Air Transport Services (ATSG) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2019	Nov. 07, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	000-50368
Entity Registrant Name	Air Transport Services Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1631624
Entity Address, Address Line One	145 Hunter Drive
Entity Address, City or Town	Wilmington
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45177
City Area Code	937
Local Phone Number	382-5591
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ATSG
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		59,371,805
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0000894081

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash, cash equivalents and restricted cash	$ 46,833	$ 59,322
Accounts receivable, net of allowance of $2,793 in 2019 and $1,444 in 2018	135,907	147,755
Inventory	32,776	33,536
Prepaid supplies and other	18,018	18,608
TOTAL CURRENT ASSETS	233,534	259,221
Property and equipment, net	1,707,332	1,555,005
Lease incentive	151,271	63,780
Other assets	67,711	57,220
Goodwill and acquired intangibles	530,512	535,359
Operating lease assets	54,473	0
Intangibles	134,538	144,614
Goodwill	395,974	390,745
TOTAL ASSETS	2,744,833	2,470,585
CURRENT LIABILITIES:
Accounts payable	132,508	109,843
Accrued salaries, wages and benefits	50,080	50,932
Accrued expenses	15,656	19,623
Current portion of debt obligations	43,451	29,654
Current portion of lease obligations	14,794	0
Unearned revenue	20,153	19,082
TOTAL CURRENT LIABILITIES	276,642	229,134
Long term debt	1,408,086	1,371,598
Post-retirement obligations	54,066	64,485
Long term lease obligations	38,541	0
Other liabilities	53,410	51,905
Stock Warrants	308,074	203,782
Deferred income taxes	125,018	113,243
TOTAL LIABILITIES	2,263,837	2,034,147
Commitments and contingencies (Note H)
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; 150,000,000 shares authorized; 59,368,570 and 59,134,173 shares issued and outstanding in 2019 and 2018, respectively	594	591
Additional paid-in capital	474,915	471,158
Retained earnings	86,085	56,051
Accumulated other comprehensive loss	(80,598)	(91,362)
TOTAL STOCKHOLDERS’ EQUITY	480,996	436,438
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 2,744,833	$ 2,470,585

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets, Current [Abstract]
Allowance for doubtful accounts	$ 2,793	$ 1,444
Stockholders' Equity Attributable to Parent [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	110,000,000
Common stock, shares issued (in shares)	59,368,570	59,134,173
Common stock, shares outstanding (in shares)	59,368,570	59,134,173
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 Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUES	$ 366,073	$ 204,919	$ 1,048,832	$ 611,566
OPERATING EXPENSES
Salaries, wages and benefits	110,706	71,341	307,897	216,173
Fuel	41,193	5,981	110,311	17,682
Maintenance, materials and repairs	41,496	33,469	125,501	107,152
Depreciation and amortization	64,149	43,201	190,052	124,825
Travel	25,366	6,903	66,401	20,823
Contracted ground and aviation services	17,190	2,636	47,319	7,464
Rent	4,123	3,274	11,860	10,264
Landing and ramp	2,539	1,211	7,978	3,670
Insurance	1,833	1,696	5,601	4,473
Transaction fees	0	0	373	0
Other operating expenses	16,712	8,380	50,763	20,672
Operating Expenses	325,307	178,092	924,056	533,198
OPERATING INCOME	40,766	26,827	124,776	78,368
OTHER INCOME (EXPENSE)
Interest income	78	67	255	144
Non-service component of retiree benefit costs	(2,351)	2,045	(7,053)	6,135
Non-service component of retiree benefit (costs) credits	(16,712)	(5,608)	50,906	16,336
Net gain on financial instruments	91,952	17,895	60,566	28,707
Loss from non-consolidated affiliate			12,458	7,600
Other Nonoperating Income (Expense)	70,322	11,752	(9,597)	11,050
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	111,088	38,579	115,179	89,418
INCOME TAX EXPENSE		(5,646)	14,092	16,339
EARNINGS FROM CONTINUING OPERATIONS	105,085	32,933	101,087	73,079
EARNINGS FROM DISCONTINUED OPERATIONS, NET OF TAXES	243	170	305	536
NET EARNINGS	$ 105,328	$ 33,103	$ 101,392	$ 73,615
BASIC EARNINGS PER SHARE
Basic earnings per share from continuing operations (in dollars per share)	$ 1.78	$ 0.56	$ 1.72	$ 1.24
Discontinued operations (in dollars per share)	0.01	0	0	0.01
TOTAL BASIC EARNINGS PER SHARE (in dollars per share)	1.79	0.56	1.72	1.25
DILUTED EARNINGS PER SHARE
Diluted earnings per share from continuing operations (in dollars per share)	0.19	0.24	0.43	0.71
Discontinued operations (in dollars per share)	0.01	0	0	0.01
TOTAL DILUTED NET EARNINGS PER SHARE (in dollars per share)	$ 0.20	$ 0.24	$ 0.43	$ 0.72
WEIGHTED AVERAGE SHARES
Basic (in shares)	58,919	58,739	58,889	58,773
Diluted (in shares)	68,718	68,323	69,382	68,629

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
NET EARNINGS	$ 105,328	$ 33,103	$ 101,392	$ 73,615
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(1)	22	1,473	(117)
OTHER COMPREHENSIVE INCOME (LOSS):
TOTAL COMPREHENSIVE INCOME, net of tax	108,325	33,855	112,156	75,686
Pension Plans [Member]
Other comprehensive income (loss), net of tax	2,965	687	9,189	2,061
OTHER COMPREHENSIVE INCOME (LOSS):
Income tax (expense) or benefit	(917)	(200)	(2,457)	(600)
Post-Retirement Plans [Member]
Other comprehensive income (loss), net of tax	33	43	102	127
OTHER COMPREHENSIVE INCOME (LOSS):
Income tax (expense) or benefit	(10)	(12)	(27)	(38)
Retained Earnings [Member]
NET EARNINGS		$ 33,103
OTHER COMPREHENSIVE INCOME (LOSS):
TOTAL COMPREHENSIVE INCOME, net of tax	$ 105,328		$ 101,392	$ 73,615

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Purchase of common stock	$ 0	$ (3,581)
Withholding taxes paid for conversion of employee stock awards	1,521	1,329
OPERATING ACTIVITIES:
Net earnings from continuing operations	101,087	73,079
Net earnings from discontinued operations	305	536
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	210,641	143,471
Pension and post-retirement	11,775	2,826
Deferred income taxes	14,036	15,972
Amortization of stock-based compensation	5,281	3,568
Net (gain) loss on financial instruments	12,100	(3,700)
Changes in assets and liabilities:
Accounts receivable	13,842	18,159
Inventory and prepaid supplies	14	477
Accounts payable	(2,410)	1,097
Unearned revenue	2,830	(1,412)
Accrued expenses, salaries, wages, benefits and other liabilities	5,129	(4,618)
Pension and post-retirement assets	(10,419)	(32,000)
Other	3,135	765
NET CASH PROVIDED BY OPERATING ACTIVITIES	307,138	200,813
Loss from non-consolidated affiliates	12,458	7,600
INVESTING ACTIVITIES:
Expenditures for property and equipment	(336,944)	(214,025)
Proceeds from property and equipment	11,087	17,473
Investment in nonconsolidated affiliate	(21,762)	(8,285)
NET CASH (USED IN) INVESTING ACTIVITIES	(347,619)	(204,837)
FINANCING ACTIVITIES:
Principal payments on long term obligations	(38,906)	(39,889)
Other financing payments	(500)	0
Proceeds from borrowings	70,000	60,000
Payments for financing costs	(1,081)	414
NET CASH PROVIDED BY FINANCING ACTIVITIES	27,992	14,787
INCREASE (DECREASE)	(12,489)	10,763
BEGINNING OF YEAR	59,322	32,699
END OF PERIOD	46,833	43,462
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net of amount capitalized	45,399	9,087
Income taxes paid	533	1,212
SUPPLEMENTAL NON-CASH INFORMATION:
Accrued expenditures for property and equipment	35,528	23,775
Net (gain) loss on financial instruments	$ 60,566	$ 28,707

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at at Dec. 31, 2017	$ 395,279	$ 591	$ 471,456	$ (13,748)	$ (63,020)
Balance at (in shares) at Dec. 31, 2017		59,057,195
Stock-based compensation plans
Grant of restricted stock	0	$ 1	(1)
Grant of restricted stock (in shares)		101,400
Issuance of common shares, net of withholdings	(1,332)	$ 1	(1,333)
Withholdings of common shares, net of issuances (in shares)		80,092
Forfeited restricted stock	0	$ 0	0
Stock Repurchased and Retired During Period, Shares		(157,000)
Stock Repurchased and Retired During Period, Value	(3,580)	$ (2)	(3,578)
Bond hedge reclassification	(50,435)		(50,435)
Note conversion obligation reclassification	50,999		50,999
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2014-09 [Member]	514			514
Forfeited restricted stock (in shares)		(1,300)
Amortization of stock awards and restricted stock	3,568		3,568
NET EARNINGS	73,615
Total comprehensive income (loss)	75,686			73,615	2,071
Balance at at Sep. 30, 2018	470,699	$ 591	470,676	60,381	(60,949)
Balance at (in shares) at Sep. 30, 2018		59,080,387
Balance at at Jun. 30, 2018	435,580	$ 591	469,412	27,278	(61,701)
Balance at (in shares) at Jun. 30, 2018		59,080,387
Stock-based compensation plans
Amortization of stock awards and restricted stock	1,264		1,264
NET EARNINGS	33,103			33,103
Total comprehensive income (loss)	33,855
Other comprehensive income (loss), net of tax					752
Balance at at Sep. 30, 2018	470,699	$ 591	470,676	60,381	(60,949)
Balance at (in shares) at Sep. 30, 2018		59,080,387
Balance at at Dec. 31, 2018	$ 436,438	$ 591	471,158	56,051	(91,362)
Balance at (in shares) at Dec. 31, 2018	59,134,173	59,134,173
Stock-based compensation plans
Grant of restricted stock	$ 0	$ 2	(2)
Grant of restricted stock (in shares)		151,300
Issuance of common shares, net of withholdings	(1,521)	$ 1	(1,522)
Withholdings of common shares, net of issuances (in shares)		86,097
Forfeited restricted stock	0	$ 0	0
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2018-07 [Member]	(71,358)			(71,358)
Forfeited restricted stock (in shares)		(3,000)
Amortization of stock awards and restricted stock	5,281		5,281
NET EARNINGS	101,392
Total comprehensive income (loss)	112,156			101,392	10,764
Balance at at Sep. 30, 2019	$ 480,996	$ 594	474,915	86,085	(80,598)
Balance at (in shares) at Sep. 30, 2019	59,368,570	59,368,570
Balance at at Jun. 30, 2019	$ 370,809	$ 594	473,053	(19,243)	(83,595)
Balance at (in shares) at Jun. 30, 2019		59,363,839
Stock-based compensation plans
Grant of restricted stock	0	$ 0	0
Grant of restricted stock (in shares)		7,500
Issuance of common shares, net of withholdings	(25)	$ 0	(25)
Withholdings of common shares, net of issuances (in shares)		(1,069)
Forfeited restricted stock	0	$ 0	0
Forfeited restricted stock (in shares)		(1,700)
Amortization of stock awards and restricted stock	1,887		1,887
NET EARNINGS	105,328
Total comprehensive income (loss)	108,325			105,328	2,997
Balance at at Sep. 30, 2019	$ 480,996	$ 594	$ 474,915	$ 86,085	$ (80,598)
Balance at (in shares) at Sep. 30, 2019	59,368,570	59,368,570

Summary of Financial Statement

Summary of Financial Statement Preparation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
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 subsidiaries lease aircraft, provide contracted airline operations, ground services, aircraft modification and maintenance services and other support services mainly to the air transportation, e-commerce and package delivery industries. The Company's subsidiaries offer a range of complementary services to delivery companies, freight forwarders, airlines and government customers. 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 airlines, ABX Air, Inc. (“ABX”), Air Transport International, Inc. (“ATI”) and Omni Air International LLC ("OAI" ) 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 provides air transportation services to a concentrated base of customers. The Company provides a combination of aircraft, crews, maintenance and insurance services for a customer's transportation network through customer "CMI" and "ACMI" agreements and through charter contracts in which aircraft fuel is also included. In addition to its aircraft leasing and airline services the Company sells aircraft parts, provides aircraft maintenance and modification services, equipment maintenance services and arranges load transfer and package sorting services for customers. Basis of Presentation The financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The accompanying unaudited condensed interim consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America and such principles are applied on a basis consistent with the financial statements reflected in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations promulgated by the SEC related to interim financial statements. In the opinion of management, the accompanying financial statements contain all adjustments, including normal recurring adjustments, necessary for the fair presentation of the Company’s results of operations and financial position for the periods presented. Due to seasonal fluctuations, among other factors common to the air cargo industry, the results of operations for the periods presented are not necessarily indicative of the results of operations to be expected for the entire year or any interim period. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements. The accounting estimates reflect the best judgment of management, but actual results could differ materially from those estimates. The accompanying condensed consolidated financial statements include the accounts of Air Transport Services Group, Inc. and its wholly-owned subsidiaries. Investments in affiliates in which the Company has significant influence but does not exercise control are accounted for using the equity method of accounting. Under the equity method, the Company’s share of the nonconsolidated affiliate's income or loss is recognized in the consolidated statement of earnings and cumulative post-acquisition changes in the investment are adjusted against the carrying amount of the investment. Investments in affiliates in which the Company does not exercise control or have significant influence are reflected at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Inter-company balances and transactions are eliminated. On November 9, 2018, the Company acquired OAI, a passenger airline, along with related entities Advanced Flight Services, LLC; Omni Aviation Leasing, LLC; and T7 Aviation Leasing, LLC (referred to collectively herein as "Omni"). OAI is a leading provider of contracted passenger airlift for the U.S. Department of Defense ("DoD") via the Civil Reserve Air Fleet ("CRAF") program, and a provider of full-service passenger charter and ACMI services. OAI carries passengers worldwide for a variety of private sector customers and other government services agencies. Revenues and operating expenses include the activities of Omni for periods since their acquisition by the Company on November 9, 2018. On February 1, 2019, the Company acquired a group of companies that had been under common control, including TriFactor Solutions, LLC, (referred to as "Trifactor"). Trifactor resells material handling equipment and provides engineering design solutions for warehousing, retail distribution and e-commerce operations. Revenues and operating expenses include the activities of TriFactor for periods since its acquisition by the Company. The acquisition of TriFactor did not have a significant impact on the Company's financial statements or results of operations. Accounting Standards Updates Effective January 1, 2018, the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” ("Topic 606”) which superseded previous revenue recognition guidance. Topic 606 is a comprehensive revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The Company's lease revenues within the scope of Accounting Standards Codification 840, Leases, ("Topic 840") are specifically excluded from Topic 606. Under Topic 606, the Company is required to record revenue over time, instead of at the time of completion, for certain customer contracts for airframe and modification services that do not have an alternative use and for which the Company has an enforceable right to payment during the service cycle. The Company adopted the provisions of this new standard using the modified retrospective method which requires the Company to record a one-time adjustment to retained deficit for the cumulative effect that the standard has on open contracts at the time of adoption. In conjunction with the adoption of the new standard, the Company accelerated $3.6 million of revenue resulting in an immaterial adjustment to its January 1, 2018 retained deficit for open airframe and modification services contracts. Effective January 1, 2019 the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update No. 2016-02, “Leases (Topic 842)” which superseded previous lease guidance ASC 840, Leases. Topic 842 is a new lease model that requires a company to recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet. The Company adopted the standard using the modified retrospective approach that does not require the restatement of prior year financial statements. The adoption of Topic 842 did not have a material impact on the Company’s consolidated statement of operations and consolidated statement of cash flows. The adoption of Topic 842 resulted in the recognition of ROU assets and corresponding lease liabilities as of January 1, 2019 in the amount of $52.6 million for leases classified as operating leases. Topic 842 also applies to the Company's aircraft lease revenues, however, the adoption of Topic 842 did not have a significant impact on the Company's accounting for its customer lease agreements. The Company adopted the package of practical expedients and transition provisions available for expired or existing contracts, which allowed the Company to carryforward its historical assessments of 1) whether contracts are or contain leases, 2) lease classification and 3) initial direct costs. Additionally, for real estate leases, the Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of leases as a single lease component. The Company also elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. Further, the Company elected the short-term lease exception policy, permitting it to exclude the recognition requirements for leases with terms of 12 months or less. See Note H for additional information about leases. In February 2018, the FASB issued ASU No. 2018-02 “Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income" ("ASU 2018-02"). ASU 2018-02 amends ASC 220, Income Statement - Reporting Comprehensive Income, to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. federal tax legislation known as the Tax Cuts and Jobs Act. ASU 2018-02 is effective for years beginning after December 15, 2018 and interim periods within those fiscal years. The Company elected to retain stranded tax effects in accumulated other comprehensive income. In June 2018, the FASB issued ASU No. 2018-07 “Improvements to Non-employee Share-based Payment Accounting" ("ASU 2018-07"). ASU 2018-07 amends ASC 718, "Compensation - Stock Compensation" ("ASC 718"), with the intent of simplifying the accounting for share-based payments granted to non-employees for goods and services and aligning the accounting for share-based payments granted to non-employees with the accounting for share-based payments granted to employees. The Company adopted ASU 2018-07 on January 1, 2019 using the modified retrospective approach as required. ASU 2018-07 replaced ASC 505-50, "Equity-Based Payments to Non-employees" ("ASC 505-50") which was previously applied by the Company for warrants granted to Amazon.com, Inc. ("Amazon") as customer incentives. As a result of ASU 2018-07, the Company applied accounting guidance for financial instruments to the unvested warrants conditionally granted to Amazon in conjunction with an investment agreement reached with Amazon on December 22, 2018. Applying ASU 2018-07 as of January 1, 2019, through the modified retrospective approach, resulted in the recognition of $176.9 million for unvested warrant liabilities, $100.1 million for customer incentive assets and cumulative-effect adjustments of $71.4 million to reduce retained earnings for customer incentives that were not probable of being realized.

Significant Customers

Significant Customers	9 Months Ended
	Sep. 30, 2019
Significant Customers [Abstract]
Significant Customers	SIGNIFICANT CUSTOMERS DHL The Company has had long term contracts with DHL Network Operations (USA), Inc. and its affiliates ("DHL") since August 2003. Revenues from aircraft leases and related services performed for DHL were approximately 13% and 14% of the Company's consolidated revenues from continuing operations for the three and nine month periods ending September 30, 2019, respectively, compared to 27% and 27% for the corresponding periods of 2018. The Company’s balance sheets include accounts receivable with DHL of $12.0 million and $13.4 million as of September 30, 2019 and December 31, 2018, respectively. The Company leases Boeing 767 aircraft to DHL under both long-term and short-term lease agreements. Leases for eleven Boeing 767 aircraft expire in March and April 2022, leases for two aircraft expire in 2023 and another aircraft lease expires in 2024. Under a CMI agreement, the Company operates Boeing 767 aircraft that DHL leases from the Company. 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. 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. Amazon The Company has been providing freighter aircraft and services for cargo handling and logistical support for Amazon.com Services, Inc. ("ASI"), successor to Amazon Fulfillment Services, Inc., a subsidiary of Amazon.com, Inc. ("Amazon"), since September 2015. On March 8, 2016, the Company entered into an Air Transportation Services Agreement (the “ATSA”) with ASI, pursuant to which CAM leases 20 Boeing 767 freighter aircraft to ASI, including 12 Boeing 767-200 freighter aircraft for an original term of five years and eight Boeing 767-300 freighter aircraft for an original term of seven years. The ATSA also provides for the operation of those aircraft by the Company’s airline subsidiaries, and the management of ground services at certain locations by the Company's subsidiary LGSTX Services Inc. ("LGSTX"). The ATSA became effective on April 1, 2016 and had an original term of five years. In conjunction with the execution of the ATSA, the Company and Amazon entered into an Investment Agreement and a Stockholders Agreement on March 8, 2016. The Investment Agreement calls for the Company to issue warrants in three tranches which will grant Amazon the right to acquire up to 19.9% of the Company’s outstanding common shares as described below. The first tranche of warrants, issued upon the execution of the Investment Agreement and all of which are now fully vested, granted Amazon the right to purchase approximately 12.81 million ATSG common shares, with the first 7.69 million common shares vesting upon issuance on March 8, 2016, and the remaining 5.12 million common shares vesting as the Company delivered additional aircraft leased under the ATSA. The second tranche of warrants, which were issued and vested on March 8, 2018, grants Amazon the right to purchase approximately 1.59 million ATSG common shares. The third tranche of warrants will be issued on September 8, 2020, and will grant Amazon the right to purchase such additional number of ATSG common shares as is necessary to bring Amazon’s ownership to 19.9% of the Company’s pre-transaction outstanding common shares measured on a GAAP-diluted basis, adjusted for share issuances and repurchases by the Company following the date of the Investment Agreement and after giving effect to the warrants granted. The exercise price of the warrants is $9.73 per share, which represents the closing price of ATSG’s common shares on February 9, 2016. Each of the three tranches of warrants are exercisable in accordance with its terms through March 8, 2021. On December 22, 2018 the Company announced agreements with Amazon to 1) lease and operate ten additional Boeing 767-300 aircraft for ASI, 2) extend the term of the 12 Boeing 767-200 aircraft currently leased to ASI by two years to 2023 with an option for three more years, 3) extend the term of the eight Boeing 767-300 aircraft currently leased to ASI by three years to 2026 and 2027 with an option for three more years and 4) amend and extend the ATSA by five years through March 2026, with an option to extend for an additional three years. Of the ten additional Boeing 767-300 aircraft leases, four commenced by September 30, 2019, two are planned for the fourth quarter of 2019 and the remainder in 2020. All ten of these aircraft leases will be for ten years. In conjunction with the commitment for ten additional Boeing 767 aircraft leases, extensions of twenty existing Boeing 767 aircraft leases and the ATSA described above, Amazon and the Company entered another Investment Agreement on December 20, 2018. Pursuant to the 2018 Investment Agreement, Amazon will be issued warrants for up to14.8 million common shares which could expand its potential ownership in the Company to approximately 33.2%, including the warrants described above for the 2016 agreements. These new warrants will vest as existing leases are extended and additional aircraft leases are executed and added to the ATSA operations. These new warrants will expire if not exercised within seven years from their issuance date. They have an exercise price of $21.53 per share, based on the volume-weighted average price of the Company's shares over the 30 trading days immediately preceding execution of a non-binding term sheet by the parties on October 29, 2018. Additionally, Amazon will be able to earn incremental warrant rights, increasing its potential ownership from 33.2% up to approximately 39.9% of the Company, by leasing up to seventeen more cargo aircraft from the Company before January 2026. Incremental warrants granted for Amazon’s commitment to any such future aircraft leases will have an exercise price based on the volume-weighted average price of the Company’s shares during the 30 trading days immediately preceding the contractual commitment for each lease. The warrants potentially issuable under these new agreements with Amazon required an increase in the number of authorized common shares of the Company. Management submitted proposals for shareholder consideration at the Company’s annual meeting of shareholders on May 9, 2019 calling for an increase in the number of authorized common shares and approval of the warrants as required under the rules of the Nasdaq Global Select Market. Both proposals were approved by shareholders on May 9, 2019. The Company’s accounting for the warrants has been determined in accordance with the financial reporting guidance for financial instruments. Warrants obligations are marked to fair value at the end of each reporting period. The value of warrants is recorded as a customer incentive asset if it is probable of vesting. Upon a warrant vesting event, the customer incentive asset is amortized as a reduction of revenue over the duration of the related revenue contract and further changes in the fair value of vested warrant obligations are recorded to earnings. As of September 30, 2019 , the Company's liabilities reflected 14.83 million warrants from the 2016 Investment Agreement having a fair value of $172.1 million and 24.7 million warrants from the 2018 Amazon agreements having a fair value of $135.9 million . During the three and nine month periods ended September 30, 2019 , the re-measurements of all the warrants to fair value resulted in a net non-operating gains of $93.4 million and $72.7 million before the effect of income taxes, respectively, compared to gains of $17.3 million and $25.0 million for the corresponding periods of 2018. Revenues from continuing operations performed for Amazon comprised approximately 26% and 21% of the Company's consolidated revenues from continuing operations for the three and nine month periods ending September 30, 2019 , respectively, compared to 31% and 29% for the corresponding periods of 2018. The Company’s balance sheets include accounts receivable with Amazon of $36.6 million and $29.2 million as of September 30, 2019 and December 31, 2018, respectively. The Company's earnings in future periods will be impacted by the number of warrants granted, the re-measurements of warrant fair value, amortization of the customer incentive asset and the related income tax effects. For income tax calculations, the value and timing of related tax deductions will differ from the guidance described above for financial reporting. DoD The Company is a provider of cargo and passenger airlift services to the DoD. The Company's airlines have been providing services to the DoD since the 1990's. The DoD awards flights to U.S. certificated airlines through annual contracts and through temporary "expansion" routes. Revenues from services performed for the DoD were approximately 34% and 36% of the Company's consolidated revenues from continuing operations for the three and nine month periods ending September 30, 2019 , respectively, compared to 9% and 10% for the corresponding periods of 2018. The Company's balance sheets included accounts receivable with the DoD of $41.0 million and $50.5 million as of September 30, 2019

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	GOODWILL, INTANGIBLES AND EQUITY INVESTMENTS The changes in the carrying amount of goodwill, by operating segment, are as follows: CAM ACMI Services All Other Total Carrying value as of December 31, 2018 $ 153,290 $ 234,571 $ 2,884 $ 390,745 Acquisition of TriFactor — — 5,229 5,229 Carrying value as of September 30, 2019 $ 153,290 $ 234,571 $ 8,113 $ 395,974 Changes in the carrying amount of acquired intangible assets are as follows (in thousands): Airline Amortizing Certificates Intangibles Total Carrying value as of December 31, 2018 $ 9,000 $ 135,614 $ 144,614 Amortization — (8,576 ) (8,576 ) Right of use asset — (1,500 ) (1,500 ) Carrying value as of September 30, 2019 $ 9,000 $ 125,538 $ 134,538 The airline certificates have an indefinite life and therefore are not amortized. The Company amortizes finite-lived intangibles assets, including customer relationship and STC intangibles, over 4 to 20 years. The acquisition of Omni by the Company is reported in accordance with Accounting Standards Codification 805, Business Combinations , in which the total purchase price is allocated to Omni’s tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the date of the acquisition. The excess of the purchase price over the estimated fair value of net assets acquired was recorded as goodwill. The purchase price exceeded the fair value of the net assets acquired due to the strategic opportunities and expected benefits associated with adding Omni's capabilities to the Company's existing offerings in the market. The allocation of the purchase price to specific assets and liabilities is based, in part, upon preliminary valuations from internal estimates and independent appraisals. The following table provides pro forma condensed combined financial information (in thousands) for the Company after giving effect to the Omni acquisition. This information is based on adjustments to the historical consolidated financial statements of Omni using the purchase method of accounting for business combinations. The pro forma adjustments do not include any of the cost savings and other synergies anticipated to result from the acquisition. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of results that would have actually been reported as of the date or for the quarter presented had the acquisition taken place on such date or at the beginning of the quarter indicated, or to project the Company’s financial position or results of operations which may be reported in the future. The pro forma results exclude non-recurring charges recorded by Omni that were directly related to the acquisition by the Company. Combined results for Air Transport Services Group and Omni for the three and nine month periods ended September 30, 2018 were adjusted for the following in order to create the unaudited pro forma results in the table: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Pro forma revenues $ 328,412 $ 962,069 Pro forma net earnings from continuing operations 32,144 86,273 The following adjustments were made to the historical financial records to create the unaudited pro forma information in the table above: • Adjustments to eliminate transactions between the Company and Omni during the three and nine month periods ended September 30, 2018 . • Adjustment to reflect estimated additional depreciation and amortization expense of $2.6 million and $7.9 million for the three and nine month periods ended September 30, 2018 , resulting primarily from the fair value adjustments to Omni’s intangible assets. Pro forma combined depreciation expense for the periods presented reflect the increased fair values of the aircraft acquired and longer useful lives of the aircraft, indicative of the Company's policies and intent to modify certain aircraft to freighters as an aircraft is removed from passenger service. • Adjustment to reflect additional interest expense and amortization of debt issuance costs for the three and nine month periods ended September 30, 2018, related to the combined $855 million from an unsubordinated term loan and revolving facility draws using the prevailing rates of 4.57%. In January 2014, the Company acquired a 25 percent equity interest in West Atlantic AB of Gothenburg, Sweden ("West"). In April 2019, West issued additional shares to a new investor in conjunction with a capital investment and purchase agreement which reduced the Company's ownership to approximately 10% and reduced the Company's influence over West. West, through its two airlines, Atlantic Airlines Ltd. and West Air Sweden AB, operates a fleet of 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 767 and 737 aircraft. West leases three Boeing 767 aircraft and one Boeing 737 from the Company. On August 3, 2017, the Company entered into a joint-venture agreement with Precision Aircraft Solutions, LLC, to develop a passenger-to-freighter conversion program for Airbus A321-200 aircraft. The Company anticipates approval of a supplemental type certificate from the FAA in 2020. The Company expects to make contributions equal to its 49% ownership percentage of the program's total costs over the next year. During the nine month periods ending September 30, 2019 and 2018, the Company contributed $9.8 million and $8.3 million to the joint venture, respectively. The carrying value of West and the joint venture totaled $13.3 million and $12.5 million at September 30, 2019 and December 31, 2018, respectively, and are reflected in “Other Assets” in the Company’s consolidated balance sheets. The Company monitors its affiliates for indications that the fair value of an investment may have declined, which could result in the recognition of an impairment loss if the carrying value is greater than the estimated fair value of that investment. Stock warrants issued to a customer (see Note C) as an incentive are recorded as an asset using their fair value at the time that the customer has met its performance obligation and are amortized against revenues over the duration of the related customer contract. The Company's incentives granted to customers were as follows (in thousands): Customer Incentive Carrying value as of December 31, 2018 $ 63,780 Warrants granted 100,076 Amortization (12,585 ) Carrying value as of September 30, 2019 $ 151,271

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
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, stock warrant obligations and interest rate swaps are based on observable inputs (Level 2) from comparable market transactions. The fair value of stock warrant obligations (Level 2) were determined using a Black-Scholes pricing model which considers the Company’s common stock price and various assumptions, such as the volatility of the Company’s common stock, the expected dividend yield, and the risk-free interest rate. Additionally, certain warrants related to the 2018 investment agreement (see Note C) require inputs of estimated warrant strike price and other assumptions (Level 3). The following table reflects assets and liabilities that are measured at fair value on a recurring basis (in thousands): As of September 30, 2019 Fair Value Measurement Using Total Level 1 Level 2 Level 3 Assets Cash equivalents—money market $ — $ 11,656 $ — $ 11,656 Interest rate swap — 133 — 133 Total Assets $ — $ 11,789 $ — $ 11,789 Liabilities Interest rate swap $ — $ (10,392 ) $ — $ (10,392 ) Stock warrant obligations — (281,098 ) (26,976 ) (308,074 ) Total Liabilities $ — $ (291,490 ) $ (26,976 ) $ (318,466 ) As of December 31, 2018 Fair Value Measurement Using Total Level 1 Level 2 Level 3 Assets Cash equivalents—money market $ — $ 17,986 $ — $ 17,986 Interest rate swap — 2,971 — 2,971 Total Assets $ — $ 20,957 $ — $ 20,957 Liabilities Interest rate swap $ — $ (1,138 ) $ — $ (1,138 ) Stock warrant obligation — (203,782 ) — (203,782 ) Total Liabilities $ — $ (204,920 ) $ — $ (204,920 ) As a result of higher market interest rates compared to the stated interest rates of the Company’s fixed rate debt obligations, the fair value of the Company’s debt obligations, based on Level 2 observable inputs, was approximately $5.0 million less than the carrying value, which was $1,451.5 million at September 30, 2019 . As of December 31, 2018, the fair value of the Company’s debt obligations was approximately $6.0 million less than the carrying value, which was $1,401.3 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	9 Months Ended
	Sep. 30, 2019
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 other flight equipment. Property and equipment, to be held and used, is summarized as follows (in thousands): September 30, December 31, Flight equipment $ 2,465,193 $ 2,340,840 Ground equipment 59,291 57,455 Leasehold improvements, facilities and office equipment 32,207 28,745 Aircraft modifications and projects in progress 244,614 74,449 2,801,305 2,501,489 Accumulated depreciation (1,093,973 ) (946,484 ) Property and equipment, net $ 1,707,332 $ 1,555,005 CAM owned aircraft with a carrying value of $804.8 million and $803.7 million that were under leases to external customers as of September 30, 2019

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt Obligations	DEBT OBLIGATIONS Debt obligations consisted of the following (in thousands): September 30, December 31, 2019 2018 Unsubordinated term loans $ 698,418 $ 721,406 Revolving credit facility 530,000 475,000 Convertible debt 211,278 204,846 Other financing arrangements 11,841 — Total debt obligations 1,451,537 1,401,252 Less: current portion (43,451 ) (29,654 ) Total long term obligations, net $ 1,408,086 $ 1,371,598 The Company executed a syndicated credit agreement ("Senior Credit Agreement") in May 2011 which includes unsubordinated term loans and a revolving credit facility. Effective November 9, 2018, in conjunction with the acquisition of Omni, the Senior Credit Agreement was amended. The amendment continued the secured revolving credit facility and the existing secured term loan while securing a second term loan of $675.0 million . Effective May 28, 2019, the Senior Credit Agreement was amended to extend its the expiration to May 30, 2024. This amendment also increased the capacity of the revolving credit facility to $645.0 million and set the accordion feature such that the Company can draw up to an additional $300.0 million subject to the lenders' consent. As of September 30, 2019 , the unused revolving credit facility totaled $100.8 million , net of draws of $530.0 million and outstanding letters of credit of $14.2 million . The Senior Credit Agreement permitted additional indebtedness of up to $500.0 million of which $258.8 million has been utilized for the issuance of convertible notes as of September 30, 2019. The balance of the unsubordinated term loans is net of debt issuance costs of $8.9 million and $9.8 million for the periods ended September 30, 2019 and December 31, 2018, respectively. Under the terms of the Senior Credit Agreement, interest rates are adjusted at least quarterly based on the Company's 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 loans and revolving credit facility bear variable interest rates of 4.3% , 4.3% and 4.3% , respectively. The Senior Credit Agreement is collateralized by certain of the Company's Boeing 777, 767 and 757 aircraft. Under the terms of the Senior Credit Agreement, the Company is required to maintain collateral coverage equal to 102% of the outstanding balance of the term loans and the total funded revolving credit facility. The minimum collateral coverage which must be maintained is 50% of the outstanding balance of the term loan plus the revolving credit facility commitment, which was $645.0 million . The Senior Credit Agreement limits the amount of dividends the Company can pay and the amount of common stock it can repurchase to $100.0 million during any calendar year, provided the Company's total secured debt to earnings before interest, taxes, depreciation and amortization expenses ("EBITDA") ratio is under 3.00 times, after giving effect to the dividend or repurchase. 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. In November 2019, the Senior Credit Agreement was amended. This amendment includes an increase to the maximum revolver capacity from $645.0 million to $750.0 million, combines the two terms loans into one loan and reduces the interest rate spread of the LIBOR based financing at the current debt-to-EBITDA ratio. This amendment extends the agreement six months to November 2024 if certain liquidity measures are maintained during 2024 and adds incremental accordion capacity based on debt ratios. In September 2017, the Company issued $258.8 million aggregate principal amount of 1.125% Convertible Senior Notes due 2024 ("Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Notes bear interest at a rate of 1.125% per year payable semi-annually in arrears on April 15 and October 15 each year, beginning April 15, 2018. The Notes mature on October 15, 2024, unless repurchased or converted in accordance with their terms prior to such date. The Notes are unsecured indebtedness, subordinated to the Company's existing and future secured indebtedness and other liabilities, including trade payables. Conversion of the Notes can only occur upon satisfaction of certain conditions and during certain periods, beginning any calendar quarter commencing after December 31, 2017 and thereafter, until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon the occurrence of certain fundamental changes, holders of the Notes can require the Company to repurchase their notes at the cash repurchase price equal to the principal amount of the notes, plus any accrued and unpaid interest. The Notes may be settled in cash, the Company’s common shares or a combination of cash and the Company’s common shares, at the Company’s election. The initial conversion rate is 31.3475 common shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $31.90 per common share). If a “make-whole fundamental change” (as defined in the offering circular with the Notes) occurs, the Company will, in certain circumstances, increase the conversion rate for a specified period of time. In conjunction with the Notes, the Company purchased convertible note hedges under privately negotiated transactions for $56.1 million , having the same number of the Company's common shares, 8.1 million shares, and same strike price of $31.90, that underlie the Notes. The convertible note hedges are expected to reduce the potential equity dilution with respect to the Company's common stock, and/or offset any cash payments in excess of the principal amount due, as the case may be, upon conversion of the Notes. The Company's current intent and policy is to settle all Note conversions through a combination settlement which satisfies the principal amount of the Notes outstanding with cash. The Notes could have a dilutive effect on the computation of earnings per share in accordance with accounting principles to the extent that the average traded market price of the Company’s common shares for a reporting period exceeds the conversion price. The conversion feature of the Notes required bifurcation from the principal amount under the applicable accounting guidance. Settlement provisions of the Notes and the convertible note hedges required cash settlement of these instruments until the Company's shareholders increased the number of authorized shares of common stock to cover the full number of shares underlying the Notes. As a result, the conversion feature of the Notes and the convertible note hedges were initially accounted for as liabilities and assets, respectively, and marked to market at the end of each period. The fair value of the note conversion obligation at issuance was $57.4 million . On May 10, 2018, the Company's shareholders increased the number of authorized shares of common stock to cover the full number of shares underlying the Notes. The Company reevaluated the Notes and convertible note hedges under the applicable accounting guidance including ASC 815, "Derivatives and Hedging," and determined that the instruments, which meet the definition of derivative and are indexed to the Company's own stock, should be classified in shareholders' equity. The fair value of the conversion feature of the Notes and the convertible note hedges of $51.3 million and $50.6 million , respectively on May 10, 2018 were reclassified to paid-in capital. The net proceeds from the issuance of the Notes were approximately $252.3 million , after deducting initial issuance costs. These unamortized issuance costs and discount are being amortized to interest expense through October 2024, using an effective interest rate of approximately 5.15% . The carrying value of the Company's Convertible debt is shown below. September 30, December 31, 2019 2018 Principal value, Convertible Senior Notes, due 2024 258,750 258,750 Unamortized issuance costs (5,101 ) (5,799 ) Unamortized discount (42,371 ) (48,105 ) Convertible debt 211,278 204,846 In conjunction with the offering of the Notes, the Company also sold warrants to the convertible note hedge counterparties in separate, privately negotiated warrant transactions at a higher strike price and for the same number of the Company’s common shares, subject to customary anti-dilution adjustments. The amount received for these warrants and recorded in Stockholders' Equity in the Company’s consolidated balance sheets was $38.5 million . These warrants could result in 8.1 million additional shares of the Company's common stock, if the Company's traded market price exceeds the strike price which is $41.35 per share and is subject to certain adjustments under the terms of the warrant transactions. The warrants could have a dilutive effect on the computation of earnings per share to the extent that the average traded market price of the Company's common shares for a reporting period exceed the strike price.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Leases The Company leases property, two aircraft, aircraft engines and other types of equipment under operating leases. Property leases include hangars, warehouses, offices and other space at certain airports with fixed rent payments and lease terms ranging from one month to seven years. The Company is obligated to pay the lessor for maintenance, real estate taxes, insurance and other operating expenses on certain property leases. These expenses are variable and are not included in the measurement of the lease asset or lease liability. These expenses are recognized as variable lease expense when incurred and are not material. Equipment leases include ground support and industrial equipment as well as computer hardware with fixed rent payments and terms of one month to five years. The Company records the initial lease asset and lease liability at the present value of lease payments scheduled during the lease term. The leases typically do not provide an implicit rate; therefore, the Company uses its estimated incremental borrowing rate at the time of lease commencement to discount the present value of lease payments. The Company’s average discount rate for operating leases at September 30, 2019 was 4.74%. Leases often include rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. Although not material, the amount of such options is reflected below in the maturity of operating lease liabilities table. Lease expense is recognized on a straight-line basis over the lease term. Our weighted-average remaining lease term is 4.6 years. As of September 30, 2019 , the maturities of operating leases liabilities are as follows (in thousands): Operating Leases Remaining 2019 $ 4,668 2020 15,706 2021 12,475 2022 8,883 2023 7,563 2024 and beyond 10,053 Total 59,348 Less: amount representing interest (6,013 ) Present value of future minimum lease payments 53,335 Less: current obligations under leases 14,794 Long-term lease obligations $ 38,541 The Company expects to lease two additional passenger aircraft commencing in 2020 that are not reflected in the table above. As of December 31, 2018, the cash flows of operating leases over the next five years were as follows (in thousands): Operating Leases 2019 $ 16,674 2020 14,586 2021 11,875 2022 5,906 2023 3,813 2024 and beyond 2,001 Total minimum lease payments $ 54,855 Purchase Commitments The Company has agreements with Israel Aerospace Industries Ltd. ("IAI") for the conversion of Boeing 767 passenger aircraft into a standard configured freighter aircraft. The conversions primarily consist of the installation of a standard cargo door and loading system. The Company could incur a cancellation fee with IAI for unused modification part kits. At September 30, 2019 , the Company had non-refundable deposits of $25.8 million to purchase 17 Boeing 767-300 aircraft. 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. Other In addition to the foregoing matters, the Company is also a party to legal proceedings in various federal and state jurisdictions from time to time 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, the Company believes that its ultimate liability, if any, arising from 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 September 30, 2019 , the flight crewmember employees of ABX, ATI and OAI and flight attendant employees of ATI and OAI were represented by the labor unions listed below: Airline Labor Agreement Unit Percentage of the Company’s Employees ABX International Brotherhood of Teamsters 5.7% ATI Air Line Pilots Association 8.2% OAI International Brotherhood of Teamsters 7.0% ATI Association of Flight Attendants 0.9% OAI Association of Flight Attendants 7.2%

Pension and Other Post-Retireme

Pension and Other Post-Retirement Benefit Plans	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [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 crewmembers, which is unfunded. Benefits for covered individuals terminate upon reaching age 65 under the post-retirement healthcare plans. 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. The Company's net periodic benefit costs for its defined benefit pension plans and post-retirement healthcare plans for both continuing and discontinued operations are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Pension Plans Post-Retirement Healthcare Plan Pension Plans Post-Retirement Healthcare Plan 2019 2018 2019 2018 2019 2018 2019 2018 Service cost $ — $ — $ 27 $ 30 $ — $ — $ 81 $ 90 Interest cost 7,825 7,284 37 32 23,474 21,852 111 96 Expected return on plan assets (9,477 ) (10,523 ) — — (28,431 ) (31,569 ) — — Amortization of net loss 3,882 887 43 55 11,646 2,661 129 165 Net periodic benefit cost (income) $ 2,230 $ (2,352 ) $ 107 $ 117 $ 6,689 $ (7,056 ) $ 321 $ 351 During the nine month period ending September 30, 2019 , the Company contributed $5.4 million to the pension plans. The Company expects to contribute an additional $2.7 million during the remainder of 2019.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The provision for income taxes for interim periods is based on management's best estimate of the effective income tax rate expected to be applicable for the current year, plus any adjustments arising from changes in the estimated amount of taxable income related to prior periods. Income taxes recorded through September 30, 2019 have been estimated utilizing a 27% rate based upon year-to-date income and projected results for the full year. The recognition of discrete tax items, such as the conversion of employee stock awards, the issuance of stock warrants and other items, have an impact on the effective rate during a period. During 2019, the Company recorded discrete tax items for the conversion of employee stock awards and gains and losses on warrant revaluations which were not subject to tax. During 2019, the Company recorded a valuation allowance against a deferred tax benefit related to a foreign investment. As a result of these differences in which expenses and benefits for tax purposes are different than required by generally accepted accounting principals, the Company's effective tax rate for the first nine months of 2019 was 12% . The final effective tax rate for the year 2019 will depend on the actual amount of pre-tax book results by the Company for the full year, the additional conversions of employee stock awards, stock warrant valuations, executive compensation and other items. The Company has operating loss carryforwards for U.S. federal income tax purposes. Management expects to utilize the loss carryforwards to offset federal income tax liabilities in the future. Due to the Company's deferred tax assets, including its loss carryforwards, management does not expect to pay federal income taxes until 2023 or later. The Company may, however, be required to pay some federal tax due to loss carryforward usage limitations and certain state and local income taxes before then.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2019
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 the original term loan and twenty-five percent of the outstanding balance of the second term loan issued in November 2018. Accordingly, the Company entered into additional interest rate swaps in December 2018 and January 2019 having initial values of $150.0 million and $150.0 million , respectively, and forward start dates of December 31, 2018 and June 28, 2019. The table below provides information about the Company’s interest rate swaps (in thousands): September 30, 2019 December 31, 2018 Expiration Date Stated Interest Rate Notional Amount Market Value (Liability) Notional Amount Market Value (Liability) May 5, 2021 1.090 % 22,500 133 28,125 650 May 30, 2021 1.703 % 22,500 (40 ) 28,125 366 December 31, 2021 2.706 % 147,188 (3,934 ) 150,000 (1,138 ) March 31, 2022 1.900 % 50,000 (578 ) 50,000 829 March 31, 2022 1.950 % 75,000 (963 ) 75,000 1,126 March 31, 2023 2.425 % 149,063 (4,877 ) — — 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 a net loss on derivatives of $1.4 million and $12.1 million for the three and nine month periods ending September 30, 2019 , respectively, compared to net gains of $0.6 million and $3.7 million for the corresponding periods of 2018. The liability for outstanding derivatives is recorded in other liabilities and in accrued expenses. The Company recorded a net loss before the effects of income taxes of $0.2 million during the three month period ended March 31, 2018 for the revaluation of the convertible note hedges and the note conversion obligations to fair value before these instruments were reclassified to paid-in-capital.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2019
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 three and nine month periods ending September 30, 2019 and 2018 (in thousands): Defined Benefit Pension Defined Benefit Post-Retirement Foreign Currency Translation Total Balance as of June 30, 2018 $ (59,201 ) $ (1,013 ) $ (1,487 ) $ (61,701 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment — — 33 33 Amounts reclassified from accumulated other comprehensive income: Actuarial costs (reclassified to salaries, wages and benefits) 887 55 — 942 Income Tax (Expense) or Benefit (200 ) (12 ) (11 ) (223 ) Other comprehensive income (loss), net of tax 687 43 22 752 Balance as of September 30, 2018 $ (58,514 ) $ (970 ) $ (1,465 ) $ (60,949 ) Balance as of January 1, 2018 $ (60,575 ) $ (1,097 ) $ (1,348 ) $ (63,020 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment — — (178 ) (178 ) Amounts reclassified from accumulated other comprehensive income: Actuarial costs (reclassified to salaries, wages and benefits) 2,661 165 — 2,826 Income Tax (Expense) or Benefit (600 ) (38 ) 61 (577 ) Other comprehensive income (loss), net of tax 2,061 127 (117 ) 2,071 Balance as of September 30, 2018 $ (58,514 ) $ (970 ) $ (1,465 ) $ (60,949 ) Defined Benefit Pension Defined Benefit Post-Retirement Foreign Currency Translation Total Balance as of June 30, 2019 $ (82,818 ) $ (772 ) $ (5 ) $ (83,595 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment — — (1 ) (1 ) Amounts reclassified from accumulated other comprehensive income: Actuarial costs (reclassified to salaries, wages and benefits) 3,882 43 — 3,925 Income Tax (Expense) or Benefit (917 ) (10 ) — (927 ) Other comprehensive income (loss), net of tax 2,965 33 (1 ) 2,997 Balance as of September 30, 2019 $ (79,853 ) $ (739 ) $ (6 ) $ (80,598 ) Balance as of January 1, 2019 $ (89,042 ) $ (841 ) $ (1,479 ) $ (91,362 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment — — (12 ) (12 ) Amounts reclassified from accumulated other comprehensive income: Foreign currency loss — — 2,253 2,253 Actuarial costs (reclassified to salaries, wages and benefits) 11,646 129 — 11,775 Income Tax (Expense) or Benefit (2,457 ) (27 ) (768 ) (3,252 ) Other comprehensive income (loss), net of tax 9,189 102 1,473 10,764 Balance as of September 30, 2019 $ (79,853 ) $ (739 ) $ (6 ) $ (80,598 )

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
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 and in May 2015. 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 three years from the date of grant. Restrictions could lapse sooner upon a business combination, death, disability or 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 vesting periods of approximately twelve months . The Company expects to settle all of the stock unit awards by issuing new shares of stock. The table below summarizes award activity. Nine Months Ended September 30, 2019 September 30, 2018 Number of Awards Weighted average grant-date fair value Number of Awards Weighted average grant-date fair value Outstanding at beginning of period 969,928 $ 15.89 873,849 $ 12.30 Granted 302,596 23.22 207,295 26.50 Converted (164,864 ) 17.48 (96,616 ) 10.89 Expired (7,500 ) 23.78 (500 ) 28.38 Forfeited (6,000 ) 23.73 (2,600 ) 26.76 Outstanding at end of period 1,094,160 $ 17.58 981,428 $ 15.39 Vested 337,060 $ 8.04 326,928 $ 7.18 The average grant-date fair value of each performance condition award, non-vested restricted stock award and time-based award granted by the Company in 2019 was $22.80 , 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 in 2019 was $24.75 . The market condition awards were valued using a Monte Carlo simulation technique, a risk-free interest rate of 2.5% and a volatility of 35.6% based on volatility over three years using daily stock prices. For the nine month periods ending September 30, 2019 and 2018, the Company recorded expense of $5.3 million and $3.6 million , respectively, for stock incentive awards. At September 30, 2019 , there was $8.4 million of unrecognized expense related to the stock incentive awards that is expected to be recognized over a weighted-average period of 1.3 years. As of September 30, 2019 , none of the awards were convertible, 337,060 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 1,329,135 additional outstanding shares of the Company’s common stock depending on service, performance and market results through December 31, 2021.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	COMMON STOCK AND EARNINGS PER SHARE Earnings per Share The calculation of basic and diluted earnings per common share are as follows (in thousands, except per share amounts): Three Months Ending Nine Months Ending September 30, September 30, 2019 2018 2019 2018 Numerator: Earnings (loss) from continuing operations - basic $ 105,085 $ 32,933 $ 101,087 $ 73,079 Gain from stock warrants revaluation, net of tax (91,849 ) (16,801 ) (71,319 ) (24,274 ) Earnings (loss) from continuing operations - diluted $ 13,236 $ 16,132 $ 29,768 $ 48,805 Denominator: Weighted-average shares outstanding for basic earnings per share 58,919 58,739 58,889 58,773 Common equivalent shares: Effect of stock-based compensation awards and warrants 9,799 9,584 10,493 9,856 Weighted-average shares outstanding assuming dilution 68,718 68,323 69,382 68,629 Basic earnings (loss) per share from continuing operations $ 1.78 $ 0.56 $ 1.72 $ 1.24 Diluted earnings (loss) per share from continuing operations $ 0.19 $ 0.24 $ 0.43 $ 0.71 The determination of diluted earnings per share requires the exclusion of the fair value re-measurement of the stock warrants recorded as a liability (see Note C), if such warrants have an anti-dilutive effect on earnings per share. The dilutive effect of the weighted-average diluted shares outstanding is calculated using the treasury method for periods in which equivalent shares have a dilutive effect on earnings per share. Under this method, the number of diluted shares is determined by dividing the assumed proceeds of the warrants recorded as a liability by the average stock price during the period and comparing that amount with the number of corresponding warrants outstanding. The underlying warrants recorded as a liability as of September 30, 2019 and 2018 would have resulted in 39.5 million and 14.8 million

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Information	SEGMENT AND REVENUE INFORMATION The Company operates in two reportable segments. The CAM segment consists of the Company's aircraft leasing operations while the ACMI Services segment consists of the Company's airline operations, including CMI agreements as well as ACMI, charter service and passenger service agreements that the Company has with its customers. The Company's aircraft maintenance and modification services, ground services and other activities are not large enough to constitute reportable segments and are combined in All other. Inter-segment revenues are valued at arms-length market rates. Revenue information is presented below (in thousands): Three Months Ending Nine Months Ending September 30, September 30, 2019 2018 2019 2018 Total revenues: CAM $ 71,004 $ 58,786 $ 210,610 $ 165,539 ACMI Services 272,188 116,224 785,082 355,204 All other 87,762 69,477 226,228 206,736 Eliminate inter-segment revenues (64,881 ) (39,568 ) (173,088 ) (115,913 ) Total $ 366,073 $ 204,919 $ 1,048,832 $ 611,566 Customer revenues: CAM $ 42,007 $ 41,366 $ 123,569 $ 115,270 ACMI Services 272,171 116,209 784,993 355,172 All other 51,895 47,344 140,270 141,124 Total $ 366,073 $ 204,919 $ 1,048,832 $ 611,566 ACMI Services revenues are generated from airline service agreements and are typically based on hours flown, the amount of aircraft operated and crew resources provided during a month. ACMI Services revenues are recognized over time using the invoice practical expedient as flight hours are performed for the customer. Certain agreements include provisions for incentive payments based upon on-time reliability. These incentives are measured on a monthly basis and recorded to revenue in the corresponding month earned. Under CMI agreements, the Company's airlines have an obligation to provide integrated services including flight crews, aircraft maintenance and insurance for the customer's cargo network. Under ACMI agreements, the Company's airlines are also obligated to provide aircraft. Under CMI and ACMI agreements, customers are generally responsible for aviation fuel, landing fees, navigation fees and certain other flight expenses. When functioning as the customers' agent for arranging such services, the Company records amounts reimbursable from the customer as revenues net of the related expenses as the costs are incurred. Under charter agreements, the Company's airline is obligated to provide full services for one or more flights having specific origins and destinations. Under charter agreements in which the Company's airline is responsible for fuel, airport fees and all flight services, the related costs are recorded in operating expenses. ACMI Services are invoiced monthly or more frequently. (There are no customer rewards programs associated with services offered by the Company nor does the Company sell passenger tickets or issue freight bills.) The Company's revenues for customer contracts for airframe maintenance and aircraft modification services that do not have an alternative use and for which the Company has an enforceable right to payment are generally recognized over time based on the percentage of costs completed. Services for airframe maintenance and aircraft modifications typically have project durations lasting a few weeks to a few months. Other revenues for aircraft part sales, component repairs and line service are recognized at a point in time typically when the parts are delivered to the customer and the services are completed. For airframe maintenance, aircraft modifications and aircraft component repairs, contracts include assurance warranties that are not sold separately. The Company records revenues and estimated earnings over time for its airframe maintenance and aircraft modification contracts using the costs to costs input method. For such services, the Company estimates the earnings on a contract as the difference between the expected revenue and estimated costs to complete a contract and recognizes revenues and earnings based on the proportion of costs incurred compared to the total estimated costs. Unexpected or abnormal costs that are not reflected in the price of a contract are excluded from calculations of progress toward contract obligations. The Company's estimates consider the timing and extent of the services, including the amount and rates of labor, materials and other resources required to perform the services. These production costs are specifically planned and monitored for regulatory compliance. The expenditure of these costs closely reflect the progress made toward completion of an airframe maintenance and aircraft modification project. The Company recognizes adjustments in estimated earnings on a contract under the cumulative catch-up method in which the impact of the adjustment on estimated earnings of a contract is recognized in the period the adjustment is identified. The Company's ground services revenues include load transfer and sorting services and related facility and equipment maintenance services. These revenues are recognized as the services are performed for the customer over time. Revenues from related facility and equipment maintenance services are recognized over time and at a point in time depending on the nature of the customer contracts. The Company's external customer revenues from other activities for the three and nine month periods ended September 30, 2019 and 2018 are presented below (in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 2019 2018 2019 2018 Aircraft maintenance, modifications and part sales $ 24,745 $ 27,228 $ 82,029 $ 87,236 Ground services 20,728 19,540 50,441 51,853 Other 6,422 576 7,800 2,035 Total customer revenues $ 51,895 $ 47,344 $ 140,270 $ 141,124 CAM's aircraft lease revenues are recognized as operating lease revenues on a straight-line basis over the term of the applicable lease agreements. Customer payments for leased aircraft and equipment are typically paid monthly in advance. CAM's leases do not contain residual guarantees. Approximately 7% of CAM's leases to external customers contain purchase options at projected market values. As of September 30, 2019 , minimum future payments from external customers for leased aircraft and equipment were scheduled to be $45.9 million for the remainder of 2019, $169.6 million , $163.7 million , $137.5 million and $94.4 million respectively for each of the next 4 years ending December 31, 2023 and $196.4 million thereafter. Minimum future payments from external customers for leased aircraft and equipment as of December 31, 2018 was scheduled to be $142.3 million , $127.1 million , $124.3 million , $121.2 million and $87.1 million , respectively, for each of the next five years ending December 31, 2023 and $119.8 million thereafter. For customers that are not a governmental agency or department, the Company generally receives partial payment in advance of services, otherwise customer balances are typically paid within 30 to 60 days of service. During the three and nine month periods ending September 30, 2019 , the Company recognized $0.5 million and $2.8 million of non-lease revenue that was reported in deferred revenue at the beginning of the respective period, respectively, compared to $4.8 million and $8.8 million in the corresponding periods of 2018. Deferred revenue was $2.9 million and $3.1 million at September 30, 2019 and December 31, 2018, respectively, for contracts with customers. Additional segment information from continuing operations is presented below (in thousands): Three Months Ending Nine Months Ending September 30, September 30, 2019 2018 2019 2018 Depreciation and amortization expense: CAM $ 39,269 $ 31,590 $ 116,787 $ 91,055 ACMI Services 24,171 10,950 71,131 31,502 All other 709 661 2,134 2,268 Total $ 64,149 $ 43,201 $ 190,052 $ 124,825 Interest expense: CAM 9,494 4,681 28,838 13,675 ACMI Services 6,530 402 19,520 1,419 Segment earnings (loss): CAM $ 17,428 $ 19,034 $ 50,285 $ 49,892 ACMI Services 4,375 (341 ) 17,658 3,574 All other 2,939 3,051 8,848 9,808 Net unallocated interest expense (610 ) (458 ) (2,293 ) (1,098 ) Net gain on financial instruments 91,952 17,895 60,566 28,707 Transaction fees — — (373 ) — Other non-service components of retiree benefit (costs) credits, net (2,351 ) 2,045 (7,053 ) 6,135 Loss from non-consolidated affiliate (2,645 ) (2,647 ) (12,459 ) (7,600 ) Pre-tax earnings from continuing operations $ 111,088 $ 38,579 $ 115,179 $ 89,418 The Company's assets are presented below by segment (in thousands). Cash and cash equivalents are reflected in Assets - All other. September 30, December 31, 2019 2018 Assets: CAM $ 1,810,351 $ 1,577,182 ACMI Services 778,031 759,131 All other 156,451 134,272 Total $ 2,744,833 $ 2,470,585

Summary of Financial Statemen_2

Summary of Financial Statement Preparation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The accompanying unaudited condensed interim consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America and such principles are applied on a basis consistent with the financial statements reflected in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations promulgated by the SEC related to interim financial statements. In the opinion of management, the accompanying financial statements contain all adjustments, including normal recurring adjustments, necessary for the fair presentation of the Company’s results of operations and financial position for the periods presented. Due to seasonal fluctuations, among other factors common to the air cargo industry, the results of operations for the periods presented are not necessarily indicative of the results of operations to be expected for the entire year or any interim period. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements. The accounting estimates reflect the best judgment of management, but actual results could differ materially from those estimates. The accompanying condensed consolidated financial statements include the accounts of Air Transport Services Group, Inc. and its wholly-owned subsidiaries. Investments in affiliates in which the Company has significant influence but does not exercise control are accounted for using the equity method of accounting. Under the equity method, the Company’s share of the nonconsolidated affiliate's income or loss is recognized in the consolidated statement of earnings and cumulative post-acquisition changes in the investment are adjusted against the carrying amount of the investment. Investments in affiliates in which the Company does not exercise control or have significant influence are reflected at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Inter-company balances and transactions are eliminated. On November 9, 2018, the Company acquired OAI, a passenger airline, along with related entities Advanced Flight Services, LLC; Omni Aviation Leasing, LLC; and T7 Aviation Leasing, LLC (referred to collectively herein as "Omni"). OAI is a leading provider of contracted passenger airlift for the U.S. Department of Defense ("DoD") via the Civil Reserve Air Fleet ("CRAF") program, and a provider of full-service passenger charter and ACMI services. OAI carries passengers worldwide for a variety of private sector customers and other government services agencies. Revenues and operating expenses include the activities of Omni for periods since their acquisition by the Company on November 9, 2018. On February 1, 2019, the Company acquired a group of companies that had been under common control, including TriFactor Solutions, LLC, (referred to as "Trifactor"). Trifactor resells material handling equipment and provides engineering design solutions for warehousing, retail distribution and e-commerce operations. Revenues and operating expenses include the activities of TriFactor for periods since its acquisition by the Company. The acquisition of TriFactor did not have a significant impact on the Company's financial statements or results of operations.
New Accounting Pronouncements	Accounting Standards Updates Effective January 1, 2018, the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” ("Topic 606”) which superseded previous revenue recognition guidance. Topic 606 is a comprehensive revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The Company's lease revenues within the scope of Accounting Standards Codification 840, Leases, ("Topic 840") are specifically excluded from Topic 606. Under Topic 606, the Company is required to record revenue over time, instead of at the time of completion, for certain customer contracts for airframe and modification services that do not have an alternative use and for which the Company has an enforceable right to payment during the service cycle. The Company adopted the provisions of this new standard using the modified retrospective method which requires the Company to record a one-time adjustment to retained deficit for the cumulative effect that the standard has on open contracts at the time of adoption. In conjunction with the adoption of the new standard, the Company accelerated $3.6 million of revenue resulting in an immaterial adjustment to its January 1, 2018 retained deficit for open airframe and modification services contracts. Effective January 1, 2019 the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update No. 2016-02, “Leases (Topic 842)” which superseded previous lease guidance ASC 840, Leases. Topic 842 is a new lease model that requires a company to recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet. The Company adopted the standard using the modified retrospective approach that does not require the restatement of prior year financial statements. The adoption of Topic 842 did not have a material impact on the Company’s consolidated statement of operations and consolidated statement of cash flows. The adoption of Topic 842 resulted in the recognition of ROU assets and corresponding lease liabilities as of January 1, 2019 in the amount of $52.6 million for leases classified as operating leases. Topic 842 also applies to the Company's aircraft lease revenues, however, the adoption of Topic 842 did not have a significant impact on the Company's accounting for its customer lease agreements. The Company adopted the package of practical expedients and transition provisions available for expired or existing contracts, which allowed the Company to carryforward its historical assessments of 1) whether contracts are or contain leases, 2) lease classification and 3) initial direct costs. Additionally, for real estate leases, the Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of leases as a single lease component. The Company also elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. Further, the Company elected the short-term lease exception policy, permitting it to exclude the recognition requirements for leases with terms of 12 months or less. See Note H for additional information about leases. In February 2018, the FASB issued ASU No. 2018-02 “Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income" ("ASU 2018-02"). ASU 2018-02 amends ASC 220, Income Statement - Reporting Comprehensive Income, to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. federal tax legislation known as the Tax Cuts and Jobs Act. ASU 2018-02 is effective for years beginning after December 15, 2018 and interim periods within those fiscal years. The Company elected to retain stranded tax effects in accumulated other comprehensive income. In June 2018, the FASB issued ASU No. 2018-07 “Improvements to Non-employee Share-based Payment Accounting" ("ASU 2018-07"). ASU 2018-07 amends ASC 718, "Compensation - Stock Compensation" ("ASC 718"), with the intent of simplifying the accounting for share-based payments granted to non-employees for goods and services and aligning the accounting for share-based payments granted to non-employees with the accounting for share-based payments granted to employees. The Company adopted ASU 2018-07 on January 1, 2019 using the modified retrospective approach as required. ASU 2018-07 replaced ASC 505-50, "Equity-Based Payments to Non-employees" ("ASC 505-50") which was previously applied by the Company for warrants granted to Amazon.com, Inc. ("Amazon") as customer incentives. As a result of ASU 2018-07, the Company applied accounting guidance for financial instruments to the unvested warrants conditionally granted to Amazon in conjunction with an investment agreement reached with Amazon on December 22, 2018. Applying ASU 2018-07 as of January 1, 2019, through the modified retrospective approach, resulted in the recognition of $176.9 million for unvested warrant liabilities, $100.1 million for customer incentive assets and cumulative-effect adjustments of $71.4 million to reduce retained earnings for customer incentives that were not probable of being realized.

Summary of Financial Statemen_3

Summary of Financial Statement Preparation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property, Plant and Equipment	Property and equipment, to be held and used, is summarized as follows (in thousands): September 30, December 31, Flight equipment $ 2,465,193 $ 2,340,840 Ground equipment 59,291 57,455 Leasehold improvements, facilities and office equipment 32,207 28,745 Aircraft modifications and projects in progress 244,614 74,449 2,801,305 2,501,489 Accumulated depreciation (1,093,973 ) (946,484 ) Property and equipment, net $ 1,707,332 $ 1,555,005

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2019
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Lease Incentive Intangible [Table Text Block]	The Company's incentives granted to customers were as follows (in thousands): Customer Incentive Carrying value as of December 31, 2018 $ 63,780 Warrants granted 100,076 Amortization (12,585 ) Carrying value as of September 30, 2019 $ 151,271
Schedule of Goodwill	The changes in the carrying amount of goodwill, by operating segment, are as follows: CAM ACMI Services All Other Total Carrying value as of December 31, 2018 $ 153,290 $ 234,571 $ 2,884 $ 390,745 Acquisition of TriFactor — — 5,229 5,229 Carrying value as of September 30, 2019 $ 153,290 $ 234,571 $ 8,113 $ 395,974
Schedule Intangible Assets by Major Class	Changes in the carrying amount of acquired intangible assets are as follows (in thousands): Airline Amortizing Certificates Intangibles Total Carrying value as of December 31, 2018 $ 9,000 $ 135,614 $ 144,614 Amortization — (8,576 ) (8,576 ) Right of use asset — (1,500 ) (1,500 ) Carrying value as of September 30, 2019 $ 9,000 $ 125,538 $ 134,538
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block]	Combined results for Air Transport Services Group and Omni for the three and nine month periods ended September 30, 2018 were adjusted for the following in order to create the unaudited pro forma results in the table: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Pro forma revenues $ 328,412 $ 962,069 Pro forma net earnings from continuing operations 32,144 86,273

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 Fair Value Measurement Using Total Level 1 Level 2 Level 3 Assets Cash equivalents—money market $ — $ 11,656 $ — $ 11,656 Interest rate swap — 133 — 133 Total Assets $ — $ 11,789 $ — $ 11,789 Liabilities Interest rate swap $ — $ (10,392 ) $ — $ (10,392 ) Stock warrant obligations — (281,098 ) (26,976 ) (308,074 ) Total Liabilities $ — $ (291,490 ) $ (26,976 ) $ (318,466 ) As of December 31, 2018 Fair Value Measurement Using Total Level 1 Level 2 Level 3 Assets Cash equivalents—money market $ — $ 17,986 $ — $ 17,986 Interest rate swap — 2,971 — 2,971 Total Assets $ — $ 20,957 $ — $ 20,957 Liabilities Interest rate swap $ — $ (1,138 ) $ — $ (1,138 ) Stock warrant obligation — (203,782 ) — (203,782 ) Total Liabilities $ — $ (204,920 ) $ — $ (204,920 )

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment, to be held and used, is summarized as follows (in thousands): September 30, December 31, Flight equipment $ 2,465,193 $ 2,340,840 Ground equipment 59,291 57,455 Leasehold improvements, facilities and office equipment 32,207 28,745 Aircraft modifications and projects in progress 244,614 74,449 2,801,305 2,501,489 Accumulated depreciation (1,093,973 ) (946,484 ) Property and equipment, net $ 1,707,332 $ 1,555,005

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Convertible Debt [Table Text Block]	The carrying value of the Company's Convertible debt is shown below. September 30, December 31, 2019 2018 Principal value, Convertible Senior Notes, due 2024 258,750 258,750 Unamortized issuance costs (5,101 ) (5,799 ) Unamortized discount (42,371 ) (48,105 ) Convertible debt 211,278 204,846
Schedule of Long-term Debt Instruments	Debt obligations consisted of the following (in thousands): September 30, December 31, 2019 2018 Unsubordinated term loans $ 698,418 $ 721,406 Revolving credit facility 530,000 475,000 Convertible debt 211,278 204,846 Other financing arrangements 11,841 — Total debt obligations 1,451,537 1,401,252 Less: current portion (43,451 ) (29,654 ) Total long term obligations, net $ 1,408,086 $ 1,371,598

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	As of December 31, 2018, the cash flows of operating leases over the next five years were as follows (in thousands): Operating Leases 2019 $ 16,674 2020 14,586 2021 11,875 2022 5,906 2023 3,813 2024 and beyond 2,001 Total minimum lease payments $ 54,855 As of September 30, 2019 , the maturities of operating leases liabilities are as follows (in thousands): Operating Leases Remaining 2019 $ 4,668 2020 15,706 2021 12,475 2022 8,883 2023 7,563 2024 and beyond 10,053 Total 59,348 Less: amount representing interest (6,013 ) Present value of future minimum lease payments 53,335 Less: current obligations under leases 14,794 Long-term lease obligations $ 38,541
Schedules of Concentration of Risk, by Risk Factor	As of September 30, 2019 , the flight crewmember employees of ABX, ATI and OAI and flight attendant employees of ATI and OAI were represented by the labor unions listed below: Airline Labor Agreement Unit Percentage of the Company’s Employees ABX International Brotherhood of Teamsters 5.7% ATI Air Line Pilots Association 8.2% OAI International Brotherhood of Teamsters 7.0% ATI Association of Flight Attendants 0.9% OAI Association of Flight Attendants 7.2%

Pension and Other Post-Retire_2

Pension and Other Post-Retirement Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The Company's net periodic benefit costs for its defined benefit pension plans and post-retirement healthcare plans for both continuing and discontinued operations are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Pension Plans Post-Retirement Healthcare Plan Pension Plans Post-Retirement Healthcare Plan 2019 2018 2019 2018 2019 2018 2019 2018 Service cost $ — $ — $ 27 $ 30 $ — $ — $ 81 $ 90 Interest cost 7,825 7,284 37 32 23,474 21,852 111 96 Expected return on plan assets (9,477 ) (10,523 ) — — (28,431 ) (31,569 ) — — Amortization of net loss 3,882 887 43 55 11,646 2,661 129 165 Net periodic benefit cost (income) $ 2,230 $ (2,352 ) $ 107 $ 117 $ 6,689 $ (7,056 ) $ 321 $ 351

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
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): September 30, 2019 December 31, 2018 Expiration Date Stated Interest Rate Notional Amount Market Value (Liability) Notional Amount Market Value (Liability) May 5, 2021 1.090 % 22,500 133 28,125 650 May 30, 2021 1.703 % 22,500 (40 ) 28,125 366 December 31, 2021 2.706 % 147,188 (3,934 ) 150,000 (1,138 ) March 31, 2022 1.900 % 50,000 (578 ) 50,000 829 March 31, 2022 1.950 % 75,000 (963 ) 75,000 1,126 March 31, 2023 2.425 % 149,063 (4,877 ) — —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2019
Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (loss) includes the following items by components for the three and nine month periods ending September 30, 2019 and 2018 (in thousands): Defined Benefit Pension Defined Benefit Post-Retirement Foreign Currency Translation Total Balance as of June 30, 2018 $ (59,201 ) $ (1,013 ) $ (1,487 ) $ (61,701 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment — — 33 33 Amounts reclassified from accumulated other comprehensive income: Actuarial costs (reclassified to salaries, wages and benefits) 887 55 — 942 Income Tax (Expense) or Benefit (200 ) (12 ) (11 ) (223 ) Other comprehensive income (loss), net of tax 687 43 22 752 Balance as of September 30, 2018 $ (58,514 ) $ (970 ) $ (1,465 ) $ (60,949 ) Balance as of January 1, 2018 $ (60,575 ) $ (1,097 ) $ (1,348 ) $ (63,020 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment — — (178 ) (178 ) Amounts reclassified from accumulated other comprehensive income: Actuarial costs (reclassified to salaries, wages and benefits) 2,661 165 — 2,826 Income Tax (Expense) or Benefit (600 ) (38 ) 61 (577 ) Other comprehensive income (loss), net of tax 2,061 127 (117 ) 2,071 Balance as of September 30, 2018 $ (58,514 ) $ (970 ) $ (1,465 ) $ (60,949 ) Defined Benefit Pension Defined Benefit Post-Retirement Foreign Currency Translation Total Balance as of June 30, 2019 $ (82,818 ) $ (772 ) $ (5 ) $ (83,595 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment — — (1 ) (1 ) Amounts reclassified from accumulated other comprehensive income: Actuarial costs (reclassified to salaries, wages and benefits) 3,882 43 — 3,925 Income Tax (Expense) or Benefit (917 ) (10 ) — (927 ) Other comprehensive income (loss), net of tax 2,965 33 (1 ) 2,997 Balance as of September 30, 2019 $ (79,853 ) $ (739 ) $ (6 ) $ (80,598 ) Balance as of January 1, 2019 $ (89,042 ) $ (841 ) $ (1,479 ) $ (91,362 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment — — (12 ) (12 ) Amounts reclassified from accumulated other comprehensive income: Foreign currency loss — — 2,253 2,253 Actuarial costs (reclassified to salaries, wages and benefits) 11,646 129 — 11,775 Income Tax (Expense) or Benefit (2,457 ) (27 ) (768 ) (3,252 ) Other comprehensive income (loss), net of tax 9,189 102 1,473 10,764 Balance as of September 30, 2019 $ (79,853 ) $ (739 ) $ (6 ) $ (80,598 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
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. Nine Months Ended September 30, 2019 September 30, 2018 Number of Awards Weighted average grant-date fair value Number of Awards Weighted average grant-date fair value Outstanding at beginning of period 969,928 $ 15.89 873,849 $ 12.30 Granted 302,596 23.22 207,295 26.50 Converted (164,864 ) 17.48 (96,616 ) 10.89 Expired (7,500 ) 23.78 (500 ) 28.38 Forfeited (6,000 ) 23.73 (2,600 ) 26.76 Outstanding at end of period 1,094,160 $ 17.58 981,428 $ 15.39 Vested 337,060 $ 8.04 326,928 $ 7.18

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings per common share are as follows (in thousands, except per share amounts): Three Months Ending Nine Months Ending September 30, September 30, 2019 2018 2019 2018 Numerator: Earnings (loss) from continuing operations - basic $ 105,085 $ 32,933 $ 101,087 $ 73,079 Gain from stock warrants revaluation, net of tax (91,849 ) (16,801 ) (71,319 ) (24,274 ) Earnings (loss) from continuing operations - diluted $ 13,236 $ 16,132 $ 29,768 $ 48,805 Denominator: Weighted-average shares outstanding for basic earnings per share 58,919 58,739 58,889 58,773 Common equivalent shares: Effect of stock-based compensation awards and warrants 9,799 9,584 10,493 9,856 Weighted-average shares outstanding assuming dilution 68,718 68,323 69,382 68,629 Basic earnings (loss) per share from continuing operations $ 1.78 $ 0.56 $ 1.72 $ 1.24 Diluted earnings (loss) per share from continuing operations $ 0.19 $ 0.24 $ 0.43 $ 0.71

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting Information [Line Items]
Segment Reporting, Additional Information about Entity's Reportable Segments	Additional segment information from continuing operations is presented below (in thousands): Three Months Ending Nine Months Ending September 30, September 30, 2019 2018 2019 2018 Depreciation and amortization expense: CAM $ 39,269 $ 31,590 $ 116,787 $ 91,055 ACMI Services 24,171 10,950 71,131 31,502 All other 709 661 2,134 2,268 Total $ 64,149 $ 43,201 $ 190,052 $ 124,825 Interest expense: CAM 9,494 4,681 28,838 13,675 ACMI Services 6,530 402 19,520 1,419 Segment earnings (loss): CAM $ 17,428 $ 19,034 $ 50,285 $ 49,892 ACMI Services 4,375 (341 ) 17,658 3,574 All other 2,939 3,051 8,848 9,808 Net unallocated interest expense (610 ) (458 ) (2,293 ) (1,098 ) Net gain on financial instruments 91,952 17,895 60,566 28,707 Transaction fees — — (373 ) — Other non-service components of retiree benefit (costs) credits, net (2,351 ) 2,045 (7,053 ) 6,135 Loss from non-consolidated affiliate (2,645 ) (2,647 ) (12,459 ) (7,600 ) Pre-tax earnings from continuing operations $ 111,088 $ 38,579 $ 115,179 $ 89,418
Schedule of Segment Reporting Information, by Segment	Revenue information is presented below (in thousands): Three Months Ending Nine Months Ending September 30, September 30, 2019 2018 2019 2018 Total revenues: CAM $ 71,004 $ 58,786 $ 210,610 $ 165,539 ACMI Services 272,188 116,224 785,082 355,204 All other 87,762 69,477 226,228 206,736 Eliminate inter-segment revenues (64,881 ) (39,568 ) (173,088 ) (115,913 ) Total $ 366,073 $ 204,919 $ 1,048,832 $ 611,566 Customer revenues: CAM $ 42,007 $ 41,366 $ 123,569 $ 115,270 ACMI Services 272,171 116,209 784,993 355,172 All other 51,895 47,344 140,270 141,124 Total $ 366,073 $ 204,919 $ 1,048,832 $ 611,566
Reconciliation of Assets from Segment to Consolidated	The Company's assets are presented below by segment (in thousands). Cash and cash equivalents are reflected in Assets - All other. September 30, December 31, 2019 2018 Assets: CAM $ 1,810,351 $ 1,577,182 ACMI Services 778,031 759,131 All other 156,451 134,272 Total $ 2,744,833 $ 2,470,585
Other Segments [Member]
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment	The Company's external customer revenues from other activities for the three and nine month periods ended September 30, 2019 and 2018 are presented below (in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 2019 2018 2019 2018 Aircraft maintenance, modifications and part sales $ 24,745 $ 27,228 $ 82,029 $ 87,236 Ground services 20,728 19,540 50,441 51,853 Other 6,422 576 7,800 2,035 Total customer revenues $ 51,895 $ 47,344 $ 140,270 $ 141,124

Significant Customers (Details)

Significant Customers (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Concentration Risk [Line Items]
Accounts receivable	$ 135,907		$ 135,907		$ 147,755
Fair Value Adjustment of Warrants	93,400	$ 17,300	72,700	$ 25,000
Warrant liability	$ 308,074		$ 308,074		203,782
DHL [Member] | Revenues from Leases and Contracted Services [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of consolidated revenues	13.00%	27.00%	14.00%	27.00%
DHL [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Accounts receivable	$ 12,000		$ 12,000		13,400
Amazon [Member] | Revenues from Leases and Contracted Services [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of consolidated revenues	26.00%	31.00%	21.00%	29.00%
Amazon [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Accounts receivable	$ 36,600		$ 36,600		29,200
US Military [Member] | Revenues from Services Performed [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of consolidated revenues	34.00%	9.00%	36.00%	10.00%
US Military [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Accounts receivable	$ 41,000		$ 41,000		$ 50,500
Amazon Warrant [Member]
Concentration Risk [Line Items]
Class of Warrant or Right, Outstanding	14,830		14,830
Warrant liability	$ 172,100		$ 172,100
Amazon Warrant C [Member] [Member]
Concentration Risk [Line Items]
Class of Warrant or Right, Outstanding	24,700		24,700
Warrant liability	$ 135,900		$ 135,900

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Schedule of Goodwill) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill, Purchase Accounting Adjustments	$ 5,229
Goodwill [Roll Forward]
Carrying value, beginning balance	395,974	$ 390,745
Carrying value, ending balance	395,974
ACMI Services [Member]
Goodwill [Roll Forward]
Carrying value, beginning balance	234,571	234,571
Carrying value, ending balance	234,571
Other Segments [Member]
Goodwill [Line Items]
Goodwill, Purchase Accounting Adjustments	5,229
Goodwill [Roll Forward]
Carrying value, beginning balance		2,884
CAM [Member]
Goodwill [Roll Forward]
Carrying value, beginning balance	153,290	$ 153,290
Carrying value, ending balance	153,290
MRO Services [Member] [Member]
Goodwill [Roll Forward]
Carrying value, beginning balance	8,113
Carrying value, ending balance	$ 8,113

Goodwill and Other Intangible_3

Goodwill and Other Intangibles (Schedule Intangible Assets) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Finite and Indefinite-lived Intangible Assets by Major Class [Line Items]
Incentive to Lessee		$ 151,271	$ 63,780
Warranted granted adding to lease incentive intangible	$ 100,076
Amortization of Lease Incentives	(12,585)
Finite and Indefinite-lived Intangible Assets [Roll Forward]
Carrying value at beginning of period	135,614
Carrying value at beginning of period	144,614
Amortization expense	(8,576)
Carrying value at end of period	135,614	$ 125,538	$ 135,614
Carrying value at end of period	134,538
lease intangible asset reclass	(1,500)
ACMI Services [Member] | Airline Certificates [Member]
Finite and Indefinite-lived Intangible Assets [Roll Forward]
Carrying value at beginning of period	9,000
Amortization expense	0
Carrying value at end of period	$ 9,000

Goodwill and Other Intangible_4

Goodwill and Other Intangibles Investment in West Atlantic (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Interest in Joint Venture	$ 9,800	$ 8,300
Equity Method Investments	13,300		$ 12,500
Goodwill	$ 395,974		$ 390,745

Goodwill and Other Intangible_5

Goodwill and Other Intangibles Investment A321 (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Payments to Acquire Interest in Joint Venture	$ 9.8	$ 8.3

Goodwill and Other Intangible_6

Goodwill and Other Intangibles Pro Forma Omni Acquisition (Details) - Omni Air [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Business Acquisition, Pro Forma Revenue	$ 328,412	$ 962,069
Business Acquisition, Pro Forma Net Income (Loss)	32,144	86,273
Depreciation	$ 2,600	$ 7,900

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	May 10, 2018	Sep. 25, 2017
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability	$ 308,074	$ 203,782
Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents - money market	11,656	17,986
Derivative Asset	133	2,971
Total Assets	11,789	20,957
Liabilities, Fair Value Disclosure [Abstract]
Interest rate swap		(1,138)
Warrant liability	(308,074)	(203,782)
Total Liabilities	(318,466)	(204,920)
Carrying value, debt	1,451,500	1,401,300
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents - money market	0	0
Derivative Asset	0	0
Total Assets	0	0
Liabilities, Fair Value Disclosure [Abstract]
Interest rate swap	0	0
Warrant liability	0	0
Total Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents - money market	11,656	17,986
Derivative Asset	133	2,971
Convertible note hedge fair value			$ 50,600	$ 56,100
Total Assets	11,789	20,957
Liabilities, Fair Value Disclosure [Abstract]
Interest rate swap	(10,392)	(1,138)
Note conversion obligation fair value			$ 51,300	$ 57,400
Warrant liability	(281,098)	(203,782)
Total Liabilities	(291,490)	(204,920)
Difference between fair value and carrying value, debt	(5,000)	(6,000)
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Cash equivalents - money market	0	0
Derivative Asset	0	0
Total Assets	0	0
Liabilities, Fair Value Disclosure [Abstract]
Interest rate swap	0	0
Warrant liability	(26,976)	0
Total Liabilities	(26,976)	$ 0
Fair Value, Measurements, Recurring [Member] | Total [Member]
Liabilities, Fair Value Disclosure [Abstract]
Interest rate swap	$ (10,392)

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 2,801,305	$ 2,501,489
Accumulated depreciation	(1,093,973)	(946,484)
Property and equipment, net	1,707,332	1,555,005
Flight Equipment [Member]
Property, Plant and Equipment [Line Items]
Operating Leases, Future Minimum Payments Receivable, Current	45,900	142,300
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	2,465,193	2,340,840
Operating Leases, Future Minimum Payments Receivable, in Two Years	169,600	127,100
Operating Leases, Future Minimum Payments Receivable, in Three Years	163,700	124,300
Operating Leases, Future Minimum Payments Receivable, in Four Years	137,500	121,200
Operating Leases, Future Minimum Payments Receivable, in Five Years	94,400	87,100
Ground equipment [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	59,291	57,455
facilities, leasehold improvements and office equipment [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	32,207	28,745
Construction in Progress [Member]
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 244,614	$ 74,449

Property and Equipment (Narrati

Property and Equipment (Narrative) (Details) - Flight Equipment [Member] - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating Leases, Future Minimum Payments Receivable [Abstract]
Minimum future lease payments, Due within next 12 months	$ 45,900	$ 142,300
Minimum future lease payments, Due within next 2 years	169,600	127,100
Minimum future lease payments, Due within next 3 years	163,700	124,300
Minimum future lease payments, Due within next 4 years	137,500	121,200
Minimum future lease payments, Due within next 5 years	94,400	87,100
Operating Leases, Future Minimum Payments Receivable, Thereafter	196,400	119,800
CAM [Member]
Property, Plant and Equipment [Line Items]
Leased aircraft, carrying value	$ 804,800	$ 803,700

Debt Obligations (Schedule of L

Debt Obligations (Schedule of Long Term Obligations) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Nov. 09, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Total long term obligations	$ 1,451,537	$ 1,401,252
Convertible Debt	211,278	204,846
Other Long-term Debt	11,841			$ 0
Less: current portion	(43,451)	(29,654)
Total long term obligations, net	$ 1,408,086	1,371,598
Senior Notes 2nd Term Loan [Member]
Debt Instrument [Line Items]
Total long term obligations			$ 675,000
Unsubordinated term loan and Revolving credit facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral, Coverage Percentage	102.00%
Unsubordinated term loan [Member]
Debt Instrument [Line Items]
Total long term obligations	$ 698,418	721,406
Revolving credit facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Accordion Feature Amount			300,000
Total long term obligations	$ 530,000	$ 475,000
line of credit, increase in maximum borrowing capacity			$ 500,000

Debt Obligations (Schedule of_2

Debt Obligations (Schedule of Long Term Debt Maturities) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Long-term Debt, Fiscal Year Maturity [Abstract]
Total long term obligations	$ 1,451,537	$ 1,401,252

Debt Obligations (Narrative) (D

Debt Obligations (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2017	Dec. 31, 2018	Nov. 09, 2018	May 10, 2018	Sep. 25, 2017
Debt Instrument [Line Items]
Long term obligations	$ 1,451,537		$ 1,401,252
Debt Issuance Costs, Line of Credit Arrangements, Net	8,900		9,800
Convertible Debt	$ 211,278		204,846
Senior Notes 2nd Term Loan [Member]
Debt Instrument [Line Items]
Long term obligations				$ 675,000
Variable interest rate	4.30%
Unsubordinated term loan and Revolving credit facility [Member]
Debt Instrument [Line Items]
Collateral coverage percentage	102.00%
Maximum amount of common stock authorized for repurchase	$ 100,000
Unsubordinated term loan [Member]
Debt Instrument [Line Items]
Long term obligations	$ 698,418		721,406
Variable interest rate	4.30%
Revolving credit facility [Member]
Debt Instrument [Line Items]
Long term obligations	$ 530,000		475,000
Accordion feature amount				$ 300,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 645,000
Variable interest rate	4.30%
Credit facility, revolving credit loan, remaining borrowing capacity	$ 100,800
Letters of credit outstanding	$ 14,200
Minimum [Member] | Unsubordinated term loan and Revolving credit facility [Member]
Debt Instrument [Line Items]
Collateral coverage percentage	50.00%
Convertible Debt [Member]
Debt Instrument [Line Items]
Convertible Debt	$ 258,750		258,750			$ 258,800
Debt Conversion, Converted Instrument, Rate	1.125%
Debt Instrument, Interest Rate, Effective Percentage	5.15%
Proceeds from Convertible Debt		$ 252,300
Convertible note hedge shares						8,100
Warrants and Rights Outstanding	$ 38,500
Unamortized Debt Issuance Expense	(5,101)		(5,799)
Debt Instrument, Unamortized Discount	$ (42,371)		$ (48,105)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Debt Instrument [Line Items]
Note conversion obligation fair value					$ (51,300)	$ (57,400)
Convertible note hedge fair value					$ 50,600	$ 56,100

Commitments and Contingencies_2

Commitments and Contingencies (Operating Lease Payments) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating Leased Assets [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months		$ 16,674
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2017	$ 4,668
2018	15,706
2019	12,475
2020	8,883
2021	7,563
2022 and beyond	10,053
Total minimum lease payments	53,335	54,855
Lessee, Operating Lease, Liability, Payments, Due	59,348
lessee, operating lease, interest due	(6,013)
Operating Leases, Future Minimum Payments Due, Next Twelve Months	14,794	0
Operating Lease, Liability, Noncurrent	$ 38,541	0
Operating Leases, Future Minimum Payments, Due in Two Years		14,586
Operating Leases, Future Minimum Payments, Due in Three Years		11,875
Operating Leases, Future Minimum Payments, Due in Four Years		5,906
Operating Leases, Future Minimum Payments, Due in Five Years		3,813
Operating Leases, Future Minimum Payments, Due Thereafter		$ 2,001

Commitments and Contingencies_3

Commitments and Contingencies (Commitments) (Details) $ in Millions	Sep. 30, 2019USD ($)
Long-term Purchase Commitment [Line Items]
aircraft purchase deposit	$ 25.8

Commitments and Contingencies_4

Commitments and Contingencies (Labor Unions) (Details) - Workforce Subject to Collective Bargaining Arrangements [Member] - Labor Unions [Member]	9 Months Ended
	Sep. 30, 2019
ABX [Member]
Concentration Risk [Line Items]
Percentage of the Company's Employees	5.70%
ATI [Member]
Concentration Risk [Line Items]
Percentage of the Company's Employees	8.20%
Omni Air International [Member]
Concentration Risk [Line Items]
Percentage of the Company's Employees	7.00%
Air Transport International, Flight Attendants [Member]
Concentration Risk [Line Items]
Percentage of the Company's Employees	0.90%
Omni Air International, Flight Attendants [Member] [Member]
Concentration Risk [Line Items]
Percentage of the Company's Employees	7.20%

Pension and Other Post-Retire_3

Pension and Other Post-Retirement Benefit Plans (Funded Status) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Pension Plans [Member]
Change in benefit obligation [Roll Forward]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	7,825	7,284	23,474	21,852
Change in plan assets [Roll Forward]
Employer contributions			5,400
Post-Retirement Healthcare Plans [Member]
Change in benefit obligation [Roll Forward]
Service cost	27	30	81	90
Interest cost	$ 37	$ 32	$ 111	$ 96

Pension and Other Post-Retire_4

Pension and Other Post-Retirement Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Pension Plans [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	7,825	7,284	23,474	21,852
Expected return on plan assets	(9,477)	(10,523)	(28,431)	(31,569)
Amortization of net loss	3,882	887	11,646	2,661
Net periodic benefit cost (income)	2,230	(2,352)	6,689	(7,056)
Post-Retirement Healthcare Plans [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	27	30	81	90
Interest cost	37	32	111	96
Expected return on plan assets	0	0	0	0
Amortization of net loss	43	55	129	165
Net periodic benefit cost (income)	$ 107	$ 117	$ 321	$ 351

Pension and Other Post-Retire_5

Pension and Other Post-Retirement Benefit Plans (Cash Flows) (Details) - Pension Plans [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 5,400
Estimated future employer contributions	$ 2,700

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Line Items]
Projected annual effective income tax rate reconciliation, percent	27.00%
Effective Income Tax Rate Reconciliation, Percent	(12.00%)

Income Taxes (Income Tax Provis

Income Taxes (Income Tax Provision (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Deferred taxes:
Total income tax expense from continuing operations	$ 5,646	$ (14,092)	$ (16,339)

Income Taxes (Tax Rate Reconcil

Income Taxes (Tax Rate Reconciliation) (Details)	9 Months Ended
	Sep. 30, 2019
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Effective income tax rate	(12.00%)

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Jun. 28, 2019	Sep. 25, 2017
Derivative [Line Items]
Pre-tax (charge) on derivative instruments	$ 91,952	$ 17,895	$ 60,566	$ 28,707
Net (gain) loss on financial instruments	$ 1,400	$ (600)	$ 12,100	$ (3,700)
gain/loss convertible debt hedge asset and note obligation valuation					$ (200)
June 30, 2017 [Member] [Member] | Swap [Member]
Derivative [Line Items]
Stated Interest Rate	2.706%		2.706%
Market Value (Liability)	$ (3,934)		$ (3,934)		(1,138)
Derivative Liability, Notional Amount	$ 147,188		$ 147,188		150,000
May 5, 2021 [Member] [Member] [Member] | Swap [Member]
Derivative [Line Items]
Stated Interest Rate	1.09%		1.09%
Market Value (Liability)	$ (133)		$ (133)		(650)
Derivative Liability, Notional Amount	$ 22,500		$ 22,500		28,125
May 30, 2021 [Member] | Swap [Member]
Derivative [Line Items]
Stated Interest Rate	1.703%		1.703%
Market Value (Liability)	$ 40		$ 40		(366)
Derivative Liability, Notional Amount	$ 22,500		$ 22,500		28,125
March 31, 2022 One [Member] [Member] | Swap [Member]
Derivative [Line Items]
Stated Interest Rate	1.90%		1.90%
Market Value (Liability)	$ 578		$ 578		(829)
Derivative Liability, Notional Amount	$ 50,000		$ 50,000		50,000
March 31, 2022 Two [Member] [Member] [Member] | Swap [Member]
Derivative [Line Items]
Stated Interest Rate	1.95%		1.95%
Market Value (Liability)	$ 963		$ 963		(1,126)
Derivative Liability, Notional Amount	$ 75,000		$ 75,000		75,000
March 31, 2023 [Member] | Swap [Member]
Derivative [Line Items]
Stated Interest Rate	2.425%		2.425%
Market Value (Liability)	$ 4,877		$ 4,877		0
Derivative Liability, Notional Amount	$ 149,063		$ 149,063		$ 0	$ 150,000
Convertible Debt [Member]
Derivative [Line Items]
Convertible note hedge shares							8,100

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Schedule of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (6)	$ (1,465)	$ (6)	$ (1,465)	$ (5)	$ (1,479)	$ (1,487)	$ (1,348)
Accumulated other comprehensive income (loss), beginning balance	(83,595)	(61,701)	(91,362)	(63,020)
Other comprehensive income (loss) before reclassifications:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax	(1)	33	(12)	(178)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax			2,253
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	0	(11)	(768)	61
Amounts reclassified from accumulated other comprehensive income:
Actuarial costs (reclassified to salaries, wages and benefits)	3,925	942	11,775	2,826
Income Tax (Expense) or Benefit	(927)	(223)	(3,252)	(577)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(1)	22	1,473	(117)
Accumulated other comprehensive income (loss), ending balance	(80,598)	(60,949)	(80,598)	(60,949)
Total comprehensive income (loss)	108,325	33,855	112,156	75,686
Pension Plans [Member]
Schedule of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive income (loss), beginning balance	(82,818)	(59,201)	(89,042)	(60,575)
Amounts reclassified from accumulated other comprehensive income:
Actuarial costs (reclassified to salaries, wages and benefits)	3,882	887	11,646	2,661
Income Tax (Expense) or Benefit	(917)	(200)	(2,457)	(600)
Other comprehensive income (loss), net of tax	2,965	687	9,189	2,061
Accumulated other comprehensive income (loss), ending balance	(79,853)	(58,514)	(79,853)	(58,514)
Post-Retirement Plans [Member]
Schedule of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive income (loss), beginning balance	(772)	(1,013)	(841)	(1,097)
Amounts reclassified from accumulated other comprehensive income:
Actuarial costs (reclassified to salaries, wages and benefits)	43	55	129	165
Income Tax (Expense) or Benefit	(10)	(12)	(27)	(38)
Other comprehensive income (loss), net of tax	33	43	102	127
Accumulated other comprehensive income (loss), ending balance	$ (739)	$ (970)	$ (739)	$ (970)

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
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)	969,928	873,849	873,849
Granted (in shares)	302,596	207,295
Converted (in shares)	(164,864)	(96,616)
Expired (in shares)	(7,500)	(500)
Forfeited (in shares)	(6,000)	(2,600)
Outstanding at end of period (in shares)	1,094,160	981,428	969,928	873,849
Vested (in shares)	337,060	326,928
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)	$ 15.89	$ 12.30	$ 12.30
Granted, Weighted average grant-date fair value (in dollars per share)	23.22	26.50
Converted, Weighted average grant-date fair value (in dollars per share)	17.48	10.89
Expired, Weighted average grant-date fair value (in dollars per share)	23.78	28.38
Forfeited, Weighted average grant-date fair value (in dollars per share)	23.73	26.76
Outstanding at end of period, Weighted average grant-date fair value (in dollars per share)	17.58	15.39	$ 15.89	$ 12.30
Vested (in dollars per share)	$ 8.04	$ 7.18
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Share-based compensation expense	$ 5.3	$ 3.6
Unrecognized share-based compensation expense	$ 8.4
Unrecognized share-based compensation, weighted average recognition period	1 year 3 months 18 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	3 years
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	2.50%
Expected volatility rate	35.60%
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)	$ 24.75
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)	$ 22.80
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)	1,329,135
Director [Member] | Time-Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Vested (in shares)	337,060
Director [Member] | Time-Based Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	12 months

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share Reconciliation [Abstract]
Earnings from continuing operations	$ 105,085	$ 32,933	$ 101,087	$ 73,079
fair value adjustment to warrants, net of tax	(91,849)	(16,801)	(71,319)	(24,274)
Undistributed Earnings (Loss) from Continuing Operations Available to Common Shareholders, Diluted	$ 13,236	$ 16,132	$ 29,768	$ 48,805
Weighted-average shares outstanding for basic earnings per share (in shares)	58,919	58,739	58,889	58,773
Common equivalent shares:
Effect of stock-based compensation awards (in shares)	9,799	9,584	10,493	9,856
Weighted-average shares outstanding assuming dilution (in shares)	68,718	68,323	69,382	68,629
Basic earnings per share from continuing operations (in dollars per share)	$ 1.78	$ 0.56	$ 1.72	$ 1.24
Diluted earnings per share from continuing operations (in dollars per share)	$ 0.19	$ 0.24	$ 0.43	$ 0.71
Amazon Warrant AB [Member]
Earnings Per Share Reconciliation [Abstract]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	39,500	14,800	39,500	14,800

Segment Information (Segment Re

Segment Information (Segment Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Operating Expenses	$ 325,307	$ 178,092	$ 924,056	$ 533,198
REVENUES	366,073	204,919	1,048,832	611,566
Customer revenues	366,073	204,919	1,048,832	611,566
Depreciation and amortization expense	64,149	43,201	190,052	124,825
Net unallocated interest expense	(16,712)	(5,608)	50,906	16,336
Net gain on financial instruments	91,952	17,895	60,566	28,707
Non-operating charges from a non-consolidating affiliate			(12,458)	(7,600)
Pre-tax earnings from continuing operations	111,088	38,579	115,179	89,418
Assets	2,744,833		2,744,833		$ 2,470,585
Income Tax Expense (Benefit)		5,646	(14,092)	(16,339)
Business Combination, Acquisition Related Costs	0	0	(373)	0
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	(2,351)	2,045	(7,053)	6,135
Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	366,073	204,919	1,048,832	611,566
Customer revenues	366,073	204,919	1,048,832	611,566
Ground Services [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	20,728	19,540	50,441	51,853
Customer revenues	20,728	19,540	50,441	51,853
All Other non MRO or Ground Services [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	6,422	576	7,800	2,035
Customer revenues	6,422	576	7,800	2,035
CAM [Member]
Segment Reporting Information [Line Items]
REVENUES	71,004	58,786	210,610	165,539
Customer revenues	71,004	58,786	210,610	165,539
Depreciation and amortization expense	39,269	31,590	116,787	91,055
Segment earnings (loss)	17,428	19,034	50,285	49,892
Net unallocated interest expense	(9,494)	(4,681)	(28,838)	(13,675)
Assets	1,810,351		1,810,351		1,577,182
CAM [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES		41,366	123,569	115,270
Customer revenues		41,366	123,569	115,270
ACMI Services [Member]
Segment Reporting Information [Line Items]
REVENUES	272,188	116,224	785,082	355,204
Customer revenues	272,188	116,224	785,082	355,204
Depreciation and amortization expense	24,171	10,950	71,131	31,502
Segment earnings (loss)	4,375	(341)	17,658	3,574
Net unallocated interest expense	(6,530)	(402)	(19,520)	(1,419)
Assets	778,031		778,031		759,131
ACMI Services [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES		116,209	784,993	355,172
Customer revenues		116,209	784,993	355,172
Ground Services [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	24,745	27,228	82,029	87,236
Customer revenues	24,745	27,228	82,029	87,236
All other [Member]
Segment Reporting Information [Line Items]
REVENUES	87,762	69,477	226,228	206,736
Customer revenues	87,762	69,477	226,228	206,736
Depreciation and amortization expense	709	661	2,134	2,268
Segment earnings (loss)	2,939	3,051	8,848	9,808
Assets	156,451		156,451		$ 134,272
All other [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	51,895	47,344	140,270	141,124
Customer revenues	51,895	47,344	140,270	141,124
Significant Reconciling Items [Member]
Segment Reporting Information [Line Items]
Net unallocated interest expense	(610)	(458)	(2,293)	(1,098)
Non-operating charges from a non-consolidating affiliate	2,645	2,647	12,459	7,600
Eliminate inter-segment revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	(64,881)	(39,568)	(173,088)	(115,913)
Customer revenues	(64,881)	$ (39,568)	$ (173,088)	$ (115,913)
Accounting Standards Update 2014-09 [Member]
Segment Reporting Information [Line Items]
Income Tax Expense (Benefit)	(6,003)
Accounting Standards Update 2014-09 [Member] | CAM [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	42,007
Customer revenues	42,007
Accounting Standards Update 2014-09 [Member] | ACMI Services [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	272,171
Customer revenues	272,171
Accounting Standards Update 2014-09 [Member] | All other [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	51,895
Customer revenues	$ 51,895

Segment Information (Narrative)

Segment Information (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segments	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
REVENUES	$ 366,073	$ 204,919	$ 1,048,832	$ 611,566
Deferred Revenue, Revenue Recognized	500	4,800	2,800	8,800
Deferred Revenue	2,900		$ 2,900		$ 3,100
Number of reportable segments (in segments) | segments			2
Interest expense	16,712	5,608	$ (50,906)	(16,336)
Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	366,073	204,919	1,048,832	611,566
ACMI Services [Member]
Segment Reporting Information [Line Items]
REVENUES	272,188	116,224	785,082	355,204
Interest expense	6,530	402	19,520	1,419
ACMI Services [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES		116,209	784,993	355,172
CAM [Member]
Segment Reporting Information [Line Items]
REVENUES	71,004	58,786	210,610	165,539
Interest expense	9,494	4,681	28,838	13,675
CAM [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES		41,366	123,569	115,270
Ground Services [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	20,728	19,540	50,441	51,853
MRO Services [Member] [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
REVENUES	24,745	$ 27,228	82,029	$ 87,236
Flight Equipment [Member]
Segment Reporting Information [Line Items]
Operating Leases, Future Minimum Payments Receivable, Current	45,900		45,900		142,300
Operating Leases, Future Minimum Payments Receivable, in Two Years	169,600		169,600		127,100
Operating Leases, Future Minimum Payments Receivable, in Three Years	163,700		163,700		124,300
Operating Leases, Future Minimum Payments Receivable, in Four Years	137,500		137,500		121,200
Operating Leases, Future Minimum Payments Receivable, in Five Years	94,400		94,400		87,100
Operating Leases, Future Minimum Payments Receivable, Thereafter	$ 196,400		$ 196,400		$ 119,800

Segment Information (Entity-Wid

Segment Information (Entity-Wide Disclosures) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Interest Expense	$ 16,712	$ 5,608	$ (50,906)	$ (16,336)
Customer revenues	366,073	204,919	1,048,832	611,566
Customer Revenues [Member]
Segment Reporting Information [Line Items]
Customer revenues	366,073	204,919	1,048,832	611,566
CAM [Member]
Segment Reporting Information [Line Items]
Interest Expense	9,494	4,681	28,838	13,675
Customer revenues	71,004	58,786	210,610	165,539
CAM [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
Customer revenues		41,366	123,569	115,270
ACMI Services [Member]
Segment Reporting Information [Line Items]
Interest Expense	6,530	402	19,520	1,419
Customer revenues	272,188	116,224	785,082	355,204
ACMI Services [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
Customer revenues		116,209	784,993	355,172
All other [Member]
Segment Reporting Information [Line Items]
Customer revenues	87,762	69,477	226,228	206,736
All other [Member] | Customer Revenues [Member]
Segment Reporting Information [Line Items]
Customer revenues	$ 51,895	$ 47,344	$ 140,270	$ 141,124

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Fair Value Adjustment of Warrants	$ 93,400	$ 17,300	$ 72,700	$ 25,000
REVENUES	366,073	204,919	1,048,832	611,566
Net earnings from continuing operations	105,085	32,933	101,087	73,079
EARNINGS FROM DISCONTINUED OPERATIONS, NET OF TAXES	$ 243	$ 170	$ 305	$ 536
Weighted average shares:
Basic (in shares)	58,919	58,739	58,889	58,773
Diluted (in shares)	68,718	68,323	69,382	68,629
Earnings (loss) per share from continuing operations
Basic (in dollars per share)	$ 1.78	$ 0.56	$ 1.72	$ 1.24
Diluted (in dollars per share)	$ 0.19	$ 0.24	$ 0.43	$ 0.71
ACMI Services [Member]
REVENUES	$ 272,188	$ 116,224	$ 785,082	$ 355,204

Acquisition of Business (Detail

Acquisition of Business (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Nov. 09, 2018
Business Acquisition [Line Items]
REVENUES	$ 366,073	$ 204,919	$ 1,048,832	$ 611,566
Goodwill	395,974		395,974		$ 390,745
Business Combination, Acquisition Related Costs	0	0	373	0
Long-term Debt	1,451,537		1,451,537		1,401,252
Pro Forma [Member]
Business Acquisition [Line Items]
Depreciation		$ 2,600		$ 7,900
Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Long-term Debt	$ 530,000		$ 530,000		$ 475,000
Line of Credit Facility, Accordion Feature Amount						$ 300,000
Senior Notes 2nd Term Loan [Member]
Business Acquisition [Line Items]
Long-term Debt						$ 675,000