Property and Equipment

3 Months Ended

Mar. 31, 2012

Property, Plant and Equipment Disclosure [Text Block]

PROPERTY AND EQUIPMENT

At March 31, 2012, the Company’s subsidiaries owned 51 aircraft in serviceable condition consisting of 21 Boeing 767-200 standard freighter aircraft leased to external customers, 29 freighter aircraft operated by the Company's airlines and one Boeing 767 passenger aircraft. These 29 freighter aircraft operated by the Company's airlines consisted of 15 Boeing 767-200, two Boeing 767-300, three Boeing 757, three Boeing 727, two McDonnell Douglas DC-8 freighter aircraft and four McDonnell Douglas DC-8 combi aircraft. The Company's subsidiaries also leased four Boeing 767-200 freighter aircraft and one Boeing 767-300 freighter aircraft, as of March 31, 2012. Additionally, as of March 31, 2012, the Company had five Boeing 767-300 aircraft undergoing freighter modification and two Boeing 757 aircraft undergoing combi modification. The combined carrying value of aircraft in modification was $124.0 million at March 31, 2012.

Property and equipment, to be held and used, consisted of the following (in thousands):



	March 31, 2012			December 31, 2011
Aircraft and flight equipment	$	1,054,609		$	1,012,000
Support equipment	51,410			51,297
Vehicles and other equipment	1,585			1,589
Leasehold improvements	754			714
	1,108,358			1,065,600
Accumulated depreciation	(332,556		)	(316,687		)
Property and equipment, net	$	775,802		$	748,913

CAM owned aircraft with a carrying value of $309.7 million and $316.4 million that were under leases to external customers as of March 31, 2012 and December 31, 2011, respectively.

The carrying value of Boeing 727 and DC-8 freighter aircraft and engines available for sale totaled $7.2 million as of March 31, 2012. Cash flows generated from sales of aircraft and engines totaled $1.8 million for the three month period ended March 31, 2012.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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