Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 07, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Air Transport Services Group, Inc. | ' | ' |
Entity Central Index Key | '0000894081 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 64,654,537 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $344,217,832 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $31,699 | $15,442 |
Accounts receivable, net of allowance of $717 in 2013 and $749 in 2012 | 52,247 | 47,858 |
Inventory | 9,050 | 9,430 |
Prepaid supplies and other | 9,730 | 8,855 |
Deferred income taxes | 13,957 | 19,154 |
Aircraft and engines held for sale | 2,995 | 3,360 |
TOTAL CURRENT ASSETS | 119,678 | 104,099 |
Property and equipment, net | 838,172 | 818,924 |
Other assets | 21,143 | 20,462 |
Pension assets, net of obligations | 14,855 | 0 |
Intangibles | 4,896 | 5,146 |
Goodwill | 34,395 | 86,980 |
TOTAL ASSETS | 1,033,139 | 1,035,611 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 34,818 | 36,521 |
Accrued salaries, wages and benefits | 23,163 | 22,917 |
Accrued expenses | 9,695 | 8,502 |
Current portion of debt obligations | 23,721 | 21,265 |
Unearned revenue | 8,733 | 10,311 |
TOTAL CURRENT LIABILITIES | 100,130 | 99,516 |
Long term debt | 360,794 | 343,216 |
Post-retirement obligations | 30,638 | 185,097 |
Other liabilities | 62,740 | 62,104 |
Deferred income taxes | 109,869 | 46,422 |
TOTAL LIABILITIES | 664,171 | 736,355 |
Commitments and contingencies (Note G) | ' | ' |
STOCKHOLDERS’ EQUITY: | ' | ' |
Preferred stock, 20,000,000 shares authorized, including 75,000 Series A Junior Participating Preferred Stock | 0 | 0 |
Common stock, par value $0.01 per share; 75,000,000 shares authorized; 64,618,305 and 64,130,056 shares issued and outstanding in 2013 and 2012, respectively | 646 | 641 |
Additional paid-in capital | 524,953 | 523,087 |
Accumulated deficit | -126,813 | -107,185 |
Accumulated other comprehensive loss | -29,818 | -117,287 |
TOTAL STOCKHOLDERS’ EQUITY | 368,968 | 299,256 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $1,033,139 | $1,035,611 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets, Current [Abstract] | ' | ' |
Allowance for doubtful accounts | $717 | $749 |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 64,618,305 | 64,130,056 |
Common stock, shares outstanding (in shares) | 64,618,305 | 64,130,056 |
Preferred Stock [Member] | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Series A Junior Participating Preferred Stock [Member] | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' |
Preferred stock, shares authorized (in shares) | 75,000 | 75,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES | $580,023 | $607,438 | $730,133 |
OPERATING EXPENSES | ' | ' | ' |
Salaries, wages and benefits | 175,383 | 184,644 | 188,884 |
Fuel | 49,376 | 53,928 | 150,003 |
Maintenance, materials and repairs | 97,053 | 97,540 | 86,929 |
Depreciation and amortization | 91,749 | 84,477 | 91,063 |
Travel | 18,693 | 22,683 | 28,335 |
Rent | 27,468 | 25,970 | 25,201 |
Landing and ramp | 11,204 | 15,973 | 22,630 |
Insurance | 6,216 | 7,716 | 9,309 |
Impairment of goodwill | 52,585 | 0 | 2,797 |
Impairment of acquired intangibles | 0 | 0 | 2,282 |
Impairment of aircraft | 0 | 0 | 22,065 |
Other operating expenses | 37,111 | 35,819 | 38,006 |
Operating Expenses | 566,838 | 528,750 | 667,504 |
OPERATING INCOME | 13,185 | 78,688 | 62,629 |
OTHER INCOME (EXPENSE) | ' | ' | ' |
Interest income | 74 | 136 | 179 |
Interest expense | -14,249 | -14,383 | -14,181 |
Net gain (loss) on derivative instruments | 631 | 1,879 | -4,881 |
Write-off of unamortized debt issuance costs | 0 | 0 | -2,886 |
Other Nonoperating Income (Expense) | -13,544 | -12,368 | -21,769 |
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -359 | 66,320 | 40,860 |
INCOME TAX EXPENSE | -19,266 | -24,672 | -16,995 |
EARNINGS (LOSS) FROM CONTINUING OPERATIONS | -19,625 | 41,648 | 23,865 |
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES | -3 | -774 | -673 |
NET EARNINGS (LOSS) | ($19,628) | $40,874 | $23,192 |
BASIC EARNINGS (LOSS) PER SHARE | ' | ' | ' |
Continuing operations (in dollars per share) | ($0.31) | $0.66 | $0.38 |
Discontinued operations (in dollars per share) | $0 | ($0.02) | ($0.01) |
TOTAL BASIC EARNINGS PER SHARE (in dollars per share) | ($0.31) | $0.64 | $0.37 |
DILUTED EARNINGS (LOSS) PER SHARE | ' | ' | ' |
Continuing operations (in dollars per share) | ($0.31) | $0.65 | $0.37 |
Discontinued operations (in dollars per share) | $0 | ($0.02) | ($0.01) |
TOTAL DILUTED NET EARNINGS PER SHARE (in dollars per share) | ($0.31) | $0.63 | $0.36 |
WEIGHTED AVERAGE SHARES | ' | ' | ' |
Basic (in shares) | 63,992 | 63,461 | 63,284 |
Diluted (in shares) | 63,992 | 64,420 | 64,085 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NET EARNINGS (LOSS) | ($19,628) | $40,874 | $23,192 |
Other comprehensive income (loss), net of tax | -29 | -37 | 2,745 |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' |
Actuarial gain (loss) for retiree liabilities | 130,330 | -27,350 | -91,523 |
Unrealized gain (loss) for derivative instruments | ' | ' | 631 |
Income tax (expense) or benefit | 21 | 20 | -1,595 |
TOTAL COMPREHENSIVE INCOME (LOSS), net of tax | 67,841 | 26,634 | -33,621 |
Pension Plans [Member] | ' | ' | ' |
Other comprehensive income (loss), net of tax | 90,530 | -10,976 | -56,301 |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' |
Actuarial gain (loss) for retiree liabilities | 129,856 | -27,518 | -91,715 |
Income tax (expense) or benefit | -51,622 | 5,861 | 32,714 |
Post-Retirement Plans [Member] | ' | ' | ' |
Other comprehensive income (loss), net of tax | -3,032 | -3,227 | -3,257 |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' |
Actuarial gain (loss) for retiree liabilities | 474 | 168 | 192 |
Income tax (expense) or benefit | $1,729 | $1,724 | $1,892 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net earnings (loss) from continuing operations | ($19,625) | $41,648 | $23,865 |
Net loss from discontinued operations | -3 | -774 | -673 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Impairment of aircraft | 0 | 0 | 22,065 |
Impairment of goodwill and acquired intangibles | 52,585 | 0 | 5,079 |
Depreciation and amortization | 91,749 | 84,477 | 91,063 |
Pension and post-retirement | 7,061 | 5,562 | -2,641 |
Deferred income taxes | 18,772 | 23,749 | 17,126 |
Amortization of stock-based compensation | 2,732 | 3,231 | 2,877 |
Amortization of DHL promissory note | -6,200 | -6,200 | -6,200 |
Net (gain) loss on derivative instruments | -631 | -1,879 | 4,881 |
Write-off of unamortized debt issuance costs | 0 | 0 | 2,886 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -4,994 | -4,328 | 1,980 |
Inventory and prepaid supplies | -900 | -1,759 | -13 |
Accounts payable | 2,012 | -5,688 | -1,715 |
Unearned revenue | -6,205 | 654 | 9,337 |
Accrued expenses, salaries, wages, benefits and other liabilities | -112 | 4,898 | -8,209 |
Pension and post-retirement assets | -38,352 | -27,926 | -23,159 |
Other | -3,478 | -5,032 | -2,443 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 94,411 | 110,633 | 133,220 |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -112,712 | -155,243 | -213,083 |
Proceeds from property and equipment | 1,521 | 5,772 | 11,147 |
Proceeds from the redemption of interest-bearing investments | 0 | 0 | 1,750 |
Reimbursement of Hanger Construction Costs | 6,803 | 0 | 0 |
NET CASH (USED IN) INVESTING ACTIVITIES | -104,388 | 149,471 | 200,186 |
FINANCING ACTIVITIES: | ' | ' | ' |
Principal payments on long term obligations | -53,766 | -26,223 | -214,424 |
Proceeds from borrowings | 80,000 | 50,000 | 265,000 |
Financing fees | 0 | 0 | -2,536 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 26,234 | 23,777 | 48,040 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 16,257 | -15,061 | -16,040 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 15,442 | 30,503 | 46,543 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 31,699 | 15,442 | 30,503 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' |
Interest paid, net of amount capitalized | 13,752 | 13,195 | 12,985 |
Federal alternative minimum and state income taxes paid | 1,313 | 377 | 2,448 |
SUPPLEMENTAL NON-CASH INFORMATION: | ' | ' | ' |
Debt extinguished | 6,200 | 6,200 | 6,200 |
Accrued capital expenditures | $1,055 | $4,770 | $10,921 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at at Dec. 31, 2010 | $302,077 | $637 | $518,925 | ($171,251) | ($46,234) |
Balance at (in shares) at Dec. 31, 2010 | ' | 63,652,228 | ' | ' | ' |
Stock-based compensation plans | ' | ' | ' | ' | ' |
Grant of restricted stock | 0 | 3 | -3 | ' | ' |
Grant of restricted stock (in shares) | ' | 313,300 | ' | ' | ' |
Issuance of common shares, net of withholdings | -1,186 | 1 | -1,187 | ' | ' |
Withholdings of common shares, net of issuances (in shares) | ' | 161,161 | ' | ' | ' |
Forfeited restricted stock | 0 | -1 | 1 | ' | ' |
Forfeited restricted stock (in shares) | ' | -110,900 | ' | ' | ' |
Amortization of stock awards and restricted stock | 2,877 | ' | 2,877 | ' | ' |
Total comprehensive income (loss) | -33,621 | ' | ' | 23,192 | -56,813 |
Balance at at Dec. 31, 2011 | 270,147 | 640 | 520,613 | -148,059 | -103,047 |
Balance at (in shares) at Dec. 31, 2011 | ' | 64,015,789 | ' | ' | ' |
Stock-based compensation plans | ' | ' | ' | ' | ' |
Grant of restricted stock | 0 | 3 | -3 | ' | ' |
Grant of restricted stock (in shares) | ' | 254,200 | ' | ' | ' |
Withholdings of common shares, net of issuances | -756 | -1 | -755 | ' | ' |
Issuance of common shares, net of withholdings (in shares) | ' | -83,933 | ' | ' | ' |
Forfeited restricted stock | 0 | -1 | 1 | ' | ' |
Forfeited restricted stock (in shares) | ' | -56,000 | ' | ' | ' |
Amortization of stock awards and restricted stock | 3,231 | ' | 3,231 | ' | ' |
Total comprehensive income (loss) | 26,634 | ' | ' | 40,874 | -14,240 |
Balance at at Dec. 31, 2012 | 299,256 | 641 | 523,087 | -107,185 | -117,287 |
Balance at (in shares) at Dec. 31, 2012 | 64,130,056 | 64,130,056 | ' | ' | ' |
Stock-based compensation plans | ' | ' | ' | ' | ' |
Grant of restricted stock | 0 | 3 | -3 | ' | ' |
Grant of restricted stock (in shares) | ' | 258,800 | ' | ' | ' |
Issuance of common shares, net of withholdings | -1,048 | 2 | -1,050 | ' | ' |
Withholdings of common shares, net of issuances (in shares) | ' | 238,049 | ' | ' | ' |
Forfeited restricted stock | 0 | 0 | 0 | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 187 | ' | 187 | ' | ' |
Forfeited restricted stock (in shares) | ' | -8,600 | ' | ' | ' |
Amortization of stock awards and restricted stock | 2,732 | ' | 2,732 | ' | ' |
Total comprehensive income (loss) | 67,841 | ' | ' | -19,628 | 87,469 |
Balance at at Dec. 31, 2013 | $368,968 | $646 | $524,953 | ($126,813) | ($29,818) |
Balance at (in shares) at Dec. 31, 2013 | 64,618,305 | 64,618,305 | ' | ' | ' |
Summary_of_Financial_Statement
Summary of Financial Statement Preparation and Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Summary of Financial Statement Preparation and Significant Accounting Policies | ' | |
SUMMARY OF FINANCIAL STATEMENT PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | ||
Nature of Operations | ||
Air Transport Services Group, Inc. is a holding company whose principal subsidiaries include an aircraft leasing company and two independently certificated airlines. The Company provides airline operations, aircraft leases, aircraft maintenance and other support services primarily to the cargo transportation and package delivery industries. Through the Company's subsidiaries, it offers a range of complementary services to delivery companies, freight forwarders, airlines and government customers. | ||
The airlines, ABX Air, Inc. (“ABX”) and Air Transport International, Inc. (“ATI”), each have the authority, through their separate U.S. Department of Transportation ("DOT") and Federal Aviation Administration ("FAA") certificates, to transport cargo worldwide. The Company's leasing subsidiary, Cargo Aircraft Management, Inc. (“CAM”), leases aircraft to each of the Company's airlines as well as to non-affiliated airlines and other lessees. | ||
The Company provides aircraft and airline operations to its customers, typically under contracts providing for a combination of aircraft, crews, maintenance and insurance ("ACMI") services. The Company serves a base of concentrated customers who have a diverse line of international cargo traffic. DHL Network Operations (USA), Inc. and its affiliates, “DHL,” is the Company's largest customer. ATI provides passenger transportation, primarily to the U.S. Military, using "combi" aircraft, which are certified to carry passengers as well as cargo on the main deck. | ||
In addition to its airline operations and aircraft leasing services, the Company sells aircraft parts, provides aircraft and equipment maintenance services, and operates mail sorting facilities for the U.S. Postal Service (“USPS”). | ||
Basis of Presentation | ||
The accompanying consolidated financial statements include the accounts of Air Transport Services Group, Inc. and its wholly-owned subsidiaries. Inter-company balances and transactions have been eliminated. The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). | ||
Subsequent Events | ||
In January 2014, the Company acquired a 25 percent equity interest in West Atlantic AB of Gothenburg, Sweden. West Atlantic AB, through its two airlines, Atlantic Airlines Ltd. and West Air Sweden AB, operates a fleet of approximately 40 aircraft and is Europe’s largest regional cargo aircraft operator. West Atlantic AB operates its aircraft on behalf of European regional mail carriers and express logistics providers. The airlines operate a combined fleet of British Aerospace ATPs, Bombardier CRJ-200-PFs, and Boeing 737 aircraft. In addition, Atlantic Airlines Ltd. is currently adding the Boeing 767 aircraft to its operating capability. | ||
In January 2014, the Company drew $15.0 million from the revolving credit facility to help fund its 25 percent ownership of West Atlantic AB. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements. Estimates and assumptions are used to record allowances for uncollectible amounts, self-insurance reserves, spare parts inventory, depreciation and impairments of property, equipment, goodwill and intangibles, post-retirement obligations, income taxes, contingencies and litigation. Changes in estimates and assumptions may have a material impact on the consolidated financial statements. | ||
Cash and Cash Equivalents | ||
The Company classifies short-term, highly liquid investments with maturities of three months or less at the time of purchase as cash and cash equivalents. These investments, consisting of money market funds, are recorded at cost, which approximates fair value. Substantially all deposits of the Company’s cash are held in accounts that exceed federally insured limits. The Company deposits cash in common financial institutions which management believes are financially sound. | ||
Accounts Receivable and Allowance for Uncollectible Accounts | ||
The Company's accounts receivable is primarily due from its significant customers (see Note B), other airlines, the USPS and freight forwarders. The Company performs a quarterly evaluation of the accounts receivable and the allowance for uncollectible accounts by reviewing specific customers' recent payment history, growth prospects, financial condition and other factors that may impact a customer's ability to pay. The Company establishes an allowance for uncollectible accounts for probable losses due to a customer's potential inability or unwillingness to make contractual payments. Account balances are written off against the allowance when the Company ceases collection efforts. | ||
Inventory | ||
The Company’s inventory is comprised primarily of expendable aircraft parts and supplies used for aircraft maintenance. Inventory is generally charged to expense when issued for use on a Company aircraft. The Company values its inventory of aircraft parts and supplies at weighted-average cost and maintains a related obsolescence reserve. The Company records an obsolescence reserve on a base stock of inventory for each fleet type. The amortization of base stock for the obsolescence reserve corresponds to the expected life of each fleet type. Additionally, the Company monitors the usage rates of inventory parts and segregates parts that are technologically outdated or no longer used in its fleet types. Slow moving and segregated items are actively marketed and written down to their estimated net realizable values based on market conditions. | ||
Management analyzes the inventory reserve for reasonableness at the end of each quarter. That analysis includes consideration of the expected fleet life, amounts expected to be on hand at the end of a fleet life, and recent events and conditions that may impact the usability or value of inventory. Events or conditions that may impact the expected life, usability or net realizable value of inventory include additional aircraft maintenance directives from the FAA, changes in DOT regulations, new environmental laws and technological advances. | ||
Goodwill and Intangible Assets | ||
The Company assesses, during the fourth quarter of each year, the carrying value of goodwill. Finite-lived intangible assets are amortized over their estimated useful economic lives. The Company also conducts impairment assessments of goodwill, indefinite-lived intangible assets and finite-lived intangible assets whenever events or changes in circumstance indicate an impairment may have occurred. | ||
Property and Equipment | ||
Property and equipment held for use is stated at cost, net of any impairment recorded. The cost and accumulated depreciation of disposed property and equipment are removed from the accounts with any related gain or loss reflected in earnings from operations. | ||
Depreciation of property and equipment is provided on a straight-line basis over the lesser of the asset’s useful life or lease term. Depreciable lives are summarized as follows: | ||
Boeing 767 and 757 aircraft and flight equipment | 10 to 20 years | |
Support equipment | 5 to 10 years | |
Vehicles and other equipment | 3 to 8 years | |
The Company periodically evaluates the useful lives, salvage values and fair values of property and equipment. Acceleration of depreciation expense or the recording of significant impairment losses could result from changes in the estimated useful lives of assets due to a number of reasons, such as excess aircraft capacity or changes in regulations governing the use of aircraft. | ||
Aircraft and other long-lived assets are tested for impairment when circumstances indicate the carrying value of the assets may not be recoverable. To conduct impairment testing, the Company groups assets and liabilities at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. For assets that are to be held and used, impairment is recognized when the estimated undiscounted cash flows associated with the asset group is less than the carrying value. If impairment exists, an adjustment is made to write the assets down to fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined considering quoted market values, discounted cash flows or internal and external appraisals, as applicable. For assets held for sale, impairment is recognized when the fair value less the cost to sell the asset is less than the carrying value. | ||
The Company’s accounting policy for major airframe and engine maintenance varies by subsidiary and aircraft type. The costs for ABX's Boeing 767-200 airframe maintenance, which is the majority of the Company's aircraft fleet, are expensed as they are incurred. The costs of major airframe maintenance for the Company's other aircraft are capitalized and amortized over the useful life of the overhaul. The Company's General Electric CF6 engines that power the Boeing 767-200 aircraft are maintained under “power by the hour” agreements with an engine maintenance provider. Under the power by the hour agreements, the engines are maintained by the service provider for a fixed fee per flight hour; accordingly, the cost of engine maintenance is generally expensed as flight hours occur. Maintenance for the airlines’ other aircraft engines, including those on the Boeing 767-300 and Boeing 757 aircraft, are typically contracted to service providers on a time and material basis and the costs of those engine overhauls are capitalized and amortized over the useful life of the overhaul. | ||
Under certain leases, the Company is required to make periodic payments to the lessor for future maintenance events such as engine overhauls and major airframe maintenance. These payments are recorded as deposits until drawn for qualifying maintenance costs. The maintenance costs are expensed or capitalized in accordance with the airline's accounting policy for major airframe and engine maintenance. The Company evaluates at the balance sheet date, whether it is probable that an amount on deposit will be returned by the lessor to reimburse the costs of the maintenance activities. When an amount on deposit is less than probable of being returned, it is recognized as additional maintenance expense. | ||
Capitalized Interest | ||
Interest costs incurred while aircraft are being modified are capitalized as an additional cost of the aircraft until the date the asset is placed in service. Capitalized interest was $1.1 million, $2.8 million and $2.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||
Discontinued Operations | ||
A business component whose operations are discontinued is reported as discontinued operations if the cash flows of the component have been eliminated from the ongoing operations of the Company, and the Company will no longer have any significant continuing involvement in the business component. The results of discontinued operations are aggregated and presented separately in the consolidated statements of operations. | ||
Exit Activities | ||
The Company accounts for the costs associated with exit activities in accordance with FASB ASC Topic 420-10 Exit or Disposal Cost Obligations. One-time, involuntary employee termination benefits are generally expensed when the Company communicates the benefit arrangement to the employee that it will no longer require the services of the employee beyond a minimum retention period. Liabilities for contract termination costs associated with exit activities are recognized in the period incurred and measured initially at fair value. | ||
Self-Insurance | ||
The Company is self-insured for certain workers’ compensation, employee healthcare, automobile, aircraft, and general liability claims. The Company maintains excess claim coverage with common insurance carriers to mitigate its exposure to large claim losses. The Company records a liability for reported claims and an estimate for incurred claims that have not yet been reported. Accruals for these claims are estimated utilizing historical paid claims data and recent claims trends. Other liabilities included $28.3 million and $31.6 million at December 31, 2013 and December 31, 2012, respectively, for self-insured reserves. Changes in claim severity and frequency could result in actual claims being materially different than the costs accrued. | ||
Pension and Post-Retirement Benefits | ||
The costs of benefits provided by defined benefits pension and post-retirement health care plans are recorded in the period the employees provide service. Costs adjustments for plan amendments are amortized over the expected working life or the life expectancy of plan participants. The funded status of the Company's plans is measured as the difference between the fair value of plan assets and the accumulated benefit obligations to plan participants. The overfunded or underfunded status of a plan is recorded as an asset or liability. The funded status is ordinarily measured annually at year end. | ||
Income Taxes | ||
Income taxes have been computed using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred taxes are measured using provisions of currently enacted tax laws. A valuation allowance against net deferred tax assets is recorded when it is more likely than not that such assets will not be fully realized. Tax credits are accounted for as a reduction of income taxes in the year in which the credit originates. | ||
The Company recognizes the benefit of a tax position taken on a tax return, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. An uncertain income tax benefit is not recognized if it has a less than a 50% likelihood of being sustained. The Company recognizes interest and penalties accrued related to uncertain tax positions in operating expense. | ||
Comprehensive Income | ||
Comprehensive income includes net earnings and other comprehensive income or loss. Other comprehensive income or loss results from certain changes in the Company’s liabilities for pension and other post retirement benefits and gains and losses associated with interest rate hedging instruments. | ||
Fair Value Information | ||
Assets or liabilities that are required to be measured at fair value are reported using the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC Topic 820-10 Fair Value Measurements and Disclosures establishes three levels of input that may be used to measure fair value: | ||
• | Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
• | Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
• | Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include items where the determination of fair value requires significant management judgment or estimation. | |
Revenue Recognition | ||
Revenues generated from airline service agreements are typically recognized based on hours flown or the amount of aircraft and crew resources provided during a reporting period. Certain agreements include provisions for incentive payments based upon on-time reliability. These incentives are typically measured on a monthly basis and recorded to revenue in the corresponding month earned. Revenues for operating expenses that are reimbursed through customer agreements, including consumption of aircraft fuel, are generally recognized as the costs are incurred. Revenues from charter service agreements are recognized on scheduled and non-scheduled flights when the specific flight has been completed. Aircraft lease revenues are recognized as operating lease revenues on a straight-line basis over the term of the applicable lease agreements. Revenues from the sale of aircraft parts and engines are recognized when the parts are delivered. Revenues earned and expenses incurred in providing aircraft-related maintenance, repair or technical services are recognized in the period in which the services are completed and delivered to the customer. Revenues derived from sorting parcels are recognized in the reporting period in which the services are performed. | ||
New Accounting Pronouncements | ||
In July 2013, the FASB issued Accounting Standard Update No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" (ASU 2013-11"). ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective for annual reporting periods beginning on or after December 15, 2013, and subsequent interim periods. The Company is currently assessing the impact, if any, that this pronouncement will have on the condensed consolidated financial statements. | ||
In September 2013, the United States Treasury Department and the Internal Revenue Service (“IRS”) issued final and proposed regulations (the “Tangible Property Regulations”) effective for tax years beginning on or after January 1, 2014, that provided guidance on a number of matters with regard to tangible property, including whether expenditures qualified as deductible repairs, the treatment of materials and supplies, capitalization of tangible property, dispositions of property, and related elections. The Company is assessing the financial impact as a result of these regulations and as a result of such assessment, no material impact is expected. Future transitional guidance in the form of revenue procedures issued by the IRS, and the finalization of the proposed regulations, could impact our current estimates. |
Significant_Customers
Significant Customers | 12 Months Ended |
Dec. 31, 2013 | |
Significant Customers [Abstract] | ' |
Significant Customers | ' |
SIGNIFICANT CUSTOMERS | |
DHL | |
The Company's largest customer is DHL Network Operations (USA), Inc. and its affiliates ("DHL"). The Company has had long term contracts with DHL since August 2003. Revenues from continuing operations performed for DHL were approximately 54%, 53% and 36% of the Company's consolidated revenues from continuing operations for the years ended December 31, 2013, 2012 and 2011, respectively. The Company’s balance sheets include accounts receivable with DHL of $24.1 million and $18.3 million as of December 31, 2013 and December 31, 2012, respectively. | |
The Company leases Boeing 767 aircraft to DHL under both long-term and short-term lease agreements. Under a separate crew, maintenance and insurance (“CMI”) agreement, the Company operates Boeing 767 aircraft that DHL leases from the Company and Boeing 767 aircraft that DHL owns. Pricing for services provided through the CMI agreement is based on pre-defined fees, scaled for the number of aircraft operated and the number of flight crews provided to DHL for its U.S. network. The Company provides DHL with scheduled maintenance services for aircraft that DHL leases or owns. The Company also provides Boeing 767 and Boeing 757 air cargo transportation services for DHL through additional ACMI agreements in which the Company provides the aircraft, crews, maintenance and insurance under a single contract. Revenues generated from the ACMI agreements are typically based on hours flown. The Company also provides ground equipment, such as power units, air starts and related maintenance services to DHL under separate agreements. | |
U.S. Military | |
A substantial portion of the Company's revenues are also derived from the U.S. Military. The U.S. Military awards flights to U.S. certificated airlines through annual contracts and through temporary "expansion" routes. Revenues from services performed for the U.S. Military were approximately 17%, 16% and 12% of the Company's total revenues from continuing operations for the years ended December 31, 2013, 2012 and 2011, respectively. The Company's balance sheets included accounts receivable with the U.S. Military of $4.8 million and $4.2 million as of December 31, 2013 and December 31, 2012, respectively. | |
BAX/Schenker | |
The Company had contracts to provide airlift to BAX Global, Inc.'s network in North America ("BAX/Schenker"). Revenues from the services performed for BAX/Schenker were approximately 26% of the Company’s total revenues from continuing operations for the year ended December 31, 2011. BAX/Schenker provided freight transportation and supply chain management services, specializing in the heavy freight market for business-to-business shipping. | |
On July 22, 2011, BAX/Schenker announced its plan to adopt a new operating model that phased-out the dedicated air cargo network in North America supported by the Company. To execute that plan, on September 2, 2011, BAX/Schenker ceased air cargo operations at its air hub in Toledo, Ohio and began to conduct air operations from the Cincinnati/Northern Kentucky airport, utilizing DHL's U.S. air hub. The Company provided limited airlift directly to BAX/Schenker through the peak delivery season, until late December 2011. Beginning in January 2012, DHL contracted with the Company's airlines to supplement DHL's U.S. air network to service BAX/Schenker freight volumes on its expanded air network without the use of the Company's DC-8 aircraft and with only limited use of the Company's Boeing 727 aircraft. | |
No services were performed for Bax/Schenker during 2013 and 2012. The Company’s balance sheets had no accounts receivable with BAX/Schenker as of December 31, 2013 and 2012. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangibles | ' | ||||||||||||
GOODWILL AND OTHER INTANGIBLES | |||||||||||||
The Company has two reporting units that have goodwill, ATI (a component of the ACMI Services segment) and CAM. In conjunction with the phase-out of BAX/Schenker's dedicated airlift in North America (see Note B), which relied on operations provided by the Company, the Company tested the carrying values of goodwill and related intangible assets as of July 31, 2011. The Company recognized an impairment charge in 2011 to reduce the value of the recorded goodwill and customer relationship intangible associated with ATI to $52.6 million and $2.5 million, respectively. BAX/Schenker's decision to discontinue a dedicated U.S. air network using ATI's DC-8 aircraft was precipitated by prolonged recessionary conditions and trends toward higher fuel prices. ATI's goodwill and related intangible assets were not impaired further at the time because of expected future net cash flows from its growing fleet of Boeing 767 aircraft and combi aircraft services that it provides to the U.S. Military. | |||||||||||||
As of December 31, 2013, 2012 and 2011, the goodwill amounts were retested for impairment. The CAM goodwill was not impaired. The ATI goodwill was found to be impaired as of December 31, 2013. The Company recorded an impairment charge of $52.6 million in 2013 to write-off the ATI goodwill. As a result of recent events and market changes, the Company does not expect ATI to generate the forecasted net cash flows from ATI's Boeing 767 operations as previously expected. In December 2013 and in January 2014, the Company received notification from DHL that it would cease using ATI's Boeing 767 services in the Middle East by the end of February 2014. Further, as a result of persistent stagnant growth conditions and excess airlift capacity, including the recent projections published by the U.S. Military that reflect continued reductions in their demand for cargo (non combi) airlift, the Company plans to allocate fewer Boeing 767 aircraft to ATI than previously expected. The Company expects instead to deploy more Boeing 767 aircraft with other airlines, including Atlantic Airline Ltd., an airline owned by West Atlantic, AB for which the Company acquired a 25% equity interest in January 2014. | |||||||||||||
The Company determined the fair values of ATI and CAM separately using industry market multiples and discounted cash flows utilizing a market-derived rate of return (level 3 fair value inputs). | |||||||||||||
The carrying amounts of goodwill by reportable segment, are as follows (in thousands): | |||||||||||||
ACMI Services | CAM | Total | |||||||||||
Carrying value as of December 31, 2011 | $ | 52,585 | $ | 34,395 | $ | 86,980 | |||||||
Impairment | — | — | — | ||||||||||
Carrying value as of December 31, 2012 | $ | 52,585 | $ | 34,395 | $ | 86,980 | |||||||
Impairment | $ | (52,585 | ) | $ | — | $ | (52,585 | ) | |||||
Carrying value as of December 31, 2013 | $ | — | $ | 34,395 | $ | 34,395 | |||||||
The Company's intangible assets relate to the ACMI Services segment and are as follows (in thousands): | |||||||||||||
Customer | Airline | ||||||||||||
Relationships | Certificates | Total | |||||||||||
Carrying value as of December 31, 2011 | $ | 2,396 | $ | 4,000 | $ | 6,396 | |||||||
Amortization | (250 | ) | (1,000 | ) | (1,250 | ) | |||||||
Carrying value as of December 31, 2012 | $ | 2,146 | $ | 3,000 | $ | 5,146 | |||||||
Amortization | (250 | ) | — | (250 | ) | ||||||||
Carrying value as of December 31, 2013 | $ | 1,896 | $ | 3,000 | $ | 4,896 | |||||||
The customer relationship intangible amortizes over seven more years. The Company recorded amortization expense for the customer relationship intangible asset of $0.3 million, $0.3 million and $0.6 million for the years ending December 31, 2013, 2012 and 2011, respectively. The airline certificate related to Capital Cargo International Airlines, Inc.'s ("CCIA") Boeing 727 aircraft operations amortized through December 31, 2012. The remaining airline certificates have an indefinite life and therefore are not amortized. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company’s money market funds and interest rate swaps are reported on the Company’s consolidated balance sheets at fair values based on market values from identical or comparable transactions. The fair value of the Company’s money market funds and interest rate swaps are based on observable inputs (Level 2) from comparable market transactions. The use of significant unobservable inputs (Level 3) was not necessary in determining the fair value of the Company’s financial assets and liabilities. | ||||||||||||||||
The following table reflects assets and liabilities that are measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
As of December 31, 2013 | Fair Value Measurement Using | Total | ||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | ||||||||||||||||
Cash equivalents—money market | $ | 20 | $ | 301 | $ | — | $ | 321 | ||||||||
Total Assets | $ | 20 | $ | 301 | $ | — | $ | 321 | ||||||||
Liabilities | ||||||||||||||||
Interest rate swap | $ | — | $ | (2,515 | ) | $ | — | $ | (2,515 | ) | ||||||
Total Liabilities | $ | — | $ | (2,515 | ) | $ | — | $ | (2,515 | ) | ||||||
As of December 31, 2012 | Fair Value Measurement Using | Total | ||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | ||||||||||||||||
Cash equivalents—money market | $ | 18 | $ | 339 | $ | — | $ | 357 | ||||||||
Total Assets | $ | 18 | $ | 339 | $ | — | $ | 357 | ||||||||
Liabilities | ||||||||||||||||
Interest rate swap | $ | — | $ | (3,146 | ) | $ | — | $ | (3,146 | ) | ||||||
Total Liabilities | $ | — | $ | (3,146 | ) | $ | — | $ | (3,146 | ) | ||||||
As a result of lower market interest rates compared to the stated interest rates of the Company’s fixed and variable rate debt obligations, the fair value of the Company’s debt obligations, based on Level 2 observable inputs, was approximately $6.3 million more than the carrying value, which was $384.5 million at December 31, 2013. As of December 31.2012, the fair value of the Company’s debt obligations was approximately $3.8 million more than the carrying value, which was $364.5 million. The non-financial assets, including goodwill, intangible assets and property and equipment are measured at fair value on a non-recurring basis. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
PROPERTY AND EQUIPMENT | ||||||||
The Company's property and equipment consists primarily of cargo aircraft, aircraft engines and flight equipment. Property and equipment, to be held and used, is summarized as follows (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Aircraft and flight equipment | $ | 1,236,225 | $ | 1,148,781 | ||||
Support equipment | 51,179 | 52,209 | ||||||
Vehicles and other equipment | 1,771 | 1,597 | ||||||
Leasehold improvements | 1,154 | 814 | ||||||
1,290,329 | 1,203,401 | |||||||
Accumulated depreciation | (452,157 | ) | (384,477 | ) | ||||
Property and equipment, net | $ | 838,172 | $ | 818,924 | ||||
CAM owned aircraft with a carrying value of $250.9 million and $273.4 million that were under leases to external customers as of December 31, 2013 and 2012, respectively. Minimum future lease payments for aircraft and equipment leased to external customers as of December 31, 2013 is scheduled to be $54.8 million, $54.8 million, $48.2 million, $23.1 million and $4.2 million for each of the next five years ending December 31, 2018. | ||||||||
Stagnant economic growth and higher fuel prices precipitated BAX/Schenker's decision to phase-out its North American air network in 2011 and diminished the demand for the Company's Boeing 727 and DC-8 freighter aircraft. These aircraft are less fuel efficient and generally require higher maintenance costs to maintain acceptable levels of reliability compared to more modern aircraft. As a result of these conditions and BAX/Schenker's decision in July 2011 to phase-out its North American air network, the Company decided to retire the Boeing 727 and DC-8 freighter fleets. During the third quarter of 2011, the Company recorded a pre-tax impairment charge totaling $22.1 million to reduce the carrying values of its Boeing 727 and DC-8 freighters, engines and related parts to their estimated fair value. The Company determined the fair values of these aircraft with the assistance of an independent appraiser using comparable market sales (level 2 fair value inputs). | ||||||||
The carrying value of Boeing 727 and DC-8 freighter aircraft and engines available for sale totaled $3.0 million and $3.4 million as of December 31, 2013 and 2012, respectively. Cash flows generated from sales of aircraft and engines totaled $1.5 million, $5.8 million and $11.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. During the fourth quarter of 2011, the Company received $10.7 million from BAX/Schenker for the reimbursement of capitalized maintenance costs for aircraft removed from service. |
Debt_Obligations
Debt Obligations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Obligations | ' | |||||||
DEBT OBLIGATIONS | ||||||||
Long term obligations consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Unsubordinated term loan | $ | 131,250 | $ | 144,375 | ||||
Revolving credit facility | 190,500 | 143,000 | ||||||
Aircraft loans | 55,015 | 63,156 | ||||||
Promissory note due to DHL, unsecured | 7,750 | 13,950 | ||||||
Total long term obligations | 384,515 | 364,481 | ||||||
Less: current portion | (23,721 | ) | (21,265 | ) | ||||
Total long term obligations, net | $ | 360,794 | $ | 343,216 | ||||
The Company executed a syndicated credit agreement ("Senior Credit Agreement") in May 2011 which includes an unsubordinated term loan and a revolving credit facility. In July 2012, the Company executed the first amendment to the Senior Credit Agreement (“Credit Amendment”). The Credit Amendment increased the amount available under the revolving credit facility by $50.0 million to $225.0 million, extended the maturity of the term loan and revolving credit facility to July 20, 2017, and provided for an accordion feature whereby the Company may draw up to an additional $50.0 million, subject to the lenders' consent. In October 2013, the lenders agreed to make the accordion funds of $50.0 million available to the Company, increasing the capacity of the revolving credit facility to $275.0 million. | ||||||||
Under the terms of the Senior Credit Agreement, interest rates are adjusted quarterly based on the Company's earnings before interest, taxes, depreciation and amortization expenses ("EBITDA"), its outstanding debt level and prevailing LIBOR or prime rates. At the Company's current debt-to-EBITDA ratio, the LIBOR based financing for the unsubordinated term loan and revolving credit facility bear a variable interest rate of 2.545% and 2.545%, respectively. The Credit Amendment did not affect the EBITDA based pricing or covenants of the Senior Credit Agreement. The Senior Credit Agreement provides for the issuance of letters of credit on the Company's behalf. As of December 31, 2013, the unused revolving credit facility totaled $74.3 million, net of draws of $190.5 million and outstanding letters of credit of $10.2 million. | ||||||||
The aircraft loans are collateralized by six aircraft, and amortize monthly with a balloon payment of approximately 20% with maturities between 2016 and early 2018. Interest rates range from 6.74% to 7.36% per annum payable monthly. | ||||||||
The scheduled annual principal payments on long term debt, as of December 31, 2013, for the next five years are as follows (in thousands): | ||||||||
Principal | ||||||||
Payments | ||||||||
2014 | $ | 23,721 | ||||||
2015 | 24,344 | |||||||
2016 | 33,865 | |||||||
2017 | 291,195 | |||||||
2018 | 3,640 | |||||||
2019 and beyond | 7,750 | |||||||
$ | 384,515 | |||||||
The promissory note payable to DHL becomes due in August 2028 as a balloon payment, unless it is extinguished sooner under the terms of the CMI agreement. Beginning April 1, 2010 and extending through the term of the CMI agreement, the balance of the note is amortized ratably without cash payment in exchange for services provided and, thus, is expected to be completely amortized by April 2015. The promissory note bears interest at a rate of 5% per annum, and DHL reimburses ABX the interest expense from the note through the term of the CMI agreement. | ||||||||
The Senior Credit Agreement is collateralized by certain of the Company's Boeing 767 and 757 aircraft that are not collateralized under aircraft loans. Under the terms of the Senior Credit Agreement, the Company is required to maintain collateral coverage equal to 150% of the outstanding balance of the term loan and total capacity of the revolving credit facility. The Senior Credit Agreement contains covenants including, among other things, limitations on certain additional indebtedness, guarantees of indebtedness, as well as a total debt to EBITDA ratio and a fixed charge coverage ratio. The Senior Credit Agreement stipulates events of default, including unspecified events that may have material adverse effects on the Company. If an event of default occurs, the Company may be forced to repay, renegotiate or replace the Senior Credit Agreement. The Senior Credit Agreement limits the amount of dividends the Company can pay and the amount of common stock it can repurchase to $50.0 million during any calendar year, provided the Company's total debt to EBITDA ratio is under two times, after giving effect to the dividend or repurchase. Under the provisions of its promissory note due to DHL, the Company is required to prepay the DHL note in the amount of $0.20 for each dollar of dividend distributed to its stockholders. The same prepayment stipulation applies to stock repurchases. | ||||||||
In conjunction with the execution of the Senior Credit Agreement in 2011, the Company terminated its previous credit agreement, which resulted in the write-off of unamortized debt issuance costs associated with that credit agreement and losses for certain interest rate swaps which had previously been designated as cash flow hedges of interest payments required by the former debt. These charges, which totaled $6.8 million before income taxes, were recorded in March 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Lease Commitments | ||||||||
The Company leases six Boeing 767 aircraft, airport facilities, office space, maintenance facilities and certain equipment under operating leases. In December 2012, the Company entered into agreements with the Clinton County Port Authority ("CCPA") to construct and lease an aircraft hangar in Wilmington, Ohio, adjacent to the existing aircraft maintenance facility currently leased by the Company. The Company acts as construction agent for the CCPA and began construction of a 100,000 square foot aircraft hangar in 2013. While the current facility houses aircraft as large as the Boeing 767, the new hangar will provide the capability of servicing aircraft as large as a Boeing 747 and a Boeing 777. The hangar is anticipated to cost approximately $15.7 million and due to adverse weather conditions, is not expected to be completed until May 2014. The CCPA is financing the construction of the hangar primarily through a State of Ohio bond program and a State of Ohio loan on incremental taxes. The costs incurred to build the hangar are included in "Property and equipment" and the amounts that are reimbursed through the State of Ohio and the CCPA are included in "Other liabilities" on the Company's balance sheet. The Company began to make lease payments for the hangar directly to the trustee for the State of Ohio beginning in 2014. | ||||||||
The future minimum lease payments of the Company as of December 31, 2013 are scheduled below (in thousands): | ||||||||
Operating | Hangar Lease | |||||||
Leases | ||||||||
2014 | $ | 22,561 | $ | 592 | ||||
2015 | 12,499 | 602 | ||||||
2016 | 8,807 | 832 | ||||||
2017 | 4,733 | 834 | ||||||
2018 | 3,113 | 833 | ||||||
2019 and beyond | 1,533 | 14,610 | ||||||
Total minimum lease payments | $ | 53,246 | $ | 18,303 | ||||
Guarantees and Indemnifications | ||||||||
Certain leases and agreements of the Company contain guarantees and indemnification obligations to the lessor, or one or more other parties that are considered reasonable and customary (e.g. use, tax and environmental indemnifications), the terms of which range in duration and are often limited. Such indemnification obligations may continue after expiration of the respective lease or agreement. | ||||||||
Civil Action Alleging Violations of Immigration Laws | ||||||||
On December 31, 2008, a former ABX employee filed a complaint against ABX, a total of four current and former executives and managers of ABX, Garcia Labor Company of Ohio, and three former executives of the Garcia Labor companies, in the U.S. District Court for the Southern District of Ohio. The case was filed as a putative class action against the defendants, and asserts violations of the Racketeer Influenced and Corrupt Practices Act (RICO). The complaint, which was later amended to include a second former employee plaintiff, seeks damages in an unspecified amount and alleges that the defendants engaged in a scheme to hire illegal immigrant workers to depress the wages paid to hourly wage employees during the period from December 1999 to January 2005. | ||||||||
On December 2, 2011, the plaintiffs agreed to settle this matter in exchange for the payment by ABX to plaintiffs and the putative class members of a monetary amount, which amount management believes to be less than it would have cost to defend the case at trial. The final settlement was approved by the Court on July 9, 2013 and following a 30-day appeal period during which no objections were received, the settlement funds were paid to the class administrator for distribution in accordance with the terms of the settlement agreement. This litigation is now concluded. | ||||||||
Brussels Noise Ordinance | ||||||||
The Brussels Instituut voor Milieubeheer ("BIM"), a governmental authority in the Brussels-Capital Region of Belgium that oversees the enforcement of environmental matters, imposed four separate administrative penalties on ABX in the approximate aggregate amount of €0.4 million ($0.5 million) for numerous alleged violations of an ordinance limiting the noise caused by aircraft overflying the Brussels-Capital Region (which is located near the Brussels Airport) during the period from May 2009 through December 2010. ABX has exhausted its appeals with respect to three of the administrative penalties. | ||||||||
The ordinance in question is controversial for the reason that it was adopted by the Brussels-Capital Region and is more restrictive than the noise limitations in effect in the Flemish Region, which is where the Brussels Airport is located. The ordinance is the subject of several court cases currently pending in the Belgian courts and numerous airlines have been levied fines thereunder. | ||||||||
Other | ||||||||
In addition to the foregoing matters, we are also currently a party to legal proceedings, including FAA enforcement actions, in various federal and state jurisdictions arising out of the operation of the Company's business. The amount of alleged liability, if any, from these proceedings cannot be determined with certainty; however, we believe that the Company's ultimate liability, if any, arising from the pending legal proceedings, as well as from asserted legal claims and known potential legal claims which are probable of assertion, taking into account established accruals for estimated liabilities, should not be material to our financial condition or results of operations. | ||||||||
Employees Under Collective Bargaining Agreements | ||||||||
As of December 31, 2013, the flight crewmember employees of ABX and ATI were represented by the labor unions listed below: | ||||||||
Airline | Labor Agreement Unit | Percentage of | ||||||
the Company’s | ||||||||
Employees | ||||||||
ABX | International Brotherhood of Teamsters | 14.40% | ||||||
ATI | Air Line Pilots Association | 8.70% |
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension and Other Post-Retirement Benefit Plans | ' | |||||||||||||||||||||||
PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS | ||||||||||||||||||||||||
Defined Benefit and Post-retirement Healthcare Plans | ||||||||||||||||||||||||
ABX sponsors a qualified defined benefit pension plan for ABX crewmembers and a qualified defined benefit pension plan for a major portion of its other ABX employees that meet minimum eligibility requirements. ABX also sponsors non-qualified defined benefit pension plans for certain employees. These non-qualified plans are unfunded. Employees are no longer accruing benefits under any of the defined benefit pension plans. ABX also sponsors a post-retirement healthcare plan for its ABX employees, which is unfunded. | ||||||||||||||||||||||||
The accounting and valuation for these post-retirement obligations are determined by prescribed accounting and actuarial methods that consider a number of assumptions and estimates. The selection of appropriate assumptions and estimates is significant due to the long time period over which benefits will be accrued and paid. The long term nature of these benefit payouts increases the sensitivity of certain estimates of our post-retirement costs. The assumptions considered most sensitive in actuarially valuing ABX’s pension obligations and determining related expense amounts are discount rates and expected long term investment returns on plan assets. Additionally, other assumptions concerning retirement ages, mortality and employee turnover also affect the valuations. Actual results and future changes in these assumptions could result in future costs significantly higher than those recorded in our results of operations. | ||||||||||||||||||||||||
ABX measures plan assets and benefit obligations as of December 31 of each year. Information regarding ABX’s sponsored defined benefit pension plans and post-retirement healthcare plans follow below. The accumulated benefit obligation reflects pension benefit obligations based on the actual earnings and service to-date of current employees. | ||||||||||||||||||||||||
Funded Status (in thousands): | ||||||||||||||||||||||||
Pension Plans | Post-retirement | |||||||||||||||||||||||
Healthcare Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Accumulated benefit obligation | $ | 761,774 | $ | 860,463 | $ | 7,482 | $ | 8,781 | ||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Obligation as of January 1 | $ | 860,463 | $ | 772,612 | $ | 8,781 | $ | 9,275 | ||||||||||||||||
Service cost | — | — | 275 | 269 | ||||||||||||||||||||
Interest cost | 35,957 | 37,089 | 264 | 379 | ||||||||||||||||||||
Curtailment gain | — | — | — | — | ||||||||||||||||||||
Special termination benefits | — | — | — | — | ||||||||||||||||||||
Plan amendment | — | — | — | (460 | ) | |||||||||||||||||||
Plan transfers | 2,448 | 1,657 | — | — | ||||||||||||||||||||
Benefits paid | (28,966 | ) | (26,130 | ) | (1,364 | ) | (974 | ) | ||||||||||||||||
Actuarial (gain) loss | (108,128 | ) | 75,235 | (474 | ) | 292 | ||||||||||||||||||
Obligation as of December 31 | $ | 761,774 | $ | 860,463 | $ | 7,482 | $ | 8,781 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value as of January 1 | $ | 682,553 | $ | 594,697 | $ | — | $ | — | ||||||||||||||||
Actual gain on plan assets | 67,719 | 87,598 | — | — | ||||||||||||||||||||
Plan transfers | 2,448 | 1,657 | — | — | ||||||||||||||||||||
Employer contributions | 27,492 | 24,731 | 1,364 | 974 | ||||||||||||||||||||
Benefits paid | (28,966 | ) | (26,130 | ) | (1,364 | ) | (974 | ) | ||||||||||||||||
Fair value as of December 31 | $ | 751,246 | $ | 682,553 | $ | — | $ | — | ||||||||||||||||
Funded status | ||||||||||||||||||||||||
Overfunded plans, net asset | $ | 14,855 | $ | — | $ | — | $ | — | ||||||||||||||||
Underfunded plans | ||||||||||||||||||||||||
Current liabilities | $ | (1,339 | ) | $ | (1,331 | ) | $ | (888 | ) | $ | (1,105 | ) | ||||||||||||
Non-current liabilities | $ | (24,044 | ) | $ | (176,579 | ) | $ | (6,594 | ) | $ | (7,676 | ) | ||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
ABX’s net periodic benefit costs for its defined benefit pension plans and post-retirement healthcare plans for the years ended December 31, 2013, 2012 and 2011, are as follows (in thousands): | ||||||||||||||||||||||||
Pension Plans | Post-Retirement Healthcare Plan | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 275 | $ | 269 | 247 | |||||||||||||
Interest cost | 35,957 | 37,089 | 37,163 | 264 | 379 | 389 | ||||||||||||||||||
Expected return on plan assets | (45,990 | ) | (39,882 | ) | (39,027 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | — | — | — | 419 | 433 | 529 | ||||||||||||||||||
Amortization of net (gain) loss | 12,296 | 10,681 | 2,700 | (5,654 | ) | (5,552 | ) | (5,552 | ) | |||||||||||||||
Net periodic benefit cost | $ | 2,263 | $ | 7,888 | $ | 836 | $ | (4,696 | ) | $ | (4,471 | ) | $ | (4,387 | ) | |||||||||
In 2010, the Company modified the post-retirement health plans for ABX employees. Benefits for covered individuals now terminates upon reaching age 65 under the modified post-retirement healthcare plans. | ||||||||||||||||||||||||
Unrecognized Net Periodic Benefit Expense | ||||||||||||||||||||||||
The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit expense at December 31 are as follows (in thousands): | ||||||||||||||||||||||||
Pension Plans | Post-Retirement | |||||||||||||||||||||||
Healthcare Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Unrecognized prior service cost | $ | — | $ | — | $ | (4,182 | ) | $ | (9,836 | ) | ||||||||||||||
Unrecognized net actuarial loss | 40,190 | 182,342 | 2,027 | 2,920 | ||||||||||||||||||||
Accumulated other comprehensive (income) loss | $ | 40,190 | $ | 182,342 | $ | (2,155 | ) | $ | (6,916 | ) | ||||||||||||||
The following table sets forth the amounts of unrecognized net actuarial loss and (gain) recorded in accumulated other comprehensive loss that is expected to be recognized as components of net periodic benefit expense during 2014 (in thousands): | ||||||||||||||||||||||||
Pension | Post- | |||||||||||||||||||||||
Plans | Retirement | |||||||||||||||||||||||
Healthcare | ||||||||||||||||||||||||
Plans | ||||||||||||||||||||||||
Amortization of actuarial loss | $ | (2 | ) | $ | 320 | |||||||||||||||||||
Prior Service Cost | — | (3,487 | ) | |||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||
Assumptions used in determining the funded status of ABX’s pension plans at December 31 were as follows: | ||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate - crewmembers | 5.25% | 4.25% | 5.10% | |||||||||||||||||||||
Discount rate - non-crewmembers | 5.35% | 4.25% | 4.65% | |||||||||||||||||||||
Expected return on plan assets | 6.25% | 6.75% | 6.75% | |||||||||||||||||||||
Net periodic benefit cost was based on the discount rate assumptions at the end of the previous year. | ||||||||||||||||||||||||
The discount rate used to determine post-retirement healthcare obligations was 4.15% for pilots and 3.85% for non-pilots at December 31, 2013. The discount rate used to determine post-retirement healthcare obligations was 3.35% for pilots and 2.95% for non-pilots at December 31, 2012. The discount rate used to determine post-retirement healthcare obligations was 4.60% for pilots and 4.05% for non-pilots at December 31, 2011. Post-retirement healthcare plan obligations have not been funded. The Company's retiree healthcare contributions have been fixed for each participant, accordingly, healthcare cost trend rates do not effect the post-retirement healthcare obligations. | ||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
The weighted-average asset allocations by asset category are as shown below: | ||||||||||||||||||||||||
Composition of Plan Assets | ||||||||||||||||||||||||
as of December 31 | ||||||||||||||||||||||||
Asset category | 2013 | 2012 | ||||||||||||||||||||||
Cash | — | % | — | % | ||||||||||||||||||||
Equity securities | 50 | % | 48 | % | ||||||||||||||||||||
Fixed income securities | 47 | % | 49 | % | ||||||||||||||||||||
Real estate | 3 | % | 3 | % | ||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||
ABX uses an investment management firm to advise it in developing and executing an investment policy. The portfolio is managed with consideration for diversification, quality and marketability. The investment policy permits the following ranges of asset allocation: equities – 22.5% to 69.3%; fixed income securities – 38.0% to 76.5%; real estate – 3% to 7%; cash – 0% to 10%. Except for U.S. Treasuries, no more than 10% of the fixed income portfolio and no more than 5% of the equity portfolio can be invested in securities of any single issuer. | ||||||||||||||||||||||||
The overall expected long term rate of return was developed using various market assumptions in conjunction with the plans’ targeted asset allocation. The assumptions were based on historical market returns. | ||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||
In 2013 and 2012, the Company made contributions to its defined benefit plans of $27.5 million and $24.7 million, respectively. The Company estimates that its contributions in 2014 will be approximately $6.3 million for its defined benefit pension plans and $0.9 million for its post-retirement healthcare plans. | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the respective plans as follows (in thousands): | ||||||||||||||||||||||||
Pension | Post-retirement | |||||||||||||||||||||||
Benefits | Healthcare | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
2014 | $ | 31,260 | $ | 888 | ||||||||||||||||||||
2015 | 33,144 | 844 | ||||||||||||||||||||||
2016 | 37,769 | 764 | ||||||||||||||||||||||
2017 | 37,332 | 755 | ||||||||||||||||||||||
2018 | 39,860 | 749 | ||||||||||||||||||||||
Years 2019 to 2023 | 232,378 | 3,775 | ||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
The pension plan assets are valued at fair value. The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. | ||||||||||||||||||||||||
Temporary Cash Investments—These investments consist of U.S. dollars and foreign currencies held in master trust accounts at The Northern Trust Company. Foreign currencies held are reported in terms of U.S. dollars based on currency exchange rates readily available in active markets. These temporary cash investments are classified as Level 1 investments. | ||||||||||||||||||||||||
Corporate Stock—This investment category consists of common and preferred stock issued by domestic and international corporations that are regularly traded on exchanges and price quotes for these shares are readily available. These investments are classified as Level 1 investments. | ||||||||||||||||||||||||
Common Trust Funds—Common trust funds are composed of shares or units in non-publicly traded funds whereby the underlying assets in these funds (cash, cash equivalents, fixed income securities and equity securities) are publicly traded on exchanges and price quotes for the assets held by these funds are readily available. Holdings of common trust funds are classified as Level 2 investments. | ||||||||||||||||||||||||
Mutual Funds—Investments in this category include shares in registered mutual funds, unit trust and commingled funds. These funds consist of domestic equity, international equity and fixed income strategies. Investments in this category that are publicly traded on an exchange and have a share price published at the close of each business day are classified as Level 1 investments and holdings in the other mutual funds are classified as Level 2 investments. | ||||||||||||||||||||||||
Fixed Income Investments—Securities in this category consist of U.S. Government or Agency securities, state and local government securities, corporate fixed income securities or pooled fixed income securities. Securities in this category that are valued utilizing published prices at the close of each business day are classified as Level 1 investments. Those investments valued by bid data prices provided by independent pricing sources are classified as Level 2 investments. | ||||||||||||||||||||||||
Real Estate—The real estate investment in a commingled trust account consists of publicly traded real estate investment trusts and collateralized mortgage backed securities as well as private market direct property investments. The valuations for the holdings in these investments are not based on readily observable inputs and are classified as Level 3 investments. | ||||||||||||||||||||||||
Hedge Funds and Private Equity—These investments are not readily tradeable and have valuations that are not based on readily observable data inputs. The fair value of these assets is estimated based on information provided by the fund managers or the general partners. Therefore, these assets are classified as Level 3. | ||||||||||||||||||||||||
The pension plan assets measured at fair value on a recurring basis were as follows (in thousands): | ||||||||||||||||||||||||
As of December 31, 2013 | Fair Value Measurement Using | Total | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Plan assets | ||||||||||||||||||||||||
Temporary cash investments | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Common trust funds | — | 10,503 | — | 10,503 | ||||||||||||||||||||
Corporate stock | 63,313 | — | — | 63,313 | ||||||||||||||||||||
Mutual funds | 107,635 | 164,230 | — | 271,865 | ||||||||||||||||||||
Fixed income investments | 6,761 | 349,904 | — | 356,665 | ||||||||||||||||||||
Real estate | — | — | 19,561 | 19,561 | ||||||||||||||||||||
Hedge funds and private equity | — | — | 29,339 | 29,339 | ||||||||||||||||||||
Total plan assets | $ | 177,709 | $ | 524,637 | $ | 48,900 | $ | 751,246 | ||||||||||||||||
As of December 31, 2012 | Fair Value Measurement Using | Total | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Plan assets | ||||||||||||||||||||||||
Temporary cash investments | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Common trust funds | — | 5,720 | — | 5,720 | ||||||||||||||||||||
Corporate stock | 63,396 | 2,123 | — | 65,519 | ||||||||||||||||||||
Mutual funds | 96,008 | 138,846 | — | 234,854 | ||||||||||||||||||||
Fixed income investments | 5,832 | 326,478 | — | 332,310 | ||||||||||||||||||||
Real estate | — | — | 17,181 | 17,181 | ||||||||||||||||||||
Hedge funds and private equity | — | — | 26,969 | 26,969 | ||||||||||||||||||||
Total plan assets | $ | 165,236 | $ | 473,167 | $ | 44,150 | $ | 682,553 | ||||||||||||||||
ABX’s pension investments include hedge funds, private equity and real estate funds whose fair values have been estimated in the absence of readily determinable fair values. Management’s estimates are based on information provided by the fund managers or general partners of those funds. The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant Level 3 unobservable inputs (in thousands): | ||||||||||||||||||||||||
Hedge Funds & | Real Estate | Total | ||||||||||||||||||||||
Private Equity | Investments | |||||||||||||||||||||||
January 1, 2012 | $ | 25,759 | $ | 14,557 | $ | 40,316 | ||||||||||||||||||
Unrealized gains | 3,612 | 2,624 | 6,236 | |||||||||||||||||||||
Purchases & settlements | (2,402 | ) | — | (2,402 | ) | |||||||||||||||||||
December 31, 2012 | $ | 26,969 | $ | 17,181 | $ | 44,150 | ||||||||||||||||||
Unrealized gains | 3,884 | 2,380 | 6,264 | |||||||||||||||||||||
Purchases & settlements | (1,514 | ) | — | (1,514 | ) | |||||||||||||||||||
December 31, 2013 | $ | 29,339 | $ | 19,561 | $ | 48,900 | ||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||
The Company sponsors defined contribution capital accumulation plans (401k) that are funded by both voluntary employee salary deferrals and by employer contributions. Expenses for defined contribution retirement plans were as follows (in thousands): | ||||||||||||||||||||||||
Years Ended December 31 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Capital accumulation plans | $ | 5,131 | $ | 5,300 | $ | 4,938 | ||||||||||||||||||
Total expense | $ | 5,131 | $ | 5,300 | $ | 4,938 | ||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
At December 31, 2013, the Company had cumulative net operating loss carryforwards (“NOL CFs”) for federal income tax purposes of approximately $97.5 million, which begin to expire in 2024 if not utilized before then. The deferred tax asset balance includes $2.0 million net of a $0.2 million valuation allowance related to state NOL CFs, which have remaining lives ranging from one to twenty years. These NOL CFs are attributable to excess tax deductions related primarily to the accelerated tax depreciation of fixed assets. | ||||||||||||
The significant components of the deferred income tax assets and liabilities as of December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31 | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforward and federal credits | $ | 36,624 | $ | 34,401 | ||||||||
Capital and operating leases | 2,841 | 1,742 | ||||||||||
Post-retirement employee benefits | 6,470 | 62,823 | ||||||||||
Employee benefits other than post-retirement | 16,667 | 18,010 | ||||||||||
Inventory reserve | 3,050 | 3,181 | ||||||||||
Deferred revenue | 8,903 | 10,770 | ||||||||||
Other | 1,262 | 458 | ||||||||||
Deferred tax assets | 75,817 | 131,385 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Accelerated depreciation | (155,769 | ) | (147,282 | ) | ||||||||
Partnership items | (9,466 | ) | (9,418 | ) | ||||||||
State taxes | (6,265 | ) | (1,724 | ) | ||||||||
Valuation allowance against deferred tax assets | (229 | ) | (229 | ) | ||||||||
Deferred tax liabilities | (171,729 | ) | (158,653 | ) | ||||||||
Net deferred tax (liability) | $ | (95,912 | ) | $ | (27,268 | ) | ||||||
The following summarizes the Company’s income tax provisions (benefits) (in thousands): | ||||||||||||
Years Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current taxes: | ||||||||||||
Federal | $ | 67 | $ | — | $ | (950 | ) | |||||
Foreign | — | 337 | — | |||||||||
State | 425 | 145 | 426 | |||||||||
Deferred taxes: | ||||||||||||
Federal | 17,902 | 23,454 | 15,968 | |||||||||
Foreign | — | — | — | |||||||||
State | 872 | 736 | 1,551 | |||||||||
Total deferred tax expense | 18,774 | 24,190 | 17,519 | |||||||||
Total income tax expense from continuing operations | $ | 19,266 | $ | 24,672 | $ | 16,995 | ||||||
Income tax expense (benefit) from discontinued operations | $ | (2 | ) | $ | (441 | ) | $ | (393 | ) | |||
The reconciliation of income tax from continuing operations computed at the U.S. statutory federal income tax rates to effective income tax rates is as follows: | ||||||||||||
Years Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
Foreign income taxes | — | % | 0.3 | % | — | % | ||||||
State income taxes, net of federal tax benefit | (234.7 | )% | 0.9 | % | 3.1 | % | ||||||
Tax effect of non-deductible goodwill | (5,121.2 | )% | — | % | 2.4 | % | ||||||
Tax effect of other non-deductible expenses | (26.4 | )% | 1.1 | % | 1.7 | % | ||||||
Other | (19.3 | )% | (0.1 | )% | (0.6 | )% | ||||||
Effective income tax rate | (5,366.6 | )% | 37.2 | % | 41.6 | % | ||||||
The reconciliation of income tax from discontinued operations computed at the U.S. statutory federal income tax rates to effective income tax rates is as follows: | ||||||||||||
Years Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal tax rate | (35.0 | )% | (35.0 | )% | (35.0 | )% | ||||||
State income taxes, net of federal tax benefit | (1.3 | )% | (1.3 | )% | (1.8 | )% | ||||||
Effective income tax rate | (36.3 | )% | (36.3 | )% | (36.8 | )% | ||||||
The Company files income tax returns in the U.S. federal jurisdiction and various international, state and local jurisdictions. The returns may be subject to audit by the Internal Revenue Service (“IRS”) and other jurisdictional authorities. International returns consist of disclosure returns where the Company is covered by the sourcing rules of U.S. international treaties. The Company recognizes the impact of an uncertain income tax position in the financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. At December 31, 2013, 2012 and 2011, the Company's unrecognized tax benefits were $0.0 million, $0.0 million and $0.0 million respectively. Accrued interest and penalties on tax positions are recorded as a component of interest expense. Interest and penalties expense was immaterial for 2013, 2012 and 2011. | ||||||||||||
The Company began to file, effective in 2008, federal tax returns under a common parent of the consolidated group that includes ABX and all the wholly-owned subsidiaries. All returns related to the current consolidated group remain open to examination with the exception of the 2008. The consolidated federal tax returns prior to 2007 remain open to federal examination only to the extent of net operating loss carryforwards carried over from or utilized in those years. State and local returns filed for 2005 through 2012 are generally also open to examination by their respective jurisdictions. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Derivative Instruments | ' | ||||||||||||||
DERIVATIVE INSTRUMENTS | |||||||||||||||
The Company's Senior Credit Agreement requires the Company to maintain derivative instruments for protection from fluctuating interest rates, for at least fifty percent of the outstanding balance of term loan. As a result, the Company entered into an interest rate swap in July of 2011 having an initial notional value of $75.0 million and a forward start date of December 31, 2011. Under this swap, the Company pays a fixed rate of 2.02% and receives a floating rate that resets quarterly based on LIBOR. In addition to the interest rate swap above, the Company entered into an interest rate swap in June of 2013 having an initial notional value of $65.6 million and a forward start date of December 31, 2013. Under this swap, the Company will pay a fixed rate of 1.1825% and receive a floating rate that resets monthly based on LIBOR. | |||||||||||||||
The outstanding interest rate swaps are not designated as hedges for accounting purposes. The effects of future fluctuations in LIBOR interest rates on derivatives held by the Company will result in the recording of unrealized gains and losses into the statement of operations. The Company recorded an unrealized gain on derivatives of $0.6 million and $1.9 million for the years ending December 31, 2013 and 2012, respectively, to reflect the interest rate swaps at market value. The Company recorded an unrealized loss on derivatives of $4.9 million for the year ending December 31, 2011, which includes a $3.9 million pre-tax charge in 2011 to recognize the losses previously recorded in accumulated other comprehensive income for certain interest rate swaps which had previously been designated as cash flow hedges. The liability for outstanding derivatives is recorded in other liabilities and in accrued expenses. The table below provides information about the Company’s interest rate swaps (in thousands): | |||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||
Expiration Date | Stated | Notional | Market | Notional | Market | ||||||||||
Interest | Amount | Value | Amount | Value | |||||||||||
Rate | (Liability) | (Liability) | |||||||||||||
9-May-16 | 2.02 | % | 65,625 | (1,988 | ) | 72,188 | (3,146 | ) | |||||||
30-Jun-17 | 1.183 | % | 65,625 | (527 | ) | — | — | ||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Comprehensive Income [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Accumulated other comprehensive income (loss) includes the following items by components for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Defined Benefit Pension | Defined Benefit Post-Retirement | Gains and Losses on Derivative | Total | ||||||||||
Balance as of January 1, 2011 | (54,325 | ) | 10,761 | (2,670 | ) | (46,234 | ) | ||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Actuarial gain (loss) for retiree liabilities | (91,715 | ) | 192 | — | (91,523 | ) | |||||||
Unrealized gain (loss) for derivative instruments | — | — | 631 | 631 | |||||||||
Amounts reclassified from accumulated other comprehensive income: | |||||||||||||
Actuarial costs (reclassified to salaries, wages and benefits) | 2,700 | 211 | — | 2,911 | |||||||||
Negative prior service cost (reclassified to salaries, wages and benefits) | — | (5,552 | ) | — | (5,552 | ) | |||||||
Hedging gain (reclassified to interest expense) | — | — | (223 | ) | (223 | ) | |||||||
Unrealized loss on derivative instruments (reclassified to net gain (loss) on derivative instruments) | — | — | 3,932 | 3,932 | |||||||||
Income Tax (Expense) or Benefit | 32,714 | 1,892 | (1,595 | ) | 33,011 | ||||||||
Other comprehensive income (loss), net of tax | (56,301 | ) | (3,257 | ) | 2,745 | (56,813 | ) | ||||||
Balance as of December 31, 2011 | (110,626 | ) | 7,504 | 75 | (103,047 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Actuarial gain (loss) for retiree liabilities | (27,518 | ) | 168 | — | (27,350 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income: | |||||||||||||
Actuarial costs (reclassified to salaries, wages and benefits) | 10,681 | 433 | — | 11,114 | |||||||||
Negative prior service cost (reclassified to salaries, wages and benefits) | — | (5,552 | ) | — | (5,552 | ) | |||||||
Hedging gain (reclassified to interest expense) | — | — | (57 | ) | (57 | ) | |||||||
Income Tax (Expense) or Benefit | 5,861 | 1,724 | 20 | 7,605 | |||||||||
Other comprehensive income (loss), net of tax | (10,976 | ) | (3,227 | ) | (37 | ) | (14,240 | ) | |||||
Balance as of December 31, 2012 | (121,602 | ) | 4,277 | 38 | (117,287 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Actuarial gain for retiree liabilities | 129,856 | 474 | — | 130,330 | |||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||
Actuarial costs (reclassified to salaries, wages and benefits) | 12,296 | 419 | — | 12,715 | |||||||||
Negative prior service cost (reclassified to salaries, wages and benefits) | — | (5,654 | ) | — | (5,654 | ) | |||||||
Hedging gain (reclassified to interest expense) | — | — | (50 | ) | (50 | ) | |||||||
Income Tax (Expense) or Benefit | (51,622 | ) | 1,729 | 21 | (49,872 | ) | |||||||
Other comprehensive income (loss), net of tax | 90,530 | (3,032 | ) | (29 | ) | 87,469 | |||||||
Balance as of December 31, 2013 | (31,072 | ) | 1,245 | 9 | (29,818 | ) | |||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||||||||||
The Company's Board of Directors has granted stock incentive awards to certain employees and board members pursuant to a long term incentive plan which was approved by the Company's stockholders in May 2005. Employees have been awarded non-vested stock units with performance conditions, non-vested stock units with market conditions and non-vested restricted stock. The restrictions on the non-vested restricted stock awards lapse at the end of a specified service period, which is typically approximately three years from the date of grant. Restrictions could lapse sooner upon a business combination, death, disability or after an employee qualifies for retirement. The non-vested stock units will be converted into a number of shares of Company stock depending on performance and market conditions at the end of a specified service period, lasting approximately three years. The performance condition awards will be converted into a number of shares of Company stock based on the Company's average return on invested capital during the service period. Similarly, the market condition awards will be converted into a number of shares depending on the appreciation of the Company's stock compared to the NASDAQ Transportation Index. Board members were granted time-based awards with approximately a six-month vesting period, which will settle when the board member ceases to be a director of the Company. The Company expects to settle all of the stock unit awards by issuing new shares of stock. The table below summarizes award activity. | |||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||
Awards | average | Awards | average | Awards | average | ||||||||||||||||
grant-date | grant-date | grant-date | |||||||||||||||||||
fair value | fair value | fair value | |||||||||||||||||||
Outstanding at beginning of period | 1,463,272 | $ | 5.97 | 1,458,037 | $ | 5.77 | 1,514,300 | $ | 3.55 | ||||||||||||
Granted | 627,488 | 5.73 | 601,647 | 5.93 | 555,237 | 8.72 | |||||||||||||||
Converted | (526,848 | ) | 5.72 | (472,112 | ) | 5.25 | (443,300 | ) | 2.45 | ||||||||||||
Expired | (68,950 | ) | 8.25 | — | — | — | — | ||||||||||||||
Forfeited | (17,200 | ) | 7.07 | (124,300 | ) | 6.24 | (168,200 | ) | 4.22 | ||||||||||||
Outstanding at end of period | 1,477,762 | $ | 5.83 | 1,463,272 | $ | 5.97 | 1,458,037 | $ | 5.77 | ||||||||||||
Vested | 506,644 | $ | 4.47 | 736,541 | $ | 4.9 | 390,037 | $ | 4.45 | ||||||||||||
The average grant-date fair value of each performance condition award, non-vested restricted stock award and time-based award granted by the Company was $5.46, $5.63 and $8.25 for 2013, 2012 and 2011, respectively, the fair value of the Company’s stock on the date of grant. The average grant-date fair value of each market condition award granted was $6.78, $7.05 and $11.17 for 2013, 2012 and 2011, respectively. The market condition awards were valued using a Monte Carlo simulation technique based on volatility over three years for the awards granted in 2013, 2012 and 2011 using daily stock prices and using the following variables: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Risk-free interest rate | 0.40% | 0.40% | 1.30% | ||||||||||||||||||
Volatility | 61.00% | 90.10% | 1.30% | ||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recorded expense of $2.7 million, $3.2 million and $2.9 million, respectively, for stock incentive awards. At December 31, 2013, there was $2.8 million of unrecognized expense related to the stock incentive awards that is expected to be recognized over a weighted-average period of 1.6 years. As of December 31, 2013, none of the awards were convertible, 441,812 units of the Board members time-based awards had vested and none of the outstanding shares of the restricted stock had vested. These awards could result in a maximum number of 1,754,787 additional outstanding shares of the Company’s common stock depending on service, performance and market results through December 31, 2015. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
The calculation of basic and diluted earnings per common share follows (in thousands, except per share amounts): | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Earnings (loss) from continuing operations | $ | (19,625 | ) | $ | 41,648 | $ | 23,865 | |||||
Weighted-average shares outstanding for basic earnings per share | 63,992 | 63,461 | 63,284 | |||||||||
Common equivalent shares: | ||||||||||||
Effect of stock-based compensation awards | — | 959 | 801 | |||||||||
Weighted-average shares outstanding assuming dilution | 63,992 | 64,420 | 64,085 | |||||||||
Basic earnings (loss) per share from continuing operations | $ | (0.31 | ) | $ | 0.66 | $ | 0.38 | |||||
Diluted earnings (loss) per share from continuing operations | $ | (0.31 | ) | $ | 0.65 | $ | 0.37 | |||||
Basic weighted average shares outstanding for purposes of basic earnings per share are less than the shares outstanding due to 481,900 shares, 370,400 shares and 584,700 shares of restricted stock for 2013, 2012 and 2011, respectively, which are accounted for as part of diluted weighted average shares outstanding in diluted earnings per share. The number of equivalent shares that were not included in weighted average shares outstanding assuming dilution, because their effect would have been anti-dilutive, was none, 229,000 and 176,000 at December 31, 2013, 2012 and 2011, respectively. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
SEGMENT INFORMATION | |||||||||||||
The Company operates in two reportable segments. The CAM segment consists of the Company's aircraft leasing operations and its segment earnings includes an allocation of interest expense. The ACMI Services segment consists of the Company's airline operations, including the CMI agreement with DHL as well as ACMI and charter service agreements that the Company has with other customers. Due to the similarities among the Company's airline operations, the airline operations are aggregated into a single reportable segment, ACMI Services. The Company's other activities, which include contracts with the USPS, the sale of aircraft parts and maintenance services, facility and ground equipment maintenance services and management services for workers' compensation do not constitute reportable segments and are combined in “All other” with inter-segment profit eliminations. Inter-segment revenues are valued at arms-length, market rates. Cash, cash equivalents and deferred tax assets are reflected in Assets - All other below. The Company's segment information from continuing operations is presented below (in thousands): | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total revenues: | |||||||||||||
CAM | $ | 160,342 | $ | 154,565 | $ | 140,469 | |||||||
ACMI Services | 444,504 | 478,993 | 604,951 | ||||||||||
All other | 117,292 | 112,343 | 105,284 | ||||||||||
Eliminate inter-segment revenues | (142,115 | ) | (138,463 | ) | (120,571 | ) | |||||||
Total | $ | 580,023 | $ | 607,438 | $ | 730,133 | |||||||
Customer revenues: | |||||||||||||
CAM | $ | 71,604 | $ | 74,599 | $ | 67,791 | |||||||
ACMI Services | 444,504 | 477,722 | 604,951 | ||||||||||
All other | 63,915 | 55,117 | 57,391 | ||||||||||
Total | $ | 580,023 | $ | 607,438 | $ | 730,133 | |||||||
Depreciation and amortization expense: | |||||||||||||
CAM | $ | 64,096 | $ | 59,351 | $ | 54,897 | |||||||
ACMI Services | 27,546 | 24,599 | 36,136 | ||||||||||
All other | 107 | 527 | 30 | ||||||||||
Total | $ | 91,749 | $ | 84,477 | $ | 91,063 | |||||||
Impairment Charges | |||||||||||||
CAM - aircraft impairment | — | — | 6,761 | ||||||||||
ACMI Services - aircraft impairment | — | — | 15,304 | ||||||||||
ACMI Services - customer relationship impairment | — | — | 2,282 | ||||||||||
ACMI Services - goodwill impairment | 52,585 | — | 2,797 | ||||||||||
Total | $ | 52,585 | $ | — | $ | 27,144 | |||||||
Segment earnings (loss): | |||||||||||||
CAM | $ | 66,208 | $ | 68,499 | $ | 53,221 | |||||||
ACMI Services | (78,186 | ) | (14,503 | ) | (13,807 | ) | |||||||
All other | 12,200 | 11,650 | 11,331 | ||||||||||
Net unallocated interest expense | (1,212 | ) | (1,205 | ) | (2,118 | ) | |||||||
Net gain (loss) on derivative instruments | 631 | 1,879 | (4,881 | ) | |||||||||
Write-off of unamortized debt issuance costs | — | — | (2,886 | ) | |||||||||
Pre-tax earnings from continuing operations | $ | (359 | ) | $ | 66,320 | $ | 40,860 | ||||||
The Company's assets are presented below by segment (in thousands): | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Assets: | |||||||||||||
CAM | $ | 808,987 | $ | 810,664 | $ | 760,588 | |||||||
ACMI Services | 141,664 | 161,650 | 137,640 | ||||||||||
Discontinued operations | 294 | — | — | ||||||||||
All other | 82,194 | 63,297 | 95,491 | ||||||||||
Total | $ | 1,033,139 | $ | 1,035,611 | $ | 993,719 | |||||||
Interest expense of $0.6 million, $0.9 million and $1.2 million for 2013, 2012 and 2011, respectively, was reimbursed through the commercial agreements with DHL and included in the ACMI Services segment earnings above. Interest expense allocated to CAM was $12.4 million, $12.2 million and $10.7 million for the years ending December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
During 2013, the Company had capital expenditures of $30.9 million and $74.1 million for the ACMI Services and CAM segments, respectively. The ACMI Services segment reflects a goodwill impairment charge of $52.6 million recorded in the fourth quarter of 2013. Additionally, the ACMI Services segment reflects impairment charges of $2.8 million on the goodwill, $2.3 million on its acquired intangibles and $15.3 million on its aircraft which were recorded in the third quarter of 2011. The CAM segment reflects an impairment charge of $6.8 million on its aircraft recorded in the third quarter of 2011. | |||||||||||||
Entity-Wide Disclosures | |||||||||||||
The Company's international revenues were approximately $235.1 million, $314.2 million and $291.3 million for 2013, 2012 and 2011, respectively, derived primarily from international flights departing from or arriving in foreign countries. All revenues from the CMI agreement with DHL are attributed to U.S. operations. | |||||||||||||
The Company's external customers revenues from other activities for the years ended December 31, 2013, 2012 and 2011 are presented below (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Aircraft maintenance and part sales | $ | 23,175 | $ | 21,669 | $ | 25,845 | |||||||
Mail handling services | 30,117 | 23,671 | 21,613 | ||||||||||
Facility and ground equipment maintenance | 10,030 | 8,304 | 8,465 | ||||||||||
Other | 593 | 1,473 | 1,468 | ||||||||||
Total customer revenues | $ | 63,915 | $ | 55,117 | $ | 57,391 | |||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||
The Company's results of discontinued operations consist primarily of pension expenses and other benefits for former employees previously associated with ABX's former freight sorting and aircraft fueling services provided to DHL. Pursuant to its restructuring plan, DHL discontinued intra-U.S. domestic pickup and delivery services and now provides only international services to and from the U.S. In the third quarter of 2009, ABX ceased any remaining sort operations for DHL and the related hub service agreement with DHL expired. Additionally, in the third quarter of 2009, DHL assumed management of aircraft fuel services for its U.S. network previously provided by ABX. The revenues and results of the DHL hub services operations and the aircraft fuel services are reported as discontinued operations. | |||||||||||||
ABX sponsors defined benefit plans for retirees that include the former employees of the hub operations. Additionally, ABX is self insured for medical coverage and workers' compensation. The Company may incur expenses and cash outlays in the future related to pension obligations, reserves for medical expenses and wage loss for former employees. Carrying amounts of significant assets and liabilities of the discontinued operations are below (in thousands): | |||||||||||||
December 31 | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Pension assets, net of obligations | 294 | — | |||||||||||
Total Assets | 294 | — | |||||||||||
Liabilities | |||||||||||||
Employee compensation and benefits | $ | 34,007 | $ | 35,703 | |||||||||
Post-retirement | — | 36,887 | |||||||||||
Total Liabilities | $ | 34,007 | $ | 72,590 | |||||||||
The revenues and pre-tax earnings of the discontinued operations are below (in thousands): | |||||||||||||
December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Pre-tax loss | $ | (5 | ) | $ | (1,215 | ) | $ | (1,066 | ) |
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Quarterly Results | ' | |||||||||||||||
QUARTERLY RESULTS (Unaudited) | ||||||||||||||||
The following is a summary of quarterly results of operations (in thousands, except per share amounts): | ||||||||||||||||
1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2013 | ||||||||||||||||
Revenues from continuing operations | $ | 143,279 | $ | 138,904 | $ | 140,877 | $ | 156,963 | ||||||||
Net earnings (loss) from continuing operations | 8,501 | 6,915 | 7,799 | (42,840 | ) | |||||||||||
Net loss from discontinued operations | (1 | ) | (1 | ) | — | (1 | ) | |||||||||
Weighted average shares: | ||||||||||||||||
Basic | 63,810 | 64,050 | 64,052 | 64,054 | ||||||||||||
Diluted | 64,524 | 64,859 | 65,036 | 64,054 | ||||||||||||
Earnings (loss) per share from continuing operations | ||||||||||||||||
Basic | $ | 0.13 | $ | 0.11 | $ | 0.12 | $ | (0.67 | ) | |||||||
Diluted | $ | 0.13 | $ | 0.11 | $ | 0.12 | $ | (0.67 | ) | |||||||
2012 | ||||||||||||||||
Revenues from continuing operations | $ | 145,506 | $ | 153,554 | $ | 153,826 | $ | 154,552 | ||||||||
Net earnings from continuing operations | 6,662 | 11,219 | 11,556 | 12,211 | ||||||||||||
Net loss from discontinued operations | (230 | ) | (160 | ) | (186 | ) | (198 | ) | ||||||||
Weighted average shares: | ||||||||||||||||
Basic | 63,431 | 63,431 | 63,456 | 63,525 | ||||||||||||
Diluted | 64,374 | 64,393 | 64,667 | 64,244 | ||||||||||||
Earnings per share from continuing operations | ||||||||||||||||
Basic | $ | 0.11 | $ | 0.18 | $ | 0.18 | $ | 0.19 | ||||||||
Diluted | $ | 0.1 | $ | 0.17 | $ | 0.18 | $ | 0.19 | ||||||||
Summary_of_Financial_Statement1
Summary of Financial Statement Preparation and Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' | |
Pension and Post-Retirement Benefits | ||
The costs of benefits provided by defined benefits pension and post-retirement health care plans are recorded in the period the employees provide service. Costs adjustments for plan amendments are amortized over the expected working life or the life expectancy of plan participants. The funded status of the Company's plans is measured as the difference between the fair value of plan assets and the accumulated benefit obligations to plan participants. The overfunded or underfunded status of a plan is recorded as an asset or liability. The funded status is ordinarily measured annually at year end. | ||
Basis of Presentation | ' | |
Basis of Presentation | ||
The accompanying consolidated financial statements include the accounts of Air Transport Services Group, Inc. and its wholly-owned subsidiaries. Inter-company balances and transactions have been eliminated. The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements. Estimates and assumptions are used to record allowances for uncollectible amounts, self-insurance reserves, spare parts inventory, depreciation and impairments of property, equipment, goodwill and intangibles, post-retirement obligations, income taxes, contingencies and litigation. Changes in estimates and assumptions may have a material impact on the consolidated financial statements. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
The Company classifies short-term, highly liquid investments with maturities of three months or less at the time of purchase as cash and cash equivalents. These investments, consisting of money market funds, are recorded at cost, which approximates fair value. Substantially all deposits of the Company’s cash are held in accounts that exceed federally insured limits. The Company deposits cash in common financial institutions which management believes are financially sound. | ||
Accounts Receivable and Allowance for Uncollectible Accounts | ' | |
Accounts Receivable and Allowance for Uncollectible Accounts | ||
The Company's accounts receivable is primarily due from its significant customers (see Note B), other airlines, the USPS and freight forwarders. The Company performs a quarterly evaluation of the accounts receivable and the allowance for uncollectible accounts by reviewing specific customers' recent payment history, growth prospects, financial condition and other factors that may impact a customer's ability to pay. The Company establishes an allowance for uncollectible accounts for probable losses due to a customer's potential inability or unwillingness to make contractual payments. Account balances are written off against the allowance when the Company ceases collection efforts. | ||
Inventory | ' | |
Inventory | ||
The Company’s inventory is comprised primarily of expendable aircraft parts and supplies used for aircraft maintenance. Inventory is generally charged to expense when issued for use on a Company aircraft. The Company values its inventory of aircraft parts and supplies at weighted-average cost and maintains a related obsolescence reserve. The Company records an obsolescence reserve on a base stock of inventory for each fleet type. The amortization of base stock for the obsolescence reserve corresponds to the expected life of each fleet type. Additionally, the Company monitors the usage rates of inventory parts and segregates parts that are technologically outdated or no longer used in its fleet types. Slow moving and segregated items are actively marketed and written down to their estimated net realizable values based on market conditions. | ||
Management analyzes the inventory reserve for reasonableness at the end of each quarter. That analysis includes consideration of the expected fleet life, amounts expected to be on hand at the end of a fleet life, and recent events and conditions that may impact the usability or value of inventory. Events or conditions that may impact the expected life, usability or net realizable value of inventory include additional aircraft maintenance directives from the FAA, changes in DOT regulations, new environmental laws and technological advances. | ||
Goodwill and Intangible Assets | ' | |
Goodwill and Intangible Assets | ||
The Company assesses, during the fourth quarter of each year, the carrying value of goodwill. Finite-lived intangible assets are amortized over their estimated useful economic lives. The Company also conducts impairment assessments of goodwill, indefinite-lived intangible assets and finite-lived intangible assets whenever events or changes in circumstance indicate an impairment may have occurred | ||
Property and Equipment | ' | |
Property and Equipment | ||
Property and equipment held for use is stated at cost, net of any impairment recorded. The cost and accumulated depreciation of disposed property and equipment are removed from the accounts with any related gain or loss reflected in earnings from operations. | ||
Depreciation of property and equipment is provided on a straight-line basis over the lesser of the asset’s useful life or lease term. Depreciable lives are summarized as follows: | ||
Boeing 767 and 757 aircraft and flight equipment | 10 to 20 years | |
Support equipment | 5 to 10 years | |
Vehicles and other equipment | 3 to 8 years | |
The Company periodically evaluates the useful lives, salvage values and fair values of property and equipment. Acceleration of depreciation expense or the recording of significant impairment losses could result from changes in the estimated useful lives of assets due to a number of reasons, such as excess aircraft capacity or changes in regulations governing the use of aircraft. | ||
Aircraft and other long-lived assets are tested for impairment when circumstances indicate the carrying value of the assets may not be recoverable. To conduct impairment testing, the Company groups assets and liabilities at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. For assets that are to be held and used, impairment is recognized when the estimated undiscounted cash flows associated with the asset group is less than the carrying value. If impairment exists, an adjustment is made to write the assets down to fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined considering quoted market values, discounted cash flows or internal and external appraisals, as applicable. For assets held for sale, impairment is recognized when the fair value less the cost to sell the asset is less than the carrying value. | ||
The Company’s accounting policy for major airframe and engine maintenance varies by subsidiary and aircraft type. The costs for ABX's Boeing 767-200 airframe maintenance, which is the majority of the Company's aircraft fleet, are expensed as they are incurred. The costs of major airframe maintenance for the Company's other aircraft are capitalized and amortized over the useful life of the overhaul. The Company's General Electric CF6 engines that power the Boeing 767-200 aircraft are maintained under “power by the hour” agreements with an engine maintenance provider. Under the power by the hour agreements, the engines are maintained by the service provider for a fixed fee per flight hour; accordingly, the cost of engine maintenance is generally expensed as flight hours occur. Maintenance for the airlines’ other aircraft engines, including those on the Boeing 767-300 and Boeing 757 aircraft, are typically contracted to service providers on a time and material basis and the costs of those engine overhauls are capitalized and amortized over the useful life of the overhaul. | ||
Under certain leases, the Company is required to make periodic payments to the lessor for future maintenance events such as engine overhauls and major airframe maintenance. These payments are recorded as deposits until drawn for qualifying maintenance costs. The maintenance costs are expensed or capitalized in accordance with the airline's accounting policy for major airframe and engine maintenance. The Company evaluates at the balance sheet date, whether it is probable that an amount on deposit will be returned by the lessor to reimburse the costs of the maintenance activities. When an amount on deposit is less than probable of being returned, it is recognized as additional maintenance expense. | ||
Capitalized Interest | ' | |
Capitalized Interest | ||
Interest costs incurred while aircraft are being modified are capitalized as an additional cost of the aircraft until the date the asset is placed in service. | ||
Discontinued Operations | ' | |
Discontinued Operations | ||
A business component whose operations are discontinued is reported as discontinued operations if the cash flows of the component have been eliminated from the ongoing operations of the Company, and the Company will no longer have any significant continuing involvement in the business component. The results of discontinued operations are aggregated and presented separately in the consolidated statements of operations. | ||
Exit Activities | ' | |
Exit Activities | ||
The Company accounts for the costs associated with exit activities in accordance with FASB ASC Topic 420-10 Exit or Disposal Cost Obligations. One-time, involuntary employee termination benefits are generally expensed when the Company communicates the benefit arrangement to the employee that it will no longer require the services of the employee beyond a minimum retention period. Liabilities for contract termination costs associated with exit activities are recognized in the period incurred and measured initially at fair value. | ||
Self-Insurance | ' | |
Self-Insurance | ||
The Company is self-insured for certain workers’ compensation, employee healthcare, automobile, aircraft, and general liability claims. The Company maintains excess claim coverage with common insurance carriers to mitigate its exposure to large claim losses. The Company records a liability for reported claims and an estimate for incurred claims that have not yet been reported. Accruals for these claims are estimated utilizing historical paid claims data and recent claims trends. Other liabilities included $28.3 million and $31.6 million at December 31, 2013 and December 31, 2012, respectively, for self-insured reserves. Changes in claim severity and frequency could result in actual claims being materially different than the costs accrued. | ||
Income Taxes | ' | |
Income Taxes | ||
Income taxes have been computed using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred taxes are measured using provisions of currently enacted tax laws. A valuation allowance against net deferred tax assets is recorded when it is more likely than not that such assets will not be fully realized. Tax credits are accounted for as a reduction of income taxes in the year in which the credit originates. | ||
The Company recognizes the benefit of a tax position taken on a tax return, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. An uncertain income tax benefit is not recognized if it has a less than a 50% likelihood of being sustained. The Company recognizes interest and penalties accrued related to uncertain tax positions in operating expense. | ||
Comprehensive Income | ' | |
Comprehensive Income | ||
Comprehensive income includes net earnings and other comprehensive income or loss. Other comprehensive income or loss results from certain changes in the Company’s liabilities for pension and other post retirement benefits and gains and losses associated with interest rate hedging instruments. | ||
Fair Value Information | ' | |
Fair Value Information | ||
Assets or liabilities that are required to be measured at fair value are reported using the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC Topic 820-10 Fair Value Measurements and Disclosures establishes three levels of input that may be used to measure fair value: | ||
• | Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
• | Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
• | Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include items where the determination of fair value requires significant management judgment or estimation. | |
Revenue Recognition | ' | |
Revenue Recognition | ||
Revenues generated from airline service agreements are typically recognized based on hours flown or the amount of aircraft and crew resources provided during a reporting period. Certain agreements include provisions for incentive payments based upon on-time reliability. These incentives are typically measured on a monthly basis and recorded to revenue in the corresponding month earned. Revenues for operating expenses that are reimbursed through customer agreements, including consumption of aircraft fuel, are generally recognized as the costs are incurred. Revenues from charter service agreements are recognized on scheduled and non-scheduled flights when the specific flight has been completed. Aircraft lease revenues are recognized as operating lease revenues on a straight-line basis over the term of the applicable lease agreements. Revenues from the sale of aircraft parts and engines are recognized when the parts are delivered. Revenues earned and expenses incurred in providing aircraft-related maintenance, repair or technical services are recognized in the period in which the services are completed and delivered to the customer. Revenues derived from sorting parcels are recognized in the reporting period in which the services are performed. | ||
New Accounting Pronouncements | ' | |
New Accounting Pronouncements | ||
In July 2013, the FASB issued Accounting Standard Update No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" (ASU 2013-11"). ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective for annual reporting periods beginning on or after December 15, 2013, and subsequent interim periods. The Company is currently assessing the impact, if any, that this pronouncement will have on the condensed consolidated financial statements. | ||
In September 2013, the United States Treasury Department and the Internal Revenue Service (“IRS”) issued final and proposed regulations (the “Tangible Property Regulations”) effective for tax years beginning on or after January 1, 2014, that provided guidance on a number of matters with regard to tangible property, including whether expenditures qualified as deductible repairs, the treatment of materials and supplies, capitalization of tangible property, dispositions of property, and related elections. The Company is assessing the financial impact as a result of these regulations and as a result of such assessment, no material impact is expected. Future transitional guidance in the form of revenue procedures issued by the IRS, and the finalization of the proposed regulations, could impact our current estimates. |
Summary_of_Financial_Statement2
Summary of Financial Statement Preparation and Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Depreciable lives are summarized as follows: | ||||||||
Boeing 767 and 757 aircraft and flight equipment | 10 to 20 years | |||||||
Support equipment | 5 to 10 years | |||||||
Vehicles and other equipment | 3 to 8 years | |||||||
Property and equipment, to be held and used, is summarized as follows (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Aircraft and flight equipment | $ | 1,236,225 | $ | 1,148,781 | ||||
Support equipment | 51,179 | 52,209 | ||||||
Vehicles and other equipment | 1,771 | 1,597 | ||||||
Leasehold improvements | 1,154 | 814 | ||||||
1,290,329 | 1,203,401 | |||||||
Accumulated depreciation | (452,157 | ) | (384,477 | ) | ||||
Property and equipment, net | $ | 838,172 | $ | 818,924 | ||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Goodwill | ' | ||||||||||||
The carrying amounts of goodwill by reportable segment, are as follows (in thousands): | |||||||||||||
ACMI Services | CAM | Total | |||||||||||
Carrying value as of December 31, 2011 | $ | 52,585 | $ | 34,395 | $ | 86,980 | |||||||
Impairment | — | — | — | ||||||||||
Carrying value as of December 31, 2012 | $ | 52,585 | $ | 34,395 | $ | 86,980 | |||||||
Impairment | $ | (52,585 | ) | $ | — | $ | (52,585 | ) | |||||
Carrying value as of December 31, 2013 | $ | — | $ | 34,395 | $ | 34,395 | |||||||
Schedule Intangible Assets by Major Class | ' | ||||||||||||
The Company's intangible assets relate to the ACMI Services segment and are as follows (in thousands): | |||||||||||||
Customer | Airline | ||||||||||||
Relationships | Certificates | Total | |||||||||||
Carrying value as of December 31, 2011 | $ | 2,396 | $ | 4,000 | $ | 6,396 | |||||||
Amortization | (250 | ) | (1,000 | ) | (1,250 | ) | |||||||
Carrying value as of December 31, 2012 | $ | 2,146 | $ | 3,000 | $ | 5,146 | |||||||
Amortization | (250 | ) | — | (250 | ) | ||||||||
Carrying value as of December 31, 2013 | $ | 1,896 | $ | 3,000 | $ | 4,896 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
The following table reflects assets and liabilities that are measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
As of December 31, 2013 | Fair Value Measurement Using | Total | ||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | ||||||||||||||||
Cash equivalents—money market | $ | 20 | $ | 301 | $ | — | $ | 321 | ||||||||
Total Assets | $ | 20 | $ | 301 | $ | — | $ | 321 | ||||||||
Liabilities | ||||||||||||||||
Interest rate swap | $ | — | $ | (2,515 | ) | $ | — | $ | (2,515 | ) | ||||||
Total Liabilities | $ | — | $ | (2,515 | ) | $ | — | $ | (2,515 | ) | ||||||
As of December 31, 2012 | Fair Value Measurement Using | Total | ||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | ||||||||||||||||
Cash equivalents—money market | $ | 18 | $ | 339 | $ | — | $ | 357 | ||||||||
Total Assets | $ | 18 | $ | 339 | $ | — | $ | 357 | ||||||||
Liabilities | ||||||||||||||||
Interest rate swap | $ | — | $ | (3,146 | ) | $ | — | $ | (3,146 | ) | ||||||
Total Liabilities | $ | — | $ | (3,146 | ) | $ | — | $ | (3,146 | ) | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Depreciable lives are summarized as follows: | ||||||||
Boeing 767 and 757 aircraft and flight equipment | 10 to 20 years | |||||||
Support equipment | 5 to 10 years | |||||||
Vehicles and other equipment | 3 to 8 years | |||||||
Property and equipment, to be held and used, is summarized as follows (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Aircraft and flight equipment | $ | 1,236,225 | $ | 1,148,781 | ||||
Support equipment | 51,179 | 52,209 | ||||||
Vehicles and other equipment | 1,771 | 1,597 | ||||||
Leasehold improvements | 1,154 | 814 | ||||||
1,290,329 | 1,203,401 | |||||||
Accumulated depreciation | (452,157 | ) | (384,477 | ) | ||||
Property and equipment, net | $ | 838,172 | $ | 818,924 | ||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
Long term obligations consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Unsubordinated term loan | $ | 131,250 | $ | 144,375 | ||||
Revolving credit facility | 190,500 | 143,000 | ||||||
Aircraft loans | 55,015 | 63,156 | ||||||
Promissory note due to DHL, unsecured | 7,750 | 13,950 | ||||||
Total long term obligations | 384,515 | 364,481 | ||||||
Less: current portion | (23,721 | ) | (21,265 | ) | ||||
Total long term obligations, net | $ | 360,794 | $ | 343,216 | ||||
Schedule of Maturities of Long-term Debt | ' | |||||||
The scheduled annual principal payments on long term debt, as of December 31, 2013, for the next five years are as follows (in thousands): | ||||||||
Principal | ||||||||
Payments | ||||||||
2014 | $ | 23,721 | ||||||
2015 | 24,344 | |||||||
2016 | 33,865 | |||||||
2017 | 291,195 | |||||||
2018 | 3,640 | |||||||
2019 and beyond | 7,750 | |||||||
$ | 384,515 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||
The future minimum lease payments of the Company as of December 31, 2013 are scheduled below (in thousands): | ||||||||
Operating | Hangar Lease | |||||||
Leases | ||||||||
2014 | $ | 22,561 | $ | 592 | ||||
2015 | 12,499 | 602 | ||||||
2016 | 8,807 | 832 | ||||||
2017 | 4,733 | 834 | ||||||
2018 | 3,113 | 833 | ||||||
2019 and beyond | 1,533 | 14,610 | ||||||
Total minimum lease payments | $ | 53,246 | $ | 18,303 | ||||
Schedules of Concentration of Risk, by Risk Factor | ' | |||||||
As of December 31, 2013, the flight crewmember employees of ABX and ATI were represented by the labor unions listed below: | ||||||||
Airline | Labor Agreement Unit | Percentage of | ||||||
the Company’s | ||||||||
Employees | ||||||||
ABX | International Brotherhood of Teamsters | 14.40% | ||||||
ATI | Air Line Pilots Association | 8.70% |
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Net Funded Status | ' | |||||||||||||||||||||||
Funded Status (in thousands): | ||||||||||||||||||||||||
Pension Plans | Post-retirement | |||||||||||||||||||||||
Healthcare Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Accumulated benefit obligation | $ | 761,774 | $ | 860,463 | $ | 7,482 | $ | 8,781 | ||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Obligation as of January 1 | $ | 860,463 | $ | 772,612 | $ | 8,781 | $ | 9,275 | ||||||||||||||||
Service cost | — | — | 275 | 269 | ||||||||||||||||||||
Interest cost | 35,957 | 37,089 | 264 | 379 | ||||||||||||||||||||
Curtailment gain | — | — | — | — | ||||||||||||||||||||
Special termination benefits | — | — | — | — | ||||||||||||||||||||
Plan amendment | — | — | — | (460 | ) | |||||||||||||||||||
Plan transfers | 2,448 | 1,657 | — | — | ||||||||||||||||||||
Benefits paid | (28,966 | ) | (26,130 | ) | (1,364 | ) | (974 | ) | ||||||||||||||||
Actuarial (gain) loss | (108,128 | ) | 75,235 | (474 | ) | 292 | ||||||||||||||||||
Obligation as of December 31 | $ | 761,774 | $ | 860,463 | $ | 7,482 | $ | 8,781 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value as of January 1 | $ | 682,553 | $ | 594,697 | $ | — | $ | — | ||||||||||||||||
Actual gain on plan assets | 67,719 | 87,598 | — | — | ||||||||||||||||||||
Plan transfers | 2,448 | 1,657 | — | — | ||||||||||||||||||||
Employer contributions | 27,492 | 24,731 | 1,364 | 974 | ||||||||||||||||||||
Benefits paid | (28,966 | ) | (26,130 | ) | (1,364 | ) | (974 | ) | ||||||||||||||||
Fair value as of December 31 | $ | 751,246 | $ | 682,553 | $ | — | $ | — | ||||||||||||||||
Funded status | ||||||||||||||||||||||||
Overfunded plans, net asset | $ | 14,855 | $ | — | $ | — | $ | — | ||||||||||||||||
Underfunded plans | ||||||||||||||||||||||||
Current liabilities | $ | (1,339 | ) | $ | (1,331 | ) | $ | (888 | ) | $ | (1,105 | ) | ||||||||||||
Non-current liabilities | $ | (24,044 | ) | $ | (176,579 | ) | $ | (6,594 | ) | $ | (7,676 | ) | ||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||||||||||
ABX’s net periodic benefit costs for its defined benefit pension plans and post-retirement healthcare plans for the years ended December 31, 2013, 2012 and 2011, are as follows (in thousands): | ||||||||||||||||||||||||
Pension Plans | Post-Retirement Healthcare Plan | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 275 | $ | 269 | 247 | |||||||||||||
Interest cost | 35,957 | 37,089 | 37,163 | 264 | 379 | 389 | ||||||||||||||||||
Expected return on plan assets | (45,990 | ) | (39,882 | ) | (39,027 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | — | — | — | 419 | 433 | 529 | ||||||||||||||||||
Amortization of net (gain) loss | 12,296 | 10,681 | 2,700 | (5,654 | ) | (5,552 | ) | (5,552 | ) | |||||||||||||||
Net periodic benefit cost | $ | 2,263 | $ | 7,888 | $ | 836 | $ | (4,696 | ) | $ | (4,471 | ) | $ | (4,387 | ) | |||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized | ' | |||||||||||||||||||||||
The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit expense at December 31 are as follows (in thousands): | ||||||||||||||||||||||||
Pension Plans | Post-Retirement | |||||||||||||||||||||||
Healthcare Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Unrecognized prior service cost | $ | — | $ | — | $ | (4,182 | ) | $ | (9,836 | ) | ||||||||||||||
Unrecognized net actuarial loss | 40,190 | 182,342 | 2,027 | 2,920 | ||||||||||||||||||||
Accumulated other comprehensive (income) loss | $ | 40,190 | $ | 182,342 | $ | (2,155 | ) | $ | (6,916 | ) | ||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | ' | |||||||||||||||||||||||
The following table sets forth the amounts of unrecognized net actuarial loss and (gain) recorded in accumulated other comprehensive loss that is expected to be recognized as components of net periodic benefit expense during 2014 (in thousands): | ||||||||||||||||||||||||
Pension | Post- | |||||||||||||||||||||||
Plans | Retirement | |||||||||||||||||||||||
Healthcare | ||||||||||||||||||||||||
Plans | ||||||||||||||||||||||||
Amortization of actuarial loss | $ | (2 | ) | $ | 320 | |||||||||||||||||||
Prior Service Cost | — | (3,487 | ) | |||||||||||||||||||||
Schedule of Assumptions Used | ' | |||||||||||||||||||||||
Assumptions used in determining the funded status of ABX’s pension plans at December 31 were as follows: | ||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate - crewmembers | 5.25% | 4.25% | 5.10% | |||||||||||||||||||||
Discount rate - non-crewmembers | 5.35% | 4.25% | 4.65% | |||||||||||||||||||||
Expected return on plan assets | 6.25% | 6.75% | 6.75% | |||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||
The pension plan assets measured at fair value on a recurring basis were as follows (in thousands): | ||||||||||||||||||||||||
As of December 31, 2013 | Fair Value Measurement Using | Total | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Plan assets | ||||||||||||||||||||||||
Temporary cash investments | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Common trust funds | — | 10,503 | — | 10,503 | ||||||||||||||||||||
Corporate stock | 63,313 | — | — | 63,313 | ||||||||||||||||||||
Mutual funds | 107,635 | 164,230 | — | 271,865 | ||||||||||||||||||||
Fixed income investments | 6,761 | 349,904 | — | 356,665 | ||||||||||||||||||||
Real estate | — | — | 19,561 | 19,561 | ||||||||||||||||||||
Hedge funds and private equity | — | — | 29,339 | 29,339 | ||||||||||||||||||||
Total plan assets | $ | 177,709 | $ | 524,637 | $ | 48,900 | $ | 751,246 | ||||||||||||||||
As of December 31, 2012 | Fair Value Measurement Using | Total | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Plan assets | ||||||||||||||||||||||||
Temporary cash investments | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Common trust funds | — | 5,720 | — | 5,720 | ||||||||||||||||||||
Corporate stock | 63,396 | 2,123 | — | 65,519 | ||||||||||||||||||||
Mutual funds | 96,008 | 138,846 | — | 234,854 | ||||||||||||||||||||
Fixed income investments | 5,832 | 326,478 | — | 332,310 | ||||||||||||||||||||
Real estate | — | — | 17,181 | 17,181 | ||||||||||||||||||||
Hedge funds and private equity | — | — | 26,969 | 26,969 | ||||||||||||||||||||
Total plan assets | $ | 165,236 | $ | 473,167 | $ | 44,150 | $ | 682,553 | ||||||||||||||||
The weighted-average asset allocations by asset category are as shown below: | ||||||||||||||||||||||||
Composition of Plan Assets | ||||||||||||||||||||||||
as of December 31 | ||||||||||||||||||||||||
Asset category | 2013 | 2012 | ||||||||||||||||||||||
Cash | — | % | — | % | ||||||||||||||||||||
Equity securities | 50 | % | 48 | % | ||||||||||||||||||||
Fixed income securities | 47 | % | 49 | % | ||||||||||||||||||||
Real estate | 3 | % | 3 | % | ||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the respective plans as follows (in thousands): | ||||||||||||||||||||||||
Pension | Post-retirement | |||||||||||||||||||||||
Benefits | Healthcare | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
2014 | $ | 31,260 | $ | 888 | ||||||||||||||||||||
2015 | 33,144 | 844 | ||||||||||||||||||||||
2016 | 37,769 | 764 | ||||||||||||||||||||||
2017 | 37,332 | 755 | ||||||||||||||||||||||
2018 | 39,860 | 749 | ||||||||||||||||||||||
Years 2019 to 2023 | 232,378 | 3,775 | ||||||||||||||||||||||
Schedule of Level Three Defined Benefit Plan Assets Roll Forward | ' | |||||||||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant Level 3 unobservable inputs (in thousands): | ||||||||||||||||||||||||
Hedge Funds & | Real Estate | Total | ||||||||||||||||||||||
Private Equity | Investments | |||||||||||||||||||||||
January 1, 2012 | $ | 25,759 | $ | 14,557 | $ | 40,316 | ||||||||||||||||||
Unrealized gains | 3,612 | 2,624 | 6,236 | |||||||||||||||||||||
Purchases & settlements | (2,402 | ) | — | (2,402 | ) | |||||||||||||||||||
December 31, 2012 | $ | 26,969 | $ | 17,181 | $ | 44,150 | ||||||||||||||||||
Unrealized gains | 3,884 | 2,380 | 6,264 | |||||||||||||||||||||
Purchases & settlements | (1,514 | ) | — | (1,514 | ) | |||||||||||||||||||
December 31, 2013 | $ | 29,339 | $ | 19,561 | $ | 48,900 | ||||||||||||||||||
Schedule of Retirement Plans | ' | |||||||||||||||||||||||
Expenses for defined contribution retirement plans were as follows (in thousands): | ||||||||||||||||||||||||
Years Ended December 31 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Capital accumulation plans | $ | 5,131 | $ | 5,300 | $ | 4,938 | ||||||||||||||||||
Total expense | $ | 5,131 | $ | 5,300 | $ | 4,938 | ||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The significant components of the deferred income tax assets and liabilities as of December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31 | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforward and federal credits | $ | 36,624 | $ | 34,401 | ||||||||
Capital and operating leases | 2,841 | 1,742 | ||||||||||
Post-retirement employee benefits | 6,470 | 62,823 | ||||||||||
Employee benefits other than post-retirement | 16,667 | 18,010 | ||||||||||
Inventory reserve | 3,050 | 3,181 | ||||||||||
Deferred revenue | 8,903 | 10,770 | ||||||||||
Other | 1,262 | 458 | ||||||||||
Deferred tax assets | 75,817 | 131,385 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Accelerated depreciation | (155,769 | ) | (147,282 | ) | ||||||||
Partnership items | (9,466 | ) | (9,418 | ) | ||||||||
State taxes | (6,265 | ) | (1,724 | ) | ||||||||
Valuation allowance against deferred tax assets | (229 | ) | (229 | ) | ||||||||
Deferred tax liabilities | (171,729 | ) | (158,653 | ) | ||||||||
Net deferred tax (liability) | $ | (95,912 | ) | $ | (27,268 | ) | ||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The following summarizes the Company’s income tax provisions (benefits) (in thousands): | ||||||||||||
Years Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current taxes: | ||||||||||||
Federal | $ | 67 | $ | — | $ | (950 | ) | |||||
Foreign | — | 337 | — | |||||||||
State | 425 | 145 | 426 | |||||||||
Deferred taxes: | ||||||||||||
Federal | 17,902 | 23,454 | 15,968 | |||||||||
Foreign | — | — | — | |||||||||
State | 872 | 736 | 1,551 | |||||||||
Total deferred tax expense | 18,774 | 24,190 | 17,519 | |||||||||
Total income tax expense from continuing operations | $ | 19,266 | $ | 24,672 | $ | 16,995 | ||||||
Income tax expense (benefit) from discontinued operations | $ | (2 | ) | $ | (441 | ) | $ | (393 | ) | |||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The reconciliation of income tax from continuing operations computed at the U.S. statutory federal income tax rates to effective income tax rates is as follows: | ||||||||||||
Years Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
Foreign income taxes | — | % | 0.3 | % | — | % | ||||||
State income taxes, net of federal tax benefit | (234.7 | )% | 0.9 | % | 3.1 | % | ||||||
Tax effect of non-deductible goodwill | (5,121.2 | )% | — | % | 2.4 | % | ||||||
Tax effect of other non-deductible expenses | (26.4 | )% | 1.1 | % | 1.7 | % | ||||||
Other | (19.3 | )% | (0.1 | )% | (0.6 | )% | ||||||
Effective income tax rate | (5,366.6 | )% | 37.2 | % | 41.6 | % | ||||||
Schedule of Effective Income Tax Rate Reconciliation, Discontinued Operations | ' | |||||||||||
The reconciliation of income tax from discontinued operations computed at the U.S. statutory federal income tax rates to effective income tax rates is as follows: | ||||||||||||
Years Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal tax rate | (35.0 | )% | (35.0 | )% | (35.0 | )% | ||||||
State income taxes, net of federal tax benefit | (1.3 | )% | (1.3 | )% | (1.8 | )% | ||||||
Effective income tax rate | (36.3 | )% | (36.3 | )% | (36.8 | )% |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Interest Rate Derivatives | ' | ||||||||||||||
The table below provides information about the Company’s interest rate swaps (in thousands): | |||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||
Expiration Date | Stated | Notional | Market | Notional | Market | ||||||||||
Interest | Amount | Value | Amount | Value | |||||||||||
Rate | (Liability) | (Liability) | |||||||||||||
9-May-16 | 2.02 | % | 65,625 | (1,988 | ) | 72,188 | (3,146 | ) | |||||||
30-Jun-17 | 1.183 | % | 65,625 | (527 | ) | — | — | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Comprehensive Income [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Accumulated other comprehensive income (loss) includes the following items by components for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Defined Benefit Pension | Defined Benefit Post-Retirement | Gains and Losses on Derivative | Total | ||||||||||
Balance as of January 1, 2011 | (54,325 | ) | 10,761 | (2,670 | ) | (46,234 | ) | ||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Actuarial gain (loss) for retiree liabilities | (91,715 | ) | 192 | — | (91,523 | ) | |||||||
Unrealized gain (loss) for derivative instruments | — | — | 631 | 631 | |||||||||
Amounts reclassified from accumulated other comprehensive income: | |||||||||||||
Actuarial costs (reclassified to salaries, wages and benefits) | 2,700 | 211 | — | 2,911 | |||||||||
Negative prior service cost (reclassified to salaries, wages and benefits) | — | (5,552 | ) | — | (5,552 | ) | |||||||
Hedging gain (reclassified to interest expense) | — | — | (223 | ) | (223 | ) | |||||||
Unrealized loss on derivative instruments (reclassified to net gain (loss) on derivative instruments) | — | — | 3,932 | 3,932 | |||||||||
Income Tax (Expense) or Benefit | 32,714 | 1,892 | (1,595 | ) | 33,011 | ||||||||
Other comprehensive income (loss), net of tax | (56,301 | ) | (3,257 | ) | 2,745 | (56,813 | ) | ||||||
Balance as of December 31, 2011 | (110,626 | ) | 7,504 | 75 | (103,047 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Actuarial gain (loss) for retiree liabilities | (27,518 | ) | 168 | — | (27,350 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income: | |||||||||||||
Actuarial costs (reclassified to salaries, wages and benefits) | 10,681 | 433 | — | 11,114 | |||||||||
Negative prior service cost (reclassified to salaries, wages and benefits) | — | (5,552 | ) | — | (5,552 | ) | |||||||
Hedging gain (reclassified to interest expense) | — | — | (57 | ) | (57 | ) | |||||||
Income Tax (Expense) or Benefit | 5,861 | 1,724 | 20 | 7,605 | |||||||||
Other comprehensive income (loss), net of tax | (10,976 | ) | (3,227 | ) | (37 | ) | (14,240 | ) | |||||
Balance as of December 31, 2012 | (121,602 | ) | 4,277 | 38 | (117,287 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Actuarial gain for retiree liabilities | 129,856 | 474 | — | 130,330 | |||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||
Actuarial costs (reclassified to salaries, wages and benefits) | 12,296 | 419 | — | 12,715 | |||||||||
Negative prior service cost (reclassified to salaries, wages and benefits) | — | (5,654 | ) | — | (5,654 | ) | |||||||
Hedging gain (reclassified to interest expense) | — | — | (50 | ) | (50 | ) | |||||||
Income Tax (Expense) or Benefit | (51,622 | ) | 1,729 | 21 | (49,872 | ) | |||||||
Other comprehensive income (loss), net of tax | 90,530 | (3,032 | ) | (29 | ) | 87,469 | |||||||
Balance as of December 31, 2013 | (31,072 | ) | 1,245 | 9 | (29,818 | ) | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Schedule of Share-based Compensation, Equity Instruments Other Than Options, Activity | ' | ||||||||||||||||||||
The table below summarizes award activity. | |||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||
Awards | average | Awards | average | Awards | average | ||||||||||||||||
grant-date | grant-date | grant-date | |||||||||||||||||||
fair value | fair value | fair value | |||||||||||||||||||
Outstanding at beginning of period | 1,463,272 | $ | 5.97 | 1,458,037 | $ | 5.77 | 1,514,300 | $ | 3.55 | ||||||||||||
Granted | 627,488 | 5.73 | 601,647 | 5.93 | 555,237 | 8.72 | |||||||||||||||
Converted | (526,848 | ) | 5.72 | (472,112 | ) | 5.25 | (443,300 | ) | 2.45 | ||||||||||||
Expired | (68,950 | ) | 8.25 | — | — | — | — | ||||||||||||||
Forfeited | (17,200 | ) | 7.07 | (124,300 | ) | 6.24 | (168,200 | ) | 4.22 | ||||||||||||
Outstanding at end of period | 1,477,762 | $ | 5.83 | 1,463,272 | $ | 5.97 | 1,458,037 | $ | 5.77 | ||||||||||||
Vested | 506,644 | $ | 4.47 | 736,541 | $ | 4.9 | 390,037 | $ | 4.45 | ||||||||||||
Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions | ' | ||||||||||||||||||||
The market condition awards were valued using a Monte Carlo simulation technique based on volatility over three years for the awards granted in 2013, 2012 and 2011 using daily stock prices and using the following variables: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Risk-free interest rate | 0.40% | 0.40% | 1.30% | ||||||||||||||||||
Volatility | 61.00% | 90.10% | 1.30% |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||
The calculation of basic and diluted earnings per common share follows (in thousands, except per share amounts): | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Earnings (loss) from continuing operations | $ | (19,625 | ) | $ | 41,648 | $ | 23,865 | |||||
Weighted-average shares outstanding for basic earnings per share | 63,992 | 63,461 | 63,284 | |||||||||
Common equivalent shares: | ||||||||||||
Effect of stock-based compensation awards | — | 959 | 801 | |||||||||
Weighted-average shares outstanding assuming dilution | 63,992 | 64,420 | 64,085 | |||||||||
Basic earnings (loss) per share from continuing operations | $ | (0.31 | ) | $ | 0.66 | $ | 0.38 | |||||
Diluted earnings (loss) per share from continuing operations | $ | (0.31 | ) | $ | 0.65 | $ | 0.37 | |||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||
The Company's segment information from continuing operations is presented below (in thousands): | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total revenues: | |||||||||||||
CAM | $ | 160,342 | $ | 154,565 | $ | 140,469 | |||||||
ACMI Services | 444,504 | 478,993 | 604,951 | ||||||||||
All other | 117,292 | 112,343 | 105,284 | ||||||||||
Eliminate inter-segment revenues | (142,115 | ) | (138,463 | ) | (120,571 | ) | |||||||
Total | $ | 580,023 | $ | 607,438 | $ | 730,133 | |||||||
Customer revenues: | |||||||||||||
CAM | $ | 71,604 | $ | 74,599 | $ | 67,791 | |||||||
ACMI Services | 444,504 | 477,722 | 604,951 | ||||||||||
All other | 63,915 | 55,117 | 57,391 | ||||||||||
Total | $ | 580,023 | $ | 607,438 | $ | 730,133 | |||||||
Depreciation and amortization expense: | |||||||||||||
CAM | $ | 64,096 | $ | 59,351 | $ | 54,897 | |||||||
ACMI Services | 27,546 | 24,599 | 36,136 | ||||||||||
All other | 107 | 527 | 30 | ||||||||||
Total | $ | 91,749 | $ | 84,477 | $ | 91,063 | |||||||
Impairment Charges | |||||||||||||
CAM - aircraft impairment | — | — | 6,761 | ||||||||||
ACMI Services - aircraft impairment | — | — | 15,304 | ||||||||||
ACMI Services - customer relationship impairment | — | — | 2,282 | ||||||||||
ACMI Services - goodwill impairment | 52,585 | — | 2,797 | ||||||||||
Total | $ | 52,585 | $ | — | $ | 27,144 | |||||||
Segment earnings (loss): | |||||||||||||
CAM | $ | 66,208 | $ | 68,499 | $ | 53,221 | |||||||
ACMI Services | (78,186 | ) | (14,503 | ) | (13,807 | ) | |||||||
All other | 12,200 | 11,650 | 11,331 | ||||||||||
Net unallocated interest expense | (1,212 | ) | (1,205 | ) | (2,118 | ) | |||||||
Net gain (loss) on derivative instruments | 631 | 1,879 | (4,881 | ) | |||||||||
Write-off of unamortized debt issuance costs | — | — | (2,886 | ) | |||||||||
Pre-tax earnings from continuing operations | $ | (359 | ) | $ | 66,320 | $ | 40,860 | ||||||
Reconciliation of Assets from Segment to Consolidated | ' | ||||||||||||
The Company's assets are presented below by segment (in thousands): | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Assets: | |||||||||||||
CAM | $ | 808,987 | $ | 810,664 | $ | 760,588 | |||||||
ACMI Services | 141,664 | 161,650 | 137,640 | ||||||||||
Discontinued operations | 294 | — | — | ||||||||||
All other | 82,194 | 63,297 | 95,491 | ||||||||||
Total | $ | 1,033,139 | $ | 1,035,611 | $ | 993,719 | |||||||
Revenue from External Customers by Products and Services | ' | ||||||||||||
The Company's external customers revenues from other activities for the years ended December 31, 2013, 2012 and 2011 are presented below (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Aircraft maintenance and part sales | $ | 23,175 | $ | 21,669 | $ | 25,845 | |||||||
Mail handling services | 30,117 | 23,671 | 21,613 | ||||||||||
Facility and ground equipment maintenance | 10,030 | 8,304 | 8,465 | ||||||||||
Other | 593 | 1,473 | 1,468 | ||||||||||
Total customer revenues | $ | 63,915 | $ | 55,117 | $ | 57,391 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||||
Carrying amounts of significant assets and liabilities of the discontinued operations are below (in thousands): | |||||||||||||
December 31 | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Pension assets, net of obligations | 294 | — | |||||||||||
Total Assets | 294 | — | |||||||||||
Liabilities | |||||||||||||
Employee compensation and benefits | $ | 34,007 | $ | 35,703 | |||||||||
Post-retirement | — | 36,887 | |||||||||||
Total Liabilities | $ | 34,007 | $ | 72,590 | |||||||||
The revenues and pre-tax earnings of the discontinued operations are below (in thousands): | |||||||||||||
December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Pre-tax loss | $ | (5 | ) | $ | (1,215 | ) | $ | (1,066 | ) |
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
The following is a summary of quarterly results of operations (in thousands, except per share amounts): | ||||||||||||||||
1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2013 | ||||||||||||||||
Revenues from continuing operations | $ | 143,279 | $ | 138,904 | $ | 140,877 | $ | 156,963 | ||||||||
Net earnings (loss) from continuing operations | 8,501 | 6,915 | 7,799 | (42,840 | ) | |||||||||||
Net loss from discontinued operations | (1 | ) | (1 | ) | — | (1 | ) | |||||||||
Weighted average shares: | ||||||||||||||||
Basic | 63,810 | 64,050 | 64,052 | 64,054 | ||||||||||||
Diluted | 64,524 | 64,859 | 65,036 | 64,054 | ||||||||||||
Earnings (loss) per share from continuing operations | ||||||||||||||||
Basic | $ | 0.13 | $ | 0.11 | $ | 0.12 | $ | (0.67 | ) | |||||||
Diluted | $ | 0.13 | $ | 0.11 | $ | 0.12 | $ | (0.67 | ) | |||||||
2012 | ||||||||||||||||
Revenues from continuing operations | $ | 145,506 | $ | 153,554 | $ | 153,826 | $ | 154,552 | ||||||||
Net earnings from continuing operations | 6,662 | 11,219 | 11,556 | 12,211 | ||||||||||||
Net loss from discontinued operations | (230 | ) | (160 | ) | (186 | ) | (198 | ) | ||||||||
Weighted average shares: | ||||||||||||||||
Basic | 63,431 | 63,431 | 63,456 | 63,525 | ||||||||||||
Diluted | 64,374 | 64,393 | 64,667 | 64,244 | ||||||||||||
Earnings per share from continuing operations | ||||||||||||||||
Basic | $ | 0.11 | $ | 0.18 | $ | 0.18 | $ | 0.19 | ||||||||
Diluted | $ | 0.1 | $ | 0.17 | $ | 0.18 | $ | 0.19 | ||||||||
Summary_of_Financial_Statement3
Summary of Financial Statement Preparation and Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Boeing 767 and 757 aircraft and flight equipment [Member] | Boeing 767 and 757 aircraft and flight equipment [Member] | Subsequent Event [Member] | ||||
Support equipment [Member] | Vehicles and other equipment [Member] | Support equipment [Member] | Vehicles and other equipment [Member] | Minimum [Member] | Maximum [Member] | |||||
Aircraft and Flight Equipment [Member] | Aircraft and Flight Equipment [Member] | |||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 |
Property, plant and equipment, useful life | ' | ' | ' | '5 years | '3 years | '10 years | '8 years | '10 years | '20 years | ' |
Capitalized interest | 1.1 | 2.8 | 2.2 | ' | ' | ' | ' | ' | ' | ' |
Other liabilities for self-insured reserves | $28.30 | $31.60 | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Customers_Details
Significant Customers (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Concentration Risk [Line Items] | ' | ' | ' |
Accounts receivable | 52,247 | 47,858 | ' |
DHL [Member] | Revenues from Leases and Contracted Services [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percentage of consolidated revenues | 54.00% | 53.00% | 36.00% |
DHL [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Accounts receivable | 24,100 | 18,300 | ' |
BAX/Schenker [Member] | Revenues from Services Performed [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percentage of consolidated revenues | 0.00% | ' | 26.00% |
BAX/Schenker [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Accounts receivable | 0 | ' | ' |
US Military [Member] | Revenues from Services Performed [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percentage of consolidated revenues | 17.00% | 16.00% | 12.00% |
US Military [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Accounts receivable | 4,800 | 4,200 | ' |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Carrying value, beginning balance | $86,980 | $86,980 | ' | ' |
Impairment | -52,585 | 0 | -2,797 | ' |
Carrying value, ending balance | 34,395 | 86,980 | 86,980 | ' |
ACMI Services [Member] | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Carrying value, beginning balance | 52,585 | 52,585 | ' | 52,600 |
Impairment | -52,585 | 0 | -2,797 | ' |
Carrying value, ending balance | 0 | 52,585 | 52,585 | 52,600 |
CAM [Member] | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Carrying value, beginning balance | 34,395 | 34,395 | ' | ' |
Impairment | 0 | 0 | ' | ' |
Carrying value, ending balance | $34,395 | $34,395 | ' | ' |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles (Schedule Intangible Assets) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2011 |
Finite and Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' |
Number of business units reporting goodwill (in reporting units) | 2 | ' | ' | ' |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Carrying value at beginning of period | $5,146 | ' | ' | ' |
Impairment | 0 | 0 | -2,282 | ' |
Carrying value at end of period | 4,896 | 5,146 | ' | ' |
ACMI Services [Member] | ' | ' | ' | ' |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Carrying value at beginning of period | 5,146 | 6,396 | ' | ' |
Amortization expense | -250 | -1,250 | ' | ' |
Impairment | 0 | 0 | -2,282 | ' |
Carrying value at end of period | 4,896 | 5,146 | 6,396 | ' |
ACMI Services [Member] | Customer Relationships [Member] | ' | ' | ' | ' |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Carrying value at beginning of period | 2,146 | 2,396 | ' | 2,500 |
Amortization expense | -250 | -250 | -600 | ' |
Carrying value at end of period | 1,896 | 2,146 | 2,396 | 2,500 |
Intangibles useful life | '7 years | ' | ' | ' |
ACMI Services [Member] | Airline Certificates [Member] | ' | ' | ' | ' |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Carrying value at beginning of period | 3,000 | 4,000 | ' | ' |
Amortization expense | 0 | -1,000 | ' | ' |
Carrying value at end of period | $3,000 | $3,000 | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents - money market | $20,000 | $18,000 |
Total Assets | 20,000 | 18,000 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Interest rate swap | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents - money market | 301,000 | 339,000 |
Total Assets | 301,000 | 339,000 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Interest rate swap | -2,515,000 | -3,146,000 |
Total Liabilities | -2,515,000 | -3,146,000 |
Difference between fair value and carrying value, debt | 6,300,000 | 3,800,000 |
Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents - money market | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Interest rate swap | 0 | 0 |
Total Liabilities | 0 | 0 |
Total [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents - money market | 321,000 | 357,000 |
Total Assets | 321,000 | 357,000 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Interest rate swap | -2,515,000 | -3,146,000 |
Total Liabilities | -2,515,000 | -3,146,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Carrying value, debt | $384,500,000 | $364,500,000 |
Property_and_Equipment_Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' |
Property and equipment, gross | $1,290,329 | $1,203,401 |
Accumulated depreciation | -452,157 | -384,477 |
Property and equipment, net | 838,172 | 818,924 |
Aircraft and flight equipment [Member] | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' |
Property and equipment, gross | 1,236,225 | 1,148,781 |
Support equipment [Member] | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' |
Property and equipment, gross | 51,179 | 52,209 |
Vehicles and other equipment [Member] | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' |
Property and equipment, gross | 1,771 | 1,597 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' |
Property and equipment, gross | $1,154 | $814 |
Property_and_Equipment_Narrati
Property and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | |
Aircraft and flight equipment [Member] | Aircraft and flight equipment [Member] | Aircraft and flight equipment [Member] | CAM [Member] | CAM [Member] | CAM [Member] | CAM [Member] | CAM [Member] | Boeing 727 and DC-8 aircraft and flight equipment [Member] | Boeing 727 and DC-8 aircraft and flight equipment [Member] | Boeing 727 and DC-8 aircraft and flight equipment [Member] | Boeing 727 and DC-8 aircraft and flight equipment [Member] | BAX/Schenker [Member] | ||||
Aircraft and flight equipment [Member] | Aircraft and flight equipment [Member] | Aircraft and flight equipment [Member] | Aircraft and flight equipment [Member] | Aircraft and flight equipment [Member] | CAM [Member] | |||||||||||
Aircraft and flight equipment [Member] | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leased aircraft, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,900,000 | $273,400,000 | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum future lease payments, Due within next 12 months | ' | ' | ' | 54,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum future lease payments, Due within next 2 years | ' | ' | ' | 54,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum future lease payments, Due within next 3 years | ' | ' | ' | 48,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum future lease payments, Due within next 4 years | ' | ' | ' | 23,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum future lease payments, Due within next 5 years | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of aircraft | 0 | 0 | 22,065,000 | ' | ' | ' | 0 | 0 | 6,761,000 | ' | ' | 22,100,000 | ' | ' | -6,800,000 | ' |
Aircraft and engines held for sale | 2,995,000 | 3,360,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 3,400,000 | ' | ' |
Proceeds from sale of flight equipment | ' | ' | ' | 1,500,000 | 5,800,000 | 11,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from maintenance cost reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,700,000 |
Debt_Obligations_Schedule_of_L
Debt Obligations (Schedule of Long Term Obligations) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total long term obligations | $384,515 | $364,481 |
Less: current portion | -23,721 | -21,265 |
Total long term obligations, net | 360,794 | 343,216 |
Unsubordinated term loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long term obligations | 131,250 | 144,375 |
Revolving credit facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long term obligations | 190,500 | 143,000 |
Aircraft loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long term obligations | 55,015 | 63,156 |
Promissory note due to DHL, unsecured [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long term obligations | $7,750 | $13,950 |
Debt_Obligations_Schedule_of_L1
Debt Obligations (Schedule of Long Term Debt Maturities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2013 | $23,721 | ' |
2014 | 24,344 | ' |
2015 | 33,865 | ' |
2016 | 291,195 | ' |
2017 | 3,640 | ' |
2018 and beyond | 7,750 | ' |
Total long term obligations | $384,515 | $364,481 |
Debt_Obligations_Narrative_Det
Debt Obligations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 22, 2013 | Dec. 31, 2012 | Jul. 20, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2014 | |
Unsubordinated term loan and Revolving credit facility [Member] | Unsubordinated term loan [Member] | Unsubordinated term loan [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Aircraft loans [Member] | Aircraft loans [Member] | Promissory note due to DHL, unsecured [Member] | Promissory note due to DHL, unsecured [Member] | Maximum [Member] | Subsequent Event [Member] | |||||
aircrafts | Unsubordinated term loan and Revolving credit facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term obligations | ' | $384,515,000 | $364,481,000 | ' | ' | $131,250,000 | $144,375,000 | $190,500,000 | ' | $143,000,000 | ' | $55,015,000 | $63,156,000 | $7,750,000 | $13,950,000 | ' | ' |
Accordion feature amount | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | 50,000,000 | ' | ' | ' | ' | ' | ' |
Increased borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 275,000,000 | ' | 225,000,000 | ' | ' | ' | ' | ' | ' |
Variable interest rate | ' | ' | ' | ' | ' | 2.55% | ' | 2.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, revolving credit loan, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 74,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed under line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 |
Collateralized property (in aircrafts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' |
Balloon payment percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' |
Variable interest rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.74% | ' | ' | ' | ' | ' |
Variable interest rate, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.36% | ' | ' | ' | ' | ' |
Promissory note interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' |
Collateral coverage percentage | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of common stock authorized for repurchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' |
Prepayment of note per dollar of dividend distributed (in dollars per dividend) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' |
Write-off of unamortized debt issuance costs | $6,800,000 | $0 | $0 | $2,886,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Operating Lease Payments) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
sqft | |
Operating Leased Assets [Line Items] | ' |
Aircraft hanger square feet | 100,000 |
Cost of aircraft hanger | $15,700,000 |
Other Leases [Member] | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2013 | 22,561,000 |
2014 | 12,499,000 |
2015 | 8,807,000 |
2016 | 4,733,000 |
2017 | 3,113,000 |
2018 and beyond | 1,533,000 |
Total minimum lease payments | 53,246,000 |
Hanger Lease [Member] | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2013 | 592,000 |
2014 | 602,000 |
2015 | 832,000 |
2016 | 834,000 |
2017 | 833,000 |
2018 and beyond | 14,610,000 |
Total minimum lease payments | $18,303,000 |
Boeing 767 Aircraft [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Number of leased aircrafts | 6 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Litigation) (Details) | 12 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2008 |
Brussels Instituut voor Milieubeheer [Member] | Brussels Instituut voor Milieubeheer [Member] | ABX, Garcia Labor Company of Ohio [Member] | Garcia Labor Companies [Member] | |
USD ($) | EUR (€) | Immigration Law [Member] | Immigration Law [Member] | |
executives | executives | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Number of defendants (in executives) | ' | ' | 4 | 3 |
Administrative penalty amount | $0.50 | € 0.40 | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies (Labor Unions) (Details) (Workforce Subject to Collective Bargaining Arrangements [Member], Labor Unions [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
ABX [Member] | ' |
Concentration Risk [Line Items] | ' |
Percentage of the Company's Employees | 14.40% |
ATI [Member] | ' |
Concentration Risk [Line Items] | ' |
Percentage of the Company's Employees | 8.70% |
Pension_and_Other_PostRetireme2
Pension and Other Post-Retirement Benefit Plans (Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans [Member] | ' | ' | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' |
Obligation, beginning balance | $860,463 | $772,612 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 35,957 | 37,089 | 37,163 |
Curtailment gain | 0 | 0 | ' |
Special termination benefits | 0 | 0 | ' |
Plan amendment | 0 | 0 | ' |
Plan transfers | 2,448 | 1,657 | ' |
Benefits paid | -28,966 | -26,130 | ' |
Actuarial (gain) loss | -108,128 | 75,235 | ' |
Obligation, ending balance | 761,774 | 860,463 | 772,612 |
Change in plan assets [Roll Forward] | ' | ' | ' |
Plan assets, beginning balance | 682,553 | 594,697 | ' |
Actual gain on plan assets | 67,719 | 87,598 | ' |
Employer contributions | 27,492 | 24,731 | ' |
Plan assets, ending balance | 751,246 | 682,553 | 594,697 |
Funded status | ' | ' | ' |
Recorded liabilities - net underfunded | 14,855 | 0 | ' |
Post-Retirement Healthcare Plans [Member] | ' | ' | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' |
Obligation, beginning balance | 8,781 | 9,275 | ' |
Service cost | 275 | 269 | 247 |
Interest cost | 264 | 379 | 389 |
Curtailment gain | 0 | 0 | ' |
Special termination benefits | 0 | 0 | ' |
Plan amendment | 0 | -460 | ' |
Plan transfers | 0 | 0 | ' |
Benefits paid | -1,364 | -974 | ' |
Actuarial (gain) loss | -474 | 292 | ' |
Obligation, ending balance | 7,482 | 8,781 | 9,275 |
Change in plan assets [Roll Forward] | ' | ' | ' |
Plan assets, beginning balance | 0 | 0 | ' |
Actual gain on plan assets | 0 | 0 | ' |
Employer contributions | 1,364 | 974 | ' |
Plan assets, ending balance | 0 | 0 | 0 |
Funded status | ' | ' | ' |
Recorded liabilities - net underfunded | 0 | 0 | ' |
Other Current Liabilities [Member] | Pension Plans [Member] | ' | ' | ' |
Funded status | ' | ' | ' |
Recorded liabilities - net underfunded | -1,339 | -1,331 | ' |
Other Current Liabilities [Member] | Post-Retirement Healthcare Plans [Member] | ' | ' | ' |
Funded status | ' | ' | ' |
Recorded liabilities - net underfunded | -888 | -1,105 | ' |
Other Noncurrent Liabilities [Member] | Pension Plans [Member] | ' | ' | ' |
Funded status | ' | ' | ' |
Recorded liabilities - net underfunded | -24,044 | -176,579 | ' |
Other Noncurrent Liabilities [Member] | Post-Retirement Healthcare Plans [Member] | ' | ' | ' |
Funded status | ' | ' | ' |
Recorded liabilities - net underfunded | ($6,594) | ($7,676) | ' |
Pension_and_Other_PostRetireme3
Pension and Other Post-Retirement Benefit Plans (Net Periodic Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | $0 | $0 | $0 |
Interest cost | 35,957 | 37,089 | 37,163 |
Expected return on plan assets | -45,990 | -39,882 | -39,027 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net (gain) loss | 12,296 | 10,681 | 2,700 |
Net periodic benefit cost | 2,263 | 7,888 | 836 |
Post-Retirement Healthcare Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | 275 | 269 | 247 |
Interest cost | 264 | 379 | 389 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 419 | 433 | 529 |
Amortization of net (gain) loss | -5,654 | -5,552 | -5,552 |
Net periodic benefit cost | ($4,696) | ($4,471) | ($4,387) |
Pension_and_Other_PostRetireme4
Pension and Other Post-Retirement Benefit Plans (Unrecognized Net Periodic Benefit Expense) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized prior service cost | $0 | $0 |
Unrecognized net actuarial loss | 40,190 | 182,342 |
Accumulated other comprehensive (income) loss | 40,190 | 182,342 |
Post-Retirement Healthcare Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized prior service cost | -4,182 | -9,836 |
Unrecognized net actuarial loss | 2,027 | 2,920 |
Accumulated other comprehensive (income) loss | ($2,155) | ($6,916) |
Pension_and_Other_PostRetireme5
Pension and Other Post-Retirement Benefit Plans (Accumulated Other Comprehensive Income (Loss) to be Recognized within 12 Months) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Plans [Member] | ' |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' |
Amortization of actuarial loss | ($2) |
Prior Service Cost | 0 |
Post-Retirement Healthcare Plans [Member] | ' |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' |
Amortization of actuarial loss | 320 |
Prior Service Cost | ($3,487) |
Pension_and_Other_PostRetireme6
Pension and Other Post-Retirement Benefit Plans (Schedule of Assumptions) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Expected return on plan assets | 6.25% | 6.75% | 6.75% |
Crewmembers [Member] | Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 5.25% | 4.25% | 5.10% |
Non-crewmembers [Member] | Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 5.35% | 4.25% | 4.65% |
Pilots [Member] | Post-Retirement Healthcare Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 4.15% | 3.35% | 4.60% |
Non-pilots [Member] | Post-Retirement Healthcare Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 3.85% | 2.95% | 4.05% |
Pension_and_Other_PostRetireme7
Pension and Other Post-Retirement Benefit Plans (Plan Asset Allocations) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocation | 100.00% | 100.00% |
Cash [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocation | 0.00% | 0.00% |
Asset allocation range, minimum | 0.00% | ' |
Asset allocation range, maximum | 10.00% | ' |
Equity securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocation | 50.00% | 48.00% |
Asset allocation range, minimum | 22.50% | ' |
Asset allocation range, maximum | 69.30% | ' |
Fixed income securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocation | 47.00% | 49.00% |
Asset allocation range, minimum | 38.00% | ' |
Asset allocation range, maximum | 76.50% | ' |
Real estate [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocation | 3.00% | 3.00% |
Asset allocation range, minimum | 3.00% | ' |
Asset allocation range, maximum | 7.00% | ' |
US Treasury Securities [Member] | Equity securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Asset allocation range, maximum | 5.00% | ' |
US Treasury Securities [Member] | Fixed income securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Asset allocation range, maximum | 10.00% | ' |
Pension_and_Other_PostRetireme8
Pension and Other Post-Retirement Benefit Plans (Cash Flows) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contributions | $27,492,000 | $24,731,000 |
Estimated future employer contributions | 6,300,000 | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' |
2013 | 31,260,000 | ' |
2014 | 33,144,000 | ' |
2015 | 37,769,000 | ' |
2016 | 37,332,000 | ' |
2017 | 39,860,000 | ' |
Years 2018 to 2022 | 232,378,000 | ' |
Post-Retirement Healthcare Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contributions | 1,364,000 | 974,000 |
Estimated future employer contributions | 900,000 | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' |
2013 | 888,000 | ' |
2014 | 844,000 | ' |
2015 | 764,000 | ' |
2016 | 755,000 | ' |
2017 | 749,000 | ' |
Years 2018 to 2022 | $3,775,000 | ' |
Pension_and_Other_PostRetireme9
Pension and Other Post-Retirement Benefit Plans (Fair Value of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | $48,900 | $44,150 | $40,316 |
Real estate [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 19,561 | 17,181 | 14,557 |
Hedge funds and private equity [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 29,339 | 26,969 | 25,759 |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 751,246 | 682,553 | 594,697 |
Pension Plans [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 177,709 | 165,236 | ' |
Pension Plans [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 524,637 | 473,167 | ' |
Pension Plans [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 48,900 | 44,150 | ' |
Pension Plans [Member] | Total [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 751,246 | 682,553 | ' |
Pension Plans [Member] | Temporary cash investments [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Temporary cash investments [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Temporary cash investments [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Temporary cash investments [Member] | Total [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Common trust funds [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Common trust funds [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 10,503 | 5,720 | ' |
Pension Plans [Member] | Common trust funds [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Common trust funds [Member] | Total [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 10,503 | 5,720 | ' |
Pension Plans [Member] | Corporate stock [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 63,313 | 63,396 | ' |
Pension Plans [Member] | Corporate stock [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 2,123 | ' |
Pension Plans [Member] | Corporate stock [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Corporate stock [Member] | Total [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 63,313 | 65,519 | ' |
Pension Plans [Member] | Mutual funds [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 107,635 | 96,008 | ' |
Pension Plans [Member] | Mutual funds [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 164,230 | 138,846 | ' |
Pension Plans [Member] | Mutual funds [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Mutual funds [Member] | Total [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 271,865 | 234,854 | ' |
Pension Plans [Member] | Fixed income investments [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 6,761 | 5,832 | ' |
Pension Plans [Member] | Fixed income investments [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 349,904 | 326,478 | ' |
Pension Plans [Member] | Fixed income investments [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Fixed income investments [Member] | Total [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 356,665 | 332,310 | ' |
Pension Plans [Member] | Real estate [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Real estate [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Real estate [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 19,561 | 17,181 | ' |
Pension Plans [Member] | Real estate [Member] | Total [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 19,561 | 17,181 | ' |
Pension Plans [Member] | Hedge funds and private equity [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Hedge funds and private equity [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 0 | 0 | ' |
Pension Plans [Member] | Hedge funds and private equity [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | 29,339 | 26,969 | ' |
Pension Plans [Member] | Hedge funds and private equity [Member] | Total [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets | $29,339 | $26,969 | ' |
Recovered_Sheet1
Pension and Other Post-Retirement Benefit Plans (Fair Value Measurements Using Significant Level 3 Unobservable Inputs) (Details) (Level 3 [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Level Three Defined Benefit Plan Assets [Roll Forward] | ' | ' |
Plan assets, beginning balance | $44,150 | $40,316 |
Unrealized gains | 6,264 | 6,236 |
Purchases & settlements | -1,514 | -2,402 |
Plan assets, ending balance | 48,900 | 44,150 |
Hedge Funds & Private Equity [Member] | ' | ' |
Schedule of Level Three Defined Benefit Plan Assets [Roll Forward] | ' | ' |
Plan assets, beginning balance | 26,969 | 25,759 |
Unrealized gains | 3,884 | 3,612 |
Purchases & settlements | -1,514 | -2,402 |
Plan assets, ending balance | 29,339 | 26,969 |
Real Estate Investments [Member] | ' | ' |
Schedule of Level Three Defined Benefit Plan Assets [Roll Forward] | ' | ' |
Plan assets, beginning balance | 17,181 | 14,557 |
Unrealized gains | 2,380 | 2,624 |
Purchases & settlements | 0 | 0 |
Plan assets, ending balance | $19,561 | $17,181 |
Recovered_Sheet2
Pension and Other Post-Retirement Benefit Plans (Defined Contribution Plan Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Defined Contribution Plans [Line Items] | ' | ' | ' |
Defined contribution plan expense | $5,131 | $5,300 | $4,938 |
Capital accumulation plans [Member] | ' | ' | ' |
Schedule of Defined Contribution Plans [Line Items] | ' | ' | ' |
Defined contribution plan expense | $5,131 | $5,300 | $4,938 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Line Items] | ' |
Deferred tax asset, operating loss carryforwards | $2 |
Federal [Member] | ' |
Income Tax Disclosure [Line Items] | ' |
Net operating loss carryforwards | 97.5 |
State and Local Jurisdiction [Member] | ' |
Income Tax Disclosure [Line Items] | ' |
Valuation allowance, operating loss carryforwards | $0.20 |
Minimum [Member] | State and Local Jurisdiction [Member] | ' |
Income Tax Disclosure [Line Items] | ' |
Operating loss carryforwards, remaining life | '1 year |
Maximum [Member] | State and Local Jurisdiction [Member] | ' |
Income Tax Disclosure [Line Items] | ' |
Operating loss carryforwards, remaining life | '20 years |
Income_Taxes_Deferred_Taxes_De
Income Taxes (Deferred Taxes) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforward and federal credits | $36,624 | $34,401 |
Capital and operating leases | 2,841 | 1,742 |
Post-retirement employee benefits | 6,470 | 62,823 |
Employee benefits other than post-retirement | 16,667 | 18,010 |
Inventory reserve | 3,050 | 3,181 |
Deferred revenue | 8,903 | 10,770 |
Other | 1,262 | 458 |
Deferred tax assets | 75,817 | 131,385 |
Deferred tax liabilities: | ' | ' |
Accelerated depreciation | -155,769 | -147,282 |
Partnership items | -9,466 | -9,418 |
State taxes | -6,265 | -1,724 |
Valuation allowance against deferred tax assets | -229 | -229 |
Deferred tax liabilities | 171,729 | 158,653 |
Net deferred tax (liability) | ($95,912) | ($27,268) |
Income_Taxes_Income_Tax_Provis
Income Taxes (Income Tax Provision (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current taxes: | ' | ' | ' |
Federal | $67 | $0 | ($950) |
Foreign | 0 | 337 | 0 |
State | 425 | 145 | 426 |
Deferred taxes: | ' | ' | ' |
Federal | 17,902 | 23,454 | 15,968 |
Foreign | 0 | 0 | 0 |
State | 872 | 736 | 1,551 |
Total deferred tax expense | 18,774 | 24,190 | 17,519 |
Total income tax expense from continuing operations | 19,266 | 24,672 | 16,995 |
Income tax expense (benefit) from discontinued operations | ($2) | ($441) | ($393) |
Income_Taxes_Tax_Rate_Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory federal tax rate | 35.00% | 35.00% | 35.00% |
Foreign income taxes | 0.00% | 0.30% | 0.00% |
State income taxes, net of federal tax benefit | -234.70% | 0.90% | 3.10% |
Tax effect of non-deductible goodwill | -5121.20% | 0.00% | 2.40% |
Tax effect of other non-deductible expenses | -26.40% | 1.10% | 1.70% |
Other | -19.30% | -0.10% | -0.60% |
Effective income tax rate | -5366.60% | 37.20% | 41.60% |
Income_Taxes_Tax_Rate_Reconcil1
Income Taxes (Tax Rate Reconciliation - Discontinued Operations) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory federal tax rate | -35.00% | -35.00% | -35.00% |
State income taxes, net of federal tax benefit | -1.30% | -1.30% | -1.80% |
Effective income tax rate | -36.30% | -36.30% | -36.80% |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
As of January 1 | $0 | $0 | $0 |
As of December 31 | $0 | $0 | $0 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
December 31, 2012 Swap 1 and 2 [Member] | May 9, 2016 [Member] | May 9, 2016 [Member] | May 9, 2016 [Member] | June 30, 2017 [Member] [Member] | June 30, 2017 [Member] [Member] | June 30, 2017 [Member] [Member] | ||||
Swap [Member] | Swap [Member] | Swap [Member] | Swap [Member] | Swap [Member] | Swap [Member] | Swap [Member] | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated Interest Rate | ' | ' | ' | ' | 2.02% | 2.02% | ' | 1.18% | ' | ' |
Pre-tax (charge) on derivative instruments | $631 | $1,879 | ($4,881) | $3,900 | ' | ' | ' | ' | ' | ' |
Net (gain) loss on derivative instruments | -631 | -1,879 | 4,881 | ' | ' | ' | ' | ' | ' | ' |
Market Value (Liability) | ' | ' | ' | ' | -1,988 | -3,146 | ' | -527 | ' | 0 |
Derivative Liability, Notional Amount | ' | ' | ' | ' | $65,625 | $72,188 | $75,000 | $65,625 | $65,625 | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Post-Retirement Plans [Member] | Post-Retirement Plans [Member] | Post-Retirement Plans [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | ||||
Schedule of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | ($117,287) | ($103,047) | ($46,234) | ($121,602) | ($110,626) | ($54,325) | $4,277 | $7,504 | $10,761 | $9 | $38 | $75 | ($2,670) |
Other comprehensive income (loss) before reclassifications: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial gain (loss) for retiree liabilities | 130,330 | -27,350 | -91,523 | 129,856 | -27,518 | -91,715 | 474 | 168 | 192 | ' | ' | ' | ' |
Unrealized gain (loss) for derivative instruments | ' | ' | 631 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial costs (reclassified to salaries, wages and benefits) | 12,715 | 11,114 | 2,911 | 12,296 | 10,681 | 2,700 | 419 | 433 | 211 | ' | ' | ' | ' |
Negative prior service cost (reclassified to salaries, wages and benefits) | -5,654 | -5,552 | -5,552 | ' | ' | ' | -5,654 | -5,552 | -5,552 | ' | ' | ' | ' |
Hedging gain (reclassified to interest expense) | -50 | -57 | -223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss on derivative instruments | ' | ' | 3,932 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax (Expense) or Benefit | ' | ' | ' | -51,622 | 5,861 | 32,714 | 1,729 | 1,724 | 1,892 | ' | ' | ' | ' |
Income Tax (Expense) or Benefit | 21 | 20 | -1,595 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax (Expense) or Benefit | -49,872 | 7,605 | 33,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | ' | ' | 90,530 | -10,976 | -56,301 | -3,032 | -3,227 | -3,257 | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | -29 | -37 | 2,745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | 87,469 | -14,240 | -56,813 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), ending balance | ($29,818) | ($117,287) | ($103,047) | ($31,072) | ($121,602) | ($110,626) | $1,245 | $4,277 | $7,504 | $9 | $38 | $75 | ($2,670) |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Outstanding at beginning of period (in shares) | 1,463,272 | 1,458,037 | ' | 1,514,300 |
Granted (in shares) | 627,488 | 601,647 | 555,237 | ' |
Converted (in shares) | -526,848 | -472,112 | -443,300 | ' |
Expired (in shares) | -68,950 | 0 | 0 | ' |
Forfeited (in shares) | -17,200 | -124,300 | -168,200 | ' |
Outstanding at end of period (in shares) | 1,477,762 | 1,463,272 | 1,458,037 | 1,514,300 |
Vested (in shares) | 506,644 | 736,541 | 390,037 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Outstanding at beginning of period, Weighted average grant-date fair value (in dollars per share) | $5.97 | $5.77 | ' | $3.55 |
Granted, Weighted average grant-date fair value (in dollars per share) | $5.73 | $5.93 | $8.72 | ' |
Converted, Weighted average grant-date fair value (in dollars per share) | $5.72 | $5.25 | $2.45 | ' |
Expired, Weighted average grant-date fair value (in dollars per share) | $8.25 | $0 | $0 | ' |
Forfeited, Weighted average grant-date fair value (in dollars per share) | $7.07 | $6.24 | $4.22 | ' |
Outstanding at end of period, Weighted average grant-date fair value (in dollars per share) | $5.83 | $5.97 | $5.77 | $3.55 |
Vested (in dollars per share) | $4.47 | $4.90 | $4.45 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' |
Share-based compensation expense | $2.70 | $3.20 | $2.90 | ' |
Unrecognized share-based compensation expense | $2.80 | ' | ' | ' |
Unrecognized share-based compensation, weighted average recognition period | '1 year 7 months | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Requisite service period | '3 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Granted, Weighted average grant-date fair value (in dollars per share) | $5.46 | $5.63 | $8.25 | ' |
Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Requisite service period | '3 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' |
Historical volatility period | '3 years | '3 years | '3 years | ' |
Risk-free interest rate | 0.40% | 0.40% | 1.30% | ' |
Expected volatility rate | 61.00% | 90.10% | 1.30% | ' |
Market Condition Award [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Granted, Weighted average grant-date fair value (in dollars per share) | $6.78 | $7.05 | $11.17 | ' |
Performance Condition Award [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Granted, Weighted average grant-date fair value (in dollars per share) | $5.46 | $5.63 | $8.25 | ' |
Time-Based Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Granted, Weighted average grant-date fair value (in dollars per share) | $5.46 | $5.63 | $8.25 | ' |
Time-Based Awards [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' |
Number of additional outstanding shares issued (in shares) | 1,754,787 | ' | ' | ' |
Director [Member] | Time-Based Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Requisite service period | '6 months | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Vested (in shares) | 441,812 | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings from continuing operations | ($42,840) | $7,799 | $6,915 | $8,501 | $12,211 | $11,556 | $11,219 | $6,662 | ($19,625) | $41,648 | $23,865 |
Weighted-average shares outstanding for basic earnings per share (in shares) | 64,054,000 | 64,052,000 | 64,050,000 | 63,810,000 | 63,525,000 | 63,456,000 | 63,431,000 | 63,431,000 | 63,992,000 | 63,461,000 | 63,284,000 |
Common equivalent shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of stock-based compensation awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 959,000 | 801,000 |
Weighted-average shares outstanding assuming dilution (in shares) | 64,054,000 | 65,036,000 | 64,859,000 | 64,524,000 | 64,244,000 | 64,667,000 | 64,393,000 | 64,374,000 | 63,992,000 | 64,420,000 | 64,085,000 |
Basic earnings per share from continuing operations (in dollars per share) | ($0.67) | $0.12 | $0.11 | $0.13 | $0.19 | $0.18 | $0.18 | $0.11 | ($0.31) | $0.66 | $0.38 |
Diluted earnings per share from continuing operations (in dollars per share) | ($0.67) | $0.12 | $0.11 | $0.13 | $0.19 | $0.18 | $0.17 | $0.10 | ($0.31) | $0.65 | $0.37 |
Restricted stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 481,900 | 370,400 | 584,700 |
Anti-dilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 229,000 | 176,000 |
Segment_Information_Segment_Re
Segment Information (Segment Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | $156,963 | $140,877 | $138,904 | $143,279 | $154,552 | $153,826 | $153,554 | $145,506 | ' | $580,023 | $607,438 | $730,133 |
Customer revenues | 156,963 | 140,877 | 138,904 | 143,279 | 154,552 | 153,826 | 153,554 | 145,506 | ' | 580,023 | 607,438 | 730,133 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,749 | 84,477 | 91,063 |
Impairment of aircraft | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 22,065 |
Impairment of acquired intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 2,282 |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,585 | 0 | 2,797 |
Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,585 | 0 | 27,144 |
Net unallocated interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,249 | -14,383 | -14,181 |
Net gain (loss) on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 631 | 1,879 | -4,881 |
Write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | -6,800 | 0 | 0 | -2,886 |
Pre-tax earnings from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -359 | 66,320 | 40,860 |
Assets | 1,033,139 | ' | ' | ' | 1,035,611 | ' | ' | ' | ' | 1,033,139 | 1,035,611 | 993,719 |
Customer Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | 580,023 | 607,438 | 730,133 |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 580,023 | 607,438 | 730,133 |
CAM [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,342 | 154,565 | 140,469 |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,342 | 154,565 | 140,469 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,096 | 59,351 | 54,897 |
Impairment of aircraft | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 6,761 |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Segment earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,208 | 68,499 | 53,221 |
Net unallocated interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,400 | -12,200 | -10,700 |
Assets | 808,987 | ' | ' | ' | 810,664 | ' | ' | ' | ' | 808,987 | 810,664 | 760,588 |
CAM [Member] | Customer Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,604 | 74,599 | 67,791 |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,604 | 74,599 | 67,791 |
ACMI Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | 444,504 | 478,993 | 604,951 |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 444,504 | 478,993 | 604,951 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,546 | 24,599 | 36,136 |
Impairment of aircraft | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 15,304 |
Impairment of acquired intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 2,282 |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,585 | 0 | 2,797 |
Segment earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -78,186 | -14,503 | -13,807 |
Net unallocated interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -600 | -900 | -1,200 |
Assets | 141,664 | ' | ' | ' | 161,650 | ' | ' | ' | ' | 141,664 | 161,650 | 137,640 |
ACMI Services [Member] | Customer Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | 444,504 | 477,722 | 604,951 |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 444,504 | 477,722 | 604,951 |
All other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,292 | 112,343 | 105,284 |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,292 | 112,343 | 105,284 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107 | 527 | 30 |
Segment earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,200 | 11,650 | 11,331 |
Assets | 82,194 | ' | ' | ' | 63,297 | ' | ' | ' | ' | 82,194 | 63,297 | 95,491 |
All other [Member] | Customer Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,915 | 55,117 | 57,391 |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,915 | 55,117 | 57,391 |
Discontinued operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 294 | ' | ' | ' | 0 | ' | ' | ' | ' | 294 | 0 | 0 |
Significant Reconciling Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unallocated interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,212 | -1,205 | -2,118 |
Eliminate inter-segment revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | -142,115 | -138,463 | -120,571 |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($142,115) | ($138,463) | ($120,571) |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | |
segments | Customer Revenues [Member] | Customer Revenues [Member] | Customer Revenues [Member] | ACMI Services [Member] | ACMI Services [Member] | ACMI Services [Member] | CAM [Member] | CAM [Member] | CAM [Member] | Boeing 727 and DC-8 Aircraft and Flight Equipment [Member] | Boeing 727 and DC-8 Aircraft and Flight Equipment [Member] | Boeing 727 and DC-8 Aircraft and Flight Equipment [Member] | |||
Aircraft and Flight Equipment [Member] | Aircraft and Flight Equipment [Member] | Aircraft and Flight Equipment [Member] | |||||||||||||
ACMI Services [Member] | CAM [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments (in segments) | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | $14,249,000 | $14,383,000 | $14,181,000 | ' | ' | ' | $600,000 | $900,000 | $1,200,000 | $12,400,000 | $12,200,000 | $10,700,000 | ' | ' | ' |
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | 30,900,000 | ' | ' | 74,100,000 | ' | ' | ' | ' | ' |
Impairment of goodwill | -52,585,000 | 0 | -2,797,000 | ' | ' | ' | -52,585,000 | 0 | -2,797,000 | 0 | 0 | ' | ' | ' | ' |
Impairment of aircraft | 0 | 0 | 22,065,000 | ' | ' | ' | 0 | 0 | 15,304,000 | 0 | 0 | 6,761,000 | 22,100,000 | -15,300,000 | -6,800,000 |
Impairment of acquired intangibles | $0 | $0 | ($2,282,000) | ' | ' | ' | $0 | $0 | ($2,282,000) | ' | ' | ' | ' | ' | ' |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ' | ' | '235125 | '314204 | '291300 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_EntityWide
Segment Information (Entity-Wide Disclosures) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer revenues | $156,963 | $140,877 | $138,904 | $143,279 | $154,552 | $153,826 | $153,554 | $145,506 | $580,023 | $607,438 | $730,133 |
Customer Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | 580,023 | 607,438 | 730,133 |
All other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | 117,292 | 112,343 | 105,284 |
All other [Member] | Customer Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | 63,915 | 55,117 | 57,391 |
Aircraft maintenance and part sales [Member] | All other [Member] | Customer Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | 23,175 | 21,669 | 25,845 |
Mail handling services [Member] | All other [Member] | Customer Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | 30,117 | 23,671 | 21,613 |
Facility and ground equipment maintenance [Member] | All other [Member] | Customer Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,030 | 8,304 | 8,465 |
Other [Member] | All other [Member] | Customer Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | $593 | $1,473 | $1,468 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | $294 | $0 | ' |
Assets of Disposal Group, Including Discontinued Operation | 294 | 0 | ' |
Liabilities | ' | ' | ' |
Employee compensation and benefits | 34,007 | 35,703 | ' |
Post-retirement | 0 | 36,887 | ' |
Total Liabilities | 34,007 | 72,590 | ' |
Pre-tax loss | ($5) | ($1,215) | ($1,066) |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from continuing operations | $156,963 | $140,877 | $138,904 | $143,279 | $154,552 | $153,826 | $153,554 | $145,506 | $580,023 | $607,438 | $730,133 |
Net earnings from continuing operations | -42,840 | 7,799 | 6,915 | 8,501 | 12,211 | 11,556 | 11,219 | 6,662 | -19,625 | 41,648 | 23,865 |
Net loss from discontinued operations | ($1) | $0 | ($1) | ($1) | ($198) | ($186) | ($160) | ($230) | ($3) | ($774) | ($673) |
Weighted average shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 64,054 | 64,052 | 64,050 | 63,810 | 63,525 | 63,456 | 63,431 | 63,431 | 63,992 | 63,461 | 63,284 |
Diluted (in shares) | 64,054 | 65,036 | 64,859 | 64,524 | 64,244 | 64,667 | 64,393 | 64,374 | 63,992 | 64,420 | 64,085 |
Earnings per share from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.67) | $0.12 | $0.11 | $0.13 | $0.19 | $0.18 | $0.18 | $0.11 | ($0.31) | $0.66 | $0.38 |
Diluted (in dollars per share) | ($0.67) | $0.12 | $0.11 | $0.13 | $0.19 | $0.18 | $0.17 | $0.10 | ($0.31) | $0.65 | $0.37 |