Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Entity Registrant Name | Bristow Group Inc. | |
Entity Central Index Key | 73,887 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,063,321 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Gross revenue: | ||
Operating revenue from non-affiliates | $ 338,675 | $ 420,013 |
Operating revenue from affiliates | 17,509 | 20,098 |
Reimbursable revenue from non-affiliates | 13,214 | 26,885 |
Total consolidated gross revenue | 369,398 | 466,996 |
Operating expense: | ||
Direct cost | 289,543 | 336,118 |
Reimbursable expense | 12,614 | 26,167 |
Depreciation and amortization | 34,694 | 37,146 |
General and administrative | 52,595 | 61,332 |
Operating expense | 389,446 | 460,763 |
Loss on disposal of assets | (10,017) | (7,695) |
Earnings from unconsolidated affiliates, net of losses | 3,830 | 6,296 |
Operating income (loss) | (26,235) | 4,834 |
Interest expense, net | (10,886) | (7,669) |
Other income (expense), net | (6,189) | 3,839 |
Income (loss) before provision for income taxes | (43,310) | 1,004 |
Benefit (provision) for income taxes | 2,238 | (2,633) |
Net loss | (41,072) | (1,629) |
Net (income) loss attributable to noncontrolling interests | 300 | (1,628) |
Net loss attributable to Bristow Group | (40,772) | (3,257) |
Accretion of redeemable noncontrolling interests | 0 | (6,301) |
Net loss attributable to common stockholders | $ (40,772) | $ (9,558) |
Loss per common share: | ||
Basic | $ (1.17) | $ (0.27) |
Diluted | (1.17) | (0.27) |
Cash dividends declared per common share | $ 0.07 | $ 0.34 |
UNAUDITED CONDENSED CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (41,072) | $ (1,629) |
Other comprehensive income: | ||
Currency translation adjustments | (7,135) | 12,608 |
Total comprehensive income (loss) | (48,207) | 10,979 |
Net (income) loss attributable to noncontrolling interests | 300 | (1,628) |
Currency translation adjustments attributable to noncontrolling interests | (4,442) | 2,106 |
Total comprehensive (income) loss attributable to noncontrolling interests | (4,142) | 478 |
Total comprehensive (income) loss attributable to Bristow Group | (52,349) | 11,457 |
Accretion of redeemable noncontrolling interests | 0 | (6,301) |
Total comprehensive income (loss) attributable to common stockholders | $ (52,349) | $ 5,156 |
UNAUDITED CONDENSED CONSOLIDAT4
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 122,711 | $ 104,310 |
Accounts receivable from non-affiliates | 243,446 | 243,425 |
Accounts receivable from affiliates | 7,551 | 5,892 |
Inventories | 137,673 | 142,503 |
Assets held for sale | 40,572 | 43,783 |
Prepaid expenses and other current assets | 51,941 | 53,183 |
Total current assets | 603,894 | 593,096 |
Investment in unconsolidated affiliates | 207,351 | 194,952 |
Property and equipment - at cost: | ||
Total property and equipment, at cost | 2,775,888 | 2,823,675 |
Less - Accumulated depreciation and amortization | (537,891) | (540,423) |
Total property and equipment, net | 2,237,997 | 2,283,252 |
Goodwill | 28,650 | 29,990 |
Other assets | 140,234 | 161,655 |
Total assets | 3,218,126 | 3,262,945 |
Current liabilities: | ||
Accounts payable | 93,259 | 96,966 |
Accrued wages, benefits and related taxes | 61,175 | 59,431 |
Income taxes payable | 19,838 | 27,400 |
Other accrued taxes | 7,853 | 7,995 |
Deferred revenue | 42,531 | 24,206 |
Accrued maintenance and repairs | 20,994 | 22,196 |
Accrued interest | 5,948 | 11,985 |
Other accrued liabilities | 49,796 | 48,392 |
Deferred taxes | 2,334 | 1,881 |
Short-term borrowings and current maturities of long-term debt | 78,036 | 60,394 |
Contingent consideration | 3,723 | 29,522 |
Total current liabilities | 385,487 | 390,368 |
Long-term debt, less current maturities | 1,123,315 | 1,071,578 |
Accrued pension liabilities | 60,370 | 70,107 |
Other liabilities and deferred credits | 26,843 | 33,273 |
Deferred taxes | 154,704 | 172,254 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 14,095 | 15,473 |
Stockholders' investment: | ||
Common stock | 378 | 377 |
Additional paid-in capital | 802,771 | 801,173 |
Retained earnings | 1,129,048 | 1,172,273 |
Accumulated other comprehensive loss | (301,396) | (289,819) |
Treasury shares, at cost | (184,796) | (184,796) |
Total Bristow Group stockholders' equity | 1,446,005 | 1,499,208 |
Noncontrolling interests | 7,307 | 10,684 |
Total stockholders' investment | 1,453,312 | 1,509,892 |
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | 3,218,126 | 3,262,945 |
Land and Building [Member] | ||
Property and equipment - at cost: | ||
Total property and equipment, at cost | 242,846 | 253,098 |
Aircraft And Equipment [Member] | ||
Property and equipment - at cost: | ||
Total property and equipment, at cost | $ 2,533,042 | $ 2,570,577 |
UNAUDITED CONDENSED CONSOLIDAT5
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (PARANTHETICAL) - $ / shares | Jun. 30, 2016 | Mar. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares outstanding | 35,063,321 | 34,976,743 |
Treasury stock, shares acquired, par value method | 1,291,441 | 1,291,441 |
Treasury stock, shares acquired, cost method | 2,756,419 | 2,756,419 |
UNAUDITED CONDENSED CONSOLIDAT6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (41,072) | $ (1,629) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 34,694 | 37,146 |
Deferred income taxes | (7,216) | (7,293) |
Discount amortization on long-term debt | 27 | 918 |
Loss on disposal of assets | (10,017) | (7,695) |
Impairment of inventories | 0 | 5,439 |
Stock-based compensation | 4,200 | 3,967 |
Equity in earnings from unconsolidated affiliates in excess of dividends received | (3,587) | (5,530) |
Tax benefit related to stock-based compensation | 0 | (337) |
Increase (decrease) in cash resulting from changes in: | ||
Accounts receivable | (18,391) | 6,329 |
Inventories | (2,000) | (4,872) |
Prepaid expenses and other assets | (2,390) | (17,582) |
Accounts payable | 5,328 | 14,830 |
Accrued liabilities | 10,334 | (20,243) |
Other liabilities and deferred credits | (5,342) | (2,901) |
Net cash provided by (used in) operating activities | (15,398) | 15,937 |
Cash flows from investing activities: | ||
Capital expenditures | (21,063) | (67,777) |
Proceeds from asset dispositions | 11,500 | 9,301 |
Net cash used in investing activities | (9,563) | (58,476) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 74,408 | 364,774 |
Debt issuance costs | (2,925) | 0 |
Repayment of debt | (18,035) | (285,589) |
Partial prepayment of put/call obligation | (13) | (14) |
Acquisition of noncontrolling interest | 0 | (2,000) |
Payment of contingent consideration | (10,000) | (8,000) |
Common stock dividends paid | (2,453) | (11,871) |
Tax benefit related to stock-based compensation | 0 | 337 |
Net cash provided by financing activities | 40,982 | 57,637 |
Effect of exchange rate changes on cash and cash equivalents | 2,380 | 1,150 |
Net increase in cash and cash equivalents | 18,401 | 16,248 |
Cash and cash equivalents at beginning of period | 104,310 | 104,146 |
Cash and cash equivalents at end of period | 122,711 | 120,394 |
Cash paid during the period for: | ||
Interest | 18,114 | 16,655 |
Income taxes | 4,058 | 7,365 |
Supplemental disclosure for non-cash investing activities: | ||
Completion of deferred sale leaseback | 0 | (74,480) |
Deferred sale leaseback advance | $ 0 | $ 18,285 |
UNAUDITED CONDENSED CONSOLIDAT7
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - 3 months ended Jun. 30, 2016 - USD ($) $ in Thousands | Total | Redeemable Noncontrolling Interests | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interests | Total Stockholders' Investment |
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2016 | $ 15,473 | ||||||||
Stockholders' equity, beginning balance at Mar. 31, 2016 | $ 1,509,892 | $ 377 | $ 801,173 | $ 1,172,273 | $ (289,819) | $ (184,796) | $ 10,684 | $ 1,509,892 | |
Common stock, shares beginning balance at Mar. 31, 2016 | 34,976,743 | 34,976,743 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock, value | 0 | $ 1 | 1,598 | 0 | 0 | 0 | 0 | 1,599 | |
Issuance of common stock, shares | 86,578 | ||||||||
Distributions paid to noncontrolling interests | 0 | $ 0 | 0 | 0 | 0 | 0 | (13) | (13) | |
Common stock dividends | 0 | 0 | 0 | (2,453) | 0 | 0 | 0 | (2,453) | |
Currency translation adjustments | $ (4,442) | (1,058) | 0 | 0 | 0 | 0 | 0 | (3,384) | (3,384) |
Net income (loss) | (320) | 0 | 0 | (40,772) | 0 | 0 | 20 | (40,752) | |
Other comprehensive income | 0 | 0 | 0 | 0 | (11,577) | 0 | 0 | (11,577) | |
Redeemable noncontrolling interest, ending balance at Jun. 30, 2016 | $ 14,095 | ||||||||
Stockholders' equity, ending balance at Jun. 30, 2016 | $ 1,453,312 | $ 378 | $ 802,771 | $ 1,129,048 | $ (301,396) | $ (184,796) | $ 7,307 | $ 1,453,312 | |
Common stock, shares ending balance at Jun. 30, 2016 | 35,063,321 | 35,063,321 |
UNAUDITED CONDENSED CONSOLIDAT8
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (PARENTHETICALS) - $ / shares | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends per share | $ 0.07 | $ 0.34 |
BASIS OF PRESENTATION, CONSOLID
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2016 | |
Basis Of Presentation, Consolidation And Summary Of Significant Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities (“Bristow Group”, the “Company”, “we”, “us”, or “our”) after elimination of all significant intercompany accounts and transactions. Our fiscal year ends March 31, and we refer to fiscal years based on the end of such period. Therefore, the fiscal year ending March 31, 2017 is referred to as “fiscal year 2017 ”. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission, the information contained in the following notes to condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and related notes thereto contained in our fiscal year 2016 Annual Report (the “fiscal year 2016 Financial Statements”). Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire fiscal year. The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the consolidated balance sheet of the Company as of June 30, 2016 and the consolidated statements of operations, comprehensive income and cash flows for the three months ended June 30, 2016 and 2015 . Certain reclassifications of prior period information have been made to conform to the presentations of the current period information as a result of an adoption of a required accounting standard. In the prior period financial statements, we had included unamortized debt issuance costs in other assets. Current period presentation has reclassified certain of these unamortized debt issuance costs as direct deductions of our debt balances on our condensed consolidated balance sheet. These reclassifications had no effect on net income or cash flows provided by operating activities as previously reported. Foreign Currency During the three months ended June 30, 2016 and 2015 , our primary foreign currency exposure was to the British pound sterling, the euro, the Australian dollar, the Norwegian kroner and the Nigerian naira. The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended 2016 2015 One British pound sterling into U.S. dollars High 1.48 1.59 Average 1.43 1.53 Low 1.31 1.46 At period-end 1.34 1.57 One euro into U.S. dollars High 1.15 1.14 Average 1.13 1.11 Low 1.10 1.06 At period-end 1.11 1.11 One Australian dollar into U.S. dollars High 0.78 0.81 Average 0.75 0.78 Low 0.72 0.76 At period-end 0.74 0.77 One Norwegian kroner into U.S. dollars High 0.1245 0.1370 Average 0.1212 0.1291 Low 0.1163 0.1234 At period-end 0.1195 0.1267 One Nigerian naira into U.S. dollars High 0.0050 0.0051 Average 0.0048 0.0051 Low 0.0035 0.0050 At period-end 0.0035 0.0050 _____________ Source: Bank of England, FactSet and Oanda.com Other income (expense), net, in our condensed consolidated statements of operations includes foreign currency transaction losses of $6.3 million and foreign currency transaction gains of $3.9 million for the three months ended June 30, 2016 and 2015 , respectively. The losses for the three months ended June 30, 2016 were primarily driven by the strengthening of the U.S. dollar against the Nigerian naira and British pound sterling as reflected in the table above. Our earnings from unconsolidated affiliates, net of losses, are also affected by the impact of changes in foreign currency exchange rates on the reported results of our unconsolidated affiliates. During the three months ended June 30, 2015 , earnings from unconsolidated affiliates, net of losses, increased $1.7 million as a result of the impact of changes in foreign currency exchange rates on the earnings of our unconsolidated affiliates, primarily the impact of changes in the Brazilian real to U.S. dollar exchange rate on earnings for our affiliate in Brazil. The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended 2016 2015 One Brazilian real into U.S. dollars High 0.3121 0.3435 Average 0.2849 0.3258 Low 0.2702 0.3108 At period-end 0.3121 0.3184 _____________ Source: FactSet and Oanda.com We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands): Three Months Ended Revenue $ (15,010 ) Operating expense 15,052 Earnings from unconsolidated affiliates, net of losses (1,788 ) Non-operating expense (10,117 ) Income before provision for income taxes (11,863 ) Provision for income taxes 2,778 Net income (9,085 ) Cumulative translation adjustment (11,577 ) Total stockholders’ investment $ (20,662 ) Revenue Recognition In general, we recognize revenue when it is both realized or realizable and earned. We consider revenue to be realized or realizable and earned when the following conditions exist: there is persuasive evidence of an arrangement (generally a client contract exists); the services or products have been performed or delivered to the client; the sales price is fixed or determinable; and collection has occurred or is probable. Revenue from helicopter services, including search and rescue (“SAR”) services, is recognized based on contractual rates as the related services are performed. The charges under these contracts are generally based on a two-tier rate structure consisting of a daily or monthly fixed fee plus additional fees for each hour flown. These contracts are for varying periods and generally permit the client to cancel the contract before the end of the term. We also provide services to clients on an “ad hoc” basis, which usually entails a shorter contract notice period and duration. The charges for ad hoc services are based on an hourly rate or a daily or monthly fixed fee plus additional fees for each hour flown. In order to offset potential increases in operating costs, our long-term contracts may provide for periodic increases in the contractual rates charged for our services. We recognize the impact of these rate increases when the criteria outlined above have been met. This generally includes written recognition from the clients that they are in agreement with the amount of the rate escalation. Cost reimbursements from clients are recorded as reimbursable revenue with the related reimbursed costs recorded as reimbursable expense on our condensed consolidated statements of operations. Bristow Academy, our helicopter training unit, primarily earns revenue from military training, flight training provided to individual students and ground school courses. We recognize revenue from these sources using the same revenue recognition principles described above as services are provided. We consider revenue to be realized or realizable and earned when the following conditions exist: there is persuasive evidence of an arrangement (generally a contract exists); the services have been performed or delivered to the client or student; the sales price is fixed and determinable; and collection has occurred or is probable. Eastern Airways International Limited (“Eastern Airways”) and Capiteq Limited, operating under the name Airnorth, primarily earn revenue through charter and scheduled airline services and provision of airport services (Eastern Airways only). Both chartered and scheduled airline service revenue is recognized net of passenger taxes and discounts. Revenue is recognized at the earlier of the period in which the service is provided or the period in which the right to travel expires, which is determined by the terms and conditions of the ticket. Ticket sales are recorded within deferred revenue in accordance with the above policy. Airport services revenue is recognized when earned. Interest Expense, Net During the three months ended June 30, 2016 and 2015 , interest expense, net consisted of the following (in thousands): Three Months Ended 2016 2015 Interest income $ 234 $ 221 Interest expense (11,120 ) (7,890 ) Interest expense, net $ (10,886 ) $ (7,669 ) Accretion of Redeemable Noncontrolling Interests Accretion of redeemable noncontrolling interests of $6.3 million for the three months ended June 30, 2015 related to put arrangements whereby the noncontrolling interest holders may require us to redeem the remaining shares of Airnorth and Eastern Airways at a formula-based amount that is not considered fair value (the “redemption amount”). Redeemable noncontrolling interest is adjusted each period for comprehensive income, dividends attributable to the noncontrolling interest and changes in ownership interest, if any, such that the noncontrolling interest represents the proportionate share of Airnorth’s and Eastern Airways’ equity (the “carrying value”). Additionally, at each period end we are required to compare the redemption amount to the carrying value of the redeemable noncontrolling interest and record the redeemable noncontrolling interest at the higher of the two amounts, with a corresponding charge or credit directly to retained earnings. While this charge or credit does not impact net income (loss), it does result in a reduction or increase of income (loss) available to common shareholders in the calculation of diluted earnings (loss) per share (see Note 8). Accounts Receivable As of June 30 and March 31, 2016 , the allowance for doubtful accounts for non-affiliates was $5.6 million in both periods. There were no allowances for doubtful accounts related to accounts receivable due from affiliates as of June 30 and March 31, 2016 . The allowance for doubtful accounts for non-affiliates as of June 30 and March 31, 2016 primarily related to amounts due from two clients in Nigeria and one client in Australia for which we no longer believed collection was probable. Inventories As of June 30 and March 31, 2016 , inventories were net of allowances of $25.0 million and $27.8 million , respectively. Prepaid Expenses and Other Current Assets As of June 30 and March 31, 2016 , prepaid expenses and other current assets included the short-term portion of contract acquisition and pre-operating costs totaling $12.6 million and $12.1 million , respectively, related to the SAR contracts in the U.K. and Australia and a client contract in Norway, which are recoverable under the contracts and will be expensed over the terms of the contracts. For the three months ended June 30, 2016 , we expensed $2.2 million due to the start-up of some of these contracts. Goodwill Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill has an indefinite useful life and is not amortized, but is assessed annually or when events or changes in circumstances indicate that a potential impairment exists. Goodwill of $28.7 million and $30.0 million as of June 30 and March 31, 2016 , respectively, related to our reporting units were as follows (in thousands): Europe Caspian Asia Pacific Total March 31, 2016 $ 10,026 $ 19,964 $ 29,990 Foreign currency translation (700 ) (640 ) (1,340 ) June 30, 2016 $ 9,326 $ 19,324 $ 28,650 Accumulated goodwill impairment of $42.2 million as of both June 30 and March 31, 2016 related to our reporting units were as follows (in thousands): Europe Caspian Africa Corporate and other Americas Total March 31, 2016 $ (25,177 ) $ (6,179 ) $ (10,223 ) $ (576 ) $ (42,155 ) Impairments — — — — — June 30, 2016 $ (25,177 ) $ (6,179 ) $ (10,223 ) $ (576 ) $ (42,155 ) Other Intangible Assets Other Intangible Assets — Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. Intangible assets by type were as follows (in thousands): Client contracts Client relationships Trade name and trademarks Internally developed software Licenses Total Gross Carrying Amount March 31, 2016 $ 8,170 $ 12,779 $ 5,008 $ 1,149 $ 752 $ 27,858 Foreign currency translation (3 ) (64 ) (292 ) (47 ) (2 ) (408 ) June 30, 2016 $ 8,167 $ 12,715 $ 4,716 $ 1,102 $ 750 $ 27,450 Accumulated Amortization March 31, 2016 $ (8,062 ) $ (10,600 ) $ (636 ) $ (480 ) $ (601 ) $ (20,379 ) Amortization expense (57 ) (184 ) (73 ) (55 ) (14 ) (383 ) June 30, 2016 $ (8,119 ) $ (10,784 ) $ (709 ) $ (535 ) $ (615 ) $ (20,762 ) Weighted average remaining contractual life, in years 0.2 6.3 13.7 2.6 2.4 4.4 Future amortization expense of intangible assets for each of the years ending March 31 are as follows (in thousands): 2017 $ 668 2018 879 2019 753 2020 465 2021 465 Thereafter 3,458 $ 6,688 The Bristow Norway and Eastern Airways acquisitions, included in our Europe Caspian region, resulted in intangible assets for client contracts, client relationships, trade names and trademarks, internally developed software and licenses. The Airnorth acquisition, included in our Asia Pacific region, resulted in intangible assets for client contracts, client relationships and trade name and trademarks. Other Assets As of June 30 and March 31, 2016 , other assets included the long-term portion of contract acquisition and pre-operating costs totaling $51.7 million and $55.1 million , respectively, related to the SAR contracts in the U.K. and a client contract 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, 2016 and 2015 , we made capital expenditures as follows: Three Months Ended 2016 2015 Number of aircraft delivered: Medium — 1 SAR aircraft — 1 Total aircraft — 2 Capital expenditures (in thousands): Aircraft and related equipment (1) $ 17,487 $ 40,462 Other 3,576 27,315 Total capital expenditures $ 21,063 $ 67,777 _____________ (1) During the three months ended June 30, 2016 and 2015 , we spent $3.1 million and $28.3 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, 2016 and 2015 : Three Months Ended 2016 2015 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of 6 9 Proceeds from sale or disposal of assets $ 11,500 $ 9,301 Gain from sale or disposal of assets (1) $ 132 $ 2,167 Number of aircraft impaired 11 9 Impairment charges on aircraft held for sale (1) $ 10,149 $ 9,862 _____________ (1) Included in gain (loss) on disposal of assets on our condensed consolidated statements of operations. During the three months ended June 30, 2016 and 2015 , we recorded accelerated depreciation of $6.9 million and $10.5 million on 11 and 19 aircraft, respectively, as our management decided to exit these model types earlier than originally anticipated. We expect to record an additional $3.5 million in depreciation expense over the remainder of fiscal year 2017 relating to this change in fleet exit timing. The weakening of the British pound sterling during the three months ended June 30, 2016 triggered a review of our property and equipment for potential impairment. In accordance with Accounting Standard Codification 360-10-35, we estimated future undiscounted cash flows to test the recoverability of our property and equipment, which largely consists of our held for use aircraft. The determination of estimated future undiscounted cash flows required us to use significant unobservable inputs including assumptions related to projected demand for services and rates. We determined that the estimated future undiscounted cash flows were above the carrying value as of June 30, 2016 and no impairment was recorded. Future declines in operating performance or anticipated business outlook may reduce our estimated future undiscounted cash flows and result in impairment. Recent Accounting Pronouncements We consider the applicability and impact of all accounting standard updates (“ASUs”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued accounting guidance on revenue recognition for revenue from contracts with customers. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and will replace most existing revenue recognition guidance when it becomes effective. This new standard was effective for annual reporting periods beginning after December 15, 2016. However, in July 2015, the FASB approved the deferral of the effective date of the revenue recognition standard permitting public entities to apply the new revenue standard to annual reporting periods beginning after December 15, 2017. Early application is permitted, but not before the original effective date of December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect this standard will have on our financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. In August 2014, the FASB issued accounting guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within a year of the date the financial statements are issued. The standard applies to all entities and is effective for annual and interim periods beginning after December 15, 2016 with early adoption permitted. We are evaluating the effect this standard will have on our financial statements and related disclosures. In February 2015, the FASB issued accounting guidance which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance amends the criteria for determining which entities are considered Variable Interest Entities (“VIEs”) and amends the criteria for determining if a service provider possesses a variable interest in a VIE. This pronouncement is effective for annual and interim periods in fiscal years beginning after December 15, 2015. A reporting entity may apply the amendments using a modified retrospective approach or a full retrospective application. We have adopted this accounting guidance effective April 1, 2016 and there is no material effect on our financial statements and related disclosures. In April 2015, the FASB issued accounting guidance relating to the presentation of debt issuance costs. The intent is to simplify the presentation of debt issuance costs by requiring entities to record debt issuance costs on the balance sheet as a direct deduction from the carrying amount of the related debt liability, similar to debt discounts or premiums. In August 2015, the FASB issued additional guidance to allow issuers to continue to recognize debt issuance costs related to line-of-credit arrangements as an asset and amortize that asset over the term of the credit agreement regardless of whether a balance is outstanding. These pronouncements are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. We have adopted this accounting guidance effective April 1, 2016. As a result of the adoption, we presented the $8.9 million of unamortized debt issuance costs that was previously included in other assets in our condensed consolidated balance sheet as of March 31, 2016 as direct deductions from the carrying amount of the related debt. In November 2015, the FASB issued a new standard which changes how deferred taxes are classified on an entity’s balance sheet. The guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The new guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is permitted. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods. We have not yet adopted this accounting guidance or determined the method of adoption but we believe the adoption of this guidance would reduce current assets and current liabilities and increase long-term assets and long-term liabilities by such amounts. In February 2016, the FASB issued accounting guidance which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. Additionally, this pronouncement requires a modified retrospective transition approach for all leases existing at, or entered into after the date of initial application, with an option to use certain transition relief. We have not yet adopted this standard nor have we determined the effect of the standard on our ongoing financial reporting. In March 2016, the FASB issued accounting guidance related to accounting for employee share-based payments. The amendments are intended to simplify several aspects of accounting for share-based payment award transactions including income tax consequences, classification of awards as either equity or liabilities and classification on the statements of cash flows. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and early adoption is permitted. We have not yet adopted this standard nor have we determined the effect of the standard on our ongoing financial reporting. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Jun. 30, 2016 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If we determine that we have operating power and the obligation to absorb losses or receive benefits, we consolidate the VIE as the primary beneficiary, and if not, we do not consolidate. As of June 30, 2016 , we had interests in four VIEs of which we were the primary beneficiary, which are described below, and had no interests in VIEs of which we were not the primary beneficiary. See Note 3 to the fiscal year 2016 Financial Statements for a description of other investments in significant affiliates. Bristow Aviation Holdings Limited — We own 49% of Bristow Aviation Holdings Limited’s (“Bristow Aviation”) common stock and a significant amount of its subordinated debt. Bristow Aviation is incorporated in England and holds all of the outstanding shares in Bristow Helicopters Limited (“Bristow Helicopters”). Bristow Aviation's subsidiaries provide industrial aviation services to clients primarily in the U.K, Norway, Australia, Nigeria and Trinidad and fixed wing services primarily in the U.K and Australia. Bristow Aviation is organized with three different classes of ordinary shares having disproportionate voting rights. The Company, Caledonia Investments plc (“Caledonia”) and a European Union investor (the “E.U. Investor”) own 49% , 46% and 5% , respectively, of Bristow Aviation’s total outstanding ordinary shares, although Caledonia has voting control over the E.U. Investor’s shares. In addition to our ownership of 49% of Bristow Aviation’s outstanding ordinary shares, in May 2004, we acquired eight million shares of deferred stock, essentially a subordinated class of stock with no voting rights, from Bristow Aviation for £1 per share ( $14.4 million in total). We also have £91.0 million ( $121.6 million ) principal amount of subordinated unsecured loan stock (debt) of Bristow Aviation bearing interest at an annual rate of 13.5% and payable semi-annually. Payment of interest on such debt has been deferred since its incurrence in 1996. Deferred interest accrues at an annual rate of 13.5% and aggregated $1.8 billion as of June 30, 2016 . The Company, Caledonia, the E.U. Investor and Bristow Aviation have entered into a shareholder agreement respecting, among other things, the composition of the board of directors of Bristow Aviation. On matters coming before Bristow Aviation’s board, Caledonia’s representatives have a total of three votes and the two other directors have one vote each. In addition, Caledonia has the right to nominate two persons to our board of directors and to replace any such directors so nominated. Caledonia, the Company and the E.U. Investor also have entered into a put/call agreement under which, upon giving specified prior notice, we have the right to buy all the Bristow Aviation shares held by Caledonia and the E.U. Investor, who, in turn, each have the right to require us to purchase such shares. Under current English law, we would be required, in order for Bristow Aviation to retain its operating license, to find a qualified E.U. investor to own any Bristow Aviation shares we have the right to acquire under the put/call agreement. The only restriction under the put/call agreement limiting our ability to exercise the put/call option is a requirement to consult with the Civil Aviation Authority (the “CAA”) in the U.K. regarding the suitability of the new holder of the Bristow Aviation shares. The put/call agreement does not contain any provisions should the CAA not approve the new E.U. investor. However, we would work diligently to find an E.U. investor suitable to the CAA. The amount by which we could purchase the shares of the other investors holding 51% of the equity of Bristow Aviation is fixed under the terms of the call option, and we have reflected this amount on our condensed consolidated balance sheets as noncontrolling interest. Furthermore, the call option provides a mechanism whereby the economic risk for the other investors is limited should the financial condition of Bristow Aviation deteriorate. The call option price is the nominal value of the ordinary shares held by the noncontrolling shareholders ( £1.0 million as of June 30, 2016 ) plus an annual guaranteed rate of return less any prepayments of such call option price and any dividends paid on the shares concerned. We can elect to pre-pay the guaranteed return element of the call option price wholly or in part without exercising the call option. No dividends have been paid by Bristow Aviation. We have accrued the annual return due to the other shareholders at a rate of sterling LIBOR plus 3% (prior to May 2004, the rate was fixed at 12% ) by recognizing noncontrolling interest expense on our condensed consolidated statements of operations, with a corresponding increase in noncontrolling interest on our condensed consolidated balance sheets. Prepayments of the guaranteed return element of the call option are reflected as a reduction in noncontrolling interest on our condensed consolidated balance sheets. The other investors have an option to put their shares in Bristow Aviation to us. The put option price is calculated in the same way as the call option price except that the guaranteed rate for the period to April 2004 was 10% per annum. If the put option is exercised, any pre-payments of the call option price are set off against the put option price. Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our condensed consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): June 30, March 31, Assets Cash and cash equivalents $ 121,612 $ 62,773 Accounts receivable 584,428 565,223 Inventories 97,556 102,738 Prepaid expenses and other current assets 40,981 53,776 Total current assets 844,577 784,510 Investment in unconsolidated affiliates 4,109 4,676 Property and equipment, net 233,099 251,494 Goodwill 28,650 29,990 Other assets 73,656 82,443 Total assets $ 1,184,091 $ 1,153,113 Liabilities Accounts payable $ 604,882 $ 521,563 Accrued liabilities 150,316 141,977 Accrued interest 1,765,120 1,698,360 Current maturities of long-term debt 11,861 10,322 Total current liabilities 2,532,179 2,372,222 Long-term debt, less current maturities 143,869 155,222 Accrued pension liabilities 60,370 70,107 Other liabilities and deferred credits 7,191 7,928 Deferred taxes 15,616 20,330 Redeemable noncontrolling interest 14,095 15,473 Total liabilities $ 2,773,320 $ 2,641,282 Three Months Ended 2016 2015 Revenue $ 318,454 $ 386,771 Operating loss (19,743 ) (17,743 ) Net loss (88,543 ) (64,777 ) Bristow Helicopters Nigeria Ltd. — Bristow Helicopters Nigeria Ltd. (“BHNL”) is a joint venture in Nigeria in which Bristow Helicopters owned a 48% interest, a Nigerian company owned 100% by Nigerian employees owned a 50% interest and an employee trust fund owned the remaining 2% interest as of June 30, 2016 . BHNL provides industrial aviation services to clients in Nigeria. In order to be able to bid competitively for our services in the Nigerian market, we were required to identify local citizens to participate in the ownership of entities domiciled in the region. However, these owners do not have extensive knowledge of the aviation industry and have historically deferred to our expertise in the overall management and day-to-day operation of BHNL (including the establishment of operating and capital budgets and strategic decisions regarding the potential expansion of BHNL’s operations). We have also historically provided subordinated financial support to BHNL and will need to continue to do so unless and until BHNL acquires sufficient equity to permit itself to finance its activities without that additional support from us. As we have the power to direct the most significant activities affecting the economic performance and ongoing success of BHNL and hold a variable interest in the entity in the form of our equity investment and working capital infusions, we consolidate BHNL as the primary beneficiary. The employee-owned Nigerian entity referenced above purchased a 19% interest in BHNL in December 2013 with proceeds from a loan received from BGI Aviation Technical Services Nigeria Limited (“BATS”). In July 2014, the employee-owned Nigerian entity purchased an additional 29% interest with proceeds from a loan received from Bristow Helicopters (International) Limited (“BHIL”). In April 2015, Bristow Helicopters purchased an additional 8% interest in BHNL and the employee-owned Nigerian entity purchased an additional 2% interest with proceeds from a loan received from BHIL. Both BATS and BHIL are wholly-owned subsidiaries of Bristow Aviation. The employee-owned Nigerian entity is also a VIE that we consolidate as the primary beneficiary and we eliminate the loans discussed above in consolidation. BHNL is an indirect subsidiary of Bristow Aviation; therefore, financial information for this entity is included within the amounts for Bristow Aviation and its subsidiaries presented above. Pan African Airlines Nigeria Ltd. — Pan African Airlines Nigeria Ltd. (“PAAN”) is a joint venture in Nigeria with local partners in which we own a 50.17% interest. PAAN provides industrial aviation services to clients in Nigeria. The activities that most significantly impact PAAN’s economic performance relate to the day-to-day operation of PAAN, setting the operating and capital budgets and strategic decisions regarding the potential expansion of PAAN’s operations. Throughout the history of PAAN, our representation on the board and our secondment to PAAN of its managing director has enabled us to direct the key operational decisions of PAAN (without objection from the other board members). We have also historically provided subordinated financial support to PAAN. As we have the power to direct the most significant activities affecting the economic performance and ongoing success of PAAN and hold a variable interest in the form of our equity investment and working capital infusions, we consolidate PAAN as the primary beneficiary. However, as long as we own a majority interest in PAAN, the separate presentation of financial information in a tabular format for PAAN is not required. |
DEBT
DEBT | 3 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of June 30 and March 31, 2016 consisted of the following (in thousands): June 30, March 31, 6¼% Senior Notes due 2022 $ 401,535 $ 401,535 Term Loan 328,693 335,665 Term Loan Credit Facility 200,000 200,000 Revolving Credit Facility 206,950 144,000 Airnorth debt 18,903 19,652 Eastern Airways debt 15,634 15,643 Other debt 39,395 24,394 Unamortized debt issuance costs (9,759 ) (8,917 ) Total debt 1,201,351 1,131,972 Less short-term borrowings and current maturities of long-term debt (78,036 ) (60,394 ) Total long-term debt $ 1,123,315 $ 1,071,578 Term Loan and Revolving Credit Facility — On May 23, 2016, we entered into an eighth amendment (the “Eighth Amendment”) to our amended and restated revolving credit and term loan agreement, which includes a $400 million revolving credit facility with a subfacility of $30 million for letters of credit (the “Revolving Credit Facility”) and a five -year, $350 million term loan (the “Term Loan”, and together with the Revolving Credit Facility, the “Credit Facilities”) (the “Amended and Restated Credit Agreement”) that, among other things, (a) replaced the maximum leverage ratio requirement with a maximum senior secured leverage ratio defined as the sum of senior secured debt and the present value of obligations under operating leases to consolidated EBITDA for the most recent four consecutive fiscal quarters, which ratio may not be not greater than 4.25 : 1.00 for each fiscal quarter ending during the period from March 31, 2016 through September 30, 2017 and 4.00 : 1.00 for each fiscal quarter ending thereafter, (b) replaced the interest coverage ratio requirement with a minimum current ratio, defined as the ratio of the sum of consolidated current assets minus the book value of aircraft held for sale plus the unused amount of aggregate revolving commitments less $25 million to consolidated current liabilities, which may not be not less than 1.00 : 1.00 as of the last day of each fiscal quarter, (c) allows for the issuance of certain additional indebtedness when the leverage ratio exceeds 4.75 : 1.00 , including (i) unsecured, subordinated or convertible indebtedness to refinance outstanding term loans under the Amended and Restated Credit Agreement and our senior secured term loan agreement (the “Term Loan Credit Agreement”), (ii) additional unsecured, subordinated or convertible indebtedness of up to $100 million in principal amount, (iii) equipment financings, including, without limitation, aircraft sale and leaseback transactions, and (iv) financings of U.K. bases with respect to helicopter SAR services and (d) limits cash dividends on our common stock to $0.07 per share per quarter. In addition, in connection with the Eighth Amendment and the first amendment to the Term Loan Credit Agreement described below, certain of our U.S. subsidiaries have granted liens on certain of their aircraft to secure our obligations under the Amended and Restated Credit Agreement and the Term Loan Credit Agreement on a pari passu secured basis in favor of the lenders under each such agreement. Also, as part of the Eight Amendment, the applicable margin for borrowings under the Credit Facilities will range from 0.50% to 3.5% depending on whether the Base Rate or LIBOR was used and based on our leverage ratio pricing grid. During the three months ended June 30, 2016 , we had borrowings of $72.0 million and made payments of $9.0 million under the Revolving Credit Facility. Additionally, we paid $7.0 million to reduce our borrowings under the Term Loan. As of June 30, 2016 , we had $0.6 million in letters of credit outstanding under the Revolving Credit Facility. Term Loan Credit Facility — On May 23, 2016, we entered into the first amendment to the Term Loan Credit Agreement that, among other things, incorporates, as applicable, the provisions of the Eighth Amendment described above. Other Debt — Other debt includes borrowings for aircraft purchase payments totaling $24.0 million with interest rates ranging from 2.5% to 3.5% payable in December 2016 and January 2017 and amounts payable relating to the third year earn-out payment for our investment in Cougar Helicopters Inc. (“Cougar”) totaling $15.4 million due in April 2017. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 3 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES Assets and liabilities subject to fair value measurement are categorized into one of three different levels depending on the observability of the inputs employed in the measurement, as follows: • Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs that reflect quoted prices for identical assets or liabilities in markets which are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. Non-recurring Fair Value Measurements The majority of our non-financial assets, which include inventories, property and equipment, assets held for sale, goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur such that a non-financial asset is required to be evaluated for impairment and deemed to be impaired, the impaired non-financial asset is recorded at its fair value. The following table summarizes the assets as of June 30, 2016 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Assets held for sale $ — $ 40,572 $ — $ 40,572 $ (10,149 ) Total assets $ — $ 40,572 $ — $ 40,572 $ (10,149 ) The following table summarizes the assets as of June 30, 2015 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Inventories $ — $ 13,922 $ — $ 13,922 $ (5,439 ) Assets held for sale — 35,523 — 35,523 (9,862 ) Total assets $ — $ 49,445 $ — $ 49,445 $ (15,301 ) The fair value of inventories using Level 2 inputs is determined by evaluating the current economic conditions for sale and disposal of spare parts, which includes estimates as to the recoverability of the carrying value of the parts based on historical experience with sales and disposal of similar spare parts, the expected timeframe of sales or disposals, the location of the spare parts to be sold and the condition of the spare parts to be sold or otherwise disposed of. The fair value of assets held for sale using Level 2 inputs is determined through evaluation of expected sales proceeds for aircraft. This analysis includes estimates based on historical experience with sales, recent transactions involving similar assets, quoted market prices for similar assets and condition and location of aircraft to be sold or otherwise disposed of. The loss for the three months ended June 30, 2016 related to eleven aircraft held for sale and the loss for the three months ended June 30, 2015 related to nine aircraft held for sale. Recurring Fair Value Measurements The following table summarizes the financial instruments we had as of June 30, 2016 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 3,045 $ — $ — $ 3,045 Other assets Total assets $ 3,045 $ — $ — $ 3,045 Contingent consideration: (1) Current $ — $ — $ 3,723 $ 3,723 Contingent consideration Long-term — — 3,037 3,037 Other liabilities and deferred credits Total liabilities $ — $ — $ 6,760 $ 6,760 _____________ (1) Relates to the acquisition of Airnorth totaling $6.8 million . For further details on Airnorth, see Note 2 to the fiscal year 2016 Financial Statements. The following table summarizes the financial instruments we had as of March 31, 2016 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 2,990 $ — $ — $ 2,990 Other assets Total assets $ 2,990 $ — $ — $ 2,990 Contingent consideration: (1) Current $ — $ — $ 29,522 $ 29,522 Contingent consideration Long-term — — 3,069 3,069 Other liabilities and deferred credits Total liabilities $ — $ — $ 32,591 $ 32,591 _____________ (1) Relates to our investment in Cougar totaling $26.0 million and Airnorth totaling $6.6 million . For further details on Cougar and Airnorth, see Notes 2 and 3 to the fiscal year 2016 Financial Statements. The rabbi trust investments consist of cash and mutual funds whose fair value are based on quoted prices in active markets for identical assets, and are designated as Level 1 within the valuation hierarchy. The rabbi trust holds investments related to our non-qualified deferred compensation plan for our senior executives. The following table provides a rollforward of the contingent consideration liability Level 3 fair value measurements during the three months ended June 30, 2016 (in thousands): Significant Unobservable Inputs (Level 3) Balance as of March 31, 2016 $ 32,591 Change in fair value of contingent consideration 169 Payment of Cougar third year earn-out (10,000 ) Reclass of remaining Cougar third year earn-out to short-term borrowings and other accrued liabilities (16,000 ) Balance as of June 30, 2016 $ 6,760 We assess the estimated fair value of the contractual obligation to pay the contingent consideration on a quarterly basis and any changes in estimated fair value are recorded as accretion expense included in depreciation and amortization on our condensed consolidated statements of operations. Fluctuations in the fair value of contingent consideration are impacted by two unobservable inputs, management's estimate of the probability of Cougar or Airnorth achieving certain agreed performance targets and the estimated discount rate. As of June 30 and March 31, 2016 , the discount rate approximated 4% for the contingent consideration related to Cougar and 2% for the contingent consideration related to Airnorth. Fair Value of Debt The fair value of our debt has been estimated in accordance with the accounting standard regarding fair value. The fair value of our fixed rate long-term debt is estimated based on quoted market prices. The carrying and fair value of our long-term debt, including the current portion and excluding unamortized debt issuance costs, are as follows (in thousands): June 30, 2016 March 31, 2016 Carrying Value Fair Value Carrying Value Fair Value 6¼% Senior Notes $ 401,535 $ 303,681 $ 401,535 $ 277,059 Term Loan 328,693 328,693 335,665 335,665 Term Loan Credit Facility 200,000 200,000 200,000 200,000 Revolving Credit Facility 206,950 206,950 144,000 144,000 Airnorth debt 18,903 18,903 19,652 19,652 Eastern Airways debt 15,634 15,634 15,643 15,643 Other debt 39,395 39,395 24,394 24,394 $ 1,211,110 $ 1,113,256 $ 1,140,889 $ 1,016,413 Other The fair values of our cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Aircraft Purchase Contracts — As shown in the table below, we expect to make additional capital expenditures over the next five fiscal years to purchase additional aircraft. As of June 30, 2016 , we had 36 aircraft on order and options to acquire an additional 10 aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income. Nine Months Ending March 31, 2017 Fiscal Year Ending March 31, 2018 2019 2020 2021 and thereafter Total Commitments as of June 30, 2016: (1) (2) Number of aircraft: Medium 10 — — — — 10 Large (2) — 5 4 4 5 18 U.K. SAR 4 4 — — — 8 14 9 4 4 5 36 Related expenditures (in thousands) (3) Medium and large $ 46,002 $ 66,044 $ 60,455 $ 63,685 $ 45,656 $ 281,842 U.K. SAR 57,583 58,208 — — — 115,791 $ 103,585 $ 124,252 $ 60,455 $ 63,685 $ 45,656 $ 397,633 Options as of June 30, 2016: Number of aircraft: Medium — 5 — — — 5 Large — 3 2 — — 5 — 8 2 — — 10 Related expenditures (in thousands) (3) $ 25,974 $ 116,055 $ 30,410 $ — $ — $ 172,439 _____________ (1) Signed client contracts are currently in place that will utilize eight of these U.K SAR aircraft. (2) In July and August 2016, through discussions with helicopter manufacturers we: (i) reached agreements to defer payment of approximately $13 million in capital expenditures out of fiscal year 2017 and into future periods and approximately $5 million in capital expenditures out of fiscal year 2018 into future periods and (ii) signed a non-binding memorandum of understanding to defer payment of approximately $17 million in capital expenditures out of fiscal year 2017 and into future periods and approximately $59 million in capital expenditures out of fiscal year 2018 into future periods. (3) Includes progress payments on aircraft scheduled to be delivered in future periods. The following chart presents an analysis of our aircraft orders and options during the three months ended June 30, 2016 : Orders Options Beginning of period 36 14 Expired options — (4 ) End of period 36 10 We periodically purchase aircraft for which we have no orders. Operating Leases — We have non-cancelable operating leases in connection with the lease of certain equipment, land and facilities, including leases for aircraft. Rental expense incurred under all operating leases was $51.3 million and $53.9 million for the three months ended June 30, 2016 and 2015 , respectively, which includes rental expense incurred under operating leases for aircraft of $44.7 million and $46.6 million , respectively. The aircraft leases range from base terms of up to 180 months with renewal options of up to 240 months in some cases, include purchase options upon expiration and some include early purchase options. The leases contain terms customary in transactions of this type, including provisions that allow the lessor to repossess the aircraft and require us to pay a stipulated amount if we default on our obligations under the agreements. The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of June 30, 2016 : End of Lease Term Number of Aircraft Nine months ending March 31, 2017 to fiscal year 2018 19 Fiscal year 2019 to fiscal year 2021 56 Fiscal year 2022 to fiscal year 2025 12 87 Employee Agreements — Approximately 50% of our employees are represented by collective bargaining agreements and/or unions with 79.1% of these employees being represented by collective bargaining agreements and/or unions that have expired or will expire in one year. These agreements generally include annual escalations of up to 4% . Periodically, certain groups of our employees who are not covered by a collective bargaining agreement consider entering into such an agreement. We also have employment agreements with members of senior management. Separation Programs — In March 2015 and May 2016, we offered voluntary separation programs (“VSPs”) to certain employees as part of our ongoing efforts to improve efficiencies and reduce costs. During the three months ended June 30, 2016 and 2015 , we recognized $0.9 million and $6.4 million in severance expense as a result of the VSPs, $0.8 million and $5.8 million of which is included in direct cost and $0.1 million and $0.6 million in general administrative expense, respectively. Additionally, beginning in March 2015, we initiated involuntary separation programs (“ISPs”) in certain regions. During the three months ended June 30, 2016 and 2015 , we recognized $4.5 million and $1.6 million in severance expense as a result of the ISPs, $0.5 million and $0.5 million of which is included in direct cost and $4.0 million and $1.1 million in general administrative expense, respectively. On April 18, 2016, Mr. Jeremy Akel departed the Company as Senior Vice President and Chief Operating Officer. Mr. Akel and the Company have entered into a Separation Agreement and Release in Full, dated June 7, 2016 to specify the terms of his departure from the Company, pursuant to which he will receive benefits generally consistent with the termination without cause terms set forth in the Bristow Group Inc. Management Severance Benefits Plan for U.S. Employees effective June 4, 2014 and the Amended and Restated Severance Benefits Agreement between Mr. Akel and the Company dated April 20, 2012. Additionally, on July 1, 2016, Ms. Hilary Ware departed the Company as Senior Vice President and Chief Administration Officer. Ms. Ware and the Company have entered into a Separation Agreement and Release in Full, dated July 14, 2016 to specify the terms of her departure from the Company, pursuant to which she will receive benefits generally consistent with the termination without cause terms set forth in the Bristow Group Inc. Management Severance Benefits Plan for U.S. Employees effective June 4, 2014 and the Amended and Restated Severance Benefits Agreement between Ms. Ware and the Company dated November 4, 2010. We recognized compensation expense related to the departure of Mr. Akel during the three months ended June 30, 2016 included in the amounts above. We expect to recognize $1.5 million in compensation expense related to the departure of Ms. Ware during the three months ending September 30, 2016. Environmental Contingencies — The U.S. Environmental Protection Agency (the “EPA”), has in the past notified us that we are a potential responsible party (“PRP”) at three former waste disposal facilities that are on the National Priorities List of contaminated sites. Under the federal Comprehensive Environmental Response, Compensation and Liability Act, also known as the Superfund law, persons who are identified as PRPs may be subject to strict, joint and several liability for the costs of cleaning up environmental contamination resulting from releases of hazardous substances at National Priorities List sites. Although we have not yet obtained a formal release of liability from the EPA with respect to any of the sites, we believe that our potential liability in connection with the sites is not likely to have a material adverse effect on our business, financial condition or results of operations. Other Purchase Obligations — As of June 30, 2016 , we had $311.4 million of other purchase obligations representing unfilled purchase orders for aircraft parts, commitments associated with upgrading facilities at our bases and non-cancelable power-by-the-hour maintenance commitments. Other Matters — Although infrequent, aircraft accidents have occurred in the past, and the related losses and liability claims have been covered by insurance subject to deductible, self-insured retention and loss sensitive factors. On April 29, 2016, an accident occurred with an Airbus Helicopters EC225LP (also known as a H225) model helicopter operated by another helicopter company, which resulted in a crash near Turøy outside of Bergen, Norway. The aircraft was carrying eleven passengers and two crew members at the time of the accident. Thirteen fatalities were reported. The cause of the accident is not yet known and is under investigation by authorities in Norway. We operate a total of 27 H225 model aircraft worldwide (including 16 owned and 11 leased) as follows: • Five H225 model aircraft registered in Norway; • Thirteen H225 model aircraft registered in the United Kingdom; and • Nine H225 model aircraft registered in Australia. The Norwegian Civil Aviation Authority previously issued a safety directive on April 29, 2016, requiring operators to suspend public transport flights and commercial air transport operations of all H225 model aircraft registered in, or flying in or offshore of, Norway. The safety directive permitted continued search and rescue flights of the affected aircraft in Norway for the purpose of saving life. The U.K. Civil Aviation Authority also previously issued a safety directive on April 29, 2016, requiring operators to suspend public transport flights and commercial air transport operations of all H225 model aircraft registered in, or flying in or offshore of the United Kingdom. On June 1, 2016, the Accident Investigation Board Norway published a preliminary report that contains new findings from the investigation into the accident and a safety recommendation to the European Aviation Safety Agency ("EASA"). The Norwegian Civil Aviation Authority subsequently issued a new safety directive on June 1, 2016, suspending all operations, including SAR training and flights, of all H225 and AS332L2 model aircraft registered in, or flying in or offshore of, Norway. The U.K. Civil Aviation Authority also issued a new safety directive on June 2, 2016, suspending all operations, including SAR operations, of all H225 and AS332L2 model aircraft registered in, or flying in or offshore of, the United Kingdom. On June 2, 2016, EASA issued an emergency airworthiness directive prohibiting flight of H225 and AS332L2 model aircraft. The airworthiness directive by its terms does not apply to military, customs, police, SAR, firefighting, coastguard or similar activities or services as those types of services are governed by the member states of EASA directly. The Australian Civil Aviation Safety Authority subsequently issued the same airworthiness directive on June 3, 2016, prohibiting flight of H225 and AS332L2 model aircraft in Australia. As a result and until further notice, we will not operate for commercial purposes any of our H225 model aircraft in Norway, the United Kingdom or Australia. We do not have any AS332L2 model aircraft in our fleet. The Accident Investigation Board Norway issued a further preliminary report on June 28, 2016 which indicates that, at this stage of the investigation, the most likely cause of the accident was the result of a fatigue fracture in one of the second stage planet gears. However, what initiated the fatigue fracture has not yet been determined. Our other aircraft fleets, including SAR, continue to operate globally. We expect to increase utilization of other in-region aircraft and implement contingency plans designed to identify other available aircraft that can be safely and quickly mobilized to minimize or eliminate the impact on our client’s critical operations. It is too early to determine whether the H225 accident that occurred in Norway in April 2016 will have a material impact on us as we are in the process of quantifying the impact and investigating potential claims against Airbus. We operate in jurisdictions internationally where we are subject to risks that include government action to obtain additional tax revenue. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact our earnings until such time as a clear court or other ruling exists. We operate in jurisdictions currently where amounts may be due to governmental bodies that we are not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. We believe that payment of amounts in these instances is not probable at this time, but is reasonably possible. A loss contingency is reasonably possible if the contingency has a more than remote but less than probable chance of occurring. Although management believes that there is no clear requirement to pay amounts at this time and that positions exist suggesting that no further amounts are currently due, it is reasonably possible that a loss could occur for which we have estimated a maximum loss at June 30, 2016 to be approximately $4 million to $7 million . We are a defendant in certain claims and litigation arising out of operations in the normal course of business. In the opinion of management, uninsured losses, if any, will not be material to our financial position, results of operations or cash flows. |
TAXES
TAXES | 3 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES In accordance with GAAP, we estimate the full-year effective tax rate from continuing operations and apply this rate to our year-to-date income from continuing operations. In addition, we separately calculate the tax impact of unusual or infrequent items, if any. The tax impacts of such unusual or infrequent items are treated discretely in the quarter in which they occur. During the three months ended June 30, 2016 and 2015 , our effective tax rate was 5.2% and 262.3% , respectively. The effective tax rate for the three months ended June 30, 2016 was impacted by valuation allowances against future realization of foreign tax credits. Additionally, we continue to value against net operating losses in certain foreign jurisdictions. The relationship between our provision for or benefit from income taxes and our pre-tax book income can vary significantly from period to period considering, among other factors, (a) the overall level of pre-tax book income, (b) changes in the blend of income that is taxed based on gross revenues or at high effective tax rates versus pre-tax book income or at low effective tax rates and (c) our geographical blend of pre-tax book income. Consequently, our income tax expense does not change proportionally with our pre-tax book income. Significant decreases in our pre-tax book income typically result in higher effective tax rates, while significant increases in pre-tax book income can lead to lower effective tax rates, subject to the other factors impacting income tax expense noted above. The increase in our effective tax rate excluding discrete items for the three months ended June 30, 2016 compared to the three months ended June 30, 2015 primarily related to an increase in the blend of earnings taxed in relatively high taxed jurisdictions versus low taxed jurisdictions. Additionally, during the three months ended June 30, 2016 and 2015 , we increased our valuation allowance by $13.2 million and $2.0 million , respectively, which also increased our effective tax rate. As of June 30, 2016 , there were $0.7 million of unrecognized tax benefits, all of which would have an impact on our effective tax rate if recognized. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Jun. 30, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension Plans The following table provides a detail of the components of net periodic pension cost (in thousands): Three Months Ended 2016 2015 Service cost for benefits earned during the period $ 1,960 $ 2,373 Interest cost on pension benefit obligation 4,782 5,171 Expected return on assets (6,471 ) (6,941 ) Amortization of unrecognized losses 1,961 2,131 Net periodic pension cost $ 2,232 $ 2,734 The current estimates of our cash contributions required for fiscal year 2017 for our pension plans to be paid in fiscal year 2017 are $17.8 million , of which $6.6 million was paid during the three months ended June 30, 2016 . Incentive Compensation Stock-based awards are currently made under the Bristow Group Inc. 2007 Long-Term Incentive Plan (the “2007 Plan”). A maximum of 5,400,000 shares of common stock, par value $.01 per share (“Common Stock”), are reserved. Awards granted under the 2007 Plan may be in the form of stock options, stock appreciation rights, shares of restricted stock, other stock-based awards (payable in cash or Common Stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants. As of June 30, 2016 , 1,181,955 shares remained available for grant under the 2007 Plan. On May 23, 2016, our board of directors approved an amendment and restatement of the 2007 Plan, approved by our stockholders on August 3, 2016, that effected each of the following changes: (i) reserved an additional 5,246,729 “shares” (or 2,623,365 full value shares) that, when combined with “shares” remaining available for issuance under the 2007 Plan resulted in a total of approximately 6,400,000 “shares” (or approximately 3,200,000 full value shares) available for issuance under the amended and restated plan, with each option and stock appreciation right granted under the amended and restated plan counting as one “shares” against such total and with each incentive award that may be settled in Common Stock counting as two “shares” (or one full value share) against such total; (ii) increased the maximum share-based employee award under the amended and restated plan from 500,000 full value shares to 1,000,000 full value shares; (iii) set the maximum aggregate compensation and incentive awards that may be provided by the Company in any calendar year to any non-employee member of the board of directors at $1,125,000 ; and (iv) made other administrative and updating changes. We have a number of other incentive and stock option plans which are described in Note 9 to our fiscal year 2016 Financial Statements. Total stock-based compensation expense, which includes stock options and restricted stock, totaled $4.2 million and $4.0 million for the three months ended June 30, 2016 and 2015 , respectively. Stock-based compensation expense has been allocated to our various regions. During the three months ended June 30, 2016 , we awarded 556,051 shares of restricted stock and 1,085,888 stock options were granted, subject to the approval of the amendment and restatement of the 2007 Plan discussed above. We will begin accounting for these awards during the three months ended September 30, 2016, as the awards were not considered granted until stockholder approval of the amendment and the restatement of the 2007 Plan. Performance cash awards vest and pay out in cash three years after the date of grant at varying levels depending on our performance in Total Shareholder Return against a peer group of companies. These awards were designed to tie a significant portion of total compensation to performance. One of the effects of this type of compensation is that it requires liability accounting which can result in volatility in earnings. The liability recorded for these awards as of June 30 and March 31, 2016 was $6.1 million and $15.8 million , respectively, and represents an accrual based on the fair value of the awards on those dates. The decrease in the liability during the three months ended June 30, 2016 resulted from the payout in June 2016 of the awards granted in June 2013, partially offset by the value of the new awards granted in June 2016. Any changes in fair value of the awards in future quarters will increase or decrease the liability and impact results in those periods. The effect, either positive or negative, on future period earnings can vary based on factors including changes in our stock price or the stock prices of the peer group companies, as well as changes in other market and company-specific assumptions that are factored into the calculation of fair value of the performance cash awards. Compensation expense related to the performance cash awards recorded during the three months ended June 30, 2016 and 2015 was $1.1 million and $3.4 million , respectively. |
DIVIDENDS, SHARE REPURCHASES, E
DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Jun. 30, 2016 | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | |
DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME Dividends On August 2, 2016, our board of directors approved a dividend of $0.07 per share of Common Stock, payable on September 15, 2016 to shareholders of record on September 1, 2016. See discussion of our dividends in Note 10 to our fiscal year 2016 Financial Statements. The declaration of future dividends is at the discretion of our board of directors and subject to our results of operations, financial condition, cash requirements and other factors and restrictions under applicable law and our debt instruments. Share Repurchases We did not repurchase any shares during the three months ended June 30, 2016 and 2015. As of July 31, 2016, we had $150.0 million of repurchase authority remaining that was authorized by our board of directors for share repurchases through November 4, 2016; however, covenants in our debt agreements restrict our ability to repurchase our Common Stock. For additional information on our repurchases of Common Stock, see “Share Repurchases” in Note 10 to the fiscal year 2016 Financial Statements. The timing and method of any repurchases under the program will depend on a variety of factors, is subject to our results of operations, financial condition, cash requirements, and other factors and restrictions under applicable law and our debt instruments, and may be suspended or discontinued at any time. Earnings per Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: Three Months Ended 2016 2015 Options: Outstanding 1,127,883 747,253 Weighted average exercise price $ 44.35 $ 68.47 Restricted stock awards: Outstanding 462,358 262,746 Weighted average price $ 31.43 $ 58.53 The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended 2016 2015 Net loss available to common stockholders (in thousands): Loss available to common stockholders – basic $ (40,772 ) $ (9,558 ) Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax (1) — — Loss available to common stockholders – diluted $ (40,772 ) $ (9,558 ) Shares: Weighted average number of common shares outstanding – basic 34,990,136 34,857,969 Assumed conversion of 3% Convertible Senior Notes outstanding during the period (1) — — Net effect of dilutive stock options and restricted stock awards based on the treasury stock method — — Weighted average number of common shares outstanding – diluted 34,990,136 34,857,969 Basic loss per common share $ (1.17 ) $ (0.27 ) Diluted loss per common share $ (1.17 ) $ (0.27 ) _____________ (1) Diluted earnings per common share for the three months ended June 30, 2015 excludes potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes were convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of June 30, 2016 , we had repurchased the $115.0 million principal amount of our 3% Convertible Senior Note. Prior to the purchase, upon conversion of a note, the holder would have received cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeded the base conversion price, holders would have received additional shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for the three months ended June 30, 2015 as our average stock price during this period did not meet or exceed the conversion requirements. Accumulated Other Comprehensive Income The following table sets forth the changes in the balances of each component of accumulated other comprehensive income: Currency Translation Adjustments Pension Liability Adjustments (1) Total Balance as of March 31, 2016 $ (67,365 ) $ (222,454 ) $ (289,819 ) Other comprehensive income before reclassification (11,577 ) — (11,577 ) Reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income (11,577 ) — (11,577 ) Foreign exchange rate impact (17,404 ) 17,404 — Balance at June 30, 2016 $ (96,346 ) $ (205,050 ) $ (301,396 ) _____________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jun. 30, 2016 | |
Segments [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We conduct our business in one segment: Industrial Aviation Services. The Industrial Aviation Services global operations are conducted primarily through four regions as follows: Europe Caspian, Africa, Americas and Asia Pacific. The Europe Caspian region comprises all our operations and affiliates in Europe and Central Asia, including Norway, the U.K. and Turkmenistan. The Africa region comprises all our operations and affiliates on the African continent, including Nigeria, Tanzania and Egypt. The Americas region comprises all our operations and affiliates in North America and South America, including Brazil, Canada, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all our operations and affiliates in Australia and Southeast Asia, including Malaysia and Sakhalin. Additionally, we operate a training unit, Bristow Academy, which is included in Corporate and other. The following tables show region information for the three months ended June 30, 2016 and 2015 and as of June 30 and March 31, 2016 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended 2016 2015 Region gross revenue from external clients: Europe Caspian $ 194,824 $ 222,949 Africa 54,262 78,915 Americas 58,197 76,600 Asia Pacific 59,144 80,388 Corporate and other 2,971 8,144 Total region gross revenue $ 369,398 $ 466,996 Intra-region gross revenue: Europe Caspian $ 2,139 $ 392 Africa — — Americas 847 3,652 Asia Pacific — — Corporate and other 245 783 Total intra-region gross revenue $ 3,231 $ 4,827 Consolidated gross revenue reconciliation: Europe Caspian $ 196,963 $ 223,341 Africa 54,262 78,915 Americas 59,044 80,252 Asia Pacific 59,144 80,388 Corporate and other 3,216 8,927 Intra-region eliminations (3,231 ) (4,827 ) Total consolidated gross revenue $ 369,398 $ 466,996 Three Months Ended 2016 2015 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian $ 51 $ 99 Americas 3,863 6,197 Corporate and other (84 ) — Total earnings from unconsolidated affiliates, net of losses – equity method investments $ 3,830 $ 6,296 Consolidated operating income (loss) reconciliation: Europe Caspian $ 13,030 $ 14,197 Africa 1,571 12,952 Americas 921 16,532 Asia Pacific (5,893 ) (688 ) Corporate and other (25,847 ) (30,464 ) Gain (loss) on disposal of assets (10,017 ) (7,695 ) Total consolidated operating income (loss) $ (26,235 ) $ 4,834 Depreciation and amortization: Europe Caspian $ 11,189 $ 10,782 Africa 5,453 5,884 Americas 11,381 10,156 Asia Pacific 4,236 8,319 Corporate and other 2,435 2,005 Total depreciation and amortization (1) $ 34,694 $ 37,146 June 30, March 31, Identifiable assets: Europe Caspian $ 1,049,743 $ 1,067,647 Africa 361,097 304,081 Americas 847,905 884,455 Asia Pacific 406,480 426,677 Corporate and other (2) 552,901 580,085 Total identifiable assets $ 3,218,126 $ 3,262,945 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 109 $ 298 Americas 196,956 183,990 Corporate and other 4,000 4,378 Total investments in unconsolidated affiliates – equity method investments $ 201,065 $ 188,666 _____________ (1) Includes accelerated depreciation expense of $6.9 million during the three months ended June 30, 2016 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in our Europe Caspian, Americas and Africa regions of $0.2 million , $3.9 million and $2.8 million , respectively. Includes accelerated depreciation expense of $10.5 million during the three months ended June 30, 2015 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in our Americas, Africa and Asia Pacific regions of $2.9 million , $2.3 million and $5.3 million , respectively. For further details, see Note 1. (2) Includes $315.8 million and $307.4 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of June 30 and March 31, 2016 , respectively, which primarily represents progress payments on aircraft to be delivered in future periods. |
SUPPLEMENTAL CONDENSED CONSOLID
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 3 Months Ended |
Jun. 30, 2016 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION In connection with the issuance of the 6 1 / 4 % Senior Notes and the 3% Convertible Senior Notes (which we repurchased during fiscal year 2016), certain of our U.S. subsidiaries (the “Guarantor Subsidiaries”) fully, unconditionally, jointly and severally guaranteed the payment obligations under these notes. As part of the Eighth Amendment to our Amended and Restated Credit Agreement, Bristow Academy, Inc. became a Guarantor Subsidiary. Therefore, Bristow Academy, Inc. is presented as a Guarantor Subsidiary for the three months ended June 30, 2016 and as of June 30, 2016 in the following supplemental condensed consolidating financial statements. The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Statement of Operations Three Months Ended June 30, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 45,313 $ 324,085 $ — $ 369,398 Intercompany revenue — 24,291 — (24,291 ) — — 69,604 324,085 (24,291 ) 369,398 Operating expense: Direct cost and reimbursable expense (257 ) 48,618 253,796 — 302,157 Intercompany expenses — — 24,291 (24,291 ) — Depreciation and amortization 2,093 16,981 15,620 — 34,694 General and administrative 20,259 6,590 25,746 — 52,595 22,095 72,189 319,453 (24,291 ) 389,446 Gain (loss) on disposal of assets — (10,227 ) 210 — (10,017 ) Earnings from unconsolidated affiliates, net of losses (12,776 ) — 3,830 12,776 3,830 Operating income (loss) (34,871 ) (12,812 ) 8,672 12,776 (26,235 ) Interest expense, net (9,885 ) (657 ) (344 ) — (10,886 ) Other income (expense), net 546 1,235 (7,970 ) — (6,189 ) Income (loss) before (provision) benefit for income taxes (44,210 ) (12,234 ) 358 12,776 (43,310 ) Allocation of consolidated income taxes 3,453 (2,222 ) 1,007 — 2,238 Net income (loss) (40,757 ) (14,456 ) 1,365 12,776 (41,072 ) Net (income) loss attributable to noncontrolling interests (15 ) — 315 — 300 Net income (loss) attributable to Bristow Group $ (40,772 ) $ (14,456 ) $ 1,680 $ 12,776 $ (40,772 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended June 30, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 64,856 $ 402,140 $ — $ 466,996 Intercompany revenue — 24,811 — (24,811 ) — — 89,667 402,140 (24,811 ) 466,996 Operating expense: Direct cost and reimbursable expense 144 56,734 305,407 — 362,285 Intercompany expenses — — 24,811 (24,811 ) — Depreciation and amortization 1,609 14,585 20,952 — 37,146 General and administrative 20,551 6,831 33,950 — 61,332 22,304 78,150 385,120 (24,811 ) 460,763 Gain (loss) on disposal of assets — (7,737 ) 42 — (7,695 ) Earnings from unconsolidated affiliates, net of losses (15,434 ) — 6,296 15,434 6,296 Operating income (loss) (37,738 ) 3,780 23,358 15,434 4,834 Interest expense, net 27,484 (1,265 ) (33,888 ) — (7,669 ) Other income (expense), net (316 ) (246 ) 4,401 — 3,839 Income (loss) before (provision) benefit for income taxes (10,570 ) 2,269 (6,129 ) 15,434 1,004 Allocation of consolidated income taxes 7,327 (1,137 ) (8,823 ) — (2,633 ) Net income (loss) (3,243 ) 1,132 (14,952 ) 15,434 (1,629 ) Net income attributable to noncontrolling interests (14 ) — (1,614 ) — (1,628 ) Net income (loss) attributable to Bristow Group (3,257 ) 1,132 (16,566 ) 15,434 (3,257 ) Accretion of redeemable noncontrolling interests — — (6,301 ) — (6,301 ) Net income (loss) attributable to common stockholders $ (3,257 ) $ 1,132 $ (22,867 ) $ 15,434 $ (9,558 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended June 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (40,757 ) $ (14,456 ) $ 1,365 $ 12,776 $ (41,072 ) Other comprehensive income (loss): Currency translation adjustments — — 217,792 (224,927 ) (7,135 ) Total comprehensive income (loss) (40,757 ) (14,456 ) 219,157 (212,151 ) (48,207 ) Net (income) loss attributable to noncontrolling interests (15 ) — 315 — 300 Currency translation adjustments attributable to noncontrolling interests — — (4,442 ) — (4,442 ) Total comprehensive income attributable to noncontrolling interests (15 ) — (4,127 ) — (4,142 ) Total comprehensive income (loss) attributable to Bristow Group $ (40,772 ) $ (14,456 ) $ 215,030 $ (212,151 ) $ (52,349 ) Supplemental Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2015 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (3,243 ) $ 1,132 $ (14,952 ) $ 15,434 $ (1,629 ) Other comprehensive income: Currency translation adjustments 36,371 — (86,867 ) 63,104 12,608 Total comprehensive income (loss) 33,128 1,132 (101,819 ) 78,538 10,979 Net income attributable to noncontrolling interests (14 ) — (1,614 ) — (1,628 ) Currency translation adjustments attributable to noncontrolling interests — — 2,106 — 2,106 Total comprehensive (income) loss attributable to noncontrolling interests (14 ) — 492 — 478 Total comprehensive income (loss) attributable to Bristow Group 33,114 1,132 (101,327 ) 78,538 11,457 Accretion of redeemable noncontrolling interests — — (6,301 ) — (6,301 ) Total comprehensive income (loss) attributable to common stockholders $ 33,114 $ 1,132 $ (107,628 ) $ 78,538 $ 5,156 Supplemental Condensed Consolidating Balance Sheet As of June 30, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 18 $ — $ 122,709 $ (16 ) $ 122,711 Accounts receivable 510,049 418,158 391,075 (1,068,285 ) 250,997 Inventories — 40,117 97,556 — 137,673 Assets held for sale — 28,785 11,787 — 40,572 Prepaid expenses and other current assets 3,766 (2,374 ) 50,549 — 51,941 Total current assets 513,833 484,686 673,676 (1,068,301 ) 603,894 Intercompany investment 2,516,980 104,435 135,016 (2,756,431 ) — Investment in unconsolidated affiliates — — 207,351 — 207,351 Intercompany notes receivable 148,412 13,787 3,600 (165,799 ) — Property and equipment—at cost: Land and buildings 5,943 66,908 169,995 — 242,846 Aircraft and equipment 143,822 1,124,064 1,265,156 — 2,533,042 149,765 1,190,972 1,435,151 — 2,775,888 Less: Accumulated depreciation and amortization (25,647 ) (235,939 ) (276,305 ) — (537,891 ) 124,118 955,033 1,158,846 — 2,237,997 Goodwill — — 28,650 — 28,650 Other assets 40,491 761 98,982 — 140,234 Total assets $ 3,343,834 $ 1,558,702 $ 2,306,121 $ (3,990,531 ) $ 3,218,126 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 227,566 $ 536,982 $ 344,561 $ (1,015,850 ) $ 93,259 Accrued liabilities 17,690 35,695 176,718 (21,968 ) 208,135 Current deferred taxes 283 2,221 (170 ) — 2,334 Short-term borrowings and current maturities of long-term debt 26,778 — 51,258 — 78,036 Contingent consideration — — 3,723 — 3,723 Total current liabilities 272,317 574,898 576,090 (1,037,818 ) 385,487 Long-term debt, less current maturities 1,101,094 — 22,221 — 1,123,315 Intercompany notes payable — 100,908 96,648 (197,556 ) — Accrued pension liabilities — — 60,370 — 60,370 Other liabilities and deferred credits 7,903 6,443 12,497 — 26,843 Deferred taxes 135,502 5,068 14,134 — 154,704 Redeemable noncontrolling interest — — 14,095 — 14,095 Stockholders’ investment: Common stock 378 20,028 115,317 (135,345 ) 378 Additional paid-in-capital 802,771 8,994 284,048 (293,042 ) 802,771 Retained earnings 1,129,048 842,363 828,107 (1,670,470 ) 1,129,048 Accumulated other comprehensive loss 78,306 — 276,598 (656,300 ) (301,396 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,825,707 871,385 1,504,070 (2,755,157 ) 1,446,005 Noncontrolling interests 1,311 — 5,996 — 7,307 Total stockholders’ investment 1,827,018 871,385 1,510,066 (2,755,157 ) 1,453,312 Total liabilities, redeemable noncontrolling interests and stockholders’ investment $ 3,343,834 $ 1,558,702 $ 2,306,121 $ (3,990,531 ) $ 3,218,126 Supplemental Condensed Consolidating Balance Sheet As of March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 35,241 $ 3,393 $ 65,676 $ — $ 104,310 Accounts receivable 768,641 353,729 373,963 (1,247,016 ) 249,317 Inventories — 37,185 105,318 — 142,503 Assets held for sale — 38,771 5,012 — 43,783 Prepaid expenses and other current assets 5,048 (1,843 ) 49,978 — 53,183 Total current assets 808,930 431,235 599,947 (1,247,016 ) 593,096 Intercompany investment 2,207,516 104,435 145,168 (2,457,119 ) — Investment in unconsolidated affiliates — — 194,952 — 194,952 Intercompany notes receivable 153,078 13,787 3,600 (170,465 ) — Property and equipment—at cost: Land and buildings 4,776 63,976 184,346 — 253,098 Aircraft and equipment 137,751 1,142,829 1,289,997 — 2,570,577 142,527 1,206,805 1,474,343 — 2,823,675 Less: Accumulated depreciation and amortization (23,556 ) (238,644 ) (278,223 ) — (540,423 ) 118,971 968,161 1,196,120 — 2,283,252 Goodwill — — 29,990 — 29,990 Other assets 48,190 743 112,722 — 161,655 Total assets $ 3,336,685 $ 1,518,361 $ 2,282,499 $ (3,874,600 ) $ 3,262,945 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 208,230 $ 475,118 $ 296,860 $ (883,242 ) $ 96,966 Accrued liabilities 26,886 31,371 401,031 (257,683 ) 201,605 Current deferred taxes 88 1,914 (121 ) — 1,881 Short-term borrowings and current maturities of long-term debt 25,678 — 34,716 — 60,394 Contingent consideration — — 29,522 — 29,522 Total current liabilities 260,882 508,403 762,008 (1,140,925 ) 390,368 Long-term debt, less current maturities 1,047,150 — 24,428 — 1,071,578 Intercompany notes payable — 108,952 81,422 (190,374 ) — Accrued pension liabilities — — 70,107 — 70,107 Other liabilities and deferred credits 12,278 6,935 14,060 — 33,273 Deferred taxes 147,631 3,670 20,953 — 172,254 Redeemable noncontrolling interests — — 15,473 — 15,473 Stockholders’ investment: Common stock 377 4,996 130,348 (135,344 ) 377 Additional paid-in-capital 801,173 9,291 284,048 (293,339 ) 801,173 Retained earnings 1,172,273 876,114 807,131 (1,683,245 ) 1,172,273 Accumulated other comprehensive loss 78,306 — 63,248 (431,373 ) (289,819 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,867,333 890,401 1,284,775 (2,543,301 ) 1,499,208 Noncontrolling interests 1,411 — 9,273 — 10,684 Total stockholders’ investment 1,868,744 890,401 1,294,048 (2,543,301 ) 1,509,892 Total liabilities, redeemable noncontrolling interests and stockholders’ investment $ 3,336,685 $ 1,518,361 $ 2,282,499 $ (3,874,600 ) $ 3,262,945 Supplemental Condensed Consolidating Statement of Cash Flows Three Months Ended June 30, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (48,202 ) $ 17,142 $ 15,678 $ (16 ) $ (15,398 ) Cash flows from investing activities: Capital expenditures (7,238 ) (6,380 ) (7,445 ) — (21,063 ) Proceeds from asset dispositions — 9,486 2,014 — 11,500 Net cash provided by (used in) investing activities (7,238 ) 3,106 (5,431 ) — (9,563 ) Cash flows from financing activities: Proceeds from borrowings 71,950 — 2,458 — 74,408 Debt issuance costs (2,925 ) — — — (2,925 ) Repayment of debt (16,000 ) — (2,035 ) — (18,035 ) Dividends paid (2,453 ) — — — (2,453 ) Increases (decreases) in cash related to intercompany advances and debt (30,342 ) (23,641 ) 53,983 — — Partial prepayment of put/call obligation (13 ) — — — (13 ) Payment of contingent consideration — — (10,000 ) — (10,000 ) Net cash provided by (used in) financing activities 20,217 (23,641 ) 44,406 — 40,982 Effect of exchange rate changes on cash and cash equivalents — — 2,380 — 2,380 Net increase (decrease) in cash and cash equivalents (35,223 ) (3,393 ) 57,033 (16 ) 18,401 Cash and cash equivalents at beginning of period 35,241 3,393 65,676 — 104,310 Cash and cash equivalents at end of period $ 18 $ — $ 122,709 $ (16 ) $ 122,711 Supplemental Condensed Consolidating Statement of Cash Flows Three Months Ended June 30, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (61,581 ) $ 54,056 $ 23,594 $ (132 ) $ 15,937 Cash flows from investing activities: Capital expenditures (8,034 ) (24,091 ) (35,652 ) — (67,777 ) Proceeds from asset dispositions — 8,932 369 — 9,301 Net cash used in investing activities (8,034 ) (15,159 ) (35,283 ) — (58,476 ) Cash flows from financing activities: Proceeds from borrowings 364,774 — — — 364,774 Repayment of debt (282,831 ) — (2,758 ) — (285,589 ) Dividends paid (11,871 ) — — — (11,871 ) Increases (decreases) in cash related to intercompany advances and debt 7,561 (39,781 ) 32,220 — — Partial prepayment of put/call obligation (14 ) — — — (14 ) Acquisition of noncontrolling interest — — (2,000 ) — (2,000 ) Payment of contingent consideration — — (8,000 ) — (8,000 ) Tax benefit related to stock-based compensation 337 — — — 337 Net cash provided by financing activities 77,956 (39,781 ) 19,462 — 57,637 Effect of exchange rate changes on cash and cash equivalents — — 1,150 — 1,150 Net increase (decrease) in cash and cash equivalents 8,341 (884 ) 8,923 (132 ) 16,248 Cash and cash equivalents at beginning of period 126 884 103,136 — 104,146 Cash and cash equivalents at end of period $ 8,467 $ — $ 112,059 $ (132 ) $ 120,394 |
BASIS OF PRESENTATION, CONSOL19
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2016 | |
Basis Of Presentation, Consolidation And Summary Of Significant Accounting Policies [Abstract] | |
Revenue recognition policy | Revenue Recognition In general, we recognize revenue when it is both realized or realizable and earned. We consider revenue to be realized or realizable and earned when the following conditions exist: there is persuasive evidence of an arrangement (generally a client contract exists); the services or products have been performed or delivered to the client; the sales price is fixed or determinable; and collection has occurred or is probable. Revenue from helicopter services, including search and rescue (“SAR”) services, is recognized based on contractual rates as the related services are performed. The charges under these contracts are generally based on a two-tier rate structure consisting of a daily or monthly fixed fee plus additional fees for each hour flown. These contracts are for varying periods and generally permit the client to cancel the contract before the end of the term. We also provide services to clients on an “ad hoc” basis, which usually entails a shorter contract notice period and duration. The charges for ad hoc services are based on an hourly rate or a daily or monthly fixed fee plus additional fees for each hour flown. In order to offset potential increases in operating costs, our long-term contracts may provide for periodic increases in the contractual rates charged for our services. We recognize the impact of these rate increases when the criteria outlined above have been met. This generally includes written recognition from the clients that they are in agreement with the amount of the rate escalation. Cost reimbursements from clients are recorded as reimbursable revenue with the related reimbursed costs recorded as reimbursable expense on our condensed consolidated statements of operations. Bristow Academy, our helicopter training unit, primarily earns revenue from military training, flight training provided to individual students and ground school courses. We recognize revenue from these sources using the same revenue recognition principles described above as services are provided. We consider revenue to be realized or realizable and earned when the following conditions exist: there is persuasive evidence of an arrangement (generally a contract exists); the services have been performed or delivered to the client or student; the sales price is fixed and determinable; and collection has occurred or is probable. Eastern Airways International Limited (“Eastern Airways”) and Capiteq Limited, operating under the name Airnorth, primarily earn revenue through charter and scheduled airline services and provision of airport services (Eastern Airways only). Both chartered and scheduled airline service revenue is recognized net of passenger taxes and discounts. Revenue is recognized at the earlier of the period in which the service is provided or the period in which the right to travel expires, which is determined by the terms and conditions of the ticket. Ticket sales are recorded within deferred revenue in accordance with the above policy. Airport services revenue is recognized when earned. |
Goodwill policy | Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill has an indefinite useful life and is not amortized, but is assessed annually or when events or changes in circumstances indicate that a potential impairment exists. |
Other intangibles policy | Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. |
BASIS OF PRESENTATION, CONSOL20
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Basis Of Presentation, Consolidation And Summary Of Significant Accounting Policies [Abstract] | |
Schedule of foreign exchange rates | The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended 2016 2015 One British pound sterling into U.S. dollars High 1.48 1.59 Average 1.43 1.53 Low 1.31 1.46 At period-end 1.34 1.57 One euro into U.S. dollars High 1.15 1.14 Average 1.13 1.11 Low 1.10 1.06 At period-end 1.11 1.11 One Australian dollar into U.S. dollars High 0.78 0.81 Average 0.75 0.78 Low 0.72 0.76 At period-end 0.74 0.77 One Norwegian kroner into U.S. dollars High 0.1245 0.1370 Average 0.1212 0.1291 Low 0.1163 0.1234 At period-end 0.1195 0.1267 One Nigerian naira into U.S. dollars High 0.0050 0.0051 Average 0.0048 0.0051 Low 0.0035 0.0050 At period-end 0.0035 0.0050 _____________ Source: Bank of England, FactSet and Oanda.com The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended 2016 2015 One Brazilian real into U.S. dollars High 0.3121 0.3435 Average 0.2849 0.3258 Low 0.2702 0.3108 At period-end 0.3121 0.3184 _____________ Source: FactSet and Oanda.com |
Schedule of foreign exchange impact | We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands): Three Months Ended Revenue $ (15,010 ) Operating expense 15,052 Earnings from unconsolidated affiliates, net of losses (1,788 ) Non-operating expense (10,117 ) Income before provision for income taxes (11,863 ) Provision for income taxes 2,778 Net income (9,085 ) Cumulative translation adjustment (11,577 ) Total stockholders’ investment $ (20,662 ) |
Schedule of interest income and interest expense | During the three months ended June 30, 2016 and 2015 , interest expense, net consisted of the following (in thousands): Three Months Ended 2016 2015 Interest income $ 234 $ 221 Interest expense (11,120 ) (7,890 ) Interest expense, net $ (10,886 ) $ (7,669 ) |
Schedule of goodwill | Goodwill of $28.7 million and $30.0 million as of June 30 and March 31, 2016 , respectively, related to our reporting units were as follows (in thousands): Europe Caspian Asia Pacific Total March 31, 2016 $ 10,026 $ 19,964 $ 29,990 Foreign currency translation (700 ) (640 ) (1,340 ) June 30, 2016 $ 9,326 $ 19,324 $ 28,650 Accumulated goodwill impairment of $42.2 million as of both June 30 and March 31, 2016 related to our reporting units were as follows (in thousands): Europe Caspian Africa Corporate and other Americas Total March 31, 2016 $ (25,177 ) $ (6,179 ) $ (10,223 ) $ (576 ) $ (42,155 ) Impairments — — — — — June 30, 2016 $ (25,177 ) $ (6,179 ) $ (10,223 ) $ (576 ) $ (42,155 ) |
Schedule of other intangible assets | Intangible assets by type were as follows (in thousands): Client contracts Client relationships Trade name and trademarks Internally developed software Licenses Total Gross Carrying Amount March 31, 2016 $ 8,170 $ 12,779 $ 5,008 $ 1,149 $ 752 $ 27,858 Foreign currency translation (3 ) (64 ) (292 ) (47 ) (2 ) (408 ) June 30, 2016 $ 8,167 $ 12,715 $ 4,716 $ 1,102 $ 750 $ 27,450 Accumulated Amortization March 31, 2016 $ (8,062 ) $ (10,600 ) $ (636 ) $ (480 ) $ (601 ) $ (20,379 ) Amortization expense (57 ) (184 ) (73 ) (55 ) (14 ) (383 ) June 30, 2016 $ (8,119 ) $ (10,784 ) $ (709 ) $ (535 ) $ (615 ) $ (20,762 ) Weighted average remaining contractual life, in years 0.2 6.3 13.7 2.6 2.4 4.4 |
Schedule of other intangible assets, future amortization expense | Future amortization expense of intangible assets for each of the years ending March 31 are as follows (in thousands): 2017 $ 668 2018 879 2019 753 2020 465 2021 465 Thereafter 3,458 $ 6,688 |
Schedule of capital expenditures | During the three months ended June 30, 2016 and 2015 , we made capital expenditures as follows: Three Months Ended 2016 2015 Number of aircraft delivered: Medium — 1 SAR aircraft — 1 Total aircraft — 2 Capital expenditures (in thousands): Aircraft and related equipment (1) $ 17,487 $ 40,462 Other 3,576 27,315 Total capital expenditures $ 21,063 $ 67,777 _____________ (1) During the three months ended June 30, 2016 and 2015 , we spent $3.1 million and $28.3 million , respectively, on progress payments for aircraft to be delivered in future periods. |
Schedule of aircraft sales and impairments | 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, 2016 and 2015 : Three Months Ended 2016 2015 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of 6 9 Proceeds from sale or disposal of assets $ 11,500 $ 9,301 Gain from sale or disposal of assets (1) $ 132 $ 2,167 Number of aircraft impaired 11 9 Impairment charges on aircraft held for sale (1) $ 10,149 $ 9,862 _____________ (1) Included in gain (loss) on disposal of assets on our condensed consolidated statements of operations. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Variable Interest Entities [Abstract] | |
Primary beneficiary variable interest financial statements | Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our condensed consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): June 30, March 31, Assets Cash and cash equivalents $ 121,612 $ 62,773 Accounts receivable 584,428 565,223 Inventories 97,556 102,738 Prepaid expenses and other current assets 40,981 53,776 Total current assets 844,577 784,510 Investment in unconsolidated affiliates 4,109 4,676 Property and equipment, net 233,099 251,494 Goodwill 28,650 29,990 Other assets 73,656 82,443 Total assets $ 1,184,091 $ 1,153,113 Liabilities Accounts payable $ 604,882 $ 521,563 Accrued liabilities 150,316 141,977 Accrued interest 1,765,120 1,698,360 Current maturities of long-term debt 11,861 10,322 Total current liabilities 2,532,179 2,372,222 Long-term debt, less current maturities 143,869 155,222 Accrued pension liabilities 60,370 70,107 Other liabilities and deferred credits 7,191 7,928 Deferred taxes 15,616 20,330 Redeemable noncontrolling interest 14,095 15,473 Total liabilities $ 2,773,320 $ 2,641,282 Three Months Ended 2016 2015 Revenue $ 318,454 $ 386,771 Operating loss (19,743 ) (17,743 ) Net loss (88,543 ) (64,777 ) |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt as of June 30 and March 31, 2016 consisted of the following (in thousands): June 30, March 31, 6¼% Senior Notes due 2022 $ 401,535 $ 401,535 Term Loan 328,693 335,665 Term Loan Credit Facility 200,000 200,000 Revolving Credit Facility 206,950 144,000 Airnorth debt 18,903 19,652 Eastern Airways debt 15,634 15,643 Other debt 39,395 24,394 Unamortized debt issuance costs (9,759 ) (8,917 ) Total debt 1,201,351 1,131,972 Less short-term borrowings and current maturities of long-term debt (78,036 ) (60,394 ) Total long-term debt $ 1,123,315 $ 1,071,578 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on non-recurring basis | The following table summarizes the assets as of June 30, 2015 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Inventories $ — $ 13,922 $ — $ 13,922 $ (5,439 ) Assets held for sale — 35,523 — 35,523 (9,862 ) Total assets $ — $ 49,445 $ — $ 49,445 $ (15,301 ) The following table summarizes the assets as of June 30, 2016 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Assets held for sale $ — $ 40,572 $ — $ 40,572 $ (10,149 ) Total assets $ — $ 40,572 $ — $ 40,572 $ (10,149 ) |
Schedule of fair value assets measured on recurring basis | The following table summarizes the financial instruments we had as of March 31, 2016 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 2,990 $ — $ — $ 2,990 Other assets Total assets $ 2,990 $ — $ — $ 2,990 Contingent consideration: (1) Current $ — $ — $ 29,522 $ 29,522 Contingent consideration Long-term — — 3,069 3,069 Other liabilities and deferred credits Total liabilities $ — $ — $ 32,591 $ 32,591 _____________ (1) Relates to our investment in Cougar totaling $26.0 million and Airnorth totaling $6.6 million . For further details on Cougar and Airnorth, see Notes 2 and 3 to the fiscal year 2016 Financial Statements. The following table summarizes the financial instruments we had as of June 30, 2016 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 3,045 $ — $ — $ 3,045 Other assets Total assets $ 3,045 $ — $ — $ 3,045 Contingent consideration: (1) Current $ — $ — $ 3,723 $ 3,723 Contingent consideration Long-term — — 3,037 3,037 Other liabilities and deferred credits Total liabilities $ — $ — $ 6,760 $ 6,760 _____________ (1) Relates to the acquisition of Airnorth totaling $6.8 million . For further details on Airnorth, see Note 2 to the fiscal year 2016 Financial Statements. |
Schedule of contingent consideration | The following table provides a rollforward of the contingent consideration liability Level 3 fair value measurements during the three months ended June 30, 2016 (in thousands): Significant Unobservable Inputs (Level 3) Balance as of March 31, 2016 $ 32,591 Change in fair value of contingent consideration 169 Payment of Cougar third year earn-out (10,000 ) Reclass of remaining Cougar third year earn-out to short-term borrowings and other accrued liabilities (16,000 ) Balance as of June 30, 2016 $ 6,760 |
Schedule of fair value of debt | The carrying and fair value of our long-term debt, including the current portion and excluding unamortized debt issuance costs, are as follows (in thousands): June 30, 2016 March 31, 2016 Carrying Value Fair Value Carrying Value Fair Value 6¼% Senior Notes $ 401,535 $ 303,681 $ 401,535 $ 277,059 Term Loan 328,693 328,693 335,665 335,665 Term Loan Credit Facility 200,000 200,000 200,000 200,000 Revolving Credit Facility 206,950 206,950 144,000 144,000 Airnorth debt 18,903 18,903 19,652 19,652 Eastern Airways debt 15,634 15,634 15,643 15,643 Other debt 39,395 39,395 24,394 24,394 $ 1,211,110 $ 1,113,256 $ 1,140,889 $ 1,016,413 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aircraft purchase contracts table | As shown in the table below, we expect to make additional capital expenditures over the next five fiscal years to purchase additional aircraft. As of June 30, 2016 , we had 36 aircraft on order and options to acquire an additional 10 aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income. Nine Months Ending March 31, 2017 Fiscal Year Ending March 31, 2018 2019 2020 2021 and thereafter Total Commitments as of June 30, 2016: (1) (2) Number of aircraft: Medium 10 — — — — 10 Large (2) — 5 4 4 5 18 U.K. SAR 4 4 — — — 8 14 9 4 4 5 36 Related expenditures (in thousands) (3) Medium and large $ 46,002 $ 66,044 $ 60,455 $ 63,685 $ 45,656 $ 281,842 U.K. SAR 57,583 58,208 — — — 115,791 $ 103,585 $ 124,252 $ 60,455 $ 63,685 $ 45,656 $ 397,633 Options as of June 30, 2016: Number of aircraft: Medium — 5 — — — 5 Large — 3 2 — — 5 — 8 2 — — 10 Related expenditures (in thousands) (3) $ 25,974 $ 116,055 $ 30,410 $ — $ — $ 172,439 _____________ (1) Signed client contracts are currently in place that will utilize eight of these U.K SAR aircraft. (2) In July and August 2016, through discussions with helicopter manufacturers we: (i) reached agreements to defer payment of approximately $13 million in capital expenditures out of fiscal year 2017 and into future periods and approximately $5 million in capital expenditures out of fiscal year 2018 into future periods and (ii) signed a non-binding memorandum of understanding to defer payment of approximately $17 million in capital expenditures out of fiscal year 2017 and into future periods and approximately $59 million in capital expenditures out of fiscal year 2018 into future periods. (3) Includes progress payments on aircraft scheduled to be delivered in future periods. |
Rollforward schedule of aircraft purchase orders and options | The following chart presents an analysis of our aircraft orders and options during the three months ended June 30, 2016 : Orders Options Beginning of period 36 14 Expired options — (4 ) End of period 36 10 |
Aircraft lease table | The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of June 30, 2016 : End of Lease Term Number of Aircraft Nine months ending March 31, 2017 to fiscal year 2018 19 Fiscal year 2019 to fiscal year 2021 56 Fiscal year 2022 to fiscal year 2025 12 87 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of components of net periodic pension cost | The following table provides a detail of the components of net periodic pension cost (in thousands): Three Months Ended 2016 2015 Service cost for benefits earned during the period $ 1,960 $ 2,373 Interest cost on pension benefit obligation 4,782 5,171 Expected return on assets (6,471 ) (6,941 ) Amortization of unrecognized losses 1,961 2,131 Net periodic pension cost $ 2,232 $ 2,734 |
DIVIDENDS, SHARE REPURCHASES,26
DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | |
Schedule of antidilutive securities excluded from computation of earnings per share | Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: Three Months Ended 2016 2015 Options: Outstanding 1,127,883 747,253 Weighted average exercise price $ 44.35 $ 68.47 Restricted stock awards: Outstanding 462,358 262,746 Weighted average price $ 31.43 $ 58.53 |
Schedule of earnings per share, basic and diluted | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended 2016 2015 Net loss available to common stockholders (in thousands): Loss available to common stockholders – basic $ (40,772 ) $ (9,558 ) Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax (1) — — Loss available to common stockholders – diluted $ (40,772 ) $ (9,558 ) Shares: Weighted average number of common shares outstanding – basic 34,990,136 34,857,969 Assumed conversion of 3% Convertible Senior Notes outstanding during the period (1) — — Net effect of dilutive stock options and restricted stock awards based on the treasury stock method — — Weighted average number of common shares outstanding – diluted 34,990,136 34,857,969 Basic loss per common share $ (1.17 ) $ (0.27 ) Diluted loss per common share $ (1.17 ) $ (0.27 ) _____________ (1) Diluted earnings per common share for the three months ended June 30, 2015 excludes potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes were convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of June 30, 2016 , we had repurchased the $115.0 million principal amount of our 3% Convertible Senior Note. Prior to the purchase, upon conversion of a note, the holder would have received cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeded the base conversion price, holders would have received additional shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for the three months ended June 30, 2015 as our average stock price during this period did not meet or exceed the conversion requirements. |
Schedule of accumulated other comprehensive income (loss) | The following table sets forth the changes in the balances of each component of accumulated other comprehensive income: Currency Translation Adjustments Pension Liability Adjustments (1) Total Balance as of March 31, 2016 $ (67,365 ) $ (222,454 ) $ (289,819 ) Other comprehensive income before reclassification (11,577 ) — (11,577 ) Reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income (11,577 ) — (11,577 ) Foreign exchange rate impact (17,404 ) 17,404 — Balance at June 30, 2016 $ (96,346 ) $ (205,050 ) $ (301,396 ) _____________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Segments [Abstract] | |
Schedule of revenue by segment | The following tables show region information for the three months ended June 30, 2016 and 2015 and as of June 30 and March 31, 2016 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended 2016 2015 Region gross revenue from external clients: Europe Caspian $ 194,824 $ 222,949 Africa 54,262 78,915 Americas 58,197 76,600 Asia Pacific 59,144 80,388 Corporate and other 2,971 8,144 Total region gross revenue $ 369,398 $ 466,996 Intra-region gross revenue: Europe Caspian $ 2,139 $ 392 Africa — — Americas 847 3,652 Asia Pacific — — Corporate and other 245 783 Total intra-region gross revenue $ 3,231 $ 4,827 Consolidated gross revenue reconciliation: Europe Caspian $ 196,963 $ 223,341 Africa 54,262 78,915 Americas 59,044 80,252 Asia Pacific 59,144 80,388 Corporate and other 3,216 8,927 Intra-region eliminations (3,231 ) (4,827 ) Total consolidated gross revenue $ 369,398 $ 466,996 |
Schedule of earnings from unconsolidated affiliates - equity method investments | The following shows region information for the three months ended June 30, 2016 and 2015 and as of June 30 and March 31, 2016 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended 2016 2015 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian $ 51 $ 99 Americas 3,863 6,197 Corporate and other $ (84 ) $ — Total earnings from unconsolidated affiliates, net of losses – equity method investments $ 3,830 $ 6,296 |
Schedule of consolidated operating income (loss) | The following shows region information for the three months ended June 30, 2016 and 2015 and as of June 30 and March 31, 2016 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended 2016 2015 Consolidated operating income (loss) reconciliation: Europe Caspian $ 13,030 $ 14,197 Africa 1,571 12,952 Americas 921 16,532 Asia Pacific (5,893 ) (688 ) Corporate and other (25,847 ) (30,464 ) Loss on disposal of assets (10,017 ) (7,695 ) Total consolidated operating income $ (26,235 ) $ 4,834 |
Schedule of depreciation and amortization | The following shows region information for the three months ended June 30, 2016 and 2015 and as of June 30 and March 31, 2016 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended 2016 2015 Depreciation and amortization: Europe Caspian $ 11,189 $ 10,782 Africa 5,453 5,884 Americas 11,381 10,156 Asia Pacific 4,236 8,319 Corporate and other 2,435 2,005 Total depreciation and amortization $ 34,694 $ 37,146 _____________ (1) Includes accelerated depreciation expense of $6.9 million during the three months ended June 30, 2016 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in our Europe Caspian, Americas and Africa regions of $0.2 million , $3.9 million and $2.8 million , respectively. Includes accelerated depreciation expense of $10.5 million during the three months ended June 30, 2015 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in our Americas, Africa and Asia Pacific regions of $2.9 million , $2.3 million and $5.3 million , respectively. For further details, see Note 1. |
Schedule of identifiable assets | The following shows region information for the three months ended June 30, 2016 and 2015 and as of June 30 and March 31, 2016 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): June 30, March 31, Identifiable assets: Europe Caspian $ 1,049,743 $ 1,067,647 Africa 361,097 304,081 Americas 847,905 884,455 Asia Pacific 406,480 426,677 Corporate and other (2) 552,901 580,085 Total identifiable assets (2) $ 3,218,126 $ 3,262,945 _____________ (2) Includes $315.8 million and $307.4 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of June 30 and March 31, 2016 , respectively, which primarily represents progress payments on aircraft to be delivered in future periods. |
Schedule of unconsolidated affiliates - equity method investments | The following shows region information for the three months ended June 30, 2016 and 2015 and as of June 30 and March 31, 2016 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): June 30, March 31, Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 109 $ 298 Americas 196,956 183,990 Corporate and other 4,000 4,378 Total investments in unconsolidated affiliates – equity method investments $ 201,065 $ 188,666 |
SUPPLEMENTAL CONDENSED CONSOL28
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Condensed Income Statement [Table Text Block] | The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Statement of Operations Three Months Ended June 30, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 45,313 $ 324,085 $ — $ 369,398 Intercompany revenue — 24,291 — (24,291 ) — — 69,604 324,085 (24,291 ) 369,398 Operating expense: Direct cost and reimbursable expense (257 ) 48,618 253,796 — 302,157 Intercompany expenses — — 24,291 (24,291 ) — Depreciation and amortization 2,093 16,981 15,620 — 34,694 General and administrative 20,259 6,590 25,746 — 52,595 22,095 72,189 319,453 (24,291 ) 389,446 Gain (loss) on disposal of assets — (10,227 ) 210 — (10,017 ) Earnings from unconsolidated affiliates, net of losses (12,776 ) — 3,830 12,776 3,830 Operating income (loss) (34,871 ) (12,812 ) 8,672 12,776 (26,235 ) Interest expense, net (9,885 ) (657 ) (344 ) — (11,432 ) Other income (expense), net 546 1,235 (7,970 ) — (6,189 ) Income (loss) before provision for income taxes (44,210 ) (12,234 ) 358 12,776 (43,310 ) Allocation of consolidated income taxes 3,453 (2,222 ) 1,007 — 2,238 Net income (loss) (40,757 ) (14,456 ) 1,365 12,776 (41,072 ) Net income (loss) attributable to noncontrolling interests (15 ) — 315 — 300 Net income (loss) attributable to Bristow Group (40,772 ) (14,456 ) 1,680 12,776 (40,772 ) Accretion of redeemable noncontrolling interests — — — — — Net income (loss) attributable to common stockholders $ (40,772 ) $ (14,456 ) $ 1,680 $ 12,776 $ (40,772 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended June 30, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 64,856 $ 402,140 $ — $ 466,996 Intercompany revenue — 24,811 — (24,811 ) — — 89,667 402,140 (24,811 ) 466,996 Operating expense: Direct cost and reimbursable expense 144 56,734 305,407 — 362,285 Intercompany expenses — — 24,811 (24,811 ) — Depreciation and amortization 1,609 14,585 20,952 — 37,146 General and administrative 20,551 6,831 33,950 — 61,332 22,304 78,150 385,120 (24,811 ) 460,763 Gain (loss) on disposal of assets — (7,737 ) 42 — (7,695 ) Earnings from unconsolidated affiliates, net of losses (15,434 ) — 6,296 15,434 6,296 Operating income (37,738 ) 3,780 23,358 15,434 4,834 Interest expense, net 27,484 (1,265 ) (33,888 ) — (7,669 ) Other income (expense), net (316 ) (246 ) 4,401 — 3,839 Income before provision for income taxes (10,570 ) 2,269 (6,129 ) 15,434 1,004 Allocation of consolidated income taxes 7,327 (1,137 ) (8,823 ) — (2,633 ) Net income (3,243 ) 1,132 (14,952 ) 15,434 (1,629 ) Net income attributable to noncontrolling interests (14 ) — (1,614 ) — (1,628 ) Net income attributable to Bristow Group (3,257 ) 1,132 (16,566 ) 15,434 (3,257 ) Accretion of redeemable noncontrolling interests — — (6,301 ) — (6,301 ) Net income (loss) attributable to common stockholders $ (3,257 ) $ 1,132 $ (22,867 ) $ 15,434 $ (9,558 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income $ — $ — $ — $ — $ (41,072 ) Other comprehensive income (loss): Currency translation adjustments — — 217,792 (224,927 ) (7,135 ) Total comprehensive income (loss) (40,757 ) (14,456 ) 219,157 (212,151 ) (48,207 ) Net income attributable to noncontrolling interests — — — — 300 Currency translation adjustments attributable to noncontrolling interests — — (4,442 ) — (4,442 ) Total comprehensive income attributable to noncontrolling interests (15 ) — (4,127 ) — (4,142 ) Total comprehensive income (loss) attributable to Bristow Group (40,772 ) (14,456 ) 215,030 (212,151 ) (52,349 ) Accretion of redeemable noncontrolling interests — — — — — Total comprehensive (income) loss attributable to common stockholders $ (40,772 ) $ (14,456 ) $ 215,030 $ (212,151 ) $ (52,349 ) Supplemental Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2015 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income $ (3,243 ) $ 1,132 $ (14,952 ) $ 15,434 $ (1,629 ) Other comprehensive income: Currency translation adjustments 36,371 — (86,867 ) 63,104 12,608 Total comprehensive income 33,128 1,132 (101,819 ) 78,538 10,979 Net income attributable to noncontrolling interests (14 ) — (1,614 ) — (1,628 ) Currency translation adjustments attributable to noncontrolling interests — — 2,106 — 2,106 Total comprehensive income attributable to noncontrolling interests (14 ) — 492 — 478 Total comprehensive income attributable to Bristow Group 33,114 1,132 (101,327 ) 78,538 11,457 Accretion of redeemable noncontrolling interests — — (6,301 ) — (6,301 ) Total comprehensive (income) loss attributable to common stockholders $ 33,114 $ 1,132 $ (107,628 ) $ 78,538 $ 5,156 |
Condensed Balance Sheet [Table Text Block] | The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Balance Sheet As of June 30, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 18 $ — $ 122,709 $ (16 ) $ 122,711 Accounts receivable 510,049 418,158 391,075 (1,068,285 ) — Inventories — 40,117 97,556 — 137,673 Assets held for sale — 28,785 11,787 — 40,572 Prepaid expenses and other current assets 3,766 (2,374 ) 50,549 — 51,941 Total current assets 513,833 484,686 673,676 (1,068,301 ) 603,894 Intercompany investment 2,516,980 104,435 135,016 (2,756,431 ) — Investment in unconsolidated affiliates — — 207,351 — 207,351 Intercompany notes receivable 148,412 13,787 3,600 (165,799 ) — Property and equipment—at cost: Land and buildings 5,943 66,908 169,995 — 242,846 Aircraft and equipment 143,822 1,124,064 1,265,156 — 2,533,042 149,765 1,190,972 1,435,151 — 2,775,888 Less: Accumulated depreciation and amortization (25,647 ) (235,939 ) (276,305 ) — (537,891 ) 124,118 955,033 1,158,846 — 2,237,997 Goodwill — — 28,650 — 28,650 Other assets 40,491 761 98,982 — 140,234 Total assets $ 3,343,834 $ 1,558,702 $ 2,306,121 $ (3,990,531 ) $ 3,218,126 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 227,566 $ 536,982 $ 344,561 $ (1,015,850 ) $ — Accrued liabilities 17,690 35,695 176,718 (21,968 ) — Current deferred taxes 283 2,221 (170 ) — 2,334 Short-term borrowings and current maturities of long-term debt 26,778 — 51,258 — 78,036 Contingent consideration — — 3,723 — — Total current liabilities 272,317 574,898 576,090 (1,037,818 ) 385,487 Long-term debt, less current maturities 1,101,094 — 22,221 — 1,123,315 Intercompany notes payable — 100,908 96,648 (197,556 ) — Accrued pension liabilities — — 60,370 — 60,370 Other liabilities and deferred credits 7,903 6,443 12,497 — 26,843 Deferred taxes 135,502 5,068 14,134 — 154,704 Redeemable noncontrolling interest — — 14,095 — 14,095 Stockholders’ investment: Common stock 378 20,028 115,317 (135,345 ) 378 Additional paid-in-capital 802,771 8,994 284,048 (293,042 ) 802,771 Retained earnings 1,129,048 842,363 828,107 (1,670,470 ) 1,129,048 Accumulated other comprehensive loss 78,306 — 276,598 (656,300 ) (301,396 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,825,707 871,385 1,504,070 (2,755,157 ) 1,446,005 Noncontrolling interests 1,311 — 5,996 — 7,307 Total stockholders’ investment 1,827,018 871,385 1,510,066 (2,755,157 ) 1,453,312 Total liabilities, redeemable noncontrolling interests and stockholders’ investment $ 3,343,834 $ 1,558,702 $ 2,306,121 $ (3,990,531 ) $ 3,218,126 Supplemental Condensed Consolidating Balance Sheet As of March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 35,241 $ 3,393 $ 65,676 $ — $ 104,310 Accounts receivable 768,641 353,729 373,963 (1,247,016 ) 249,317 Inventories — 37,185 105,318 — 142,503 Assets held for sale — 38,771 5,012 — 43,783 Prepaid expenses and other current assets 5,048 (1,843 ) 49,978 — 53,183 Total current assets 808,930 431,235 599,947 (1,247,016 ) 593,096 Intercompany investment 2,207,516 104,435 145,168 (2,457,119 ) — Investment in unconsolidated affiliates — — 194,952 — 194,952 Intercompany notes receivable 153,078 13,787 3,600 (170,465 ) — Property and equipment—at cost: Land and buildings 4,776 63,976 184,346 — 253,098 Aircraft and equipment 137,751 1,142,829 1,289,997 — 2,570,577 142,527 1,206,805 1,474,343 — 2,823,675 Less: Accumulated depreciation and amortization (23,556 ) (238,644 ) (278,223 ) — (540,423 ) 118,971 968,161 1,196,120 — 2,283,252 Goodwill — — 29,990 — 29,990 Other assets 48,190 743 112,722 — 170,572 Total assets $ 3,336,685 $ 1,518,361 $ 2,282,499 $ (3,874,600 ) $ 3,271,862 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 208,230 $ 475,118 $ 296,860 $ (883,242 ) $ 96,966 Accrued liabilities 26,886 31,371 401,031 (257,683 ) 201,605 Current deferred taxes 88 1,914 (121 ) — 1,881 Short-term borrowings and current maturities of long-term debt 25,678 — 34,716 — 62,716 Contingent consideration — — 29,522 — 29,522 Total current liabilities 260,882 508,403 762,008 (1,140,925 ) 392,690 Long-term debt, less current maturities 1,047,150 — 24,428 — 1,078,173 Intercompany notes payable — 108,952 81,422 (190,374 ) — Accrued pension liabilities — — 70,107 — 70,107 Other liabilities and deferred credits 12,278 6,935 14,060 — 33,273 Deferred taxes 147,631 3,670 20,953 — 172,254 Redeemable noncontrolling interests — — 15,473 — 15,473 Stockholders’ investment: Common stock 377 4,996 130,348 (135,344 ) 377 Additional paid-in-capital 801,173 9,291 284,048 (293,339 ) 801,173 Retained earnings 1,172,273 876,114 807,131 (1,683,245 ) 1,172,273 Accumulated other comprehensive loss 78,306 — 63,248 (431,373 ) (289,819 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,867,333 890,401 1,284,775 (2,543,301 ) 1,499,208 Noncontrolling interests 1,411 — 9,273 — 10,684 Total stockholders’ investment 1,868,744 890,401 1,294,048 (2,543,301 ) 1,509,892 Total liabilities, redeemable noncontrolling interests and stockholders’ investment $ 3,336,685 $ 1,518,361 $ 2,282,499 $ (3,874,600 ) $ 3,271,862 |
Condensed Cash Flow Statement [Table Text Block] | The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Statement of Cash Flows Three Months Ended June 30, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (48,202 ) $ 17,142 $ 15,678 $ (16 ) $ (15,398 ) Cash flows from investing activities: Capital expenditures (7,238 ) (6,380 ) (7,445 ) — (21,063 ) Proceeds from asset dispositions — 9,486 2,014 — 11,500 Proceeds from disposal of business — — — — — Net cash used in investing activities (7,238 ) 3,106 (5,431 ) — (9,563 ) Cash flows from financing activities: Proceeds from borrowings 71,950 — 2,458 — 74,408 Repayment of debt (16,000 ) — (2,035 ) — (18,035 ) Dividends paid (2,453 ) — — — (2,453 ) Increases (decreases) in cash related to intercompany advances and debt (30,342 ) (23,641 ) 53,983 — — Partial prepayment of put/call obligation (13 ) — — — (13 ) Payment of contingent consideration — — (10,000 ) — (10,000 ) Tax benefit related to stock-based compensation — — — — — Net cash provided by (used in) financing activities 20,217 (23,641 ) 44,406 — 40,982 Effect of exchange rate changes on cash and cash equivalents — — 2,380 — 2,380 Net increase (decrease) in cash and cash equivalents (35,223 ) (3,393 ) 57,033 (16 ) 18,401 Cash and cash equivalents at beginning of period 35,241 3,393 65,676 — 104,310 Cash and cash equivalents at end of period $ 18 $ — $ 122,709 $ (16 ) $ 122,711 Supplemental Condensed Consolidating Statement of Cash Flows Three Months Ended June 30, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (61,581 ) $ 54,056 $ 23,594 $ (132 ) $ 15,937 Cash flows from investing activities: Capital expenditures (8,034 ) (24,091 ) (35,652 ) — (67,777 ) Proceeds from asset dispositions — 8,932 369 — 9,301 Net cash used in investing activities (8,034 ) (15,159 ) (35,283 ) — (58,476 ) Cash flows from financing activities: Proceeds from borrowings 364,774 — — — 364,774 Repayment of debt (282,831 ) — (2,758 ) — (285,589 ) Dividends paid (11,871 ) — — — (11,871 ) Increases (decreases) in cash related to intercompany advances and debt 7,561 (39,781 ) 32,220 — — Partial prepayment of put/call obligation (14 ) — — — (14 ) Acquisition of noncontrolling interest — — (2,000 ) — (2,000 ) Payment of contingent consideration — — (8,000 ) — (8,000 ) Tax benefit related to stock-based compensation 337 — — — 337 Net cash provided by financing activities 77,956 (39,781 ) 19,462 — 57,637 Effect of exchange rate changes on cash and cash equivalents — — 1,150 — 1,150 Net increase (decrease) in cash and cash equivalents 8,341 (884 ) 8,923 (132 ) 16,248 Cash and cash equivalents at beginning of period 126 884 103,136 — 104,146 Cash and cash equivalents at end of period $ 8,467 $ — $ 112,059 $ (132 ) $ 120,394 |
BASIS OF PRESENTATION, CONSOL29
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($)aircraftCustomer | Jun. 30, 2015USD ($)aircraft | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($)Customer | |
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Interest income | $ 234,000 | $ 221,000 | ||
Interest expense | (11,120,000) | (7,890,000) | ||
Interest expense, net | (10,886,000) | (7,669,000) | ||
Accretion of redeemable noncontrolling interests | 0 | $ 6,301,000 | ||
Allowance for doubtful accounts receivable, current | 5,600,000 | $ 5,600,000 | ||
Inventory allowance | 25,000,000 | 27,800,000 | ||
Deferred Set-up Costs, Current | 12,600,000 | 12,100,000 | ||
Amortization of other deferred charges | 2,200,000 | |||
Deferred set-up costs, noncurrent | $ 51,700,000 | 55,100,000 | ||
Number of aircraft delivered | aircraft | 0 | 2 | ||
Capital expenditures | $ 21,063,000 | $ 67,777,000 | ||
Progress payments for aircraft | $ 3,100,000 | $ 28,300,000 | ||
Number of aircraft sold or disposed of | aircraft | 6 | 9 | ||
Proceeds from asset dispositions | $ 11,500,000 | $ 9,301,000 | ||
Gain (loss) on disposal of assets | $ (10,017,000) | $ (7,695,000) | ||
Number of aircraft impaired | aircraft | 11 | 9 | ||
Impairment charges on aircraft held for sale | $ 10,149,000 | $ 9,862,000 | ||
Number of aircraft in exit plan | aircraft | 11 | 19 | ||
Accelerated depreciation | $ 6,900,000 | $ 10,500,000 | ||
Unamortized debt issuance cost | 9,759,000 | 8,917,000 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill - beginning balance | 29,990,000 | $ 28,650,000 | ||
Goodwill foreign currency translation | (1,340,000) | |||
Goodwill - ending balance | 28,650,000 | 29,990,000 | ||
Accumulated goodwill impairment - beginning balance | (42,155,000) | (42,155,000) | ||
Goodwill impairments | 0 | |||
Accumulated goodwill impairment - ending balance | (42,155,000) | (42,155,000) | ||
Intangible assets - beginning balance | 27,858,000 | 27,450,000 | ||
Foreign currency translation | (408,000) | |||
Intangible assets - ending balance | 27,450,000 | 27,858,000 | ||
Accumulated amortization of intangible assets - beginning balance | (20,379,000) | (20,762,000) | ||
Amortization of Intangible Assets | (383,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (20,762,000) | (20,379,000) | ||
Weighted average remaining contractual life, in years | 4 years 5 months | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 668,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 879,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 753,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 465,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 465,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 3,458,000 | |||
Finite-Lived Intangible Assets, Net | 6,688,000 | |||
Foreign Currency [abstract] | ||||
Foreign Currency Transaction Gain (Loss), before Tax | (6,300,000) | 3,900,000 | ||
Impact of Foreign Exchange Rates on Unconsolidated affiliates | 1,700,000 | |||
Revenues | 369,398,000 | 466,996,000 | ||
Operating expense | (389,446,000) | (460,763,000) | ||
Earnings from unconsolidated affiliates, net of losses | 3,830,000 | 6,296,000 | ||
Income (loss) before provision for income taxes | (43,310,000) | 1,004,000 | ||
Provision for income taxes | 2,238,000 | (2,633,000) | ||
Net income (loss) | (41,072,000) | (1,629,000) | ||
Total stockholders' investment | 1,453,312,000 | 1,509,892,000 | ||
Forecast | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Accelerated depreciation | 3,500,000 | |||
Air transportation equipment | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Capital expenditures | 17,487,000 | 40,462,000 | ||
Gain (loss) on disposal of assets | 132,000 | 2,167,000 | ||
Other Capitalized Property | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Capital expenditures | $ 3,576,000 | $ 27,315,000 | ||
Medium aircraft | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Number of aircraft delivered | aircraft | 0 | 1 | ||
SAR aircraft | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Number of aircraft delivered | aircraft | 0 | 1 | ||
Customer contracts | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets - beginning balance | $ 8,170,000 | 8,167,000 | ||
Foreign currency translation | (3,000) | |||
Intangible assets - ending balance | 8,167,000 | 8,170,000 | ||
Accumulated amortization of intangible assets - beginning balance | (8,062,000) | (8,119,000) | ||
Amortization of Intangible Assets | (57,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (8,119,000) | (8,062,000) | ||
Weighted average remaining contractual life, in years | 2 months | |||
Customer relationships | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets - beginning balance | $ 12,779,000 | 12,715,000 | ||
Foreign currency translation | (64,000) | |||
Intangible assets - ending balance | 12,715,000 | 12,779,000 | ||
Accumulated amortization of intangible assets - beginning balance | (10,600,000) | (10,784,000) | ||
Amortization of Intangible Assets | (184,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (10,784,000) | (10,600,000) | ||
Weighted average remaining contractual life, in years | 6 years 4 months | |||
Trade name and trademarks | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets - beginning balance | $ 5,008,000 | 4,716,000 | ||
Foreign currency translation | (292,000) | |||
Intangible assets - ending balance | 4,716,000 | 5,008,000 | ||
Accumulated amortization of intangible assets - beginning balance | (636,000) | (709,000) | ||
Amortization of Intangible Assets | (73,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (709,000) | (636,000) | ||
Weighted average remaining contractual life, in years | 13 years 8 months | |||
Internally developed software | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets - beginning balance | $ 1,149,000 | 1,102,000 | ||
Foreign currency translation | (47,000) | |||
Intangible assets - ending balance | 1,102,000 | 1,149,000 | ||
Accumulated amortization of intangible assets - beginning balance | (480,000) | (535,000) | ||
Amortization of Intangible Assets | (55,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (535,000) | (480,000) | ||
Weighted average remaining contractual life, in years | 2 years 7 months | |||
Licenses | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets - beginning balance | $ 752,000 | 750,000 | ||
Foreign currency translation | (2,000) | |||
Intangible assets - ending balance | 750,000 | 752,000 | ||
Accumulated amortization of intangible assets - beginning balance | (601,000) | (615,000) | ||
Amortization of Intangible Assets | (14,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (615,000) | (601,000) | ||
Weighted average remaining contractual life, in years | 2 years 5 months | |||
Europe Caspian | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Accelerated depreciation | $ 200,000 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill - beginning balance | 10,026,000 | 9,326,000 | ||
Goodwill foreign currency translation | (700,000) | |||
Goodwill - ending balance | 9,326,000 | 10,026,000 | ||
Accumulated goodwill impairment - beginning balance | (25,177,000) | (25,177,000) | ||
Goodwill impairments | 0 | |||
Accumulated goodwill impairment - ending balance | (25,177,000) | (25,177,000) | ||
Foreign Currency [abstract] | ||||
Revenues | 196,963,000 | $ 223,341,000 | ||
Africa | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Accelerated depreciation | 2,800,000 | 2,300,000 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Accumulated goodwill impairment - beginning balance | (6,179,000) | (6,179,000) | ||
Goodwill impairments | 0 | |||
Accumulated goodwill impairment - ending balance | (6,179,000) | (6,179,000) | ||
Foreign Currency [abstract] | ||||
Revenues | 54,262,000 | 78,915,000 | ||
Americas | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Accelerated depreciation | 3,900,000 | 2,900,000 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Accumulated goodwill impairment - beginning balance | (576,000) | (576,000) | ||
Goodwill impairments | 0 | |||
Accumulated goodwill impairment - ending balance | (576,000) | (576,000) | ||
Foreign Currency [abstract] | ||||
Revenues | 59,044,000 | 80,252,000 | ||
Asia Pacific | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Accelerated depreciation | 5,300,000 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill - beginning balance | 19,964,000 | 19,324,000 | ||
Goodwill foreign currency translation | (640,000) | |||
Goodwill - ending balance | 19,324,000 | 19,964,000 | ||
Foreign Currency [abstract] | ||||
Revenues | 59,144,000 | 80,388,000 | ||
Corporate and other | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Accumulated goodwill impairment - beginning balance | (10,223,000) | $ (10,223,000) | ||
Goodwill impairments | 0 | |||
Accumulated goodwill impairment - ending balance | (10,223,000) | $ (10,223,000) | ||
Foreign Currency [abstract] | ||||
Revenues | $ 3,216,000 | $ 8,927,000 | ||
Nigeria | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Number of uncollectible customers | Customer | 2 | 2 | ||
Australia | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Number of uncollectible customers | Customer | 1 | 1 | ||
Affiliated Entity | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Allowance for doubtful accounts receivable, current | $ 0 | $ 0 | ||
One British Pound Sterling Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.34 | 1.57 | ||
One British Pound Sterling Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.48 | 1.59 | ||
One British Pound Sterling Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.43 | 1.53 | ||
One British Pound Sterling Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.31 | 1.46 | ||
One Euro Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.11 | 1.11 | ||
One Euro Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.15 | 1.14 | ||
One Euro Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.13 | 1.11 | ||
One Euro Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.10 | 1.06 | ||
One Australian Dollar Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.74 | 0.77 | ||
One Australian Dollar Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.78 | 0.81 | ||
One Australian Dollar Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.75 | 0.78 | ||
One Australian Dollar Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.72 | 0.76 | ||
One Norwegian Kroner Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.1195 | 0.1267 | ||
One Norwegian Kroner Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.1245 | 0.1370 | ||
One Norwegian Kroner Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.1212 | 0.1291 | ||
One Norwegian Kroner Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.1163 | 0.1234 | ||
One Nigerian Naira Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.0035 | 0.0050 | ||
One Nigerian Naira Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.0050 | 0.0051 | ||
One Nigerian Naira Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.0048 | 0.0051 | ||
One Nigerian Naira Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.0035 | 0.0050 | ||
One Brazilian Real Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.3121 | 0.3184 | ||
One Brazilian Real Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.3121 | 0.3435 | ||
One Brazilian Real Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.2849 | 0.3258 | ||
One Brazilian Real Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.2702 | 0.3108 | ||
Impact of Changes in Foreign Currency Exchange Rates | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Revenues | $ (15,010,000) | |||
Operating expense | 15,052,000 | |||
Earnings from unconsolidated affiliates, net of losses | (1,788,000) | |||
Non-operating expense | (10,117,000) | |||
Income (loss) before provision for income taxes | (11,863,000) | |||
Provision for income taxes | 2,778,000 | |||
Net income (loss) | (9,085,000) | |||
Cumulative translation adjustment | (11,577,000) | |||
Total stockholders' investment | $ (20,662,000) |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) £ / shares in Units, $ in Thousands, £ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Apr. 30, 2015 | Jul. 31, 2014 | Jun. 30, 2016USD ($)AffiliatesNominations | Jun. 30, 2015USD ($) | Dec. 31, 2013 | Jun. 30, 2016GBP (£)Class_Of_Sharesvoting_rights | Jun. 30, 2016USD ($)Class_Of_Sharesvoting_rights | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | May 31, 2004USD ($)shares | May 31, 2004£ / shares | Apr. 30, 2004 | |
Variable Interest Entities [Line Items] | ||||||||||||
Number of variable interest entities | Affiliates | 4 | |||||||||||
Cash and cash equivalents | $ 120,394 | $ 122,711 | $ 104,310 | $ 104,146 | ||||||||
Accounts receivable | 250,997 | 249,317 | ||||||||||
Inventories | 137,673 | 142,503 | ||||||||||
Prepaid expenses and other current assets | 51,941 | 53,183 | ||||||||||
Assets, Current | 603,894 | 593,096 | ||||||||||
Investment in unconsolidated affiliates | 207,351 | 194,952 | ||||||||||
Total property and equipment, net | 2,237,997 | 2,283,252 | ||||||||||
Goodwill | 28,650 | 29,990 | ||||||||||
Other assets | 140,234 | 161,655 | ||||||||||
Total assets | 3,218,126 | 3,262,945 | ||||||||||
Accounts payable | 93,259 | 96,966 | ||||||||||
Accrued liabilities | 208,135 | 201,605 | ||||||||||
Accrued interest | 5,948 | 11,985 | ||||||||||
Current maturities of long-term debt | 78,036 | 60,394 | ||||||||||
Total current liabilities | 385,487 | 390,368 | ||||||||||
Total long-term debt | 1,123,315 | 1,071,578 | ||||||||||
Accrued pension liabilities | 60,370 | 70,107 | ||||||||||
Other liabilities and deferred credits | 26,843 | 33,273 | ||||||||||
Deferred taxes | 154,704 | 172,254 | ||||||||||
Redeemable noncontrolling interest | $ 14,095 | 15,473 | ||||||||||
Revenues | $ 369,398 | 466,996 | ||||||||||
Net income (loss) | $ (41,072) | (1,629) | ||||||||||
Caledonia Investments Plc [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage, Third Party | 46.00% | |||||||||||
European Union [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage, Third Party | 5.00% | |||||||||||
Nigerian Company owned by 100% Nigerian Employees [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage, Third Party | 50.00% | |||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Purchased Percentage From Third Party | 2.00% | 29.00% | 19.00% | |||||||||
Employee Trust Fund [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage, Third Party | 2.00% | |||||||||||
Bristow Aviation Holdings Limited [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Ownership percentage in Variable Interest Entity | 49.00% | |||||||||||
Class Of Shares, Number | Class_Of_Shares | 3 | 3 | ||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage, Third Party | 51.00% | |||||||||||
Purchase of deferred stock shares | shares | 8,000,000 | |||||||||||
Business acquisition share price | £ / shares | £ 1 | |||||||||||
Total Amount Paid For Deferred Shares | $ 14,400 | |||||||||||
Principal amount of subordinated unsecured loan stock | £ 91 | $ 121,600 | ||||||||||
Interest rate on unsecured loan | 13.50% | |||||||||||
Deferred interest cost | $ 1,800,000 | |||||||||||
Call option price held by noncontrolling interest | £ | £ 1 | |||||||||||
Call Option Rate Over LIBOR | 3.00% | 3.00% | ||||||||||
Call Option Guaranteed Rate | 12.00% | |||||||||||
Put Option Guaranteed Rate | 10.00% | |||||||||||
Cash and cash equivalents | $ 121,612 | 62,773 | ||||||||||
Accounts receivable | 584,428 | 565,223 | ||||||||||
Inventories | 97,556 | 102,738 | ||||||||||
Prepaid expenses and other current assets | 40,981 | 53,776 | ||||||||||
Assets, Current | 844,577 | 784,510 | ||||||||||
Investment in unconsolidated affiliates | 4,109 | 4,676 | ||||||||||
Total property and equipment, net | 233,099 | 251,494 | ||||||||||
Goodwill | 28,650 | 29,990 | ||||||||||
Other assets | 73,656 | 82,443 | ||||||||||
Total assets | 1,184,091 | 1,153,113 | ||||||||||
Accounts payable | 604,882 | 521,563 | ||||||||||
Accrued liabilities | 150,316 | 141,977 | ||||||||||
Accrued interest | 1,765,120 | 1,698,360 | ||||||||||
Current maturities of long-term debt | 11,861 | 10,322 | ||||||||||
Total current liabilities | 2,532,179 | 2,372,222 | ||||||||||
Total long-term debt | 143,869 | 155,222 | ||||||||||
Accrued pension liabilities | 60,370 | 70,107 | ||||||||||
Other liabilities and deferred credits | 7,191 | 7,928 | ||||||||||
Deferred taxes | 15,616 | 20,330 | ||||||||||
Redeemable noncontrolling interest | 14,095 | 15,473 | ||||||||||
Liabilities | $ 2,773,320 | $ 2,641,282 | ||||||||||
Revenues | 318,454 | 386,771 | ||||||||||
Operating loss | (19,743) | (17,743) | ||||||||||
Net income (loss) | $ (88,543) | $ (64,777) | ||||||||||
Bristow Aviation Holdings Limited [Member] | Caledonia Investments Plc [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Number Of Voting Rights | voting_rights | 3 | 3 | ||||||||||
Number of Board Of Directors Nomination | Nominations | 2 | |||||||||||
Bristow Aviation Holdings Limited [Member] | Director [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Number Of Voting Rights | voting_rights | 1 | 1 | ||||||||||
Bristow Aviation Holdings Limited [Member] | Director Two [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Number Of Voting Rights | voting_rights | 1 | 1 | ||||||||||
Bristow Helicopters Nigeria Ltd [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Ownership percentage in Variable Interest Entity | 48.00% | |||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Purchased Percentage From Third Party | 8.00% | |||||||||||
Pan African Airlines Nigeria Ltd [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Ownership percentage in Variable Interest Entity | 50.17% |
DEBT (Details)
DEBT (Details) $ / shares in Units, $ in Thousands | May 23, 2016USD ($)Quarter$ / shares | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Unamortized debt issuance cost | $ (9,759) | $ (8,917) | ||
Total debt | 1,211,110 | 1,140,889 | ||
Total debt, net | 1,201,351 | 1,131,972 | ||
Less short-term borrowings and current maturities of long-term debt | (78,036) | (60,394) | ||
Total long-term debt | 1,123,315 | 1,071,578 | ||
Proceeds from borrowings | 74,408 | $ 364,774 | ||
Amended and restated credit agreement | Eighth Amendment [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of consecutive quarters under scope | Quarter | 4 | |||
Debt Instrument Required Senior Secured Leverage Ratio Numerator, Maximum, Period One | 4.25 | |||
Debt Instrument Required Senior Secured Leverage Ratio, Denominator, Period One | 1 | |||
Debt Instrument Required Senior Secured Leverage Ratio, Numerator, Maximum, Period Four | 4 | |||
Debt Instrument Required Senior Secured Leverage Ratio, Denominator, Period Four | 1 | |||
Amount To Reduce From Current Assets For Current Ratio | $ 25,000 | |||
Debt Instrument Required Current Ratio, Numerator, Minimum | 1 | |||
Debt Instrument Required Current Ratio, Denominator, Minimum | 1 | |||
In Excess Leverage ratio, Minimum, For Allowance Of Additional Indebtedness, Numerator | 4.75 | |||
In Excess Leverage ratio, Minimum, For Allowance Of Additional Indebtedness, Denominator | 1 | |||
Maximum Additional Debt Amount When Leverage Ratio Is Exceeded | $ 100,000 | |||
Debt Agreement, Maximum, Common Stock Dividend Per Share | $ / shares | $ 0.07 | |||
Amended and restated credit agreement | Eighth Amendment [Member] | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Amended and restated credit agreement | Eighth Amendment [Member] | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
Contingent Consideration Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 15,400 | |||
Senior Notes [Member] | Senior Notes Due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 401,535 | 401,535 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 328,693 | 335,665 | ||
Repayment of debt | 7,000 | |||
Term Loan [Member] | Amended and restated credit agreement | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 350,000 | |||
Debt Instrument, Term | 5 years | |||
Term Loan Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 200,000 | 200,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 206,950 | 144,000 | ||
Repayment of debt | 9,000 | |||
Proceeds from borrowings | 72,000 | |||
Letters of credit outstanding, amount | 600 | |||
Revolving Credit Facility [Member] | Amended and restated credit agreement | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 400,000 | |||
Other Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 39,395 | 24,394 | ||
Other Debt [Member] | Airnorth debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | 18,903 | 19,652 | ||
Other Debt [Member] | Eastern Airways debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | 15,634 | $ 15,643 | ||
Other Debt [Member] | Aircraft Purchase Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 24,000 | |||
Other Debt [Member] | Aircraft Purchase Debt [Member] | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, effective percentage | 2.50% | |||
Other Debt [Member] | Aircraft Purchase Debt [Member] | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, effective percentage | 3.50% | |||
Letter of Credit [Member] | Amended and restated credit agreement | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 30,000 |
FAIR VALUE DISCLOSURES (Details
FAIR VALUE DISCLOSURES (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($)aircraft | Jun. 30, 2015USD ($)aircraft | Mar. 31, 2016USD ($) | |
Fair Value [Line Items] | |||
Inventories | $ 137,673 | $ 142,503 | |
Assets held for sale | 40,572 | 43,783 | |
Impairment of inventories | 0 | $ (5,439) | |
Impairment charges on aircraft held for sale | (10,149) | (9,862) | |
Loss on sale of assets and asset impairment charges | $ (10,149) | $ (15,301) | |
Number of aircraft impaired | aircraft | 11 | 9 | |
Other accrued liabilities | $ 49,796 | 48,392 | |
Other liabilities and deferred credits | 26,843 | 33,273 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Contingent Consideration- beginning balance | 32,591 | ||
Change in fair value of contingent consideration | 169 | ||
Earn-out payment | (10,000) | ||
Reclass out of contingent consideration | (16,000) | ||
Contingent Consideration- ending balance | 6,760 | 32,591 | |
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 1,211,110 | 1,140,889 | |
Fair value of total debt | 1,113,256 | 1,016,413 | |
Senior Notes [Member] | Senior Notes Due 2022 [Member] | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 401,535 | 401,535 | |
Fair value of total debt | 303,681 | 277,059 | |
Term Loan [Member] | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 328,693 | 335,665 | |
Fair value of total debt | 328,693 | 335,665 | |
Term Loan Credit Facility [Member] | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 200,000 | 200,000 | |
Fair value of total debt | 200,000 | 200,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 206,950 | 144,000 | |
Fair value of total debt | 206,950 | 144,000 | |
Other Debt [Member] | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 39,395 | 24,394 | |
Fair value of total debt | 39,395 | 24,394 | |
Other Debt [Member] | Airnorth debt | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 18,903 | 19,652 | |
Fair value of total debt | 18,903 | 19,652 | |
Other Debt [Member] | Eastern Airways debt | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 15,634 | 15,643 | |
Fair value of total debt | $ 15,634 | $ 15,643 | |
Airnorth [Member] | |||
Fair Value [Line Items] | |||
Fair Value Inputs, Discount Rate | 2.00% | 2.00% | |
Contingent consideration | $ 6,800 | $ 6,600 | |
Cougar [Member] | |||
Fair Value [Line Items] | |||
Fair Value Inputs, Discount Rate | 4.00% | 4.00% | |
Contingent consideration | $ 26,000 | ||
Fair Value, Measurements, Recurring [Member] | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | $ 3,045 | 2,990 | |
Total Assets Recurring | 3,045 | 2,990 | |
Other accrued liabilities | 3,723 | 29,522 | |
Other liabilities and deferred credits | 3,037 | 3,069 | |
Total Liabilities Recurring | 6,760 | 32,591 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 3,045 | 2,990 | |
Total Assets Recurring | 3,045 | 2,990 | |
Other accrued liabilities | 0 | 0 | |
Other liabilities and deferred credits | 0 | 0 | |
Total Liabilities Recurring | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 0 | 0 | |
Total Assets Recurring | 0 | 0 | |
Other accrued liabilities | 0 | 0 | |
Other liabilities and deferred credits | 0 | 0 | |
Total Liabilities Recurring | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 0 | 0 | |
Total Assets Recurring | 0 | 0 | |
Other accrued liabilities | 3,723 | 29,522 | |
Other liabilities and deferred credits | 3,037 | 3,069 | |
Total Liabilities Recurring | 6,760 | $ 32,591 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value [Line Items] | |||
Inventories | $ 13,922 | ||
Assets held for sale | 40,572 | 35,523 | |
Total Assets Non Recurring | 40,572 | 49,445 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value [Line Items] | |||
Inventories | 0 | ||
Assets held for sale | 0 | 0 | |
Total Assets Non Recurring | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value [Line Items] | |||
Inventories | 13,922 | ||
Assets held for sale | 40,572 | 35,523 | |
Total Assets Non Recurring | 40,572 | 49,445 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value [Line Items] | |||
Inventories | 0 | ||
Assets held for sale | 0 | 0 | |
Total Assets Non Recurring | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES33
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Apr. 29, 2016aircraftPeople | Sep. 30, 2016USD ($)aircraft | Jun. 30, 2016USD ($)aircraftFacility | Jun. 30, 2015USD ($) | Aug. 04, 2016USD ($) |
Commitments And Contingencies [Line Items] | |||||
Operating leases rental expense | $ | $ 51,300 | $ 53,900 | |||
Sale Leaseback Transaction Lease Terms, Maximum | 180 months | ||||
Sale Leaseback Transaction Lease Renewal Option Terms, Maximum | 240 months | ||||
Number of leased aircraft | 87 | ||||
Number of fatalities | People | 13 | ||||
Site Contingency, Number of Locations | Facility | 3 | ||||
Loss Contingency, Range of Possible Loss, Minimum | $ | $ 4,000 | ||||
Loss Contingency, Range of Possible Loss, Maximum | $ | $ 7,000 | ||||
Options [Abstract] | |||||
Number of signed client contracts | 8 | ||||
Subsequent event | |||||
Commitments And Contingencies [Line Items] | |||||
Deferral of payment due in current fiscal year out into the future | $ | $ 13,000 | ||||
Deferral of payment due in second fiscal year out into the future | $ | 5,000 | ||||
Subsequent event | Non-Binding Memorandum [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Deferral of payment due in current fiscal year out into the future | $ | 17,000 | ||||
Deferral of payment due in second fiscal year out into the future | $ | $ 59,000 | ||||
Voluntary Separation Program [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Severance costs | $ | $ 900 | 6,400 | |||
Involuntary Separation Program [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Severance costs | $ | 4,500 | 1,600 | |||
Direct cost [Member] | Voluntary Separation Program [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Severance costs | $ | 800 | 5,800 | |||
Direct cost [Member] | Involuntary Separation Program [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Severance costs | $ | 500 | 500 | |||
General and administrative expense [Member] | Voluntary Separation Program [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Severance costs | $ | 100 | 600 | |||
General and administrative expense [Member] | Involuntary Separation Program [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Severance costs | $ | $ 4,000 | 1,100 | |||
Unionized Employees Concentration Risk [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Employee agreement escalation rate | 4.00% | ||||
Unionized Employees Concentration Risk [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Collective bargaining agreements and/or unions | 50.00% | ||||
Unionized Employees Concentration Risk [Member] | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Collective bargaining agreements and/or unions | 79.10% | ||||
Aircraft | |||||
Commitments And Contingencies [Line Items] | |||||
Operating leases rental expense | $ | $ 44,700 | $ 46,600 | |||
H225 Super Puma | |||||
Commitments And Contingencies [Line Items] | |||||
Number of leased aircraft | 11 | ||||
Number of aircraft owned | 16 | ||||
Number of aircraft operated | 27 | ||||
AS332L2 Aircraft [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of aircraft operated | 0 | ||||
Nine months ending March 31, 2017 to fiscal year 2018 | |||||
Commitments And Contingencies [Line Items] | |||||
Number of leased aircraft | 19 | ||||
Fiscal year 2019 to fiscal year 2021 | |||||
Commitments And Contingencies [Line Items] | |||||
Number of leased aircraft | 56 | ||||
Fiscal year 2022 to fiscal year 2025 | |||||
Commitments And Contingencies [Line Items] | |||||
Number of leased aircraft | 12 | ||||
Commitments [Member] | |||||
Analysis Of Aircraft Orders And Options [Line Items] | |||||
Start of period | 36 | 36 | |||
Expired options | 0 | ||||
End of period | 36 | ||||
Options [Member] | |||||
Analysis Of Aircraft Orders And Options [Line Items] | |||||
Start of period | 10 | 14 | |||
Expired options | (4) | ||||
End of period | 10 | ||||
Aircraft | |||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due Remainder Of Fiscal Year | 14 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Two | 9 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Three | 4 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Four | 4 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Five And Thereafter | 5 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 36 | ||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ | $ 103,585 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | $ | 124,252 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | $ | 60,455 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | $ | 63,685 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years And After | $ | 45,656 | ||||
Purchase Commitments - Total | $ | $ 397,633 | ||||
Options [Abstract] | |||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due Remainder Of Fiscal Year | 0 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Two | 8 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Three | 2 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Four | 0 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Five And Thereafter | 0 | ||||
Unrecorded Conditional Purchase Obligation Maximum Quantity Required | 10 | ||||
Unrecorded Conditional Purchase Obligatio Due In Remainder Of Fiscal Year | $ | $ 25,974 | ||||
Unrecorded Conditional Purchase Obligation Balance On Second Anniversary | $ | 116,055 | ||||
Unrecorded Conditional Purchase Obligation Balance On Third Anniversary | $ | 30,410 | ||||
Unrecorded Conditional Purchase Obligation Balance On Fourth Anniversary | $ | 0 | ||||
Unrecorded Conditional Purchase Obligation Due within Five Years And After | $ | 0 | ||||
Aircraft Purchase Options - Total | $ | $ 172,439 | ||||
Aircraft | Medium aircraft | |||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due Remainder Of Fiscal Year | 10 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Two | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Three | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Four | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Five And Thereafter | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 10 | ||||
Options [Abstract] | |||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due Remainder Of Fiscal Year | 0 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Two | 5 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Three | 0 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Four | 0 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Five And Thereafter | 0 | ||||
Unrecorded Conditional Purchase Obligation Maximum Quantity Required | 5 | ||||
Aircraft | Large aircraft | |||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due Remainder Of Fiscal Year | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Two | 5 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Three | 4 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Four | 4 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Five And Thereafter | 5 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 18 | ||||
Options [Abstract] | |||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due Remainder Of Fiscal Year | 0 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Two | 3 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Three | 2 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Four | 0 | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Five And Thereafter | 0 | ||||
Unrecorded Conditional Purchase Obligation Maximum Quantity Required | 5 | ||||
Aircraft | Medium and Large | |||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ | $ 46,002 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | $ | 66,044 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | $ | 60,455 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | $ | 63,685 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years And After | $ | 45,656 | ||||
Purchase Commitments - Total | $ | $ 281,842 | ||||
Aircraft | U.K. SAR | |||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due Remainder Of Fiscal Year | 4 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Two | 4 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Three | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Four | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Five And Thereafter | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 8 | ||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ | $ 57,583 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | $ | 58,208 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | $ | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | $ | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years And After | $ | 0 | ||||
Purchase Commitments - Total | $ | 115,791 | ||||
Other Commitments | |||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||||
Purchase Commitments - Total | $ | $ 311,400 | ||||
Officer | Forecast | |||||
Commitments And Contingencies [Line Items] | |||||
Severance costs | $ | $ 1,500 | ||||
Passenger | |||||
Commitments And Contingencies [Line Items] | |||||
Number of fatalities | People | 11 | ||||
Crew | |||||
Commitments And Contingencies [Line Items] | |||||
Number of fatalities | People | 2 | ||||
Norway | H225 Super Puma | |||||
Commitments And Contingencies [Line Items] | |||||
Number of aircraft operated | 5 | ||||
United Kingdom | H225 Super Puma | |||||
Commitments And Contingencies [Line Items] | |||||
Number of aircraft operated | 13 | ||||
Australia | H225 Super Puma | |||||
Commitments And Contingencies [Line Items] | |||||
Number of aircraft operated | 9 |
TAXES (Details)
TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 5.20% | 262.30% |
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 13.2 | $ 2 |
Unrecognized Tax Benefits | $ 0.7 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) | May 23, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 |
Incentive Compensation [Line Items] | ||||
Service cost | $ 1,960,000 | $ 2,373,000 | ||
Interest cost | 4,782,000 | 5,171,000 | ||
Expected return on assets | (6,471,000) | (6,941,000) | ||
Amortization of unrecognized losses | 1,961,000 | 2,131,000 | ||
Net periodic pension cost | 2,232,000 | 2,734,000 | ||
Cash contributions | 6,600,000 | |||
Estimated cash contributions | $ 17,800,000 | |||
Common stock shares reserved | 5,400,000 | |||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Shares available for grant | 1,181,955 | |||
Stock based compensation expense | $ 4,200,000 | 3,967,000 | ||
Restricted stock grants- shares | 556,051 | |||
Stock option grants- shares | 1,085,888 | |||
Performance cash compensation liability | $ 6,100,000 | $ 15,800,000 | ||
Performance cash compensation expense | $ 1,100,000 | $ 3,400,000 | ||
Performance cash | ||||
Incentive Compensation [Line Items] | ||||
Award requisite service period | 3 years | |||
2007 Plan Amendment [Member] | ||||
Incentive Compensation [Line Items] | ||||
Common Stock, Additional Capital Shares Reserved for Future Issuance | 5,246,729 | |||
Common Stock, Additional Full Value Capital Shares Reserved for Future Issuance | 2,623,365 | |||
Common Stock, Capital Shares Reserved For Future Issuance, Settled | 6,400,000 | |||
Common Stock, Full Value Capital Shares Reserved For Future Issuance | 3,200,000 | |||
Number Of Shares Considered, Stock Option And Stock Appreciation Right Settled | 2 | |||
Number Of Shares Considered, Stock Option And Stock Appreciation Right Granted | 1 | |||
Share-based Compensation, Common Stock Award, Maximum | 1,000,000 | 500,000 | ||
Total Compensation Authorized For Non-Employee Directors | $ 1,125,000 |
DIVIDENDS, SHARE REPURCHASES,36
DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) | Aug. 03, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 31, 2016 |
Dividends, Share Repurchases, Earnings Per Share and Accumulated Other Comprehensive Income [Line Items] | ||||
Cash dividends declared per common share | $ 0.07 | $ 0.34 | ||
Treasury Shares acquired in period | 0 | 0 | ||
Earnings per share [Abstract] | ||||
Loss available to common stockholders - basic | $ (40,772,000) | $ (9,558,000) | ||
Interest expense on assumed conversion of 3% Convertible Notes, net of tax | 0 | 0 | ||
Income available to common stockholders - diluted | $ (40,772,000) | $ (9,558,000) | ||
Weighted average number of common shares outstanding - basic | 34,990,136 | 34,857,969 | ||
Assumed conversion of 3% Convertible Senior Noted outstanding during the period | 0 | 0 | ||
Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method | 0 | 0 | ||
Weighted average number of common shares outstanding - diluted | 34,990,136 | 34,857,969 | ||
Basic earnings (loss) per common share | $ (1.17) | $ (0.27) | ||
Diluted earnings (loss) per common share | $ (1.17) | $ (0.27) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated other comprehensive income - beginning balance | $ (289,819,000) | |||
Accumulated other comprehensive income - ending balance | (301,396,000) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated other comprehensive income - beginning balance | (289,819,000) | |||
Other comprehensive income before reclassification | (11,577,000) | |||
Reclassification from accumulated other comprehensive income | 0 | |||
Net current period other comprehensive income | (11,577,000) | |||
Foreign exchange rate impact | 0 | |||
Accumulated other comprehensive income - ending balance | (301,396,000) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated other comprehensive income - beginning balance | (67,365,000) | |||
Other comprehensive income before reclassification | (11,577,000) | |||
Reclassification from accumulated other comprehensive income | 0 | |||
Net current period other comprehensive income | (11,577,000) | |||
Foreign exchange rate impact | (17,404,000) | |||
Accumulated other comprehensive income - ending balance | (96,346,000) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated other comprehensive income - beginning balance | (222,454,000) | |||
Other comprehensive income before reclassification | 0 | |||
Reclassification from accumulated other comprehensive income | 0 | |||
Net current period other comprehensive income | 0 | |||
Foreign exchange rate impact | 17,404,000 | |||
Accumulated other comprehensive income - ending balance | $ (205,050,000) | |||
Stock Options [Member] | ||||
Earnings per share [Abstract] | ||||
Outstanding | 1,127,883 | 747,253 | ||
Restricted Stock Awards [Member] | ||||
Earnings per share [Abstract] | ||||
Outstanding | 462,358 | 262,746 | ||
Quarter To Date | Stock Options [Member] | ||||
Earnings per share [Abstract] | ||||
Weighted average exercise price - antidilutive | $ 44.35 | $ 68.47 | ||
Quarter To Date | Restricted Stock Awards [Member] | ||||
Earnings per share [Abstract] | ||||
Weighted average exercise price - antidilutive | $ 31.43 | $ 58.53 | ||
Convertible Notes Payable [Member] | ||||
Dividends, Share Repurchases, Earnings Per Share and Accumulated Other Comprehensive Income [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||
Earnings per share [Abstract] | ||||
Debt instrument, repurchase amount | $ 115,000,000 | |||
Per principal amount of convertible debt | $ 1,000 | |||
Subsequent event | ||||
Dividends, Share Repurchases, Earnings Per Share and Accumulated Other Comprehensive Income [Line Items] | ||||
Cash dividends declared per common share | $ 0.07 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 150,000,000 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2016USD ($)RegionsSegments | Jun. 30, 2015USD ($) | Mar. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | Segments | 1 | ||
Number of reportable segments | Regions | 4 | ||
Revenues | $ 369,398 | $ 466,996 | |
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 3,830 | 6,296 | |
Loss on disposal of assets | (10,017) | (7,695) | |
Total consolidated operating income (loss) | (26,235) | 4,834 | |
Total depreciation and amortization | 34,694 | 37,146 | |
Total identifiable assets | 3,218,126 | $ 3,262,945 | |
Total investments in unconsolidated affiliates - equity method | 201,065 | 188,666 | |
Accelerated depreciation | 6,900 | 10,500 | |
Construction in progress within property and equipment | 315,800 | 307,400 | |
External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 369,398 | 466,996 | |
Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,231 | 4,827 | |
Europe Caspian | |||
Segment Reporting Information [Line Items] | |||
Revenues | 196,963 | 223,341 | |
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 51 | 99 | |
Total business unit operating income | 13,030 | 14,197 | |
Total depreciation and amortization | 11,189 | 10,782 | |
Total identifiable assets | 1,049,743 | 1,067,647 | |
Total investments in unconsolidated affiliates - equity method | 109 | 298 | |
Accelerated depreciation | 200 | ||
Europe Caspian | External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 194,824 | 222,949 | |
Europe Caspian | Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,139 | 392 | |
Africa | |||
Segment Reporting Information [Line Items] | |||
Revenues | 54,262 | 78,915 | |
Total business unit operating income | 1,571 | 12,952 | |
Total depreciation and amortization | 5,453 | 5,884 | |
Total identifiable assets | 361,097 | 304,081 | |
Accelerated depreciation | 2,800 | 2,300 | |
Africa | External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 54,262 | 78,915 | |
Africa | Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Americas | |||
Segment Reporting Information [Line Items] | |||
Revenues | 59,044 | 80,252 | |
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 3,863 | 6,197 | |
Total business unit operating income | 921 | 16,532 | |
Total depreciation and amortization | 11,381 | 10,156 | |
Total identifiable assets | 847,905 | 884,455 | |
Total investments in unconsolidated affiliates - equity method | 196,956 | 183,990 | |
Accelerated depreciation | 3,900 | 2,900 | |
Americas | External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 58,197 | 76,600 | |
Americas | Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 847 | 3,652 | |
Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Revenues | 59,144 | 80,388 | |
Total business unit operating income | (5,893) | (688) | |
Total depreciation and amortization | 4,236 | 8,319 | |
Total identifiable assets | 406,480 | 426,677 | |
Accelerated depreciation | 5,300 | ||
Asia Pacific | External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 59,144 | 80,388 | |
Asia Pacific | Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,216 | 8,927 | |
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (84) | 0 | |
Total business unit operating income | (25,847) | (30,464) | |
Total depreciation and amortization | 2,435 | 2,005 | |
Total identifiable assets | 552,901 | 580,085 | |
Total investments in unconsolidated affiliates - equity method | 4,000 | $ 4,378 | |
Corporate and other | External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,971 | 8,144 | |
Corporate and other | Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 245 | $ 783 |
SUPPLEMENTAL CONDENSED CONSOL38
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION OPERATIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | $ 369,398 | $ 466,996 |
Direct cost and reimbursable expense | 302,157 | 362,285 |
Intercompany expenses | 0 | 0 |
Depreciation and amortization | 34,694 | 37,146 |
General and administrative | 52,595 | 61,332 |
Operating expense | 389,446 | 460,763 |
Gain (loss) on disposal of assets | (10,017) | (7,695) |
Earnings from unconsolidated affiliates, net of losses | 3,830 | 6,296 |
Operating income (loss) | (26,235) | 4,834 |
Interest expense, net | (10,886) | (7,669) |
Other income (expense), net | (6,189) | 3,839 |
Income (loss) before provision for income taxes | (43,310) | 1,004 |
Benefit (provision) for income taxes | 2,238 | (2,633) |
Net income (loss) | (41,072) | (1,629) |
Net (income) loss attributable to noncontrolling interests | 300 | (1,628) |
Net loss attributable to Bristow Group | (40,772) | (3,257) |
Accretion of redeemable noncontrolling interests | 0 | (6,301) |
Net loss attributable to common stockholders | (40,772) | (9,558) |
External Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 369,398 | 466,996 |
Intercompany Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 0 | 0 |
Consolidations, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | (24,291) | (24,811) |
Direct cost and reimbursable expense | 0 | 0 |
Intercompany expenses | (24,291) | (24,811) |
Depreciation and amortization | 0 | 0 |
General and administrative | 0 | 0 |
Operating expense | (24,291) | (24,811) |
Gain (loss) on disposal of assets | 0 | 0 |
Earnings from unconsolidated affiliates, net of losses | 12,776 | 15,434 |
Operating income (loss) | 12,776 | 15,434 |
Interest expense, net | 0 | 0 |
Other income (expense), net | 0 | 0 |
Income (loss) before provision for income taxes | 12,776 | 15,434 |
Benefit (provision) for income taxes | 0 | 0 |
Net income (loss) | 12,776 | 15,434 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to Bristow Group | 12,776 | 15,434 |
Accretion of redeemable noncontrolling interests | 0 | |
Net loss attributable to common stockholders | 15,434 | |
Consolidations, Eliminations [Member] | External Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 0 | 0 |
Consolidations, Eliminations [Member] | Intercompany Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | (24,291) | (24,811) |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 0 | 0 |
Direct cost and reimbursable expense | (257) | 144 |
Intercompany expenses | 0 | 0 |
Depreciation and amortization | 2,093 | 1,609 |
General and administrative | 20,259 | 20,551 |
Operating expense | 22,095 | 22,304 |
Gain (loss) on disposal of assets | 0 | 0 |
Earnings from unconsolidated affiliates, net of losses | (12,776) | (15,434) |
Operating income (loss) | (34,871) | (37,738) |
Interest expense, net | (9,885) | 27,484 |
Other income (expense), net | 546 | (316) |
Income (loss) before provision for income taxes | (44,210) | (10,570) |
Benefit (provision) for income taxes | 3,453 | 7,327 |
Net income (loss) | (40,757) | (3,243) |
Net (income) loss attributable to noncontrolling interests | (15) | (14) |
Net loss attributable to Bristow Group | (40,772) | (3,257) |
Accretion of redeemable noncontrolling interests | 0 | |
Net loss attributable to common stockholders | (3,257) | |
Parent Company [Member] | External Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 0 | 0 |
Parent Company [Member] | Intercompany Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 0 | 0 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 69,604 | 89,667 |
Direct cost and reimbursable expense | 48,618 | 56,734 |
Intercompany expenses | 0 | 0 |
Depreciation and amortization | 16,981 | 14,585 |
General and administrative | 6,590 | 6,831 |
Operating expense | 72,189 | 78,150 |
Gain (loss) on disposal of assets | (10,227) | (7,737) |
Earnings from unconsolidated affiliates, net of losses | 0 | 0 |
Operating income (loss) | (12,812) | 3,780 |
Interest expense, net | (657) | (1,265) |
Other income (expense), net | 1,235 | (246) |
Income (loss) before provision for income taxes | (12,234) | 2,269 |
Benefit (provision) for income taxes | (2,222) | (1,137) |
Net income (loss) | (14,456) | 1,132 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to Bristow Group | (14,456) | 1,132 |
Accretion of redeemable noncontrolling interests | 0 | |
Net loss attributable to common stockholders | 1,132 | |
Guarantor Subsidiaries [Member] | External Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 45,313 | 64,856 |
Guarantor Subsidiaries [Member] | Intercompany Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 24,291 | 24,811 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 324,085 | 402,140 |
Direct cost and reimbursable expense | 253,796 | 305,407 |
Intercompany expenses | 24,291 | 24,811 |
Depreciation and amortization | 15,620 | 20,952 |
General and administrative | 25,746 | 33,950 |
Operating expense | 319,453 | 385,120 |
Gain (loss) on disposal of assets | 210 | 42 |
Earnings from unconsolidated affiliates, net of losses | 3,830 | 6,296 |
Operating income (loss) | 8,672 | 23,358 |
Interest expense, net | (344) | (33,888) |
Other income (expense), net | (7,970) | 4,401 |
Income (loss) before provision for income taxes | 358 | (6,129) |
Benefit (provision) for income taxes | 1,007 | (8,823) |
Net income (loss) | 1,365 | (14,952) |
Net (income) loss attributable to noncontrolling interests | 315 | (1,614) |
Net loss attributable to Bristow Group | 1,680 | (16,566) |
Accretion of redeemable noncontrolling interests | (6,301) | |
Net loss attributable to common stockholders | (22,867) | |
Non-Guarantor Subsidiaries [Member] | External Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 324,085 | 402,140 |
Non-Guarantor Subsidiaries [Member] | Intercompany Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | $ 0 | $ 0 |
SUPPLEMENTAL CONDENSED CONSOL39
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | $ (41,072) | $ (1,629) |
Currency translation adjustments | (7,135) | 12,608 |
Total comprehensive income (loss) | (48,207) | 10,979 |
Net (income) loss attributable to noncontrolling interests | 300 | (1,628) |
Currency translation adjustments attributable to noncontrolling interests | (4,442) | 2,106 |
Total comprehensive (income) loss attributable to noncontrolling interests | (4,142) | 478 |
Total comprehensive (income) loss attributable to Bristow Group | (52,349) | 11,457 |
Accretion of redeemable noncontrolling interests | 0 | (6,301) |
Total comprehensive income (loss) attributable to common stockholders | (52,349) | 5,156 |
Consolidations, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 12,776 | 15,434 |
Currency translation adjustments | (224,927) | 63,104 |
Total comprehensive income (loss) | (212,151) | 78,538 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Total comprehensive (income) loss attributable to Bristow Group | (212,151) | 78,538 |
Accretion of redeemable noncontrolling interests | 0 | |
Total comprehensive income (loss) attributable to common stockholders | 78,538 | |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | (40,757) | (3,243) |
Currency translation adjustments | 0 | 36,371 |
Total comprehensive income (loss) | (40,757) | 33,128 |
Net (income) loss attributable to noncontrolling interests | (15) | (14) |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | (15) | (14) |
Total comprehensive (income) loss attributable to Bristow Group | (40,772) | 33,114 |
Accretion of redeemable noncontrolling interests | 0 | |
Total comprehensive income (loss) attributable to common stockholders | 33,114 | |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | (14,456) | 1,132 |
Currency translation adjustments | 0 | 0 |
Total comprehensive income (loss) | (14,456) | 1,132 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Total comprehensive (income) loss attributable to Bristow Group | (14,456) | 1,132 |
Accretion of redeemable noncontrolling interests | 0 | |
Total comprehensive income (loss) attributable to common stockholders | 1,132 | |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 1,365 | (14,952) |
Currency translation adjustments | 217,792 | (86,867) |
Total comprehensive income (loss) | 219,157 | (101,819) |
Net (income) loss attributable to noncontrolling interests | 315 | (1,614) |
Currency translation adjustments attributable to noncontrolling interests | (4,442) | 2,106 |
Total comprehensive (income) loss attributable to noncontrolling interests | (4,127) | 492 |
Total comprehensive (income) loss attributable to Bristow Group | $ 215,030 | (101,327) |
Accretion of redeemable noncontrolling interests | (6,301) | |
Total comprehensive income (loss) attributable to common stockholders | $ (107,628) |
SUPPLEMENTAL CONDENSED CONSOL40
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION BS (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 122,711 | $ 104,310 | $ 120,394 | $ 104,146 |
Accounts receivable | 250,997 | 249,317 | ||
Inventories | 137,673 | 142,503 | ||
Assets held for sale | 40,572 | 43,783 | ||
Prepaid expenses and other current assets | 51,941 | 53,183 | ||
Total current assets | 603,894 | 593,096 | ||
Intercompany investment | 0 | 0 | ||
Investment in unconsolidated affiliates | 207,351 | 194,952 | ||
Intercompany notes receivable | 0 | 0 | ||
Total property and equipment, at cost | 2,775,888 | 2,823,675 | ||
Less - Accumulated depreciation and amortization | (537,891) | (540,423) | ||
Total property and equipment, net | 2,237,997 | 2,283,252 | ||
Goodwill | 28,650 | 29,990 | ||
Other assets | 140,234 | 161,655 | ||
Total assets | 3,218,126 | 3,262,945 | ||
Accounts payable | 93,259 | 96,966 | ||
Accrued liabilities | 208,135 | 201,605 | ||
Deferred taxes | 2,334 | 1,881 | ||
Short-term borrowings and current maturities of long-term debt | 78,036 | 60,394 | ||
Contingent consideration | 3,723 | 29,522 | ||
Total current liabilities | 385,487 | 390,368 | ||
Long-term debt, less current maturities | 1,123,315 | 1,071,578 | ||
Intercompany notes payable | 0 | 0 | ||
Accrued pension liabilities | 60,370 | 70,107 | ||
Other liabilities and deferred credits | 26,843 | 33,273 | ||
Deferred taxes | 154,704 | 172,254 | ||
Redeemable noncontrolling interest | 14,095 | 15,473 | ||
Common stock | 378 | 377 | ||
Additional paid-in capital | 802,771 | 801,173 | ||
Retained earnings | 1,129,048 | 1,172,273 | ||
Accumulated other comprehensive income (loss) | (301,396) | (289,819) | ||
Treasury shares, at cost | (184,796) | (184,796) | ||
Total Bristow Group stockholders' equity | 1,446,005 | 1,499,208 | ||
Noncontrolling interests | 7,307 | 10,684 | ||
Total stockholders' investment | 1,453,312 | 1,509,892 | ||
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | 3,218,126 | 3,262,945 | ||
Land and Building [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 242,846 | 253,098 | ||
Aircraft And Equipment [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 2,533,042 | 2,570,577 | ||
Consolidations, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | (16) | 0 | (132) | 0 |
Accounts receivable | (1,068,285) | (1,247,016) | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (1,068,301) | (1,247,016) | ||
Intercompany investment | (2,756,431) | (2,457,119) | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | (165,799) | (170,465) | ||
Total property and equipment, at cost | 0 | 0 | ||
Less - Accumulated depreciation and amortization | 0 | 0 | ||
Total property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (3,990,531) | (3,874,600) | ||
Accounts payable | (1,015,850) | (883,242) | ||
Accrued liabilities | (21,968) | (257,683) | ||
Deferred taxes | 0 | 0 | ||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||
Contingent consideration | 0 | 0 | ||
Total current liabilities | (1,037,818) | (1,140,925) | ||
Long-term debt, less current maturities | 0 | 0 | ||
Intercompany notes payable | (197,556) | (190,374) | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 0 | 0 | ||
Deferred taxes | 0 | 0 | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | (135,345) | (135,344) | ||
Additional paid-in capital | (293,042) | (293,339) | ||
Retained earnings | (1,670,470) | (1,683,245) | ||
Accumulated other comprehensive income (loss) | (656,300) | (431,373) | ||
Treasury shares, at cost | 0 | 0 | ||
Total Bristow Group stockholders' equity | (2,755,157) | (2,543,301) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' investment | (2,755,157) | (2,543,301) | ||
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | (3,990,531) | (3,874,600) | ||
Consolidations, Eliminations [Member] | Land and Building [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 0 | 0 | ||
Consolidations, Eliminations [Member] | Aircraft And Equipment [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 0 | 0 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 18 | 35,241 | 8,467 | 126 |
Accounts receivable | 510,049 | 768,641 | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 3,766 | 5,048 | ||
Total current assets | 513,833 | 808,930 | ||
Intercompany investment | 2,516,980 | 2,207,516 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 148,412 | 153,078 | ||
Total property and equipment, at cost | 149,765 | 142,527 | ||
Less - Accumulated depreciation and amortization | (25,647) | (23,556) | ||
Total property and equipment, net | 124,118 | 118,971 | ||
Goodwill | 0 | 0 | ||
Other assets | 40,491 | 48,190 | ||
Total assets | 3,343,834 | 3,336,685 | ||
Accounts payable | 227,566 | 208,230 | ||
Accrued liabilities | 17,690 | 26,886 | ||
Deferred taxes | 283 | 88 | ||
Short-term borrowings and current maturities of long-term debt | 26,778 | 25,678 | ||
Contingent consideration | 0 | 0 | ||
Total current liabilities | 272,317 | 260,882 | ||
Long-term debt, less current maturities | 1,101,094 | 1,047,150 | ||
Intercompany notes payable | 0 | 0 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 7,903 | 12,278 | ||
Deferred taxes | 135,502 | 147,631 | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | 378 | 377 | ||
Additional paid-in capital | 802,771 | 801,173 | ||
Retained earnings | 1,129,048 | 1,172,273 | ||
Accumulated other comprehensive income (loss) | 78,306 | 78,306 | ||
Treasury shares, at cost | (184,796) | (184,796) | ||
Total Bristow Group stockholders' equity | 1,825,707 | 1,867,333 | ||
Noncontrolling interests | 1,311 | 1,411 | ||
Total stockholders' investment | 1,827,018 | 1,868,744 | ||
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | 3,343,834 | 3,336,685 | ||
Parent Company [Member] | Land and Building [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 5,943 | 4,776 | ||
Parent Company [Member] | Aircraft And Equipment [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 143,822 | 137,751 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 3,393 | 0 | 884 |
Accounts receivable | 418,158 | 353,729 | ||
Inventories | 40,117 | 37,185 | ||
Assets held for sale | 28,785 | 38,771 | ||
Prepaid expenses and other current assets | (2,374) | (1,843) | ||
Total current assets | 484,686 | 431,235 | ||
Intercompany investment | 104,435 | 104,435 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 13,787 | 13,787 | ||
Total property and equipment, at cost | 1,190,972 | 1,206,805 | ||
Less - Accumulated depreciation and amortization | (235,939) | (238,644) | ||
Total property and equipment, net | 955,033 | 968,161 | ||
Goodwill | 0 | 0 | ||
Other assets | 761 | 743 | ||
Total assets | 1,558,702 | 1,518,361 | ||
Accounts payable | 536,982 | 475,118 | ||
Accrued liabilities | 35,695 | 31,371 | ||
Deferred taxes | 2,221 | 1,914 | ||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||
Contingent consideration | 0 | 0 | ||
Total current liabilities | 574,898 | 508,403 | ||
Long-term debt, less current maturities | 0 | 0 | ||
Intercompany notes payable | 100,908 | 108,952 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 6,443 | 6,935 | ||
Deferred taxes | 5,068 | 3,670 | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | 20,028 | 4,996 | ||
Additional paid-in capital | 8,994 | 9,291 | ||
Retained earnings | 842,363 | 876,114 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Treasury shares, at cost | 0 | 0 | ||
Total Bristow Group stockholders' equity | 871,385 | 890,401 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' investment | 871,385 | 890,401 | ||
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | 1,558,702 | 1,518,361 | ||
Guarantor Subsidiaries [Member] | Land and Building [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 66,908 | 63,976 | ||
Guarantor Subsidiaries [Member] | Aircraft And Equipment [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 1,124,064 | 1,142,829 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 122,709 | 65,676 | $ 112,059 | $ 103,136 |
Accounts receivable | 391,075 | 373,963 | ||
Inventories | 97,556 | 105,318 | ||
Assets held for sale | 11,787 | 5,012 | ||
Prepaid expenses and other current assets | 50,549 | 49,978 | ||
Total current assets | 673,676 | 599,947 | ||
Intercompany investment | 135,016 | 145,168 | ||
Investment in unconsolidated affiliates | 207,351 | 194,952 | ||
Intercompany notes receivable | 3,600 | 3,600 | ||
Total property and equipment, at cost | 1,435,151 | 1,474,343 | ||
Less - Accumulated depreciation and amortization | (276,305) | (278,223) | ||
Total property and equipment, net | 1,158,846 | 1,196,120 | ||
Goodwill | 28,650 | 29,990 | ||
Other assets | 98,982 | 112,722 | ||
Total assets | 2,306,121 | 2,282,499 | ||
Accounts payable | 344,561 | 296,860 | ||
Accrued liabilities | 176,718 | 401,031 | ||
Deferred taxes | (170) | (121) | ||
Short-term borrowings and current maturities of long-term debt | 51,258 | 34,716 | ||
Contingent consideration | 3,723 | 29,522 | ||
Total current liabilities | 576,090 | 762,008 | ||
Long-term debt, less current maturities | 22,221 | 24,428 | ||
Intercompany notes payable | 96,648 | 81,422 | ||
Accrued pension liabilities | 60,370 | 70,107 | ||
Other liabilities and deferred credits | 12,497 | 14,060 | ||
Deferred taxes | 14,134 | 20,953 | ||
Redeemable noncontrolling interest | 14,095 | 15,473 | ||
Common stock | 115,317 | 130,348 | ||
Additional paid-in capital | 284,048 | 284,048 | ||
Retained earnings | 828,107 | 807,131 | ||
Accumulated other comprehensive income (loss) | 276,598 | 63,248 | ||
Treasury shares, at cost | 0 | 0 | ||
Total Bristow Group stockholders' equity | 1,504,070 | 1,284,775 | ||
Noncontrolling interests | 5,996 | 9,273 | ||
Total stockholders' investment | 1,510,066 | 1,294,048 | ||
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | 2,306,121 | 2,282,499 | ||
Non-Guarantor Subsidiaries [Member] | Land and Building [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 169,995 | 184,346 | ||
Non-Guarantor Subsidiaries [Member] | Aircraft And Equipment [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | $ 1,265,156 | $ 1,289,997 |
SUPPLEMENTAL CONDENSED CONSOL41
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION CF (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ (15,398) | $ 15,937 |
Capital expenditures | (21,063) | (67,777) |
Proceeds from asset dispositions | 11,500 | 9,301 |
Net cash used in investing activities | (9,563) | (58,476) |
Proceeds from borrowings | 74,408 | 364,774 |
Debt issuance costs | (2,925) | 0 |
Repayment of debt | (18,035) | (285,589) |
Dividends paid | (2,453) | (11,871) |
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 |
Partial prepayment of put/call obligation | (13) | (14) |
Acquisition of noncontrolling interest | 0 | (2,000) |
Payment of contingent consideration | (10,000) | (8,000) |
Tax benefit related to stock-based compensation | 0 | 337 |
Net cash provided by financing activities | 40,982 | 57,637 |
Effect of exchange rate changes on cash and cash equivalents | 2,380 | 1,150 |
Net increase in cash and cash equivalents | 18,401 | 16,248 |
Cash and cash equivalents at beginning of period | 104,310 | 104,146 |
Cash and cash equivalents at end of period | 122,711 | 120,394 |
Consolidations, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (16) | (132) |
Capital expenditures | 0 | 0 |
Proceeds from asset dispositions | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from borrowings | 0 | 0 |
Debt issuance costs | 0 | |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 |
Partial prepayment of put/call obligation | 0 | 0 |
Acquisition of noncontrolling interest | 0 | |
Payment of contingent consideration | 0 | 0 |
Tax benefit related to stock-based compensation | 0 | |
Net cash provided by financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | (16) | (132) |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | (16) | (132) |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (48,202) | (61,581) |
Capital expenditures | (7,238) | (8,034) |
Proceeds from asset dispositions | 0 | 0 |
Net cash used in investing activities | (7,238) | (8,034) |
Proceeds from borrowings | 71,950 | 364,774 |
Debt issuance costs | (2,925) | |
Repayment of debt | (16,000) | (282,831) |
Dividends paid | (2,453) | (11,871) |
Increases (decreases) in cash related to intercompany advances and debt | (30,342) | 7,561 |
Partial prepayment of put/call obligation | (13) | (14) |
Acquisition of noncontrolling interest | 0 | |
Payment of contingent consideration | 0 | 0 |
Tax benefit related to stock-based compensation | 337 | |
Net cash provided by financing activities | 20,217 | 77,956 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | (35,223) | 8,341 |
Cash and cash equivalents at beginning of period | 35,241 | 126 |
Cash and cash equivalents at end of period | 18 | 8,467 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 17,142 | 54,056 |
Capital expenditures | (6,380) | (24,091) |
Proceeds from asset dispositions | 9,486 | 8,932 |
Net cash used in investing activities | 3,106 | (15,159) |
Proceeds from borrowings | 0 | 0 |
Debt issuance costs | 0 | |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Increases (decreases) in cash related to intercompany advances and debt | (23,641) | (39,781) |
Partial prepayment of put/call obligation | 0 | 0 |
Acquisition of noncontrolling interest | 0 | |
Payment of contingent consideration | 0 | 0 |
Tax benefit related to stock-based compensation | 0 | |
Net cash provided by financing activities | (23,641) | (39,781) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | (3,393) | (884) |
Cash and cash equivalents at beginning of period | 3,393 | 884 |
Cash and cash equivalents at end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 15,678 | 23,594 |
Capital expenditures | (7,445) | (35,652) |
Proceeds from asset dispositions | 2,014 | 369 |
Net cash used in investing activities | (5,431) | (35,283) |
Proceeds from borrowings | 2,458 | 0 |
Debt issuance costs | 0 | |
Repayment of debt | (2,035) | (2,758) |
Dividends paid | 0 | 0 |
Increases (decreases) in cash related to intercompany advances and debt | 53,983 | 32,220 |
Partial prepayment of put/call obligation | 0 | 0 |
Acquisition of noncontrolling interest | (2,000) | |
Payment of contingent consideration | (10,000) | (8,000) |
Tax benefit related to stock-based compensation | 0 | |
Net cash provided by financing activities | 44,406 | 19,462 |
Effect of exchange rate changes on cash and cash equivalents | 2,380 | 1,150 |
Net increase in cash and cash equivalents | 57,033 | 8,923 |
Cash and cash equivalents at beginning of period | 65,676 | 103,136 |
Cash and cash equivalents at end of period | $ 122,709 | $ 112,059 |