Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS AND DISPOSITIONS

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ACQUISITIONS AND DISPOSITIONS
 12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS
Capital Expenditures. The Company’s capital expenditures were $9.2 million, $16.8 million and $39.2 million in 2018, 2017 and 2016, respectively, and consisted primarily of helicopter acquisitions, spare helicopter parts, and leasehold improvements. The Company records helicopter acquisitions in property and equipment and places helicopters in service once completion work has been finalized and the helicopters are ready for use. The Company sold or otherwise disposed of property and equipment for cash proceeds of $29.6 million, $9.4 million and $28.6 million in 2018, 2017 and 2016, respectively. Included in the proceeds of $29.6 million was $1.2 million related to the sales-type leases of six H225 heavy helicopters, for which a $4.0 million loss was recognized at the lease commencement.
A summary of changes to the Company’s owned helicopter fleet during the years ended December 31, 2018, 2017 and 2016 were as follows:
Equipment Additions
 
2018
 
2017
 
2016 (1)
 
 
 
 
 
 
 
Heavy helicopters
 
1

 
1

 
2

 
 
1

 
1

 
2

_______________
(1)
Includes two heavy helicopters that were not yet placed in service as of December 31, 2016.

Equipment Dispositions
 
2018 (1)
 
2017
 
2016
 
 
 
 
 
 
 
Light helicopters - single engine
 
10

 
1

 
2

Light helicopters - twin engine
 
2

 
1

 
1

Medium helicopters
 
1

 
1

 
6

Heavy helicopters
 
8

 
—

 
—

 
 
21

 
3

 
9


_______________
(1)
Includes six H225 heavy helicopters disposed in sales-type leases.

Disposition. On February 23, 2018, the Company sold all of its flightseeing assets in Alaska, which consisted of eight light single engine helicopters, two operating facilities, and related property and equipment for cash proceeds of $10.0 million.