RELATED PARTY TRANSACTIONS |
9 Months Ended |
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Sep. 30, 2024 | |
| 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. The remaining 75% voting interest and 60% economic interest in Cougar are owned by VIH Aviation Group Ltd. (“VIH”). Due to common ownership of Cougar, the Company considers VIH a related party.
The Company and VIH lease certain aircraft and facilities and from time to time purchase inventory from one another. During the three months ended September 30, 2024 and 2023, the Company made payments of $1.0 million and $1.1 million to its related parties, respectively, and also generated total revenues of $6.8 million and $11.5 million from its related parties, respectively. During the nine months ended September 30, 2024 and 2023, the Company made payments of $3.2 million and $4.1 million to its related parties, respectively, and also generated total revenues of $24.0 million and $25.3 million from its related parties, respectively. During the nine months ended September 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 September 30, 2024 and December 31, 2023, accounts receivable from related parties included in accounts receivable on the condensed consolidated balance sheets were $3.1 million and $1.2 million, respectively.
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