Property and Equipment

9 Months Ended

Sep. 30, 2022

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):

	September 30, 2022		December 31, 2021
Flight equipment	$	3,440,294	$	3,301,113
Ground equipment	$	68,762	64,641
Leasehold improvements, facilities and office equipment	$	39,714	38,769
Aircraft modifications and projects in progress	$	383,590	206,917
	$	3,932,360	3,611,440
Accumulated depreciation	$	(1,593,082)	(1,481,506)
Property and equipment, net	$	2,339,278	$	2,129,934

CAM owned aircraft with a carrying value of $1,457.2 million and $1,404.4 million that were under lease to external customers as of September 30, 2022 and December 31, 2021, respectively.