Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 9 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and Equipment Acquisitions
The Company made capital expenditures as follows (in thousands, except number of aircraft):
Three Months Ended December 31, 2020 Two Months Ended
December 31, 2019		 One Month Ended
October 31, 2019
Successor Predecessor
Number of aircraft delivered:
SAR aircraft (1)
— 2 1
Total aircraft — 2 1
Capital expenditures:
Aircraft and equipment $ 3,564  $ 32,109  $ 15,624 
Land and buildings 296  33  — 
Total capital expenditures $ 3,860  $ 32,142  $ 15,624 
Nine Months Ended December 31, 2020 Two Months Ended
December 31, 2019		 Seven Months Ended
October 31, 2019
Successor Predecessor
Number of aircraft delivered:
SAR aircraft (1)
— 2 2
Total aircraft — 2 2
Capital expenditures:
Aircraft and equipment $ 10,612  $ 32,109  $ 38,386 
Land and buildings 620  33  3,188 
Total capital expenditures $ 11,232  $ 32,142  $ 41,574 
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(1)U. K. SAR configured AW189.
Property and Equipment Dispositions
The following table presents details on the aircraft sold or disposed of (in thousands, except for number of aircraft):
Three Months Ended December 31, 2020 Two Months Ended
December 31, 2019		 One Month Ended
October 31, 2019
Successor Predecessor
Number of aircraft sold or disposed of
14  —  — 
Proceeds from sale or disposal of assets $ 14,361  $ 204  $ 311 
Gain (loss) from sale or disposal of assets $ 1,951  $ (154) $ 249 
Fresh-start accounting adjustment (1)
$ —  $ —  $ 768,630 
Nine Months Ended December 31, 2020 Two Months Ended
December 31, 2019		 Seven Months Ended
October 31, 2019
Successor Predecessor
Number of aircraft sold or disposed of
46  —  3 
Proceeds from sale or disposal of assets $ 66,501  $ 204  $ 5,314 
Loss from sale or disposal of assets $ (1,000) $ (154) $ (3,768)
Fresh-start accounting adjustment (1)
$ —  $ —  $ 768,630 
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(1)In connection with the Company’s emergence from bankruptcy and the application of ASC 852, the Company adjusted property and equipment by $768.6 million to its respective fair value of $931.7 million at the Effective Date.
In connection with the sale of certain aircraft during the nine months ended December 31, 2020, the Company agreed to sell certain related equipment and inventory. As a result, the Company recognized a $12.4 million loss on impairment to record those equipment and inventory items at the expected sales value.
Property and Equipment Considerations
During the three months ended December 31, 2020, as a result of the impairment of our investment in Cougar Helicopters Inc. (“Cougar) during the period, the Company identified an indicator of impairment for its Cougar asset group requiring further impairment consideration. An undiscounted cash flow analysis demonstrated sufficient undiscounted cash flows in excess of its carrying value. No impairment was required to be recognized to the asset group as of December 31, 2020.