Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
9 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and Equipment Acquisitions
The Company made capital expenditures as follows (in thousands):
Three Months Ended December 31, Nine Months Ended December 31,
  2021 2020 2021 2020
Number of aircraft delivered(1)
—  —  — 
Capital expenditures:
Aircraft and equipment $ 5,711  $ 3,564  $ 21,671  $ 10,612 
Land and buildings 209  296  1,555  620 
Total capital expenditures $ 5,920  $ 3,860  $ 23,226  $ 11,232 
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(1)Previously leased S92 heavy helicopter acquired during the nine months ended December 31, 2021 pursuant to a contractual obligation in the lease.
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, Nine Months Ended December 31,
2021 2020 2021 2020
Number of aircraft sold or disposed of 14  10  46 
Proceeds from sale or disposal of assets $ 740  $ 14,361  $ 14,549  $ 66,501 
Gain (loss) on disposal of assets $ 727  $ 1,951  $ 1,388  $ (1,000)
Property, Equipment and Inventory ConsiderationsDuring the nine months ended December 31, 2021, the Company recognized a $8.8 million loss on impairment in connection with H225 helicopter parts inventory and aircraft held for sale to reflect the aircraft at expected sales values. During the nine months ended December 31, 2020, the Company recognized a $12.4 million loss on impairment related to certain equipment and inventory items in connection to the sale of aircraft