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PROPERTY AND EQUIPMENT Property and Equipment Acquisitions
The Company made capital expenditures as follows (in thousands):
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Three Months Ended September 30, |
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Six Months Ended September 30, |
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Successor |
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Predecessor |
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Successor |
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Predecessor |
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2020 |
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2019 |
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2020 |
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2019 |
Capital expenditures: |
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Aircraft and equipment |
$ |
4,291 |
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$ |
16,074 |
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$ |
7,048 |
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$ |
22,762 |
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Land and buildings |
232 |
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2,437 |
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324 |
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3,188 |
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Total capital expenditures |
$ |
4,523 |
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$ |
18,511 |
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$ |
7,372 |
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$ |
25,950 |
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Property and Equipment Dispositions
The following table presents details on the aircraft sold or disposed of (in thousands, except for number of aircraft):
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Three Months Ended September 30, |
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Six Months Ended September 30, |
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Successor |
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Predecessor |
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Successor |
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Predecessor |
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2020 |
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2019 |
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2020 |
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2019 |
Number of aircraft sold or disposed of |
31 |
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1 |
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32 |
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3 |
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Deposits on assets held for sale |
$ |
3,437 |
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$ |
— |
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$ |
3,437 |
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$ |
— |
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Proceeds from sale or disposal of assets (1)
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$ |
40,475 |
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$ |
1,799 |
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$ |
52,140 |
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$ |
5,003 |
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Loss from sale or disposal of assets(2)
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$ |
(8,473 |
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$ |
(230 |
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$ |
(2,951 |
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$ |
(4,017 |
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___________________________
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(1) |
Includes proceeds received for sale of property and equipment (including aircraft) during each period. |
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(2) |
Included in loss on disposal of assets on the condensed consolidated statements of operations. Includes gain (loss), net of sale or disposal of property and equipment (including aircraft) during each period. During the three and six months ended September 30, 2020 (Successor), 21 and 22 aircraft, respectively, were sold that were not in assets held for sale respectively.
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In connection with the sale of certain aircraft during the three months ended September 30, 2020, the Company agreed to sell certain related equipment and inventory. As a result, the Company recognized a $12.4 million loss on impairment to record those equipment and inventory items at the expected sales value. The equipment and inventory did not transfer title as of September 30, 2020; however, title is expected to transfer prior to March 31, 2021.
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