Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The following table presents details on the major classes of property and equipment as of (in thousands):
December 31,
2023 2022
Aircraft $ 779,945  $ 784,836 
Land and buildings 175,266  167,820 
Other property and equipment 105,342  107,355 
Construction-in-progress 99,320  35,300 
Property and equipment, at cost $ 1,159,873  $ 1,095,311 
Less: accumulated depreciation (232,107) (180,060)
Property and equipment, net $ 927,766  $ 915,251 
During the twelve months ended December 31, 2023, nine months ended December 31, 2022 and twelve months ended March 31, 2022, the Company recognized depreciation expense of $61.9 million, $44.1 million and $66.7 million, respectively.
Other Asset and Inventory Considerations
During the nine months ended December 31, 2022, the Company entered into and amended two existing PBH agreements with maintenance service providers for its AW139 helicopter fleet. The terms of these agreements included a buy-in payable of approximately $55 million for the hours flown on the aircraft prior to entry into the PBH agreements. The buy-in amount for the transaction has been paid in full and is reflected in other long-term assets with the amount due for amortization within a year reflected in prepaid expenses and other current assets on the consolidated balance sheets. The balance is amortized through operating expense on the consolidated statements of operations on a straight-line basis over the contract term. During the nine months ended December 31, 2022, the Company wrote off $5.2 million of intangible assets related to legacy AW139 airframe agreements in connection with these PBH agreements. This loss is reflected on the loss on impairment line of the consolidated statement of operations.
During the twelve months ended March 31, 2022, the Company recognized $11.8 million in loss on impairment related to certain aircraft, equipment and inventory.