Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Reporting Disclosure [Text Block]

SEGMENT INFORMATION

The Company operates in two reportable segments, as described below. The CAM segment consists of the Company's aircraft leasing operations and its segment earnings includes an allocation of interest expense. The ACMI Services segment consists of the Company's airline operations including the CMI agreement with DHL, as well as ACMI and charter service agreements that the Company provides to other customers. Due to the similarities among

the Company's airline operations, the airline operations are aggregated into a single reportable segment, ACMI Services. The Company's other activities, which include contracts with the USPS, the sale of aircraft parts and maintenance services, management services for workers' compensation and logistics services, do not constitute reportable segments and are combined in “All other” with inter-segment profit eliminations. Inter-segment revenues are valued at arms-length, market rates. Cash, cash equivalents and deferred tax assets are reflected in Assets - All other below. The Company's segment information from continuing operations is presented below (in thousands):

	Year Ended December 31
	2011			2010			2009
Total revenues:
CAM	$	140,469		$	101,375		$	60,685
ACMI Services	605,461			579,412			768,824
All other	105,284			87,660			64,914
Eliminate inter-segment revenues	(121,081		)	(101,065		)	(70,940		)
Total	$	730,133		$	667,382		$	823,483
Customer revenues:
CAM	$	67,791		$	43,294		$	10,926
ACMI Services	604,951			578,198			768,225
All other	57,391			45,890			44,332
Total	$	730,133		$	667,382		$	823,483
Depreciation and amortization expense:
CAM	$	54,897		$	40,215		$	22,869
ACMI Services	36,136			47,176			60,047
All other	30			203			1,048
Total	$	91,063		$	87,594		$	83,964
Impairment charges:
CAM - aircraft impairment	$	6,761		$	—		$	—
ACMI Services - aircraft impairment	15,304			—			—
ACMI Services - customer relationship impairment	2,282			—			—
ACMI Services - goodwill impairment	2,797			—			—
Total	$	27,144		—			$	—
Segment earnings (loss):
CAM	$	53,221		$	41,586		$	22,775
ACMI Services	(13,807		)	20,888			28,392
All other	11,331			8,017			3,518
Net unallocated interest expense	(2,118		)	(7,174		)	(9,327		)
Write-off of unamortized debt issuance costs	(2,886		)	—			—
Net loss on derivative instruments	(4,881		)	—			—
Pre-tax earnings from continuing operations	$	40,860		$	63,317		$	45,358

The Company's assets are presented below by segment (in thousands):

	December 31,
	2011		2010		2009
Assets:
CAM	$	760,588	$	600,245	$	351,172
ACMI Services	137,640		198,024		482,976
Discontinued operations	—		5,015		21,587
All other	95,491		97,370		147,038
Total	$	993,719	$	900,654	$	1,002,773

Interest expense of $1.2 million, $1.9 million and $5.5 million for 2011, 2010 and 2009, respectively, was reimbursed through the commercial agreements with DHL and included in the ACMI Services segment earnings above. Interest expense allocated to CAM was $10.7 million, $9.3 million and $10.3 million for the years ending December 31, 2011, 2010 and 2009, respectively.

During 2011, the Company had capital expenditures of $26.5 million and $194.9 million for the ACMI Services and CAM segments, respectively. The ACMI Services segment includes impairment charges of $2.8 million on the goodwill, $2.3 million on its acquired intangibles and $15.3 million on its aircraft recorded in the third quarter of 2011. The CAM segment includes an impairment charge of $6.8 million on its aircraft recorded in the third quarter of 2011.

Entity-Wide Disclosures

The Company's international revenues were approximately $291.3 million, $234.5 million and $165.4 million for 2011, 2010 and 2009, respectively, derived primarily from international flights departing from or arriving in foreign countries. All revenues from the CMI agreement with DHL are attributed to U.S. operations.

The Company's external customers revenues from other activities for the years ended December 31, 2011, 2010 and 2009 are presented below (in thousands):

	December 31,
	2011		2010		2009
Aircraft maintenance and part sales	$	25,845	$	15,963	$	17,809
Mail handling services	21,613		19,386		18,502
Facility and ground equipment maintenance	8,465		8,868		4,993
Other	1,468		1,673		3,028
Total customer revenues	$	57,391	$	45,890	$	44,332