ACQUISITIONS AND DISPOSITIONS |
3 Months Ended |
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Mar. 31, 2018 | |
| Property, Plant and Equipment [Abstract] | |
| ACQUISITIONS AND DISPOSITIONS |
ACQUISITIONS AND DISPOSITIONS
Capital Expenditures. During the three months ended March 31, 2018, capital expenditures were $3.8 million and consisted primarily of helicopter acquisitions, spare helicopter parts and capitalized interest. During the three months ended March 31, 2018 and 2017, the Company capitalized interest of $0.1 million and $0.4 million, respectively. As of March 31, 2018 and December 31, 2017, construction in progress, which is a component of property and equipment, included capitalized interest of $0.7 million and $1.9 million, respectively. A summary of changes to the Company’s operating helicopter fleet is as follows:
Equipment Additions - During the three months ended March 31, 2018, the Company placed one S92 heavy helicopter into service. The Company had no helicopter acquisitions during the three months ended March 31, 2017. The Company places helicopters in service once completion work has been finalized and the helicopters are ready for use.
Equipment Dispositions - During the three months ended March 31, 2018, the Company sold or otherwise disposed of twelve helicopters, two operating facilities, and related property and equipment for proceeds of $19.5 million and recognized gains of $4.4 million. During the three months ended March 31, 2017, the Company sold or otherwise disposed of property and equipment for proceeds of $0.1 million and recognized gains of $0.1 million.
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