It's the most commonly died color but is a tan color when they cut the shells out of the hide. After additional tanning which adds oils, waxes, etc. it's a dark brown. There are a few youtube videos showing the process at Horween.
Edited to Add:
Wow...thanks a lot you two. This thread is so informative. Even if I didnt like AE shoes, this thread is a great place to learn about shoe style and the manufacturing process.