Atlas Air Worldwide (AAWW) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document period end date	Jun. 30, 2021
Amendment flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
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		29,024,886
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	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 750,161	$ 845,589
Restricted cash	10,292	10,692
Accounts receivable, net of allowance of $3,582 and $1,233, respectively	291,843	265,521
Prepaid expenses, assets held for sale and other current assets	97,906	95,919
Total current assets	1,150,202	1,217,721
Property and Equipment
Flight equipment	5,287,205	5,061,387
Ground equipment	95,901	86,670
Less: accumulated depreciation	(1,240,656)	(1,147,613)
Flight equipment purchase deposits and modifications in progress	223,761	110,150
Property and equipment, net	4,366,211	4,110,594
Other Assets
Operating lease right-of-use assets	209,898	255,805
Deferred costs and other assets	344,914	374,242
Intangible assets, net and goodwill	67,811	70,826
Total Assets	6,139,036	6,029,188
Current Liabilities
Accounts payable	103,399	107,604
Accrued liabilities	535,947	583,160
Current portion of long-term debt and finance leases	606,661	298,690
Current portion of long-term operating leases	73,595	157,732
Total current liabilities	1,319,602	1,147,186
Other Liabilities
Long-term debt and finance leases	1,783,648	2,020,451
Long-term operating leases	241,067	318,850
Deferred taxes	262,146	203,586
Financial instruments and other liabilities	35,519	77,576
Total other liabilities	2,322,380	2,620,463
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; 34,515,070 and 32,877,533 shares issued, 29,024,700 and 27,517,297 shares outstanding (net of treasury stock), as of June 30, 2021 and December 31, 2020, respectively	345	329
Additional paid-in capital	919,362	873,874
Treasury stock, at cost; 5,490,370 and 5,360,236 shares, respectively	(225,321)	(217,889)
Accumulated other comprehensive loss	(1,504)	(1,904)
Retained earnings	1,804,172	1,607,129
Total stockholders’ equity	2,497,054	2,261,539
Total Liabilities and Equity	$ 6,139,036	$ 6,029,188

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 3,582	$ 1,233
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	34,515,070	32,877,533
Common stock shares outstanding	29,024,700	27,517,297
Treasury stock shares	5,490,370	5,360,236

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Revenue	$ 990,432	$ 825,253	$ 1,851,732	$ 1,468,755
Operating Expenses
Salaries, wages and benefits	208,366	192,591	410,980	340,335
Aircraft fuel	214,269	83,242	377,820	191,560
Navigation fees, landing fees and other rent	47,409	35,638	92,296	67,039
Passenger and ground handling services	41,504	30,130	81,569	62,089
Travel	39,947	34,627	77,619	77,018
Aircraft rent	17,687	24,316	38,443	48,283
Loss (gain) on disposal of aircraft	0	2	16	(6,715)
Special charge	0	15,934	0	15,934
Transaction-related expenses	117	1,275	318	1,796
Other	61,848	52,710	120,260	103,822
Total Operating Expenses	830,355	704,591	1,587,451	1,287,023
Operating Income	160,077	120,662	264,281	181,732
Non-operating Expenses (Income)
Interest income	(189)	(224)	(400)	(704)
Interest expense	26,992	28,950	54,172	58,225
Capitalized interest	(1,850)	(132)	(3,121)	(325)
Loss on early extinguishment of debt	0	74	0	74
Unrealized loss on financial instruments	0	30,671	113	29,747
Other (income) expense, net	(4,854)	(50,598)	(44,310)	(49,392)
Total Non-operating Expenses (Income)	20,099	8,741	6,454	37,625
Income before income taxes	139,978	111,921	257,827	144,107
Income tax expense	32,868	33,009	60,784	41,842
Net Income	$ 107,110	$ 78,912	$ 197,043	$ 102,265
Earnings per share:
Basic	$ 3.69	$ 3.02	$ 6.85	$ 3.93
Diluted	$ 3.53	$ 3.01	$ 6.59	$ 3.92
Weighted average shares:
Basic	29,011	26,129	28,752	26,048
Diluted	30,319	26,182	29,900	26,074
Service [Member]
Operating Expenses
Maintenance, materials and repairs	$ 132,547	$ 168,300	$ 253,680	$ 262,452
Depreciation and amortization	$ 66,661	$ 65,826	$ 134,450	$ 123,410

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 107,110	$ 78,912	$ 197,043	$ 102,265
Other comprehensive income:
Reclassification to interest expense	256	296	524	604
Income tax benefit	(60)	(70)	(124)	(133)
Other comprehensive income	196	226	400	471
Comprehensive Income	$ 107,306	$ 79,138	$ 197,443	$ 102,736

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities:
Net Income	$ 197,043	$ 102,265
Adjustments to reconcile Net Income to net cash provided by operating activities:
Depreciation and amortization	172,216	157,509
Accretion of debt securities discount	0	(2)
Reversal of expected credit losses	(381)	(6)
Loss on early extinguishment of debt	0	74
Special charge, net of cash payments	0	15,934
Unrealized loss on financial instruments	113	29,747
Loss (gain) on disposal of aircraft	16	(6,715)
Deferred taxes	60,086	39,518
Stock-based compensation	7,466	10,506
Changes in:
Accounts receivable	(24,730)	51,781
Prepaid expenses, current assets and other assets	(12,452)	(19,115)
Accounts payable, accrued liabilities and other liabilities	(56,271)	178,894
Net cash provided by operating activities	343,106	560,390
Investing Activities:
Capital expenditures	(43,359)	(25,095)
Purchase deposits and payments for flight equipment and modifications	(224,922)	(59,919)
Investment in joint ventures	(1,636)	0
Proceeds from investments	0	881
Proceeds from disposal of aircraft	1,850	44,110
Net cash used for investing activities	(268,067)	(40,023)
Financing Activities:
Proceeds from debt issuance	23,948	321,518
Payment of debt issuance costs	(1,257)	(3,910)
Payments of debt and finance lease obligations	(171,223)	(274,960)
Proceeds from revolving credit facility	0	75,000
Customer maintenance reserves and deposits received	9,029	6,010
Customer maintenance reserves paid	(23,932)	(14,437)
Treasury shares withheld for payment of taxes	(7,432)	(3,840)
Net cash provided by (used for) financing activities	(170,867)	105,381
Net increase (decrease) in cash, cash equivalents and restricted cash	(95,828)	625,748
Cash, cash equivalents and restricted cash at the beginning of period	856,281	113,430
Cash, cash equivalents and restricted cash at the end of period	760,453	739,178
Noncash Investing and Financing Activities:
Acquisition of property and equipment included in Accounts payable and accrued liabilities	7,928	13,613
Acquisition of property and equipment acquired under operating leases	8,875	1,918
Acquisition of flight equipment under finance lease	121,313	0
Customer maintenance reserves settled with sale of aircraft	0	6,497
Issuance of shares related to settlement of warrant liability	$ 31,582	$ 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, 2019	$ 1,792,179	$ 310	$ (213,871)	$ 761,715	$ (2,818)	$ 1,246,843
Net Income	102,265	0	0	0	0	102,265
Other comprehensive income	471	0	0	0	471	0
Stock-based compensation	10,506	0	0	10,506	0	0
Issuance of warrants	28,786	0	0	28,786	0	0
Treasury shares withheld for payment of taxes	(3,840)	0	(3,840)	0	0	0
Issuance of shares of restricted stock	0	5	0	(5)	0	0
Ending Balance at Jun. 30, 2020	1,930,367	315	(217,711)	801,002	(2,347)	1,349,108
Beginning Balance at Mar. 31, 2020	1,832,750	315	(217,705)	782,517	(2,573)	1,270,196
Net Income	78,912	0	0	0	0	78,912
Other comprehensive income	226	0	0	0	226	0
Stock-based compensation	6,646	0	0	6,646	0	0
Issuance of warrants	11,840	0	0	11,840	0	0
Treasury shares withheld for payment of taxes	(6)	0	(6)	0	0	0
Issuance of shares of restricted stock	(1)	0	0	(1)	0	0
Ending Balance at Jun. 30, 2020	1,930,367	315	(217,711)	801,002	(2,347)	1,349,108
Beginning Balance at Dec. 31, 2020	2,261,539	329	(217,889)	873,874	(1,904)	1,607,129
Net Income	197,043	0	0	0	0	197,043
Other comprehensive income	400	0	0	0	400	0
Stock-based compensation	7,466	0	0	7,466	0	0
Issuance of warrants	6,456	0	0	6,456	0	0
Treasury shares withheld for payment of taxes	(7,432)	0	(7,432)	0	0	0
Issuance of shares related to settlement of warrant	31,582	13	0	31,569	0	0
Issuance of shares of restricted stock	0	3	0	(3)	0	0
Ending Balance at Jun. 30, 2021	2,497,054	345	(225,321)	919,362	(1,504)	1,804,172
Beginning Balance at Mar. 31, 2021	2,383,196	345	(225,239)	912,728	(1,700)	1,697,062
Net Income	107,110	0	0	0	0	107,110
Other comprehensive income	196	0	0	0	196	0
Stock-based compensation	3,406	0	0	3,406	0	0
Issuance of warrants	3,228	0	0	3,228	0	0
Treasury shares withheld for payment of taxes	(82)	0	(82)	0	0	0
Issuance of shares of restricted stock	0	0	0	0	0	0
Ending Balance at Jun. 30, 2021	$ 2,497,054	$ 345	$ (225,321)	$ 919,362	$ (1,504)	$ 1,804,172

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parentheticals) (Unaudited) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Stockholders Equity [Abstract]
Treasury shares withheld for payment of taxes	1,267	206	130,134	179,417
Issuance of shares of restricted stock	19,332	9,919	357,087	444,486
Issuance of shares related to settlement of warrant			1,280,450

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
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. Polar is a variable interest entity that we do not consolidate because we are not the primary beneficiary and we generally do not have any financial exposure to fund debt obligations or operating losses of Polar (see Note 4 for further discussion). 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) aircraft operating service agreements, including those through which we provide aircraft to customers and value-added services, including crew, maintenance and insurance (“ACMI”), crew, maintenance and insurance, but not the aircraft (“CMI”) and cargo and passenger charter services (“Charter”); and (ii) 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, 2020, which includes additional disclosures and a summary of our significant accounting policies. The December 31, 2020 balance sheet data was derived from that Annual Report. In our opinion, these Financial Statements include all adjustments, consisting of normal recurring items, considered necessary by management to fairly state the Company’s results of operations, financial position, and cash flows. Our quarterly results are subject to seasonal and other fluctuations, including fluctuations resulting from the global COVID-19 pandemic (see Note 3 for further discussion), and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. Certain reclassifications have been made to prior periods’ notes to the Financial Statements to conform to the current year’s presentation of segments (see Note 11 for further discussion). Except for per share data, all dollar amounts are in thousands unless otherwise noted.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Heavy Maintenance Except as described in the paragraph below, we account for heavy maintenance costs for airframes and engines 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 $12.3 million and $24.3 million for the three and six months ended June 30, 2021, respectively. Amortization of deferred maintenance expense was $10.3 million and $18.2 million for the three and six months ended June 30, 2020, respectively. Deferred maintenance included within Deferred costs and other assets is as follows: Balance as of December 31, 2020 $ 191,303 Deferred maintenance costs 12,599 Amortization of deferred maintenance (24,300 ) Balance as of June 30, 2021 $ 179,602 Property and Equipment Committed expenditures to acquire aircraft and spare engines are expected to be $134.5 million for the remainder of 2021 and $458.3 million in 2022. These expenditures include our January 2021 agreement to purchase four 747-8F aircraft from The Boeing Company (“Boeing”) that are expected to be delivered from May through October 2022, spare engines, 747-400 freighter aircraft and 747-400 passenger aircraft (to be used for both replacement of older passenger aircraft in service as well as spare engines and parts). In July and August 2021, we acquired two of our existing 747-400 freighter aircraft, included in the amounts above, that were previously on lease to us. Recent Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board amended its accounting guidance for certain financial instruments with characteristics of liabilities and equity, including convertible debt instruments. For convertible debt with a cash conversion feature, the amended guidance removes the current accounting model to separately account for the liability and equity components, which currently results in the amortization of a debt discount to interest expense. Under this amended guidance, such convertible debt will be accounted for as a single debt instrument with no amortization of a debt discount to interest expense, unless certain other conditions are met. The amended guidance also requires the use of the if-converted method when calculating the dilutive impact of convertible debt on earnings per share. The amended guidance is effective as of the beginning of 2022. The two permitted transition methods under the guidance are the full retrospective approach, under which the guidance is applied to all periods presented, or the modified retrospective approach, under which the guidance is applied only to the most current period presented. We will adopt this amended guidance on its required effective date of January 1, 2022. While we are still assessing the impact the amended guidance will have on our financial statements, we expect the amount previously allocated to the equity component will be reclassified to debt. In addition, the amended guidance is expected to result in a material increase in net income and reduction in interest expense, as well as a material reduction in diluted earnings per share resulting from an increase in the number of shares included in the denominator.

COVID-19 Pandemic

COVID-19 Pandemic	6 Months Ended
	Jun. 30, 2021
Extraordinary And Unusual Items [Abstract]
COVID-19 Pandemic	3. COVID-19 Pandemic COVID-19 In December 2019, COVID-19 was first reported in China and has since spread to most other regions of the world. In March 2020, COVID-19 was determined to be a global pandemic by the World Health Organization. Since this public health crisis began, it has disrupted global manufacturing, supply chains, passenger travel and consumer spending, resulting in a reduction in flights by some of our customers and lower U.S. Military Air Mobility Command (“AMC”) passenger flying as the military had taken precautionary measures to limit the movement of personnel. Commercial charter cargo demand and yields, net of fuel, have increased as a result of the ongoing reduction of available cargo capacity provided by passenger airlines in the market and increased demand for transporting goods due to the COVID-19 pandemic. We have incurred and expect to continue to incur significant additional costs, including premium pay for pilots operating in certain areas significantly impacted by COVID-19; other operational costs, including costs for continuing to provide a safe working environment for our employees; and higher crew costs related to increased pay rates we provided to our pilots beginning in May 2020. In addition, the availability of hotels and restaurants, evolving COVID-19-related travel restrictions and health screenings, and a reduction in passenger flights by other airlines globally or airport closures have impacted and could further impact our ability to position employees to operate our aircraft. To mitigate the impact of any COVID-19 pandemic disruptions, we have: • implemented frequent deep cleaning of all aircraft and facilities; • provided safety kits for each crewmember and all aircraft; • adjusted routes to limit exposure to regions significantly impacted by the COVID-19 pandemic; • implemented significant workforce testing, social distancing and protection measures at all of our facilities; • made COVID-19 vaccinations available to employees; • arranged for employees who can work remotely to do so and developed plans for a partial return to the workplace based on local conditions; • reduced nonessential employee travel; • reduced the use of contractors; • implemented a number of other cost reduction initiatives; • entered into a Payroll Support Program Agreement (the “PSP Agreement”) with the U.S. Department of the Treasury (the “U.S. Treasury”), with respect to payroll support funding available to cargo air carriers under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (the “Payroll Support Program”) (see discussion below); and • deferred payment of the employer portion of social security taxes as provided for under the CARES Act through the end of 2020, half of which will be paid by the end of 2021 and the other half will be paid by the end of 2022. Payroll Support Program under the CARES Act As of May 29, 2020 (the “PSP Closing Date”), Atlas and Southern Air (the “PSP Recipients”) entered into a PSP Agreement with the U.S. Treasury. As of the PSP Closing Date, AAWW also entered into a Warrant Agreement (the “Warrant Agreement”) with the U.S. Treasury, and AAWW issued a $199.8 million senior unsecured promissory note to the U.S. Treasury (the “Promissory Note”), with Atlas and Southern Air as guarantors. In connection with the payroll support funding received in 2020 under the PSP Agreement, we issued warrants to the U.S. Treasury to acquire up to 625,452 shares of our common stock. As of June 30, 2021, no portion of the warrants have been exercised. We initially recognized deferred grant income within Accrued liabilities for the difference between the payroll support funding received in 2020 under the PSP Agreement and the amounts recorded for the Promissory Note and the Warrant Agreement. Grant income has been subsequently recognized within Other (income) expense, net in the consolidated statement of operations on a pro-rata basis over the periods that the qualifying employee wages, salaries and benefits are paid. The remaining $40.9 million of deferred grant income as of December 31, 2020 was recognized as grant income within Other (income) expense, net in the consolidated statement of operations during the three months ended March 31, 2021. During the three and six months ended June 30, 2020, we recognized grant income of $20.2 million.

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Parties	4. 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 Six Months Ended Revenue and Expenses: June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenue from Polar $ 75,661 $ 82,858 $ 152,917 $ 159,092 Ground handling and airport fees to Polar 938 1,067 1,820 1,593 Accounts receivable/payable as of: June 30, 2021 December 31, 2020 Receivables from Polar $ 21,634 $ 31,079 Payables to Polar 3,249 3,477 Aggregate Carrying Value of Polar Investment as of: June 30, 2021 December 31, 2020 Aggregate Carrying Value of Polar Investment $ 4,870 $ 4,870 In addition to the amounts in the table above, Atlas recognized revenue from flying on behalf of Polar of $69.0 million and $123.1 million for the three and six months ended June 30, 2021, respectively. Atlas recognized revenue from flying on behalf of Polar of $83.1 million and $110.5 million for the three and six months ended June 30, 2020, respectively. Dry Leasing Joint Venture We hold a 10% interest in a joint venture with an unrelated third party, which we entered into in December 2019, to develop a diversified freighter aircraft dry leasing portfolio. Through Titan, we provide aircraft and lease management services to the joint venture for fees based upon aircraft assets under management, among other things. Our investment in the joint venture is accounted for under the equity method of accounting. Under the joint venture, we have a commitment to provide up to $40.0 million of capital contributions before December 2022, of which $5.3 million has been contributed as of June 30, 2021. Our maximum exposure to losses from the entity is limited to our investment. The joint venture has third-party debt obligations of $48.4 million that are not guaranteed by us. The following table summarizes our transactions with our dry leasing joint venture: For the Three Months Ended For the Six Months Ended Revenue and Expenses: June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenue from dry leasing joint venture $ 68 $ - $ 135 $ - Aircraft rent to dry leasing joint venture 2,250 - 4,500 - Aggregate Carrying Value of Joint Venture as of: June 30, 2021 December 31, 2020 Aggregate Carrying Value of Dry Leasing Joint Venture $ 4,871 $ 4,438 Parts Joint Venture We hold a 50% interest in a joint venture with an unrelated third party to purchase rotable parts and provide repair services for those parts, primarily for 747-8F aircraft. The joint venture is a variable interest entity and we have not consolidated the joint venture because we are not the primary beneficiary as we do not exercise financial control. Our investment in the joint venture is accounted for under the equity method of accounting and was $20.5 million as of June 30, 2021 and $21.0 million as of December 31, 2020. Our maximum exposure to losses from the entity is limited to our investment, which is composed primarily of rotable inventory parts. The joint venture does not have any third-party debt obligations. We had Accounts receivable from the joint venture of $0.2 million as of June 30, 2021 and $0.2 million as of December 31, 2020. We had Accounts payable to the joint venture of $1.2 million as of June 30, 2021 and $0.9 million as of December 31, 2020.

Amazon

Amazon	6 Months Ended
	Jun. 30, 2021
Warrants And Rights Note Disclosure [Abstract]
Amazon	5. Amazon In May 2016, we entered into certain agreements with Amazon.com, Inc. and its subsidiary, Amazon Fulfillment Services, Inc., (collectively “Amazon”), which involve, among other things, CMI operation of 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). As of June 30, 2021, 17 767-300 freighter aircraft were operating in CMI service and 19 767-300 freighters in Dry Lease service for Amazon. 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, as of the date of the agreements, after giving effect to the issuance of shares pursuant to the warrants, at an exercise price of $37.34 per share, as adjusted (“Warrant A”). All 7.5 million shares, as adjusted, have vested in full and been exercised in two transactions. In October 2020, Amazon exercised shares of Warrant A through a cashless exercise resulting in the issuance of 1,375,421 shares of our common stock. In January 2021, Amazon exercised the remaining shares of Warrant A through a cashless exercise resulting in the issuance of 1,210,741 shares of our common stock. 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, as of the date of the agreements, after giving effect to the issuance of shares pursuant to the warrants, for an exercise price of $37.34 per share, as adjusted (“Warrant B”). This warrant to purchase 3.77 million shares, as adjusted, will vest in increments of 37,660 shares, as adjusted, 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 June 30, 2021, 715,540 shares, as adjusted, of Warrant B have vested. Upon vesting, Warrant B becomes exercisable in accordance with its terms through May 2023. In January 2021, Amazon exercised shares of Warrant B through a cashless exercise resulting in the issuance of 69,709 shares of our common stock. In March 2019, we amended the agreements entered into in 2016 with Amazon, pursuant to which we began providing CMI services using Boeing 737-800 freighter aircraft provided by Amazon. The 737-800 CMI operations are 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 June 30, 2021, eight 737-800 freighter aircraft were operating in CMI service for Amazon. In connection with the amended agreements, we granted Amazon a warrant to acquire up to an additional 9.9% of our outstanding common shares, as of the date of the agreements, after giving effect to the issuance of shares pursuant to the warrants, for an exercise price of $52.67 per share, as adjusted (“Warrant C”). After Warrant B has vested in full, this warrant to purchase 6.66 million shares, as adjusted, would vest in increments of 45,623 shares, as adjusted, 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 June 30, 2021, no portion of Warrant C has vested. Upon vesting, Warrant C would become exercisable in accordance with its terms through March 2026. While Amazon would be entitled to vote the shares it owns up to 14.9% of our outstanding common shares, in its discretion, it 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. Upon the vesting of Warrant A in previous years, the fair value of the warrant 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. When it becomes probable that an increment of either Warrant B or C will vest and the related revenue begins to be recognized, the grant date fair value of such portion is 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. The grant date fair value of such increment is also recorded as Additional paid-in-capital. At the time of vesting, any amounts recorded in Additional paid-in-capital related to Dry Lease contracts would be reclassified as a warrant liability within Financial instruments and other liabilities with changes in fair value recorded in Unrealized loss (gain) on financial instruments . We amortized $11.4 million and $21.9 million of the customer incentive asset as a reduction of Operating Revenue for the three and six months ended June 30, 2021, respectively. We amortized $9.5 million and $18.6 million of the customer incentive asset for the three and six months ended June 30, 2020, respectively. Customer incentive asset included within Deferred costs and other assets is as follows: Balance at December 31, 2020 $ 125,276 Initial value for estimate of vested or expected to vest warrants 6,456 Amortization of customer incentive asset (21,924 ) Balance as of June 30, 2021 $ 109,808 We recognized an unrealized loss of $0.1 million on the Amazon warrant liability related to Warrant A during the six months ended June 30, 2021. We recognized unrealized losses of $30.7 million and $29.7 million on the Amazon Warrant liability during the three and six months ended June 30, 2020, respectively. The fair value of the Amazon warrant liability was zero as of June 30, 2021 and $31.5 million as of December 31, 2020. Due to the exercise of Warrant A discussed above, our earnings are no longer affected by changes in the fair value of our Amazon warrant liability.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2021
Supplemental Financial Information [Abstract]
Supplemental Financial Information	6. Supplemental Financial Information Accounts Receivable Accounts receivable, net of allowance for expected credit losses related to customer contracts, excluding Dry Leasing contracts, was $238.4 million as of June 30, 2021 and $195.6 million as of December 31, 2020. Allowance for expected credit losses, included within Accounts receivable, is as follows: Balance as of December 31, 2020 $ 1,233 Bad debt recovery (381 ) Amounts written off, net of other items 2,730 Balance as of June 30, 2021 $ 3,582 Accrued Liabilities Accrued liabilities consisted of the following as of: June 30, 2021 December 31, 2020 Maintenance $ 132,766 $ 142,374 Salaries, wages and benefits 115,111 136,753 Customer maintenance reserves 90,508 93,092 Deferred revenue 52,129 41,665 Aircraft fuel 39,913 24,578 Deferred grant income - 40,944 Other 105,520 103,754 Accrued liabilities $ 535,947 $ 583,160 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. Changes in Deferred r evenue during the six months ended June 30, 2021 were as follows: Balance as of December 31, 2020 $ 30,291 Revenue recognized (131,705 ) Amounts collected or invoiced 142,655 Balance as of June 30, 2021 $ 41,241 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: June 30, 2021 December 31, 2020 Cash and cash equivalents $ 750,161 $ 845,589 Restricted cash 10,292 10,692 Total Cash, cash equivalents and restricted cash shown in Consolidated Statements of Cash Flows $ 760,453 $ 856,281

Assets Held For Sale and Other

Assets Held For Sale and Other Income	6 Months Ended
	Jun. 30, 2021
Assets Held For Sale And Other Income [Abstract]
Assets Held For Sale and Other Income	7. Assets Held For Sale and Other Income As of December 31, 2020, we had two 737-400 passenger aircraft previously used for training purposes and certain spare CF6-80 engines classified as held for sale. We received net proceeds of $1.9 million during the six months ended June 30, 2021 from the completion of the sales of some of the spare CF6-80 engines. We estimated the fair value of these assets, less costs to sell, based on bids received from independent third parties or recently completed sales. The carrying value of the assets held for sale was $12.3 million and $14.1 million as of June 30, 2021 and December 31, 2020, respectively, which was included within Prepaid expense, assets held for sale and other current assets in the consolidated balance sheets. In August, 2021, we completed the sale of the two 737-400 passenger aircraft and some spare CF6-80 engines and received net proceeds of $5.6 million. Sales of the remaining engines are expected to be completed during 2021. We recognized a refund of $4.6 million during the three and six months ended June 30, 2021 related to aircraft rent paid in previous years within Other (income) expense, net. We recognized refunds of $31.5 million and $32.9 million during the three and six months ended June 30, 2020, respectively, related to aircraft rent paid in previous years within Other (income) expense, net.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	8. Debt and Finance Leases Term Loans In March 2021, we borrowed $16.2 million at a fixed interest rate of 0.93% under an unsecured five-year In June 2021, we borrowed $7.8 million at a fixed interest rate of 0.91% under an unsecured five-year Finance Leases In May and June 2021, we amended five operating leases for 747-400 freighter aircraft to acquire the aircraft at the end of the lease terms, from March to December 2022, resulting in additional commitments of $82.2 million and a change in classification to finance leases. Convertible Notes In May 2017, we issued $289.0 million aggregate principal amount of 1.88% 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 June 30, 2021: 2015 Convertible Notes 2017 Convertible Notes Remaining life in months 11 35 Liability component: Gross proceeds $ 224,500 $ 289,000 Less: debt discount, net of amortization (8,359 ) (32,824 ) Less: debt issuance cost, net of amortization (766 ) (2,520 ) Net carrying amount $ 215,375 $ 253,656 Equity component (1) $ 52,903 $ 70,140 (1) Included in Additional paid-in-capital on the consolidated balance sheet as of June 30, 2021. The following table presents the amount of interest expense recognized related to the Convertible Notes: For the Three Months Ended For the Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Contractual interest coupon $ 2,618 $ 2,618 $ 5,236 $ 5,235 Amortization of debt discount 4,745 4,457 9,416 8,845 Amortization of debt issuance costs 406 391 808 777 Total interest expense recognized $ 7,769 $ 7,466 $ 15,460 $ 14,857 Revolving Credit Facility We have a $200.0 million secured revolving credit facility that matures in December 2022 (the “Revolver”).

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The effective income tax rates were 23.5% and 23.6% for the three and six months ended June 30, 2021, respectively. These rates differed from the U.S. statutory rate primarily due to state income taxes and certain expenses that are not deductible for tax purposes. The effective income tax rates were 29.5% and 29.0% for the three and six months ended June 30, 2020, respectively. These rates differed from the U.S. statutory rate primarily due to nondeductible changes in the fair value of a customer warrant liability (see Note 5 to our Financial Statements). For interim accounting purposes, we recognize income taxes using an estimated annual effective tax rate.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2021
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, and Restricted cash is based on cost, which approximates fair value. Term loans and notes consist of term loans, notes guaranteed by the Export-Import Bank of the United States, a promissory note issued to the U.S. Treasury and equipment enhanced trust certificates. The fair values of these debt instruments and the Revolver 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 is 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: June 30, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 750,161 $ 750,161 $ 750,161 $ - $ - Restricted cash 10,292 10,292 10,292 - - $ 760,453 $ 760,453 $ 760,453 $ - $ - Liabilities Term loans and notes $ 1,693,587 $ 1,777,796 $ - $ - $ 1,777,796 Convertible notes (1) 469,031 608,197 608,197 - - $ 2,162,618 $ 2,385,993 $ 608,197 $ - $ 1,777,796 December 31, 2020 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 845,589 $ 845,589 $ 845,589 $ - $ - Restricted cash 10,692 10,692 10,692 - - $ 856,281 $ 856,281 $ 856,281 $ - $ - Liabilities Term loans and notes $ 1,809,656 $ 1,909,942 $ - $ - $ 1,909,942 Convertible notes (1) 458,803 560,975 560,975 - - Customer warrant 31,470 31,470 - 31,470 - $ 2,299,929 $ 2,502,387 $ 560,975 $ 31,470 $ 1,909,942 (1) Carrying value is net of debt discounts and debt issuance costs (see Note 8).

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	11. Segment Reporting During the first quarter of 2021, we changed our operating and reportable segments, reflecting changes in our business. We currently have the following two operating and reportable segments: Airline Operations and Dry Leasing. Previously, our operating and reportable segments were ACMI, Charter and Dry Leasing. As ACMI and Charter services have become more similar, our chief operating decision maker began assessing operating results and making resource allocation decisions for Airline Operations. Our Airline Operations segment provides outsourced aircraft operating services to customers including, express delivery providers, e-commerce retailers, the U.S. military, charter brokers, freight forwarders, airlines, manufacturers, sports teams and fans, and private charter customers. We generally provide these services on an ACMI, CMI and Charter basis. Most agreements provide us with guaranteed minimum revenues at predetermined rates, levels of operation and defined periods of time. We also provide certain services on a short-term basis. Our Dry Leasing segment provides for the leasing of cargo and passenger aircraft and engines to customers, and aircraft- and lease-management services. In our Dry Leasing segment, the customer operates, and is responsible for insuring and maintaining, the flight equipment. Other represents revenue for services that are not allocated to any segment, including administrative and management support services and flight simulator training. 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 called Direct Contribution, which shows the profitability of each segment. Direct Contribution includes Income before income taxes and excludes the following: Special charges, Transaction-related expenses, nonrecurring items, Gain (losses) on the disposal of aircraft, Losses on early extinguishment of debt, Unrealized losses (gains) on financial instruments and Unallocated income and expenses, net. Direct operating and ownership costs include crew costs, maintenance, fuel, ground operations, sales costs, aircraft rent, interest expense on the portion of debt used for financing aircraft, interest income on debt securities and aircraft depreciation. Unallocated income and expenses, net include corporate overhead, nonaircraft depreciation, noncash expenses and income, interest expense on the portion of debt used for general corporate purposes, interest income on nondebt securities, capitalized interest, foreign exchange gains and losses, other revenue , other non-operating costs and CARES Act grant income . The following table sets forth Operating Revenue and Direct Contribution for our reportable segments reconciled to Operating Income and Income before income taxes: For the Three Months Ended For the Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating Revenue: Airline Operations $ 955,861 $ 789,498 $ 1,782,101 $ 1,395,871 Dry Leasing 40,404 40,906 80,768 82,832 Customer incentive asset amortization (11,443 ) (9,534 ) (21,924 ) (18,556 ) Other 5,610 4,383 10,787 8,608 Total Operating Revenue $ 990,432 $ 825,253 $ 1,851,732 $ 1,468,755 Direct Contribution: Airline Operations $ 231,793 $ 200,464 $ 400,943 $ 303,552 Dry Leasing 10,766 9,721 21,329 20,420 Total Direct Contribution for Reportable Segments 242,559 210,185 422,272 323,972 Unallocated income and (expenses), net (102,464 ) (50,308 ) (163,998 ) (139,029 ) Loss on early extinguishment of debt - (74 ) - (74 ) Unrealized loss on financial instruments - (30,671 ) (113 ) (29,747 ) Special charge - (15,934 ) - (15,934 ) Transaction-related expenses (117 ) (1,275 ) (318 ) (1,796 ) Gain (loss) on disposal of aircraft - (2 ) (16 ) 6,715 Income before income taxes 139,978 111,921 257,827 144,107 Add back (subtract): Interest income (189 ) (224 ) (400 ) (704 ) Interest expense 26,992 28,950 54,172 58,225 Capitalized interest (1,850 ) (132 ) (3,121 ) (325 ) Loss on early extinguishment of debt - 74 - 74 Unrealized loss on financial instruments - 30,671 113 29,747 Other (income) expense, net (4,854 ) (50,598 ) (44,310 ) (49,392 ) Operating Income $ 160,077 $ 120,662 $ 264,281 $ 181,732 The following table disaggregates our Airline Operations segment revenue by customer and service type: For the Three Months Ended June 30, 2021 June 30, 2020 Cargo Passenger Total Cargo Passenger Total Commercial customers $ 819,175 $ - $ 819,175 $ 686,013 $ 17 $ 686,030 AMC 49,072 87,614 136,686 49,762 53,706 103,468 Total Airline Operations Revenue $ 868,247 $ 87,614 $ 955,861 $ 735,775 $ 53,723 $ 789,498 For the Six Months Ended June 30, 2021 June 30, 2020 Cargo Passenger Total Cargo Passenger Total Commercial customers $ 1,532,387 $ 2,879 $ 1,535,266 $ 1,139,246 $ 3,122 $ 1,142,368 AMC 94,384 152,451 246,835 112,236 141,267 253,503 Total Airline Operations Revenue $ 1,626,771 $ 155,330 $ 1,782,101 $ 1,251,482 $ 144,389 $ 1,395,871 Given the nature of our business and international flying, geographic information for revenue, long-lived assets and total assets is not presented because it is impracticable to do so. We are exposed to a concentration of revenue from the AMC, Polar and DHL (see above for the AMC and Note 4 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 $169.4 million and $327.3 million for the three and six months ended June 30, 2021, respectively. Revenue from DHL was $151.9 million and $250.2 million for the three and six months ended June 30, 2020, respectively. We have not experienced any credit issues with these customers.

Labor and Legal Proceedings

Labor and Legal Proceedings	6 Months Ended
	Jun. 30, 2021
Labor And Legal Proceedings [Abstract]
Labor and Legal Proceedings	12. Labor and Legal Proceedings Collective Bargaining Agreements 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 four-year five-year 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 refused to follow the merger provisions in the Atlas and Southern Air CBAs, which resulted in significant litigation, arbitrations and delay. The Company prevailed in all of the prior merger-related proceedings, including all federal court litigation and related appeals. The IBT was ordered by two arbitrators and two federal district courts to comply with the merger provisions of the Atlas and Southern Air CBAs, which included providing the Company with the ISL by May 15, 2020. The IBT subsequently requested additional time from the Company to complete the ISL and the parties agreed to a joint stipulation. As a result, on April 24, 2020, the U.S. District Court for the District of Columbia (“DC District Court”) issued a modified order, providing that the nine-month timeframe to bargain for a new JCBA was triggered on May 15, 2020 and that the IBT must produce the ISL by March 31, 2021. Any remaining open issues as of February 15, 2021 are to be determined by binding interest arbitration pursuant to the merger provisions in the CBAs. In April 2020, the Company entered into Coronavirus Memorandum of Understandings (“COVID MOU”) with both IBT Local 2750 and Local 1224, providing additional compensation and benefits for pilots flying into certain areas that were heavily impacted by COVID-19. On May 7, 2020, the Company announced that Atlas and Southern Air reached an agreement with IBT Locals 2750 and 1224, which provides for a ten percent pay increase for all pilots, effective as of May 1, 2020. This pay increase provides interim additional compensation to our pilots until a new JCBA is reached. The Company and the IBT continued to meet virtually from March 2020 through January 2021 to move the process forward and bargain in good faith for a new JCBA. Substantive progress was made with tentative agreements reached for more than half of the articles in a new JCBA. On February 15, 2021, the Company and IBT completed the contractually-mandated nine-month period for negotiations for a JCBA. All remaining open issues not resolved in negotiations are subject to binding interest arbitration between the Company and the IBT, which occurred in the latter half of March 2021 and concluded on April 1, 2021. On March 30, 2021, the IBT provided the Company with the ISL. On May 1, 2021, IBT Local 2750, which represents Atlas Air Pilots, also became the official IBT representative for all Southern Air pilots who had previously been represented by IBT Local 1224. While the Atlas and Southern pilots are represented by the same local, they remain two distinct pilot groups under separate CBAs until there is a new JCBA. On July 2, 2021, the Company entered into a COVID Memorandum of Understanding II (“COVID II MOU”) with IBT Local 2750, which provided additional compensation to all pilots who receive their COVID-19 vaccine and expanded the scope of the COVID MOU. Once the arbitration decision is issued, there will be a new JCBA. We expect to receive the arbitrator’s binding decision late in the third quarter of 2021 and that labor costs arising from the new JCBA will be materially greater than the costs under our current CBAs with Atlas pilots and Southern Air pilots. 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 . Preliminary Injunction In late November 2017, the DC District Court issued a preliminary injunction preventing the IBT from “authorizing, encouraging, permitting, calling, engaging in, or continuing” any illegal pilot slowdown activities that were intended to gain leverage in pilot contract negotiations with the Company and requiring the IBT to meet its obligations under the Railway Labor Act. The IBT appealed to the DC Court of Appeals, which, in a unanimous three-judge panel, affirmed the DC District Court’s ruling. On May 22, 2020, the IBT filed a motion to dismiss the Company’s action for a preliminary injunction, which has been fully briefed. The preliminary injunction remains in full force and effect pending the court’s decision. The preliminary injunction will expire once the parties’ new JCBA becomes effective. Matters Related to Alleged Pricing Practices In the Netherlands, Stichting Cartel Compensation, successor in interest to claims of various shippers, has filed suit in the district court in Amsterdam against British Airways, KLM, Martinair, Air France, Lufthansa and Singapore Airlines seeking recovery for damages purportedly arising from allegedly unlawful pricing practices of such defendants. In response, British Airways, KLM, Martinair, Air France and Lufthansa filed third-party indemnification lawsuits against Polar Air Cargo, LLC (“Old Polar”), a consolidated subsidiary of the Company, and Polar, seeking indemnification in the event the defendants are found to be liable in the main proceedings. Another defendant, Thai Airways, filed a similar indemnification claim. Activities in the case have focused on various procedural issues and rulings, some of which are awaiting court decisions on appeal. The ultimate outcome of the lawsuit is likely to be affected by a decision readopted by the European Commission in March 2017, finding EU competition law violations by British Airways, KLM, Martinair, Air France and Lufthansa, among others, but not Old Polar or Polar. 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 $4.1 million in aggregate based on June 30, 2021 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 $3.5 million as of June 30, 2021 and $3.3 million as of December 31, 2020, 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	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	13. Earnings Per Share Basic earnings per share (“EPS”) represents income divided by the weighted average number of common shares outstanding during the measurement period. Diluted EPS represents income divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period using the treasury stock method. The calculations of basic and diluted EPS were as follows: For the Three Months Ended For the Six Months Ended Numerator: June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net Income $ 107,110 $ 78,912 $ 197,043 $ 102,265 Plus: Unrealized loss on financial instruments, net of tax - - 112 - Diluted net income $ 107,110 $ 78,912 $ 197,155 $ 102,265 Denominator: Basic EPS weighted average shares outstanding 29,011 26,129 28,752 26,048 Effect of dilutive warrants 499 9 625 4 Effect of dilutive convertible notes 608 - 304 - Effect of dilutive restricted stock 201 44 219 22 Diluted EPS weighted average shares outstanding 30,319 26,182 29,900 26,074 Earnings per share: Basic $ 3.69 $ 3.02 $ 6.85 $ 3.93 Diluted $ 3.53 $ 3.01 $ 6.59 $ 3.92 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 3.0 million for the three and six months ended June 30, 2021, and 15.5 million for the three and six months ended June 30, 2020. 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 9.9 million for the three and six months ended June 30, 2021 and 10.5 million for the three and six months ended June 30, 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2021
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, 2019 $ (2,827 ) $ 9 $ (2,818 ) Reclassification to interest expense 604 - 604 Tax effect (133 ) - (133 ) Balance as of June 30, 2020 $ (2,356 ) $ 9 $ (2,347 ) Balance as of December 31, 2020 $ (1,913 ) $ 9 $ (1,904 ) Reclassification to interest expense 524 - 524 Tax effect (124 ) - (124 ) Balance as of June 30, 2021 $ (1,513 ) $ 9 $ (1,504 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Heavy Maintenance	Heavy Maintenance Except as described in the paragraph below, we account for heavy maintenance costs for airframes and engines 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 $12.3 million and $24.3 million for the three and six months ended June 30, 2021, respectively. Amortization of deferred maintenance expense was $10.3 million and $18.2 million for the three and six months ended June 30, 2020, respectively. Deferred maintenance included within Deferred costs and other assets is as follows: Balance as of December 31, 2020 $ 191,303 Deferred maintenance costs 12,599 Amortization of deferred maintenance (24,300 ) Balance as of June 30, 2021 $ 179,602
Property and Equipment	Property and Equipment Committed expenditures to acquire aircraft and spare engines are expected to be $134.5 million for the remainder of 2021 and $458.3 million in 2022. These expenditures include our January 2021 agreement to purchase four 747-8F aircraft from The Boeing Company (“Boeing”) that are expected to be delivered from May through October 2022, spare engines, 747-400 freighter aircraft and 747-400 passenger aircraft (to be used for both replacement of older passenger aircraft in service as well as spare engines and parts). In July and August 2021, we acquired two of our existing 747-400 freighter aircraft, included in the amounts above, that were previously on lease to us.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board amended its accounting guidance for certain financial instruments with characteristics of liabilities and equity, including convertible debt instruments. For convertible debt with a cash conversion feature, the amended guidance removes the current accounting model to separately account for the liability and equity components, which currently results in the amortization of a debt discount to interest expense. Under this amended guidance, such convertible debt will be accounted for as a single debt instrument with no amortization of a debt discount to interest expense, unless certain other conditions are met. The amended guidance also requires the use of the if-converted method when calculating the dilutive impact of convertible debt on earnings per share. The amended guidance is effective as of the beginning of 2022. The two permitted transition methods under the guidance are the full retrospective approach, under which the guidance is applied to all periods presented, or the modified retrospective approach, under which the guidance is applied only to the most current period presented. We will adopt this amended guidance on its required effective date of January 1, 2022. While we are still assessing the impact the amended guidance will have on our financial statements, we expect the amount previously allocated to the equity component will be reclassified to debt. In addition, the amended guidance is expected to result in a material increase in net income and reduction in interest expense, as well as a material reduction in diluted earnings per share resulting from an increase in the number of shares included in the denominator.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Deferred Maintenance	Deferred maintenance included within Deferred costs and other assets is as follows Balance as of December 31, 2020 $ 191,303 Deferred maintenance costs 12,599 Amortization of deferred maintenance (24,300 ) Balance as of June 30, 2021 $ 179,602

Related Parties (Tables)

Related Parties (Tables)	6 Months Ended
	Jun. 30, 2021
Polar [Member]
Related Party Transaction [Line Items]
Summary of Transactions with Related Party	The following table summarizes our transactions with Polar: For the Three Months Ended For the Six Months Ended Revenue and Expenses: June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenue from Polar $ 75,661 $ 82,858 $ 152,917 $ 159,092 Ground handling and airport fees to Polar 938 1,067 1,820 1,593 Accounts receivable/payable as of: June 30, 2021 December 31, 2020 Receivables from Polar $ 21,634 $ 31,079 Payables to Polar 3,249 3,477 Aggregate Carrying Value of Polar Investment as of: June 30, 2021 December 31, 2020 Aggregate Carrying Value of Polar Investment $ 4,870 $ 4,870
Dry Leasing Joint Venture [Member]
Related Party Transaction [Line Items]
Summary of Transactions with Related Party	The following table summarizes our transactions with our dry leasing joint venture: For the Three Months Ended For the Six Months Ended Revenue and Expenses: June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenue from dry leasing joint venture $ 68 $ - $ 135 $ - Aircraft rent to dry leasing joint venture 2,250 - 4,500 - Aggregate Carrying Value of Joint Venture as of: June 30, 2021 December 31, 2020 Aggregate Carrying Value of Dry Leasing Joint Venture $ 4,871 $ 4,438

Amazon (Tables)

Amazon (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2020 $ 125,276 Initial value for estimate of vested or expected to vest warrants 6,456 Amortization of customer incentive asset (21,924 ) Balance as of June 30, 2021 $ 109,808

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Financial Information [Abstract]
Summary of Allowance for Expected Credit Losses	Allowance for expected credit losses, included within Accounts receivable, is as follows: Balance as of December 31, 2020 $ 1,233 Bad debt recovery (381 ) Amounts written off, net of other items 2,730 Balance as of June 30, 2021 $ 3,582
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following as of: June 30, 2021 December 31, 2020 Maintenance $ 132,766 $ 142,374 Salaries, wages and benefits 115,111 136,753 Customer maintenance reserves 90,508 93,092 Deferred revenue 52,129 41,665 Aircraft fuel 39,913 24,578 Deferred grant income - 40,944 Other 105,520 103,754 Accrued liabilities $ 535,947 $ 583,160
Summary of Changes in Deferred Revenue	Balance as of December 31, 2020 $ 30,291 Revenue recognized (131,705 ) Amounts collected or invoiced 142,655 Balance as of June 30, 2021 $ 41,241
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows: June 30, 2021 December 31, 2020 Cash and cash equivalents $ 750,161 $ 845,589 Restricted cash 10,292 10,692 Total Cash, cash equivalents and restricted cash shown in Consolidated Statements of Cash Flows $ 760,453 $ 856,281

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Convertible Notes	The Convertible Notes consisted of the following as of June 30, 2021: 2015 Convertible Notes 2017 Convertible Notes Remaining life in months 11 35 Liability component: Gross proceeds $ 224,500 $ 289,000 Less: debt discount, net of amortization (8,359 ) (32,824 ) Less: debt issuance cost, net of amortization (766 ) (2,520 ) Net carrying amount $ 215,375 $ 253,656 Equity component (1) $ 52,903 $ 70,140 (1) Included in Additional paid-in-capital on the consolidated balance sheet as of June 30, 2021.
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 Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Contractual interest coupon $ 2,618 $ 2,618 $ 5,236 $ 5,235 Amortization of debt discount 4,745 4,457 9,416 8,845 Amortization of debt issuance costs 406 391 808 777 Total interest expense recognized $ 7,769 $ 7,466 $ 15,460 $ 14,857

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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: June 30, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 750,161 $ 750,161 $ 750,161 $ - $ - Restricted cash 10,292 10,292 10,292 - - $ 760,453 $ 760,453 $ 760,453 $ - $ - Liabilities Term loans and notes $ 1,693,587 $ 1,777,796 $ - $ - $ 1,777,796 Convertible notes (1) 469,031 608,197 608,197 - - $ 2,162,618 $ 2,385,993 $ 608,197 $ - $ 1,777,796 December 31, 2020 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 845,589 $ 845,589 $ 845,589 $ - $ - Restricted cash 10,692 10,692 10,692 - - $ 856,281 $ 856,281 $ 856,281 $ - $ - Liabilities Term loans and notes $ 1,809,656 $ 1,909,942 $ - $ - $ 1,909,942 Convertible notes (1) 458,803 560,975 560,975 - - Customer warrant 31,470 31,470 - 31,470 - $ 2,299,929 $ 2,502,387 $ 560,975 $ 31,470 $ 1,909,942 (1) Carrying value is net of debt discounts and debt issuance costs (see Note 8).

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting Tables [Abstract]
Operating Revenue and Direct Contribution For Our Reportable Business Segments	The following table sets forth Operating Revenue and Direct Contribution for our reportable segments reconciled to Operating Income and Income before income taxes: For the Three Months Ended For the Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating Revenue: Airline Operations $ 955,861 $ 789,498 $ 1,782,101 $ 1,395,871 Dry Leasing 40,404 40,906 80,768 82,832 Customer incentive asset amortization (11,443 ) (9,534 ) (21,924 ) (18,556 ) Other 5,610 4,383 10,787 8,608 Total Operating Revenue $ 990,432 $ 825,253 $ 1,851,732 $ 1,468,755 Direct Contribution: Airline Operations $ 231,793 $ 200,464 $ 400,943 $ 303,552 Dry Leasing 10,766 9,721 21,329 20,420 Total Direct Contribution for Reportable Segments 242,559 210,185 422,272 323,972 Unallocated income and (expenses), net (102,464 ) (50,308 ) (163,998 ) (139,029 ) Loss on early extinguishment of debt - (74 ) - (74 ) Unrealized loss on financial instruments - (30,671 ) (113 ) (29,747 ) Special charge - (15,934 ) - (15,934 ) Transaction-related expenses (117 ) (1,275 ) (318 ) (1,796 ) Gain (loss) on disposal of aircraft - (2 ) (16 ) 6,715 Income before income taxes 139,978 111,921 257,827 144,107 Add back (subtract): Interest income (189 ) (224 ) (400 ) (704 ) Interest expense 26,992 28,950 54,172 58,225 Capitalized interest (1,850 ) (132 ) (3,121 ) (325 ) Loss on early extinguishment of debt - 74 - 74 Unrealized loss on financial instruments - 30,671 113 29,747 Other (income) expense, net (4,854 ) (50,598 ) (44,310 ) (49,392 ) Operating Income $ 160,077 $ 120,662 $ 264,281 $ 181,732
Schedule of Disaggregated Airline Operations Segment Revenue by Customer and Service Type	The following table disaggregates our Airline Operations segment revenue by customer and service type: For the Three Months Ended June 30, 2021 June 30, 2020 Cargo Passenger Total Cargo Passenger Total Commercial customers $ 819,175 $ - $ 819,175 $ 686,013 $ 17 $ 686,030 AMC 49,072 87,614 136,686 49,762 53,706 103,468 Total Airline Operations Revenue $ 868,247 $ 87,614 $ 955,861 $ 735,775 $ 53,723 $ 789,498 For the Six Months Ended June 30, 2021 June 30, 2020 Cargo Passenger Total Cargo Passenger Total Commercial customers $ 1,532,387 $ 2,879 $ 1,535,266 $ 1,139,246 $ 3,122 $ 1,142,368 AMC 94,384 152,451 246,835 112,236 141,267 253,503 Total Airline Operations Revenue $ 1,626,771 $ 155,330 $ 1,782,101 $ 1,251,482 $ 144,389 $ 1,395,871

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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 Six Months Ended Numerator: June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net Income $ 107,110 $ 78,912 $ 197,043 $ 102,265 Plus: Unrealized loss on financial instruments, net of tax - - 112 - Diluted net income $ 107,110 $ 78,912 $ 197,155 $ 102,265 Denominator: Basic EPS weighted average shares outstanding 29,011 26,129 28,752 26,048 Effect of dilutive warrants 499 9 625 4 Effect of dilutive convertible notes 608 - 304 - Effect of dilutive restricted stock 201 44 219 22 Diluted EPS weighted average shares outstanding 30,319 26,182 29,900 26,074 Earnings per share: Basic $ 3.69 $ 3.02 $ 6.85 $ 3.93 Diluted $ 3.53 $ 3.01 $ 6.59 $ 3.92

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2019 $ (2,827 ) $ 9 $ (2,818 ) Reclassification to interest expense 604 - 604 Tax effect (133 ) - (133 ) Balance as of June 30, 2020 $ (2,356 ) $ 9 $ (2,347 ) Balance as of December 31, 2020 $ (1,913 ) $ 9 $ (1,904 ) Reclassification to interest expense 524 - 524 Tax effect (124 ) - (124 ) Balance as of June 30, 2021 $ (1,513 ) $ 9 $ (1,504 )

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - Polar [Member]	6 Months Ended
	Jun. 30, 2021
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) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended			12 Months Ended
	Jan. 31, 2021Aircraftss	Aug. 31, 2021Aircraftss	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2022USD ($)
Significant Accounting Policies [Line Items]
Deferred maintenance amortization expense | $			$ 12,300	$ 10,300		$ 24,300	$ 18,200
Aircraft 747-8F [Member]
Significant Accounting Policies [Line Items]
Number of aircraft purchase | Aircraftss	4
Forecast [Member]
Significant Accounting Policies [Line Items]
Committed expenditures to acquire aircraft and spare engines | $					$ 134,500			$ 458,300
Forecast [Member] | Aircraft 747-400 [Member]
Significant Accounting Policies [Line Items]
Number of freighter aircrafts acquired that were previously leased | Aircraftss		2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Deferred Maintenance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Beginning Balance			$ 191,303
Deferred maintenance costs			12,599
Amortization of deferred maintenance	$ (12,300)	$ (10,300)	(24,300)	$ (18,200)
Ending Balance	$ 179,602		$ 179,602

COVID-19 Pandemic - Additional

COVID-19 Pandemic - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Operating Revenue	$ 990,432		$ 825,253	$ 1,851,732	$ 1,468,755
Payroll Support Program Agreement [Member] | Grant [Member] | Other Income (Expense), Net [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Operating Revenue		$ 40,900	$ 20,200		$ 20,200
Payroll Support Program Agreement [Member] | US Treasury [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of warrant exercised	0			0
Payroll Support Program Agreement [Member] | US Treasury [Member] | Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of warrants issued to acquire common stock	625,452			625,452
Commercial Paper [Member] | Payroll Support Program Agreement [Member] | US Treasury [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from line of credit				$ 199,800

Related Parties - Polar - Addit

Related Parties - Polar - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Polar [Member]
Related Party Transaction [Line Items]
Equity interest	51.00%		51.00%
Voting interest			75.00%
Polar [Member]
Related Party Transaction [Line Items]
Revenue recognized	$ 69	$ 83.1	$ 123.1	$ 110.5
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 Related Party (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Aircraft rent	$ 17,687	$ 24,316	$ 38,443	$ 48,283
Polar [Member]
Related Party Transaction [Line Items]
Revenue from related party	75,661	82,858	152,917	159,092
Ground handling and airport fees to Polar	938	1,067	1,820	1,593
Receivables from related party	21,634		21,634		$ 31,079
Payables to related party	3,249		3,249		3,477
Aggregate Carrying Value of Investment/Joint Venture	4,870		4,870		4,870
Dry Leasing Joint Venture [Member]
Related Party Transaction [Line Items]
Revenue from related party	68	0	135	0
Aggregate Carrying Value of Investment/Joint Venture	4,871		4,871		$ 4,438
Aircraft rent	$ 2,250	$ 0	$ 4,500	$ 0

Related Parties - Dry Leasing J

Related Parties - Dry Leasing Joint Venture - Additional Information (Details) - Dry Leasing Joint Venture [Member] - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2019	Jun. 30, 2021
Related Party Transaction [Line Items]
Voting interest	10.00%
Capital contributions		$ 5.3
Third party unguaranteed obligations amount		48.4
Maximum [Member]
Related Party Transaction [Line Items]
Commitment to capital contributions		$ 40

Related Parties - Parts Joint V

Related Parties - Parts Joint Venture - Additional Information (Details) - Parts Joint Venture [Member] - Variable Interest Entity Not Primary Beneficiary [Member] - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Voting interest	50.00%	50.00%
Investment in joint venture	$ 20.5	$ 21
Receivables from related party	0.2	0.2
Payables to related party	$ 1.2	$ 0.9

Amazon - Additional Information

Amazon - Additional Information (Details)	1 Months Ended				3 Months Ended		6 Months Ended
	Jan. 31, 2021shares	Oct. 31, 2020shares	Mar. 31, 2019USD ($)$ / sharesshares	May 31, 2016USD ($)Transaction$ / sharesshares	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Class Of Warrant Or Right [Line Items]
Issuance of shares related to settlement of warrant							1,280,450
Revenues | $					$ 990,432,000	$ 825,253,000	$ 1,851,732,000	$ 1,468,755,000
Amortization of customer incentive asset | $					11,400,000	9,500,000	21,924,000	18,600,000
Warrant liability unrealized losses | $						$ 30,700,000		$ 29,700,000
Fair value of warrant liability | $					$ 0		$ 0		$ 31,500,000
Warrant A [Member]
Class Of Warrant Or Right [Line Items]
Right to acquire outstanding common shares							up to 20% of our outstanding common shares, as of the date of the agreements
Exercise price of warrants exercisable | $ / shares				$ 37.34
Warrant for number of shares fully vested				7,500,000
Warrants exercised in number of transaction | Transaction				2
Warrant liability unrealized losses | $							$ 100,000
Common Stock [Member]
Class Of Warrant Or Right [Line Items]
Issuance of shares related to settlement of warrant		1,375,421
Warrants exercised through cashless issuance of shares	1,210,741
Warrants exercised through cashless issuance of shares	69,709
Warrant B [Member]
Class Of Warrant Or Right [Line Items]
Exercise price of warrants exercisable | $ / shares				$ 37.34
Additional warrant to acquire outstanding shares							up to an additional 10% of our outstanding common shares, as of the date of the agreements
Additional warrant to buy number of shares vesting				3,770,000
Vesting increments of Amazon warrants				37,660
Revenues | $				$ 4,200,000
Warrant vested					715,540		715,540
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, as of the date of the agreements
Exercise price of warrants exercisable | $ / shares			$ 52.67
Vesting increments of Amazon warrants			45,623
Revenues | $			$ 6,900,000
Warrant vested					0		0
Incremental warrant to buy number of shares vesting.			6,660,000
Warrant vesting year			2026-03
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%
Revenues | $				$ 420,000,000
Maximum [Member] | Warrant C [Member]
Class Of Warrant Or Right [Line Items]
Warrant providing right to acquire outstanding common shares percentage			9.90%
Revenues | $			$ 1,000,000,000
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
Lease term option to extend			true				true
Lease term of extension			10 years		10 years		10 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Warrants And Rights Note Disclosure [Abstract]
Balance at December 31, 2020			$ 125,276
Initial value for estimate of vested or expected to vest warrants			6,456
Amortization of customer incentive asset	$ (11,400)	$ (9,500)	(21,924)	$ (18,600)
Balance as of June 30, 2021	$ 109,808		$ 109,808

Supplemental Financial Inform_3

Supplemental Financial Information - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Accounts receivable related to customer contracts excluding dry leasing contracts	$ 238.4	$ 195.6

Supplemental Financial Inform_4

Supplemental Financial Information - Summary of Allowance for Expected Credit Losses (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Supplemental Financial Information [Abstract]
Balance as of December 31, 2020	$ 1,233
Bad debt recovery	(381)
Amounts written off, net of other items	2,730
Balance as of June 30, 2021	$ 3,582

Supplemental Financial Inform_5

Supplemental Financial Information - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Maintenance	$ 132,766	$ 142,374
Salaries, wages and benefits	115,111	136,753
Customer maintenance reserves	90,508	93,092
Deferred revenue	52,129	41,665
Aircraft fuel	39,913	24,578
Deferred grant income	0	40,944
Other	105,520	103,754
Accrued liabilities	$ 535,947	$ 583,160

Supplemental Financial Inform_6

Supplemental Financial Information - Summary of Changes in Deferred Revenue (Details) - Non-Dry Lease Revenue Contracts with Customers [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Revenue Recognition [Line Items]
Balance as of December 31, 2020	$ 30,291
Revenue recognized	(131,705)
Amounts collected or invoiced	142,655
Balance as of June 30, 2021	$ 41,241

Supplemental Financial Inform_7

Supplemental Financial Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Cash and cash equivalents	$ 750,161	$ 845,589
Restricted cash	10,292	10,692
Total Cash, cash equivalents and restricted cash shown in Consolidated Statements of Cash Flows	$ 760,453	$ 856,281	$ 739,178	$ 113,430

Assets Held For Sale and Othe_2

Assets Held For Sale and Other Income - Additional Information (Details) $ in Thousands	Aug. 05, 2021USD ($)	Jun. 30, 2021USD ($)Engine	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Engine	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Impairment Of Aircraft Engines Held For Sale [Line Items]
Net proceeds from sale of aircraft				$ 1,850	$ 44,110
Prepaid Expense, Assets Held for Sale and Other Current Assets [Member]
Impairment Of Aircraft Engines Held For Sale [Line Items]
Carrying value of asset held for sale		$ 12,300		$ 12,300		$ 14,100
Subsequent Event [Member]
Impairment Of Aircraft Engines Held For Sale [Line Items]
Net proceeds from sale of aircraft	$ 5,600
Certain Spare CF6-80 Engines [Member]
Impairment Of Aircraft Engines Held For Sale [Line Items]
Number of aircraft held for sale | Engine		2		2
Aircraft Engines [Member] | Other Income (Expense), Net [Member]
Impairment Of Aircraft Engines Held For Sale [Line Items]
Aircraft rent refunds		$ 4,600	$ 31,500	$ 4,600	$ 32,900

Debt and Finance Leases - Term

Debt and Finance Leases - Term Loans - Additional Information (Details) - Unsecured Term Loan [Member] - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Debt instrument face amount	$ 7.8	$ 16.2
Debt instrument maturity	2026-05	2026-01
Debt instrument, term	5 years	5 years
Debt instrument fixed interest rate	0.91%	0.93%

Debt and Finance Leases - Finan

Debt and Finance Leases - Finance Lease - Additional Information (Details) $ in Millions	2 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)LeasedAircraft	Jun. 30, 2021
Debt Instrument [Line Items]
Number of aircraft operated under operating lease | LeasedAircraft	5
Lessee, operating lease, description		In May and June 2021, we amended five operating leases for 747-400 freighter aircraft to acquire the aircraft at the end of the lease terms, from March to December 2022
Lessee finance lease liability not yet commenced | $	$ 82.2
Maximum [Member]
Debt Instrument [Line Items]
Lessee operating lease term	2022-12

Debt and Finance Leases - Conve

Debt and Finance Leases - Convertible Notes - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2017	Jun. 30, 2015	Jun. 30, 2021
2017 Convertible Notes [Member]
Debt Instrument [Line Items]
Convertible notes aggregate principal amount	$ 289,000		$ 289,000
Convertible notes, interest rate	1.88%
Convertible notes, date of maturity	Jun. 1, 2024
2015 Convertible Notes [Member]
Debt Instrument [Line Items]
Convertible notes aggregate principal amount		$ 224,500	$ 224,500
Convertible notes, interest rate		2.25%
Convertible notes, date of maturity		Jun. 1, 2022

Debt and Finance Leases - Sched

Debt and Finance Leases - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	May 31, 2017	Jun. 30, 2015
2015 Convertible Notes [Member]
Debt Instrument [Line Items]
Remaining life in months		11 months
Gross proceeds		$ 224,500		$ 224,500
Less: debt discount, net of amortization		(8,359)
Less: debt issuance cost, net of amortization		(766)
Net carrying amount		215,375
Equity component	[1]	$ 52,903
2017 Convertible Notes [Member]
Debt Instrument [Line Items]
Remaining life in months		35 months
Gross proceeds		$ 289,000	$ 289,000
Less: debt discount, net of amortization		(32,824)
Less: debt issuance cost, net of amortization		(2,520)
Net carrying amount		253,656
Equity component	[1]	$ 70,140
[1]	Included in Additional paid-in-capital on the consolidated balance sheet as of June 30, 2021.

Debt and Finance Leases - Summa

Debt and Finance Leases - Summary of Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Total interest expense recognized	$ 26,992	$ 28,950	$ 54,172	$ 58,225
Convertible Notes [Member]
Debt Instrument [Line Items]
Contractual interest coupon	2,618	2,618	5,236	5,235
Amortization of debt discount	4,745	4,457	9,416	8,845
Amortization of debt issuance costs	406	391	808	777
Total interest expense recognized	$ 7,769	$ 7,466	$ 15,460	$ 14,857

Debt and Finance Leases - Revol

Debt and Finance Leases - Revolving Credit Facility - Additional Information (Details) - Revolver [Member]	6 Months Ended
	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
Borrowing capacity	$ 200,000,000
Debt instrument maturity	2022-12
Outstanding balance	$ 0
Unused availability	$ 200,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rates	23.50%	29.50%	23.60%	29.00%

Financial Instruments - Summary

Financial Instruments - Summary of Carrying Value, Estimated Fair Value and Classification of Financial Instruments (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Assets
Restricted cash		$ 10,292	$ 10,692
Liabilities
Customer warrant		109,808	125,276
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents		750,161	845,589
Restricted cash		10,292	10,692
Financial instruments assets		760,453	856,281
Liabilities
Term loans and notes		1,693,587	1,809,656
Convertible notes	[1]	469,031	458,803
Financial instruments liabilities		2,162,618	2,299,929
Customer warrant			31,470
Estimate of Fair Value, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents		750,161	845,589
Restricted cash		10,292	10,692
Financial instruments assets		760,453	856,281
Liabilities
Term loans and notes		1,777,796	1,909,942
Convertible notes	[1]	608,197	560,975
Financial instruments liabilities		2,385,993	2,502,387
Customer warrant			31,470
Fair Value, Inputs, Level 1 [Member]
Assets
Cash and cash equivalents		750,161	845,589
Restricted cash		10,292	10,692
Financial instruments assets		760,453	856,281
Liabilities
Term loans and notes		0	0
Convertible notes	[1]	608,197	560,975
Financial instruments liabilities		608,197	560,975
Customer warrant			0
Fair Value, Inputs, Level 2 [Member]
Assets
Cash and cash equivalents		0	0
Restricted cash		0	0
Financial instruments assets		0	0
Liabilities
Term loans and notes		0	0
Convertible notes	[1]	0	0
Financial instruments liabilities		0	31,470
Customer warrant			31,470
Fair Value, Inputs, Level 3 [Member]
Assets
Cash and cash equivalents		0	0
Restricted cash		0	0
Financial instruments assets		0	0
Liabilities
Term loans and notes		1,777,796	1,909,942
Convertible notes	[1]	0	0
Financial instruments liabilities		$ 1,777,796	1,909,942
Customer warrant			$ 0
[1]	Carrying value is net of debt discounts and debt issuance costs (see Note 8).

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Segment	Jun. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Segment			2
Number of reportable segments | Segment			2
Operating Revenue | $	$ 990,432	$ 825,253	$ 1,851,732	$ 1,468,755
DHL [Member]
Segment Reporting Information [Line Items]
Operating Revenue | $	$ 169,400	$ 151,900	$ 327,300	$ 250,200

Segment Reporting - Operating R

Segment Reporting - Operating Revenue and Direct Contribution For Our Reportable Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Revenue:
Customer incentive asset amortization	$ (11,443)	$ (9,534)	$ (21,924)	$ (18,556)
Other	5,610	4,383	10,787	8,608
Total Operating Revenue	990,432	825,253	1,851,732	1,468,755
Direct Contribution:
Total Direct Contribution for Reportable Segments	242,559	210,185	422,272	323,972
Unallocated income and (expenses), net	(102,464)	(50,308)	(163,998)	(139,029)
Loss on early extinguishment of debt	0	(74)	0	(74)
Unrealized loss on financial instruments	0	(30,671)	(113)	(29,747)
Special charge	0	(15,934)	0	(15,934)
Transaction-related expenses	(117)	(1,275)	(318)	(1,796)
Gain (loss) on disposal of aircraft	0	(2)	(16)	6,715
Income before income taxes	139,978	111,921	257,827	144,107
Interest income	(189)	(224)	(400)	(704)
Interest expense	26,992	28,950	54,172	58,225
Capitalized interest	(1,850)	(132)	(3,121)	(325)
Loss on early extinguishment of debt	0	74	0	74
Unrealized loss on financial instruments	0	30,671	113	29,747
Other (income) expense, net	(4,854)	(50,598)	(44,310)	(49,392)
Operating Income	160,077	120,662	264,281	181,732
Airline Operations [Member]
Operating Revenue:
Operating Revenue	955,861	789,498	1,782,101	1,395,871
Direct Contribution:
Total Direct Contribution for Reportable Segments	231,793	200,464	400,943	303,552
Dry Leasing [Member]
Operating Revenue:
Operating Revenue	40,404	40,906	80,768	82,832
Direct Contribution:
Total Direct Contribution for Reportable Segments	$ 10,766	$ 9,721	$ 21,329	$ 20,420

Segment Reporting - Schedule of

Segment Reporting - Schedule of Disaggregated Airline Operations Segment Revenue by Customer and Service Type (Details) - Airline Operations [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total Airline Operations Revenue	$ 955,861	$ 789,498	$ 1,782,101	$ 1,395,871
Commercial Customers [Member]
Segment Reporting Information [Line Items]
Total Airline Operations Revenue	819,175	686,030	1,535,266	1,142,368
AMC [Member]
Segment Reporting Information [Line Items]
Total Airline Operations Revenue	136,686	103,468	246,835	253,503
Cargo [Member]
Segment Reporting Information [Line Items]
Total Airline Operations Revenue	868,247	735,775	1,626,771	1,251,482
Cargo [Member] | Commercial Customers [Member]
Segment Reporting Information [Line Items]
Total Airline Operations Revenue	819,175	686,013	1,532,387	1,139,246
Cargo [Member] | AMC [Member]
Segment Reporting Information [Line Items]
Total Airline Operations Revenue	49,072	49,762	94,384	112,236
Passenger [Member]
Segment Reporting Information [Line Items]
Total Airline Operations Revenue	87,614	53,723	155,330	144,389
Passenger [Member] | Commercial Customers [Member]
Segment Reporting Information [Line Items]
Total Airline Operations Revenue	0	17	2,879	3,122
Passenger [Member] | AMC [Member]
Segment Reporting Information [Line Items]
Total Airline Operations Revenue	$ 87,614	$ 53,706	$ 152,451	$ 141,267

Labor and Legal Proceedings - A

Labor and Legal Proceedings - Additional Information (Details) - USD ($) $ in Millions	May 01, 2020	Jun. 30, 2021	Dec. 31, 2020
Brazilian Customs Claim [Member]
Loss Contingencies [Line Items]
Brazilian claims in the aggregate		$ 4.1
Amounts on deposit for Brazilian claims included in deferred costs and other assets		$ 3.5	$ 3.3
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
All Pilots [Member]
Loss Contingencies [Line Items]
Percentage of pay increase to pilots	10.00%

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net Income	$ 107,110	$ 78,912	$ 197,043	$ 102,265
Plus: Unrealized loss on financial instruments, net of tax	0	0	112	0
Diluted net income	$ 107,110	$ 78,912	$ 197,155	$ 102,265
Denominator:
Basic EPS weighted average shares outstanding	29,011	26,129	28,752	26,048
Effect of dilutive warrants	499	9	625	4
Effect of dilutive convertible notes	608	0	304	0
Effect of dilutive restricted stock	201	44	219	22
Diluted EPS weighted average shares outstanding	30,319	26,182	29,900	26,074
Earnings per share:
Basic	$ 3.69	$ 3.02	$ 6.85	$ 3.93
Diluted	$ 3.53	$ 3.01	$ 6.59	$ 3.92

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Restricted shares and units in which performance or market conditions were not satisfied	9.9	10.5	9.9	10.5
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted EPS	3	15.5	3	15.5

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 2,383,196	$ 1,832,750	$ 2,261,539	$ 1,792,179
Reclassification to interest expense	256	296	524	604
Tax effect			(124)	(133)
Ending Balance	2,497,054	1,930,367	2,497,054	1,930,367
Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance			(1,913)	(2,827)
Reclassification to interest expense			524	604
Tax effect			(124)	(133)
Ending Balance	(1,513)	(2,356)	(1,513)	(2,356)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance			9	9
Reclassification to interest expense			0	0
Tax effect			0	0
Ending Balance	9	9	9	9
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(1,700)	(2,573)	(1,904)	(2,818)
Ending Balance	$ (1,504)	$ (2,347)	$ (1,504)	$ (2,347)