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Segment and Revenue Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment and Revenue Information 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 large enough to constitute reportable segments and are combined in All other. Intersegment revenues are valued at arms-length market rates.
The Company's segment information from continuing operations is presented below (in thousands):
 Year Ended December 31
 202320222021
Total revenues:
CAM$461,038 $434,686 $370,287 
ACMI Services1,399,764 1,404,348 1,185,128 
All other446,506 430,326 375,571 
Eliminate inter-segment revenues(236,697)(223,891)(196,704)
Total$2,070,611 $2,045,469 $1,734,282 
Customer revenues:
CAM$353,998 $317,167 $273,288 
ACMI Services1,399,622 1,404,254 1,185,113 
All other316,991 324,048 275,881 
Total$2,070,611 $2,045,469 $1,734,282 
The Company's external customer revenues from other activities for the years ending December 31, 2023, 2022 and 2021 are presented below (in thousands):
Year Ended December 31,
202320222021
Aircraft maintenance, modifications and part sales$147,188 $145,998 $127,378 
Ground services95,505 107,080 99,133 
Other, including aviation fuel sales74,298 70,970 49,370 
Total customer revenues$316,991 $324,048 $275,881 
The Company recognized $15.7 million of non-lease revenue during 2023 that was reported in deferred revenue at the beginning of the year, compared to $4.7 million in 2022. Current deferred revenue of $4.5 million and $17.0 million as of December 31, 2023 and 2022, respectively, for contracts with customers is derived from other activities as described above. Revenue related to deferred revenue will be recognized based on percentage of completion. Customers are required to pay deposits and may be required to make milestone payments for these services resulting in deferred revenue. Long-term contract assets were $8.7 million as of December 31, 2023 compared to $0.0 million as of December 31, 2022. Cash will be collected over the term of the multi-year agreement based on number of engine cycles per period while revenue is recognized as parts are provided for engine maintenance services. This may result in a contract asset or liability based on the timing of engine maintenance services.
CAM's leases do not contain residual guarantees. Approximately 13% of CAM's leases to external customers contain purchase options at projected market values. As of December 31, 2023, minimum future payments from external customers for leased aircraft and equipment were scheduled to be $271.2 million, $248.9 million, $226.6 million, $199.2 million and $164.1 million, respectively, for the next 5 years ending December 31, 2028 and $237.5 million thereafter. CAM's external customer revenues for non-lease activities were $34.3 million and $35.1 million during 2023 and 2022, respectively, for engine services and the sale of spare engine parts. ACMI Services external customer revenues included approximately $5.6 million, $10.1 million and $13.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, for the rental income of specific aircraft included in the consideration paid by customers under certain contracts.
The Company had revenues of approximately $725.6 million, $839.0 million and $701.9 million for 2023, 2022 and 2021, respectively, derived primarily from aircraft leases in foreign countries, routes with flights departing from or arriving in foreign countries or aircraft maintenance and modification services performed in foreign countries. All revenues from the CMI agreement with DHL and the ATSA agreement with ASI are attributed to U.S.
operations. As of December 31, 2023 and 2022, the Company had 27 and 25 aircraft, respectively, deployed outside of the United States.
The Company's other segment information from continuing operations is presented below (in thousands):
 Year Ended December 31,
 202320222021
Depreciation and amortization expense:
CAM$243,537 $231,663 $203,675 
ACMI Services96,762 96,996 101,541 
All other2,686 2,405 3,232 
Total$342,985 $331,064 $308,448 
Interest expense
CAM48,136 30,880 38,160 
ACMI Services21,440 13,818 18,066 
Segment earnings (loss):
CAM$109,415 $143,008 $106,161 
ACMI Services32,006 95,198 158,733 
     All other(11,165)2,579 112 
Net unallocated interest expense(2,362)(1,748)(2,525)
Net gain (loss) on financial instruments(962)9,022 29,979 
Debt issuance costs(936)— (6,505)
Other non-service components of retiree benefit costs, net(37,017)20,046 17,827 
Loss from non-consolidated affiliate(4,740)(7,607)(2,577)
Pre-tax earnings from continuing operations$84,239 $260,498 $301,205 
The amortization of customer incentives included in revenue for CAM was $15.4 million, $20.1 million and $20.0 million for 2023, 2022 and 2021, respectively. The amortization of customer incentives included in revenue for ACMI Services was $3.2 million, $3.1 million and $3.1 million for 2023, 2022 and 2021 respectively.
The Company's assets are presented below by segment (in thousands). Cash and cash equivalents are reflected in Assets - All other.
December 31
 202320222021
Assets:
CAM$2,885,508 $2,510,559 $2,218,012 
ACMI Services828,703 921,522 872,311 
All other167,879 157,812 177,012 
Total$3,882,090 $3,589,893 $3,267,335 
During 2023, the Company had capital expenditures for property and equipment of $86.2 million and $702.4 million for the ACMI Services and CAM, respectively.