Property, Plant and Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

NOTE 8

Property, Plant and Equipment

Property, plant and equipment are summarized as follows (in thousands):

	December 31,
	2012			2011
Work in progress	$	868		$	966
Building and improvements		12,952			12,963
Machinery and equipment		111,148			109,500
Land and improvements		3,579			3,551
		128,547			126,980
Less: accumulated depreciation		(89,392	)		(86,059	)
	$	39,155		$	40,921

In 2007, the Company completed a sale-leaseback transaction involving one of its news helicopters. The resulting lease qualifies and is accounted for as a capital lease (see Note 15). The gain on sale of $663,000 has been deferred and is being amortized as an offset to depreciation expense over the life of the lease. Machinery and equipment includes $1.3 million recorded under this capital lease, offset by deferred gain of $158,000 and $252,000 at December 31, 2012 and 2011, respectively. Accumulated depreciation associated with the capital lease asset totals $952,000 and $774,000 at December 31, 2012 and 2011, respectively.

As of December 31, 2011, the Company had approximately $3.2 million of accruals related to the purchase of property, plant and equipment. This amount was not included in the purchases of plant, property and equipment reported on the consolidated statements of cash flows for the year ended December 31, 2011. There were no significant accruals related to the purchase of property, plant and equipment for the year ended December 31, 2012.

The Company did not capitalize any interest expense in 2012, 2011 or 2010.