arbitrations against the IBT, with decisions rendered on June 12, 2019 and August 26, 2019, respectively. Both arbitrators ruled that the IBT violated the CBAs by refusing to follow merger provisions in the parties’ respective CBAs, which require formulation of a JCBA covering the combined pilot group. The arbitrators each ordered the IBT to promptly comply with the CBAs by submitting an ISL to the Company within 45 days of each arbitration decision, respectively. The IBT failed to comply with both deadlines for submitting the ISL, which passed on July 27, 2019 for Southern Air, and on October 10, 2019 for Atlas. As a result, on October 25, 2019, the Company filed an action in the U.S. District Court for the District of Columbia (“DC District Court”) to enforce the Atlas and Southern Air arbitration decisions. In connection with its opposition to the merger provisions, the IBT commenced lawsuits in the DC District Court seeking to vacate both arbitration awards. The Company has filed motions to dismiss both lawsuits and these actions are currently pending. Notwithstanding these pending proceedings, the Company and the IBT continue to meet to move the process forward and bargain in good faith for a new JCBA. Substantive progress has been made with tentative agreements for a number of the articles in a new JCBA. Despite repeated requests from the Company, the IBT has yet to provide the Company with a comprehensive economic proposal. In late September 2019, the IBT notified the Company that Atlas pilots represented by the IBT were departing from IBT Local 1224 and forming a new local union, IBT Local 2750 to represent them. The Company has been informed the Southern Air pilots will continue to be represented by IBT Local 1224. The Company continues to work with both Local 2750 and Local 1224 leadership groups. 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 late November 2017, the DC District Court granted the Company’s request to issue a preliminary injunction to stop an illegal work slowdown and require the IBT to meet its obligations under the Railway Labor Act. Specifically, the DC District Court ordered the IBT to 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 District Court’s decision to the U.S. Court of Appeals for the District of Columbia Circuit (“Court of Appeals”). On July 5, 2019, the Court of Appeals, in a unanimous three judge panel, affirmed the DC District Court’s ruling and denied the IBT’s appeal. Therefore, the preliminary injunction remains in full force and 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 (“Defendants”) seeking recovery for damages purportedly arising from allegedly unlawful pricing practices of such Defendants. In response, Defendants 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 Defendants, 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 $4.9 million in aggregate based on September 30, 2019 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. 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. In the other case, we received an administrative decision in favor of the Brazil customs authorities and we are in the process of appealing this decision to the Brazil courts. As required to defend such claims, we have made deposits pending resolution of these matters. The balance was $4.0 million as of September 30, 2019 and $4.1 million as of December 31, 2018, 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 In addition to the matters described in this note, we have certain other contingencies incident to the ordinary course of business. Unless disclosed otherwise, management does not expect that the ultimate disposition of such other contingencies or matters will materially affect our financial condition, results of operations or cash flows.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	13. Earnings Per Share Basic earnings per share (“EPS”) represents income (loss) divided by the weighted average number of common shares outstanding during the measurement period. Diluted EPS represents income (loss) 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 Three Months Ended For the Nine Months Ended Numerator: September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Income from continuing operations, net of taxes $ 59,974 $ 71,138 $ 117,132 $ 59,643 Less: Unrealized gain on financial instruments, net of tax - (46,897 ) (81,139 ) - Diluted income from continuing operations, net of tax $ 59,974 $ 24,241 $ 35,993 $ 59,643 Denominator: Basic EPS weighted average shares outstanding 25,854 25,575 25,814 25,526 Effect of dilutive warrant - 2,471 1,010 - Effect of dilutive convertible notes - 269 - 240 Effect of dilutive restricted stock - 432 85 508 Diluted EPS weighted average shares outstanding 25,854 28,747 26,909 26,274 Earnings per share from continuing operations: Basic $ 2.32 $ 2.78 $ 4.54 $ 2.34 Diluted $ 2.32 $ 0.84 $ 1.34 $ 2.27 Loss per share from discontinued operations: Basic $ - $ (0.00 ) $ - $ (0.00 ) Diluted $ - $ (0.00 ) $ - $ (0.00 ) Earnings per share: Basic $ 2.32 $ 2.78 $ 4.54 $ 2.33 Diluted $ 2.32 $ 0.84 $ 1.34 $ 2.27 Antidilutive shares related to warrants issued in connection with our Convertible Notes and warrants issued to a customer that were out of the money and excluded from the calculation of diluted EPS were 15.3 million and 7.8 million for the three and nine months ended September 30, 2019, respectively and 3.0 million for the three and nine months ended September 30, 2018. Diluted shares reflect the potential dilution that could occur from restricted shares using the treasury stock method. The calculation of EPS does not include restricted share units and customer warrants in which performance or market conditions were not satisfied of 10.6 million for the three and nine months ended September 30, 2019 and 4.7 million for the three and nine months ended September 30, 2018.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income Loss [Abstract]
Accumulated Other Comprehensive Income (Loss)	14. Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of Accumulated other comprehensive income (loss): Interest Rate Foreign Currency Derivatives Translation Total Balance as of December 31, 2017 $ (4,002 ) $ 9 $ (3,993 ) Reclassification to interest expense 1,120 - 1,120 Tax effect (265 ) - (265 ) Reclassification of taxes (970 ) - (970 ) Balance as of September 30, 2018 $ (4,117 ) $ 9 $ (4,108 ) Balance as of December 31, 2018 $ (3,841 ) $ 9 $ (3,832 ) Reclassification to interest expense 1,012 - 1,012 Tax effect (239 ) - (239 ) Balance as of September 30, 2019 $ (3,068 ) $ 9 $ (3,059 ) Interest Rate Derivatives As of September 30, 2019, there was $4.0 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 $0.3 million and $0.4 million for the three months ended September 30, 2019 and 2018, respectively. Net realized losses reclassified into earnings were $1.0 million and $1.1 million for the nine months ended September 30, 2019 and 2018, respectively. Net realized losses expected to be reclassified into earnings within the next 12 months are $1.2 million as of September 30, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Warrant Liability	Warrant Liability Common stock warrants classified as a liability are 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 warrant liability, 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. Our earnings are affected by changes in our common stock price due to the impact those changes have on the fair value of our warrant liability (see Note 4 to our Financial Statements).
Heavy Maintenance Policy	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. 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 included in Depreciation and amortization was $5.5 million and $3.3 million for the three months ended September 30, 2019 and 2018, respectively and was $15.2 million and $8.6 million for the nine months ended September 30, 2019 and 2018, respectively. Deferred maintenance included within Deferred costs and other assets is as follows: Deferred Maintenance Balance as of December 31, 2018 $ 103,647 Deferred maintenance costs 106,299 Disposals (1,551 ) Amortization of deferred maintenance (15,188 ) Balance as of September 30, 2019 $ 193,207
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted in 2019 In February 2016, the Financial Accounting Standards Board (“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 continues 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. We adopted the new guidance on January 1, 2019 using the modified retrospective approach, which was applied beginning on the adoption date. 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 consolidated statements of operations or cash flows. We recognized operating lease right-of-use assets, net of pre-existing deferred rent and operating lease intangibles, and operating lease liabilities on our consolidated balance sheets of approximately $596.9 million and $650.0 million, respectively, on the adoption date (see Note 8 to our Financial Statements).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Schedule of Deferred Maintenance	Deferred maintenance included within Deferred costs and other assets is as follows Deferred Maintenance Balance as of December 31, 2018 $ 103,647 Deferred maintenance costs 106,299 Disposals (1,551 ) Amortization of deferred maintenance (15,188 ) Balance as of September 30, 2019 $ 193,207

Related Parties (Tables)

Related Parties (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Summary of Transactions with Polar	The following table summarizes our transactions with Polar: For the Three Months Ended For the Nine Months Ended Revenue and Expenses: September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenue from Polar $ 84,957 $ 99,671 $ 283,313 $ 305,401 Ground handling and airport fees to Polar 568 841 1,631 2,219 Accounts receivable/payable as of: September 30, 2019 December 31, 2018 Receivables from Polar $ 1,145 $ 16,349 Payables to Polar 7,277 2,527 Aggregate Carrying Value of Polar Investment as of: September 30, 2019 December 31, 2018 Aggregate Carrying Value of Polar Investment $ 4,870 $ 4,870

Amazon (Tables)

Amazon (Tables)	9 Months Ended
	Sep. 30, 2019
Warrants And Rights Note Disclosure [Abstract]
Summary of Customer Incentive Asset within Deferred Costs and Other Assets	Customer incentive asset included within Deferred costs and other assets is as follows: Balance at December 31, 2018 $ 184,720 Initial value for estimate of vested or expected to vest warrants 413 Amortization of customer incentive asset (26,018 ) Balance at September 30, 2019 $ 159,115

Supplemental Balance Sheet an_2

Supplemental Balance Sheet and Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2019
Supplemental Balance Sheet And Cash Flow Information [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following as of: September 30, 2019 December 31, 2018 Maintenance $ 186,946 $ 133,337 Customer maintenance reserves 107,790 104,454 Salaries, wages and benefits 52,517 82,809 Aircraft fuel 35,636 32,641 Deferred revenue 41,808 26,584 Other 97,997 85,844 Accrued liabilities $ 522,694 $ 465,669
Summary of Significant Changes in Revenue Contract Liability Balances	Significant changes in our Revenue contract liability balances during the nine months ended September 30, 2019 were as follows: Balance as of December 31, 2018 $ 13,007 Revenue recognized (105,359 ) Amounts collected or invoiced 122,474 Balance as of September 30, 2019 $ 30,122
Reconciliation of Cash, Cash Equivalents and Restricted Cash	Supplemental Cash Flow Information 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: September 30, 2019 December 31, 2018 Cash and cash equivalents $ 70,327 $ 221,501 Restricted cash 10,376 11,240 Total Cash, cash equivalents and restricted cash shown in Consolidated Statements of Cash Flows $ 80,703 $ 232,741

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Convertible Notes	The Convertible Notes consisted of the following as of September 30, 2019: 2017 Convertible Notes 2015 Convertible Notes Remaining life in months 56 32 Liability component: Gross proceeds $ 289,000 $ 224,500 Less: debt discount, net of amortization (49,883 ) (23,013 ) Less: debt issuance cost, net of amortization (3,896 ) (2,151 ) Net carrying amount $ 235,221 $ 199,336 Equity component (1) $ 70,140 $ 52,903 (1) Included in Additional paid-in capital on the consolidated balance sheet as of September 30, 2019.
Summary of Interest Expense Recognized	The following table presents the amount of interest expense recognized related to the Convertible Notes: For the Three Months Ended For the Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Contractual interest coupon $ 2,618 $ 2,618 $ 7,853 $ 7,853 Amortization of debt discount 4,253 3,994 12,560 11,798 Amortization of debt issuance costs 379 397 1,126 1,119 Total interest expense recognized $ 7,250 $ 7,009 $ 21,539 $ 20,770

Leases and Guarantees (Tables)

Leases and Guarantees (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Summary of Lease-Related Assets and Liabilities Recorded on Consolidated Balance Sheet	The following table presents the lease-related assets and liabilities recorded on the consolidated balance sheet: Classification on the Consolidated Balance Sheets September 30, 2019 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 520,063 Finance lease assets Property and equipment, net 41,245 Less: Accumulated amortization on finance lease assets Property and equipment, net (5,144 ) Total lease assets $ 556,164 Liabilities Current Operating lease liabilities Current portion of long-term operating leases $ 141,362 Finance lease liabilities Current portion of long-term debt and finance lease 11,399 Noncurrent Operating lease liabilities Long-term operating leases 427,459 Finance lease liabilities Long-term debt and finance lease 29,816 Total lease liabilities $ 610,036 Weighted Average Remaining Lease Term in years Operating Leases 4.15 Finance Leases 9.68 Weighted Average Discount Rate Operating Leases 4.53 % Finance Leases 15.73 %
Summary of Lease Costs for Finance and Operating Leases	The following table presents information related to lease costs for finance and operating leases: For the Three Months Ended For the Nine Months Ended September 30, 2019 September 30, 2019 Fixed operating lease costs (1) $ 39,976 $ 120,056 Variable operating lease costs (1) 4,083 13,381 Finance lease costs: Amortization of leased assets 636 1,633 Interest on lease liabilities 1,380 4,052 Total lease cost $ 46,075 $ 139,122 (1) Expenses are classified within Aircraft rent and Navigation fees, landing fees and other rent on the consolidated statement of operations. Short-term lease contracts are not material.
Schedule of Supplemental Cash Flow Information	The table below presents supplemental cash flow information related to leases as follows: For the Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 124,319 Operating cash flows for finance lease 4,052 Financing cash flows for finance lease 617
Schedule of Maturities of Lease Liabilities	As of September 30, 2019, maturities of lease liabilities for the periods indicated were as follows: Operating Finance Leases Lease Total 2019 $ 43,103 $ 2,007 $ 45,110 2020 160,068 16,522 176,590 2021 167,623 6,000 173,623 2022 118,998 6,000 124,998 2023 66,502 6,000 72,502 Thereafter 67,155 50,500 117,655 Total minimum rental payments 623,449 87,029 710,478 Less: imputed interest 54,628 45,814 100,442 Total $ 568,821 $ 41,215 $ 610,036
Summary of Minimum Annual Rental Commitments Under Operating Leases	As of December 31, 2018, our minimum annual rental commitments for the periods indicated under operating leases with initial or remaining terms of more than one year were as follows: Operating Leases 2019 $ 166,516 2020 159,383 2021 166,056 2022 115,591 2023 61,755 Thereafter 53,430 Total $ 722,731
Summary of Contractual Amount of Minimum Receipts Excluding Taxes Under Dry Leases	As of September 30, 2019, our contractual amount of minimum receipts, excluding taxes, for the periods indicated under Dry Leases reflecting the terms that were in effect were as follows: 2019 $ 41,752 2020 166,985 2021 145,288 2022 137,604 2023 104,139 Thereafter 246,466 Total minimum lease receipts $ 842,234 As of December 31, 2018, our contractual amount of minimum receipts, excluding taxes, for the periods indicated under Dry Leases reflecting the terms that were in effect were as follows: 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

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
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: September 30, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 70,327 $ 70,327 $ 70,327 $ - $ - Short-term investments 2,129 2,129 - - 2,129 Restricted cash 10,376 10,376 10,376 - - $ 82,832 $ 82,832 $ 80,703 $ - $ 2,129 Liabilities Term loans and notes $ 1,888,893 $ 2,016,272 $ - $ - $ 2,016,272 Revolver 50,000 51,208 - - 51,208 Convertible notes (1) 434,555 444,235 444,235 - - Customer warrant 20,306 20,306 - 20,306 - $ 2,393,754 $ 2,532,021 $ 444,235 $ 20,306 $ 2,067,480 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 (1) Carrying value is net of debt discounts and debt issuance costs (see Note 7 to our Financial Statements).

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
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 (Loss) and Income from continuing operations before income taxes: For the Three Months Ended For the Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Operating Revenue: ACMI $ 289,024 $ 288,602 $ 902,869 $ 832,777 Charter 324,046 322,750 944,839 954,725 Dry Leasing 43,847 44,487 157,328 120,837 Customer incentive asset amortization (12,796 ) (4,124 ) (26,018 ) (10,010 ) Other 4,418 4,892 13,122 14,437 Total Operating Revenue $ 648,539 $ 656,607 $ 1,992,140 $ 1,912,766 Direct Contribution: ACMI $ 33,401 $ 51,672 $ 114,048 $ 145,251 Charter 36,339 44,370 79,554 129,738 Dry Leasing 12,028 12,645 58,646 36,195 Total Direct Contribution for Reportable Segments 81,768 108,687 252,248 311,184 Unallocated expenses and (income), net (93,507 ) (82,830 ) (255,569 ) (212,373 ) Loss on early extinguishment of debt (559 ) - (804 ) - Unrealized gain (loss) on financial instruments 83,175 46,080 78,900 (11,691 ) Special charge, net (18,861 ) - (22,130 ) (9,374 ) Transaction-related expenses (324 ) (765 ) (3,585 ) (1,275 ) Income from continuing operations before income taxes 51,692 71,172 49,060 76,471 Add back (subtract): Interest income (653 ) (1,592 ) (3,975 ) (4,704 ) Interest expense 30,117 31,115 90,515 87,639 Capitalized interest (853 ) (1,120 ) (1,943 ) (4,335 ) Loss on early extinguishment of debt 559 - 804 - Unrealized (gain) loss on financial instruments (83,175 ) (46,080 ) (78,900 ) 11,691 Other (income) expense, net 1,434 975 (596 ) (10,777 ) Operating (Loss) Income $ (879 ) $ 54,470 $ 54,965 $ 155,985
Schedule of Disaggregated Charter Segment Revenue by Customer and Service Type	The following table disaggregates our Charter segment revenue by customer and service type: For the Three Months Ended September 30, 2019 September 30, 2018 Cargo Passenger Total Cargo Passenger Total Commercial customers $ 127,558 $ 17,075 $ 144,633 $ 158,129 $ 11,651 $ 169,780 AMC 85,382 94,031 179,413 85,267 67,703 152,970 Total Charter Revenue $ 212,940 $ 111,106 $ 324,046 $ 243,396 $ 79,354 $ 322,750 For the Nine Months Ended September 30, 2019 September 30, 2018 Cargo Passenger Total Cargo Passenger Total Commercial customers $ 409,640 $ 27,736 $ 437,376 $ 440,881 $ 14,241 $ 455,122 AMC 234,845 272,618 507,463 264,142 235,461 499,603 Total Charter Revenue $ 644,485 $ 300,354 $ 944,839 $ 705,023 $ 249,702 $ 954,725

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Calculations of Basic and Diluted EPS	The calculations of basic and diluted EPS were as follows: For the Three Months Ended For the Nine Months Ended Numerator: September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Income from continuing operations, net of taxes $ 59,974 $ 71,138 $ 117,132 $ 59,643 Less: Unrealized gain on financial instruments, net of tax - (46,897 ) (81,139 ) - Diluted income from continuing operations, net of tax $ 59,974 $ 24,241 $ 35,993 $ 59,643 Denominator: Basic EPS weighted average shares outstanding 25,854 25,575 25,814 25,526 Effect of dilutive warrant - 2,471 1,010 - Effect of dilutive convertible notes - 269 - 240 Effect of dilutive restricted stock - 432 85 508 Diluted EPS weighted average shares outstanding 25,854 28,747 26,909 26,274 Earnings per share from continuing operations: Basic $ 2.32 $ 2.78 $ 4.54 $ 2.34 Diluted $ 2.32 $ 0.84 $ 1.34 $ 2.27 Loss per share from discontinued operations: Basic $ - $ (0.00 ) $ - $ (0.00 ) Diluted $ - $ (0.00 ) $ - $ (0.00 ) Earnings per share: Basic $ 2.32 $ 2.78 $ 4.54 $ 2.33 Diluted $ 2.32 $ 0.84 $ 1.34 $ 2.27

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income Loss [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the components of Accumulated other comprehensive income (loss): Interest Rate Foreign Currency Derivatives Translation Total Balance as of December 31, 2017 $ (4,002 ) $ 9 $ (3,993 ) Reclassification to interest expense 1,120 - 1,120 Tax effect (265 ) - (265 ) Reclassification of taxes (970 ) - (970 ) Balance as of September 30, 2018 $ (4,117 ) $ 9 $ (4,108 ) Balance as of December 31, 2018 $ (3,841 ) $ 9 $ (3,832 ) Reclassification to interest expense 1,012 - 1,012 Tax effect (239 ) - (239 ) Balance as of September 30, 2019 $ (3,068 ) $ 9 $ (3,059 )

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - Polar [Member]	9 Months Ended
	Sep. 30, 2019
Basis Of Presentation [Line Items]
Equity interest	51.00%
Voting interest	75.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Deferred maintenance amortization expense	$ 5,500	$ 3,300	$ 15,188	$ 8,600
Operating lease right of use assets, net	520,063		520,063		$ 596,900	$ 0
Operating lease liabilities	$ 568,821		$ 568,821		$ 650,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Deferred Maintenance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounting Policies [Abstract]
Beginning Balance			$ 103,647
Deferred maintenance costs			106,299
Disposals			(1,551)
Amortization of deferred maintenance	$ (5,500)	$ (3,300)	(15,188)	$ (8,600)
Ending Balance	$ 193,207		$ 193,207

Related Parties - Polar - Addit

Related Parties - Polar - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Polar [Member]
Related Party Transaction [Line Items]
Revenue recognized	$ 23.8	$ 34.3	$ 70.2	$ 70.9
Polar [Member]
Related Party Transaction [Line Items]
Equity interest	51.00%		51.00%
Voting interest			75.00%
DHL [Member] | Polar [Member]
Related Party Transaction [Line Items]
Equity interest	49.00%		49.00%
Voting interest			25.00%

Related Parties - Summary of Tr

Related Parties - Summary of Transactions with Polar (Details) - Polar [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Revenue from related party	$ 84,957	$ 99,671	$ 283,313	$ 305,401
Ground handling and airport fees to Polar	568	$ 841	1,631	$ 2,219
Receivables from related party	1,145		1,145		$ 16,349
Payables to related party	7,277		7,277		2,527
Aggregate Carrying Value of Polar Investment	$ 4,870		$ 4,870		$ 4,870

Related Parties - GATS - Additi

Related Parties - GATS - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
GATS [Member]
Related Party Transaction [Line Items]
Voting interest	50.00%
Investment in joint venture	$ 20.7	$ 22.3
GATS [Member]
Related Party Transaction [Line Items]
Payables to related party	$ 1.1	$ 0.5

Amazon - Additional Information

Amazon - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2019	May 31, 2016	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Class Of Warrant Or Right [Line Items]
Operating Revenue			$ 648,539	$ 656,607	$ 1,992,140	$ 1,912,766
Amortization of customer incentive asset			12,800	4,100	26,018	10,000
Accelerated amortization of the customer incentive asset			6,400		6,400
Warrant liability unrealized (gains) losses			(83,200)	$ (46,100)	(78,900)	$ 11,700
Fair value of warrant liability			$ 20,300		$ 20,300		$ 99,000
Warrant A [Member]
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 fully vested							7,500,000
Warrant vesting year		2021
Warrants exercised					0
Warrant B [Member]
Class Of Warrant Or Right [Line Items]
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
Vesting increments of Amazon warrants		37,500
Operating Revenue		$ 4,200
Warrant vested			37,500		37,500
Additional warrant vesting year		2023-05
Warrant C [Member]
Class Of Warrant Or Right [Line Items]
Right to acquire outstanding common shares					up to an additional 9.9% of our outstanding common shares
Warrant exercise price	$ 52.90
Vesting increments of Amazon warrants	45,428
Operating Revenue	$ 6,900
Warrant vested			0		0
Incremental warrant to buy number of shares vesting.	6,600,000
Warrant vesting year					2026-03
Warrant A, B and C [Member]
Class Of Warrant Or Right [Line Items]
Right to acquire outstanding common shares					up to a total of 39.9% (after the issuance) of our outstanding common shares
Maximum [Member]
Class Of Warrant Or Right [Line Items]
Amazon entitled to vote shares of it owns of outstanding common shares percentage	14.90%
Maximum [Member] | Warrant A [Member]
Class Of Warrant Or Right [Line Items]
Warrant providing right to acquire outstanding common shares percentage		20.00%
Maximum [Member] | Warrant B [Member]
Class Of Warrant Or Right [Line Items]
Percentage of additional warrant to acquire outstanding common shares		10.00%
Operating Revenue		$ 420,000
Maximum [Member] | Warrant C [Member]
Class Of Warrant Or Right [Line Items]
Warrant providing right to acquire outstanding common shares percentage	9.90%
Operating Revenue	$ 1,000,000
Maximum [Member] | Warrant A, B and C [Member]
Class Of Warrant Or Right [Line Items]
Warrant providing right to acquire outstanding common shares percentage	39.90%
Dry Leases [Member]
Class Of Warrant Or Right [Line Items]
Lease term			10 years		10 years
CMI Operation [Member]
Class Of Warrant Or Right [Line Items]
Lease term	7 years		7 years		7 years

Amazon - Summary of Customer In

Amazon - Summary of Customer Incentive Asset within Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Warrants And Rights Note Disclosure [Abstract]
Balance at December 31, 2018			$ 184,720
Initial value for estimate of vested or expected to vest warrants			413
Amortization of customer incentive asset	$ (12,800)	$ (4,100)	(26,018)	$ (10,000)
Balance at September 30, 2019	$ 159,115		$ 159,115

Supplemental Balance Sheet an_3

Supplemental Balance Sheet and Cash Flow Information - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Supplemental Balance Sheet And Cash Flow Information [Abstract]
Accounts receivable related to customer contracts excluding dry leasing contracts	$ 216.3	$ 227.1

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Cash Flow Information - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Supplemental Balance Sheet And Cash Flow Information [Abstract]
Maintenance	$ 186,946	$ 133,337
Customer maintenance reserves	107,790	104,454
Salaries, wages and benefits	52,517	82,809
Aircraft fuel	35,636	32,641
Deferred revenue	41,808	26,584
Other	97,997	85,844
Accrued liabilities	$ 522,694	$ 465,669

Supplemental Balance Sheet an_5

Supplemental Balance Sheet and Cash Flow Information - Summary of Significant Changes in Revenue Contract Liability Balances (Details) - Non-Dry Lease Revenue Contracts with Customers [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Revenue Recognition [Line Items]
Balance as of December 31, 2018	$ 13,007
Revenue recognized	(105,359)
Amounts collected or invoiced	122,474
Balance as of September 30, 2019	$ 30,122

Supplemental Balance Sheet an_6

Supplemental Balance Sheet and Cash Flow Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Supplemental Balance Sheet And Cash Flow Information [Abstract]
Cash and cash equivalents	$ 70,327	$ 221,501
Restricted cash	10,376	11,240
Total Cash, cash equivalents and restricted cash shown in Consolidated Statements of Cash Flows	$ 80,703	$ 232,741	$ 226,155	$ 291,864

Special Charge - Additional Inf

Special Charge - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)EnginePassengerAircraft	Sep. 30, 2018USD ($)Engine
Impairment Of Aircraft Engines Held For Sale [Line Items]
Number of passenger aircraft used for training purposes | PassengerAircraft	2
CF6-80 Engines [Member]
Impairment Of Aircraft Engines Held For Sale [Line Items]
Impairment losses recognized | $	$ 19.6	$ 9.4
Number of assets being disposed of | Engine	4	5

Debt - Term Loans - Additional

Debt - Term Loans - Additional Information (Details)	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2019USD ($)	Mar. 31, 2019USD ($)TermLoan	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ 559,000	$ 0	$ 804,000	$ 0
Proceeds from insurance					38,133,000	$ 0
767-300 Freighter Aircraft [Member]
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 200,000
Proceeds from insurance		$ 41,100,000
Number of term loans | TermLoan		2
Repayments of debt		$ 20,700,000
Insurance recoveries, net					$ 3,600,000
Secured Term Loan [Member] | Second 2019 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 74,000
Debt instrument term	5 years
Term loan final payment	$ 32,000
Debt instrument maturity date	2024-08
Debt instrument fixed interest rate	2.98%
Debt instrument frequency of periodic payment	principal and interest payable quarterly
Loss on early extinguishment of debt	$ 600,000
Unsecured Term Loan [Member] | First 2019 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument face amount		$ 19,700,000
Debt instrument term		5 years
Debt instrument maturity date		2024-03
Debt instrument fixed interest rate		2.73%
Debt instrument frequency of periodic payment		principal and interest payable quarterly

Debt - Convertible Notes - Addi

Debt - Convertible Notes - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2017	Jun. 30, 2015	Sep. 30, 2019
2017 Convertible Notes [Member]
Debt Instrument [Line Items]
Convertible notes aggregate principal amount	$ 289,000		$ 289,000
Convertable notes, interest rate	1.875%
Convertable notes, date of matruity	Jun. 1, 2024
2015 Convertible Notes [Member]
Debt Instrument [Line Items]
Convertible notes aggregate principal amount		$ 224,500	$ 224,500
Convertable notes, interest rate		2.25%
Convertable notes, date of matruity		Jun. 1, 2022

Debt - Schedule of Convertible

Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2019	May 31, 2017	Jun. 30, 2015
2017 Convertible Notes [Member]
Debt Instrument [Line Items]
Remaining life in months		56 months
Gross proceeds		$ 289,000	$ 289,000
Less: debt discount, net of amortization		(49,883)
Less: debt issuance cost, net of amortization		(3,896)
Net carrying amount		235,221
Equity component	[1]	$ 70,140
2015 Convertible Notes [Member]
Debt Instrument [Line Items]
Remaining life in months		32 months
Gross proceeds		$ 224,500		$ 224,500
Less: debt discount, net of amortization		(23,013)
Less: debt issuance cost, net of amortization		(2,151)
Net carrying amount		199,336
Equity component	[1]	$ 52,903
[1]	Included in Additional paid-in capital on the consolidated balance sheet as of September 30, 2019.

Debt - Summary of Interest Expe

Debt - Summary of Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Short Term Debt [Line Items]
Total interest expense recognized	$ 30,117	$ 31,115	$ 90,515	$ 87,639
Convertible Notes [Member]
Short Term Debt [Line Items]
Contractual interest coupon	2,618	2,618	7,853	7,853
Amortization of debt discount	4,253	3,994	12,560	11,798
Amortization of debt issuance costs	379	397	1,126	1,119
Total interest expense recognized	$ 7,250	$ 7,009	$ 21,539	$ 20,770

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2016
Debt Instrument [Line Items]
Proceeds from revolving credit facility			$ 50,000	$ 135,000
Revolver [Member]
Debt Instrument [Line Items]
Term of revolving credit facility		4 years			3 years
Borrowing capacity		$ 200,000			$ 150,000
Outstanding balance			50,000
Unused availability			$ 136,800
Revolver [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Proceeds from revolving credit facility	$ 25,000

Leases and Guarantees - Additio

Leases and Guarantees - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)LeasedAircraft	Oct. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Lessee Lease Description [Line Items]
Number of aircraft | LeasedAircraft	21
Number of aircraft operated under operating lease | LeasedAircraft	19
Lessee, operating lease, description	As of September 30, 2019, we lease 21 aircraft, of which 19 are operating leases.  Lease expirations for our leased aircraft range from March 2020 to June 2032.  In addition, we lease a variety of office space, airport station locations, warehouse space, vehicles and equipment, with lease expirations ranging from November 2019 to May 2027.
Long-term operating leases	$ 427,459		$ 0
Lessee, operating lease liability, description	In October 2019, we entered into a long-term lease for a building with an expected operating lease liability of approximately $19.7 million that is expected to commence during the second half of 2020.
Net book value on flight equipment dry leased to customers	$ 1,636,600		1,717,500
Accumulated depreciation on flight equipment on dry lease	$ 288,200		$ 232,400
Subsequent Event [Member]
Lessee Lease Description [Line Items]
Long-term operating leases		$ 19,700
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease expiration period	2020-03
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease expiration period	2032-06
Office Space, Airport Station Locations, Warehouse Space, Vehicles and Equipment [Member] | Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease expiration period	2019-11
Office Space, Airport Station Locations, Warehouse Space, Vehicles and Equipment [Member] | Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease expiration period	2027-05

Leases and Guarantees - Summary

Leases and Guarantees - Summary of Lease-Related Assets and Liabilities Recorded on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease right-of-use assets	$ 520,063	$ 596,900	$ 0
Finance lease assets	$ 41,245
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Less: Accumulated amortization on finance lease assets	$ (5,144)
Total lease assets	556,164
Operating lease liabilities	141,362		0
Finance lease liabilities	11,399
Operating lease liabilities	427,459		$ 0
Finance lease liabilities	29,816
Total lease liabilities	$ 610,036

Leases and Guarantees - Summa_2

Leases and Guarantees - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2019
Weighted Average Remaining Lease Term in years
Operating Leases	4 years 1 month 24 days
Finance Leases	9 years 8 months 4 days
Weighted Average Discount Rate
Operating Leases	4.53%
Finance Leases	15.73%

Leases and Guarantees - Summa_3

Leases and Guarantees - Summary of Lease Costs for Finance and Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Fixed operating lease costs	$ 39,976	$ 120,056
Variable operating lease costs	4,083	13,381
Finance lease costs:
Amortization of leased assets	636	1,633
Interest on lease liabilities	1,380	4,052
Total lease cost	$ 46,075	$ 139,122

Leases and Guarantees - Schedul

Leases and Guarantees - Schedule of Supplemental Cash Flow Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 124,319
Operating cash flows for finance lease	4,052
Financing cash flows for finance lease	$ 617

Leases and Guarantees - Sched_2

Leases and Guarantees - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Operating Leases [Abstract]
Operating Leases, 2019	$ 43,103
Operating Leases, 2020	160,068
Operating Leases, 2021	167,623
Operating Leases, 2022	118,998
Operating Leases, 2023	66,502
Operating Leases, Thereafter	67,155
Operating Leases, Total minimum rental payments	623,449
Operating Leases, Less: imputed interest	54,628
Operating Leases	568,821	$ 650,000
Finance Lease [Abstract]
Finance Lease, 2019	2,007
Finance Lease, 2020	16,522
Finance Lease, 2021	6,000
Finance Lease, 2022	6,000
Finance Lease, 2023	6,000
Finance Lease, Thereafter	50,500
Finance Lease, Total minimum rental payments	87,029
Finance Lease, Less: imputed interest	45,814
Finance Lease	41,215
Total [Abstract]
2019	45,110
2020	176,590
2021	173,623
2022	124,998
2023	72,502
Thereafter	117,655
Total minimum rental payments	710,478
Less: imputed interest	100,442
Total	$ 610,036

Leases and Guarantees - Summa_4

Leases and Guarantees - Summary of Minimum Annual Rental Commitments Under Operating Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 166,516
2020	159,383
2021	166,056
2022	115,591
2023	61,755
Thereafter	53,430
Total	$ 722,731

Leases and Guarantees - Summa_5

Leases and Guarantees - Summary of Contractual Amount of Minimum Receipts Excluding Taxes Under Dry Leases (Details) - Dry Leases [Member] - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Lessor Lease Description [Line Items]
2019	$ 41,752
2020	166,985
2021	145,288
2022	137,604
2023	104,139
Thereafter	246,466
Total minimum lease receipts	$ 842,234
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 - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Taxes [Line Items]
NonTaxable changes in fair value of customer warrant liability	$ (18.2)
Tax (benefits) expense related to remeasurement of deferred income tax liability		$ (8.7)		$ (8.7)
Tax (benefits) expense related to favorable completion of examination		$ (6.1)		$ 11.8
U.S. Internal Revenue Service [Member]
Income Taxes [Line Items]
NonTaxable changes in fair value of customer warrant liability			$ (17.3)
Tax (benefits) expense related to favorable completion of examination			$ (59.8)
Income tax examination tax year under examination			2015

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Long Term Investments Details [Abstract]
Long-term investments maturing period	5 years
Gross unrealized gains on long-term investments and accrued interest		$ 0.5

Financial Instruments - Summary

Financial Instruments - Summary of Carrying Value, Estimated Fair Value and Classification of Financial Instruments (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Assets
Short-term investments		$ 2,129	$ 15,624
Restricted cash		10,376	11,240
Liabilities
Customer warrant		159,115	184,720
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents		70,327	221,501
Short-term investments		2,129	15,624
Restricted cash		10,376	11,240
Long-term investments and accrued interest			635
Financial instruments assets		82,832	249,000
Liabilities
Term loans and notes		1,888,893	2,048,972
Revolver		50,000
Convertible notes	[1]	434,555	420,868
Customer warrant		20,306	99,000
Financial instruments liabilities		2,393,754	2,568,840
Estimate of Fair Value, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents		70,327	221,501
Short-term investments		2,129	15,624
Restricted cash		10,376	11,240
Long-term investments and accrued interest			1,138
Financial instruments assets		82,832	249,503
Liabilities
Term loans and notes		2,016,272	1,976,373
Revolver		51,208
Convertible notes	[1]	444,235	490,070
Customer warrant		20,306	99,000
Financial instruments liabilities		2,532,021	2,565,443
Fair Value, Inputs, Level 1 [Member]
Assets
Cash and cash equivalents		70,327	221,501
Short-term investments		0	0
Restricted cash		10,376	11,240
Long-term investments and accrued interest			0
Financial instruments assets		80,703	232,741
Liabilities
Term loans and notes		0	0
Revolver		0
Convertible notes	[1]	444,235	490,070
Customer warrant		0	0
Financial instruments liabilities		444,235	490,070
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
Financial instruments assets		0	0
Liabilities
Term loans and notes		0	0
Revolver		0
Convertible notes	[1]	0	0
Customer warrant		20,306	99,000
Financial instruments liabilities		20,306	99,000
Fair Value, Inputs, Level 3 [Member]
Assets
Cash and cash equivalents		0	0
Short-term investments		2,129	15,624
Restricted cash		0	0
Long-term investments and accrued interest			1,138
Financial instruments assets		2,129	16,762
Liabilities
Term loans and notes		2,016,272	1,976,373
Revolver		51,208
Convertible notes	[1]	0	0
Customer warrant		0	0
Financial instruments liabilities		$ 2,067,480	$ 1,976,373
[1]	Carrying value is net of debt discounts and debt issuance costs (see Note 7 to our Financial Statements).

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Segment	Sep. 30, 2018USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Segment			3
Operating Revenue	$ 648,539	$ 656,607	$ 1,992,140	$ 1,912,766
DHL [Member]
Segment Reporting Information [Line Items]
Operating Revenue	$ 91,400	$ 90,900	$ 267,800	$ 242,800

Segment Reporting - Operating R

Segment Reporting - Operating Revenue and Direct Contribution For Our Reportable Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating Revenue:
Customer incentive asset amortization	$ (12,796)	$ (4,124)	$ (26,018)	$ (10,010)
Other	4,418	4,892	13,122	14,437
Total Operating Revenue	648,539	656,607	1,992,140	1,912,766
Direct Contribution:
Total Direct Contribution for Reportable Segments	81,768	108,687	252,248	311,184
Unallocated expenses and (income), net	(93,507)	(82,830)	(255,569)	(212,373)
Loss on early extinguishment of debt	(559)	0	(804)	0
Unrealized gain (loss) on financial instruments	83,175	46,080	78,900	(11,691)
Special charge, net	(18,861)	0	(22,130)	(9,374)
Transaction-related expenses	(324)	(765)	(3,585)	(1,275)
Income from continuing operations before income taxes	51,692	71,172	49,060	76,471
Interest income	(653)	(1,592)	(3,975)	(4,704)
Interest expense	30,117	31,115	90,515	87,639
Capitalized interest	(853)	(1,120)	(1,943)	(4,335)
Loss on early extinguishment of debt	559	0	804	0
Unrealized (gain) loss on financial instruments	(83,175)	(46,080)	(78,900)	11,691
Other (income) expense, net	1,434	975	(596)	(10,777)
Operating (Loss) Income	(879)	54,470	54,965	155,985
ACMI [Member]
Operating Revenue:
Operating Revenue	289,024	288,602	902,869	832,777
Direct Contribution:
Total Direct Contribution for Reportable Segments	33,401	51,672	114,048	145,251
Charter [Member]
Operating Revenue:
Operating Revenue	324,046	322,750	944,839	954,725
Direct Contribution:
Total Direct Contribution for Reportable Segments	36,339	44,370	79,554	129,738
Dry Leasing [Member]
Operating Revenue:
Operating Revenue	43,847	44,487	157,328	120,837
Direct Contribution:
Total Direct Contribution for Reportable Segments	$ 12,028	$ 12,645	$ 58,646	$ 36,195

Segment Reporting - Schedule of

Segment Reporting - Schedule of Disaggregated Charter Segment Revenue by Customer and Service Type (Details) - Charter [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total Charter Revenue	$ 324,046	$ 322,750	$ 944,839	$ 954,725
Commercial Customers [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	144,633	169,780	437,376	455,122
AMC [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	179,413	152,970	507,463	499,603
Cargo [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	212,940	243,396	644,485	705,023
Cargo [Member] | Commercial Customers [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	127,558	158,129	409,640	440,881
Cargo [Member] | AMC [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	85,382	85,267	234,845	264,142
Passenger [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	111,106	79,354	300,354	249,702
Passenger [Member] | Commercial Customers [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	17,075	11,651	27,736	14,241
Passenger [Member] | AMC [Member]
Segment Reporting Information [Line Items]
Total Charter Revenue	$ 94,031	$ 67,703	$ 272,618	$ 235,461

Labor and Legal Proceedings - A

Labor and Legal Proceedings - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Brazilian Customs Claim [Member]
Loss Contingencies [Line Items]
Brazilian claims in the aggregate	$ 4.9
Amounts on deposit for Brazilian claims included in deferred costs and other assets	$ 4	$ 4.1
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

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Income from continuing operations, net of taxes	$ 59,974	$ 71,138	$ 117,132	$ 59,643
Less: Unrealized gain on financial instruments, net of tax	0	(46,897)	(81,139)	0
Diluted income from continuing operations, net of tax	$ 59,974	$ 24,241	$ 35,993	$ 59,643
Denominator:
Basic EPS weighted average shares outstanding	25,854	25,575	25,814	25,526
Effect of dilutive warrant	0	2,471	1,010	0
Effect of dilutive convertible notes	0	269	0	240
Effect of dilutive restricted stock		432	85	508
Diluted EPS weighted average shares outstanding	25,854	28,747	26,909	26,274
Earnings per share from continuing operations:
Basic	$ 2.32	$ 2.78	$ 4.54	$ 2.34
Diluted	2.32	0.84	1.34	2.27
Loss per share from discontinued operations:
Basic		0		0
Diluted		0		0
Earnings per share:
Basic	2.32	2.78	4.54	2.33
Diluted	$ 2.32	$ 0.84	$ 1.34	$ 2.27

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Restricted shares and units in which performance or market conditions were not satisfied	10.6	4.7	10.6	4.7
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted EPS	15.3	3	7.8	3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 2,067,964	$ 1,789,856
Reclassification to interest expense	1,012	1,120
Tax effect	(239)	(265)
Reclassification of taxes		(970)
Ending Balance	2,193,292	1,851,785
Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(3,841)	(4,002)
Reclassification to interest expense	1,012	1,120
Tax effect	(239)	(265)
Reclassification of taxes		(970)
Ending Balance	(3,068)	(4,117)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	9	9
Tax effect	0	0
Reclassification of taxes		0
Ending Balance	9	9
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(3,832)	(3,993)
Ending Balance	$ (3,059)	$ (4,108)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income Loss [Abstract]
Unamortized realized loss in Accumulated other comprehensive income (loss) related to forward-starting interest rate swaps	$ 4		$ 4
Net realized losses reclassified into earnings	0.3	$ 0.4	1	$ 1.1
Realized losses related to forward-starting interest rate swaps expected to be reclassified into earnings within the next 12 months	$ 1.2		$ 1.2