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EQUIPMENT ACQUISITIONS AND DISPOSITIONS
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6 Months Ended |
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Jun. 30, 2014
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| Property, Plant and Equipment [Abstract] | |
| EQUIPMENT ACQUISITIONS AND DISPOSITIONS |
EQUIPMENT ACQUISITIONS AND DISPOSITIONS
During the six months ended June 30, 2014, capital expenditures were $52.1 million and consisted primarily of helicopter acquisitions and deposits on future helicopter deliveries. During the three and six months ended June 30, 2014, the Company capitalized interest of $1.1 million and $2.1 million, respectively. During the three and six months ended June 30, 2013, the Company capitalized interest of $0.2 million and $0.4 million, respectively. Included in construction in progress, which is a component of property and equipment, as of June 30, 2014 and December 31, 2013 was capitalized interest of $2.7 million and $1.4 million, respectively. 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 May 2014 but not yet operational as of June 30, 2014. A summary of changes to our operating helicopter fleet during the six months ended June 30, 2014 is as follows:
Equipment Additions. The Company placed three AW139 helicopters into service, all of which were delivered in the current year.
Equipment Dispositions. The company disposed of three medium helicopters.
During the three months ended June 30, 2014 and 2013, the Company sold or otherwise disposed of property and equipment for proceeds of $3.4 million and $18.1 million, respectively, and recognized gains of $3.1 million and $4.5 million, respectively. During the six months ended June 30, 2014 and 2013, the Company sold or otherwise disposed of property and equipment for proceeds of $7.0 million and $38.5 million, respectively, and recognized gains of $6.0 million and $15.3 million, respectively.
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