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EQUIPMENT ACQUISITIONS AND DISPOSITIONS
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3 Months Ended |
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Mar. 31, 2014
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| Property, Plant and Equipment [Abstract] | |
| EQUIPMENT ACQUISITIONS AND DISPOSITIONS |
EQUIPMENT ACQUISITIONS AND DISPOSITIONS
During the three months ended March 31, 2014, capital expenditures were $18.8 million and consisted primarily of helicopter acquisitions and deposits on future helicopter deliveries. The Company records helicopter acquisitions in Property and Equipment and places helicopters in service once all completion work has been finalized and the helicopters are ready for use. One AW139 medium helicopter was delivered in March 2014 but not yet operational as of March 31, 2014. A summary of changes to our operating helicopter fleet during the three months ended March 31, 2014 is as follows:
Equipment Additions. The Company placed two AW139 helicopters into service, both of which were delivered in the current year.
Equipment Dispositions. The company disposed of two medium helicopters.
During the first quarter of 2014, the Company sold or otherwise disposed of property and equipment for proceeds of $3.6 million and recognized gains of $2.9 million.
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