Segment Information

12 Months Ended

Dec. 31, 2014

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 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 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 USPS, the sale of aircraft parts and maintenance services, facility and ground equipment maintenance services and management services for workers' compensation 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
	2014			2013			2012
Total revenues:
CAM	$	166,303		$	160,342		$	154,565
ACMI Services	439,919			444,504			478,993
All other	142,294			117,292			112,343
Eliminate inter-segment revenues	(158,924		)	(142,115		)	(138,463		)
Total	$	589,592		$	580,023		$	607,438
Customer revenues:
CAM	$	77,668		$	71,604		$	74,599
ACMI Services	439,919			444,504			477,722
All other	72,005			63,915			55,117
Total	$	589,592		$	580,023		$	607,438
Depreciation and amortization expense:
CAM	$	78,866		$	64,096		$	59,351
ACMI Services	29,929			27,546			24,599
All other	(541		)	107			527
Total	$	108,254		$	91,749		$	84,477
Other Charges
ACMI Services - pension settlement	6,700			—			—
ACMI Services - goodwill impairment	—			52,585			—
Total	$	6,700		$	52,585		$	—
Segment earnings (loss):
CAM	$	53,159		$	66,208		$	68,499
ACMI Services	(12,081		)	(78,186		)	(14,503		)
All other	11,363			12,200			11,650
Net unallocated interest expense	(1,761		)	(1,212		)	(1,205		)
Net gain on derivative instruments	1,096			631			1,879
Pre-tax earnings from continuing operations	$	51,776		$	(359	)	$	66,320

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

	December 31,		December 31,		December 31,
	2014		2013		2012
Assets:
CAM	$	801,195	$	808,987	$	810,664
ACMI Services	135,109		141,664		161,650
Discontinued operations	—		294		—
All other	95,325		82,194		63,297
Total	$	1,031,629	$	1,033,139	$	1,035,611

Interest expense of $0.2 million, $0.6 million and $0.9 million for 2014, 2013 and 2012, respectively, was reimbursed through the commercial agreements with DHL and included in the ACMI Services segment earnings above. Interest expense allocated to CAM was $11.8 million, $12.4 million and $12.2 million for the years ending December 31, 2014, 2013 and 2012, respectively.

During 2014, the Company had capital expenditures of $44.6 million and $66.3 million for the ACMI Services and CAM segments, respectively. The ACMI Services segment reflects a goodwill impairment charge of $52.6 million recorded in the fourth quarter of 2013.

Entity-Wide Disclosures

The Company's international revenues were approximately $205.0 million, $235.1 million and $314.2 million for 2014, 2013 and 2012, 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, 2014, 2013 and 2012 are presented below (in thousands):

	December 31,
	2014		2013		2012
Mail handling services	$	34,025	$	30,117	$	23,671
Aircraft maintenance and part sales	$	26,393	$	23,175	$	21,669
Facility and ground equipment maintenance	11,119		10,030		8,304
Other	468		593		1,473
Total customer revenues	$	72,005	$	63,915	$	55,117