Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.20.2
PROPERTY AND EQUIPMENT
 3 Months Ended
Jun. 30, 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):
 
 
 
 
 
 
 
 
Successor
 
 
Predecessor
 
 
Three Months Ended  June 30, 2020
 
 
Three Months Ended  June 30, 2019
Capital expenditures:
 
 
 
 
 
Aircraft and equipment
 
$
2,757

 
 
$
6,688

Land and buildings
 
92

 
 
751

Total capital expenditures
 
$
2,849

 
 
$
7,439


Property and Equipment Dispositions
The following table presents details on the aircraft sold or disposed of and impairments on assets held for sale (in thousands, except for number of aircraft):
 
 
 
 
 
 
 
 
Successor
 
 
Predecessor
 
 
Three Months Ended  June 30, 2020
 
 
Three Months Ended  June 30, 2019
Number of aircraft sold or disposed of
 
1

 
 
2
Deposits on assets held for sale
 
$
20,000

 
 
$
—

Proceeds from sale or disposal of assets (1)
 
$
11,665

 
 
$
3,204

Gain (loss) from sale or disposal of assets (2)
 
$
5,522

 
 
$
(3,787
)
_________________ 
(1) 
Includes proceeds received for sale of property and equipment (including aircraft) during each period.
(2) 
Included in gain (loss) on disposal of assets on the condensed consolidated statements of operations. Includes gain (loss), net of sale or disposal of property and equipment (including aircraft) during each period. During the three months ended June 30, 2020 (Successor), one aircraft was sold that was not in assets held for sale resulting in the gain of $5.5 million.
As of December 31, 2018 (Predecessor), Old Bristow revised the salvage values of certain aircraft to reflect its expectation of future sales values given the disposal plans for those aircraft. Old Bristow recorded an additional depreciation expense of $1.4 million during the three months ended June 30, 2019 (Predecessor). No additional depreciation was recorded for the three months ended June 30, 2020 (Successor) due to fresh-start accounting.