Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000894081 | |
Entity Registrant Name | Air Transport Services Group, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-50368 | |
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 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | ATSG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 65,723,557 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
CURRENT ASSETS: | ||
Cash, cash equivalents and restricted cash | $ 23,181 | $ 53,555 |
Accounts receivable, net of allowance of $1,193 in 2024 and $1,065 in 2023 | 219,946 | 215,581 |
Inventory | 49,847 | 49,939 |
Prepaid supplies and other | 22,386 | 26,626 |
TOTAL CURRENT ASSETS | 315,360 | 345,701 |
Property and equipment, net | 2,866,335 | 2,820,769 |
Customer incentive | 57,049 | 60,961 |
Goodwill and acquired intangibles | 479,874 | 482,427 |
Operating lease assets | 49,140 | 54,060 |
Other assets | 123,979 | 118,172 |
TOTAL ASSETS | 3,891,737 | 3,882,090 |
CURRENT LIABILITIES: | ||
Accounts payable | 249,828 | 227,652 |
Accrued salaries, wages and benefits | 55,271 | 56,650 |
Accrued expenses | 9,786 | 10,784 |
Current portion of debt obligations | 54,768 | 54,710 |
Current portion of lease obligations | 18,947 | 20,167 |
Unearned revenue | 31,075 | 30,226 |
TOTAL CURRENT LIABILITIES | 419,675 | 400,189 |
Long term debt | 1,663,006 | 1,707,572 |
Stock obligations | 1,626 | 1,729 |
Post-retirement obligations | 17,504 | 19,368 |
Long-term lease obligation | 31,250 | 34,990 |
Other liabilities | 89,235 | 64,292 |
Deferred income taxes | 288,016 | 285,248 |
TOTAL LIABILITIES | 2,510,312 | 2,513,388 |
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; 65,702,385 and 65,240,961 shares issued and outstanding in 2024 and 2023, respectively | 657 | 652 |
Additional paid-in capital | 838,402 | 836,270 |
Retained earnings | 597,828 | 589,209 |
Accumulated other comprehensive loss | (55,462) | (57,429) |
TOTAL STOCKHOLDERS’ EQUITY | 1,381,425 | 1,368,702 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 3,891,737 | $ 3,882,090 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, | $ 1,193 | $ 1,065 |
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 |
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued (in shares) | 65,702,385 | 65,240,961 |
Common Stock, Shares, Outstanding (in shares) | 65,702,385 | 65,240,961 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized (in shares) | 75,000 | 75,000 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUES | $ 485,517 | $ 501,095 |
OPERATING EXPENSES | ||
Salaries, wages and benefits | 171,482 | 176,715 |
Depreciation and amortization | 90,380 | 84,728 |
Maintenance, materials and repairs | 49,883 | 43,833 |
Fuel | 63,545 | 66,755 |
Contracted ground and aviation services | 15,706 | 17,788 |
Travel | 30,446 | 29,553 |
Landing and ramp | 4,030 | 4,124 |
Rent | 7,532 | 8,112 |
Insurance | 2,736 | 2,548 |
Other operating expenses | 16,773 | 19,516 |
Costs and Expenses | 452,513 | 453,672 |
OPERATING INCOME | 33,004 | 47,423 |
OTHER INCOME (EXPENSE) | ||
Interest income | 239 | 215 |
Non-service component of retiree benefit costs | (1,085) | (3,218) |
Net gain (loss) on financial instruments | 2,355 | (1,740) |
Loss from non-consolidated affiliate | (79) | (406) |
Interest expense | (21,988) | (15,705) |
Nonoperating Income (Expense) | (20,558) | (20,854) |
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 12,446 | 26,569 |
INCOME TAX EXPENSE | (3,827) | (6,428) |
EARNINGS FROM CONTINUING OPERATIONS | 8,619 | 20,141 |
EARNINGS FROM DISCONTINUED OPERATIONS, NET OF TAXES | 0 | 0 |
NET EARNINGS | $ 8,619 | $ 20,141 |
BASIC EARNINGS PER SHARE | ||
Continuing operations (in dollars per share) | $ 0.13 | $ 0.28 |
Discontinued operations (in dollars per share) | 0 | 0 |
TOTAL BASIC EARNINGS PER SHARE (in dollars per share) | 0.13 | 0.28 |
DILUTED EARNINGS PER SHARE | ||
Continuing operations (in dollars per share) | 0.13 | 0.25 |
Discontinued operations (in dollars per share) | 0 | 0 |
TOTAL DILUTED EARNINGS PER SHARE (in dollars per share) | $ 0.13 | $ 0.25 |
WEIGHTED AVERAGE SHARES | ||
Basic (in shares) | 64,973 | 71,802 |
Diluted (in shares) | 67,235 | 83,057 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
NET EARNINGS | $ 8,619 | $ 20,141 |
OTHER COMPREHENSIVE INCOME: | ||
TOTAL COMPREHENSIVE INCOME, net of tax | 10,586 | 23,846 |
Pension Plan [Member] | ||
OTHER COMPREHENSIVE INCOME: | ||
Defined Benefit Plan | 1,984 | 3,705 |
Other Postretirement Benefits Plan [Member] | ||
OTHER COMPREHENSIVE INCOME: | ||
Defined Benefit Plan | $ (17) | $ 0 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
BALANCE (in shares) at Dec. 31, 2022 | 72,327,758,000 | ||||
Balance as of January 1, 2023 at Dec. 31, 2022 | $ 723 | $ 986,303 | $ 528,882 | $ (103,402) | $ 1,412,506 |
Issuance of common shares, net of withholdings (in shares) | 124,152,000 | ||||
Issuance of common shares, net of withholdings | $ 2 | (1,555) | (1,553) | ||
Forfeited restricted stock (in shares) | (300,000) | ||||
Forfeited restricted stock | $ 0 | 0 | 0 | ||
Purchase of common stock (in shares) | (1,000,000,000) | ||||
Purchase of common stock | $ (10) | (22,127) | (22,137) | ||
Amortization of stock awards and restricted stock | 1,405 | 1,405 | |||
Total comprehensive income | 20,141 | 3,705 | 23,846 | ||
BALANCE (in shares) at Mar. 31, 2023 | 71,451,610,000 | ||||
Balance as of March 31, 2023 at Mar. 31, 2023 | $ 715 | 964,026 | 549,023 | (99,697) | 1,414,067 |
BALANCE (in shares) at Dec. 31, 2023 | 65,240,961 | ||||
Balance as of January 1, 2023 at Dec. 31, 2023 | $ 652 | 836,270 | 589,209 | (57,429) | 1,368,702 |
Issuance of common shares, net of withholdings (in shares) | 38,824 | ||||
Issuance of common shares, net of withholdings | $ 1 | (464) | (463) | ||
Forfeited restricted stock (in shares) | (4,800) | ||||
Forfeited restricted stock | $ 0 | 0 | 0 | ||
Amortization of stock awards and restricted stock | 2,600 | 2,600 | |||
Total comprehensive income | 8,619 | 1,967 | 10,586 | ||
Grant of restricted stock (in shares) | 427,400 | ||||
Grant of restricted stock | $ 4 | (4) | 0 | ||
BALANCE (in shares) at Mar. 31, 2024 | 65,702,385 | ||||
Balance as of March 31, 2023 at Mar. 31, 2024 | $ 657 | $ 838,402 | $ 597,828 | $ (55,462) | $ 1,381,425 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES: | ||
Net earnings from continuing operations | $ 8,619 | $ 20,141 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 94,965 | 90,936 |
Pension and post-retirement | 2,571 | 4,745 |
Deferred income taxes | 2,276 | 4,768 |
Amortization of stock-based compensation | 2,600 | 1,405 |
Loss from non-consolidated affiliates | 79 | 406 |
Net (gain) loss on financial instruments | (2,355) | 1,740 |
Changes in assets and liabilities: | ||
Accounts receivable | (5,704) | 74,500 |
Inventory and prepaid supplies | 924 | (1,361) |
Accounts payable | 1,226 | 13,321 |
Unearned revenue | 518 | 13,361 |
Accrued expenses, salaries, wages, benefits and other liabilities | 23,311 | (4,643) |
Pension and post-retirement balances | (2,437) | (2,452) |
Other | (173) | (489) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 126,420 | 216,378 |
INVESTING ACTIVITIES: | ||
Expenditures for property and equipment | (102,321) | (218,801) |
Proceeds from property and equipment | 895 | 9,860 |
Acquisitions and investments in businesses | (9,800) | (800) |
NET CASH (USED IN) INVESTING ACTIVITIES | (111,226) | (209,741) |
FINANCING ACTIVITIES: | ||
Principal payments on long term obligations | (140,105) | (25,214) |
Proceeds from revolving credit facilities | 95,000 | 105,000 |
Payments for financing costs | 0 | (484) |
Purchase of common stock | 0 | (21,918) |
Withholding taxes paid for conversion of employee stock awards | (463) | (1,553) |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (45,568) | 55,831 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (30,374) | 62,468 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 53,555 | 27,134 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 23,181 | 89,602 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid, net of amount capitalized | 31,622 | 11,652 |
Federal and state income taxes paid | 28 | 60 |
Restricted balance of cash | 11,459 | 1,997 |
SUPPLEMENTAL NON-CASH INFORMATION: | ||
Accrued expenditures for property and equipment | $ 62,653 | $ 68,338 |
Note A - Summary of Financial S
Note A - Summary of Financial Statement Preparation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | SUMMARY OF FINANCIAL STATEMENT PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES Nature of Operations ATSG is a holding company whose subsidiaries lease aircraft and provide contracted airline operations as well as other support services mainly to the air transportation, e-commerce and package delivery industries. The Company's leasing subsidiary, Cargo Aircraft Management, Inc. (“CAM”), leases aircraft to each of the Company's airlines as well as to non-affiliated airlines and other lessees. The Company's 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 a combination of aircraft, crews, maintenance and insurance services for its customers' transportation network through crew, maintenance and insurance ("CMI") agreements and aircraft, crew, maintenance and insurance ("ACMI") agreements and through charter contracts in which aircraft fuel is also included. The Company's subsidiary, LGSTX Services, Inc. ("LGSTX") provides for the management of aircraft ground services. In addition to its aircraft leasing and airline services, the Company offers a range of complementary services to delivery companies, freight forwarders, airlines and government customers. These include aircraft maintenance and modification services, aircraft parts supply, equipment maintenance services and load transfer and package sorting services. 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 GAAP and such principles are applied on a basis consistent with the financial statements reflected in our 2023 10 not The accompanying unaudited condensed consolidated financial statements include the accounts of ATSG and its wholly-owned subsidiaries. Inter-company balances and transactions are eliminated. Investments in affiliates in which the Company has significant influence but does not Accounting Standards Updates In November 2023, No. 2023 07, 280 2024 2025. In December 2023, No. 2023 09, 740 January 1, 2025. |
Note B - Goodwill, Intangibles
Note B - Goodwill, Intangibles and Equity Investments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill, Intangible Assets and Equity Investments [Text Block] | GOODWILL, INTANGIBLES AND EQUITY INVESTMENTS The carrying amounts of goodwill by reportable segment are as follows (in thousands): CAM ACMI Services All Other Total Carrying value as of December 31, 2023 $ 153,290 $ 234,571 $ 8,113 $ 395,974 Carrying value as of March 31, 2024 $ 153,290 $ 234,571 $ 8,113 $ 395,974 The Company's acquired intangible assets are as follows (in thousands): Airline Amortizing Certificates Intangibles Total Carrying value as of December 31, 2023 $ 9,000 $ 77,453 $ 86,453 Amortization — (2,553 ) (2,553 ) Carrying value as of March 31, 2024 $ 9,000 $ 74,900 $ 83,900 The airline certificates have an indefinite life and therefore are not Stock warrants issued to Amazon.com, Inc. (“Amazon”) (see Note C) as an incentive for a subsidiary of Amazon to lease aircraft from the Company are recorded as a lease incentive asset using their fair value at the time that the lessee has met its performance obligations and amortized against revenues over the duration of related aircraft leases. The Company's lease incentive granted to the lessee was as follows (in thousands): Lease Incentive Carrying value as of December 31, 2023 $ 60,961 Amortization (3,912 ) Carrying value as of March 31, 2024 $ 57,049 The Company has a 49% ownership in a joint-venture agreement with Precision Aircraft Solutions, LLC, to develop a passenger-to-freighter conversion program for Airbus A321 200 April 2022, The carrying value of the joint ventures totaled $32.4 million and $22.7 million at March 31, 2024 December 31, 2023 |
Note C - Significant Customers
Note C - Significant Customers | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | SIGNIFICANT CUSTOMERS Three customers each account for a significant portion of the Company's consolidated revenues. The percentage of the Company's revenues for the Company's three three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Customer Percentage of Revenue DoD 28 % 29 % Amazon 34 % 35 % DHL 13 % 14 % The accounts receivable from the Company's three March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Customer Accounts Receivable DoD $ 64,050 $ 56,848 Amazon 83,209 74,509 DHL 9,777 8,040 DoD The Company is a provider of cargo and passenger airlift services to the U.S. Department of Defense ("DoD"). The Company's airlines are eligible to bid for military charter operations for passenger and cargo transportation through contracts awarded by the DoD. The airlines draw from the Company's fleet of Boeing 757 777 767 767 DHL The Company has had long-term contracts with DHL Network Operations (USA), Inc. and its affiliates ("DHL") since August 2003. 767 767 March 31, 2024 14 767 one 767 200 767 300 2025 2031. third 2022, four 767 August 2027. Amazon The Company has been providing freighter aircraft, airline operations and services for cargo handling and logistical support for Amazon.com Services, LLC, ("ASI") a subsidiary of Amazon, since September 2015. March 8, 2016, 767 March 31, 2024 34 767 2024 2031. Amazon Investment Agreement On December 22, 2018, 1 767 300 2 767 200 two 2023 three 3 767 300 three 2026 2027 three 4 five March 2026, three ten 767 300 2020. ten 767 300 20 767 December 20, 2018 ( "2018 2018 May 6, 2024, December 2025 December 2029 3rd On May 29, 2020, "2nd 12 767 300 2nd first second 2020 eleven 2021. 12 ten 2018 May 6, 2024, December 2025 December 2029 3rd Issued and outstanding warrants are summarized below as of March 31, 2024 Common Shares in millions Exercise price Vested Non-Vested Expiration 2018 Investment Agreement $ 21.53 14.8 0.0 December 20, 2025 2018 Investment Agreement $ 20.40 7.0 0.0 December 20, 2025 Prior to May 6, 2024 2018 five January 2026. 30 May 6, 2024 For all outstanding warrants vested, Amazon may The Company resumed repurchases of its own shares during October 2022 19.9% March 8, 2016, August 14, 2023 19.9% As of March 31, 2024 December 31, 2023 2018 three March 31, 2024 2023 Subsequent Event On May 6, 2024, "3rd ten 767 300 ten 767 300 first ten June November 3rd May 6, 2029, may five 3rd 2024 2024 four first three third fourth 2024 seven 3rd 2024 2018 Also on May 6, 2024, 3rd Third Subsequent Warrant first 3 rd tenth 3rd one three four tenth ten first first three third fourth seven 30 Additionally, on May 6, 2024, two December 20, 2018 May 29, 2020, 2018 December 2025 December 2029. The Company's accounting for warrants issued to a customer is determined in accordance with the financial reporting guidance for equity-based payments to non-employees and for financial instruments. Generally, warrants issued to a customer are recorded as an incentive asset using their fair value at the time of issuance if it is probable of vesting at the time of grant. The incentive is amortized against revenues over the duration of related flight operations and leases. The Company's earnings in future periods will be impacted by the re-measurements of warrant fair value, amortizations of the incentive and the related income tax effects. For income tax calculations, the value and timing of related tax deductions may |
Note D - Fair Value Measurement
Note D - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 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 comparable transactions. The fair value of the Company’s money market funds, Convertible Notes (as defined in Note F), convertible note hedges and interest rate swaps are based on observable inputs (Level 2 The fair values of the stock warrant obligations to Amazon resulting from aircraft leased to ASI were determined using a Black-Scholes pricing model which considers various assumptions, including ATSG's common stock price, the volatility of ATSG's common stock, the expected dividend yield, exercise price and the risk-free interest rate (Level 2 3 3 The following table reflects assets and liabilities that are measured at fair value on a recurring basis (in thousands): As of March 31, 2024 Fair Value Measurement Using Level 1 Level 2 Level 3 Total Assets Cash equivalents—money market $ — $ 1,318 $ — $ 1,318 Interest rate swap — 1,723 — 1,723 Total Assets $ — $ 3,041 $ — $ 3,041 Liabilities Sale option — — (1,258 ) (1,258 ) Stock warrant obligations — — (368 ) (368 ) Total Liabilities $ — $ — $ (1,626 ) $ (1,626 ) As of December 31, 2023 Fair Value Measurement Using Level 1 Level 2 Level 3 Total Assets Cash equivalents—money market $ — $ 1,248 $ — $ 1,248 Interest rate swap — — — — Total Assets $ — $ 1,248 $ — $ 1,248 Liabilities Interest rate swap — (529 ) — (529 ) Sale Option — — (1,258 ) (1,258 ) Stock warrant obligations — — (471 ) (471 ) Total Liabilities $ — $ (529 ) $ (1,729 ) $ (2,258 ) 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 March 31, 2024 December 31, 2023 |
Note E - Property and Equipment
Note E - Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 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): March 31, December 31, 2024 2023 Flight equipment $ 4,055,379 $ 3,865,049 Ground equipment 72,653 72,463 Leasehold improvements, facilities and office equipment 43,659 42,120 Aircraft modifications and projects in progress 551,630 638,631 4,723,321 4,618,263 Accumulated depreciation (1,856,986 ) (1,797,494 ) Property and equipment, net $ 2,866,335 $ 2,820,769 CAM owned aircraft with a carrying value of $1,715.4 million and $1,640.9 million that were under lease to external customers as of March 31, 2024 December 31, 2023 |
Note F - Debt Obligations
Note F - Debt Obligations | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | DEBT OBLIGATIONS Debt obligations consisted of the following (in thousands): March 31, 2024 December 31, 2023 Revolving credit facility 685,000 730,000 Senior notes 578,694 578,574 Convertible notes 444,897 444,420 Other financing arrangements 9,183 9,288 Total debt obligations 1,717,774 1,762,282 Less: current portion (54,768 ) (54,710 ) Total long term obligations, net $ 1,663,006 $ 1,707,572 The Company is a party to a syndicated credit agreement (as amended, the "Senior Credit Agreement") which includes the ability to execute term loans and a revolving credit facility. The Senior Credit Agreement includes a revolving credit facility of up to $1 billion, has a maturity date of October 19, 2027, 1.25:1:00 1.00 1.00. SOFR March 31, 2024 March 31, 2024 twelve The Senior Credit Agreement is collateralized by certain of the Company's Boeing 777, 767 757 may may On August 14, 2023 2029 "2023 144A 1933, "1933 2023 February 15 August 15 February 15, 2024. 2023 August 15, 2029, 2023 Conversion of the 2023 December 31, 2023 second $31.2864 $1,000 2023 2023 The Company used a portion of the proceeds from the 2023 2023 2017 “2017 On January 28, 2020, 144A 1933 1933 February 1 August 1 August 1, 2020. February 1, 2028. no April 13, 2021, The balance of the Senior Notes is net of debt issuance costs of $4.0 million and $4.3 million as of March 31, 2024 December 31, 2023 not February 1, 2025. In September 2017, 2024 2017 144A 1933 2017 April 15 October 15 April 15, 2018. 2017 October 15, 2024, 2017 2017 December 31, 2017 second 2017 ATSG has the right to settle the 2017 31.3475 $1,000 2017 In conjunction with the 2017 2017 may 2017 2017 The carrying value of the Company's convertible debt is shown below (in thousands): 2017 Convertible Notes 2023 Convertible Notes Total Convertible Notes Principal Value December 31, 2023 54,225 400,000 454,225 Unamortized issuance cost (110 ) (9,218 ) (9,328 ) Convertible Debt March 31, 2024 54,115 390,782 444,897 In conjunction with the offering of the 2017 On August 14, 2023, 2017 2017 2017 $1.3 March 31, 2024 |
Note G - Derivative Instruments
Note G - Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE INSTRUMENTS The Company maintains derivative instruments for protection from fluctuating interest rates. The table below provides information about the Company’s interest rate swaps (in thousands): March 31, 2024 December 31, 2023 Stated Market Market Interest Notional Value Notional Value Expiration Date Rate Amount (Liability) Amount (Liability) March 31, 2026 3.793 % 50,000 665 50,000 237 March 31, 2026 3.836 % 50,000 700 50,000 189 June 30, 2026 4.257 % 50,000 116 50,000 (525 ) June 30, 2026 4.185 % 50,000 242 50,000 (430 ) The outstanding interest rate swaps are not three March 31, 2024 2023 |
Note H - Commitments and Contin
Note H - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | COMMITMENTS AND CONTINGENCIES Lease Commitments The Company leases property, aircraft, aircraft engines and other types of equipment under operating leases. The Company's airlines operate 16 freighter aircraft provided by customers and five passenger aircraft leased from external companies. Property leases include hangars, warehouses, offices and other space at certain airports with fixed rent payments and lease terms ranging from one nine not not one five The Company records the initial right-to-use asset and lease liability at the present value of lease payments scheduled during the lease term. For the three March 31, 2024 2023 March 31, 2024 December 31, 2023 not March 31, 2024 December 31, 2023 For the three March 31, 2024 2023 March 31, 2024 Operating Leases 2024 $ 16,115 2025 15,659 2026 8,962 2027 4,673 2028 3,526 2029 and beyond 5,730 Total undiscounted cash payments 54,665 Less: amount representing interest (4,468 ) Present value of future minimum lease payments 50,197 Less: current obligations under leases 18,947 Long-term lease obligation $ 31,250 Purchase Commitments The Company has agreements with vendors for the conversion of Boeing 767 300, A321 A330 March 31, 2024 767 300 A321 200 A330 March 31, 2024 767 300 A330 300 2025. March 31, 2024 2024 2026. 2025 2027. Guarantees and Indemnifications Certain leases and agreements of the Company contain guarantees and indemnification obligations to the lessor, or one may 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 Employees Under Collective Bargaining Agreements As of March 31, 2024 Percentage of the Company’s Airline Labor Agreement Unit Employees ABX International Brotherhood of Teamsters 5.1 % ATI Air Line Pilots Association 11.7 % OAI International Brotherhood of Teamsters 6.4 % ATI Association of Flight Attendants 0.8 % OAI Association of Flight Attendants 6.6 % In addition, OAI has less than 20 |
Note I - Pension and Other Post
Note I - Pension and Other Post-retirement Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 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 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 65 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 obligations. 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 ABX’s net periodic benefit costs for its defined benefit pension plans and post-retirement healthcare plans for the three March 31, 2024 2023 Three Months Ended March 31, Pension Plans Post-Retirement Healthcare Plan 2024 2023 2024 2023 Service cost $ — $ — $ 5 $ 13 Interest cost 6,614 8,631 23 33 Expected return on plan assets (8,122 ) (10,192 ) — — Amortization of net loss 2,594 4,745 (23 ) — Net periodic benefit cost (income) $ 1,086 $ 3,184 $ 5 $ 46 During the three March 31, 2024 2024. |
Note J - Income Taxes
Note J - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 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 March 31, 2024 As a result of these differences in which expenses and benefits for tax purposes are different than required by GAAP, the Company's effective tax rate for the three March 31, 2024 2024 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, cash payments for income taxes will be limited through 2025. |
Note K - Accumulated Other Comp
Note K - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) includes the following items by components for the three March 31, 2024 2023 Defined Benefit Defined Benefit Foreign Currency Pension Post-Retirement Translation Total Balance as of January 1, 2023 $ (103,418 ) $ 36 $ (20 ) $ (103,402 ) Amounts reclassified from accumulated other comprehensive income: Actuarial costs (reclassified to salaries, wages and benefits) 4,745 — — 4,745 Income Tax (Expense) or Benefit (1,040 ) — — (1,040 ) Other comprehensive income (loss), net of tax 3,705 — — 3,705 Balance as of March 31, 2023 $ (99,713 ) $ 36 $ (20 ) $ (99,697 ) Balance as of January 1, 2024 $ (57,931 ) $ 502 $ — $ (57,429 ) Amounts reclassified from accumulated other comprehensive income: Actuarial costs (reclassified to salaries, wages and benefits) 2,594 (23 ) — 2,571 Income Tax (Expense) or Benefit (610 ) 6 — (604 ) Other comprehensive income (loss), net of tax 1,984 (17 ) — 1,967 Balance as of March 31, 2024 $ (55,947 ) $ 485 $ — $ (55,462 ) |
Note L- Stock-based Compensatio
Note L- Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | STOCK-BASED COMPENSATION The Company's Board of Directors has granted stock-based incentive awards to certain employees and directors pursuant to a long-term incentive plan which was approved by the Company's stockholders in May 2005 May 2015. three three twelve may 1 2 3 2015 2005 2015 three March 31, 2024 2023 March 31, 2024 March 31, 2023 Weighted Weighted average average Number of grant-date Number of grant-date Awards fair value Awards fair value Outstanding at beginning of period 1,066,784 $ 20.19 929,205 $ 21.83 Granted 926,984 12.37 — — Converted (71,359 ) 25.71 (186,828 ) 20.87 Expired — — — — Forfeited (9,600 ) 26.90 (600 ) 36.93 Outstanding at end of period 1,912,809 $ 16.16 741,777 $ 22.04 Vested 496,838 $ 10.80 298,928 $ 8.02 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 2024 2024 2024 three 2024 Risk-free interest rate 4.4 % Volatility 43.0 % For the three March 31, 2024 2023 March 31, 2024 March 31, 2024 none December 31, 2026. |
Note M - Common Stock and Earni
Note M - Common Stock and Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | COMMON STOCK AND EARNINGS PER SHARE Earnings per Share The calculation of basic and diluted earnings per common share is as follows (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Earnings from continuing operations - basic $ 8,619 $ 20,141 Gain from stock warrants revaluation, net of tax $ — $ (108 ) Convertible debt interest charge, net of tax $ 159 $ 776 Earnings from continuing operations - diluted $ 8,778 $ 20,809 Denominator: Weighted-average shares outstanding for basic earnings per share 64,973 71,802 Common equivalent shares: Effect of stock-based compensation awards and warrants 562 3,144 Effect of convertible debt 1,700 8,111 Weighted-average shares outstanding assuming dilution 67,235 83,057 Basic earnings per share from continuing operations $ 0.13 $ 0.28 Diluted earnings per share from continuing operations $ 0.13 $ 0.25 Basic weighted average shares outstanding for purposes of basic earnings per share are less than the shares outstanding due to 700,271 shares and 226,149 shares of restricted stock for 2024 2023 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. |
Note N - Segment and Revenue In
Note N - Segment and Revenue Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting and Revenue Disclosure [Text Block] | SEGMENT AND REVENUE INFORMATION The Company operates in two reportable segments. The CAM segment consists of the Company's aircraft and engine leasing operations. 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 services, aircraft modification services, ground services and other support services, are not The Company's segment information from continuing operations is presented below (in thousands): Three Months Ended March 31, 2024 2023 Total revenues: CAM $ 105,549 $ 112,044 ACMI Services 323,824 334,127 All other 109,040 110,588 Eliminate inter-segment revenues (52,896 ) (55,664 ) Total $ 485,517 $ 501,095 Customer revenues: CAM $ 79,591 $ 83,158 ACMI Services 323,711 334,113 All other 82,215 83,824 Total $ 485,517 $ 501,095 The Company's external customer revenues from other activities for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Aircraft maintenance, modifications and part sales $ 40,348 $ 42,073 Ground services 23,221 23,665 Other, including aviation fuel sales 18,646 18,086 Total customer revenues $ 82,215 $ 83,824 During the three March 31, 2024 2023. March 31, 2024 December 31, 2023 may March 31, 2024 December 31, 2023 may CAM's leases do not March 31, 2024 2024 four December 31, 2028 three March 31, 2024 2023, The Company's other segment information from continuing operations is presented below (in thousands): Three Months Ended March 31, 2024 2023 Depreciation and amortization expense: CAM $ 65,373 $ 60,397 ACMI Services 24,249 23,621 All other 758 710 Total $ 90,380 $ 84,728 Interest expense CAM 15,280 10,022 ACMI Services 5,493 4,958 Segment earnings (loss): CAM $ 13,409 $ 34,200 ACMI Services (3,485 ) (2,411 ) All other 2,307 654 Net unallocated interest expense (976 ) (510 ) Net gain (loss) on financial instruments 2,355 (1,740 ) Other non-service components of retiree benefit costs, net (1,085 ) (3,218 ) Loss from non-consolidated affiliate (79 ) (406 ) Pre-tax earnings from continuing operations $ 12,446 $ 26,569 The amortization of customer incentives included in revenue for CAM was $3.1 for the three March 31, 2024 2023 three March 31, 2024 2023 The Company's assets are presented below by segment (in thousands). Cash and cash equivalents are reflected in Assets - All other. March 31, December 31, 2024 2023 Assets: CAM $ 2,929,853 $ 2,885,508 ACMI Services 829,133 828,703 All other 132,751 167,879 Total $ 3,891,737 $ 3,882,090 During the three March 31, 2024 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. During the quarter ended March 31, 2024 no 16a 1 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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 GAAP and such principles are applied on a basis consistent with the financial statements reflected in our 2023 10 not The accompanying unaudited condensed consolidated financial statements include the accounts of ATSG and its wholly-owned subsidiaries. Inter-company balances and transactions are eliminated. Investments in affiliates in which the Company has significant influence but does not |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Updates In November 2023, No. 2023 07, 280 2024 2025. In December 2023, No. 2023 09, 740 January 1, 2025. |
Note B - Goodwill, Intangible_2
Note B - Goodwill, Intangibles and Equity Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | CAM ACMI Services All Other Total Carrying value as of December 31, 2023 $ 153,290 $ 234,571 $ 8,113 $ 395,974 Carrying value as of March 31, 2024 $ 153,290 $ 234,571 $ 8,113 $ 395,974 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Airline Amortizing Certificates Intangibles Total Carrying value as of December 31, 2023 $ 9,000 $ 77,453 $ 86,453 Amortization — (2,553 ) (2,553 ) Carrying value as of March 31, 2024 $ 9,000 $ 74,900 $ 83,900 |
Lease Incentive [Table Text Block] | Lease Incentive Carrying value as of December 31, 2023 $ 60,961 Amortization (3,912 ) Carrying value as of March 31, 2024 $ 57,049 |
Note C - Significant Customers
Note C - Significant Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 Customer Percentage of Revenue DoD 28 % 29 % Amazon 34 % 35 % DHL 13 % 14 % |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | March 31, 2024 December 31, 2023 Customer Accounts Receivable DoD $ 64,050 $ 56,848 Amazon 83,209 74,509 DHL 9,777 8,040 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Common Shares in millions Exercise price Vested Non-Vested Expiration 2018 Investment Agreement $ 21.53 14.8 0.0 December 20, 2025 2018 Investment Agreement $ 20.40 7.0 0.0 December 20, 2025 |
Note D - Fair Value Measureme_2
Note D - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of March 31, 2024 Fair Value Measurement Using Level 1 Level 2 Level 3 Total Assets Cash equivalents—money market $ — $ 1,318 $ — $ 1,318 Interest rate swap — 1,723 — 1,723 Total Assets $ — $ 3,041 $ — $ 3,041 Liabilities Sale option — — (1,258 ) (1,258 ) Stock warrant obligations — — (368 ) (368 ) Total Liabilities $ — $ — $ (1,626 ) $ (1,626 ) As of December 31, 2023 Fair Value Measurement Using Level 1 Level 2 Level 3 Total Assets Cash equivalents—money market $ — $ 1,248 $ — $ 1,248 Interest rate swap — — — — Total Assets $ — $ 1,248 $ — $ 1,248 Liabilities Interest rate swap — (529 ) — (529 ) Sale Option — — (1,258 ) (1,258 ) Stock warrant obligations — — (471 ) (471 ) Total Liabilities $ — $ (529 ) $ (1,729 ) $ (2,258 ) |
Note E - Property and Equipme_2
Note E - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2024 2023 Flight equipment $ 4,055,379 $ 3,865,049 Ground equipment 72,653 72,463 Leasehold improvements, facilities and office equipment 43,659 42,120 Aircraft modifications and projects in progress 551,630 638,631 4,723,321 4,618,263 Accumulated depreciation (1,856,986 ) (1,797,494 ) Property and equipment, net $ 2,866,335 $ 2,820,769 |
Note F - Debt Obligations (Tabl
Note F - Debt Obligations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2024 December 31, 2023 Revolving credit facility 685,000 730,000 Senior notes 578,694 578,574 Convertible notes 444,897 444,420 Other financing arrangements 9,183 9,288 Total debt obligations 1,717,774 1,762,282 Less: current portion (54,768 ) (54,710 ) Total long term obligations, net $ 1,663,006 $ 1,707,572 |
Convertible Debt [Table Text Block] | 2017 Convertible Notes 2023 Convertible Notes Total Convertible Notes Principal Value December 31, 2023 54,225 400,000 454,225 Unamortized issuance cost (110 ) (9,218 ) (9,328 ) Convertible Debt March 31, 2024 54,115 390,782 444,897 |
Note G - Derivative Instrumen_2
Note G - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | March 31, 2024 December 31, 2023 Stated Market Market Interest Notional Value Notional Value Expiration Date Rate Amount (Liability) Amount (Liability) March 31, 2026 3.793 % 50,000 665 50,000 237 March 31, 2026 3.836 % 50,000 700 50,000 189 June 30, 2026 4.257 % 50,000 116 50,000 (525 ) June 30, 2026 4.185 % 50,000 242 50,000 (430 ) |
Note H - Commitments and Cont_2
Note H - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Leases 2024 $ 16,115 2025 15,659 2026 8,962 2027 4,673 2028 3,526 2029 and beyond 5,730 Total undiscounted cash payments 54,665 Less: amount representing interest (4,468 ) Present value of future minimum lease payments 50,197 Less: current obligations under leases 18,947 Long-term lease obligation $ 31,250 |
Summary of Employee Concentration [Table Text Block] | Percentage of the Company’s Airline Labor Agreement Unit Employees ABX International Brotherhood of Teamsters 5.1 % ATI Air Line Pilots Association 11.7 % OAI International Brotherhood of Teamsters 6.4 % ATI Association of Flight Attendants 0.8 % OAI Association of Flight Attendants 6.6 % |
Note I - Pension and Other Po_2
Note I - Pension and Other Post-retirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, Pension Plans Post-Retirement Healthcare Plan 2024 2023 2024 2023 Service cost $ — $ — $ 5 $ 13 Interest cost 6,614 8,631 23 33 Expected return on plan assets (8,122 ) (10,192 ) — — Amortization of net loss 2,594 4,745 (23 ) — Net periodic benefit cost (income) $ 1,086 $ 3,184 $ 5 $ 46 |
Note K - Accumulated Other Co_2
Note K - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Defined Benefit Defined Benefit Foreign Currency Pension Post-Retirement Translation Total Balance as of January 1, 2023 $ (103,418 ) $ 36 $ (20 ) $ (103,402 ) Amounts reclassified from accumulated other comprehensive income: Actuarial costs (reclassified to salaries, wages and benefits) 4,745 — — 4,745 Income Tax (Expense) or Benefit (1,040 ) — — (1,040 ) Other comprehensive income (loss), net of tax 3,705 — — 3,705 Balance as of March 31, 2023 $ (99,713 ) $ 36 $ (20 ) $ (99,697 ) Balance as of January 1, 2024 $ (57,931 ) $ 502 $ — $ (57,429 ) Amounts reclassified from accumulated other comprehensive income: Actuarial costs (reclassified to salaries, wages and benefits) 2,594 (23 ) — 2,571 Income Tax (Expense) or Benefit (610 ) 6 — (604 ) Other comprehensive income (loss), net of tax 1,984 (17 ) — 1,967 Balance as of March 31, 2024 $ (55,947 ) $ 485 $ — $ (55,462 ) |
Note L- Stock-based Compensat_2
Note L- Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | March 31, 2024 March 31, 2023 Weighted Weighted average average Number of grant-date Number of grant-date Awards fair value Awards fair value Outstanding at beginning of period 1,066,784 $ 20.19 929,205 $ 21.83 Granted 926,984 12.37 — — Converted (71,359 ) 25.71 (186,828 ) 20.87 Expired — — — — Forfeited (9,600 ) 26.90 (600 ) 36.93 Outstanding at end of period 1,912,809 $ 16.16 741,777 $ 22.04 Vested 496,838 $ 10.80 298,928 $ 8.02 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2024 Risk-free interest rate 4.4 % Volatility 43.0 % |
Note M - Common Stock and Ear_2
Note M - Common Stock and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Numerator: Earnings from continuing operations - basic $ 8,619 $ 20,141 Gain from stock warrants revaluation, net of tax $ — $ (108 ) Convertible debt interest charge, net of tax $ 159 $ 776 Earnings from continuing operations - diluted $ 8,778 $ 20,809 Denominator: Weighted-average shares outstanding for basic earnings per share 64,973 71,802 Common equivalent shares: Effect of stock-based compensation awards and warrants 562 3,144 Effect of convertible debt 1,700 8,111 Weighted-average shares outstanding assuming dilution 67,235 83,057 Basic earnings per share from continuing operations $ 0.13 $ 0.28 Diluted earnings per share from continuing operations $ 0.13 $ 0.25 |
Note N - Segment and Revenue _2
Note N - Segment and Revenue Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2024 2023 Total revenues: CAM $ 105,549 $ 112,044 ACMI Services 323,824 334,127 All other 109,040 110,588 Eliminate inter-segment revenues (52,896 ) (55,664 ) Total $ 485,517 $ 501,095 Customer revenues: CAM $ 79,591 $ 83,158 ACMI Services 323,711 334,113 All other 82,215 83,824 Total $ 485,517 $ 501,095 Three Months Ended March 31, 2024 2023 Depreciation and amortization expense: CAM $ 65,373 $ 60,397 ACMI Services 24,249 23,621 All other 758 710 Total $ 90,380 $ 84,728 Interest expense CAM 15,280 10,022 ACMI Services 5,493 4,958 Segment earnings (loss): CAM $ 13,409 $ 34,200 ACMI Services (3,485 ) (2,411 ) All other 2,307 654 Net unallocated interest expense (976 ) (510 ) Net gain (loss) on financial instruments 2,355 (1,740 ) Other non-service components of retiree benefit costs, net (1,085 ) (3,218 ) Loss from non-consolidated affiliate (79 ) (406 ) Pre-tax earnings from continuing operations $ 12,446 $ 26,569 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended March 31, 2024 2023 Aircraft maintenance, modifications and part sales $ 40,348 $ 42,073 Ground services 23,221 23,665 Other, including aviation fuel sales 18,646 18,086 Total customer revenues $ 82,215 $ 83,824 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, December 31, 2024 2023 Assets: CAM $ 2,929,853 $ 2,885,508 ACMI Services 829,133 828,703 All other 132,751 167,879 Total $ 3,891,737 $ 3,882,090 |
Note B - Goodwill, Intangible_3
Note B - Goodwill, Intangibles and Equity Investments (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 30, 2022 |
Equity Method Investments | $ 32.4 | $ 22.7 | |
A321 Precision Conversions L L C [Member] | |||
Equity Method Investment, Ownership Percentage | 49% | ||
G A Telesis Engine Services L L C [Member] | |||
Equity Method Investment, Ownership Percentage | 40% | ||
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note B - Goodwill, Intangible_4
Note B - Goodwill, Intangibles and Equity Investments - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill | $ 395,974 | $ 395,974 |
Cam [Member] | ||
Goodwill | 153,290 | 153,290 |
ACMI Services [Member] | ||
Goodwill | 234,571 | 234,571 |
Other Operating Segment [Member] | ||
Goodwill | $ 8,113 | $ 8,113 |
Note B - Goodwill, Intangible_5
Note B - Goodwill, Intangibles and Equity Investments - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Indefinite-Lived Intangible Assets | $ 9,000 | $ 9,000 |
Finite-Lived Intangible Assets | 74,900 | 77,453 |
Intangible Assets | 83,900 | $ 86,453 |
Amortization | $ (2,553) |
Note B - Goodwill, Intangible_6
Note B - Goodwill, Intangibles and Equity Investments - Summary of Incentive to Lessee (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Carrying value, beginning balance | $ 60,961 |
Amortization | (3,912) |
Carrying value, ending balance | $ 57,049 |
Note C - Significant Customer_2
Note C - Significant Customers (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||||||
May 06, 2024 $ / shares shares | Aug. 14, 2023 USD ($) shares | May 29, 2020 $ / shares shares | Dec. 22, 2018 $ / shares shares | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 20, 2018 shares | |
Stock Repurchased During Period, Shares (in shares) | 5,435,777 | ||||||||||
Payments for Repurchase of Common Stock | $ | $ 0 | $ 21,918 | |||||||||
Warrants With Investment Agreement [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,000,000 | 14,800,000 | 14,800,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 20.4 | $ 21.53 | |||||||||
Class of Warrant or Right, Additional Number of Securities Called by Warrants or Rights (in shares) | 2,900,000 | ||||||||||
Lessee, Number of Leased Aircraft | 5 | ||||||||||
Warrants and Rights Outstanding | $ | 1,600 | $ 1,700 | |||||||||
Fair Value Adjustment of Warrants | $ | $ (100) | $ (800) | |||||||||
Warrants With Investment Agreement [Member] | Subsequent Event [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 21,800,000 | ||||||||||
B-767-300 [Member] | |||||||||||
Lessor, Number of Leased Aircraft | 12 | 11 | 10 | ||||||||
Lessor, Leased Aircraft, Lease Term (Year) | 10 years | ||||||||||
B-767 [Member] | |||||||||||
Number of Additional Leased Aircraft | 10 | ||||||||||
Lessor, Leased Aircraft, Number of Lease Extensions | 20 | ||||||||||
DHL [Member] | B-767-200 [Member] | |||||||||||
Lessor, Number of Leased Aircraft | 1 | ||||||||||
DHL [Member] | B-767-300 [Member] | |||||||||||
Lessor, Number of Leased Aircraft | 13 | ||||||||||
DHL [Member] | B-767 [Member] | |||||||||||
Number of Aircraft Operated | 4 | ||||||||||
ASI [Member] | B-767-200 [Member] | |||||||||||
Lessor, Number of Leased Aircraft | 12 | ||||||||||
Lessor, Leased Aircraft, Lease Term (Year) | 2 years | ||||||||||
Lessor, Leased Aircraft, Option to Extend, Term (Year) | 3 years | ||||||||||
ASI [Member] | B-767-300 [Member] | |||||||||||
Lessor, Number of Leased Aircraft | 8 | ||||||||||
Number of Aircraft Operated | 10 | ||||||||||
Lessor, Leased Aircraft, Option to Extend, Term (Year) | 3 years | ||||||||||
ATSA [Member] | |||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||
ATSA [Member] | The 2024 Subsequent Warrant [Member] | Subsequent Event [Member] | |||||||||||
Warrants and Rights Outstanding, Term (Year) | 7 years | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,900,000 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 12.96 | ||||||||||
ATSA [Member] | The 2024 Subsequent Warrant [Member] | Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 728,750 | ||||||||||
ATSA [Member] | B-767-300 [Member] | Subsequent Event [Member] | |||||||||||
Lessor, Number of Leased Aircraft | 10 | ||||||||||
Lessor, Leased Aircraft, Option to Extend, Term (Year) | 5 years | ||||||||||
Amazon [Member] | |||||||||||
Stock Repurchased During Period, Shares (in shares) | 1,177,000 | ||||||||||
Payments for Repurchase of Common Stock | $ | $ 22,900 | ||||||||||
Amazon [Member] | Subsequent Event [Member] | |||||||||||
Lessor, Leased Aircraft, Option to Extend, Term (Year) | 3 years | ||||||||||
Amazon [Member] | Third Subsequent Warrant [Member] | Subsequent Event [Member] | |||||||||||
Warrants and Rights Outstanding, Term (Year) | 7 years | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,900,000 | ||||||||||
Amazon [Member] | Third Subsequent Warrant [Member] | Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 291,500 | ||||||||||
Amazon [Member] | Third Subsequent Warrant [Member] | Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 72,875 |
Note C - Significant Customer_3
Note C - Significant Customers - Disaggregation of Revenue (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Do D [Member] | ||
Concentration Risk, Percentage | 28% | 29% |
Amazon [Member] | ||
Concentration Risk, Percentage | 34% | 35% |
DHL [Member] | ||
Concentration Risk, Percentage | 13% | 14% |
Note C - Significant Customer_4
Note C - Significant Customers - Schedules of Concentration of Risk, by Risk Factor (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts receivable, net of allowance of $1,193 in 2024 and $1,065 in 2023 | $ 219,946 | $ 215,581 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Do D [Member] | ||
Accounts receivable, net of allowance of $1,193 in 2024 and $1,065 in 2023 | 64,050 | 56,848 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Amazon [Member] | ||
Accounts receivable, net of allowance of $1,193 in 2024 and $1,065 in 2023 | 83,209 | 74,509 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | DHL [Member] | ||
Accounts receivable, net of allowance of $1,193 in 2024 and $1,065 in 2023 | $ 9,777 | $ 8,040 |
Note C - Significant Customer_5
Note C - Significant Customers - Summary of Warrants (Details) shares in Thousands | Mar. 31, 2024 $ / shares shares |
Warrant One [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 21.53 |
Vested (in shares) | 14,800 |
Non-Vested (in shares) | 0 |
Expiration | Dec. 20, 2025 |
Warrant Two [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 20.4 |
Vested (in shares) | 7,000 |
Non-Vested (in shares) | 0 |
Expiration | Dec. 20, 2025 |
Note D - Fair Value Measureme_3
Note D - Fair Value Measurements (Details Textual) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument, Fair Value Disclosure, Difference Between Fair Value and Carrying Value | $ 126.6 | $ 97.6 |
Debt Instrument, Fair Value Disclosure | $ 1,717.8 | $ 1,762.3 |
Note D - Fair Value Measureme_4
Note D - Fair Value Measurements - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total Assets | $ 3,041 | $ 1,248 |
Total Liabilities | (1,626) | (2,258) |
Interest Rate Swap [Member] | ||
Interest rate swap | 1,723 | 0 |
Derivative Liability | (529) | |
Sale Option [Member] | ||
Derivative Liability | (1,258) | (1,258) |
Stock Warrant Obligations [Member] | ||
Derivative Liability | (368) | (471) |
Fair Value, Inputs, Level 1 [Member] | ||
Total Assets | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | 0 |
Derivative Liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Sale Option [Member] | ||
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Stock Warrant Obligations [Member] | ||
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Total Assets | 3,041 | 1,248 |
Total Liabilities | 0 | (529) |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 1,723 | 0 |
Derivative Liability | (529) | |
Fair Value, Inputs, Level 2 [Member] | Sale Option [Member] | ||
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Stock Warrant Obligations [Member] | ||
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Total Assets | 0 | 0 |
Total Liabilities | (1,626) | (1,729) |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | 0 |
Derivative Liability | 0 | |
Fair Value, Inputs, Level 3 [Member] | Sale Option [Member] | ||
Derivative Liability | (1,258) | (1,258) |
Fair Value, Inputs, Level 3 [Member] | Stock Warrant Obligations [Member] | ||
Derivative Liability | (368) | (471) |
Money Market Funds [Member] | ||
Cash equivalents—money market | 1,318 | 1,248 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents—money market | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents—money market | 1,318 | 1,248 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents—money market | $ 0 | $ 0 |
Note E - Property and Equipme_3
Note E - Property and Equipment (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Cam [Member] | Flight Equipment [Member] | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation | $ 1,715.4 | $ 1,640.9 |
Note E - Property and Equipme_4
Note E - Property and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment, Gross | $ 4,723,321 | $ 4,618,263 |
Accumulated depreciation | (1,856,986) | (1,797,494) |
Property and equipment, net | 2,866,335 | 2,820,769 |
Flight Equipment [Member] | ||
Property, Plant and Equipment, Gross | 4,055,379 | 3,865,049 |
Ground Equipment [Member] | ||
Property, Plant and Equipment, Gross | 72,653 | 72,463 |
Leasehold Improvements, Facilities and Office Equipment [Member] | ||
Property, Plant and Equipment, Gross | 43,659 | 42,120 |
Aircraft Modifications and Projects in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 551,630 | $ 638,631 |
Note F - Debt Obligations (Deta
Note F - Debt Obligations (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Aug. 14, 2023 USD ($) $ / shares shares | Sep. 30, 2017 USD ($) $ / shares $ / item | Mar. 31, 2024 USD ($) shares | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Apr. 13, 2021 USD ($) | Jan. 28, 2020 USD ($) | |
Stock Repurchased During Period, Shares (in shares) | shares | 5,435,777 | ||||||
Long-Term Debt | $ 1,717,774 | $ 1,762,282 | |||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||
Warrants to the Convertible Note Hedge Counterparties [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,700,000 | ||||||
Convertible Debt [Member] | |||||||
Debt Instrument, Face Amount | $ 444,897 | 454,225 | |||||
Long-Term Debt | 444,897 | 444,420 | |||||
Senior Notes [Member] | |||||||
Long-Term Debt | 578,694 | 578,574 | |||||
Convertible Senior Notes Due2029 [Member] | Convertible Debt [Member] | |||||||
Debt Instrument, Face Amount | $ 400,000 | 390,782 | 400,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 31.28 | ||||||
Convertible Senior Notes Due 2024 [Member] | Convertible Debt [Member] | |||||||
Debt Instrument, Face Amount | $ 204,500 | $ 258,800 | 54,115 | 54,225 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.125% | 1.125% | |||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 31.9 | ||||||
Debt Instrument, Repurchased Face Amount | $ 204,500 | ||||||
Long-Term Debt | 54,200 | ||||||
Payments for Hedge, Financing Activities | $ 56,100 | ||||||
Debt Instrument, Convertible, Number of Equity Instruments | 8,100,000 | ||||||
Derivative, Price Risk Option Strike Price (in USD per Per Share) | $ / item | 31.9 | ||||||
Gain (Loss) on Repurchase of Debt Instrument | $ 1,300 | ||||||
Senior Unsecured Notes [Member] | Senior Notes [Member] | |||||||
Debt Instrument, Face Amount | $ 200,000 | $ 500,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||||
Debt Instrument, Repurchase Amount | $ 205,500 | ||||||
Deferred Debt Issuance Cost, Writeoff | $ 6,500 | ||||||
Long-Term Debt | 4,000 | $ 4,300 | |||||
Revolving Credit Facility [Member] | Senior Credit Agreement [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||||
Debt Instrument, Covenant, Collateral to Outstanding Loan Ratio | 1.25 | ||||||
Debt Instrument, Covenant, Secured Leverage Ratio, Maximum | 3 | ||||||
Debt Instrument, Covenant, Total Leverage Ratio, Maximum | 3.5 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 6.68% | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 403,700 | ||||||
Revolving Credit Facility [Member] | Irish Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | ||||||
Letter of Credit [Member] | Irish Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500 |
Note F - Debt Obligations - Sum
Note F - Debt Obligations - Summary of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Long-Term Debt | $ 1,717,774 | $ 1,762,282 |
Less: current portion | (54,768) | (54,710) |
Total long term obligations, net | 1,663,006 | 1,707,572 |
Revolving Credit Facility [Member] | ||
Long-Term Debt | 685,000 | 730,000 |
Senior Notes [Member] | ||
Long-Term Debt | 578,694 | 578,574 |
Convertible Debt [Member] | ||
Long-Term Debt | 444,897 | 444,420 |
Notes Payable, Other Payables [Member] | ||
Long-Term Debt | $ 9,183 | $ 9,288 |
Note F - Debt Obligations - S_2
Note F - Debt Obligations - Summary of Convertible Debt (Details) - Convertible Debt [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Aug. 14, 2023 | Sep. 30, 2017 |
Principal Value December 31, 2023 | $ 444,897 | $ 454,225 | ||
Unamortized issuance cost | (9,328) | |||
Convertible Senior Notes Due 2024 [Member] | ||||
Principal Value December 31, 2023 | 54,115 | 54,225 | $ 204,500 | $ 258,800 |
Unamortized issuance cost | (110) | |||
Convertible Senior Notes Due2029 [Member] | ||||
Principal Value December 31, 2023 | 390,782 | $ 400,000 | $ 400,000 | |
Unamortized issuance cost | $ (9,218) |
Note G - Derivative Instrumen_3
Note G - Derivative Instruments (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Unrealized Gain (Loss) on Derivatives | $ 2.3 | $ 0.9 |
Note G - Derivative Instrumen_4
Note G - Derivative Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Interest Rate Swap 3793 [Member] | ||
Derivative, Fixed Interest Rate | 3.793% | |
Derivative Liability, Notional Amount | $ 50,000 | $ 50,000 |
Interest Rate Derivative Assets, at Fair Value | $ 665 | 237 |
Interest Rate Swap 3836 [Member] | ||
Derivative, Fixed Interest Rate | 3.836% | |
Derivative Liability, Notional Amount | $ 50,000 | 50,000 |
Interest Rate Derivative Assets, at Fair Value | $ 700 | 189 |
Interest Rate Swap 4257 [Member] | ||
Derivative, Fixed Interest Rate | 4.257% | |
Derivative Liability, Notional Amount | $ 50,000 | 50,000 |
Interest Rate Derivative Assets, at Fair Value | $ 116 | |
Interest Rate Derivative Liabilities, at Fair Value | (525) | |
Interest Rate Swap 4185 [Member] | ||
Derivative, Fixed Interest Rate | 4.185% | |
Derivative Liability, Notional Amount | $ 50,000 | 50,000 |
Interest Rate Derivative Assets, at Fair Value | $ 242 | |
Interest Rate Derivative Liabilities, at Fair Value | $ (430) |
Note H - Commitments and Cont_3
Note H - Commitments and Contingencies (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 0.5 | $ 0.4 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | 4% | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 9 months 18 days | 3 years 10 months 24 days | |
Operating Lease, Payments | $ 5.9 | $ 6.6 | |
Contractual Obligation | 478.1 | ||
Contractual Obligation, to be Paid, Remainder of Fiscal Year | $ 116.7 | ||
Number of Slots for Aircraft Modifications | 20 | ||
B-767-300 [Member] | |||
Number of Owned Aircrafts | 13 | ||
Number Of Aircraft to Be Purchased | 3 | ||
A321-200 [Member] | |||
Number of Owned Aircrafts | 6 | ||
A-330 [Member] | |||
Number of Owned Aircrafts | 5 | ||
A330-300 [Member] | |||
Number Of Aircraft to Be Purchased | 5 | ||
Minimum [Member] | Property Leases [Member] | |||
Lessee, Operating Lease, Term of Contract (Month) | 1 month | ||
Minimum [Member] | Equipment Leases [Member] | |||
Lessee, Operating Lease, Term of Contract (Month) | 1 year | ||
Maximum [Member] | Property Leases [Member] | |||
Lessee, Operating Lease, Term of Contract (Month) | 9 years | ||
Maximum [Member] | Equipment Leases [Member] | |||
Lessee, Operating Lease, Term of Contract (Month) | 5 years | ||
Aircraft Provided by Customers [Member] | |||
Lessee, Number of Leased Aircraft | 16 | ||
Aircraft Leased From External Customers [Member] | |||
Lessee, Number of Leased Aircraft | 5 |
Note H - Commitments and Cont_4
Note H - Commitments and Contingencies - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2024 | $ 16,115 | |
2025 | 15,659 | |
2026 | 8,962 | |
2027 | 4,673 | |
2028 | 3,526 | |
2029 and beyond | 5,730 | |
Total undiscounted cash payments | 54,665 | |
Less: amount representing interest | (4,468) | |
Present value of future minimum lease payments | 50,197 | |
Less: current obligations under leases | 18,947 | $ 20,167 |
Long-term lease obligation | $ 31,250 | $ 34,990 |
Note H - Commitments and Cont_5
Note H - Commitments and Contingencies - Employee Concentration Table (Details) | Mar. 31, 2024 |
A B X Airline [Member] | International Brotherhood of Teamsters [Member] | |
Percentage | 5.10% |
A T I Airline [Member] | Air Line Pilots Association [Member] | |
Percentage | 11.70% |
A T I Airline [Member] | Association of Flight Attendants [Member] | |
Percentage | 0.80% |
O A I Airline [Member] | International Brotherhood of Teamsters [Member] | |
Percentage | 6.40% |
O A I Airline [Member] | Association of Flight Attendants [Member] | |
Percentage | 6.60% |
Note I - Pension and Other Po_3
Note I - Pension and Other Post-retirement Benefit Plans (Details Textual) - Pension Plan [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.9 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0.5 |
Note I - Pension and Other Po_4
Note I - Pension and Other Post-retirement Benefit Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Plan [Member] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 6,614 | 8,631 |
Expected return on plan assets | (8,122) | (10,192) |
Amortization of net loss | 2,594 | 4,745 |
Net periodic benefit cost (income) | 1,086 | 3,184 |
Postretirement Health Coverage [Member] | ||
Service cost | 5 | 13 |
Interest cost | 23 | 33 |
Expected return on plan assets | 0 | 0 |
Amortization of net loss | (23) | 0 |
Net periodic benefit cost (income) | $ 5 | $ 46 |
Note J - Income Taxes (Details
Note J - Income Taxes (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Effective Income Tax Rate Reconciliation, Percent | 31% |
Scenario, Plan [Member] | |
Effective Income Tax Rate Reconciliation, Percent | 29% |
Note K - Accumulated Other Co_3
Note K - Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance as of January 1, 2023 | $ 1,368,702 | $ 1,412,506 |
Balance as of March 31, 2023 | 1,381,425 | 1,414,067 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance as of January 1, 2023 | (57,931) | (103,418) |
Actuarial costs (reclassified to salaries, wages and benefits) | 2,594 | 4,745 |
Income Tax (Expense) or Benefit | (610) | (1,040) |
Other comprehensive income (loss), net of tax | 1,984 | 3,705 |
Balance as of March 31, 2023 | (55,947) | (99,713) |
Accumulated Defined Benefit Post Retirement Plans Adjustment Attributable to Parent [Member] | ||
Balance as of January 1, 2023 | 502 | 36 |
Actuarial costs (reclassified to salaries, wages and benefits) | (23) | 0 |
Income Tax (Expense) or Benefit | 6 | 0 |
Other comprehensive income (loss), net of tax | (17) | 0 |
Balance as of March 31, 2023 | 485 | 36 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance as of January 1, 2023 | 0 | (20) |
Actuarial costs (reclassified to salaries, wages and benefits) | 0 | 0 |
Income Tax (Expense) or Benefit | 0 | 0 |
Other comprehensive income (loss), net of tax | 0 | 0 |
Balance as of March 31, 2023 | 0 | (20) |
AOCI Attributable to Parent [Member] | ||
Balance as of January 1, 2023 | (57,429) | (103,402) |
Actuarial costs (reclassified to salaries, wages and benefits) | 2,571 | 4,745 |
Income Tax (Expense) or Benefit | (604) | (1,040) |
Other comprehensive income (loss), net of tax | 1,967 | 3,705 |
Balance as of March 31, 2023 | $ (55,462) | $ (99,697) |
Note L- Stock-based Compensat_3
Note L- Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.37 | $ 0 |
Share-Based Payment Arrangement, Expense | $ 2.6 | $ 1.4 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 18.7 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,449,584 | |
Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year) | 3 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 0 | |
Stock Units [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year) | 3 years | |
Time Based Awards [Member] | Director [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year) | 12 months | |
Restricted Stock and Time-based Award [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.19 | |
Market Condition Award [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.95 | |
Market Condition Award [Member] | Director [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 496,838 |
Note L- Stock-based Compensat_4
Note L- Stock-based Compensation - Summary of Share-based Compensation Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Outstanding at beginning of period (in shares) | 1,066,784 | 929,205 |
Outstanding at beginning of period (in dollars per share) | $ 20.19 | $ 21.83 |
Granted (in shares) | 926,984 | 0 |
Granted (in dollars per share) | $ 12.37 | $ 0 |
Converted (in shares) | (71,359) | (186,828) |
Converted (in dollars per share) | $ 25.71 | $ 20.87 |
Expired (in shares) | 0 | 0 |
Expired (in dollars per share) | $ 0 | $ 0 |
Forfeited (in shares) | (9,600) | (600) |
Forfeited (in dollars per share) | $ 26.9 | $ 36.93 |
Outstanding at end of period (in shares) | 1,912,809 | 741,777 |
Outstanding at end of period (in dollars per share) | $ 16.16 | $ 22.04 |
Vested (in shares) | 496,838 | 298,928 |
Vested (in dollars per share) | $ 10.8 | $ 8.02 |
Note L- Stock-based Compensat_5
Note L- Stock-based Compensation - Schedule of Valuation Assumptions (Details) - Market Condition Award [Member] | 3 Months Ended |
Mar. 31, 2024 | |
Risk-free interest rate | 4.40% |
Volatility | 43% |
Note M - Common Stock and Ear_3
Note M - Common Stock and Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 562,000 | 3,144,000 |
Restricted Stock [Member] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 700,271 | 226,149 |
Note M - Common Stock and Ear_4
Note M - Common Stock and Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings from continuing operations - basic | $ 8,619 | $ 20,141 |
Gain from stock warrants revaluation, net of tax | 0 | (108) |
Convertible debt interest charge, net of tax | 159 | 776 |
Earnings from continuing operations - diluted | $ 8,778 | $ 20,809 |
Basic (in shares) | 64,973 | 71,802 |
Effect of stock-based compensation awards and warrants (in shares) | 562 | 3,144 |
Effect of convertible debt (in shares) | 1,700 | 8,111 |
Weighted-average shares outstanding assuming dilution (in shares) | 67,235 | 83,057 |
Continuing operations (in dollars per share) | $ 0.13 | $ 0.28 |
Diluted earnings per share from continuing operations (in dollars per share) | $ 0.13 | $ 0.25 |
Note N - Segment and Revenue _3
Note N - Segment and Revenue Information (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Number of Reportable Segments | 2 | ||
Contract with Customer, Liability, Revenue Recognized | $ 3,900 | $ 6,500 | |
Contract with Customer, Liability | 9,100 | $ 4,500 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | 8,200 | $ 8,700 | |
Revenues | 485,517 | 501,095 | |
Incentive to Lessee, Amortization | $ 3,912 | ||
Cam [Member] | |||
Percentage of Leases With Purchase Options | 16% | ||
Lessor, Operating Lease, Payment to be Received, Remainder of Fiscal Year | $ 217,400 | ||
Lessor, Operating Lease, Payment to be Received, Year One | 267,000 | ||
Lessor, Operating Lease, Payment to be Received, Year Two | 235,100 | ||
Lessor, Operating Lease, Payment to be Received, Year Three | 206,800 | ||
Lessor, Operating Lease, Payment to be Received, Year Four | 171,900 | ||
Lessor, Operating Lease, Payment to be Received, after Year Four | 254,300 | ||
Incentive to Lessee, Amortization | 3,100 | 5,000 | |
Cam [Member] | Non Lease Activities [Member] | |||
Revenues | 4,800 | 6,700 | |
ACMI Services [Member] | |||
Incentive to Lessee, Amortization | 800 | 800 | |
Segment, Expenditure, Addition to Long-Lived Assets | $ 20,700 | $ 82,100 |
Note N - Segment and Revenue _4
Note N - Segment and Revenue Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 485,517 | $ 501,095 |
REVENUES | 485,517 | 501,095 |
Depreciation and amortization | 90,380 | 84,728 |
Net gain (loss) on financial instruments | 2,355 | (1,740) |
Non-service component of retiree benefit costs | (1,085) | (3,218) |
Loss from non-consolidated affiliate | (79) | (406) |
Pre-tax earnings from continuing operations | 12,446 | 26,569 |
Intersegment Eliminations [Member] | ||
Revenues | (52,896) | (55,664) |
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | ||
Interest expense | (976) | (510) |
Cam [Member] | Operating Segments [Member] | ||
Revenues | 105,549 | 112,044 |
REVENUES | 79,591 | 83,158 |
Depreciation and amortization | 65,373 | 60,397 |
Interest expense | 15,280 | 10,022 |
Segment earnings (loss) | 13,409 | 34,200 |
ACMI Services [Member] | Operating Segments [Member] | ||
Revenues | 323,824 | 334,127 |
REVENUES | 323,711 | 334,113 |
Depreciation and amortization | 24,249 | 23,621 |
Interest expense | 5,493 | 4,958 |
Segment earnings (loss) | (3,485) | (2,411) |
Other Operating Segment [Member] | Operating Segments [Member] | ||
Revenues | 109,040 | 110,588 |
REVENUES | 82,215 | 83,824 |
Depreciation and amortization | 758 | 710 |
Segment earnings (loss) | $ 2,307 | $ 654 |
Note N - Segment and Revenue _5
Note N - Segment and Revenue Information - Summary of Revenue by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUES | $ 485,517 | $ 501,095 |
Operating Segments [Member] | Other Operating Segment [Member] | ||
REVENUES | 82,215 | 83,824 |
Operating Segments [Member] | Other Operating Segment [Member] | Aircraft Maintenance Modifications and Part Sales [Member] | ||
REVENUES | 40,348 | 42,073 |
Operating Segments [Member] | Other Operating Segment [Member] | Ground Services [Member] | ||
REVENUES | 23,221 | 23,665 |
Operating Segments [Member] | Other Operating Segment [Member] | Other Including Aviation Fuel Sales [Member] | ||
REVENUES | $ 18,646 | $ 18,086 |
Note N - Segment and Revenue _6
Note N - Segment and Revenue Information - Reconciliation of Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | $ 3,891,737 | $ 3,882,090 |
Cam [Member] | ||
Assets | 2,929,853 | 2,885,508 |
ACMI Services [Member] | ||
Assets | 829,133 | 828,703 |
Other Operating Segment [Member] | ||
Assets | $ 132,751 | $ 167,879 |