Quarterly report pursuant to Section 13 or 15(d)

Equipment Acquisitions and Dispositions

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Equipment Acquisitions and Dispositions
6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Equipment Acquisitions and Dispositions
3. EQUIPMENT ACQUISITIONS AND DISPOSITIONS
During the six months ended June 30, 2020, capital expenditures were $12.4 million and primarily related to the construction of harbor tugs and the purchase of machinery and equipment.
During the six months ended June 30, 2020, the Company sold 39 inland river dry-cargo barges and other equipment for net proceeds of $9.2 million and gains of $7.9 million. In addition, the Company recognized previously deferred gains of $0.7 million.
During the six months ended June 30, 2020, the Company also sold and leased back three U.S.-flag harbor tugs for $33.7 million with leaseback terms ranging from 72-84 months. The Company determined that these transactions resulted in "failed" sale-leasebacks in accordance with Topic 842 and Topic 606 and as a result, did not qualify for sale or lease accounting (see Note 7).