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SEC Filings

10-Q
BRISTOW GROUP INC filed this Form 10-Q on 08/03/2017
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)

Other Assets
In addition to the other intangible assets described above, other assets included the long-term portion of contract acquisition and pre-operating costs totaling $52.2 million and $51.1 million, respectively, as of June 30 and March 31, 2017, related to the SAR contracts in the U.K. and two client contracts in Norway, which are recoverable under the contract and will be expensed over the terms of the contracts.
Property and Equipment and Assets Held for Sale
During the three months ended June 30, 2017 and 2016, we made capital expenditures as follows:
 
Three Months Ended 
 June 30,
 
2017

2016
Number of aircraft delivered:
 
 
 
Medium
3

 

Total aircraft
3

 

Capital expenditures (in thousands):
 
 
 
Aircraft and equipment (1)
$
10,810

 
$
17,487

Land and buildings
1,743

 
3,576

Total capital expenditures
$
12,553

 
$
21,063

_____________ 
(1)
During the three months ended June 30, 2017 and 2016, we spent $1.3 million and $3.1 million, respectively, on progress payments for aircraft to be delivered in future periods.
The following table presents details on the aircraft sold or disposed of and impairments on assets held for sale during the three months ended June 30, 2017 and 2016:
 
Three Months Ended 
 June 30,
 
2017
 
2016
 
 
 
 
 
(In thousands, except for number of aircraft)
 
 
 
 
Number of aircraft sold or disposed of
6

 
6

Proceeds from sale or disposal of assets
$
41,975

 
$
11,500

Gain from sale or disposal of assets (1)
$
2,263

 
$
132

 
 
 
 
Number of aircraft impaired
2

 
11

Impairment charges on aircraft held for sale (1)
$
1,564

 
$
10,149

_____________ 
(1) 
Included in gain (loss) on disposal of assets on our condensed consolidated statements of operations.
During the three months ended June 30, 2016, we recorded accelerated depreciation of $6.9 million on 11 aircraft as our management decided to exit these model types earlier than originally anticipated.

10

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