Property and Equipment

3 Months Ended

Mar. 31, 2023

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):

	March 31, 2023		December 31, 2022
Flight equipment	$	3,609,393	$	3,506,134
Ground equipment	71,018		70,092
Leasehold improvements, facilities and office equipment	40,826		40,183
Aircraft modifications and projects in progress	565,638		445,633
	4,286,875		4,062,042
Accumulated depreciation	(1,733,201)		(1,659,634)
Property and equipment, net	$	2,553,674	$	2,402,408

CAM owned aircraft with a carrying value of $1,503.7 million and $1,474.6 million that were under lease to external customers as of March 31, 2023 and December 31, 2022, respectively.