ESCROW DEPOSITS (Notes)
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6 Months Ended |
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Jun. 30, 2013
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Escrow Deposits [Abstract] | |
ESCROW DEPOSITS |
ESCROW DEPOSITS
In February 2013, the Company entered into agreements for the sale of two S76C++ medium helicopters for cash proceeds totaling $18.0 million. The sales transactions closed in May 2013 and were each treated as a tax-free like-kind exchange under Section 1031 for tax purposes whereby $16.0 million of the proceeds were held by a qualified intermediary and thus reflected as an escrow deposit in the consolidated balance sheet. Qualified properties were not identified (purchased) to complete the like-kind exchanges under Section 1031 prior to expiration of the 45-day period subsequent to the closing date. As a result, the Company has classified the escrow deposit of $16.0 million as a current asset at June 30, 2013.
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- Details
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- Definition
Escrow Deposits [Text Block] No definition available.
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