Annual report [Section 13 and 15(d), not S-K Item 405]

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The following table presents details on the major classes of property and equipment as of (in thousands):
December 31,
2024 2023
Aircraft $ 821,985  $ 779,945 
Land and buildings 173,828  175,266 
Other property and equipment 109,708  105,342 
Construction-in-progress 244,181  99,320 
Property and equipment, at cost $ 1,349,702  $ 1,159,873 
Less: accumulated depreciation (273,481) (232,107)
Property and equipment, net $ 1,076,221  $ 927,766 
During the twelve months ended December 31, 2024, twelve months ended December 31, 2023 and nine months ended December 31, 2022, the Company recognized depreciation expense of $59.0 million, $61.9 million and $44.1 million, respectively.
Other Asset and Inventory Considerations
During the nine months ended December 31, 2022, the Company entered into and amended two existing PBH agreements with maintenance service providers for its AW139 helicopter fleet. The terms of these agreements included a buy-in payable of approximately $55.0 million for the hours flown on the aircraft prior to entry into the PBH agreements. The buy-in amount for the transaction has been paid in full and is reflected in other long-term assets with the amount due for amortization within a year reflected in prepaid expenses and other current assets on the consolidated balance sheets. The balance is amortized through operating expense on the consolidated statements of operations on a straight-line basis over the contract term. During the nine months ended December 31, 2022, the Company wrote off $5.2 million of intangible assets related to legacy AW139 airframe agreements in connection with these PBH agreements. This resulted in a loss reported under the loss on impairment line of the consolidated statement of operations and is associated with the Company’s Offshore Energy Services segment.