RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2023 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company owns a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), an aviation services provider in Canada. Due to common ownership of Cougar, the Company considers VIH Aviation Group Ltd.(“VIH”) a related party.
The Company leases certain aircraft and facilities from VIH, and during the three months ended June 30, 2023 and 2022, the Company paid lease fees of $1.6 million and $1.2 million, respectively, and also generated total revenues of $9.2 million and $4.8 million from its related parties, respectively. During the six months ended June 30, 2023 and 2022, the Company paid lease fees of $3.0 million and $3.4 million, respectively, and also generated total revenues of $13.8 million and $13.7 million from its related parties, respectively. Additionally, during the six months ended June 30, 2023, the Company and VIH entered into resale agreements under which one S92 aircraft was sold in exchange for the purchase of another S92 aircraft in a non-monetary transaction. The exchange did not result in a gain or loss being recognized on the Company’s condensed consolidated statement of operations.
As of June 30, 2023 and December 31, 2022, accounts receivables from related parties included in accounts receivables on the condensed consolidated balance sheets were $0.9 million and $0.8 million, respectively.
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