Segment Information

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company operates in two reportable segments. The CAM segment consists of the Company's aircraft leasing operations and its segment earnings include an allocation of interest expense. The ACMI Services segment consists of the Company's airline operations, including CMI agreements as well as ACMI and charter service agreements that the Company has with other customers. Due to the similarities among the Company's airline operations, the airline operations are aggregated into a single reportable segment, ACMI Services. The Company's other activities, which include contracts with the U.S. Postal Service ("USPS"), the sale of aircraft parts and maintenance services, hub management services, facility and ground equipment maintenance services and management services for workers' compensation, while managed separately, are not large enough to 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):

	Three Months Ending						Six Months Ending
	June 30,						June 30,
	2016			2015			2016			2015
Total revenues:
CAM	$	47,439		$	45,632		$	99,165		$	88,486
ACMI Services	114,145			103,892			229,101			209,360
All other	57,253			32,179			112,264			67,785
Eliminate inter-segment revenues	(42,288		)	(33,350		)	(86,596		)	(70,253		)
Total	$	176,549		$	148,353		$	353,934		$	295,378
Customer revenues:
CAM	$	29,387		$	24,660		$	58,148		$	44,541
ACMI Services	114,145			103,892			229,101			209,360
All other	33,017			19,801			66,685			41,477
Total	$	176,549		$	148,353		$	353,934		$	295,378
Depreciation and amortization expense:
CAM	$	22,607		$	22,356		$	45,337		$	43,266
ACMI Services	10,228			9,027			19,772			17,118
All other	297			17			557			9
Total	$	33,132		$	31,400		$	65,666		$	60,393
Segment earnings (loss):
CAM	$	16,229		$	14,441		$	35,739		$	28,879
ACMI Services	(7,130		)	1,126			(17,486		)	(1,445		)
All other	4,130			1,840			7,998			4,916
Net unallocated interest expense	(24		)	(428		)	(370		)	(885		)
Net gain (loss) on financial instruments	5,558			264			5,030			251
Pre-tax earnings from continuing operations	$	18,763		$	17,243		$	30,911		$	31,716

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

	June 30,		December 31,
	2016		2015
Assets:
CAM	$	906,849	$	804,776
ACMI Services	158,183		154,852
All other	86,648		82,093
Total	$	1,151,680	$	1,041,721

Interest expense allocated to CAM was $2.6 million and $4.9 million for the three and six month periods ending June 30, 2016, respectively, compared to $2.4 million and $5.0 million for the corresponding periods of 2015, respectively.