ACQUISITIONS AND DISPOSITIONS |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Property, Plant and Equipment [Abstract] | |
| ACQUISITIONS AND DISPOSITIONS |
ACQUISITIONS AND DISPOSITIONS
Capital Expenditures. During the three months ended March 31, 2016, capital expenditures were $2.1 million and consisted primarily of spare helicopter parts, equipment and building improvements. The Company had no capitalized interest during the three months ended March 31, 2016 and $1.7 million of capitalized interest during the three months ended March 31, 2015. As of March 31, 2016 and December 31, 2015, construction in progress, which is a component of property and equipment, included capitalized interest of $4.3 million and $4.7 million, respectively. A summary of changes to our operating helicopter fleet is as follows:
Equipment Additions - The Company had no helicopter acquisitions during the three months ended March 31, 2016 or 2015.
Equipment Dispositions - During the three months ended March 31, 2016, the Company sold or otherwise disposed of property and equipment for proceeds of $4.0 million and recognized gains of $2.9 million. During the three months ended March 31, 2015, the Company sold or otherwise disposed of property and equipment for proceeds of $5.4 million and recognized gains of $2.2 million. Additionally, a dry-leasing customer exercised a purchase option for three helicopters from which the Company recognized a gain of $1.2 million and an investment in sales-type lease of $2.3 million. As of March 31, 2016, the investment in sales-type leases was $1.2 million.
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