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Equipment Acquisitions and Dispositions
9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
Equipment Acquisitions and Dispositions
3. EQUIPMENT ACQUISITIONS AND DISPOSITIONS
During the nine months ended September 30, 2020, capital expenditures were $16.3 million and primarily related to progress payments for the construction of four U.S.-flag harbor tugs and the purchase of machinery and equipment.
During the nine months ended September 30, 2020, the Company sold 39 inland river dry-cargo barges and other equipment for net proceeds of $9.6 million and gains of $8.2 million. In addition, the Company recognized previously deferred gains of $1.0 million. Subsequent to September 30, 2020, the Company sold one U.S.-flag dry bulk carrier for net proceeds of $1.8 million and gains of $0.2 million.
During the nine months ended September 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).