DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | May 18, 2018 | Sep. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Amendment Description | This Amendment No. 1 on Form 10-K/A to (i) reflect a change in management’s assessment of our disclosure controls and procedures, (ii) revise the Company’s previously reported consolidated financial statements to reclassify substantially all debt balances from long-term to short-term, include disclosures regarding the Company’s ability to continue as a going concern and for immaterial corrections to prior years financial information, (iii) restate Management’s Report on Internal Control Over Financial Reporting and (iv) include revised reports of KPMG LLP (“KPMG”), our Independent Registered Public Accounting Firm, with respect to its audits of the Company’s Internal control Over Financial Reporting and on the consolidated financial statements included herein. | ||
Document Period End Date | Mar. 31, 2018 | ||
Entity Registrant Name | Bristow Group Inc. | ||
Entity Central Index Key | 0000073887 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 35,649,881 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 301,657,750 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Gross revenue: | |||
Operating revenue from non-affiliates | $ 1,317,295 | $ 1,276,374 | $ 1,550,638 |
Operating revenue from affiliates | 67,129 | 71,476 | 78,909 |
Reimbursable revenue from non-affiliates | 60,538 | 52,652 | 85,966 |
Total consolidated gross revenue | 1,444,962 | 1,400,502 | 1,715,513 |
Operating expense: | |||
Direct cost | 1,123,168 | 1,103,984 | 1,227,541 |
Reimbursable expense | 59,346 | 50,313 | 81,824 |
Depreciation and amortization | 124,042 | 118,748 | 136,812 |
General and administrative | 184,987 | 195,367 | 224,645 |
Total operating expense | 1,491,543 | 1,468,412 | 1,670,822 |
Loss on impairment | (91,400) | (16,278) | (55,104) |
Loss on disposal of assets | (17,595) | (14,499) | (30,693) |
Earnings from unconsolidated affiliates, net of losses | 6,738 | 6,945 | 261 |
Operating loss | (148,838) | (91,742) | (40,845) |
Interest expense, net | (77,060) | (49,919) | (34,128) |
Other expense, net | (3,076) | (2,641) | (4,258) |
Loss before benefit (provision) for income taxes | (228,974) | (144,302) | (79,231) |
Benefit (provision) for income taxes | 30,891 | (32,588) | 2,082 |
Net loss | (198,083) | (176,890) | (77,149) |
Net loss attributable to noncontrolling interests | 2,425 | 6,354 | 4,707 |
Net loss attributable to Bristow Group | (195,658) | (170,536) | (72,442) |
Accretion of redeemable noncontrolling interests | 0 | 0 | (1,498) |
Net loss attributable to common stockholders | $ (195,658) | $ (170,536) | $ (73,940) |
Loss per common share: | |||
Basic (in dollars per share) | $ (5.54) | $ (4.87) | $ (2.12) |
Diluted (in dollar per share) | (5.54) | (4.87) | (2.12) |
Cash dividends declared per common share | $ 0.07 | $ 0.28 | $ 1.09 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (198,083) | $ (176,890) | $ (77,149) |
Other comprehensive loss: | |||
Currency translation adjustments | 25,927 | (21,636) | (21,604) |
Pension liability adjustment, net of tax (benefit) provision of ($2.6 million), $4.0 million and $4.4 million, respectively | 12,333 | (11,511) | 705 |
Unrealized loss on cash flow hedges, net of tax benefit of $0.1 million, zero and zero, respectively | (346) | 0 | 0 |
Total comprehensive loss | (160,169) | (210,037) | (98,048) |
Net loss attributable to noncontrolling interests | 2,425 | 6,354 | 4,707 |
Currency translation adjustments attributable to noncontrolling interests | 4,269 | (5,311) | 1,409 |
Total comprehensive loss attributable to noncontrolling interests | 6,694 | 1,043 | 6,116 |
Total comprehensive loss attributable to Bristow Group | (153,475) | (208,994) | (91,932) |
Accretion of redeemable noncontrolling interests | 0 | 0 | (1,498) |
Total comprehensive loss attributable to common stockholders | $ (153,475) | $ (208,994) | $ (93,430) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (PARENTHETICAL) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (2.6) | $ 4 | $ 4.4 |
Other Comprehensive Loss, Derivatives Qualifying as Hedges, Tax | $ 0.1 | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 380,223,000 | $ 96,656,000 |
Accounts receivable from non-affiliates | 233,386,000 | 198,129,000 |
Accounts receivable from affiliates | 13,594,000 | 8,786,000 |
Inventories | 129,614,000 | 124,911,000 |
Assets held for sale | 30,348,000 | 38,246,000 |
Prepaid expenses and other current assets | 47,234,000 | 41,143,000 |
Total current assets | 834,399,000 | 507,871,000 |
Investment in unconsolidated affiliates | 126,170,000 | 210,162,000 |
Property and equipment – at cost: | ||
Land and buildings | 250,040,000 | 231,448,000 |
Aircraft and equipment | 2,511,131,000 | 2,622,701,000 |
Total property and equipment, at cost | 2,761,171,000 | 2,854,149,000 |
Less – Accumulated depreciation and amortization | (693,151,000) | (599,785,000) |
Total property and equipment, net | 2,068,020,000 | 2,254,364,000 |
Goodwill | 19,907,000 | 19,798,000 |
Other assets | 116,506,000 | 121,652,000 |
Total assets | 3,165,002,000 | 3,113,847,000 |
Current liabilities: | ||
Accounts payable | 101,270,000 | 98,215,000 |
Accrued wages, benefits and related taxes | 67,334,000 | 64,026,000 |
Income taxes payable | 8,453,000 | 15,145,000 |
Other accrued taxes | 7,378,000 | 9,611,000 |
Deferred revenue | 15,833,000 | 19,911,000 |
Accrued maintenance and repairs | 28,555,000 | 22,914,000 |
Accrued interest | 16,345,000 | 12,909,000 |
Other accrued liabilities | 65,978,000 | 46,679,000 |
Deferred taxes | 830,000 | |
Short-term borrowings and current maturities of long-term debt | 1,475,438,000 | 131,063,000 |
Total current liabilities | 1,786,584,000 | 421,303,000 |
Long-term debt, less current maturities | 11,096,000 | 1,150,956,000 |
Accrued pension liabilities | 37,034,000 | 61,647,000 |
Other liabilities and deferred credits | 36,952,000 | 28,899,000 |
Deferred taxes | 115,192,000 | |
Deferred taxes | 154,873,000 | |
Commitments and contingencies (Note 7) | ||
Redeemable noncontrolling interest | 0 | 6,886,000 |
Stockholders’ investment: | ||
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,526,625 and 35,213,991 shares (exclusive of 1,291,441 treasury shares) | 382,000 | 379,000 |
Additional paid-in capital | 852,565,000 | 809,995,000 |
Retained earnings | 788,834,000 | 986,957,000 |
Accumulated other comprehensive loss | (286,094,000) | (328,277,000) |
Treasury shares, at cost (2,756,419 shares) | (184,796,000) | (184,796,000) |
Total Bristow Group stockholders’ investment | 1,170,891,000 | 1,284,258,000 |
Noncontrolling interests | 7,253,000 | 5,025,000 |
Total stockholders’ investment | 1,178,144,000 | 1,289,283,000 |
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | $ 3,165,002,000 | $ 3,113,847,000 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Mar. 31, 2018 | Mar. 31, 2017 |
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 | 35,526,625 | 35,213,991 |
Treasury stock, shares acquired, par value method | 1,291,441 | 1,291,441 |
Treasury stock, shares | 2,756,419 | 2,756,419 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (198,083) | $ (176,890) | $ (77,149) |
Adjustments to reconcile loss to net cash provided by operating activities: | |||
Depreciation and amortization | 124,042 | 118,748 | 136,812 |
Deferred income taxes | (49,334) | 15,720 | (51,643) |
Write-off of deferred financing fees | 2,969 | 923 | 0 |
Discount amortization on long-term debt | 1,701 | 1,606 | 1,000 |
Loss on disposal of assets | 17,595 | 14,499 | 30,693 |
Loss on impairment | 91,400 | 16,278 | 55,104 |
Deferral of lease payments | 3,991 | 0 | 0 |
Stock-based compensation | 10,436 | 12,352 | 21,181 |
Equity in earnings from unconsolidated affiliates less than (in excess of) dividends received | (3,780) | (4,438) | 2,619 |
Increase (decrease) in cash resulting from changes in: | |||
Accounts receivable | (32,459) | 23,759 | 46,608 |
Inventories | (2,154) | (1,958) | (3,380) |
Prepaid expenses and other assets | 11,913 | 1,267 | 493 |
Accounts payable | (3,385) | 15,052 | 13,316 |
Accrued liabilities | 6,070 | (19,713) | (34,035) |
Other liabilities and deferred credits | (466) | (5,668) | (23,388) |
Net cash provided by (used in) operating activities | (19,544) | 11,537 | 118,231 |
Cash flows from investing activities: | |||
Capital expenditures | (46,287) | (135,110) | (372,375) |
Proceeds from asset dispositions | 48,740 | 18,471 | 60,035 |
Investment in unconsolidated affiliate | 0 | 0 | (4,410) |
Proceeds from OEM cost recoveries | 94,463 | 0 | 0 |
Deposit received on aircraft held for sale | 0 | 290 | 0 |
Net cash provided by (used in) investing activities | 96,916 | (116,349) | (316,750) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 896,874 | 708,267 | 928,802 |
Payment of contingent consideration | 0 | (10,000) | (9,453) |
Debt issuance costs | (20,560) | (8,010) | (5,139) |
Repayment of debt and debt redemption premiums | (671,567) | (570,328) | (677,003) |
Purchase of 4½% Convertible Senior Notes call option | (40,393) | 0 | 0 |
Proceeds from issuance of warrants | 30,259 | 0 | 0 |
Partial prepayment of put/call obligation | (49) | (49) | (55) |
Acquisition of noncontrolling interests | 0 | 0 | (7,309) |
Dividends paid to noncontrolling interest | (331) | (2,533) | (153) |
Common stock dividends paid | (2,465) | (9,831) | (38,076) |
Repurchases for tax withholdings on vesting of equity awards | (2,740) | (835) | (2,205) |
Net cash provided by financing activities | 189,028 | 106,681 | 189,409 |
Effect of exchange rate changes on cash and cash equivalents | 17,167 | (9,523) | 9,274 |
Net increase (decrease) in cash and cash equivalents | 283,567 | (7,654) | 164 |
Cash and cash equivalents at beginning of period | 96,656 | 104,310 | 104,146 |
Cash and cash equivalents at end of period | 380,223 | 96,656 | 104,310 |
Supplemental disclosure of non-cash investing activities: | |||
Deferred sale leaseback advance | 0 | 0 | 18,285 |
Completion of deferred sale leaseback | 0 | 0 | (74,480) |
Aircraft sold for future spare parts and maintenance | 0 | 0 | 1,228 |
Aircraft purchased with short-term borrowings | $ 0 | $ 0 | $ 24,394 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward] | |||
Redeemable Noncontrolling Interest - beginning balance | $ 6,886 | $ 15,473 | $ 26,223 |
Acquisition of noncontrolling interest | (6,121) | (5,467) | |
Reclassification from redeemable noncontrolling interest to noncontrolling interests | (835) | ||
Currency translation adjustments | 4,163 | (1,739) | (1,070) |
Net loss | (4,093) | (6,848) | (5,711) |
Accretion of noncontrolling interests | 1,498 | ||
Redeemable Noncontrolling Interest - ending balance | 0 | 6,886 | 15,473 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Total stockholders' investment, beginning balance, value | $ 1,289,283 | $ 1,504,943 | 1,613,837 |
Common stock, shares outstanding - beginning balance | 35,213,991 | 34,976,743 | |
Issuance of common stock | $ 9,808 | $ 8,824 | 18,785 |
Acquisition of noncontrolling interest | 6,121 | 552 | |
Reclassification from redeemable noncontrolling interest to noncontrolling interests | 835 | ||
Equity component of 4½% Convertible Senior Notes issued | 36,778 | ||
Purchase of 4½% Convertible Senior Notes call option | (40,393) | ||
Proceeds from issuance of warrants | 30,259 | ||
Distributions paid to noncontrolling interests | (49) | (49) | (55) |
Dividends paid to noncontrolling interest | (331) | (2,533) | (153) |
Common stock dividends | (2,465) | (9,831) | (38,076) |
Currency translation adjustments | 106 | (3,572) | 2,479 |
Net income (loss) | (193,991) | (170,041) | (71,438) |
Accretion of redeemable noncontrolling interests | 0 | 0 | (1,498) |
Other comprehensive loss | 42,183 | (38,458) | (19,490) |
Total stockholders' investment, ending balance, value | $ 1,178,144 | $ 1,289,283 | $ 1,504,943 |
Common stock, shares outstanding, ending balance | 35,526,625 | 35,213,991 | 34,976,743 |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Total stockholders' investment, beginning balance, value | $ 379 | $ 377 | $ 376 |
Common stock, shares outstanding - beginning balance | 35,213,991 | 34,976,743 | 34,838,374 |
Issuance of common stock | $ 3 | $ 2 | $ 1 |
Issuance of common stock, shares | 312,634 | 237,248 | 138,369 |
Total stockholders' investment, ending balance, value | $ 382 | $ 379 | $ 377 |
Common stock, shares outstanding, ending balance | 35,526,625 | 35,213,991 | 34,976,743 |
Additional Paid-in Capital | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Total stockholders' investment, beginning balance, value | $ 809,995 | $ 801,173 | $ 781,837 |
Issuance of common stock | 9,805 | 8,822 | 18,784 |
Acquisition of noncontrolling interest | 6,121 | 552 | |
Equity component of 4½% Convertible Senior Notes issued | 36,778 | ||
Purchase of 4½% Convertible Senior Notes call option | (40,393) | ||
Proceeds from issuance of warrants | 30,259 | ||
Total stockholders' investment, ending balance, value | 852,565 | 809,995 | 801,173 |
Retained Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Total stockholders' investment, beginning balance, value | 986,957 | 1,167,324 | 1,279,493 |
Dividends paid to noncontrolling interest | (153) | ||
Common stock dividends | (2,465) | (9,831) | (38,076) |
Net income (loss) | (195,658) | (170,536) | (72,442) |
Accretion of redeemable noncontrolling interests | (1,498) | ||
Total stockholders' investment, ending balance, value | 788,834 | 986,957 | 1,167,324 |
Accumulated Other Comprehensive Loss | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Total stockholders' investment, beginning balance, value | (328,277) | (289,819) | (270,329) |
Other comprehensive loss | 42,183 | (38,458) | (19,490) |
Total stockholders' investment, ending balance, value | (286,094) | (328,277) | (289,819) |
Treasury Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Total stockholders' investment, beginning balance, value | (184,796) | (184,796) | (184,796) |
Total stockholders' investment, ending balance, value | (184,796) | (184,796) | (184,796) |
Noncontrolling Interests | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Total stockholders' investment, beginning balance, value | 5,025 | 10,684 | 7,256 |
Reclassification from redeemable noncontrolling interest to noncontrolling interests | 835 | ||
Distributions paid to noncontrolling interests | (49) | (49) | (55) |
Dividends paid to noncontrolling interest | (331) | (2,533) | |
Currency translation adjustments | 106 | (3,572) | 2,479 |
Net income (loss) | 1,667 | 495 | 1,004 |
Total stockholders' investment, ending balance, value | $ 7,253 | $ 5,025 | $ 10,684 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT AND REDEEMABLE NONCONTROLLING INTERESTS (PARENTHETICAL) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||||
Cash dividends declared per common share | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.34 | $ 0.34 | $ 0.34 | $ 0.07 | $ 0.28 | $ 1.09 |
OPERATIONS, BASIS OF PRESENTATI
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Operations Bristow Group Inc., a Delaware corporation (together with its consolidated entities, unless the context requires otherwise, “Bristow Group”, the “Company”, “we”, “us”, or “our”), is the leading provider of industrial aviation services to the worldwide offshore energy industry based on the number of aircraft operated. With a fleet of 405 aircraft as of March 31, 2018 , including 110 held by unconsolidated affiliates, we and our affiliates conduct major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore energy producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. We and our affiliates also provide private sector search and rescue (“SAR”) services in Australia, Canada, Norway, Russia, Trinidad and the United States, and public sector SAR services in the U.K. on behalf of the Maritime & Coastguard Agency. Certain of our affiliates also provide regional fixed wing scheduled and charter services in the U.K., Nigeria and Australia. Bankruptcy, Restructuring Support Agreement and Going Concern The Company’s liquidity outlook has changed since the date of the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018, originally filed with the U.S. Securities and Exchange Commission (“SEC”) on May 23, 2018 (the “Original Filing”), resulting in substantial doubt about the Company’s ability to continue as a going concern. In connection with the filing of this Amendment No. 1 (this “Amendment No. 1”) to the Original Filing (the Original Filing, as amended by this Amendment No. 1, this Amended 10-K”), applicable accounting rules required the Company to make an updated assessment as to whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern during the twelve months from the date of filing of this Amendment No. 1. This updated assessment included an assessment of the Company’s ability to meet its operating and other contractual cash obligations, including aircraft and other capital purchase commitments and debt service requirements, using available liquidity (cash on hand, operating cash flow and other available cash sources) over the twelve-month period commencing as of the date of the filing of this Amendment No. 1. As a result of this updated assessment, the Company concluded that disclosure should be included in this Amendment No. 1 to express substantial doubt about the Company’s ability to continue as a going concern based on recurring losses from operations and estimates of liquidity during the twelve months from the filing date of this Amendment No. 1 as well as the bankruptcy filings as further discussed below. The delivery of this Amended 10-K with a going concern qualification or explanation included in the accompanying report of the Company’s independent registered public accounting firm constituted an event of default under certain of our secured equipment financings, giving those secured equipment lenders the right to accelerate repayment of the applicable debt, subject to Chapter 11 protections, and triggering cross-default and/or cross-acceleration provisions in substantially all of our other debt instruments should that right to accelerate repayment be exercised. As a result of the facts and circumstances discussed above, the Company concluded that substantially all debt balances of approximately $1.4 billion should be reclassified from long-term to short-term as of March 31, 2018 within this Amended 10-K on our consolidated balance sheet. As discussed in the Explanatory Note in this Annual Report, on May 11, 2019, Bristow Group Inc. and its subsidiaries BHNA Holdings Inc., Bristow Alaska Inc., Bristow Helicopters Inc., Bristow U.S. Leasing LLC, Bristow U.S. LLC, BriLog Leasing Ltd. and Bristow Equipment Leasing Ltd. (together, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). The Debtors’ Chapter 11 Cases are jointly administered under the caption In re: Bristow Group Inc., et al., Main Case No. 19-32713. The Debtors continue to operate their businesses and manage their properties as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The commencement of the Chapter 11 Cases also constitutes an event of default under certain debt financings, giving those lenders the right to accelerate repayment of the applicable debt, subject to Chapter 11 protections. As previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2019, we entered into a restructuring support agreement (the “RSA”) on May 10, 2019 with (i) certain holders (the “Supporting Secured Noteholders”) of the Company’s 8.75% Senior Secured Notes due 2023 (the “8.75% Senior Secured Notes”) and (ii) the guarantors of the 8.75% Senior Secured Notes, to support a restructuring of the Company (the “Restructuring”) on the terms set forth in the term sheet contained in an exhibit to the RSA (the “Restructuring Term Sheet”). The RSA contemplates the filing of the Chapter 11 Cases to implement the Restructuring pursuant to a Chapter 11 plan of reorganization (the “Plan”) and the various related transactions set forth in or contemplated by the Restructuring Term Sheet, the DIP Term Sheet (as defined herein) and the other restructuring documents attached to the RSA. The RSA contains certain covenants on the part of each of the Company and the Supporting Secured Noteholders, including limitations on the Supporting Secured Noteholders’ ability to pursue alternative transactions, commitments by the Supporting Secured Noteholders to vote in favor of the Plan and commitments of the Company and the Supporting Secured Noteholders to negotiate in good faith to finalize the documents and agreements governing the Plan. The RSA also provides for certain conditions to the obligations of the parties and for termination upon the occurrence of certain events, including without limitation, the failure to achieve certain milestones and certain breaches by the parties under the RSA. Also as previously disclosed in the Company’s Current Report on form 8-K filed with the SEC on May 13, 2019, in connection with the Chapter 11 Cases and pursuant to a Commitment Letter, dated May 10, 2019, from the lenders party thereto and agreed to by the Company and Bristow Holdings Company Ltd. III (together, the “DIP Borrowers”), an ad hoc group of holders of the 8.75% Senior Secured Notes has agreed to provide the DIP Borrowers with a superpriority senior secured debtor-in-possession credit facility (the “DIP Facility”) on the terms set forth in the DIP Facility Term Sheet attached thereto (the “DIP Term Sheet”). The DIP Term Sheet provides that, among other things, the DIP Facility shall be comprised of loans in an aggregate principal amount of $75.0 million. The availability of the DIP Facility is subject to certain conditions and milestone, including approval by the Bankruptcy Court, which has not been obtained at this time. The Company expects to continue operations in the normal course during the pendency of the Chapter 11 Cases. The consolidated financial statements included herein have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of substantial doubt as to the Company’s ability to continue as a going concern. Our ability to continue as a going concern is also contingent upon our ability to comply with the financial and other covenants contained in the Term Loan Credit Agreement entered into on May 10, 2019 (as previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2019 and our ability to successfully develop and, subject to the Bankruptcy Court’s approval, implement the Plan, among other factors. Immaterial Corrections to Prior Period Financial Information The consolidated balance sheet and consolidated statements of changes in stockholders’ investment and redeemable noncontrolling interest reflect immaterial adjustments to the historical balances in retained earnings and accrued wages, benefits and related taxes for the years ended March 31, 2016, 2017 and 2018. We made these adjustments in accordance with GAAP, to reflect additional liability related to a vacation accrual for employees in Norway. The adjustment stems from our initial purchase price accounting for the Bristow Norway acquisition in October 2008 and subsequent accounting for employee vacation liability. We evaluated the materiality of the error from both a quantitative and qualitative perspective and concluded that the error was immaterial to our prior period interim and annual consolidated financial statements. Since the revision was not material to any prior period interim or annual consolidated financial statements, no amendments to previously filed interim or annual periodic reports were required. Consequently, we revised the historical consolidated financial information presented herein. Given the historical nature of the adjustment, we recorded a correction within the consolidated statements of stockholders’ investment and redeemable noncontrolling interest to retained earnings for March 31, 2015, 2016, 2017 and 2018 of $4.9 million . Retained earnings as reported was $1,284,442,000 and $1,172,273,000 for March 31, 2015 and 2016, respectively, compared to as adjusted of $1,279,493,000 and $1,167,324,000 for March 31, 2015 and 2016, respectively, after the correction. In addition, below are amounts as reported and as adjusted for each year presented (in thousands): March 31, 2018 March 31, 2017 As reported Adjustments As adjusted As reported Adjustments As adjusted Accrued wages, benefits and related taxes 62,385 4,949 67,334 59,077 4,949 64,026 Retained earnings 793,783 (4,949 ) 788,834 991,906 (4,949 ) 986,957 Total Bristow Group stockholders’ investment 1,175,840 (4,949 ) 1,170,891 1,289,207 (4,949 ) 1,284,258 Total stockholders’ investment 1,183,093 (4,949 ) 1,178,144 1,294,232 (4,949 ) 1,289,283 The income statement and cash flow impact of this accrual for the fiscal years ended March 31, 2016, 2017 and 2018 were not corrected as they were considered to be inconsequential to the Company’s prior period interim and annual consolidated financial statements. Basis of Presentation The consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities after elimination of all significant intercompany accounts and transactions. Investments in affiliates in which we have a majority voting interest and entities that meet the criteria of Variable Interest Entities (“VIEs”) of which we are the primary beneficiary are consolidated. See discussion of VIEs in Note 2 . We apply the equity method of accounting for investments in entities if we have the ability to exercise significant influence over an entity that (a) does not meet the variable interest entity criteria or (b) meets the variable interest entity criteria, but for which we are not deemed to be the primary beneficiary. We apply the cost method of accounting for investments in other entities if we do not have the ability to exercise significant influence over the unconsolidated affiliate. These investments in private companies are carried at cost and are adjusted only for capital distributions and other-than-temporary declines in value. Dividends from cost method investments are recognized in earnings from unconsolidated affiliates, net of losses, when paid. Our fiscal year ends March 31, and we refer to fiscal years based on the end of such period. Therefore, the fiscal year ended March 31, 2018 is referred to as fiscal year 2018 . Certain reclassifications of prior period information have been made to conform to the presentation of the current period information as a result of an adoption of a required accounting standard. In prior period financial statements, we had included employee taxes paid for withheld shares as a cash flow operating activity. During fiscal year 2018, we have reclassified employee taxes paid for withheld shares to be presented as a cash flow financing activity as a result of the adoption of new accounting standards effective April 1, 2017. These reclassifications had no effect on our consolidated statements of operations or our consolidated balance sheet as previously reported. Summary of Significant Accounting Policies Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Areas where accounting estimates are made by management include: • Allowances for doubtful accounts; • Inventory allowances; • Property and equipment; • Goodwill, intangible and other long-lived assets; • Pension benefits; • Contingent liabilities; and • Taxes. Cash and Cash Equivalents — Our cash equivalents include funds invested in highly-liquid debt instruments with original maturities of 90 days or less. Accounts Receivable — Trade and other receivables are stated at net realizable value. We grant short-term credit to our clients, primarily major integrated, national and independent oil and gas companies. We establish allowances for doubtful accounts on a case-by-case basis when a determination is made that the required payment is unlikely to occur. In establishing these allowances, we consider a number of factors, including our historical experience, change in our clients’ financial position and restrictions placed on the conversion of local currency into U.S. dollars, as well as disputes with clients regarding the application of contract provisions to our services. Also included in accounts receivable as of March 31, 2018 is $19.8 million for cash collateralization of letters of credit. The following table is a rollforward of the allowance for doubtful accounts from non-affiliates (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Balance – beginning of fiscal year $ 4,498 $ 5,562 $ 859 Additional allowances 1,463 575 6,638 Write-offs and collections (2,657 ) (1,639 ) (1,935 ) Balance – end of fiscal year $ 3,304 $ 4,498 $ 5,562 During fiscal year 2016, the allowance for doubtful accounts for non-affiliates was increased primarily for amounts due from two clients in Nigeria and one client in Australia for which we no longer believed collection was probable. As of March 31, 2018 and 2017 , there were no allowances for doubtful accounts related to accounts receivable due from affiliates. Inventories — Inventories are stated at the lower of average cost or net realizable value and consist primarily of spare parts. The following table is a rollforward of the allowance related to dormant, obsolete and excess inventory (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Balance – beginning of fiscal year $ 21,514 $ 27,763 $ 45,414 Impairment of inventories — 7,572 5,439 Additional allowances 6,355 1,617 192 Inventory disposed and scrapped (3,353 ) (14,635 ) (22,428 ) Foreign currency effects 1,514 (803 ) (854 ) Balance – end of fiscal year $ 26,030 $ 21,514 $ 27,763 During fiscal years 2018 , 2017 and 2016 , we increased our inventory allowance by $6.4 million , $1.6 million and $0.2 million , respectively, as a result of our periodic assessment of inventory that was dormant or obsolete within our operational fleet of aircraft. For discussion of impairment of inventories, see Loss on Impairment below. The impairment of inventories is included in loss on impairment and additional allowances are included in direct costs on our consolidated statements of operations. Prepaid Expenses and Other Current Assets — As of March 31, 2018 and 2017 , prepaid expenses and other current assets included the short-term portion of contract acquisition and pre-operating costs totaling $10.8 million and $9.7 million , respectively, related to SAR contracts in the U.K. and two client contracts in Norway. These contract acquisition and pre-operating costs are recoverable under the contracts and are being expensed over the terms of the contracts. During fiscal years 2018 and 2017 , we expensed $11.4 million and $16.9 million , respectively, due to the start-up of these contracts and the cancellation of a contract in Australia. Property and Equipment — Property and equipment are stated at cost. Property and equipment includes construction in progress, primarily consisting of progress payments on aircraft purchases and facility construction, of $67.7 million and $199.3 million as of March 31, 2018 and 2017 , respectively. Interest costs applicable to the construction of qualifying assets are capitalized as a component of the cost of such assets. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of aircraft generally range from 5 to 15 years , and the residual value used in calculating depreciation of aircraft generally ranges from 30% to 50% of cost. The estimated useful lives for buildings on owned properties range from 15 to 30 years . Other depreciable assets are depreciated over estimated useful lives ranging from 3 to 15 years , except for leasehold improvements which are depreciated over the lesser of the useful life of the improvement or the lease term (including any period where we have options to renew if it is probable that we will renew the lease). The cost and related accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and the resulting gains or losses are included in gain (loss) on disposal of assets. We capitalize betterments and improvements to our aircraft and depreciate such costs over the remaining useful lives of the aircraft. Betterments and improvements increase the life or utility of an aircraft. For further details on property and equipment, see Note 3 . 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 for impairment annually or when events or changes in circumstances indicate that a potential impairment exists. Goodwill of $19.9 million and $19.8 million as of March 31, 2018 and 2017 , 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 (1,320 ) (166 ) (1,486 ) Impairments (8,706 ) — (8,706 ) March 31, 2017 — 19,798 19,798 Foreign currency translation — 109 109 March 31, 2018 $ — $ 19,907 $ 19,907 Accumulated goodwill impairment of $50.9 million as of both March 31, 2018 and 2017 related to our reporting units as follows (in thousands): Europe Caspian Africa Americas Corporate and other Total March 31, 2016 $ (25,177 ) $ (6,179 ) $ (576 ) $ (10,223 ) $ (42,155 ) Impairments (8,706 ) — — — (8,706 ) March 31, 2017 (33,883 ) (6,179 ) (576 ) (10,223 ) (50,861 ) Impairments — — — — — March 31, 2018 $ (33,883 ) $ (6,179 ) $ (576 ) $ (10,223 ) $ (50,861 ) For further discussion of impairment of goodwill, see Loss on Impairment below. 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 (1 ) (27 ) (525 ) (87 ) (6 ) (646 ) March 31, 2017 8,169 12,752 4,483 1,062 746 27,212 Foreign currency translation — 25 395 45 9 474 March 31, 2018 $ 8,169 $ 12,777 $ 4,878 $ 1,107 $ 755 $ 27,686 Accumulated Amortization March 31, 2016 $ (8,062 ) $ (10,600 ) $ (636 ) $ (480 ) $ (601 ) $ (20,379 ) Amortization expense (93 ) (471 ) (272 ) (205 ) (56 ) (1,097 ) March 31, 2017 (8,155 ) (11,071 ) (908 ) (685 ) (657 ) (21,476 ) Amortization expense (14 ) (301 ) (305 ) (230 ) (62 ) (912 ) March 31, 2018 $ (8,169 ) $ (11,372 ) $ (1,213 ) $ (915 ) $ (719 ) $ (22,388 ) Weighted average remaining contractual life, in years 0.0 4.7 12.0 0.8 0.6 5.8 Future amortization expense of intangible assets for each of the fiscal years ending March 31 are as follows (in thousands): 2019 $ 780 2020 476 2021 476 2022 476 2023 477 Thereafter 2,613 $ 5,298 The Bristow Norway and Eastern Airways International Limited (“Eastern Airways”) acquisitions, completed in October 2008 and February 2014, respectively, 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 Capiteq Limited, operating under the name Airnorth, acquisition completed in January 2015, included in our Asia Pacific region, resulted in intangible assets for client contracts, client relationships and trade name and trademarks. For discussion of impairment of long-lived assets, including purchased intangibles subject to amortization, see Loss on Impairment below. Other Assets — In addition to the intangible assets discussed above, other assets primarily include deferred tax assets of $42.6 million and $34.8 million as of March 31, 2018 and 2017 , respectively, and the long-term portion of contract acquisition and pre-operating costs totaling $50.6 million and $51.1 million as of March 31, 2018 and 2017 , respectively, related to SAR contracts in the U.K. and two client contracts in Norway, which are recoverable under the contracts and are being expensed over the life of the contracts. Contingent Liabilities — We establish reserves for estimated loss contingencies when we believe a loss is probable and the amount of the loss can be reasonably estimated. Our contingent liability reserves relate primarily to potential tax assessments, litigation, personal injury claims and environmental liabilities. Results for each reporting period include revisions to contingent liability reserves resulting from different facts or information which becomes known or circumstances which change and affect our previous assumptions with respect to the likelihood or amount of loss. Such revisions are based on information which becomes known or circumstances that change after the reporting date for the previous period through the reporting date of the current period. Reserves for contingent liabilities are based upon our assumptions and estimates regarding the probable outcome of the matter. Should the outcome differ from our assumptions and estimates or other events result in a material adjustment to the accrued estimated reserves, revisions to the estimated reserves for contingent liabilities would be required to be recognized. Legal costs are expensed as incurred. Proceeds from casualty insurance settlements in excess of the carrying value of damaged assets are recognized in gain (loss) on disposal of assets when we have received proof of loss documentation or are otherwise assured of collection of these amounts. Some of our acquisitions include a provision that provides for additional consideration to be paid to the sellers of the acquired company based on the achievement of specified performance thresholds. In such cases, we record the obligations to pay those amounts at fair value at the acquisition date and include such obligations in the consideration transferred. 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 consolidated statements of operations. In other cases, additional consideration is based on the achievement of performance thresholds and continued employment with the Company. In these cases, we record such amounts in general and administrative expense when such additional consideration is earned. Loss on Impairment Loss on impairment includes the following (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Impairment of inventories $ 5,717 $ 7,572 $ 5,439 Impairment of investment in unconsolidated affiliates 85,683 — — Impairment of goodwill — 8,706 41,579 Impairment of other long-lived assets — — 8,086 $ 91,400 $ 16,278 $ 55,104 For details on our analysis of impairment of inventories, investment in unconsolidated affiliates, goodwill and other long-lived assets, see discussion below. Inventories — During fiscal years 2018 , 2017 and 2016 , we recorded impairment charges of $5.7 million , $7.6 million and $5.4 million , respectively, to write-down certain spare parts within inventories to market value. The impairment charges in fiscal year 2018 were recorded to impair inventory used in our training fleet at Bristow Academy, Inc. (“Bristow Academy”) ( $1.2 million ) and our fixed wing operations at Eastern Airways ( $4.5 million ) as a result of changes in expected future utilization of aircraft within those operations. These charges were recorded as a direct reduction in the value of spare parts inventories to record them at net realizable value. The impairment charges in fiscal year 2017 were recorded primarily due to a change in estimate of consumption of inventory and the continued decline in the secondary market for inventory resulting from our decision to cease operation of certain older model aircraft within our fleet in fiscal year 2017. The impairment charges in fiscal year 2016 related primarily to spare parts held for a large aircraft model where we decided to accelerate removal from our fleet by the end of fiscal year 2016. As we had intended to operate these model types longer in certain markets, we identified excess inventory that would not be used on our aircraft and therefore needed to be sold or otherwise disposed of. The charges recorded in fiscal years 2017 and 2016 were recorded as additional allowances required against spare parts supporting the specific aircraft model types. Investment in Unconsolidated Affiliates — We perform regular reviews of each investee’s financial condition, the business outlook for its products and services, and its present and projected results and cash flows. When an investee has experienced consistent declines in financial performance or difficulties raising capital to continue operations, and when we expect the decline to be other-than-temporary, the investment is written down to fair value. Actual results may vary from estimates due to the uncertainty regarding the projected financial performance of investees, the severity and expected duration of declines in value, and the available liquidity in the capital markets to support the continuing operations of the investees in which we have investments. In fiscal year 2018, we recorded an $85.7 million impairment to our investment in Líder Táxi Aéreo S.A. (“Líder”) in our Americas region. For further details, see below. We did not recognize any impairment charges related to our investments in unconsolidated affiliates in fiscal years 2017 and 2016 . We own an approximate 20% voting interest and a 41.9% economic interest in Líder, a provider of helicopter and executive aviation services in Brazil. Líder’s management has significantly decreased their future financial projections as a result of recent tender awards announced by their largest client, Petrobras. This significant decline in future forecasted results, coupled with previous declining financial results, triggered our review of the investment for potential other-than-temporary impairment as of March 31, 2018. We estimated the fair value of our investment in Líder using a variety of valuation methods, including the income and market approaches. The determination of estimated fair value required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to the future performance of the investment, such as projected demand for services and rates. The income approach was based on a discounted cash flow model, which utilized present values of cash flows to estimate fair value. The future cash flows were projected based on estimates of future rates for services, utilization, operating costs, capital requirements, growth rates and terminal values. Forecasted rates and utilization take into account current market conditions and our anticipated business outlook, both of which have been impacted by the adverse changes in the offshore energy business environment from the current downturn. Operating costs were forecasted using a combination of historical average operating costs and expected future costs, including ongoing cost reduction initiatives. Capital requirements in the discounted cash flow model were based on management’s estimates of future capital costs resulting from expected market demand in future periods. The estimated capital requirements included cash outflows for new aircraft, infrastructure and improvements. A terminal period was used to reflect our estimate of stable, perpetual growth. The future cash flows were discounted using a market-participant risk-adjusted weighted average cost of capital (“WACC”). These assumptions were derived from unobservable inputs and reflect management’s judgments and assumptions. The market approach was based upon the application of price-to-earnings multiples to management’s estimates of future earnings. Management’s earnings estimates were derived from unobservable inputs that require significant estimates, judgments and assumptions as described in the income approach. For purposes of the Líder impairment test, we calculated the estimated fair value as the weighted average of the values calculated under the income approach and the market approach. Goodwill — As discussed above, we test goodwill for impairment on an annual basis or when events or changes in circumstances indicate that a potential impairment exists. For the purposes of performing an analysis of goodwill, we evaluate whether there are reporting units below the reporting segment we disclose for segment reporting purposes by assessing whether our regional management typically reviews results and whether discrete financial information exists at a lower level. During the three months ended September 30, 2015, we noted rapid and significant declines in the market value of our common stock and an overall reduction in expected operating results resulting from the downturn in the oil and gas industry due to reduced crude oil prices. The impact on our results was reflected in an increase in the number of idle aircraft and reduction in forecasted results across our global oil and gas helicopter operations, and was reflected in reduced operating revenue for our business for the three months ended September 30, 2015, when excluding growth from the U.K. SAR contract and the addition of Airnorth. Based on these factors, we concluded that the fair value of our goodwill could have fallen below its carrying value and that an interim period analysis of goodwill was required. We performed our analysis of goodwill for the following reporting units as of September 30, 2015, with goodwill as reflected below prior to any impairment recorded: • Bristow Norway, within our Europe Caspian region, which included $12.1 million of goodwill; • Eastern Airways, within our Europe Caspian region, which included $24.6 million of goodwill; • Airnorth, within our Asia Pacific region, which included $21.9 million of goodwill; • Our Africa region, which included $5.9 million of goodwill; and • Bristow Academy, within Corporate and other, which included $10.2 million of goodwill. We performed the interim impairment te |
VARIABLE INTEREST ENTITIES AND
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES | 12 Months Ended |
Mar. 31, 2018 | |
Variable Interest Entities and Other Investments in Significant Affiliates [Abstract] | |
Variable Interest Entity Disclosure | VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES VIEs 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 March 31, 2018 , we had interests in four VIEs of which we are the primary beneficiary, which are described below, and had no interests in VIEs of which we are not the primary beneficiary. 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 ( $127.7 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 $2.1 billion as of March 31, 2018 . 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, provided that Caledonia owns (1) at least 1,000,000 shares of common stock of the Company or (2) at least 49% of the total outstanding shares of Bristow Aviation. 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 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 March 31, 2018 ) 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 consolidated statements of operations, with a corresponding increase in noncontrolling interest on our consolidated balance sheets. Prepayments of the guaranteed return element of the call option are reflected as a reduction in noncontrolling interest on our 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. Changes in the balance for the noncontrolling interest associated with Bristow Aviation are as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Balance – beginning of fiscal year $ 1,226 $ 1,410 $ 1,457 Payments to noncontrolling interest shareholders (49 ) (49 ) (55 ) Noncontrolling interest expense 50 50 55 Currency translation 131 (185 ) (47 ) Balance – end of fiscal year $ 1,358 $ 1,226 $ 1,410 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 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): March 31, 2018 2017 Assets Cash and cash equivalents $ 90,788 $ 92,409 Accounts receivable 256,735 222,560 Inventories 98,314 90,190 Prepaid expenses and other current assets 38,665 50,016 Total current assets 484,502 455,175 Investment in unconsolidated affiliates 3,608 3,513 Property and equipment, net 327,440 306,831 Goodwill 19,907 19,798 Other assets 231,884 203,228 Total assets $ 1,067,341 $ 988,545 Liabilities Accounts payable $ 292,893 $ 146,841 Accrued liabilities 140,733 122,130 Accrued interest 2,130,433 1,891,305 Current maturities of long-term debt 23,125 18,578 Total current liabilities 2,587,184 2,178,854 Long-term debt, less current maturities 479,571 501,782 Accrued pension liabilities 37,034 61,647 Other liabilities and deferred credits 7,342 8,138 Deferred taxes 26,252 20,264 Redeemable noncontrolling interest — 6,886 Total liabilities $ 3,137,383 $ 2,777,571 Fiscal Year Ended March 31, 2018 2017 2016 Revenue $ 1,241,223 $ 1,209,019 $ 1,441,834 Operating loss (65,254 ) (80,542 ) (57,780 ) Net loss (322,752 ) (279,159 ) (279,309 ) Bristow Helicopters Nigeria Ltd. — Bristow Helicopters Nigeria Ltd. (“BHNL”) is a joint venture in Nigeria in which Bristow Helicopters owns a 48% interest, a Nigerian company owned 100% by Nigerian employees owns a 50% interest and an employee trust fund owns the remaining 2% interest as of March 31, 2018 . 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 its 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 an interest of 50.17% . 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 of 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. Other Significant Affiliates — Consolidated In addition to the VIEs discussed above, we consolidate the entities described below, which were less than 100% owned during fiscal years 2018, 2017 and/or 2016. Airnorth — As of March 31, 2018, Bristow Helicopters Australia Pty Ltd. (“Bristow Helicopters Australia”) had a 100% interest in Airnorth, a regional fixed wing operator based in Darwin, Northern Territory, Australia with both scheduled and charter services that focus primarily on the energy and mining industries in northern and western Australia as well as international service to Dili, Timor-Leste. Airnorth’s fleet consists of 14 aircraft and its customer base includes many energy companies to which Bristow Group provides helicopter transportation services. In January 2015, Bristow Helicopters Australia acquired an 85% interest in Airnorth, for cash of A $30.3 million ( $24.0 million ). In November 2015, we purchased the remaining 15% of the outstanding shares of Airnorth for A $7.3 million ( $5.3 million ) resulting in a reduction of $5.5 million to redeemable noncontrolling interests and an increase of $2.6 million to additional paid-in capital on our consolidated balance sheet. The terms of the purchase agreement for Airnorth included a potential earn out consideration of up to A $17.0 million ( $13.0 million ) to be paid over four years based in part on the achievement of specified financial performance thresholds and continued employment by the selling shareholders. A portion of the first year earn-out payment of $1.5 million was paid during fiscal year 2016 as Airnorth achieved agreed performance targets. Airnorth did not achieve the performance targets for the second year earn-out payment. In addition, we entered into an agreement with the other shareholders of Capiteq Limited that granted us the right after six months to buy all of their shares (and granted them the right after three years to require us to buy all of their shares) and included transfer restrictions and other customary provisions. Prior to the acquisition of the remaining 15% of outstanding shares of Airnorth in November 2015, redeemable noncontrolling interests included the third-party noncontrolling interests in Airnorth. The third-party noncontrolling interest holders held a written put option, which allowed them to sell their noncontrolling interest to Bristow Helicopters Australia at any time after the end of the third year after acquisition. In addition to the written put option, Bristow Helicopters Australia held a perpetual call option to acquire the noncontrolling interest after six months. Under each of these alternatives, the exercise price would be based on a contractually defined multiple of cash flows formula (the “Airnorth Redemption Value”), which is not a fair value measurement, and was payable in cash. As the written put option was redeemable at the option of the noncontrolling interest holders, and not solely within Bristow Helicopters Australia’s control, the noncontrolling interest in Airnorth was classified in redeemable noncontrolling interests between the stockholders’ investment and liabilities sections of the consolidated balance sheets. The initial carrying amount of the noncontrolling interest was the fair value of the noncontrolling interest as of the acquisition date. The noncontrolling interest was adjusted each period for comprehensive income and dividends attributable to the noncontrolling interest and any changes in Bristow Helicopters Australia’s ownership interest in Airnorth, if any. An additional adjustment to the carrying value of the noncontrolling interest was required if the Airnorth Redemption Value exceeded the current carrying value. Changes in the carrying value of the noncontrolling interest related to a change in the Airnorth Redemption Value would be recorded against permanent equity and would not affect net income. While there was no impact on net income, the redeemable noncontrolling interest impacted our calculation of earnings per share. Utilizing the two-class method, we adjusted the numerator of the earnings per share calculation to reflect the changes in the excess, if any, of the Airnorth Redemption Value over the greater of (1) the noncontrolling interest carrying amount or (2) the fair value of the noncontrolling interest on a quarterly basis. Changes in the balance for the redeemable noncontrolling interest related to Airnorth are as follows (in thousands): Balance as of March 31, 2015 $ 3,339 Noncontrolling interest expense 788 Accretion of noncontrolling interest 1,498 Currency translation (158 ) Acquisition of remaining 15% of Airnorth (5,467 ) Balance as of March 31, 2016 $ — Eastern Airways — As of March 31, 2018, Bristow Helicopters had a 100% interest in Eastern Airways, a regional fixed wing operator based at Humberside Airport located in North Lincolnshire, England with both charter and scheduled services targeting U.K oil and gas industry transportation. In February 2014, Bristow Helicopters acquired a 60% interest in Eastern Airways. In January 2018, Bristow Helicopters acquired the remaining 40% of the outstanding shares of Eastern Airways for nominal consideration. Eastern Airways operates 34 fixed wing aircraft and provides technical support for two fixed wing aircraft. The terms of the purchase agreement for Eastern Airways included potential earn-out consideration of up to £6 million ( $7.5 million ) to be paid over a three -year period based on the achievement of specified financial performance thresholds through March 31, 2017. None of the earn-out targets were achieved. In addition, Bristow Helicopters entered into agreements with the other shareholders of Eastern Airways that grant Bristow Helicopters the right to buy all of the Eastern Airways shares (and grant them the right after seven years to require Bristow Helicopters to buy all of their shares) and include transfer restrictions and other customary provisions. The third-party noncontrolling interest holders hold a written put option, which will allow them to sell their noncontrolling interest to Bristow Helicopters at any time after the end of the seventh year after acquisition. In addition to the written put option, Bristow Helicopters holds a perpetual call option to acquire the noncontrolling interest at any time. Under each of these alternatives, the exercise price will be based on a contractually defined multiple of cash flows formula (the “Eastern Redemption Value”), which is not a fair value measurement, and is payable in cash. As the written put option is redeemable at the option of the noncontrolling interest holders, and not solely within Bristow Helicopters control, the noncontrolling interest in Eastern Airways is classified in redeemable noncontrolling interests between the stockholders’ investment and liabilities sections of the consolidated balance sheets. The initial carrying amount of the noncontrolling interest was the fair value of the noncontrolling interest as of the acquisition date. The noncontrolling interest was adjusted each period for comprehensive income and dividends attributable to the noncontrolling interest and changes in Bristow Helicopters’ ownership interest in Eastern Airways, if any. An additional adjustment to the carrying value of the noncontrolling interest may be required if the Eastern Redemption Value exceeds the current carrying value. Changes in the carrying value of the noncontrolling interest related to a change in the Eastern Redemption Value were recorded against permanent equity and did not affect net income. While there was no impact on net income, the redeemable noncontrolling interest impacted our calculation of earnings per share. Utilizing the two-class method, we adjusted the numerator of the earnings per share calculation to reflect the changes in the excess, if any, of the Eastern Redemption Value over the greater of (1) the noncontrolling interest carrying amount or (2) the fair value of the noncontrolling interest on a quarterly basis. Changes in the balance for the redeemable noncontrolling interest related to Eastern Airways are as follows (in thousands): Balance as of March 31, 2015 $ 22,885 Noncontrolling interest expense (6,499 ) Currency translation (913 ) Balance as of March 31, 2016 15,473 Noncontrolling interest expense (6,848 ) Currency translation (1,739 ) Balance as of March 31, 2017 6,886 Noncontrolling interest expense (4,093 ) Currency translation 4,163 Acquisition of remaining 40% of Eastern Airways (6,121 ) Reclassification to noncontrolling interest (835 ) Balance as of March 31, 2018 $ — Prior to our acquisition of the remaining 40% outstanding shares in fiscal year 2018, Eastern Airways was consolidated based on the rights to manage the day-to-day operations of the company which were granted under a shareholders’ agreement and our ability to buy all of their Eastern Airways shares under a put/call agreement. Aviashelf — Bristow Aviation has an indirect 48.5% interest in Aviashelf Aviation Co. (“Aviashelf”), a Russian helicopter company. Additionally, we own 60% of two U.K. joint venture companies, Bristow Helicopters Leasing Ltd. and Sakhalin Bristow Air Services Ltd. These two U.K. companies lease aircraft to Aviashelf which holds the client contracts for our Russian operations. Aviashelf is consolidated based on the ability of certain consolidated subsidiaries of Bristow Aviation to control the vote on a majority of the shares of Aviashelf, rights to manage the day to day operations of the company which were granted under a shareholders’ agreement, and our ability to acquire an additional 8.5% interest in Aviashelf under a put/call option agreement. Other Significant Affiliates — Unconsolidated We have investments in other significant unconsolidated affiliates as described below. Cougar — We own a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), the largest offshore energy and SAR helicopter service provider in Canada. Cougar’s operations are primarily focused on serving the offshore oil and gas industry off Canada’s Atlantic coast and in the Arctic. Cougar operates eight helicopters leased from us on a long-term basis. We also lease maintenance and SAR facilities located in St. John’s, Newfoundland and Labrador and Halifax, Nova Scotia to Cougar on a long-term basis. The terms of the purchase agreement for Cougar include a potential earn-out of $40 million payable over three years based on Cougar achieving certain agreed performance targets. The first year and second year earn-out payments of $6.0 million and $8.0 million were paid in March 2014 and April 2015, respectively, as Cougar achieved agreed performance targets. The third year earn-out was achieved as Cougar achieved agreed performance targets of which $10 million was paid in April 2016 and $16 million was paid in April 2017. The fair value of the earn-out was $16.0 million as of March 31, 2017 and is included in short-term borrowings and current maturities of long-term debt on our consolidated balance sheet. The investment in Cougar is accounted for under the equity method. As of March 31, 2018 and 2017 , the investment in Cougar was $54.0 million and $56.9 million , respectively, and is included on our consolidated balance sheets in investment in unconsolidated affiliates. Due to timing differences in our financial reporting requirements, we record our share of Cougar’s financial results in earnings from unconsolidated affiliates on a three -month delay. Additionally, we have leased aircraft from VIH Aviation Group, which is a related party due to common owners of Cougar, and paid lease fees of $19.3 million , $12.5 million and $6.5 million in fiscal years 2018 , 2017 and 2016 , respectively. Additionally, we paid $0.5 million and $2.6 million in fiscal years 2017 and 2016 , respectively, to VIH Aerospace Inc., another related party with common owners of Cougar, for SAR and other equipment. In July 2016 we began leasing a facility in Galliano, Louisiana from VIH Helicopters USA, Inc., another related party with common owners of Cougar, and paid $0.2 million and $0.1 million in lease fees during fiscal years 2018 and 2017 , respectively. Líder — We own an approximate 20% voting interest and a 41.9% economic interest in Líder, a provider of helicopter and executive aviation services in Brazil. Líder’s fleet has 41 helicopters and 20 fixed wing aircraft (including owned and managed aircraft). The investment in Líder is accounted for under the equity method. As of March 31, 2018 and 2017 , the investment in Líder was $62.3 million and $143.5 million , respectively, and is included in our consolidated balance sheets in investment in unconsolidated affiliates. As discussed in Note 1, we recorded an $85.7 million impairment to our investment in Líder in fiscal year 2018. PAS — We have a 25% interest in Petroleum Air Services (“PAS”), an Egyptian corporation that provides helicopter and fixed wing transportation to the offshore energy industry in Egypt. Additionally, spare fixed wing capacity is chartered to tourism operators. PAS owns 48 aircraft. PAS is accounted for under the cost method as we are unable to exert significant influence over its operations. Other — Historically, in addition to the expansion of our business through purchases of new and used aircraft, we have also established new joint ventures with local partners or purchased significant ownership interests in companies with ongoing helicopter operations, particularly in countries where we have no operations or our operations are limited in scope, and we continue to evaluate similar opportunities which could enhance our operations. Where we believe that it is probable that an equity method investment will result, the costs associated with such investment evaluations are deferred and included in investment in unconsolidated affiliates on the consolidated balance sheets. For each investment evaluated, an impairment of deferred costs is recognized in the period in which we determine that it is no longer probable an equity method investment will result. As of March 31, 2018 and 2017 , we had no amounts in investment in unconsolidated affiliates in the process of being evaluated. Our percentage of economic ownership and investment balances for the unconsolidated affiliates are as follows: March 31, 2018 2017 2018 2017 (In thousands) Cost Method: PAS 25 % 25 % $ 6,286 $ 6,286 Equity Method: Cougar (1) 40 % 40 % 54,009 56,885 Líder (1) 41.9 % 41.9 % 62,267 143,477 Other 3,608 3,514 Total $ 126,170 $ 210,162 _______________ (1) We had a 25% voting interest in Cougar and an approximate 20% voting interest in Líder as of March 31, 2018 and 2017 . Earnings from unconsolidated affiliates were as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Dividends from entities accounted for under the cost method: PAS $ 2,518 $ 2,068 $ 2,068 Earnings, net of losses, from entities accounted for under the equity method: Cougar (2,877 ) (2,857 ) (2,001 ) Líder 7,179 8,064 (116 ) Other (82 ) (330 ) 310 4,220 4,877 (1,807 ) Total $ 6,738 $ 6,945 $ 261 We received $0.4 million , $0.4 million and $0.8 million of dividends from our investments accounted for under the equity method during fiscal years 2018 , 2017 and 2016 , respectively. A summary of combined financial information of our unconsolidated affiliates accounted for under the equity method is set forth below (in thousands): March 31, 2018 2017 (Unaudited) Current assets $ 221,169 $ 248,998 Non-current assets 293,409 310,975 Total assets $ 514,578 $ 559,973 Current liabilities $ 131,664 $ 127,292 Non-current liabilities 188,822 244,978 Equity 194,092 187,703 Total liabilities and equity $ 514,578 $ 559,973 Fiscal Year Ended March 31, 2018 2017 2016 (Unaudited) Revenue $ 298,731 $ 327,351 $ 368,586 Gross profit $ 46,717 $ 50,371 $ 60,873 Net income $ 13,285 $ 14,581 $ 21,871 |
PROPERTY AND EQUIPMENT, ASSETS
PROPERTY AND EQUIPMENT, ASSETS HELD FOR SALE AND OEM COST RECOVERIES | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT, ASSETS HELD FOR SALE AND OEM COST RECOVERIES During fiscal years 2018 , 2017 and 2016 , we made capital expenditures as follows: Fiscal Year Ended March 31, 2018 2017 2016 Number of aircraft delivered: Medium 5 5 1 Large — — 3 SAR aircraft — 4 4 Total aircraft (1) 5 9 8 Capital expenditures (in thousands): Aircraft and related equipment (2) $ 32,418 $ 127,447 $ 285,530 Other 13,869 7,663 86,845 Total capital expenditures $ 46,287 $ 135,110 $ 372,375 _______________ (1) During fiscal year 2016, we took delivery of two aircraft that were purchased using short-term debt borrowings for the final payments of the aircraft. As of March 31, 2017, the short-term borrowings for these aircraft have been paid. (2) During fiscal years 2018 , 2017 and 2016 , we spent $2.3 million , $71.4 million and $202.7 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 fiscal years 2018 , 2017 and 2016 : Fiscal Year Ended March 31, 2018 2017 2016 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of (1) 11 14 35 Proceeds from sale or disposal of assets (1) $ 48,740 $ 18,471 $ 60,035 Loss from sale or disposal of assets $ 1,742 $ 2,049 $ 1,122 Number of aircraft impaired 8 14 16 Impairment charges on aircraft held for sale (2) $ 15,853 $ 12,450 $ 29,571 _______________ (1) During fiscal year 2016, three of these aircraft were sold and leased back and we received $29.2 million in proceeds for the aircraft. We did not enter into any sale leasebacks during fiscal years 2017 and 2018. (2) Includes $6.5 million impairment of the Bristow Academy disposal group for fiscal year 2018. In addition to capital expenditures and sale or disposal of assets, the following items impacted property and equipment during fiscal year 2018: • We transferred 4 aircraft to held for sale and reduced property and equipment by $9.3 million . In addition to capital expenditures and sale or disposal of assets, the following items impacted property and equipment during fiscal year 2017: • We recorded accelerated depreciation of $10.4 million on 11 medium aircraft operating in our Europe Caspian, Americas and Africa regions as our management decided to exit these model types earlier than originally anticipated. In certain instances the salvage values of some aircraft were also adjusted to reflect our expectation of sales values in the current market. • We transferred 12 aircraft to held for sale and reduced property and equipment by $19.7 million . In addition to capital expenditures and sale or disposal of assets, the following items impacted property and equipment during fiscal year 2016: • We recorded accelerated depreciation of $28.7 million on 18 medium, four large and one fixed wing aircraft operating in our Europe Caspian, Americas, Africa and Asia Pacific regions as our management decided to exit these model types earlier than originally anticipated. In certain instances the salvage values of some aircraft were also adjusted to reflect our expectation of sales values in the current market. • We took delivery and entered into leases for the remaining two aircraft related to the deferred sale leaseback and removed a total of $75.8 million and $74.3 million , respectively, from construction in progress and deferred sale leaseback advance on our consolidated balance sheet. See Note 1 for further details on the deferred sale leaseback advance. • We took delivery of two large aircraft which we purchased using short-term debt borrowings for the final payments of the aircraft of $24.4 million . • We transferred 35 aircraft to held for sale and reduced property and equipment by $83.6 million . During fiscal years 2018, 2017 and 2016, we saw a deterioration in market sales for aircraft resulting mostly from an increase in idle aircraft and reduced demand across the offshore energy market. While other markets exist for certain aircraft model types, including utility, firefighting, government, VIP transportation and tourism, the market for certain model type aircraft slowed. As a result of these market changes, changes in estimated salvage values of our fleet of operational aircraft and other changes in the timing of exiting certain aircraft from our operations, we recorded impairments and additional depreciation expense discussed above. For further details, see Note 1 for a discussion on impairments of property and equipment. Assets Held for Sale Assets held for sale are classified as current assets on our consolidated balance sheets and recorded at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. As of March 31, 2018 and 2017 , we had 11 and 20 aircraft, for $30.3 million and $38.2 million , classified as held for sale, respectively. We intend to sell or otherwise dispose of these assets during the next fiscal year. As presented in the table above, we recorded impairment charges of $15.9 million , $12.5 million and $29.6 million to reduce the carrying value of eight , 14 and 16 aircraft held for sale during fiscal years 2018 , 2017 and 2016 , respectively. These impairment charges were included in loss on disposal of assets in the consolidated statements of operations. The impairment charges recorded on held for sale aircraft during fiscal years 2018 , 2017 and 2016 related primarily to older model aircraft types our management decided to dispose of earlier than originally anticipated in addition to the impact of changes in expected sales prices in the aircraft aftermarket resulting from the oil and gas market downturn. On November 1, 2017, we sold our 100% interest in Bristow Academy, including all of its aircraft, for a minimum of $1.5 million to be received over a maximum of four years with potential additional consideration based on Bristow Academy’s financial performance. The sale of this non-core business resulted in total charges recorded in the fiscal year 2018 of $7.2 million , which resulted from the combined loss on the sale and related impairment of assets included in loss on disposal of assets on our consolidated statement of operations. Bristow Academy is included in Corporate and other in Note 11 . OEM Cost Recoveries During fiscal year 2018, we reached agreements with OEMs to recover $136.0 million related to ongoing aircraft issues, of which $125.0 million was realized and resulted in an increase in cash. To reflect the amount realized from these OEM cost recoveries during fiscal year 2018, we recorded a $94.5 million decrease in the carrying value of certain aircraft in our fleet through a decrease in property and equipment – at cost, reduced rent expense by $16.6 million and recorded a deferred liability of $13.9 million , included in other accrued liabilities and other liabilities and deferred credits, related to a reduction in rent expense to be recorded in future periods. We determined the realized portion of the cost recoveries related to a long-term performance issue with the aircraft, requiring a reduction of carrying value for owned aircraft and a reduction in rent expense for leased aircraft. For the owned aircraft, we have allocated the $94.5 million as a reduction in carrying value by reducing the historical acquisition value of each affected aircraft on a pro-rata basis utilizing the historical acquisition value of the aircraft. We revised our salvage values for each affected aircraft by reducing the historical acquisition value by the applicable amount and applying our stated salvage value percentage for owned aircraft of 50% . In accordance with accounting standards, we will recognize the change in depreciation due to the reduction in carrying value and revision of salvage values on a prospective basis over the remaining life of the aircraft. This will result in a reduction of depreciation expense of $8.5 million during fiscal year 2019, $8.4 million during fiscal year 2020, $5.6 million during fiscal year 2021 and $21.3 million during fiscal year 2022 and beyond. For the leased aircraft, we will recognize the remaining deferred liability of $13.9 million as a reduction in rent expense prospectively on a straight-line basis over the remaining lease terms. This will result in a reduction to rent expense of $7.9 million during fiscal year 2019, $4.0 million during fiscal year 2020 and $2.0 million during fiscal year 2021. During May 2018, we realized the remaining $11.0 million in OEM cost recoveries by agreeing to net certain amounts previously accrued for aircraft leases and capital expenditures against those recoveries. We expect to realize the $11.0 million recovery in earnings during fiscal year 2019 as follows: $7.6 million increase in revenue and $1.1 million decrease in direct cost in the first quarter, $1.0 million decrease in direct cost in the second quarter, $1.0 million decrease in direct cost in the third quarter and $0.3 million decrease in direct cost in the fourth quarter. The increase in revenue relates to compensation for lost revenue in prior periods from the late delivery of aircraft and the decreases in direct cost over fiscal year 2019 relate to prior costs we have incurred and future costs we expect to incur that we have recovered from the OEM. |
DEBT
DEBT | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of March 31, 2018 and 2017 consisted of the following (in thousands): March 31, 2018 2017 8.75% Senior Secured Notes $ 346,610 $ — 4½% Convertible Senior Notes 107,397 — 6¼% Senior Notes 401,535 401,535 Term Loan — 261,907 Term Loan Credit Facility — 45,900 Revolving Credit Facility — 139,100 Lombard Debt 211,087 196,832 Macquarie Debt 185,028 200,000 PK Air Debt 230,000 — Airnorth Debt 13,832 16,471 Eastern Airways Debt 14,519 15,326 Other Debt 3,991 16,293 Unamortized debt issuance costs (27,465 ) (11,345 ) Total debt 1,486,534 1,282,019 Less short-term borrowings and current maturities of long-term debt (1,475,438 ) (131,063 ) Total long-term debt $ 11,096 $ 1,150,956 Short-term borrowings reclassification — The Company’s liquidity outlook has recently changed, resulting in substantial doubt about the Company’s ability to continue as a going concern. As discussed in the Explanatory Note included elsewhere in this Annual Report, on May 11, 2019, the Debtors filed the Chapter 11 Cases in the Bankruptcy Court seeking relief under Chapter 11 of the Bankruptcy Code. The Debtors’ Chapter 11 Cases are jointly administered under the caption In re: Bristow Group Inc., et al., Main Case No. 19-32713. The Debtors continue to operate their businesses and manage their properties as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Each of the commencement of the Chapter 11 Cases and the delivery of this Amended 10-K with a going concern qualification or explanation included in the accompanying report of the Company’s independent registered public accounting firm constituted an event of default under certain of our secured equipment financings, giving those secured equipment lenders the right to accelerate repayment of the applicable debt, subject to Chapter 11 protections, and triggering cross-default and/or cross-acceleration provisions in substantially all of our other debt instruments should that right to accelerate repayment be exercised. As such, substantially all of our debt is in default and accelerated, but subject to stay under the Bankruptcy Code. As a result of the facts and circumstances discussed above, the Company concluded that substantially all debt balances of approximately $1.4 billion as of March 31, 2018 should be reclassified from long-term to short-term within this Amended 10-K on our consolidated balance sheet. ABL Facility — On April 17, 2018, two of our subsidiaries entered into a new asset-backed revolving credit facility (the “ABL Facility”), which provides for commitments in an aggregate amount of $75 million , with a portion allocated to each borrower subsidiary, subject to an availability block of $15 million and a borrowing base calculated by reference to eligible accounts receivable. The maximum amount of the ABL Facility may be increased from time to time to a total of as much as $100 million , subject to the satisfaction of certain conditions, and any such increase would be allocated among the borrower subsidiaries. The ABL Facility matures in five years , subject to certain early maturity triggers related to maturity of other material debt or a change of control of the Company. Amounts borrowed under the ABL Facility are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited. 8.75% Senior Secured Notes — On March 6, 2018, we issued and sold $350 million of 8.75% Senior Secured Notes in a private offering to eligible purchasers pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for proceeds of $346.6 million and simultaneously entered into an indenture (the “Indenture”) with U.S. Bank National Association, as trustee and as collateral agent. The 8.75% Senior Secured Notes were initially fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by certain of our U.S. subsidiaries (the “Guarantor Subsidiaries”) and will be secured by first priority security interests on substantially all of the tangible and intangible personal property of Bristow Group Inc. and the Guarantor Subsidiaries (other than certain excluded assets) (the “Collateral”) as collateral security for their obligations under the 8.75% Senior Secured Notes, subject to certain permitted encumbrances and exceptions. Certain of the security interests were granted in connection with the execution and delivery of the Indenture, while security interests anticipated to cover approximately 77 aircraft will be granted within the periods described in the Indenture. The 8.75% Senior Secured Notes bear interest at a rate of 8.75% per year, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2018. The 8.75% Senior Secured Notes will mature on March 1, 2023, subject to earlier mandatory redemption if more than $125 million principal amount of the 6¼% Senior Notes due 2022 (the “6¼% Senior Notes”) plus the principal amount of any indebtedness incurred to refinance the 6¼% Senior Notes that matures or is required to be repaid prior to June 1, 2023 remains outstanding as of June 30, 2022. We may redeem all or a portion of the 8.75% Senior Secured Notes at any time on or after March 1, 2020 at the applicable redemption price, plus accrued and unpaid interest, if any, to the redemption date. At any time prior to March 1, 2020, we may redeem all or a portion of the 8.75% Senior Secured Notes at a price equal to 100% of the principal amount of 8.75% Senior Secured Notes to be redeemed plus a “make-whole” premium, plus accrued and unpaid interest, if any, to the redemption date. In addition, on one or more occasions, on or prior to March 1, 2020, we may redeem up to 35% of the aggregate principal amount of the 8.75% Senior Secured Notes at a redemption price equal to 108.75% of the principal amount of the 8.75% Senior Secured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date, with an amount of cash not greater than the net cash proceeds of certain qualified equity offerings by us. The Indenture contains customary covenants that, among other things, limit our ability to incur additional liens or financial indebtedness and to sell or otherwise transfer the Collateral, including the pledged aircraft. The Indenture also contains customary events of default. If an event of default occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the then outstanding 8.75% Senior Secured Notes may declare the unpaid principal of, and any premium and accrued and unpaid interest on, all the 8.75% Senior Secured Notes then outstanding to be due and payable immediately. In case of certain events of bankruptcy, insolvency or reorganization with respect to Bristow Group Inc., any Guarantor Subsidiary or any significant subsidiary, all of the principal of and accrued and unpaid interest on the 8.75% Senior Secured Notes will automatically become due and payable. Upon a change of control (as defined in the Indenture), we will be required to make an offer to repurchase all or any part of each 8.75% Senior Secured Notes at an offer price in cash equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any, to the date of repurchase. The proceeds of the 8.75% Senior Secured Notes were used, among other things, to repay the remaining obligations of the $350 million term loan (the “Term Loan”) discussed below, to cash collateralize certain outstanding letters of credit existing under the $400 million revolving credit facility with a subfacility of $50 million for letters of credit (the “Revolving Credit Facility”) discussed below and for general corporate purposes. 4½% Convertible Senior Notes — On December 18, 2017, we issued and sold $143.8 million of 4½% Convertible Senior Notes due 2023 (the “4½% Convertible Senior Notes”). The 4½% Convertible Senior Notes are our unsecured senior obligations and are jointly and severally guaranteed on a senior unsecured basis by the Guarantor Subsidiaries. The 4½% Convertible Senior Notes bear interest at a rate of 4.50% per year and interest is payable on June 1 and December 1 of each year, beginning on June 1, 2018. The 4½% Convertible Senior Notes mature on June 1, 2023 and may not be redeemed by us prior to maturity. The 4½% Convertible Senior Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. We have initially elected combination settlement. The initial conversion price of the 4½% Convertible Senior Notes is approximately $15.64 (subject to adjustment in certain circumstances), based on the initial conversion rate of 63.9488 common shares per $1,000 principal amount of 4½% Convertible Senior Notes. Prior to December 1, 2022, the 4½% Convertible Senior Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, until the close of business on the second scheduled trading day immediately preceding the maturity date. The 4½% Convertible Senior Notes are senior unsecured obligations. As of March 31, 2018 , the if-converted value of the 4½% Convertible Senior Notes did not exceed the principal balance. The proceeds of the 4½% Convertible Senior Notes were used to repay $89.6 million of the Term Loan as discussed below and to pay the $10.1 million cost of the convertible note hedge transaction described below, with the remainder available for general corporate purposes. Accounting standards require that convertible debt which may be settled in cash upon conversion (including partial cash settlement) be accounted for with a liability component based on the fair value of similar nonconvertible debt and an equity component based on the excess of the initial proceeds from the convertible debt over the liability component. Such excess represents proceeds related to the conversion option and is recorded as additional paid-in capital. The liability is recorded at a discount, which is then amortized as additional non-cash interest expense over the term of the 4½% Convertible Senior Notes. The balances of the debt and equity components of the 4½% Convertible Senior Notes as of March 31, 2018 are as follows (in thousands): Equity component - net carrying value (1) $ 36,778 Debt component: Face amount due at maturity $ 143,750 Unamortized discount (36,353 ) Debt component - net carrying value $ 107,397 _____________ (1) Net of equity issuance costs of $1.0 million . The remaining debt discount is being amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for the fiscal year 2018 was 11.0% . Interest expense related to our 4½% Convertible Senior Notes for fiscal year 2018 was as follows (in thousands): Contractual coupon interest $ 1,851 Amortization of debt discount 1,454 Total interest expense $ 3,305 Convertible Note Call Spread Overlay — Concurrent with the issuance of the 4½% Convertible Senior Notes, we entered into privately negotiated convertible note hedge transactions (the “Note Hedge Transactions”) and warrant transactions (the “Warrant Transactions”) with each of Credit Suisse Capital LLC, Barclays Bank PLC, Citibank, N.A. and JPMorgan Chase Bank, National Association (the “Option Counterparties”). These transactions represent a Call Spread Overlay, whereby the cost of the Note Hedge Transactions we purchased to cover the cash outlay upon conversion of the 4½% Convertible Senior Notes was reduced by the sales price of the Warrant Transactions. Each of these transactions is described below. The Note Hedge Transactions cost an aggregate $40.4 million and are expected generally to reduce the potential dilution and/or offset the cash payments we are required to make in excess of the principal amount upon conversion of the 4½% Convertible Senior Notes in the event that the market price of our common stock is greater than the strike price of the Note Hedge Transactions, which is initially $15.64 (subject to adjustment), corresponding approximately to the initial conversion price of the 4½% Convertible Senior Notes. The Note Hedge Transactions have been accounted for by recording the cost as a reduction to additional paid-in capital. We received proceeds of $30.3 million for the Warrant Transactions, in which we sold net-share-settled warrants to the Option Counterparties in an amount equal to the number of shares of our common stock initially underlying the 4½% Convertible Senior Notes, subject to customary anti-dilution adjustments. The strike price of the warrants is $20.02 per share (subject to adjustment), which is 60% above the last reported sale price of our common stock on the New York Stock Exchange on December 13, 2017. The Warrant Transactions could have a dilutive effect to our stockholders to the extent the market price per share of our common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants. The Warrant Transactions have been accounted for by recording the proceeds received as additional paid-in capital. The Note Hedge Transactions and the Warrant Transactions are separate transactions, in each case entered into by us with the Option Counterparties, and are not part of the terms of the 4½% Convertible Senior Notes and will not affect any holder’s rights under the 4½% Convertible Senior Notes. 6¼% Senior Notes — On October 12, 2012, we completed an offering of $450 million of the 6¼% Senior Notes. The 6¼% Senior Notes are senior unsecured obligations and are jointly and severally guaranteed on a senior unsecured basis by the Guarantor Subsidiaries. The indenture for our 6¼% Senior Notes includes restrictive covenants which limit, among other things, our ability to incur additional debt, issue disqualified stock, pay dividends, repurchase stock, invest in other entities, sell assets, incur additional liens or security, merge or consolidate the Company and enter into transactions with affiliates. Interest on the 6¼% Senior Notes is payable on April 15 and October 15 of each year and the 6¼% Senior Notes mature on October 15, 2022. We may redeem any of the 6¼% Senior Notes at any time, in whole or part, in cash, at certain redemption prices plus accrued and unpaid interest, if any, to the date of redemption. We incurred financing fees of $7.4 million , that are included as deferred financing fees in other assets in the consolidated balance sheets which we will amortize as interest expense in the consolidated statements of operations over the life of the 6¼% Senior Notes. Revolving Credit Facility and Term Loan — Our amended and restated revolving credit and term loan agreement, included the Revolving Credit Facility and the Term Loan (together with the Revolving Credit Facility and the Term Loan Credit Facility described below, the “Senior Credit Facilities”). During fiscal year 2018 , we had borrowings of $174.8 million under the Revolving Credit Facility and made payments of $313.9 million to fully repay borrowings under the Revolving Credit Facility. Additionally, during fiscal year 2018 we made payments of $261.9 million to fully repay our borrowings under the Term Loan. In March 2018, we terminated both the Revolving Credit Facility and Term Loan and cash collateralized all then-outstanding letters of credit issued thereunder. Term Loan Credit Facility — On November 5, 2015, we entered into a senior secured term loan credit agreement providing for $200 million of term loan commitments (the “Term Loan Credit Facility”). Borrowings under the Term Loan Credit Facility were repaid in full and the facility was terminated in October 2017. Lombard Debt — On November 11, 2016, certain of our subsidiaries entered into two , seven -year British pound sterling funded secured equipment term loans for an aggregate $200 million U.S. dollar equivalent with Lombard North Central Plc, a part of the Royal Bank of Scotland (the “Lombard Debt”). In December 2016, the first loan amount of $109.9 million (GBP 89.1 million ) funded and the borrower prepaid scheduled principal payments of $4.5 million (GBP 3.7 million ). The proceeds from this financing were used to finance the purchase by the borrower thereunder of three SAR aircraft utilized for our U.K. SAR contract from a subsidiary. In January 2017, the second loan amount of $90.1 million (GBP 72.4 million ) funded. The proceeds from this financing were used to finance the purchase by the borrower thereunder of five SAR aircraft utilized for our U.K. SAR contract from a subsidiary. The borrowers’ respective obligations under the financings are guaranteed by the Company, and each financing is secured by the aircraft purchased by the applicable borrower with the proceeds of its loan. The credit agreements governing the Lombard Debt include covenants, including requirements to maintain, register and insure the respective SAR aircraft secured thereunder, and restrictions on the respective borrower thereunder to incur additional liens on or sell the respective SAR aircraft secured thereunder (except to the Company and its subsidiaries). Borrowings under the financings bear interest at an interest rate equal to the ICE Benchmark Administration Limited LIBOR (or the successor thereto) plus 2.25% per annum. The weighted-average interest rate was 2.96% and 2.57% as of March 31, 2018 and 2017 , respectively. The financing which funded in December 2016 matures in December 2023 and the financing which funded in January 2017 matures in January 2024. Macquarie Debt — On February 1, 2017, one of our wholly-owned subsidiaries entered into a term loan credit agreement for a $200 million five -year secured equipment term loan with Macquarie Bank Limited (the “Macquarie Debt”). In conjunction with closing and funding under such term loan, we have agreed to lease five helicopters for lease terms ranging from 60 to 63 months from Wells Fargo Bank Northwest, N.A., acting as owner trustee for Macquarie Aerospace Inc., an affiliate of Macquarie Bank Limited. The borrower’s obligations under the credit agreement are guaranteed by the Company and secured by 20 oil and gas aircraft. The financing funded on March 7, 2017. Borrowings under the financing bear interest at an interest rate equal to the ICE Benchmark Administration Limited LIBOR (or the successor thereto) plus 5.35% per annum. The interest rate was 7.00% and 6.24% as of March 31, 2018 and 2017 , respectively. The proceeds from the financing were used to repay $154.1 million of the Term Loan Credit Facility and $45.9 million of the Term Loan. The credit agreement governing the Macquarie Debt includes covenants, including requirements to maintain, register and insure the respective aircraft secured thereunder, and restrictions on the respective borrower thereunder to incur additional liens on or sell the respective aircraft secured thereunder (except to the Company and its subsidiaries). The Macquarie Debt matures in March 2022. PK Air Debt — On July 17, 2017, a wholly-owned subsidiary entered into a term loan credit agreement with PK AirFinance S.à r.l., as agent, and PK Transportation Finance Ireland Limited, as lender, and other lenders from time to time party thereto, which provided for commitments in an aggregate amount of up to $230 million to make up to 24 term loans, each of which was made in respect of an aircraft pledged as collateral for all of the term loans. The term loans are also secured by a pledge of all shares of the borrower and any other assets of the borrower and are guaranteed by the Company. The financing funded in two tranches in September 2017 and proceeds were used to repay $17.0 million of the Term Loan Credit Facility, $93.7 million of the Term Loan and $103.0 million of the Revolving Credit Facility. Each term loan bears interest at an interest rate equal to, at the borrower’s option, a floating rate of one-month LIBOR plus a margin of 5% per annum (the “Margin”), subject to certain costs of funds adjustments, determined two business days before the borrowing date of each term loan, or a fixed rate based on a notional interest rate swap of 12 30-day months in respect of such term loan with a floating rate of interest based on one-month LIBOR, plus the Margin. The weighted-average interest rate was 6.79% as of March 31, 2018 . The borrower is required to repay each term loan on an annuity basis, payable monthly in arrears starting on the seven th month following the date of the borrowing of such term loan, with a final payment of 53% of the initial amount of such term loan due on the 70 th month following the date of the borrowing of such term loan. In connection with the PK AirFinance term loan credit agreement, the borrower guarantees certain of its direct parent’s obligations under existing aircraft operating leases up to a capped amount. Airnorth Debt — Airnorth’s outstanding debt includes interest bearing term loans of $13.8 million as of March 31, 2018 . The term loans primarily relate to the purchase of aircraft, have a remaining term of approximately two to six years, and consist of a term loan with interest at LIBOR plus a margin of 2.85% and two term loans each with a fixed rate of 3.1% plus the Reserve Bank of Australia cash rate of 2.0% . The term loans have customary covenants, including certain financial covenants, and varying principal payments. Eastern Airways Debt — Eastern Airways’ outstanding debt includes interest bearing term loans and borrowings under a revolving credit facility totaling $14.5 million as of March 31, 2018 . The term loans were used to refinance other Eastern indebtedness in October 2015 and bear interest at LIBOR plus a margin of 1.75% . The interest rate on the term loans was 2.23% as of March 31, 2018 . These term loans have quarterly principal payments and mature on August 31, 2018. Borrowings under the revolving credit facility are used for general corporate, working capital and capital expenditure purposes, and bear interest at LIBOR plus a margin of 1.75% . All outstanding obligations under the revolving credit facility will mature on August 31, 2018. Other Debt — Other debt primarily includes amounts payable relating to the third year earn-out payment for our investment in Cougar totaling $16.0 million that was paid in April 2017. Other Matters — Aggregate annual maturities (which excludes unamortized discount of $36.4 million and unamortized debt issuance costs of $27.5 million ) for all debt for the next five fiscal years and thereafter are as follows (in thousands): Fiscal year ending March 31 2019 $ 62,808 2020 51,243 2021 52,374 2022 181,125 2023 790,772 Thereafter 415,420 $ 1,553,742 Interest paid in fiscal years 2018 , 2017 and 2016 was $78.1 million , $51.4 million and $41.8 million , respectively. Capitalized interest was $3.4 million , $10.2 million and $10.6 million in fiscal years 2018 , 2017 and 2016 , respectively. As of March 31, 2018 , we had outstanding letters of credit of $19.8 million that we had collateralized with certificates of deposit included in accounts receivable from non-affiliates on our consolidated balance sheet. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 12 Months Ended |
Mar. 31, 2018 | |
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 as its fair value. The following table summarizes the assets as of March 31, 2018 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2018 Total Loss for Inventories $ — $ 515 $ — $ 515 $ (5,717 ) Assets held for sale — 30,348 — 30,348 (15,853 ) Investment in unconsolidated affiliates — — 62,267 62,267 (85,683 ) Total assets $ — $ 30,863 $ 62,267 $ 93,130 $ (107,253 ) The following table summarizes the assets as of March 31, 2017 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2017 Total Loss for Inventories $ — $ 46,568 $ — $ 46,568 $ (7,572 ) Assets held for sale — 38,246 — 38,246 (12,450 ) Goodwill — — 19,798 19,798 (8,706 ) Total assets $ — $ 84,814 $ 19,798 $ 104,612 $ (28,728 ) 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. See Note 1 for further discussion of the impairment of inventories. 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. See Note 3 for details on assets held for sale. The fair value of investment in affiliates is estimated using a variety of valuation methods, including the income and market approaches. These estimates of fair value include unobservable inputs, representative of Level 3 fair value measurement, including assumptions related to future performance, such as projected demand for services and rates. For further details on our investment in unconsolidated affiliates, see Notes 1 and 2 . The fair value of other intangible assets and goodwill is estimated using a variety of valuation methods, including the income and market approaches. These estimates of fair value include unobservable inputs, representative of Level 3 fair value measurement, including assumptions related to future performance, such as projected demand for our services and rates. For further details on other intangible assets and goodwill, see Note 1 . Recurring Fair Value Measurements The following table summarizes the financial instruments we had as of March 31, 2018 , valued at fair value on a recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2018 Balance Sheet Classification Derivative financial instrument $ — $ 718 $ — $ 718 Prepaid expenses and other current assets Rabbi Trust investments 2,296 — — 2,296 Other assets Total assets $ 2,296 $ 718 $ — $ 3,014 The following table summarizes the financial instruments we had as of March 31, 2017 , valued at fair value on a recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2017 Balance Sheet Classification Rabbi Trust investments $ 3,075 $ — $ — $ 3,075 Other assets Total assets $ 3,075 $ — $ — $ 3,075 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 as discussed in Note 9 . The derivative financial instrument consists of foreign currency put option contracts whose fair value is determined by quoted market prices of the same or similar instruments, adjusted for counterparty risk. See Note 6 for a discussion of our derivative financial instruments. 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 and has not been updated for any possible acceleration provisions in our debt instruments. 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): March 31, 2018 2017 Carrying Value Fair Value Carrying Value Fair Value 8.75% Senior Secured Notes (1) $ 346,610 $ 353,500 $ — $ — 4½% Convertible Senior Notes (2) 107,397 158,772 — — 6¼% Senior Notes 401,535 325,243 401,535 323,236 Term Loan — — 261,907 261,907 Term Loan Credit Facility — — 45,900 45,900 Revolving Credit Facility — — 139,100 139,100 Lombard Debt 211,087 211,087 196,832 196,832 Macquarie Debt 185,028 185,028 200,000 200,000 PK Air Debt 230,000 230,000 — — Airnorth Debt 13,832 13,832 16,471 16,471 Eastern Airways Debt 14,519 14,519 15,326 15,326 Other Debt 3,991 3,991 16,293 16,293 $ 1,513,999 $ 1,495,972 $ 1,293,364 $ 1,215,065 _____________ (1) The carrying value is net of unamortized discount of $3.4 million as of March 31, 2018 . (2) The carrying value is net of unamortized discount of $36.4 million as of March 31, 2018 . Other The fair values of our cash and cash equivalents, accounts receivable and accounts payable approximate their carrying value due to the short-term nature of these items. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | Note 6 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES From time to time, we enter into forward exchange contracts as a hedge against foreign currency asset and liability commitments and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value. We do not use financial instruments for trading or speculative purposes. During fiscal year 2018 , we entered into foreign currency put option contracts of £5 million per month through November 2018 to mitigate a portion of our foreign currency exposure. These derivatives were designated as cash flow hedges. The designation of a derivative instrument as a hedge and its ability to meet relevant hedge accounting criteria determines how the change in fair value of the derivative instrument will be reflected in the consolidated financial statements. A derivative qualifies for hedge accounting if, at inception, the derivative is expected to be highly effective in offsetting the hedged item’s underlying cash flows or fair value and the documentation requirements of the accounting standard for derivative instruments and hedging activities are fulfilled at the time we enter into the derivative contract. A hedge is designated as a cash flow hedge, fair value hedge, or a net investment in foreign operations hedge based on the exposure being hedged. The asset or liability value of the derivative will change in tandem with its fair value. For derivatives designated as cash flow hedges, the changes in fair value are recorded in accumulated other comprehensive income (loss). The derivative’s gain or loss is released from accumulated other comprehensive income (loss) to match the timing of the effect on earnings of the hedged item’s underlying cash flows. We review the effectiveness of our hedging instruments on a quarterly basis. We discontinue hedge accounting for any hedge that we no longer consider to be highly effective. Changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting are recognized in current period earnings. None of our derivative instruments contain credit-risk-related contingent features. Counterparties to our derivative contracts are high credit quality financial institutions. The following table presents the balance sheet location and fair value of the portions of our derivative instruments that were designated as hedging instruments as of March 31, 2018 (in thousands): Derivatives designated as hedging instruments under ASC 815 Derivatives not designated as hedging instruments under ASC 815 Gross amounts of recognized assets and liabilities Gross amounts offset in the Balance Sheet Net amounts of assets and liabilities presented in the Balance Sheet Prepaid expenses and other current assets $ 718 $ — $ 718 $ — $ 718 Net $ 718 $ — $ 718 $ — $ 718 The following table presents the impact that derivative instruments, designated as cash flow hedges, had on our accumulated other comprehensive loss (net of tax) and our consolidated statements of operations for fiscal year 2018 (in thousands): Financial statement location Amount of loss recognized in accumulated other comprehensive loss $ (414 ) Accumulated other comprehensive loss Amount of loss reclassified from accumulated other comprehensive loss into earnings $ (68 ) Statement of operations We estimate that $0.3 million of net losses in accumulated other comprehensive loss associated with our derivative instruments is expected to be reclassified into earnings within the next twelve months. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2018 | |
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 seven fiscal years to purchase additional aircraft. As of March 31, 2018 , we had 27 aircraft on order and options to acquire an additional four 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. Fiscal Year Ending March 31, 2019 2020 2021 2022 and thereafter (1) Total Commitments as of March 31, 2018: Number of aircraft: Large 1 — 4 18 23 U.K. SAR — 4 — — 4 1 4 4 18 27 Related commitment expenditures (in thousands) (2) Large $ 19,912 $ 26,154 $ 80,633 $ 292,204 $ 418,903 U.K. SAR — 64,494 — — 64,494 $ 19,912 $ 90,648 $ 80,633 $ 292,204 $ 483,397 Options as of March 31, 2018: Number of aircraft: Large 2 2 — — 4 2 2 — — 4 Related option expenditures (in thousands) (2) $ 44,181 $ 31,536 $ — $ — $ 75,717 _______________ (1) Includes $98.0 million for five aircraft orders that can be cancelled prior to the delivery dates. We have made non-refundable deposits of $4.5 million related to these aircraft. (2) Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised. The following chart presents an analysis of our aircraft orders and options during fiscal years 2018 , 2017 and 2016 : Fiscal Year Ended March 31, 2018 2017 2016 Orders Options Orders Options Orders Options Beginning of fiscal year 32 4 36 14 45 30 Aircraft delivered (5 ) — (9 ) — (8 ) — Aircraft ordered — — 5 — — — New options — — — — — 4 Exercised options — — — — (1 ) — Expired options — — — (10 ) — (20 ) End of fiscal year 27 4 32 4 36 14 We periodically purchase aircraft for which we have no orders. During fiscal year 2018, we did not purchase any aircraft for which we did not have an order. During both fiscal years 2017 and 2016, we purchased one aircraft for which we did not have an order. 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 $208.7 million , $212.6 million and $211.8 million in fiscal years 2018 , 2017 and 2016 , respectively. Rental expense incurred under operating leases for aircraft was $181.3 million , $188.2 million and $184.0 million in fiscal years 2018 , 2017 and 2016 , respectively. As of March 31, 2018 , aggregate future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year, including leases for 86 aircraft, are as follows (in thousands): Aircraft Other Total Fiscal year ending March 31, 2019 $ 158,763 $ 9,959 $ 168,722 2020 114,298 8,343 122,641 2021 50,507 8,234 58,741 2022 25,727 8,026 33,753 2023 12,239 8,130 20,369 Thereafter 4,676 32,730 37,406 $ 366,210 $ 75,422 $ 441,632 In fiscal year 2016, we sold three aircraft for $29.2 million and entered into separate agreements to lease these aircraft back. We did not enter into any sale leasebacks during fiscal years 2018 or 2017. The aircraft leases range from base terms of up to 181 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. These leases are included in the amounts disclosed above. 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 March 31, 2018 : End of Lease Term Number of Aircraft Fiscal year 2019 to fiscal year 2020 43 Fiscal year 2021 to fiscal year 2023 32 Fiscal year 2024 to fiscal year 2026 11 86 Employee Agreements — Approximately 54% of our employees are represented by collective bargaining agreements and/or unions with 86% 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 3% . 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. For discussion on separation programs between the Company and its employees, see Note 9 . Environmental Contingencies — The U.S. Environmental Protection Agency (the “EPA”) has in the past notified us that we are a potential responsible party, or 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 March 31, 2018 , we had $48.3 million of other purchase obligations representing unfilled purchase orders for aircraft parts and non-cancelable power-by-the-hour maintenance commitments. For further details on the non-cancelable power-by-the-hour maintenance commitments, see Note 1 . 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. As previously reported, on April 29, 2016, another company’s EC 225LP (also known as a H225LP) model helicopter crashed near Turøy outside of Bergen, Norway resulting in the European Aviation Safety Agency (“EASA”) issuing airworthiness directives prohibiting flight of H225LP and AS332L2 model aircraft. On July 20, 2017, the U.K. CAA and the Norway Aviation Agency issued safety and operational directives that detail the conditions to apply for safe return to service of H225LP and AS332L2 model aircraft, where operators wish to do so. We continue not to operate for commercial purposes our 24 H225LP model aircraft. We are carefully evaluating next steps and demand for the H225LP model aircraft in our oil and gas and SAR operations worldwide, with the safety of passengers and crews remaining our highest priority. Separately, our efforts to successfully integrate AW189 aircraft into service for the U.K. SAR contract have been delayed due to a product improvement plan with the aircraft. As a result, the acceptance of four AW189 aircraft will be pushed to later dates. We continue to meet our contractual obligations under the U.K. SAR contract through the utilization of other aircraft. During fiscal year 2018, we reached agreements with OEMs to recover $136.0 million related to ongoing aircraft issues mentioned above, of which $125.0 million was recovered during fiscal year 2018 and $11.0 million was recovered in May 2018. For further details on the accounting for these recoveries, see Note 3 . 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 March 31, 2018 to be approximately $5 million to $6 million . In connection with the Bristow Norway acquisition in October 2008, we granted the former partner in this joint venture an option that if exercised would require us to acquire up to five aircraft at fair value upon the expiration of the lease terms for such aircraft. One of the options was exercised in December 2009 and two of the options expired. The remaining aircraft leases expire in August 2018. We are currently unable to estimate the fair value of these aircraft. While we do not currently expect to be required to purchase these aircraft, the former joint venture partner has until May 31, 2018 to notify us. If the joint venture partner does not exercise its option, it is our intent to return the aircraft after the leases expire in August 2018. 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 | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES On December 22, 2017, the president of the United States signed into law the Act. The Act includes numerous changes in existing U.S. tax law, including (1) reducing the U.S. federal corporate income tax rate from 35% to 21% ; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; and (5) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized. The Act also includes the following provisions that will be applicable to us beginning in fiscal year 2019: (1) creation of a new minimum tax on base erosion and anti-abuse; (2) creation of additional limitations on deductible business interest expense; and (3) creation of additional limitations on the utilization of net operating loss carryforwards. In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which addresses how a company recognizes provisional amounts when a company does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the effect of the changes in the Act. The measurement period ends when a company has obtained, prepared and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. For the year ended March 31, 2018, our provision for income taxes includes the impact of decisions regarding the various impacts of tax reform and related disclosures. Consistent with guidance in SAB 118, we recorded provisional amounts for the transition tax on undistributed earnings of $52.9 million , which was partially offset by foreign tax credits of $22.6 million . We also recorded $53.0 million tax benefit as a result of the revaluation of our net deferred tax liabilities. The provisional amounts incorporate assumptions made based upon our current interpretation of the Act and may change as we receive additional clarification and implementation guidance. We are continuing to analyze additional information to determine the final impact as well as other impacts of the Act. Any adjustments recorded to the provisional amounts will be included in income from operations as an adjustment to our fiscal year 2019 financial statements. The components of deferred tax assets and liabilities are as follows (in thousands): March 31, 2018 2017 Deferred tax assets: Foreign tax credits $ 9,140 $ 39,554 State net operating losses 12,337 8,432 Net operating losses 98,911 97,878 Accrued pension liability 6,289 10,445 Accrued equity compensation 10,172 17,162 Deferred revenue 688 1,446 Employee award programs 1,603 4,343 Employee payroll accruals 4,426 5,328 Inventories 1,666 3,111 Investment in unconsolidated affiliates 28,778 17,099 Other 5,543 5,865 Valuation allowance - foreign tax credits (9,140 ) (31,974 ) Valuation allowance - state (12,337 ) (8,432 ) Valuation allowance (50,510 ) (34,321 ) Total deferred tax assets $ 107,566 $ 135,936 Deferred tax liabilities: Property and equipment $ (150,224 ) $ (220,305 ) Inventories (2,070 ) (1,967 ) Investment in unconsolidated affiliates (21,470 ) (28,631 ) Employee programs (1,224 ) (1,033 ) Deferred gain (2,691 ) (3,208 ) Other (4,155 ) (5,371 ) Total deferred tax liabilities $ (181,834 ) $ (260,515 ) Net deferred tax liabilities $ (74,268 ) $ (124,579 ) Companies may use foreign tax credits to offset the U.S. income taxes due on income earned from foreign sources. However, the credit that may be claimed for a particular taxable year is limited by the total income tax on the U.S. income tax return as well as by the ratio of foreign source net income in each statutory category to total net income. The amount of creditable foreign taxes available for the taxable year that exceeds the limitation (i.e., “excess foreign tax credits”) may be carried back one year and forward ten years . We have $9.1 million of excess foreign tax credits as of March 31, 2018 , all of which will expire in fiscal year 2025 . As of March 31, 2018, we have $149.0 million of net operating losses in the U.S., of which $2.5 million will expire in fiscal year 2036, $119.7 million will expire in fiscal year 2037 and $26.8 million will expire in fiscal year 2038. In addition, we have net operating losses in certain states totaling $199.7 million which will begin to expire in fiscal year 2022. We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. As of March 31, 2018 , valuation allowances were $50.5 million for foreign operating loss carryforwards, $12.3 million for state operating loss carryforwards and $9.1 million for foreign tax credits. The following table is a rollforward of the deferred tax valuation allowance (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Balance – beginning of fiscal year $ (74,727 ) $ (29,373 ) $ (11,700 ) Additional allowances (20,259 ) (45,354 ) (17,673 ) Reversals and other changes 22,999 — — Balance – end of fiscal year $ (71,987 ) $ (74,727 ) $ (29,373 ) The components of loss before benefit (provision) for income taxes for fiscal years 2018 , 2017 and 2016 are as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Domestic $ (91,002 ) $ (147,988 ) $ (115,277 ) Foreign (137,972 ) 3,686 36,046 Total $ (228,974 ) $ (144,302 ) $ (79,231 ) The provision (benefit) for income taxes for fiscal years 2018 , 2017 and 2016 consisted of the following (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Current: Domestic $ 1,247 $ 2,797 $ (29,907 ) Foreign 13,607 17,153 27,317 $ 14,854 $ 19,950 $ (2,590 ) Deferred: Domestic $ (39,079 ) $ 24,651 $ (4,483 ) Foreign (6,666 ) (12,013 ) 4,991 $ (45,745 ) $ 12,638 $ 508 Total $ (30,891 ) $ 32,588 $ (2,082 ) The reconciliation of the U.S. Federal statutory tax rate to the effective income tax rate for the (provision) benefit for income taxes is shown below: Fiscal Year Ended March 31, 2018 2017 2016 Statutory rate 31.6 % 35.0 % 35.0 % Effect of U.S. tax reform 9.9 % — % — % Net foreign tax on non-U.S. earnings 0.8 % (0.5 )% (8.4 )% Benefit of foreign tax deduction in the U.S. — % 2.5 % 2.6 % Foreign earnings indefinitely reinvested abroad (8.2 )% (1.1 )% 15.9 % Change in valuation allowance 1.1 % (25.7 )% (25.3 )% Foreign earnings that are currently taxed in the U.S. (32.9 )% (28.3 )% (7.9 )% Effect of change in foreign statutory corporate income tax rates — % (0.2 )% 1.1 % Impairment of foreign investments 11.8 % — % — % Goodwill impairment — % (1.0 )% (11.8 )% Changes in tax reserves (2.3 )% (0.2 )% (0.5 )% Other, net 1.7 % (3.1 )% 1.9 % Effective tax rate 13.5 % (22.6 )% 2.6 % In fiscal year 2018, our effective tax rate is 13.5% and includes: (i) tax benefit of $27.0 million related to the impairment of our equity investment in Líder; (ii) tax impact of one-time transition tax on unrepatriated earnings of foreign subsidiaries under the Act of $52.9 million , which is partially offset by the utilization of foreign tax credits of $22.6 million ; (iii) tax benefit of $53.0 million as a result of the revaluation of our net deferred tax liabilities; and (iv) tax benefit due to release of $22.8 million of foreign tax credit valuation allowances. Our effective income tax rate for fiscal year 2017 was (22.6)% representing the income tax expense rate on a pre-tax net loss for the fiscal year, which was reduced by $37.0 million of tax expense for an increase in valuation allowance. A portion of our aircraft fleet is owned directly or indirectly by our wholly owned Cayman Island subsidiaries. Our foreign operations combined with our leasing structure provided a material benefit to the effective tax rates for fiscal years 2018 , 2017 and 2016 . In fiscal year 2017, our unfavorable permanent differences, such as valuation allowances and non-tax deductible goodwill write-off had the effect of increasing our income tax expense and reducing our effective tax rate applied to pre-tax losses. Also, our effective tax rates for fiscal years 2018 , 2017 and 2016 benefited from the permanent investment outside the U.S. of foreign earnings, upon which no U.S. tax had been provided until the one-time transition tax on unrepatriated earnings of foreign subsidiaries under the Act. In fiscal year 2017, our effective tax rate was impacted by valuation allowances of $37.0 million and a change in the mix of geographic earnings in which we experienced U.S. losses offset by taxes in jurisdictions taxed on a deemed profit basis. The current effective tax rate was impacted by the tax effect of the $8.7 million goodwill impairment discussed in Note 1 . In August 2008, certain of our existing and newly created subsidiaries completed intercompany leasing transactions involving eleven aircraft. The tax benefit of this transaction is being recognized over the remaining useful life of the assets, which is approximately 13 years . During each of the fiscal years 2017 and 2016 , this transaction resulted in a $2.4 million and $2.8 million reduction in our consolidated provision for income taxes, respectively. This transaction resulted in no impact on our consolidated provision for income taxes during fiscal year 2018. Our operations are subject to the jurisdiction of multiple tax authorities, which impose various types of taxes on us, including income, value added, sales and payroll taxes. Determination of taxes owed in any jurisdiction requires the interpretation of related tax laws, regulations, judicial decisions and administrative interpretations of the local tax authority. As a result, we are subject to tax assessments in such jurisdictions including the re-determination of taxable amounts by tax authorities that may not agree with our interpretations and positions taken. The following table summarizes the years open by jurisdiction as of March 31, 2018 : Jurisdiction Years Open U.S. Fiscal year 2014 to present U.K. Fiscal year 2017 to present Nigeria Fiscal year 2009 to present Trinidad Fiscal year 2005 to present Australia Fiscal year 2014 to present Norway Fiscal year 2014 to present The effects of a tax position are recognized in the period in which we determine that it is more-likely-than-not (defined as a more than 50% likelihood) that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount of tax benefit that is greater than 50% likely of being recognized upon ultimate settlement. We have analyzed filing positions in the federal, state and foreign jurisdictions where we are required to file income tax returns for all open tax years. We believe that the settlement of any tax contingencies would not have a significant impact on our consolidated financial position, results of operations or liquidity. In fiscal years 2018 , 2017 and 2016 , we had a net provision of $5.4 million , $0.2 million and $0.4 million , respectively, of reserves for tax contingencies primarily related to non-U.S. income tax on foreign leasing operations. Our policy is to accrue interest and penalties associated with uncertain tax positions in our provision for income taxes. In fiscal years 2018 , 2017 and 2016 , $0.1 million , $0.2 million and $0.3 million , respectively, in interest and penalties were accrued in connection with uncertain tax positions. As of March 31, 2018 and 2017 , we had $6.7 million and $1.3 million , respectively, of unrecognized tax benefits, all of which would have an impact on our effective tax rate, if recognized. The activity associated with our unrecognized tax benefit during fiscal years 2018 and 2017 is as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 Unrecognized tax benefits – beginning of fiscal year $ 1,332 $ 1,093 Increases for tax positions taken in prior years 7,784 1,059 Decreases for tax positions taken in prior years (2,434 ) (818 ) Decrease related to statute of limitation expirations — (2 ) Unrecognized tax benefits – end of fiscal year $ 6,682 $ 1,332 As of March 31, 2018, we have aggregated approximately $517.9 million in unremitted foreign earnings reinvested abroad. Pursuant to the Act, these earnings were subject to the mandatory one-time transition tax and eligible to be repatriated to the U.S. without additional U.S. tax. Although these foreign earnings have been deemed to be repatriated from a U.S. federal income tax perspective, we have not yet completed our assessment of the U.S. tax reform on our plans to reinvest foreign earnings and as such have not changed our prior conclusion that the unremitted earnings are indefinitely reinvested. Accordingly, we have not provided deferred taxes on these unremitted earnings. If our expectations were to change, withholding and other applicable taxes incurred upon repatriation, if any, are not expected to have a significant impact on our results of operations. We receive a tax benefit that is generated by certain employee stock benefit plan transactions. Under previous accounting guidance, in fiscal years 2017 and 2016, this benefit was recorded directly to additional paid-in-capital on our consolidated balance sheets and did not reduce our effective income tax rate. Income taxes paid during fiscal years 2018 , 2017 and 2016 were $26.7 million , $28.1 million and $28.0 million , respectively. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Contribution Plans The Bristow Group Inc. Employee Savings and Retirement Plan (the “Bristow Plan”) covers certain of our U.S. employees. Under the Bristow Plan, we match each participant’s contributions up to 3% of the employee’s compensation. In addition, under the Bristow Plan, we contribute an additional 3% of the employee’s compensation at the end of each calendar year. Bristow Helicopters and Bristow International Aviation (Guernsey) Limited (“BIAGL”) have a defined contribution plan. This defined contribution plan replaced the defined benefit pension plans described below for future accrual. On March 1, 2016, the defined benefit pension plan in Norway was closed and replaced with a defined contribution plan. Our contributions to our defined contribution plans were $22.0 million , $21.8 million and $14.4 million for fiscal years 2018 , 2017 and 2016 , respectively. Defined Benefit Plans The defined benefit pension plans of Bristow Helicopters and BIAGL replaced by the defined contribution plans described above covered all full-time employees of Bristow Aviation and BIAGL employed on or before December 31, 1997. Both plans were closed to future accrual as of February 1, 2004. The defined benefits for employee members were based on the employee’s annualized average last three years ’ pensionable salaries up to February 1, 2004, increasing thereafter in line with retail price inflation (prior to 2011) and consumer price inflation (from 2011 onwards), and subject to maximum increases of 5% per year over the period to retirement. Any valuation deficits are funded by contributions by Bristow Helicopters and BIAGL. Plan assets are held in separate funds administered by the plans’ trustee (the “Plan Trustee”), which are primarily invested in equities and debt securities. For members of the two closed defined benefit pension plans, since January 2005, Bristow Helicopters contributes a maximum of 7% of a participant’s non-variable salary, and since April 2006, the maximum employer contribution into the plan has been 7.35% for pilots. Each member is required to contribute a minimum of 5% of non-variable salary for Bristow Helicopters to match the contribution. In addition, there are three defined contribution plans for staff who were not members of the original defined benefit plans, two of which are closed to new members. The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. Fiscal Year Ended March 31, 2018 2017 (In thousands) Change in benefit obligation: Projected benefit obligation (PBO) at beginning of period $ 517,186 $ 525,053 Service cost 856 627 Interest cost 12,914 15,330 Actuarial loss (gain) (19,930 ) 73,622 Benefit payments and expenses (27,002 ) (26,456 ) Effect of exchange rate changes 61,104 (70,990 ) Projected benefit obligation (PBO) at end of period $ 545,128 $ 517,186 Change in plan assets: Market value of assets at beginning of period $ 455,539 $ 454,946 Actual return on assets 7,480 71,873 Employer contributions 17,001 16,530 Benefit payments and expenses (27,002 ) (26,456 ) Effect of exchange rate changes 55,357 (61,354 ) Market value of assets at end of period $ 508,375 $ 455,539 Reconciliation of funded status: Accumulated benefit obligation (ABO) $ 545,128 $ 517,186 Projected benefit obligation (PBO) $ 545,128 $ 517,186 Fair value of assets (508,375 ) (455,539 ) Net recognized pension liability $ 36,753 $ 61,647 Amounts recognized in accumulated other comprehensive loss $ 232,043 $ 220,396 Fiscal Year Ended March 31, 2018 2017 2016 (1) (In thousands) Components of net periodic pension cost: Service cost for benefits earned during the period $ 856 $ 627 $ 8,243 Interest cost on PBO 12,914 15,330 20,108 Expected return on assets (21,184 ) (21,697 ) (27,208 ) Amortization of unrecognized losses 8,151 7,266 8,246 Net periodic pension cost $ 737 $ 1,526 $ 9,389 _______________ (1) Bristow Norway had a final salary defined benefit plan prior to its closing on March 1, 2016, which led to a curtailment and settlement of the projected benefit obligations. The amount in accumulated other comprehensive loss as of March 31, 2018 expected to be recognized as a component of net periodic pension cost in fiscal year 2019 is $6.5 million , net of tax, and represents amortization of the net actuarial losses. Actuarial assumptions used to develop the components of the U.K. plans were as follows: Fiscal Year Ended March 31, 2018 2017 2016 Discount rate 2.40 % 3.30 % 3.30 % Expected long-term rate of return on assets 4.41 % 5.30 % 5.40 % Pension increase rate 3.00 % 2.80 % 2.80 % Actuarial assumptions used to develop the components of the Norway plan were as follows: Fiscal Year Ended March 31, 2016 Discount rate 2.50 % Rate of compensation increase 3.50 % Social Security increase amount 3.25 % Expected return on plan assets 1.50 % Pension increase rate — % We utilize a British pound sterling denominated AA corporate bond index as a basis for determining the discount rate for our U.K. plans. The expected rate of return assumptions have been determined following consultation with our actuarial advisors. In the case of bond investments, the rates assumed have been directly based on market redemption yields at the measurement date, and those on other asset classes represent forward-looking rates that have typically been based on other independent research by investment specialists. Under U.K. and Guernsey legislation, it is the Plan Trustee who is responsible for the investment strategy of the plans, although day-to-day management of the assets is delegated to a team of regulated investment fund managers. The Plan Trustee of the Bristow Staff Pension Scheme (the “Scheme”) has the following three stated primary objectives when determining investment strategy: (i) “funding objective” - to ensure that the Scheme is fully funded using assumptions that contain a modest margin for prudence. Where an actuarial valuation reveals a deficit, a recovery plan will be put in place which will take into account the financial covenant to the employer; (ii) “stability objective” - to have due regard to the likely level and volatility of required contributions when setting the Scheme’s investment strategy; and (iii) “security objective” - to ensure that the solvency position of the Scheme (as assessed on a gilt basis) is expected to improve. The Plan Trustee will take into account the strength of the employer’s covenant when determining the expected improvement in the solvency position of the Scheme. The types of investments are held, and the relative allocation of assets to investments is selected, in light of the liability profile of the Scheme, its cash flow requirements, the funding level and the Plan Trustee’s stated objectives. In addition, in order to avoid an undue concentration of risk, assets are diversified within and across asset classes. In determining the overall investment strategy for the plans, the Plan Trustee undertakes regular asset and liability modeling (the “ALM”) with the assistance of their U.K. actuary. The ALM looks at a number of different investment scenarios and projects both a range and a best estimate of likely return from each one. Based on these analyses, and following consultation with us, the Trustee determines the benchmark allocation for the plans’ assets. The market value of the plan’s assets as of March 31, 2018 and 2017 was allocated between asset classes as follows. Details of target allocation percentages under the Plan Trustee’s investment strategies as of the same dates are also included. Target Allocation as of March 31, Actual Allocation as of March 31, Asset Category 2018 2017 2018 2017 Equity securities 25.4 % 64.8 % 30.2 % 51.1 % Debt securities 34.8 % 34.8 % 40.5 % 33.4 % Property 7.4 % — % 3.1 % — % Other assets 32.4 % 0.4 % 26.2 % 15.5 % Total 100.0 % 100.0 % 100.0 % 100.0 % The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2018 , which are valued at fair value (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2018 Cash and cash equivalents $ 26,373 $ — $ — $ 26,373 Cash plus — 105,070 — 105,070 Equity investments - U.K. — 1,683 — 1,683 Equity investments - Non-U.K. — 151,923 — 151,923 Property — 15,852 — 15,852 Diversified growth (absolute return) funds — 1,824 — 1,824 Government debt securities — 124,428 — 124,428 Corporate debt securities — 81,222 — 81,222 Total investments $ 26,373 $ 482,002 $ — $ 508,375 The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2017 , which are valued at fair value (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2017 Cash and cash equivalents $ 70,650 $ — $ — $ 70,650 Equity investments - U.K. — 47,392 — 47,392 Equity investments - Non-U.K. — 185,567 — 185,567 Government debt securities — 80,654 — 80,654 Corporate debt securities — 71,276 — 71,276 Total investments $ 70,650 $ 384,889 $ — $ 455,539 The investments’ fair value measurement level within the fair value hierarchy is classified in its entirety based on the lowest level of input that is significant to the measurement. The fair value of assets using Level 2 inputs is determined based on the fair value of the underlying investment using quoted prices in active markets or other significant inputs that are deemed observable. Estimated future benefit payments over each of the next five fiscal years from March 31, 2018 and in aggregate for the following five fiscal years after fiscal year 2023 are as follows (in thousands): Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, Payments 2019 $ 23,146 2020 23,567 2021 24,268 2022 24,830 2023 25,531 Aggregate 2024 - 2028 133,687 We expect to fund these payments with our cash contributions to the plans, plan assets and earnings on plan assets. The current estimates of our cash contributions for our pension plans required for fiscal year 2019 are expected to be $18.0 million . Incentive Compensation Incentive and Stock Option Plans — Stock–based awards are currently made under the Bristow Group Inc. 2007 Long-Term Incentive Plan (the “2007 Plan”). As of March 31, 2018 , a maximum of 10,646,729 shares of common stock are reserved, including 2,508,134 shares available for incentive awards under the 2007 Plan. 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 our common stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants. In addition, we have the following incentive and stock plans which have awards outstanding as of March 31, 2018 , but under which we no longer make grants: • The 2004 Stock Incentive Plan (the “2004 Plan”), which provided for awards to officers and key employees in the form of stock options, stock appreciation rights, restricted stock, other stock-based awards or any combination thereof. Options become exercisable at such time or times as determined at the date of grant and expire no more than 10 years after the date of grant. • The 2003 Non-qualified Stock Option Plan for Non-employee Directors (the “2003 Director Plan”), which provided for a maximum of 250,000 shares of our common stock to be issued pursuant to such plan. As of the date of each annual meeting, each non-employee director who met certain attendance criteria was automatically granted an option to purchase 5,000 shares of our common stock. The exercise price of the options granted was equal to the fair market value of our common stock on the date of grant, and the options were exercisable not earlier than six months after the date of grant and expire no more than ten years after the date of grant. In June 2017 , June 2016 and June 2015, the Compensation Committee of our board of directors authorized the grant of stock options, time vested restricted stock and long-term performance cash awards to participating employees. Each of the stock options has a ten-year term and has an exercise price equal to the fair market value (as defined in the 2007 Plan) of our common stock on the grant date. The options will vest in annual installments of one-third each, beginning on the first anniversary of the grant date. Restricted stock grants vest at the end of three years . Performance cash awards granted in June 2017 have two components. One half of each performance cash award will 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. The other half of each performance cash award will be earned based on absolute performance in respect of improved average adjusted earnings per share for the Company over the three-year performance period beginning on April 1, 2017. Performance cash awards granted in June 2015 and June 2016 allow the recipient to receive from 0 to 200% of the target amount at the end of three years depending on how our total shareholder return ranks among a peer group over the performance period. The value of the performance cash awards is calculated on a quarterly basis by comparing the performance of our common stock, including any dividends paid since the award date, against the peer group and has a maximum potential payout of $15.7 million , $7.9 million and $7.4 million for the June 2017 , June 2016 and June 2015 awards, respectively. The total value of the awards is recognized as compensation expense over a three-year vesting period with the recognition amount being adjusted quarterly. Compensation expense related to the performance cash awards during fiscal years 2018 , 2017 and 2016 was $1.5 million , $7.0 million and $1.4 million , respectively. Performance cash compensation expense has been allocated to our various regions. Total share-based compensation expense, which includes stock options and restricted stock, was $10.4 million , $12.4 million and $21.2 million for fiscal years 2018 , 2017 and 2016 , respectively. Stock-based compensation expense is included in general and administrative expense in the consolidated statements of operations and has been allocated to our various regions. On May 23, 2016, our board of directors approved an amendment and restatement of the 2007 Plan, which was approved by our stockholders on August 3, 2016, that effected each of the following changes: (i) reserved an additional 5,250,000 “shares” (or 2,625,000 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 2007 plan, with each option and stock appreciation right granted under the amended and restated 2007 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 2007 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. A summary of our stock option activity for fiscal year 2018 is presented below: Weighted Average Exercise Prices Number of Shares Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2017 $ 42.78 2,843,608 Granted 7.03 1,256,043 Expired or forfeited 44.95 (525,873 ) Outstanding at March 31, 2018 29.90 3,573,778 6.38 $ 7,031 Exercisable at March 31, 2018 46.49 1,812,825 4.00 $ — Stock options granted to employees under the 2004 and 2007 Plans vest ratably over three years on each anniversary from the date of grant and expire 10 years from the date of grant. We use a Black-Scholes option pricing model to estimate the fair value of share-based awards. The Black-Scholes option pricing model incorporates various assumptions, including the risk-free interest rate, volatility, dividend yield and the expected term of the options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equal to the expected term of the option. Expected volatilities are based on the historical volatility of shares of our common stock, which has not been adjusted for any expectation of future volatility given uncertainty related to the future performance of our common stock at this time. We also use historical data to estimate the expected term of the options within the option pricing model and groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of the options represents the period of time that the options granted are expected to be outstanding. Additionally, we record forfeitures based on actual forfeitures. The following table shows the assumptions we used to compute the stock-based compensation expense for stock option grants issued during fiscal years 2018 , 2017 and 2016 . Fiscal Year Ended March 31, 2018 2017 2016 Risk free interest rate 1.78 % 1.07 % 1.62 % Expected life (years) 5 5 5 Volatility 56.1 % 46.8 % 28.1 % Dividend yield 3.98 % 2.74 % 3.14 % Weighted average grant-date fair value of options granted $ 2.53 $ 2.16 $ 10.71 Unrecognized stock-based compensation expense related to nonvested stock options was approximately $2.9 million as of March 31, 2018 , relating to a total of 1,760,953 unvested stock options. We recognize compensation expense on a straight-line basis over the requisite service period for the entire award. We expect to recognize this stock-based compensation expense over a weighted average period of approximately 1.8 years . The total fair value of options vested during fiscal years 2018 , 2017 and 2016 was approximately $4.7 million , $7.8 million and $7.4 million , respectively. There were no stock options exercised during fiscal years 2018 , 2017 and 2016 . Therefore, the total intrinsic value, determined as of the date of exercise, total amount of cash we received from option exercises and total tax benefit attributable to options exercised were all zero for fiscal years 2018 , 2017 and 2016 . We have restricted stock awards that cliff vest on the third anniversary from the date of grant provided the grantee is still employed by the Company, subject to our retirement policy. Restricted stock granted to non-employee directors under the 2003 Director Plan vest after six months . We record compensation expense for restricted stock awards based on an estimate of the service period related to the awards, which is tied to the future performance of our stock over certain time periods under the terms of the award agreements. The estimated service period is reassessed quarterly. Changes in this estimate may cause the timing of expense recognized in future periods to accelerate. Compensation expense related to awards of restricted stock for fiscal years 2018 , 2017 and 2016 was $6.7 million , $8.0 million and $12.9 million , respectively. The following is a summary of non-vested restricted stock as of March 31, 2018 and 2017 and changes during fiscal year 2018 : Units Weighted Average Grant Date Fair Value per Unit Non-vested as of March 31, 2017 739,493 $ 26.97 Granted 622,652 7.35 Forfeited (72,075 ) 14.78 Vested (391,901 ) 28.48 Non-vested as of March 31, 2018 898,169 13.69 Unrecognized stock-based compensation expense related to non-vested restricted stock was approximately $6.4 million as of March 31, 2018 , relating to a total of 898,169 unvested restricted stock. We expect to recognize this stock-based compensation expense over a weighted average period of approximately 1.6 years . During June 2017, we awarded certain members of management phantom restricted stock, which will be paid out in cash after three years . Additionally, during March 2018, we awarded 22,034 shares of restricted stock to a consultant, which will be paid out in shares after six months . We account for these awards as liability awards. As of March 31, 2018 , we had $0.1 million in other accrued liabilities and $1.0 million in other liabilities and deferred credits on our consolidated balance sheet and recognized $1.1 million in general and administrative expense on our consolidated statement of operations for fiscal year 2018 related to these awards. The Annual Incentive Compensation Plan provides for an annual award of cash bonuses to key employees based primarily on pre-established objective measures of performance. The bonuses related to this plan were $10.1 million and $5.0 million for fiscal years 2018 and 2017 , respectively. There were no bonuses awarded related to this plan during fiscal year 2016 . Additionally, we have a non-qualified deferred compensation plan for our senior executives. Under the terms of the plan, participants can elect to defer a portion of their compensation for distribution at a later date. In addition, we have the discretion to make annual tax deferred contributions to the plan on the participants’ behalf. We contributed $0.1 million , $0.6 million and $1.3 million to this plan in each of fiscal years 2018 , 2017 and 2016 , respectively. The assets of the plan are held in a rabbi trust and are subject to our general creditors. As of March 31, 2018 , the amount held in trust was $2.3 million . Separation Agreements — In March 2015, May 2016 and February 2018, we offered voluntary separation programs (“VSPs”) to certain employees as part of our ongoing efforts to improve efficiencies and reduce costs. Additionally, beginning in March 2015, we initiated involuntary separation programs (“ISPs”) in certain regions. The expense related to the VSPs and ISPs for the fiscal years 2018 , 2017 and 2016 is as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 VSP: Direct cost $ 105 $ 1,663 $ 7,664 General and administrative 1,017 23 886 Total $ 1,122 $ 1,686 $ 8,550 ISP: Direct cost $ 11,538 $ 5,938 $ 5,162 General and administrative 9,676 9,238 8,788 Total $ 21,214 $ 15,176 $ 13,950 |
STOCKHOLDERS' INVESTMENT, EARNI
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure | STOCKHOLDERS’ INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Stockholders’ Investment Common Stock — The total number of authorized shares of our common stock reserved as of March 31, 2018 was 6,980,081 . These shares are reserved in connection with our stock-based compensation plans. The following is a summary of changes in outstanding shares of common stock for the years ended March 31, 2018 and 2017 : Shares Weighted Average Price Per Share Outstanding as of March 31, 2016 34,976,743 Issuance of restricted stock 237,248 $ 17.41 Outstanding as of March 31, 2017 35,213,991 Issuance of restricted stock 312,634 $ 11.27 Outstanding as of March 31, 2018 35,526,625 Restrictions on Foreign Ownership of Common Stock — Under the Federal Aviation Act of 1958, as amended (the “Federal Aviation Act”), it is unlawful to operate certain aircraft for hire within the U.S. unless such aircraft are registered with the Federal Aviation Administration (the “FAA”) and the FAA has issued an operating certificate to the operator. As a general rule, aircraft may be registered under the Federal Aviation Act only if the aircraft are owned or controlled by one or more citizens of the U.S. and an operating certificate may be granted only to a citizen of the U.S. For purposes of these requirements, a corporation is deemed to be a citizen of the U.S. only if, among other things, at least 75% of its voting interests are owned or controlled by U.S. citizens. If persons other than U.S. citizens should come to own or control more than 25% of our voting interest or if any other requirements are not met, we have been advised that our aircraft may be subject to deregistration under the Federal Aviation Act, and we may lose our ability to operate within the U.S. Deregistration of our aircraft for any reason, including foreign ownership in excess of permitted levels, would have a material adverse effect on our ability to conduct certain operations within our Americas region. Therefore, our organizational documents currently provide for the automatic suspension of voting rights of shares of our common stock owned or controlled by non-U.S. citizens, and our right to redeem those shares, to the extent necessary to comply with these requirements. As of March 31, 2018 , approximately 6,214,000 shares of our common stock were held by persons with foreign addresses. These shares represented approximately 17% of our total outstanding common shares as of March 31, 2018 . Our foreign ownership may fluctuate on each trading day because our common stock is publicly traded. Dividends — In August 2017, we suspended our quarterly dividend as part of a broader plan of reducing costs and improving liquidity. Prior to that, we paid quarterly dividends of $0.07 per share during the first quarter of fiscal year 2018 and each quarter of fiscal year 2017 , quarterly dividends of $0.34 per share during the first, second and third quarters of fiscal year 2016 and a dividend of $0.07 per share during the fourth quarter of fiscal year 2016 . For fiscal years 2018 , 2017 and 2016 , we paid dividends totaling $2.5 million , $9.8 million and $38.1 million , respectively, to our stockholders. 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. 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: Fiscal Year Ended March 31, 2018 2017 2016 Options: Outstanding 2,890,140 1,815,020 1,194,783 Weighted average exercise price $ 38.77 $ 31.98 $ 62.11 Restricted stock awards: Outstanding 547,927 541,014 286,804 Weighted average price $ 21.00 $ 26.76 $ 37.27 The following table sets forth the computation of basic and diluted earnings per share: Fiscal Year Ended March 31, 2018 2017 2016 Loss (in thousands): Loss available to common stockholders – basic $ (195,658 ) $ (170,536 ) $ (73,940 ) Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) — — — Loss available to common stockholders $ (195,658 ) $ (170,536 ) $ (73,940 ) Shares: Weighted average number of common shares outstanding – basic 35,288,579 35,044,040 34,893,844 Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1) — — — Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method — — — Weighted average number of common shares outstanding – diluted (2) 35,288,579 35,044,040 34,893,844 Basic loss per common share $ (5.54 ) $ (4.87 ) $ (2.12 ) Diluted loss per common share $ (5.54 ) $ (4.87 ) $ (2.12 ) _____________ (1) Diluted earnings per common share for fiscal year 2018 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 4½% Convertible Senior Notes. The 4½% Convertible Senior Notes will be convertible, under certain circumstances, into cash, shares of our common stock or a combination of cash and our common stock, at our election. We have initially elected combination settlement. As of March 31, 2018 , the base conversion price of the notes was approximately $15.64 , based on the base conversion rate of 63.9488 shares of common stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances). In general, upon conversion of a note, the holder will receive 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. Such shares did not impact our calculation of diluted earnings per share for fiscal year 2018 as our average stock price during the year did not meet or exceed the conversion requirements. (2) Potentially dilutive shares issuable pursuant to our Warrant Transactions were not included in the computation of diluted income per share for fiscal year 2018 , because to do so would have been anti-dilutive. For further details on the Warrant Transactions, see Note 4 . 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) Unrealized loss on cash flow hedges (2) Total Balance as of March 31, 2015 $ (39,066 ) $ (231,263 ) $ — $ (270,329 ) Other comprehensive loss before reclassification (20,195 ) (5,583 ) — (25,778 ) Reclassified from accumulated other comprehensive loss — 6,288 — 6,288 Net current period other comprehensive income (loss) (20,195 ) 705 — (19,490 ) Foreign exchange rate impact (8,104 ) 8,104 — — Balance as of March 31, 2016 (67,365 ) (222,454 ) — (289,819 ) Other comprehensive loss before reclassification (26,947 ) (17,142 ) — (44,089 ) Reclassified from accumulated other comprehensive loss — 5,631 — 5,631 Net current period other comprehensive loss (26,947 ) (11,511 ) — (38,458 ) Foreign exchange rate impact (55,409 ) 55,409 — — Balance as of March 31, 2017 (149,721 ) (178,556 ) — (328,277 ) Other comprehensive income before reclassification 30,196 3,713 (414 ) 33,495 Reclassified from accumulated other comprehensive loss — 8,620 68 8,688 Net current period other comprehensive income (loss) 30,196 12,333 (346 ) 42,183 Foreign exchange rate impact 40,459 (40,459 ) — — Balance as of March 31, 2018 $ (79,066 ) $ (206,682 ) $ (346 ) $ (286,094 ) _______________ (1) Reclassification of amounts related to pension liability adjustments were included as a component of net periodic pension cost. (1) Reclassification of amounts related to cash flow hedges were included as direct costs. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [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 two hubs that include 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, Guyana, Suriname, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all our operations and affiliates in Australia and Asia, including Malaysia and Sakhalin. Prior to the sale of Bristow Academy on November 1, 2017, we operated a training unit, Bristow Academy, which was included in Corporate and other. The following tables show region information for fiscal years 2018 , 2017 and 2016 , and as of March 31, 2018 and 2017 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our consolidated financial statements (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Region gross revenue from external clients: Europe Caspian $ 793,630 $ 734,344 $ 858,144 Africa 195,681 204,522 255,254 Americas 228,658 217,500 283,565 Asia Pacific 222,500 233,902 296,840 Corporate and other 4,493 10,234 21,710 Total region gross revenue $ 1,444,962 $ 1,400,502 $ 1,715,513 Intra-region gross revenue: Europe Caspian $ 5,655 $ 6,722 $ 5,708 Africa — — 2 Americas 8,995 4,465 7,834 Asia Pacific — 1 2 Corporate and other 27 332 2,209 Total intra-region gross revenue $ 14,677 $ 11,520 $ 15,755 Consolidated gross revenue reconciliation: Europe Caspian $ 799,285 $ 741,066 $ 863,852 Africa 195,681 204,522 255,256 Americas 237,653 221,965 291,399 Asia Pacific 222,500 233,903 296,842 Corporate and other 4,520 10,566 23,919 Intra-region eliminations (14,677 ) (11,520 ) (15,755 ) Total consolidated gross revenue $ 1,444,962 $ 1,400,502 $ 1,715,513 Fiscal Year Ended March 31, 2018 2017 2016 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian $ 191 $ 273 $ 310 Americas 4,302 5,207 (2,117 ) Corporate and other (273 ) (603 ) — Total earnings from unconsolidated affiliates, net of losses – equity method investments $ 4,220 $ 4,877 $ (1,807 ) Consolidated operating loss reconciliation: Europe Caspian $ 22,774 $ 13,840 $ 50,406 Africa 32,326 30,179 19,702 Americas (1) (73,057 ) 4,224 34,463 Asia Pacific (24,290 ) (20,870 ) 4,073 Corporate and other (88,996 ) (104,616 ) (118,796 ) Loss on disposal of assets (17,595 ) (14,499 ) (30,693 ) Total consolidated operating loss $ (148,838 ) $ (91,742 ) $ (40,845 ) Capital expenditures: Europe Caspian $ 24,797 $ 44,024 $ 127,072 Africa 3,769 4,575 1,386 Americas 2,523 8,275 92,418 Asia Pacific 6,795 15,086 23,745 Corporate and other (2) 8,403 63,150 127,754 Total capital expenditures $ 46,287 $ 135,110 $ 372,375 Depreciation and amortization: Europe Caspian $ 48,854 $ 39,511 $ 41,509 Africa 13,705 16,664 29,337 Americas 27,468 32,727 36,371 Asia Pacific 19,695 19,091 20,526 Corporate and other 14,320 10,755 9,069 Total depreciation and amortization (3) $ 124,042 $ 118,748 $ 136,812 March 31, 2018 2017 Identifiable assets: Europe Caspian $ 1,087,437 $ 1,091,536 Africa 374,121 325,719 Americas 788,879 809,071 Asia Pacific 342,166 433,614 Corporate and other (4) 572,399 453,907 Total identifiable assets $ 3,165,002 $ 3,113,847 March 31, 2018 2017 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 270 $ 257 Americas 116,276 200,362 Corporate and other 3,338 3,257 Total investments in unconsolidated affiliates – equity method investments $ 119,884 $ 203,876 _______________ (1) Includes an impairment of our investment in Líder of $85.7 million for fiscal year 2018. For further details, see Note 1 . (2) Includes $2.3 million , $39.5 million and $84.8 million of construction in progress payments that were not allocated to business units in fiscal years 2018 , 2017 and 2016 , respectively. (3) Includes accelerated depreciation expense of $10.4 million during fiscal year 2017 related to aircraft where management made the decision to exit certain model types earlier than originally anticipated in our Europe Caspian, Americas and Africa regions of $0.5 million , $3.9 million and $6.0 million , respectively. We recorded accelerated depreciation expense of $28.7 million during fiscal year 2016 related to aircraft where management made the decision to exit certain model types earlier than originally anticipated in our Europe Caspian, Americas, Africa and Asia Pacific regions of $0.6 million $6.0 million , $16.8 million and $5.3 million , respectively. For further details, see Note 3 . (4) Includes $67.7 million and $199.3 million of construction in progress within property and equipment on our consolidated balance sheets as of March 31, 2018 and 2017 , respectively, which primarily represents progress payments on aircraft and facilities under construction to be delivered in future periods. We attribute revenue to various countries based on the location where services are actually performed. Long-lived assets consist primarily of helicopters and fixed wing aircraft and are attributed to various countries based on the physical location of the asset at a given fiscal year-end. Information by geographic area is as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Gross revenue: United Kingdom $ 530,948 $ 510,796 $ 587,493 Norway 258,878 218,848 225,807 Australia 199,264 216,562 272,407 Nigeria 195,681 204,521 246,449 United States 103,047 87,234 158,901 Canada 61,701 61,877 61,257 Trinidad 53,144 57,531 55,423 Falkland Islands — 1,935 44,724 Other countries 42,299 41,198 63,052 $ 1,444,962 $ 1,400,502 $ 1,715,513 March 31, 2018 2017 Long-lived assets: United Kingdom $ 630,555 $ 600,948 Australia 226,085 317,944 United States 410,651 298,804 Norway 156,593 268,892 Nigeria 293,781 228,863 Canada 193,092 204,842 Trinidad 80,497 118,058 Other countries 9,056 16,738 Construction in progress primarily attributable to aircraft (1) 67,710 199,275 $ 2,068,020 $ 2,254,364 _______________ (1) These costs have been disclosed separately as the physical location where the aircraft will ultimately be operated is subject to change. During fiscal year 2018 , we conducted operations in over 10 countries. Due to the nature of our principal assets, aircraft are regularly and routinely moved between operating areas (both domestic and foreign) to meet changes in market and operating conditions. During fiscal years 2018 and 2017 , one client accounted for 10% or more of our consolidated gross revenue. During fiscal year 2016 , two clients accounted for over 10% or more of our consolidated gross revenue. During fiscal year 2018 , our top ten clients accounted for 61% of consolidated gross revenue. |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (Unaudited) | 12 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (Unaudited) | QUARTERLY FINANCIAL INFORMATION (Unaudited) Fiscal Quarter Ended June 30 (1)(2) September 30 (3)(4) December 31 (5)(6) March 31 (7)(8) (In thousands, except per share amounts) Fiscal year 2018 Gross revenue $ 352,109 $ 373,676 $ 360,735 $ 358,442 Operating loss (9) (24,589 ) (12,917 ) (3,497 ) (107,835 ) Net loss attributable to Bristow Group (9) (55,275 ) (31,209 ) (8,273 ) (100,901 ) Loss per share: Basic $ (1.57 ) $ (0.88 ) $ (0.23 ) $ (2.84 ) Diluted $ (1.57 ) $ (0.88 ) $ (0.23 ) $ (2.84 ) Fiscal year 2017 Gross revenue $ 369,398 $ 357,467 $ 337,443 $ 336,194 Operating loss (9) (26,235 ) (26,882 ) (19,097 ) (19,528 ) Net loss attributable to Bristow Group (9) (40,772 ) (29,797 ) (21,927 ) (78,040 ) Loss per share: Basic $ (1.17 ) $ (0.85 ) $ (0.62 ) $ (2.22 ) Diluted $ (1.17 ) $ (0.85 ) $ (0.62 ) $ (2.22 ) _______________ (1) Operating loss, net loss and diluted loss per share for the fiscal quarter ended June 30, 2017 included: (a) a negative impact of $9.7 million , $6.6 million , and $0.19 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization and (b) a negative impact of $1.2 million , $0.8 million and $0.02 , respectively, due to impairment of inventories. Net loss and diluted loss per share for the fiscal quarter ended June 30, 2017 included a negative impact of $14.9 million and $0.42 , respectively, due to tax items that include a one-time non-cash tax effect from repositioning of certain aircraft from one tax jurisdiction to another related to recent financing transactions and the valuation of deferred tax assets. (2) Operating loss, net loss and diluted loss per share for the fiscal quarter ended June 30, 2016 included: (a) a negative impact of $6.6 million , $4.3 million and $0.12 , respectively, from organizational restructuring costs to increase efficiency and reduce costs across the organization and (b) a negative impact of $6.9 million , $4.5 million and $0.13 due to fleet changes that resulted in additional depreciation expense. Net loss and diluted loss per share for the fiscal quarter ended June 30, 2016 included a negative impact of $13.2 million and $0.38 , respectively due to tax valuable allowances. (3) Operating loss, net loss and diluted loss per share for the fiscal quarter ended September 30, 2017 included a negative impact of $2.7 million , $2.2 million , and $0.06 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization. Net loss and diluted loss per share for the fiscal quarter ended September 30, 2017 included a negative impact of $3.2 million and $0.09 , respectively, due to tax items that include a one-time non-cash tax effect from repositioning of certain aircraft from one tax jurisdiction to another related to recent financing transactions and the valuation of deferred tax assets. (4) Operating loss, net loss and diluted loss per share for the fiscal quarter ended September 30, 2016 included: (a) a negative impact of $10.7 million , $7.3 million and $0.21 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization, (b) a negative impact of $1.3 million , $0.9 million and $0.02 , respectively, due to fleet changes that resulted in additional depreciation expense and (c) a negative impact of $7.6 million , $5.3 million and $0.15 ,respectively, due to impairment charges on inventory. Net loss and diluted loss per share for the fiscal quarter ended September 30, 2016 included a negative impact of $2.5 million and $0.07 , respectively, due to tax valuation allowances. (5) Operating loss, net loss and diluted loss per share for the fiscal quarter ended December 31, 2017 included a negative impact of $2.8 million , $2.5 million , and $0.07 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization. Net loss and diluted loss per share for the fiscal quarter ended December 31, 2017 included a positive impact of $15.1 million and $0.42 , respectively, due to tax items that include a one-time non-cash benefit related to the revaluation of net deferred tax liabilities to a lower tax rate resulting from the Act in December 2017 offset by the negative impact of deemed repatriation of foreign earnings under the Act. (6) Operating loss, net loss and diluted loss per share for the fiscal quarter ended December 31, 2016 included: (a) a negative impact of $0.8 million , $0.6 million and $0.02 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization, (b) a negative impact of $1.1 million , $0.8 million and $0.02 respectively, due to fleet changes that resulted in additional depreciation expense and (c) a negative impact of $8.7 million , $7.9 million and $0.22 , respectively, due to impairment of goodwill related to Eastern Airways. Net loss and diluted loss per share for the fiscal quarter ended December 31, 2016 included a negative impact of $3.7 million and $0.10 , respectively, due to tax valuation allowances. (7) Operating loss, net loss and diluted loss per share for the fiscal quarter ended March 31, 2018 included a negative impact of $90.2 million , $62.4 million , and $1.76 , respectively, from loss on impairment, a negative impact of $8.5 million , $6.0 million , and $0.17 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization. Net loss and diluted loss per share for the fiscal quarter ended March 31, 2018 included: (a) a positive impact of $25.8 million and $0.73 , respectively, for a one-time non-cash tax effect from the true-up of the one-time transition tax on the repatriation of foreign earnings under the Act and net reversal of valuation allowances on deferred tax assets, partially offset by expense related to the true-up of the revaluation of net deferred tax liabilities to a lower tax rate resulting from the Act and (b) a negative impact of $1.3 million and $0.04 , respectively, due to early extinguishment of debt. (8) Operating loss, net loss and diluted loss per share for the fiscal quarter ended March 31, 2017 included: (a) a negative impact of $2.8 million , $2.1 million and $0.06 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization, (b) a negative impact of $1.1 million , $0.7 million and $0.02 , respectively, due to fleet changes that resulted in additional depreciation expense and (c) a positive impact of $5.9 million , $5.9 million and $0.17 , respectively, from the reversal of Airnorth contingent consideration. Net loss and diluted loss per share for the fiscal quarter ended March 31, 2016 included a negative impact of $40.0 million and $1.14 , respectively, due to tax items that include a one-time non-cash tax effect from repositioning of certain aircraft from one tax jurisdiction to another related to recent financing transactions and the valuation of deferred tax assets. (9) The fiscal quarters ended June 30, September 30 and December 31, 2017 , and March 31, 2018 included $0.7 million , $(8.5) million , $(4.6) million and $(5.2) million , respectively, in gain (loss) on disposal of assets included in operating loss which also increased net loss by $3.9 million , $14.1 million , $2.5 million and $40.1 million , respectively, and diluted loss per share by $0.11 , $0.40 , $0.07 and $1.13 , respectively. The fiscal quarters ended June 30, September 30 , December 31, 2016 , and March 31, 2017 included $10.0 million , $2.2 million , $0.9 million and $1.4 million , respectively in loss on disposal of assets included in operating loss which also impacted net loss by $(6.8) million , $(1.5) million , $1.1 million and $(0.8) million , respectively, and diluted loss per share by $(0.19) , $(0.04) , $0.03 and $(0.02) , respectively. |
SUPPLEMENTAL CONDENSED CONSOLID
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 12 Months Ended |
Mar. 31, 2018 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION The Company has registered senior notes (see Note 4 ) that the Guarantor Subsidiaries have fully, unconditionally, jointly and severally guaranteed. The Company has also issued certain other unregistered debt securities that have been fully, unconditionally, jointly and severally guaranteed by the Guarantor Subsidiaries that also guarantee the registered senior notes. 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 intercompany 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 Fiscal Year Ended March 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ 233 $ 187,333 $ 1,257,396 $ — $ 1,444,962 Intercompany revenue — 118,807 — (118,807 ) — 233 306,140 1,257,396 (118,807 ) 1,444,962 Operating expense: Direct cost and reimbursable expense 3,442 200,178 978,894 — 1,182,514 Intercompany expenses — — 118,807 (118,807 ) — Depreciation and amortization 12,031 53,034 58,977 — 124,042 General and administrative 54,598 27,401 102,988 — 184,987 70,071 280,613 1,259,666 (118,807 ) 1,491,543 Loss on impairment — (1,192 ) (90,208 ) — (91,400 ) Gain (loss) on disposal of assets (1,995 ) 5,112 (20,712 ) — (17,595 ) Earnings from unconsolidated affiliates, net of losses (104,396 ) — 6,738 104,396 6,738 Operating income (loss) (176,229 ) 29,447 (106,452 ) 104,396 (148,838 ) Interest expense, net (42,871 ) (22,942 ) (11,247 ) — (77,060 ) Other income (expense), net (168 ) (1,038 ) (1,870 ) — (3,076 ) Income (loss) before (provision) benefit for income taxes (219,268 ) 5,467 (119,569 ) 104,396 (228,974 ) Allocation of consolidated income taxes 23,661 11,196 (3,966 ) — 30,891 Net income (loss) (195,607 ) 16,663 (123,535 ) 104,396 (198,083 ) Net (income) loss attributable to noncontrolling interests (51 ) — 2,476 — 2,425 Net income (loss) attributable to Bristow Group $ (195,658 ) $ 16,663 $ (121,059 ) $ 104,396 $ (195,658 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net income (loss) $ (195,607 ) $ 16,663 $ (123,535 ) $ 104,396 $ (198,083 ) Other comprehensive income (loss): Currency translation adjustments — 992 91,737 (66,802 ) 25,927 Pension liability adjustment — — 12,333 — 12,333 Unrealized loss on cash flow hedges, net of tax benefit — — (346 ) — (346 ) Total comprehensive income (loss) (195,607 ) 17,655 (19,811 ) 37,594 (160,169 ) Net (income) loss attributable to noncontrolling interests (51 ) — 2,476 — 2,425 Currency translation adjustments attributable to noncontrolling interests — — 4,269 — 4,269 Total comprehensive (income) loss attributable to noncontrolling interests (51 ) — 6,745 — 6,694 Total comprehensive income (loss) attributable to Bristow Group $ (195,658 ) $ 17,655 $ (13,066 ) $ 37,594 $ (153,475 ) Supplemental Condensed Consolidating Balance Sheet As of March 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 277,176 $ 8,904 $ 94,143 $ — $ 380,223 Accounts receivable 211,412 423,214 250,984 (638,630 ) 246,980 Inventories — 31,300 98,314 — 129,614 Assets held for sale — 26,737 3,611 — 30,348 Prepaid expenses and other current assets 3,367 4,494 41,016 (1,643 ) 47,234 Total current assets 491,955 494,649 488,068 (640,273 ) 834,399 Intercompany investment 2,199,505 104,435 141,683 (2,445,623 ) — Investment in unconsolidated affiliates — — 126,170 — 126,170 Intercompany notes receivable 183,634 36,358 368,575 (588,567 ) — Property and equipment - at cost: Land and buildings 4,806 58,191 187,043 — 250,040 Aircraft and equipment 156,651 1,326,922 1,027,558 — 2,511,131 161,457 1,385,113 1,214,601 — 2,761,171 Less – Accumulated depreciation and amortization (39,780 ) (263,412 ) (389,959 ) — (693,151 ) 121,677 1,121,701 824,642 — 2,068,020 Goodwill — — 19,907 — 19,907 Other assets 4,966 2,122 109,418 — 116,506 Total assets $ 3,001,737 $ 1,759,265 $ 2,078,463 $ (3,674,463 ) $ 3,165,002 LIABILITIES AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 341,342 $ 175,133 $ 201,704 $ (616,909 ) $ 101,270 Accrued liabilities 59,070 6,735 166,026 (21,955 ) 209,876 Short-term borrowings and current maturities of long-term debt 840,485 296,782 338,171 — 1,475,438 Total current liabilities 1,240,897 478,650 705,901 (638,864 ) 1,786,584 Long-term debt, less current maturities — — 11,096 — 11,096 Intercompany notes payable 132,740 370,407 41,001 (544,148 ) — Accrued pension liabilities — — 37,034 — 37,034 Other liabilities and deferred credits 14,078 7,924 14,950 — 36,952 Deferred taxes 77,373 27,794 10,025 — 115,192 Stockholders’ investment: Common stock 382 4,996 131,317 (136,313 ) 382 Additional paid-in-capital 852,565 29,387 284,048 (313,435 ) 852,565 Retained earnings 788,834 838,727 473,712 (1,312,439 ) 788,834 Accumulated other comprehensive income (loss) 78,306 1,380 363,484 (729,264 ) (286,094 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,535,291 874,490 1,252,561 (2,491,451 ) 1,170,891 Noncontrolling interests 1,358 — 5,895 — 7,253 Total stockholders’ investment 1,536,649 874,490 1,258,456 (2,491,451 ) 1,178,144 Total liabilities and stockholders’ investment $ 3,001,737 $ 1,759,265 $ 2,078,463 $ (3,674,463 ) $ 3,165,002 Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (125,596 ) $ 61,757 $ 44,295 $ — $ (19,544 ) Cash flows from investing activities: Capital expenditures (8,902 ) (9,754 ) (105,111 ) 77,480 (46,287 ) Proceeds from asset dispositions — 85,785 40,435 (77,480 ) 48,740 Proceeds from OEM cost recoveries — — 94,463 — 94,463 Net cash provided by (used in) investing activities (8,902 ) 76,031 29,787 — 96,916 Cash flows from financing activities: Proceeds from borrowings 665,106 — 231,768 — 896,874 Debt issuance costs (11,677 ) (552 ) (8,331 ) — (20,560 ) Repayment of debt (621,902 ) (18,512 ) (31,153 ) — (671,567 ) Purchase of 4½ Convertible Senior Notes call option (40,393 ) — — — (40,393 ) Proceeds from issuance of warrants 30,259 — — — 30,259 Partial prepayment of put/call obligation (49 ) — — — (49 ) Dividends paid to noncontrolling interest — — (331 ) — (331 ) Dividends paid 217,802 — (220,267 ) — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 171,886 (110,119 ) (61,767 ) — — Repurchases for tax withholdings on vesting of equity awards (2,740 ) — — — (2,740 ) Net cash provided by (used in) financing activities 408,292 (129,183 ) (90,081 ) — 189,028 Effect of exchange rate changes on cash and cash equivalents — — 17,167 — 17,167 Net increase in cash and cash equivalents 273,794 8,605 1,168 — 283,567 Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 277,176 $ 8,904 $ 94,143 $ — $ 380,223 Supplemental Condensed Consolidating Statement of Operations Fiscal Year Ended March 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 170,306 $ 1,230,196 $ — $ 1,400,502 Intercompany revenue — 114,196 — (114,196 ) — — 284,502 1,230,196 (114,196 ) 1,400,502 Operating expense: Direct cost and reimbursable expense 77 202,974 951,246 — 1,154,297 Intercompany expenses — — 114,196 (114,196 ) — Depreciation and amortization 9,513 51,784 57,451 — 118,748 General and administrative 64,278 23,055 108,034 — 195,367 73,868 277,813 1,230,927 (114,196 ) 1,468,412 Loss on impairment — (4,761 ) (11,517 ) — (16,278 ) Gain (loss) on disposal of assets — (15,576 ) 1,077 — (14,499 ) Earnings from unconsolidated affiliates, net of losses (28,119 ) — 6,903 28,161 6,945 Operating loss (101,987 ) (13,648 ) (4,268 ) 28,161 (91,742 ) Interest expense, net (43,581 ) (3,480 ) (2,858 ) — (49,919 ) Other income (expense), net 1,257 3,883 (7,781 ) — (2,641 ) Loss before (provision) benefit for income taxes (144,311 ) (13,245 ) (14,907 ) 28,161 (144,302 ) Allocation of consolidated income taxes (26,175 ) (10,862 ) 4,449 — (32,588 ) Net loss (170,486 ) (24,107 ) (10,458 ) 28,161 (176,890 ) Net (income) loss attributable to noncontrolling interests (50 ) — 6,404 — 6,354 Net loss attributable to Bristow Group $ (170,536 ) $ (24,107 ) $ (4,054 ) $ 28,161 $ (170,536 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net loss $ (170,486 ) $ (24,107 ) $ (10,458 ) $ 28,161 $ (176,890 ) Other comprehensive income (loss): Currency translation adjustments — 388 209,065 (231,089 ) (21,636 ) Pension liability adjustment — — (11,511 ) — (11,511 ) Total comprehensive income (loss) (170,486 ) (23,719 ) 187,096 (202,928 ) (210,037 ) Net (income) loss attributable to noncontrolling interests (50 ) — 6,404 — 6,354 Currency translation adjustment attributable to noncontrolling interest — — (5,311 ) — (5,311 ) Total comprehensive income (loss) attributable to noncontrolling interests (50 ) — 1,093 — 1,043 Total comprehensive income (loss) attributable to Bristow Group $ (170,536 ) $ (23,719 ) $ 188,189 $ (202,928 ) $ (208,994 ) Supplemental Condensed Consolidating Balance Sheet As of March 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 3,382 $ 299 $ 92,975 $ — $ 96,656 Accounts receivable 76,383 288,235 212,900 (370,603 ) 206,915 Inventories — 34,721 90,190 — 124,911 Assets held for sale — 30,716 7,530 — 38,246 Prepaid expenses and other current assets 3,237 4,501 43,856 (10,451 ) 41,143 Total current assets 83,002 358,472 447,451 (381,054 ) 507,871 Intercompany investment 2,486,682 104,435 126,296 (2,717,413 ) — Investment in unconsolidated affiliates — — 210,162 — 210,162 Intercompany notes receivable 306,641 37,633 39,706 (383,980 ) — Property and equipment - at cost: Land and buildings 4,806 62,114 164,528 — 231,448 Aircraft and equipment 151,005 1,199,073 1,272,623 — 2,622,701 155,811 1,261,187 1,437,151 — 2,854,149 Less – Accumulated depreciation and amortization (29,099 ) (258,225 ) (312,461 ) — (599,785 ) 126,712 1,002,962 1,124,690 — 2,254,364 Goodwill — — 19,798 — 19,798 Other assets 18,770 2,139 100,743 — 121,652 Total assets $ 3,021,807 $ 1,505,641 $ 2,068,846 $ (3,482,447 ) $ 3,113,847 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 231,841 $ 70,434 $ 151,382 $ (355,442 ) $ 98,215 Accrued liabilities 61,791 17,379 137,653 (25,628 ) 191,195 Deferred taxes (1,272 ) 2,102 — — 830 Short-term borrowings and current maturities of long-term debt 79,053 17,432 34,578 — 131,063 Total current liabilities 371,413 107,347 323,613 (381,070 ) 421,303 Long-term debt, less current maturities 763,325 284,710 102,921 — 1,150,956 Intercompany notes payable 70,689 226,091 87,200 (383,980 ) — Accrued pension liabilities — — 61,647 — 61,647 Other liabilities and deferred credits 11,597 6,229 11,073 — 28,899 Deferred taxes 112,716 40,344 1,813 — 154,873 Redeemable noncontrolling interest — — 6,886 — 6,886 Stockholders’ investment: Common stock 379 20,028 115,317 (135,345 ) 379 Additional paid-in-capital 809,995 29,387 284,048 (313,435 ) 809,995 Retained earnings 986,957 791,117 815,038 (1,606,155 ) 986,957 Accumulated other comprehensive income (loss) 78,306 388 255,491 (662,462 ) (328,277 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,690,841 840,920 1,469,894 (2,717,397 ) 1,284,258 Noncontrolling interests 1,226 — 3,799 — 5,025 Total stockholders’ investment 1,692,067 840,920 1,473,693 (2,717,397 ) 1,289,283 Total liabilities, redeemable noncontrolling interest and stockholders’ investment $ 3,021,807 $ 1,505,641 $ 2,068,846 $ (3,482,447 ) $ 3,113,847 Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (100,841 ) $ 18,359 $ 94,019 $ — $ 11,537 Cash flows from investing activities: Capital expenditures (16,544 ) (25,756 ) (92,810 ) — (135,110 ) Proceeds from asset dispositions — 16,346 2,125 — 18,471 Deposit received on asset held for sale — 290 — — 290 Net cash used in investing activities (16,544 ) (9,120 ) (90,685 ) — (116,349 ) Cash flows from financing activities: Proceeds from borrowings 300,600 309,889 97,778 — 708,267 Payment of contingent consideration — — (10,000 ) — (10,000 ) Debt issuance costs (2,925 ) (4,199 ) (886 ) — (8,010 ) Repayment of debt and debt redemption premiums (533,500 ) (5,016 ) (31,812 ) — (570,328 ) Partial prepayment of put/call obligation (49 ) — — — (49 ) Dividends to noncontrolling interest — — (2,533 ) — (2,533 ) Dividends paid 13,780 (21,226 ) (2,385 ) — (9,831 ) Increases (decreases) in cash related to intercompany advances and debt 308,455 (291,781 ) (16,674 ) — — Repurchases for tax withholdings on vesting of equity awards (835 ) — — — (835 ) Net cash provided by (used in) financing activities 85,526 (12,333 ) 33,488 — 106,681 Effect of exchange rate changes on cash and cash equivalents — — (9,523 ) — (9,523 ) Net increase (decrease) in cash and cash equivalents (31,859 ) (3,094 ) 27,299 — (7,654 ) Cash and cash equivalents at beginning of period 35,241 3,393 65,676 — 104,310 Cash and cash equivalents at end of period $ 3,382 $ 299 $ 92,975 $ — $ 96,656 Supplemental Condensed Consolidating Statement of Operations Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 229,499 $ 1,486,014 $ — $ 1,715,513 Intercompany revenue — 87,673 — (87,673 ) — — 317,172 1,486,014 (87,673 ) 1,715,513 Operating expense: Direct cost and reimbursable expense 320 192,500 1,116,545 — 1,309,365 Intercompany expenses — — 87,673 (87,673 ) — Depreciation and amortization 7,137 60,312 69,363 — 136,812 General and administrative 68,787 27,440 128,418 — 224,645 76,244 280,252 1,401,999 (87,673 ) 1,670,822 Loss on impairment — (7,264 ) (47,840 ) — (55,104 ) Loss on disposal of assets — (21,579 ) (9,114 ) — (30,693 ) Earnings from unconsolidated affiliates, net of losses 1,271 — 220 (1,230 ) 261 Operating income (loss) (74,973 ) 8,077 27,281 (1,230 ) (40,845 ) Interest expense, net (30,167 ) (3,859 ) (102 ) — (34,128 ) Other income (expense), net 400 499 (5,157 ) — (4,258 ) Income (loss) before (provision) benefit for income taxes (104,740 ) 4,717 22,022 (1,230 ) (79,231 ) Allocation of consolidated income taxes 32,355 (3,546 ) (26,727 ) — 2,082 Net income (loss) (72,385 ) 1,171 (4,705 ) (1,230 ) (77,149 ) Net (income) loss attributable to noncontrolling interests (57 ) — 4,764 — 4,707 Net income (loss) attributable to Bristow Group (72,442 ) 1,171 59 (1,230 ) (72,442 ) Accretion of redeemable noncontrolling interests — — (1,498 ) — (1,498 ) Net income (loss) attributable to common stockholders $ (72,442 ) $ 1,171 $ (1,439 ) $ (1,230 ) $ (73,940 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net income (loss) $ (72,385 ) $ 1,171 $ (4,705 ) $ (1,230 ) $ (77,149 ) Other comprehensive income (loss): Currency translation adjustments 2 — (186,812 ) 165,206 (21,604 ) Pension liability adjustment — — 705 — 705 Total comprehensive income (loss) (72,383 ) 1,171 (190,812 ) 163,976 (98,048 ) Net income attributable to noncontrolling interests (57 ) — 4,764 — 4,707 Currency translation adjustments attributable to noncontrolling interests — — 1,409 — 1,409 Total comprehensive income attributable to noncontrolling interests (57 ) — 6,173 — 6,116 Total comprehensive income (loss) attributable to Bristow Group (72,440 ) 1,171 (184,639 ) 163,976 (91,932 ) Accretion of redeemable noncontrolling interests — — (1,498 ) — (1,498 ) Total comprehensive income (loss) attributable to common stockholders $ (72,440 ) $ 1,171 $ (186,137 ) $ 163,976 $ (93,430 ) Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (94,292 ) $ 104,989 $ 107,534 $ — $ 118,231 Cash flows from investing activities: Capital expenditures (31,223 ) (239,773 ) (101,379 ) — (372,375 ) Proceeds from asset dispositions — 50,780 9,255 — 60,035 Investment in unconsolidated affiliates — — (4,410 ) — (4,410 ) Net cash used in investing activities (31,223 ) (188,993 ) (96,534 ) — (316,750 ) Cash flows from financing activities: Proceeds from borrowings 908,225 — 20,577 — 928,802 Payment of contingent consideration — — (9,453 ) — (9,453 ) Debt issuance costs (5,139 ) — — — (5,139 ) Repayment of debt and debt redemption premiums (649,650 ) — (27,353 ) — (677,003 ) Partial prepayment of put/call obligation (55 ) — — — (55 ) Acquisition of noncontrolling interest — — (7,309 ) — (7,309 ) Dividends paid to noncontrolling interests — — (153 ) — (153 ) Dividends paid (38,076 ) — — — (38,076 ) Increases (decreases) in cash related to intercompany advances and debt (52,470 ) 86,513 (34,043 ) — — Repurchases for tax withholdings on vesting of equity awards (2,205 ) — — — (2,205 ) Net cash provided by (used in) financing activities 160,630 86,513 (57,734 ) — 189,409 Effect of exchange rate changes on cash and cash equivalents — — 9,274 — 9,274 Net increase (decrease) in cash and cash equivalents 35,115 2,509 (37,460 ) — 164 Cash and cash equivalents at beginning of period 126 884 103,136 — 104,146 Cash and cash equivalents at end of period $ 35,241 $ 3,393 $ 65,676 $ — $ 104,310 |
OPERATIONS, BASIS OF PRESENTA_2
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation policy | The consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities after elimination of all significant intercompany accounts and transactions. Investments in affiliates in which we have a majority voting interest and entities that meet the criteria of Variable Interest Entities (“VIEs”) of which we are the primary beneficiary are consolidated. See discussion of VIEs in Note 2 . We apply the equity method of accounting for investments in entities if we have the ability to exercise significant influence over an entity that (a) does not meet the variable interest entity criteria or (b) meets the variable interest entity criteria, but for which we are not deemed to be the primary beneficiary. We apply the cost method of accounting for investments in other entities if we do not have the ability to exercise significant influence over the unconsolidated affiliate. These investments in private companies are carried at cost and are adjusted only for capital distributions and other-than-temporary declines in value. Dividends from cost method investments are recognized in earnings from unconsolidated affiliates, net of losses, when paid. |
Fiscal period policy | Our fiscal year ends March 31, and we refer to fiscal years based on the end of such period. Therefore, the fiscal year ended March 31, 2018 is referred to as fiscal year 2018 . |
Reclassification policy | Certain reclassifications of prior period information have been made to conform to the presentation of the current period information as a result of an adoption of a required accounting standard. In prior period financial statements, we had included employee taxes paid for withheld shares as a cash flow operating activity. During fiscal year 2018, we have reclassified employee taxes paid for withheld shares to be presented as a cash flow financing activity as a result of the adoption of new accounting standards effective April 1, 2017. These reclassifications had no effect on our consolidated statements of operations or our consolidated balance sheet as previously reported. |
Use of estimates policy | The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Areas where accounting estimates are made by management include: • Allowances for doubtful accounts; • Inventory allowances; • Property and equipment; • Goodwill, intangible and other long-lived assets; • Pension benefits; • Contingent liabilities; and • Taxes. |
Cash and cah equivalents policy | Our cash equivalents include funds invested in highly-liquid debt instruments with original maturities of 90 days or less. |
Accounts receivable policy | Trade and other receivables are stated at net realizable value. We grant short-term credit to our clients, primarily major integrated, national and independent oil and gas companies. We establish allowances for doubtful accounts on a case-by-case basis when a determination is made that the required payment is unlikely to occur. In establishing these allowances, we consider a number of factors, including our historical experience, change in our clients’ financial position and restrictions placed on the conversion of local currency into U.S. dollars, as well as disputes with clients regarding the application of contract provisions to our services. |
Inventories policy | Inventories are stated at the lower of average cost or net realizable value and consist primarily of spare parts. |
Property and equipment policy | Property and equipment are stated at cost. Property and equipment includes construction in progress, primarily consisting of progress payments on aircraft purchases and facility construction, of $67.7 million and $199.3 million as of March 31, 2018 and 2017 , respectively. Interest costs applicable to the construction of qualifying assets are capitalized as a component of the cost of such assets. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of aircraft generally range from 5 to 15 years , and the residual value used in calculating depreciation of aircraft generally ranges from 30% to 50% of cost. The estimated useful lives for buildings on owned properties range from 15 to 30 years . Other depreciable assets are depreciated over estimated useful lives ranging from 3 to 15 years , except for leasehold improvements which are depreciated over the lesser of the useful life of the improvement or the lease term (including any period where we have options to renew if it is probable that we will renew the lease). The cost and related accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and the resulting gains or losses are included in gain (loss) on disposal of assets. We capitalize betterments and improvements to our aircraft and depreciate such costs over the remaining useful lives of the aircraft. Betterments and improvements increase the life or utility of an aircraft. |
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 for impairment annually or when events or changes in circumstances indicate that a potential impairment exists. |
Other intangible assets policy | Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. |
Contingent liabilities policy | We establish reserves for estimated loss contingencies when we believe a loss is probable and the amount of the loss can be reasonably estimated. Our contingent liability reserves relate primarily to potential tax assessments, litigation, personal injury claims and environmental liabilities. Results for each reporting period include revisions to contingent liability reserves resulting from different facts or information which becomes known or circumstances which change and affect our previous assumptions with respect to the likelihood or amount of loss. Such revisions are based on information which becomes known or circumstances that change after the reporting date for the previous period through the reporting date of the current period. Reserves for contingent liabilities are based upon our assumptions and estimates regarding the probable outcome of the matter. Should the outcome differ from our assumptions and estimates or other events result in a material adjustment to the accrued estimated reserves, revisions to the estimated reserves for contingent liabilities would be required to be recognized. Legal costs are expensed as incurred. Proceeds from casualty insurance settlements in excess of the carrying value of damaged assets are recognized in gain (loss) on disposal of assets when we have received proof of loss documentation or are otherwise assured of collection of these amounts. |
Impairment of 50% or less owned investments policy | We perform regular reviews of each investee’s financial condition, the business outlook for its products and services, and its present and projected results and cash flows. When an investee has experienced consistent declines in financial performance or difficulties raising capital to continue operations, and when we expect the decline to be other-than-temporary, the investment is written down to fair value. Actual results may vary from estimates due to the uncertainty regarding the projected financial performance of investees, the severity and expected duration of declines in value, and the available liquidity in the capital markets to support the continuing operations of the investees in which we have investments. |
Impairment of long-lived assets policy | Long-lived assets, such as property and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of an asset group to be held and used exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. |
Revenue recognition policy | 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 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 consolidated statements of operations. Eastern Airways and 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. Prior to the sale on November 1, 2017, Bristow Academy, our helicopter training unit, primarily earned revenue from military training, flight training provided to individual students and ground school courses. We recognized revenue from these sources using the same revenue recognition principles described above as services were 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. |
Maintenance and repairs policy | We generally charge maintenance and repair costs, including major aircraft component overhaul costs, to earnings as the costs are incurred. However, certain major aircraft components, such as engines and transmissions, are maintained by third-party vendors under contractual agreements also referred to as power-by-the hour maintenance agreements. Under these agreements, we are charged an agreed amount per hour of flying time related to maintenance, repair and overhaul of the parts and components covered. The costs charged under these contractual agreements are recognized in the period in which the flight hours occur. To the extent that we have not yet been billed for costs incurred under these arrangements, these costs are included in accrued maintenance and repairs on our consolidated balance sheets. From time to time, we receive credits from our original equipment manufacturers as settlement for additional labor and maintenance expense costs incurred for aircraft performance issues. We record these credits as a reduction in maintenance expense when the credits are utilized in lieu of cash payments for purchases or services. The cost of certain major overhauls on owned fixed-wing aircraft operated by Eastern Airways and Airnorth are capitalized when incurred and depreciated over the period until the next expected major overhaul. The cost of major overhauls on leased fixed-wing aircraft operated by Eastern Airways and Airnorth are charged to maintenance and repair costs when incurred. |
Taxes policy | We follow the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are determined based upon temporary differences between the carrying amount and tax basis of our assets and liabilities and measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred income tax assets and liabilities of a change in the tax rates is recognized in income in the period in which the change occurs. We record a valuation reserve when we believe that it is more likely than not that any deferred income tax asset created will not be realized. In assessing the realizability of deferred income tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which such temporary differences become deductible. |
Tax uncertainties policy | We recognize tax benefits attributable to uncertain tax positions when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of benefit (provision) for income taxes in our statement of operations. |
Foreign currency policy | In preparing our financial statements, we must convert all non-U.S. dollar currencies to U.S. dollars. Balance sheet information is presented based on the exchange rate as of the balance sheet date, and statement of operations information is presented based on the average exchange rate for the period. The various components of stockholders’ investment are presented at their historical average exchange rates. The resulting difference after applying the different exchange rates is the currency translation adjustment, which is reported in stockholders’ investment as accumulated other comprehensive gains or losses. Foreign currency transaction gains and losses are recorded in other income (expense), net in our statement of operations and result from the effect of changes in exchange rates on transactions denominated in currencies other than a company’s functional currency, including transactions between consolidated companies. An exception is made where an intercompany loan or advance is deemed to be of a long-term investment nature, in which instance foreign currency transaction gains or losses are included as currency translation adjustments and are reported in stockholders’ investment as accumulated other comprehensive gains or losses. Changes in exchange rates could cause significant changes in our financial position and results of operations in the future. |
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. The core principle of the new standard is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services through a five-step model. The new standard also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenue and the related cash flows arising from contracts with customers. This new standard is effective for the Company beginning on April 1, 2018. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the balance sheet. We adopted this standard on April 1, 2018, utilizing the modified retrospective method. Under the modified retrospective method of adoption, prior year reported results are not recast; however, a cumulative-effect adjustment to retained earnings at April 1, 2018 is recorded, if applicable. In addition, quarterly disclosures will include comparative information for fiscal year 2018 financial statement line items under current guidance. To the extent applicable, upon adoption, we may be required to comply with expanded disclosure requirements, including the disaggregation of revenues to depict the nature and uncertainty of types of revenues, contract assets and liabilities, performance obligations, significant judgments and estimates affecting the amount and timing of revenue recognition, and determination of transaction prices. The adoption of this guidance did not result in a cumulative-effect adjustment on April 1, 2018. In November 2015, the FASB issued accounting guidance that changed how deferred taxes are classified on an entity’s balance sheet. The accounting 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 is 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 adopted this accounting guidance using the prospective adjustment option effective April 1, 2017 and prior periods were not retrospectively adjusted. As of March 31, 2017, we had $0.1 million in current deferred taxes and $0.8 million in current deferred liabilities that were reclassified to noncurrent upon adoption of this accounting guidance. 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 accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. Additionally, this accounting guidance 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 and are currently evaluating the effect this standard will have on our financial statements. In March 2016, the FASB issued accounting guidance related to accounting for employee share-based payments. The accounting guidance is 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 accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is permitted. We adopted this standard effective April 1, 2017. The requirements related to the tax consequences of share-based payments were applied prospectively and resulted in $1.8 million recorded as an increase to the income tax provision during fiscal year 2018. We elected to record forfeitures of share-based awards based on actual forfeitures, which did not have a material effect on our financial statements. The provisions related to the presentation of excess tax benefits on the statements of cash flows did not impact our financial statements as there was no excess tax benefit recorded for the periods presented. The provisions related to presenting employee taxes paid for withheld shares as a cash flow financing activity required us to revise our prior period consolidated statement of cash flows by $0.8 million and $2.2 million with a decrease in net cash used in operating activities and a corresponding decrease in net cash provided by financing activities for fiscal years 2017 and 2016, respectively. None of the other provisions of the pronouncement had a material effect on our financial statements. In October 2016, the FASB issued accounting guidance related to current and deferred income taxes for intra-entity transfer of assets other than inventory. This accounting guidance requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and eliminates the exception for an intra-entity transfer of assets other than inventory. This accounting guidance 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 accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In January 2017, the FASB issued accounting guidance which clarifies the definition of a business with the objective of adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The amendment provides criteria for determining when a transaction involves the acquisition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the transaction does not involve the acquisition of a business. If the criteria are not met, then the amendment requires that to be considered a business, the operation must include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The guidance may reduce the number of transactions accounted for as business acquisitions. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted. The amendments should be applied prospectively, and no disclosures are required at the effective date. We have not yet adopted this accounting guidance. In March 2017, the FASB issued accounting guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. The accounting guidance requires employers to disaggregate the service cost component from the other components of net benefit cost and disclose the amount of net benefit cost that is included in the statement of operations or capitalized in assets, by line item. The accounting guidance requires employers to report the service cost component in the same line item(s) as other compensation costs and to report other pension-related costs (which include interest costs, amortization of pension-related costs from prior periods, and the gains or losses on plan assets) separately and exclude them from the subtotal of operating income. The accounting guidance also allows only the service cost component to be eligible for capitalization when applicable. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted as of the first interim period of an annual period for which interim or annual financial statements have not been issued. The accounting guidance requires application on a retrospective basis for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the statement of operations and on a prospective basis for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In May 2017, the FASB issued accounting guidance on determining which changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting. This pronouncement is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In August 2017, the FASB issued new accounting guidance on derivatives and hedging, which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The two primary benefits resulting from these changes include the removal of the requirement to separately measure and report ineffectiveness and the ability to perform ongoing effectiveness assessments on a qualitative basis. This accounting guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, with earlier adoption permitted. We adopted this accounting guidance in fiscal year 2018. Since there were no active hedge accounting relationships as of the adoption date, there were no adjusting entries required to adjust on a modified retrospective basis. In February 2018, the FASB issued new accounting guidance on income statement reporting of comprehensive income, specifically pertaining to reclassification of certain tax effects from accumulated other comprehensive income. This pronouncement is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2018, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In March 2018, the FASB issued new accounting guidance to expand income tax accounting and disclosure guidance on accounting for the income tax effects of tax legislation commonly known as the Tax Cuts and Jobs Act (the “Act”) and among other things allows for a measurement period not to exceed one year for companies to finalize the provisional amounts recorded. We adopted this accounting guidance in fiscal year 2018. See Note 8 for further details. |
VARIABLE INTEREST ENTITIES AN_2
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Variable Interest Entities and Other Investments in Significant Affiliates [Abstract] | |
Variable interest entity policy | 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. |
FAIR VALUE DISCLOSURES (Policie
FAIR VALUE DISCLOSURES (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments policy | 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. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Policy | All derivatives are recognized as assets or liabilities and measured at fair value. We do not use financial instruments for trading or speculative purposes. During fiscal year 2018 , we entered into foreign currency put option contracts of £5 million per month through November 2018 to mitigate a portion of our foreign currency exposure. These derivatives were designated as cash flow hedges. The designation of a derivative instrument as a hedge and its ability to meet relevant hedge accounting criteria determines how the change in fair value of the derivative instrument will be reflected in the consolidated financial statements. A derivative qualifies for hedge accounting if, at inception, the derivative is expected to be highly effective in offsetting the hedged item’s underlying cash flows or fair value and the documentation requirements of the accounting standard for derivative instruments and hedging activities are fulfilled at the time we enter into the derivative contract. A hedge is designated as a cash flow hedge, fair value hedge, or a net investment in foreign operations hedge based on the exposure being hedged. The asset or liability value of the derivative will change in tandem with its fair value. For derivatives designated as cash flow hedges, the changes in fair value are recorded in accumulated other comprehensive income (loss). The derivative’s gain or loss is released from accumulated other comprehensive income (loss) to match the timing of the effect on earnings of the hedged item’s underlying cash flows. We review the effectiveness of our hedging instruments on a quarterly basis. We discontinue hedge accounting for any hedge that we no longer consider to be highly effective. Changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting are recognized in current period earnings. |
EMPLOYEE BENEFIT PLANS (Policie
EMPLOYEE BENEFIT PLANS (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension and other postretirement plans, policy | We utilize a British pound sterling denominated AA corporate bond index as a basis for determining the discount rate for our U.K. plans. The expected rate of return assumptions have been determined following consultation with our actuarial advisors. In the case of bond investments, the rates assumed have been directly based on market redemption yields at the measurement date, and those on other asset classes represent forward-looking rates that have typically been based on other independent research by investment specialists. Under U.K. and Guernsey legislation, it is the Plan Trustee who is responsible for the investment strategy of the plans, although day-to-day management of the assets is delegated to a team of regulated investment fund managers. The Plan Trustee of the Bristow Staff Pension Scheme (the “Scheme”) has the following three stated primary objectives when determining investment strategy: (i) “funding objective” - to ensure that the Scheme is fully funded using assumptions that contain a modest margin for prudence. Where an actuarial valuation reveals a deficit, a recovery plan will be put in place which will take into account the financial covenant to the employer; (ii) “stability objective” - to have due regard to the likely level and volatility of required contributions when setting the Scheme’s investment strategy; and (iii) “security objective” - to ensure that the solvency position of the Scheme (as assessed on a gilt basis) is expected to improve. The Plan Trustee will take into account the strength of the employer’s covenant when determining the expected improvement in the solvency position of the Scheme. The types of investments are held, and the relative allocation of assets to investments is selected, in light of the liability profile of the Scheme, its cash flow requirements, the funding level and the Plan Trustee’s stated objectives. In addition, in order to avoid an undue concentration of risk, assets are diversified within and across asset classes. In determining the overall investment strategy for the plans, the Plan Trustee undertakes regular asset and liability modeling (the “ALM”) with the assistance of their U.K. actuary. The ALM looks at a number of different investment scenarios and projects both a range and a best estimate of likely return from each one. Based on these analyses, and following consultation with us, the Trustee determines the benchmark allocation for the plans’ assets. |
Share-based compensation, option and incentive plans policy | We use a Black-Scholes option pricing model to estimate the fair value of share-based awards. The Black-Scholes option pricing model incorporates various assumptions, including the risk-free interest rate, volatility, dividend yield and the expected term of the options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equal to the expected term of the option. Expected volatilities are based on the historical volatility of shares of our common stock, which has not been adjusted for any expectation of future volatility given uncertainty related to the future performance of our common stock at this time. We also use historical data to estimate the expected term of the options within the option pricing model and groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of the options represents the period of time that the options granted are expected to be outstanding. Additionally, we record forfeitures based on actual forfeitures. |
STOCKHOLDERS' INVESTMENT, EAR_2
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED COMPREHENSIVE INCOME (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Earnings per share policy | The total number of authorized shares of our common stock reserved as of March 31, 2018 was 6,980,081 . These shares are reserved in connection with our stock-based compensation plans. |
OPERATIONS, BASIS OF PRESENTA_3
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of immaterial corrections to prior period financial information | The consolidated balance sheet and consolidated statements of changes in stockholders’ investment and redeemable noncontrolling interest reflect immaterial adjustments to the historical balances in retained earnings and accrued wages, benefits and related taxes for the years ended March 31, 2016, 2017 and 2018. We made these adjustments in accordance with GAAP, to reflect additional liability related to a vacation accrual for employees in Norway. The adjustment stems from our initial purchase price accounting for the Bristow Norway acquisition in October 2008 and subsequent accounting for employee vacation liability. We evaluated the materiality of the error from both a quantitative and qualitative perspective and concluded that the error was immaterial to our prior period interim and annual consolidated financial statements. Since the revision was not material to any prior period interim or annual consolidated financial statements, no amendments to previously filed interim or annual periodic reports were required. Consequently, we revised the historical consolidated financial information presented herein. Given the historical nature of the adjustment, we recorded a correction within the consolidated statements of stockholders’ investment and redeemable noncontrolling interest to retained earnings for March 31, 2015, 2016, 2017 and 2018 of $4.9 million . Retained earnings as reported was $1,284,442,000 and $1,172,273,000 for March 31, 2015 and 2016, respectively, compared to as adjusted of $1,279,493,000 and $1,167,324,000 for March 31, 2015 and 2016, respectively, after the correction. In addition, below are amounts as reported and as adjusted for each year presented (in thousands): March 31, 2018 March 31, 2017 As reported Adjustments As adjusted As reported Adjustments As adjusted Accrued wages, benefits and related taxes 62,385 4,949 67,334 59,077 4,949 64,026 Retained earnings 793,783 (4,949 ) 788,834 991,906 (4,949 ) 986,957 Total Bristow Group stockholders’ investment 1,175,840 (4,949 ) 1,170,891 1,289,207 (4,949 ) 1,284,258 Total stockholders’ investment 1,183,093 (4,949 ) 1,178,144 1,294,232 (4,949 ) 1,289,283 |
Schedule of valuation and qualifying accounts disclosure | The following table is a rollforward of the allowance related to dormant, obsolete and excess inventory (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Balance – beginning of fiscal year $ 21,514 $ 27,763 $ 45,414 Impairment of inventories — 7,572 5,439 Additional allowances 6,355 1,617 192 Inventory disposed and scrapped (3,353 ) (14,635 ) (22,428 ) Foreign currency effects 1,514 (803 ) (854 ) Balance – end of fiscal year $ 26,030 $ 21,514 $ 27,763 The following table is a rollforward of the allowance for doubtful accounts from non-affiliates (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Balance – beginning of fiscal year $ 4,498 $ 5,562 $ 859 Additional allowances 1,463 575 6,638 Write-offs and collections (2,657 ) (1,639 ) (1,935 ) Balance – end of fiscal year $ 3,304 $ 4,498 $ 5,562 |
Schedule of goodwill | Goodwill of $19.9 million and $19.8 million as of March 31, 2018 and 2017 , 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 (1,320 ) (166 ) (1,486 ) Impairments (8,706 ) — (8,706 ) March 31, 2017 — 19,798 19,798 Foreign currency translation — 109 109 March 31, 2018 $ — $ 19,907 $ 19,907 Accumulated goodwill impairment of $50.9 million as of both March 31, 2018 and 2017 related to our reporting units as follows (in thousands): Europe Caspian Africa Americas Corporate and other Total March 31, 2016 $ (25,177 ) $ (6,179 ) $ (576 ) $ (10,223 ) $ (42,155 ) Impairments (8,706 ) — — — (8,706 ) March 31, 2017 (33,883 ) (6,179 ) (576 ) (10,223 ) (50,861 ) Impairments — — — — — March 31, 2018 $ (33,883 ) $ (6,179 ) $ (576 ) $ (10,223 ) $ (50,861 ) |
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 (1 ) (27 ) (525 ) (87 ) (6 ) (646 ) March 31, 2017 8,169 12,752 4,483 1,062 746 27,212 Foreign currency translation — 25 395 45 9 474 March 31, 2018 $ 8,169 $ 12,777 $ 4,878 $ 1,107 $ 755 $ 27,686 Accumulated Amortization March 31, 2016 $ (8,062 ) $ (10,600 ) $ (636 ) $ (480 ) $ (601 ) $ (20,379 ) Amortization expense (93 ) (471 ) (272 ) (205 ) (56 ) (1,097 ) March 31, 2017 (8,155 ) (11,071 ) (908 ) (685 ) (657 ) (21,476 ) Amortization expense (14 ) (301 ) (305 ) (230 ) (62 ) (912 ) March 31, 2018 $ (8,169 ) $ (11,372 ) $ (1,213 ) $ (915 ) $ (719 ) $ (22,388 ) Weighted average remaining contractual life, in years 0.0 4.7 12.0 0.8 0.6 5.8 |
Schedule of expected amortization expense | Future amortization expense of intangible assets for each of the fiscal years ending March 31 are as follows (in thousands): 2019 $ 780 2020 476 2021 476 2022 476 2023 477 Thereafter 2,613 $ 5,298 |
Schedule of loss on impairment | Loss on impairment includes the following (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Impairment of inventories $ 5,717 $ 7,572 $ 5,439 Impairment of investment in unconsolidated affiliates 85,683 — — Impairment of goodwill — 8,706 41,579 Impairment of other long-lived assets — — 8,086 $ 91,400 $ 16,278 $ 55,104 |
Schedule of other accrued liabilities | Other accrued liabilities of $66.0 million and $46.7 million as of March 31, 2018 and 2017 , respectively, includes the following (in thousands): March 31, 2018 2017 Accrued lease costs $ 11,708 $ 5,601 Deferred OEM cost recovery (1) 8,082 — Eastern overdraft liability 8,989 5,829 Accrued property and equipment 4,874 3,546 Deferred gain on sale leasebacks 1,305 1,655 Other operating accruals 31,020 30,048 $ 65,978 $ 46,679 _______________ (1) See Note 3 for further details on deferred original equipment manufacturer (“OEM”) cost recovery. |
Schedule of interest (expense), net | During fiscal years 2018 , 2017 and 2016 , interest expense, net consisted of the following (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Interest income $ 677 $ 943 $ 1,058 Interest expense (77,737 ) (50,862 ) (35,186 ) Interest expense, net $ (77,060 ) $ (49,919 ) $ (34,128 ) |
VARIABLE INTEREST ENTITIES AN_3
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Variable Interest Entities and Other Investments in Significant Affiliates [Abstract] | |
Noncontrolling interest | Changes in the balance for the noncontrolling interest associated with Bristow Aviation are as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Balance – beginning of fiscal year $ 1,226 $ 1,410 $ 1,457 Payments to noncontrolling interest shareholders (49 ) (49 ) (55 ) Noncontrolling interest expense 50 50 55 Currency translation 131 (185 ) (47 ) Balance – end of fiscal year $ 1,358 $ 1,226 $ 1,410 |
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 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): March 31, 2018 2017 Assets Cash and cash equivalents $ 90,788 $ 92,409 Accounts receivable 256,735 222,560 Inventories 98,314 90,190 Prepaid expenses and other current assets 38,665 50,016 Total current assets 484,502 455,175 Investment in unconsolidated affiliates 3,608 3,513 Property and equipment, net 327,440 306,831 Goodwill 19,907 19,798 Other assets 231,884 203,228 Total assets $ 1,067,341 $ 988,545 Liabilities Accounts payable $ 292,893 $ 146,841 Accrued liabilities 140,733 122,130 Accrued interest 2,130,433 1,891,305 Current maturities of long-term debt 23,125 18,578 Total current liabilities 2,587,184 2,178,854 Long-term debt, less current maturities 479,571 501,782 Accrued pension liabilities 37,034 61,647 Other liabilities and deferred credits 7,342 8,138 Deferred taxes 26,252 20,264 Redeemable noncontrolling interest — 6,886 Total liabilities $ 3,137,383 $ 2,777,571 Fiscal Year Ended March 31, 2018 2017 2016 Revenue $ 1,241,223 $ 1,209,019 $ 1,441,834 Operating loss (65,254 ) (80,542 ) (57,780 ) Net loss (322,752 ) (279,159 ) (279,309 ) |
Redeemable noncontrolling interest | Changes in the balance for the redeemable noncontrolling interest related to Airnorth are as follows (in thousands): Balance as of March 31, 2015 $ 3,339 Noncontrolling interest expense 788 Accretion of noncontrolling interest 1,498 Currency translation (158 ) Acquisition of remaining 15% of Airnorth (5,467 ) Balance as of March 31, 2016 $ — Changes in the balance for the redeemable noncontrolling interest related to Eastern Airways are as follows (in thousands): Balance as of March 31, 2015 $ 22,885 Noncontrolling interest expense (6,499 ) Currency translation (913 ) Balance as of March 31, 2016 15,473 Noncontrolling interest expense (6,848 ) Currency translation (1,739 ) Balance as of March 31, 2017 6,886 Noncontrolling interest expense (4,093 ) Currency translation 4,163 Acquisition of remaining 40% of Eastern Airways (6,121 ) Reclassification to noncontrolling interest (835 ) Balance as of March 31, 2018 $ — |
Schedule of unconsolidated affiliates | Our percentage of economic ownership and investment balances for the unconsolidated affiliates are as follows: March 31, 2018 2017 2018 2017 (In thousands) Cost Method: PAS 25 % 25 % $ 6,286 $ 6,286 Equity Method: Cougar (1) 40 % 40 % 54,009 56,885 Líder (1) 41.9 % 41.9 % 62,267 143,477 Other 3,608 3,514 Total $ 126,170 $ 210,162 _______________ (1) We had a 25% voting interest in Cougar and an approximate 20% voting interest in Líder as of March 31, 2018 and 2017 . Earnings from unconsolidated affiliates were as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Dividends from entities accounted for under the cost method: PAS $ 2,518 $ 2,068 $ 2,068 Earnings, net of losses, from entities accounted for under the equity method: Cougar (2,877 ) (2,857 ) (2,001 ) Líder 7,179 8,064 (116 ) Other (82 ) (330 ) 310 4,220 4,877 (1,807 ) Total $ 6,738 $ 6,945 $ 261 |
Schedule of combined financial information for equity method investments | A summary of combined financial information of our unconsolidated affiliates accounted for under the equity method is set forth below (in thousands): March 31, 2018 2017 (Unaudited) Current assets $ 221,169 $ 248,998 Non-current assets 293,409 310,975 Total assets $ 514,578 $ 559,973 Current liabilities $ 131,664 $ 127,292 Non-current liabilities 188,822 244,978 Equity 194,092 187,703 Total liabilities and equity $ 514,578 $ 559,973 Fiscal Year Ended March 31, 2018 2017 2016 (Unaudited) Revenue $ 298,731 $ 327,351 $ 368,586 Gross profit $ 46,717 $ 50,371 $ 60,873 Net income $ 13,285 $ 14,581 $ 21,871 |
PROPERTY AND EQUIPMENT, ASSET_2
PROPERTY AND EQUIPMENT, ASSETS HELD FOR SALE AND OEM COST RECOVERIES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Capital expenditures | During fiscal years 2018 , 2017 and 2016 , we made capital expenditures as follows: Fiscal Year Ended March 31, 2018 2017 2016 Number of aircraft delivered: Medium 5 5 1 Large — — 3 SAR aircraft — 4 4 Total aircraft (1) 5 9 8 Capital expenditures (in thousands): Aircraft and related equipment (2) $ 32,418 $ 127,447 $ 285,530 Other 13,869 7,663 86,845 Total capital expenditures $ 46,287 $ 135,110 $ 372,375 _______________ (1) During fiscal year 2016, we took delivery of two aircraft that were purchased using short-term debt borrowings for the final payments of the aircraft. As of March 31, 2017, the short-term borrowings for these aircraft have been paid. (2) During fiscal years 2018 , 2017 and 2016 , we spent $2.3 million , $71.4 million and $202.7 million , respectively, on progress payments for aircraft to be delivered in future periods. |
Sold or disposed of and impairments on assets held for sale | The following table presents details on the aircraft sold or disposed of and impairments on assets held for sale during fiscal years 2018 , 2017 and 2016 : Fiscal Year Ended March 31, 2018 2017 2016 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of (1) 11 14 35 Proceeds from sale or disposal of assets (1) $ 48,740 $ 18,471 $ 60,035 Loss from sale or disposal of assets $ 1,742 $ 2,049 $ 1,122 Number of aircraft impaired 8 14 16 Impairment charges on aircraft held for sale (2) $ 15,853 $ 12,450 $ 29,571 _______________ (1) During fiscal year 2016, three of these aircraft were sold and leased back and we received $29.2 million in proceeds for the aircraft. We did not enter into any sale leasebacks during fiscal years 2017 and 2018. (2) Includes $6.5 million impairment of the Bristow Academy disposal group for fiscal year 2018. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt as of March 31, 2018 and 2017 consisted of the following (in thousands): March 31, 2018 2017 8.75% Senior Secured Notes $ 346,610 $ — 4½% Convertible Senior Notes 107,397 — 6¼% Senior Notes 401,535 401,535 Term Loan — 261,907 Term Loan Credit Facility — 45,900 Revolving Credit Facility — 139,100 Lombard Debt 211,087 196,832 Macquarie Debt 185,028 200,000 PK Air Debt 230,000 — Airnorth Debt 13,832 16,471 Eastern Airways Debt 14,519 15,326 Other Debt 3,991 16,293 Unamortized debt issuance costs (27,465 ) (11,345 ) Total debt 1,486,534 1,282,019 Less short-term borrowings and current maturities of long-term debt (1,475,438 ) (131,063 ) Total long-term debt $ 11,096 $ 1,150,956 |
Schedule of convertible debt | The balances of the debt and equity components of the 4½% Convertible Senior Notes as of March 31, 2018 are as follows (in thousands): Equity component - net carrying value (1) $ 36,778 Debt component: Face amount due at maturity $ 143,750 Unamortized discount (36,353 ) Debt component - net carrying value $ 107,397 _____________ (1) Net of equity issuance costs of $1.0 million . The remaining debt discount is being amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for the fiscal year 2018 was 11.0% . Interest expense related to our 4½% Convertible Senior Notes for fiscal year 2018 was as follows (in thousands): Contractual coupon interest $ 1,851 Amortization of debt discount 1,454 Total interest expense $ 3,305 |
Schedule of maturities of long-term debt | Aggregate annual maturities (which excludes unamortized discount of $36.4 million and unamortized debt issuance costs of $27.5 million ) for all debt for the next five fiscal years and thereafter are as follows (in thousands): Fiscal year ending March 31 2019 $ 62,808 2020 51,243 2021 52,374 2022 181,125 2023 790,772 Thereafter 415,420 $ 1,553,742 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on non-recurring basis | The following table summarizes the assets as of March 31, 2018 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2018 Total Loss for Inventories $ — $ 515 $ — $ 515 $ (5,717 ) Assets held for sale — 30,348 — 30,348 (15,853 ) Investment in unconsolidated affiliates — — 62,267 62,267 (85,683 ) Total assets $ — $ 30,863 $ 62,267 $ 93,130 $ (107,253 ) The following table summarizes the assets as of March 31, 2017 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2017 Total Loss for Inventories $ — $ 46,568 $ — $ 46,568 $ (7,572 ) Assets held for sale — 38,246 — 38,246 (12,450 ) Goodwill — — 19,798 19,798 (8,706 ) Total assets $ — $ 84,814 $ 19,798 $ 104,612 $ (28,728 ) |
Schedule of fair value assets measured on recurring basis | The following table summarizes the financial instruments we had as of March 31, 2018 , valued at fair value on a recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2018 Balance Sheet Classification Derivative financial instrument $ — $ 718 $ — $ 718 Prepaid expenses and other current assets Rabbi Trust investments 2,296 — — 2,296 Other assets Total assets $ 2,296 $ 718 $ — $ 3,014 The following table summarizes the financial instruments we had as of March 31, 2017 , valued at fair value on a recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2017 Balance Sheet Classification Rabbi Trust investments $ 3,075 $ — $ — $ 3,075 Other assets Total assets $ 3,075 $ — $ — $ 3,075 |
Schedule of carrying value and 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): March 31, 2018 2017 Carrying Value Fair Value Carrying Value Fair Value 8.75% Senior Secured Notes (1) $ 346,610 $ 353,500 $ — $ — 4½% Convertible Senior Notes (2) 107,397 158,772 — — 6¼% Senior Notes 401,535 325,243 401,535 323,236 Term Loan — — 261,907 261,907 Term Loan Credit Facility — — 45,900 45,900 Revolving Credit Facility — — 139,100 139,100 Lombard Debt 211,087 211,087 196,832 196,832 Macquarie Debt 185,028 185,028 200,000 200,000 PK Air Debt 230,000 230,000 — — Airnorth Debt 13,832 13,832 16,471 16,471 Eastern Airways Debt 14,519 14,519 15,326 15,326 Other Debt 3,991 3,991 16,293 16,293 $ 1,513,999 $ 1,495,972 $ 1,293,364 $ 1,215,065 _____________ (1) The carrying value is net of unamortized discount of $3.4 million as of March 31, 2018 . (2) The carrying value is net of unamortized discount of $36.4 million as of March 31, 2018 . |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of foreign exchange contracts, statement of financial position | The following table presents the balance sheet location and fair value of the portions of our derivative instruments that were designated as hedging instruments as of March 31, 2018 (in thousands): Derivatives designated as hedging instruments under ASC 815 Derivatives not designated as hedging instruments under ASC 815 Gross amounts of recognized assets and liabilities Gross amounts offset in the Balance Sheet Net amounts of assets and liabilities presented in the Balance Sheet Prepaid expenses and other current assets $ 718 $ — $ 718 $ — $ 718 Net $ 718 $ — $ 718 $ — $ 718 |
Schedule of cash flow hedges included in accumulated other comprehensive income (loss) | The following table presents the impact that derivative instruments, designated as cash flow hedges, had on our accumulated other comprehensive loss (net of tax) and our consolidated statements of operations for fiscal year 2018 (in thousands): Financial statement location Amount of loss recognized in accumulated other comprehensive loss $ (414 ) Accumulated other comprehensive loss Amount of loss reclassified from accumulated other comprehensive loss into earnings $ (68 ) Statement of operations |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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 seven fiscal years to purchase additional aircraft. As of March 31, 2018 , we had 27 aircraft on order and options to acquire an additional four 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. Fiscal Year Ending March 31, 2019 2020 2021 2022 and thereafter (1) Total Commitments as of March 31, 2018: Number of aircraft: Large 1 — 4 18 23 U.K. SAR — 4 — — 4 1 4 4 18 27 Related commitment expenditures (in thousands) (2) Large $ 19,912 $ 26,154 $ 80,633 $ 292,204 $ 418,903 U.K. SAR — 64,494 — — 64,494 $ 19,912 $ 90,648 $ 80,633 $ 292,204 $ 483,397 Options as of March 31, 2018: Number of aircraft: Large 2 2 — — 4 2 2 — — 4 Related option expenditures (in thousands) (2) $ 44,181 $ 31,536 $ — $ — $ 75,717 _______________ (1) Includes $98.0 million for five aircraft orders that can be cancelled prior to the delivery dates. We have made non-refundable deposits of $4.5 million related to these aircraft. (2) Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised. |
Rollforward schedule of aircraft purchase orders and options | The following chart presents an analysis of our aircraft orders and options during fiscal years 2018 , 2017 and 2016 : Fiscal Year Ended March 31, 2018 2017 2016 Orders Options Orders Options Orders Options Beginning of fiscal year 32 4 36 14 45 30 Aircraft delivered (5 ) — (9 ) — (8 ) — Aircraft ordered — — 5 — — — New options — — — — — 4 Exercised options — — — — (1 ) — Expired options — — — (10 ) — (20 ) End of fiscal year 27 4 32 4 36 14 |
Schedule of future minimum payments for operating leases | As of March 31, 2018 , aggregate future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year, including leases for 86 aircraft, are as follows (in thousands): Aircraft Other Total Fiscal year ending March 31, 2019 $ 158,763 $ 9,959 $ 168,722 2020 114,298 8,343 122,641 2021 50,507 8,234 58,741 2022 25,727 8,026 33,753 2023 12,239 8,130 20,369 Thereafter 4,676 32,730 37,406 $ 366,210 $ 75,422 $ 441,632 |
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 March 31, 2018 : End of Lease Term Number of Aircraft Fiscal year 2019 to fiscal year 2020 43 Fiscal year 2021 to fiscal year 2023 32 Fiscal year 2024 to fiscal year 2026 11 86 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | The components of deferred tax assets and liabilities are as follows (in thousands): March 31, 2018 2017 Deferred tax assets: Foreign tax credits $ 9,140 $ 39,554 State net operating losses 12,337 8,432 Net operating losses 98,911 97,878 Accrued pension liability 6,289 10,445 Accrued equity compensation 10,172 17,162 Deferred revenue 688 1,446 Employee award programs 1,603 4,343 Employee payroll accruals 4,426 5,328 Inventories 1,666 3,111 Investment in unconsolidated affiliates 28,778 17,099 Other 5,543 5,865 Valuation allowance - foreign tax credits (9,140 ) (31,974 ) Valuation allowance - state (12,337 ) (8,432 ) Valuation allowance (50,510 ) (34,321 ) Total deferred tax assets $ 107,566 $ 135,936 Deferred tax liabilities: Property and equipment $ (150,224 ) $ (220,305 ) Inventories (2,070 ) (1,967 ) Investment in unconsolidated affiliates (21,470 ) (28,631 ) Employee programs (1,224 ) (1,033 ) Deferred gain (2,691 ) (3,208 ) Other (4,155 ) (5,371 ) Total deferred tax liabilities $ (181,834 ) $ (260,515 ) Net deferred tax liabilities $ (74,268 ) $ (124,579 ) |
Schedule of income before income tax, domestic and foreign | The components of loss before benefit (provision) for income taxes for fiscal years 2018 , 2017 and 2016 are as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Domestic $ (91,002 ) $ (147,988 ) $ (115,277 ) Foreign (137,972 ) 3,686 36,046 Total $ (228,974 ) $ (144,302 ) $ (79,231 ) |
Schedule of deferred tax valuation allowance | Fiscal Year Ended March 31, 2018 2017 2016 Balance – beginning of fiscal year $ (74,727 ) $ (29,373 ) $ (11,700 ) Additional allowances (20,259 ) (45,354 ) (17,673 ) Reversals and other changes 22,999 — — Balance – end of fiscal year $ (71,987 ) $ (74,727 ) $ (29,373 ) |
Schedule of components of income tax expense (benefit) | The provision (benefit) for income taxes for fiscal years 2018 , 2017 and 2016 consisted of the following (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Current: Domestic $ 1,247 $ 2,797 $ (29,907 ) Foreign 13,607 17,153 27,317 $ 14,854 $ 19,950 $ (2,590 ) Deferred: Domestic $ (39,079 ) $ 24,651 $ (4,483 ) Foreign (6,666 ) (12,013 ) 4,991 $ (45,745 ) $ 12,638 $ 508 Total $ (30,891 ) $ 32,588 $ (2,082 ) |
Schedule of effective income tax rate reconciliation | The reconciliation of the U.S. Federal statutory tax rate to the effective income tax rate for the (provision) benefit for income taxes is shown below: Fiscal Year Ended March 31, 2018 2017 2016 Statutory rate 31.6 % 35.0 % 35.0 % Effect of U.S. tax reform 9.9 % — % — % Net foreign tax on non-U.S. earnings 0.8 % (0.5 )% (8.4 )% Benefit of foreign tax deduction in the U.S. — % 2.5 % 2.6 % Foreign earnings indefinitely reinvested abroad (8.2 )% (1.1 )% 15.9 % Change in valuation allowance 1.1 % (25.7 )% (25.3 )% Foreign earnings that are currently taxed in the U.S. (32.9 )% (28.3 )% (7.9 )% Effect of change in foreign statutory corporate income tax rates — % (0.2 )% 1.1 % Impairment of foreign investments 11.8 % — % — % Goodwill impairment — % (1.0 )% (11.8 )% Changes in tax reserves (2.3 )% (0.2 )% (0.5 )% Other, net 1.7 % (3.1 )% 1.9 % Effective tax rate 13.5 % (22.6 )% 2.6 % |
Schedule of years open by jurisdiction | The following table summarizes the years open by jurisdiction as of March 31, 2018 : Jurisdiction Years Open U.S. Fiscal year 2014 to present U.K. Fiscal year 2017 to present Nigeria Fiscal year 2009 to present Trinidad Fiscal year 2005 to present Australia Fiscal year 2014 to present Norway Fiscal year 2014 to present |
Rollforward of unrecognized tax benefits | The activity associated with our unrecognized tax benefit during fiscal years 2018 and 2017 is as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 Unrecognized tax benefits – beginning of fiscal year $ 1,332 $ 1,093 Increases for tax positions taken in prior years 7,784 1,059 Decreases for tax positions taken in prior years (2,434 ) (818 ) Decrease related to statute of limitation expirations — (2 ) Unrecognized tax benefits – end of fiscal year $ 6,682 $ 1,332 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of accumulated and projected benefit obligations | The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. Fiscal Year Ended March 31, 2018 2017 (In thousands) Change in benefit obligation: Projected benefit obligation (PBO) at beginning of period $ 517,186 $ 525,053 Service cost 856 627 Interest cost 12,914 15,330 Actuarial loss (gain) (19,930 ) 73,622 Benefit payments and expenses (27,002 ) (26,456 ) Curtailments — — Settlements — — Effect of exchange rate changes 61,104 (70,990 ) Projected benefit obligation (PBO) at end of period $ 545,128 $ 517,186 |
Schedule of change in plan assets | The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. Change in plan assets: Market value of assets at beginning of period $ 455,539 $ 454,946 Actual return on assets 7,480 71,873 Employer contributions 17,001 16,530 Benefit payments and expenses (27,002 ) (26,456 ) Settlements — — Effect of exchange rate changes 55,357 (61,354 ) Market value of assets at end of period $ 508,375 $ 455,539 |
Schedule of net funded status | The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. Reconciliation of funded status: Accumulated benefit obligation (ABO) $ 545,128 $ 517,186 Projected benefit obligation (PBO) $ 545,128 $ 517,186 Fair value of assets (508,375 ) (455,539 ) Net recognized pension liability $ 36,753 $ 61,647 Amounts recognized in accumulated other comprehensive loss $ 232,043 $ 220,396 |
Schedule of components of net periodic pension cost | The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. Fiscal Year Ended March 31, 2018 2017 2016 (In thousands) Components of net periodic pension cost: Service cost for benefits earned during the period $ 856 $ 627 $ 8,243 Interest cost on PBO 12,914 15,330 20,108 Expected return on assets (21,184 ) (21,697 ) (27,208 ) Amortization of unrecognized losses 8,151 7,266 8,246 Net periodic pension cost $ 737 $ 1,526 $ 9,389 _______________ (1) Bristow Norway had a final salary defined benefit plan prior to its closing on March 1, 2016, which led to a curtailment and settlement of the projected benefit obligations. |
Schedule of assumptions | Actuarial assumptions used to develop the components of the U.K. plans were as follows: Fiscal Year Ended March 31, 2018 2017 2016 Discount rate 2.40 % 3.30 % 3.30 % Expected long-term rate of return on assets 4.41 % 5.30 % 5.40 % Pension increase rate 3.00 % 2.80 % 2.80 % Actuarial assumptions used to develop the components of the Norway plan were as follows: Fiscal Year Ended March 31, 2016 Discount rate 2.50 % Rate of compensation increase 3.50 % Social Security increase amount 3.25 % Expected return on plan assets 1.50 % Pension increase rate — % |
Schedule of investment strategy | The market value of the plan’s assets as of March 31, 2018 and 2017 was allocated between asset classes as follows. Details of target allocation percentages under the Plan Trustee’s investment strategies as of the same dates are also included. Target Allocation as of March 31, Actual Allocation as of March 31, Asset Category 2018 2017 2018 2017 Equity securities 25.4 % 64.8 % 30.2 % 51.1 % Debt securities 34.8 % 34.8 % 40.5 % 33.4 % Property 7.4 % — % 3.1 % — % Other assets 32.4 % 0.4 % 26.2 % 15.5 % Total 100.0 % 100.0 % 100.0 % 100.0 % |
Schedule of fair value hierarchy | The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2018 , which are valued at fair value (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2018 Cash and cash equivalents $ 26,373 $ — $ — $ 26,373 Cash plus — 105,070 — 105,070 Equity investments - U.K. — 1,683 — 1,683 Equity investments - Non-U.K. — 151,923 — 151,923 Property — 15,852 — 15,852 Diversified growth (absolute return) funds — 1,824 — 1,824 Government debt securities — 124,428 — 124,428 Corporate debt securities — 81,222 — 81,222 Total investments $ 26,373 $ 482,002 $ — $ 508,375 The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2017 , which are valued at fair value (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2017 Cash and cash equivalents $ 70,650 $ — $ — $ 70,650 Equity investments - U.K. — 47,392 — 47,392 Equity investments - Non-U.K. — 185,567 — 185,567 Government debt securities — 80,654 — 80,654 Corporate debt securities — 71,276 — 71,276 Total investments $ 70,650 $ 384,889 $ — $ 455,539 |
Future benefit payments | Estimated future benefit payments over each of the next five fiscal years from March 31, 2018 and in aggregate for the following five fiscal years after fiscal year 2023 are as follows (in thousands): Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, Payments 2019 $ 23,146 2020 23,567 2021 24,268 2022 24,830 2023 25,531 Aggregate 2024 - 2028 133,687 |
Schedule of stock option activity | A summary of our stock option activity for fiscal year 2018 is presented below: Weighted Average Exercise Prices Number of Shares Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2017 $ 42.78 2,843,608 Granted 7.03 1,256,043 Expired or forfeited 44.95 (525,873 ) Outstanding at March 31, 2018 29.90 3,573,778 6.38 $ 7,031 Exercisable at March 31, 2018 46.49 1,812,825 4.00 $ — |
Schedule of Black Scholes assumptions | The following table shows the assumptions we used to compute the stock-based compensation expense for stock option grants issued during fiscal years 2018 , 2017 and 2016 . Fiscal Year Ended March 31, 2018 2017 2016 Risk free interest rate 1.78 % 1.07 % 1.62 % Expected life (years) 5 5 5 Volatility 56.1 % 46.8 % 28.1 % Dividend yield 3.98 % 2.74 % 3.14 % Weighted average grant-date fair value of options granted $ 2.53 $ 2.16 $ 10.71 |
Schedule of non-vested restricted stock and restricted stock units | The following is a summary of non-vested restricted stock as of March 31, 2018 and 2017 and changes during fiscal year 2018 : Units Weighted Average Grant Date Fair Value per Unit Non-vested as of March 31, 2017 739,493 $ 26.97 Granted 622,652 7.35 Forfeited (72,075 ) 14.78 Vested (391,901 ) 28.48 Non-vested as of March 31, 2018 898,169 13.69 |
Schedule of separation programs | The expense related to the VSPs and ISPs for the fiscal years 2018 , 2017 and 2016 is as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 VSP: Direct cost $ 105 $ 1,663 $ 7,664 General and administrative 1,017 23 886 Total $ 1,122 $ 1,686 $ 8,550 ISP: Direct cost $ 11,538 $ 5,938 $ 5,162 General and administrative 9,676 9,238 8,788 Total $ 21,214 $ 15,176 $ 13,950 |
STOCKHOLDERS' INVESTMENT, EAR_3
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Rollforward schedule of Common Stock | The following is a summary of changes in outstanding shares of common stock for the years ended March 31, 2018 and 2017 : Shares Weighted Average Price Per Share Outstanding as of March 31, 2016 34,976,743 Issuance of restricted stock 237,248 $ 17.41 Outstanding as of March 31, 2017 35,213,991 Issuance of restricted stock 312,634 $ 11.27 Outstanding as of March 31, 2018 35,526,625 |
Schedule of antidilutive securities | 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: Fiscal Year Ended March 31, 2018 2017 2016 Options: Outstanding 2,890,140 1,815,020 1,194,783 Weighted average exercise price $ 38.77 $ 31.98 $ 62.11 Restricted stock awards: Outstanding 547,927 541,014 286,804 Weighted average price $ 21.00 $ 26.76 $ 37.27 |
Schedule of earnings per share | The following table sets forth the computation of basic and diluted earnings per share: Fiscal Year Ended March 31, 2018 2017 2016 Loss (in thousands): Loss available to common stockholders – basic $ (195,658 ) $ (170,536 ) $ (73,940 ) Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) — — — Loss available to common stockholders $ (195,658 ) $ (170,536 ) $ (73,940 ) Shares: Weighted average number of common shares outstanding – basic 35,288,579 35,044,040 34,893,844 Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1) — — — Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method — — — Weighted average number of common shares outstanding – diluted (2) 35,288,579 35,044,040 34,893,844 Basic loss per common share $ (5.54 ) $ (4.87 ) $ (2.12 ) Diluted loss per common share $ (5.54 ) $ (4.87 ) $ (2.12 ) _____________ (1) Diluted earnings per common share for fiscal year 2018 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 4½% Convertible Senior Notes. The 4½% Convertible Senior Notes will be convertible, under certain circumstances, into cash, shares of our common stock or a combination of cash and our common stock, at our election. We have initially elected combination settlement. As of March 31, 2018 , the base conversion price of the notes was approximately $15.64 , based on the base conversion rate of 63.9488 shares of common stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances). In general, upon conversion of a note, the holder will receive 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. Such shares did not impact our calculation of diluted earnings per share for fiscal year 2018 as our average stock price during the year did not meet or exceed the conversion requirements. (2) Potentially dilutive shares issuable pursuant to our Warrant Transactions were not included in the computation of diluted income per share for fiscal year 2018 , because to do so would have been anti-dilutive. For further details on the Warrant Transactions, see Note 4 . |
Schedule of 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) Unrealized loss on cash flow hedges (2) Total Balance as of March 31, 2015 $ (39,066 ) $ (231,263 ) $ — $ (270,329 ) Other comprehensive loss before reclassification (20,195 ) (5,583 ) — (25,778 ) Reclassified from accumulated other comprehensive loss — 6,288 — 6,288 Net current period other comprehensive income (loss) (20,195 ) 705 — (19,490 ) Foreign exchange rate impact (8,104 ) 8,104 — — Balance as of March 31, 2016 (67,365 ) (222,454 ) — (289,819 ) Other comprehensive loss before reclassification (26,947 ) (17,142 ) — (44,089 ) Reclassified from accumulated other comprehensive loss — 5,631 — 5,631 Net current period other comprehensive loss (26,947 ) (11,511 ) — (38,458 ) Foreign exchange rate impact (55,409 ) 55,409 — — Balance as of March 31, 2017 (149,721 ) (178,556 ) — (328,277 ) Other comprehensive income before reclassification 30,196 3,713 (414 ) 33,495 Reclassified from accumulated other comprehensive loss — 8,620 68 8,688 Net current period other comprehensive income (loss) 30,196 12,333 (346 ) 42,183 Foreign exchange rate impact 40,459 (40,459 ) — — Balance as of March 31, 2018 $ (79,066 ) $ (206,682 ) $ (346 ) $ (286,094 ) _______________ (1) Reclassification of amounts related to pension liability adjustments were included as a component of net periodic pension cost. (1) Reclassification of amounts related to cash flow hedges were included as direct costs. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of revenue by segment | The following tables show region information for fiscal years 2018 , 2017 and 2016 , and as of March 31, 2018 and 2017 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our consolidated financial statements (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Region gross revenue from external clients: Europe Caspian $ 793,630 $ 734,344 $ 858,144 Africa 195,681 204,522 255,254 Americas 228,658 217,500 283,565 Asia Pacific 222,500 233,902 296,840 Corporate and other 4,493 10,234 21,710 Total region gross revenue $ 1,444,962 $ 1,400,502 $ 1,715,513 Intra-region gross revenue: Europe Caspian $ 5,655 $ 6,722 $ 5,708 Africa — — 2 Americas 8,995 4,465 7,834 Asia Pacific — 1 2 Corporate and other 27 332 2,209 Total intra-region gross revenue $ 14,677 $ 11,520 $ 15,755 Consolidated gross revenue reconciliation: Europe Caspian $ 799,285 $ 741,066 $ 863,852 Africa 195,681 204,522 255,256 Americas 237,653 221,965 291,399 Asia Pacific 222,500 233,903 296,842 Corporate and other 4,520 10,566 23,919 Intra-region eliminations (14,677 ) (11,520 ) (15,755 ) Total consolidated gross revenue $ 1,444,962 $ 1,400,502 $ 1,715,513 |
Schedule of Segment Reporting Information, by Segment | Fiscal Year Ended March 31, 2018 2017 2016 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian $ 191 $ 273 $ 310 Americas 4,302 5,207 (2,117 ) Corporate and other (273 ) (603 ) — Total earnings from unconsolidated affiliates, net of losses – equity method investments $ 4,220 $ 4,877 $ (1,807 ) Consolidated operating loss reconciliation: Europe Caspian $ 22,774 $ 13,840 $ 50,406 Africa 32,326 30,179 19,702 Americas (1) (73,057 ) 4,224 34,463 Asia Pacific (24,290 ) (20,870 ) 4,073 Corporate and other (88,996 ) (104,616 ) (118,796 ) Loss on disposal of assets (17,595 ) (14,499 ) (30,693 ) Total consolidated operating loss $ (148,838 ) $ (91,742 ) $ (40,845 ) Capital expenditures: Europe Caspian $ 24,797 $ 44,024 $ 127,072 Africa 3,769 4,575 1,386 Americas 2,523 8,275 92,418 Asia Pacific 6,795 15,086 23,745 Corporate and other (2) 8,403 63,150 127,754 Total capital expenditures $ 46,287 $ 135,110 $ 372,375 Depreciation and amortization: Europe Caspian $ 48,854 $ 39,511 $ 41,509 Africa 13,705 16,664 29,337 Americas 27,468 32,727 36,371 Asia Pacific 19,695 19,091 20,526 Corporate and other 14,320 10,755 9,069 Total depreciation and amortization (3) $ 124,042 $ 118,748 $ 136,812 March 31, 2018 2017 Identifiable assets: Europe Caspian $ 1,087,437 $ 1,091,536 Africa 374,121 325,719 Americas 788,879 809,071 Asia Pacific 342,166 433,614 Corporate and other (4) 572,399 453,907 Total identifiable assets $ 3,165,002 $ 3,113,847 March 31, 2018 2017 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 270 $ 257 Americas 116,276 200,362 Corporate and other 3,338 3,257 Total investments in unconsolidated affiliates – equity method investments $ 119,884 $ 203,876 _______________ (1) Includes an impairment of our investment in Líder of $85.7 million for fiscal year 2018. For further details, see Note 1 . (2) Includes $2.3 million , $39.5 million and $84.8 million of construction in progress payments that were not allocated to business units in fiscal years 2018 , 2017 and 2016 , respectively. (3) Includes accelerated depreciation expense of $10.4 million during fiscal year 2017 related to aircraft where management made the decision to exit certain model types earlier than originally anticipated in our Europe Caspian, Americas and Africa regions of $0.5 million , $3.9 million and $6.0 million , respectively. We recorded accelerated depreciation expense of $28.7 million during fiscal year 2016 related to aircraft where management made the decision to exit certain model types earlier than originally anticipated in our Europe Caspian, Americas, Africa and Asia Pacific regions of $0.6 million $6.0 million , $16.8 million and $5.3 million , respectively. For further details, see Note 3 . (4) Includes $67.7 million and $199.3 million of construction in progress within property and equipment on our consolidated balance sheets as of March 31, 2018 and 2017 , respectively, which primarily represents progress payments on aircraft and facilities under construction to be delivered in future periods. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | We attribute revenue to various countries based on the location where services are actually performed. Long-lived assets consist primarily of helicopters and fixed wing aircraft and are attributed to various countries based on the physical location of the asset at a given fiscal year-end. Information by geographic area is as follows (in thousands): Fiscal Year Ended March 31, 2018 2017 2016 Gross revenue: United Kingdom $ 530,948 $ 510,796 $ 587,493 Norway 258,878 218,848 225,807 Australia 199,264 216,562 272,407 Nigeria 195,681 204,521 246,449 United States 103,047 87,234 158,901 Canada 61,701 61,877 61,257 Trinidad 53,144 57,531 55,423 Falkland Islands — 1,935 44,724 Other countries 42,299 41,198 63,052 $ 1,444,962 $ 1,400,502 $ 1,715,513 March 31, 2018 2017 Long-lived assets: United Kingdom $ 630,555 $ 600,948 Australia 226,085 317,944 United States 410,651 298,804 Norway 156,593 268,892 Nigeria 293,781 228,863 Canada 193,092 204,842 Trinidad 80,497 118,058 Other countries 9,056 16,738 Construction in progress primarily attributable to aircraft (1) 67,710 199,275 $ 2,068,020 $ 2,254,364 _______________ (1) These costs have been disclosed separately as the physical location where the aircraft will ultimately be operated is subject to change. |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Fiscal Quarter Ended June 30 (1)(2) September 30 (3)(4) December 31 (5)(6) March 31 (7)(8) (In thousands, except per share amounts) Fiscal year 2018 Gross revenue $ 352,109 $ 373,676 $ 360,735 $ 358,442 Operating loss (9) (24,589 ) (12,917 ) (3,497 ) (107,835 ) Net loss attributable to Bristow Group (9) (55,275 ) (31,209 ) (8,273 ) (100,901 ) Loss per share: Basic $ (1.57 ) $ (0.88 ) $ (0.23 ) $ (2.84 ) Diluted $ (1.57 ) $ (0.88 ) $ (0.23 ) $ (2.84 ) Fiscal year 2017 Gross revenue $ 369,398 $ 357,467 $ 337,443 $ 336,194 Operating loss (9) (26,235 ) (26,882 ) (19,097 ) (19,528 ) Net loss attributable to Bristow Group (9) (40,772 ) (29,797 ) (21,927 ) (78,040 ) Loss per share: Basic $ (1.17 ) $ (0.85 ) $ (0.62 ) $ (2.22 ) Diluted $ (1.17 ) $ (0.85 ) $ (0.62 ) $ (2.22 ) _______________ (1) Operating loss, net loss and diluted loss per share for the fiscal quarter ended June 30, 2017 included: (a) a negative impact of $9.7 million , $6.6 million , and $0.19 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization and (b) a negative impact of $1.2 million , $0.8 million and $0.02 , respectively, due to impairment of inventories. Net loss and diluted loss per share for the fiscal quarter ended June 30, 2017 included a negative impact of $14.9 million and $0.42 , respectively, due to tax items that include a one-time non-cash tax effect from repositioning of certain aircraft from one tax jurisdiction to another related to recent financing transactions and the valuation of deferred tax assets. (2) Operating loss, net loss and diluted loss per share for the fiscal quarter ended June 30, 2016 included: (a) a negative impact of $6.6 million , $4.3 million and $0.12 , respectively, from organizational restructuring costs to increase efficiency and reduce costs across the organization and (b) a negative impact of $6.9 million , $4.5 million and $0.13 due to fleet changes that resulted in additional depreciation expense. Net loss and diluted loss per share for the fiscal quarter ended June 30, 2016 included a negative impact of $13.2 million and $0.38 , respectively due to tax valuable allowances. (3) Operating loss, net loss and diluted loss per share for the fiscal quarter ended September 30, 2017 included a negative impact of $2.7 million , $2.2 million , and $0.06 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization. Net loss and diluted loss per share for the fiscal quarter ended September 30, 2017 included a negative impact of $3.2 million and $0.09 , respectively, due to tax items that include a one-time non-cash tax effect from repositioning of certain aircraft from one tax jurisdiction to another related to recent financing transactions and the valuation of deferred tax assets. (4) Operating loss, net loss and diluted loss per share for the fiscal quarter ended September 30, 2016 included: (a) a negative impact of $10.7 million , $7.3 million and $0.21 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization, (b) a negative impact of $1.3 million , $0.9 million and $0.02 , respectively, due to fleet changes that resulted in additional depreciation expense and (c) a negative impact of $7.6 million , $5.3 million and $0.15 ,respectively, due to impairment charges on inventory. Net loss and diluted loss per share for the fiscal quarter ended September 30, 2016 included a negative impact of $2.5 million and $0.07 , respectively, due to tax valuation allowances. (5) Operating loss, net loss and diluted loss per share for the fiscal quarter ended December 31, 2017 included a negative impact of $2.8 million , $2.5 million , and $0.07 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization. Net loss and diluted loss per share for the fiscal quarter ended December 31, 2017 included a positive impact of $15.1 million and $0.42 , respectively, due to tax items that include a one-time non-cash benefit related to the revaluation of net deferred tax liabilities to a lower tax rate resulting from the Act in December 2017 offset by the negative impact of deemed repatriation of foreign earnings under the Act. (6) Operating loss, net loss and diluted loss per share for the fiscal quarter ended December 31, 2016 included: (a) a negative impact of $0.8 million , $0.6 million and $0.02 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization, (b) a negative impact of $1.1 million , $0.8 million and $0.02 respectively, due to fleet changes that resulted in additional depreciation expense and (c) a negative impact of $8.7 million , $7.9 million and $0.22 , respectively, due to impairment of goodwill related to Eastern Airways. Net loss and diluted loss per share for the fiscal quarter ended December 31, 2016 included a negative impact of $3.7 million and $0.10 , respectively, due to tax valuation allowances. (7) Operating loss, net loss and diluted loss per share for the fiscal quarter ended March 31, 2018 included a negative impact of $90.2 million , $62.4 million , and $1.76 , respectively, from loss on impairment, a negative impact of $8.5 million , $6.0 million , and $0.17 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization. Net loss and diluted loss per share for the fiscal quarter ended March 31, 2018 included: (a) a positive impact of $25.8 million and $0.73 , respectively, for a one-time non-cash tax effect from the true-up of the one-time transition tax on the repatriation of foreign earnings under the Act and net reversal of valuation allowances on deferred tax assets, partially offset by expense related to the true-up of the revaluation of net deferred tax liabilities to a lower tax rate resulting from the Act and (b) a negative impact of $1.3 million and $0.04 , respectively, due to early extinguishment of debt. (8) Operating loss, net loss and diluted loss per share for the fiscal quarter ended March 31, 2017 included: (a) a negative impact of $2.8 million , $2.1 million and $0.06 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization, (b) a negative impact of $1.1 million , $0.7 million and $0.02 , respectively, due to fleet changes that resulted in additional depreciation expense and (c) a positive impact of $5.9 million , $5.9 million and $0.17 , respectively, from the reversal of Airnorth contingent consideration. Net loss and diluted loss per share for the fiscal quarter ended March 31, 2016 included a negative impact of $40.0 million and $1.14 , respectively, due to tax items that include a one-time non-cash tax effect from repositioning of certain aircraft from one tax jurisdiction to another related to recent financing transactions and the valuation of deferred tax assets. (9) The fiscal quarters ended June 30, September 30 and December 31, 2017 , and March 31, 2018 included $0.7 million , $(8.5) million , $(4.6) million and $(5.2) million , respectively, in gain (loss) on disposal of assets included in operating loss which also increased net loss by $3.9 million , $14.1 million , $2.5 million and $40.1 million , respectively, and diluted loss per share by $0.11 , $0.40 , $0.07 and $1.13 , respectively. The fiscal quarters ended June 30, September 30 , December 31, 2016 , and March 31, 2017 included $10.0 million , $2.2 million , $0.9 million and $1.4 million , respectively in loss on disposal of assets included in operating loss which also impacted net loss by $(6.8) million , $(1.5) million , $1.1 million and $(0.8) million , respectively, and diluted loss per share by $(0.19) , $(0.04) , $0.03 and $(0.02) , respectively. |
SUPPLEMENTAL CONDENSED CONSOL_2
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Condensed Income Statement | 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 intercompany 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 Fiscal Year Ended March 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ 233 $ 187,333 $ 1,257,396 $ — $ 1,444,962 Intercompany revenue — 118,807 — (118,807 ) — 233 306,140 1,257,396 (118,807 ) 1,444,962 Operating expense: Direct cost and reimbursable expense 3,442 200,178 978,894 — 1,182,514 Intercompany expenses — — 118,807 (118,807 ) — Depreciation and amortization 12,031 53,034 58,977 — 124,042 General and administrative 54,598 27,401 102,988 — 184,987 70,071 280,613 1,259,666 (118,807 ) 1,491,543 Loss on impairment — (1,192 ) (90,208 ) — (91,400 ) Gain (loss) on disposal of assets (1,995 ) 5,112 (20,712 ) — (17,595 ) Earnings from unconsolidated affiliates, net of losses (104,396 ) — 6,738 104,396 6,738 Operating income (loss) (176,229 ) 29,447 (106,452 ) 104,396 (148,838 ) Interest expense, net (42,871 ) (22,942 ) (11,247 ) — (77,060 ) Other income (expense), net (168 ) (1,038 ) (1,870 ) — (3,076 ) Income (loss) before (provision) benefit for income taxes (219,268 ) 5,467 (119,569 ) 104,396 (228,974 ) Allocation of consolidated income taxes 23,661 11,196 (3,966 ) — 30,891 Net income (loss) (195,607 ) 16,663 (123,535 ) 104,396 (198,083 ) Net (income) loss attributable to noncontrolling interests (51 ) — 2,476 — 2,425 Net income (loss) attributable to Bristow Group $ (195,658 ) $ 16,663 $ (121,059 ) $ 104,396 $ (195,658 ) Supplemental Condensed Consolidating Statement of Operations Fiscal Year Ended March 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 170,306 $ 1,230,196 $ — $ 1,400,502 Intercompany revenue — 114,196 — (114,196 ) — — 284,502 1,230,196 (114,196 ) 1,400,502 Operating expense: Direct cost and reimbursable expense 77 202,974 951,246 — 1,154,297 Intercompany expenses — — 114,196 (114,196 ) — Depreciation and amortization 9,513 51,784 57,451 — 118,748 General and administrative 64,278 23,055 108,034 — 195,367 73,868 277,813 1,230,927 (114,196 ) 1,468,412 Loss on impairment — (4,761 ) (11,517 ) — (16,278 ) Gain (loss) on disposal of assets — (15,576 ) 1,077 — (14,499 ) Earnings from unconsolidated affiliates, net of losses (28,119 ) — 6,903 28,161 6,945 Operating loss (101,987 ) (13,648 ) (4,268 ) 28,161 (91,742 ) Interest expense, net (43,581 ) (3,480 ) (2,858 ) — (49,919 ) Other income (expense), net 1,257 3,883 (7,781 ) — (2,641 ) Loss before (provision) benefit for income taxes (144,311 ) (13,245 ) (14,907 ) 28,161 (144,302 ) Allocation of consolidated income taxes (26,175 ) (10,862 ) 4,449 — (32,588 ) Net loss (170,486 ) (24,107 ) (10,458 ) 28,161 (176,890 ) Net (income) loss attributable to noncontrolling interests (50 ) — 6,404 — 6,354 Net loss attributable to Bristow Group $ (170,536 ) $ (24,107 ) $ (4,054 ) $ 28,161 $ (170,536 ) Supplemental Condensed Consolidating Statement of Operations Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 229,499 $ 1,486,014 $ — $ 1,715,513 Intercompany revenue — 87,673 — (87,673 ) — — 317,172 1,486,014 (87,673 ) 1,715,513 Operating expense: Direct cost and reimbursable expense 320 192,500 1,116,545 — 1,309,365 Intercompany expenses — — 87,673 (87,673 ) — Depreciation and amortization 7,137 60,312 69,363 — 136,812 General and administrative 68,787 27,440 128,418 — 224,645 76,244 280,252 1,401,999 (87,673 ) 1,670,822 Loss on impairment — (7,264 ) (47,840 ) — (55,104 ) Loss on disposal of assets — (21,579 ) (9,114 ) — (30,693 ) Earnings from unconsolidated affiliates, net of losses 1,271 — 220 (1,230 ) 261 Operating income (loss) (74,973 ) 8,077 27,281 (1,230 ) (40,845 ) Interest expense, net (30,167 ) (3,859 ) (102 ) — (34,128 ) Other income (expense), net 400 499 (5,157 ) — (4,258 ) Income (loss) before (provision) benefit for income taxes (104,740 ) 4,717 22,022 (1,230 ) (79,231 ) Allocation of consolidated income taxes 32,355 (3,546 ) (26,727 ) — 2,082 Net income (loss) (72,385 ) 1,171 (4,705 ) (1,230 ) (77,149 ) Net (income) loss attributable to noncontrolling interests (57 ) — 4,764 — 4,707 Net income (loss) attributable to Bristow Group (72,442 ) 1,171 59 (1,230 ) (72,442 ) Accretion of redeemable noncontrolling interests — — (1,498 ) — (1,498 ) Net income (loss) attributable to common stockholders $ (72,442 ) $ 1,171 $ (1,439 ) $ (1,230 ) $ (73,940 ) |
Condensed Statement of Comprehensive Income | 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 intercompany 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 (Loss) Fiscal Year Ended March 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net income (loss) $ (195,607 ) $ 16,663 $ (123,535 ) $ 104,396 $ (198,083 ) Other comprehensive income (loss): Currency translation adjustments — 992 91,737 (66,802 ) 25,927 Pension liability adjustment — — 12,333 — 12,333 Unrealized loss on cash flow hedges, net of tax benefit — — (346 ) — (346 ) Total comprehensive income (loss) (195,607 ) 17,655 (19,811 ) 37,594 (160,169 ) Net (income) loss attributable to noncontrolling interests (51 ) — 2,476 — 2,425 Currency translation adjustments attributable to noncontrolling interests — — 4,269 — 4,269 Total comprehensive (income) loss attributable to noncontrolling interests (51 ) — 6,745 — 6,694 Total comprehensive income (loss) attributable to Bristow Group $ (195,658 ) $ 17,655 $ (13,066 ) $ 37,594 $ (153,475 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net loss $ (170,486 ) $ (24,107 ) $ (10,458 ) $ 28,161 $ (176,890 ) Other comprehensive income (loss): Currency translation adjustments — 388 209,065 (231,089 ) (21,636 ) Pension liability adjustment — — (11,511 ) — (11,511 ) Total comprehensive income (loss) (170,486 ) (23,719 ) 187,096 (202,928 ) (210,037 ) Net (income) loss attributable to noncontrolling interests (50 ) — 6,404 — 6,354 Currency translation adjustment attributable to noncontrolling interest — — (5,311 ) — (5,311 ) Total comprehensive income (loss) attributable to noncontrolling interests (50 ) — 1,093 — 1,043 Total comprehensive income (loss) attributable to Bristow Group $ (170,536 ) $ (23,719 ) $ 188,189 $ (202,928 ) $ (208,994 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net income (loss) $ (72,385 ) $ 1,171 $ (4,705 ) $ (1,230 ) $ (77,149 ) Other comprehensive income (loss): Currency translation adjustments 2 — (186,812 ) 165,206 (21,604 ) Pension liability adjustment — — 705 — 705 Total comprehensive income (loss) (72,383 ) 1,171 (190,812 ) 163,976 (98,048 ) Net income attributable to noncontrolling interests (57 ) — 4,764 — 4,707 Currency translation adjustments attributable to noncontrolling interests — — 1,409 — 1,409 Total comprehensive income attributable to noncontrolling interests (57 ) — 6,173 — 6,116 Total comprehensive income (loss) attributable to Bristow Group (72,440 ) 1,171 (184,639 ) 163,976 (91,932 ) Accretion of redeemable noncontrolling interests — — (1,498 ) — (1,498 ) Total comprehensive income (loss) attributable to common stockholders $ (72,440 ) $ 1,171 $ (186,137 ) $ 163,976 $ (93,430 ) |
Condensed Balance Sheet | 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 intercompany 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 March 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 277,176 $ 8,904 $ 94,143 $ — $ 380,223 Accounts receivable 211,412 423,214 250,984 (638,630 ) 246,980 Inventories — 31,300 98,314 — 129,614 Assets held for sale — 26,737 3,611 — 30,348 Prepaid expenses and other current assets 3,367 4,494 41,016 (1,643 ) 47,234 Total current assets 491,955 494,649 488,068 (640,273 ) 834,399 Intercompany investment 2,199,505 104,435 141,683 (2,445,623 ) — Investment in unconsolidated affiliates — — 126,170 — 126,170 Intercompany notes receivable 183,634 36,358 368,575 (588,567 ) — Property and equipment - at cost: Land and buildings 4,806 58,191 187,043 — 250,040 Aircraft and equipment 156,651 1,326,922 1,027,558 — 2,511,131 161,457 1,385,113 1,214,601 — 2,761,171 Less – Accumulated depreciation and amortization (39,780 ) (263,412 ) (389,959 ) — (693,151 ) 121,677 1,121,701 824,642 — 2,068,020 Goodwill — — 19,907 — 19,907 Other assets 4,966 2,122 109,418 — 116,506 Total assets $ 3,001,737 $ 1,759,265 $ 2,078,463 $ (3,674,463 ) $ 3,165,002 LIABILITIES AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 341,342 $ 175,133 $ 201,704 $ (616,909 ) $ 101,270 Accrued liabilities 59,070 6,735 166,026 (21,955 ) 209,876 Short-term borrowings and current maturities of long-term debt 840,485 296,782 338,171 — 1,475,438 Total current liabilities 1,240,897 478,650 705,901 (638,864 ) 1,786,584 Long-term debt, less current maturities — — 11,096 — 11,096 Intercompany notes payable 132,740 370,407 41,001 (544,148 ) — Accrued pension liabilities — — 37,034 — 37,034 Other liabilities and deferred credits 14,078 7,924 14,950 — 36,952 Deferred taxes 77,373 27,794 10,025 — 115,192 Stockholders’ investment: Common stock 382 4,996 131,317 (136,313 ) 382 Additional paid-in-capital 852,565 29,387 284,048 (313,435 ) 852,565 Retained earnings 788,834 838,727 473,712 (1,312,439 ) 788,834 Accumulated other comprehensive income (loss) 78,306 1,380 363,484 (729,264 ) (286,094 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,535,291 874,490 1,252,561 (2,491,451 ) 1,170,891 Noncontrolling interests 1,358 — 5,895 — 7,253 Total stockholders’ investment 1,536,649 874,490 1,258,456 (2,491,451 ) 1,178,144 Total liabilities and stockholders’ investment $ 3,001,737 $ 1,759,265 $ 2,078,463 $ (3,674,463 ) $ 3,165,002 Supplemental Condensed Consolidating Balance Sheet As of March 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 3,382 $ 299 $ 92,975 $ — $ 96,656 Accounts receivable 76,383 288,235 212,900 (370,603 ) 206,915 Inventories — 34,721 90,190 — 124,911 Assets held for sale — 30,716 7,530 — 38,246 Prepaid expenses and other current assets 3,237 4,501 43,856 (10,451 ) 41,143 Total current assets 83,002 358,472 447,451 (381,054 ) 507,871 Intercompany investment 2,486,682 104,435 126,296 (2,717,413 ) — Investment in unconsolidated affiliates — — 210,162 — 210,162 Intercompany notes receivable 306,641 37,633 39,706 (383,980 ) — Property and equipment - at cost: Land and buildings 4,806 62,114 164,528 — 231,448 Aircraft and equipment 151,005 1,199,073 1,272,623 — 2,622,701 155,811 1,261,187 1,437,151 — 2,854,149 Less – Accumulated depreciation and amortization (29,099 ) (258,225 ) (312,461 ) — (599,785 ) 126,712 1,002,962 1,124,690 — 2,254,364 Goodwill — — 19,798 — 19,798 Other assets 18,770 2,139 100,743 — 121,652 Total assets $ 3,021,807 $ 1,505,641 $ 2,068,846 $ (3,482,447 ) $ 3,113,847 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 231,841 $ 70,434 $ 151,382 $ (355,442 ) $ 98,215 Accrued liabilities 61,791 17,379 137,653 (25,628 ) 191,195 Deferred taxes (1,272 ) 2,102 — — 830 Short-term borrowings and current maturities of long-term debt 79,053 17,432 34,578 — 131,063 Total current liabilities 371,413 107,347 323,613 (381,070 ) 421,303 Long-term debt, less current maturities 763,325 284,710 102,921 — 1,150,956 Intercompany notes payable 70,689 226,091 87,200 (383,980 ) — Accrued pension liabilities — — 61,647 — 61,647 Other liabilities and deferred credits 11,597 6,229 11,073 — 28,899 Deferred taxes 112,716 40,344 1,813 — 154,873 Redeemable noncontrolling interest — — 6,886 — 6,886 Stockholders’ investment: Common stock 379 20,028 115,317 (135,345 ) 379 Additional paid-in-capital 809,995 29,387 284,048 (313,435 ) 809,995 Retained earnings 986,957 791,117 815,038 (1,606,155 ) 986,957 Accumulated other comprehensive income (loss) 78,306 388 255,491 (662,462 ) (328,277 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,690,841 840,920 1,469,894 (2,717,397 ) 1,284,258 Noncontrolling interests 1,226 — 3,799 — 5,025 Total stockholders’ investment 1,692,067 840,920 1,473,693 (2,717,397 ) 1,289,283 Total liabilities, redeemable noncontrolling interest and stockholders’ investment $ 3,021,807 $ 1,505,641 $ 2,068,846 $ (3,482,447 ) $ 3,113,847 |
Condensed Cash Flow Statement | 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 intercompany 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 Fiscal Year Ended March 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (125,596 ) $ 61,757 $ 44,295 $ — $ (19,544 ) Cash flows from investing activities: Capital expenditures (8,902 ) (9,754 ) (105,111 ) 77,480 (46,287 ) Proceeds from asset dispositions — 85,785 40,435 (77,480 ) 48,740 Proceeds from OEM cost recoveries — — 94,463 — 94,463 Net cash provided by (used in) investing activities (8,902 ) 76,031 29,787 — 96,916 Cash flows from financing activities: Proceeds from borrowings 665,106 — 231,768 — 896,874 Debt issuance costs (11,677 ) (552 ) (8,331 ) — (20,560 ) Repayment of debt (621,902 ) (18,512 ) (31,153 ) — (671,567 ) Purchase of 4½ Convertible Senior Notes call option (40,393 ) — — — (40,393 ) Proceeds from issuance of warrants 30,259 — — — 30,259 Partial prepayment of put/call obligation (49 ) — — — (49 ) Dividends paid to noncontrolling interest — — (331 ) — (331 ) Dividends paid 217,802 — (220,267 ) — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 171,886 (110,119 ) (61,767 ) — — Repurchases for tax withholdings on vesting of equity awards (2,740 ) — — — (2,740 ) Net cash provided by (used in) financing activities 408,292 (129,183 ) (90,081 ) — 189,028 Effect of exchange rate changes on cash and cash equivalents — — 17,167 — 17,167 Net increase in cash and cash equivalents 273,794 8,605 1,168 — 283,567 Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 277,176 $ 8,904 $ 94,143 $ — $ 380,223 Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (100,841 ) $ 18,359 $ 94,019 $ — $ 11,537 Cash flows from investing activities: Capital expenditures (16,544 ) (25,756 ) (92,810 ) — (135,110 ) Proceeds from asset dispositions — 16,346 2,125 — 18,471 Deposit received on asset held for sale — 290 — — 290 Net cash used in investing activities (16,544 ) (9,120 ) (90,685 ) — (116,349 ) Cash flows from financing activities: Proceeds from borrowings 300,600 309,889 97,778 — 708,267 Payment of contingent consideration — — (10,000 ) — (10,000 ) Debt issuance costs (2,925 ) (4,199 ) (886 ) — (8,010 ) Repayment of debt and debt redemption premiums (533,500 ) (5,016 ) (31,812 ) — (570,328 ) Partial prepayment of put/call obligation (49 ) — — — (49 ) Dividends to noncontrolling interest — — (2,533 ) — (2,533 ) Dividends paid 13,780 (21,226 ) (2,385 ) — (9,831 ) Increases (decreases) in cash related to intercompany advances and debt 308,455 (291,781 ) (16,674 ) — — Repurchases for tax withholdings on vesting of equity awards (835 ) — — — (835 ) Net cash provided by (used in) financing activities 85,526 (12,333 ) 33,488 — 106,681 Effect of exchange rate changes on cash and cash equivalents — — (9,523 ) — (9,523 ) Net increase (decrease) in cash and cash equivalents (31,859 ) (3,094 ) 27,299 — (7,654 ) Cash and cash equivalents at beginning of period 35,241 3,393 65,676 — 104,310 Cash and cash equivalents at end of period $ 3,382 $ 299 $ 92,975 $ — $ 96,656 Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (94,292 ) $ 104,989 $ 107,534 $ — $ 118,231 Cash flows from investing activities: Capital expenditures (31,223 ) (239,773 ) (101,379 ) — (372,375 ) Proceeds from asset dispositions — 50,780 9,255 — 60,035 Investment in unconsolidated affiliates — — (4,410 ) — (4,410 ) Net cash used in investing activities (31,223 ) (188,993 ) (96,534 ) — (316,750 ) Cash flows from financing activities: Proceeds from borrowings 908,225 — 20,577 — 928,802 Payment of contingent consideration — — (9,453 ) — (9,453 ) Debt issuance costs (5,139 ) — — — (5,139 ) Repayment of debt and debt redemption premiums (649,650 ) — (27,353 ) — (677,003 ) Partial prepayment of put/call obligation (55 ) — — — (55 ) Acquisition of noncontrolling interest — — (7,309 ) — (7,309 ) Dividends paid to noncontrolling interests — — (153 ) — (153 ) Dividends paid (38,076 ) — — — (38,076 ) Increases (decreases) in cash related to intercompany advances and debt (52,470 ) 86,513 (34,043 ) — — Repurchases for tax withholdings on vesting of equity awards (2,205 ) — — — (2,205 ) Net cash provided by (used in) financing activities 160,630 86,513 (57,734 ) — 189,409 Effect of exchange rate changes on cash and cash equivalents — — 9,274 — 9,274 Net increase (decrease) in cash and cash equivalents 35,115 2,509 (37,460 ) — 164 Cash and cash equivalents at beginning of period 126 884 103,136 — 104,146 Cash and cash equivalents at end of period $ 35,241 $ 3,393 $ 65,676 $ — $ 104,310 |
OPERATIONS, BASIS OF PRESENTA_4
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Immaterial Corrections to Prior Period Financial Information (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Long-term debt, less current maturities | $ 11,096,000 | $ 1,150,956,000 | ||
Accrued wages, benefits and related taxes | 67,334,000 | 64,026,000 | ||
Retained earnings | 788,834,000 | 986,957,000 | $ 1,167,324,000 | $ 1,279,493,000 |
Stockholders' Equity Attributable to Parent | 1,170,891,000 | 1,284,258,000 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,178,144,000 | 1,289,283,000 | 1,504,943,000 | 1,613,837,000 |
Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Accrued wages, benefits and related taxes | 62,385,000 | 59,077,000 | ||
Retained earnings | 793,783,000 | 991,906,000 | 1,172,273,000 | 1,284,442,000 |
Stockholders' Equity Attributable to Parent | 1,175,840,000 | 1,289,207,000 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,183,093,000 | 1,294,232,000 | ||
Restatement Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Long-term debt, less current maturities | (1,400,000,000) | |||
Accrued wages, benefits and related taxes | 4,949,000 | 4,949,000 | ||
Retained earnings | (4,949,000) | (4,949,000) | (4,949,000) | (4,949,000) |
Stockholders' Equity Attributable to Parent | (4,949,000) | (4,949,000) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (4,949,000) | $ (4,949,000) | $ (4,949,000) | $ (4,949,000) |
OPERATIONS, BASIS OF PRESENTA_5
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2015USD ($) | Nov. 30, 2015AUD ($) | Mar. 31, 2018USD ($)CustomeraircraftAffiliates | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($)Customeraircraft | Mar. 31, 2015USD ($)aircraft | Mar. 31, 2014USD ($)aircraft | Jan. 31, 2018 | Sep. 29, 2015USD ($) | Jan. 31, 2015 | Feb. 06, 2014 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Number of aircraft operated | aircraft | 405 | ||||||||||
Cash collateral for letters of credit | $ 19,800 | ||||||||||
Deferred Set-up Costs, Current | 10,800 | $ 9,700 | |||||||||
Amortization of Other Deferred Charges | 11,400 | 16,900 | |||||||||
Goodwill | 19,907 | 19,798 | $ 29,990 | ||||||||
Accumulated goodwill impairment | 50,861 | 50,861 | 42,155 | ||||||||
Deferred Tax Assets, Net, Noncurrent | 42,600 | 34,800 | |||||||||
Deferred Set-up Costs, Noncurrent | 50,600 | 51,100 | |||||||||
Impairment of inventories | 5,717 | 7,572 | 5,439 | ||||||||
Impairment of investment in unconsolidated affiliates | 85,683 | 0 | 0 | ||||||||
Impairment of goodwill | 0 | 8,706 | 41,579 | ||||||||
Impairments of other intangible assets | 0 | 0 | $ 8,086 | ||||||||
Other accrued liabilities | 65,978 | 46,679 | |||||||||
Proceeds from Assignment of Aircraft Purchase Agreements | $ 106,100 | ||||||||||
Number Of Aircraft Assigned Future Payments | aircraft | (2) | (5) | 7 | ||||||||
Deferred Sale Leaseback Cumulative Progress Payments | $ 147,400 | ||||||||||
Deferred Sale Leaseback Completion And Interim Lease Payments | $ 75,800 | $ 183,700 | |||||||||
Removal of Deferred Sale Leaseback Advance | 74,300 | $ 182,600 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | (2,600) | (2,900) | (4,300) | ||||||||
Accretion of redeemable noncontrolling interests | 0 | 0 | 1,498 | ||||||||
Payments for repurchase of redeemable noncontrolling interest | 0 | 0 | 7,309 | ||||||||
Redeemable non controlling interest, carrying amount, period increase (decrease) | 6,121 | 5,467 | |||||||||
Adjustments to Additional Paid in Capital, Other | (40,393) | ||||||||||
Current deferred taxes | 100 | ||||||||||
Current deferred liabilities | 800 | ||||||||||
Net cash provided by (used in) operating activities | (19,544) | 11,537 | 118,231 | ||||||||
Adjustments for New Accounting Pronouncement | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Increase (Decrease) in Accrued Taxes Payable | $ 1,800 | ||||||||||
Net cash provided by (used in) operating activities | 800 | 2,200 | |||||||||
Eastern Airways | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Number of aircraft operated | aircraft | 34 | ||||||||||
Impairment of inventories | $ 4,500 | ||||||||||
Business acquisition, percentage of voting interests acquired | 40.00% | 60.00% | |||||||||
Impairment of goodwill | 8,700 | ||||||||||
Impairments of other intangible assets | 8,100 | ||||||||||
Redeemable non controlling interest, carrying amount, period increase (decrease) | $ 6,121 | ||||||||||
Airnorth | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Number of aircraft operated | aircraft | 14 | ||||||||||
Business acquisition, percentage of voting interests acquired | 15.00% | 15.00% | 85.00% | ||||||||
Payments for repurchase of redeemable noncontrolling interest | $ 5,300 | $ 7.3 | |||||||||
Redeemable non controlling interest, carrying amount, period increase (decrease) | 5,500 | 5,467 | |||||||||
Adjustments to Additional Paid in Capital, Other | $ 2,600 | ||||||||||
Inventory Valuation Reserve | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Additional allowances | $ 6,355 | 1,617 | 192 | ||||||||
Impairment of inventories | 0 | 7,572 | 5,439 | ||||||||
Bristow Norway and Bristow Academy | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Impairment of goodwill | 22,300 | ||||||||||
Europe Caspian | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Goodwill | 0 | 0 | 10,026 | ||||||||
Accumulated goodwill impairment | 33,883 | 33,883 | 25,177 | ||||||||
Impairment of goodwill | 0 | 8,706 | |||||||||
Europe Caspian | Eastern Airways | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Goodwill | $ 24,600 | ||||||||||
Impairment of goodwill | 13,100 | ||||||||||
Europe Caspian | Norway | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Goodwill | 12,100 | ||||||||||
Asia Pacific | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Goodwill | 19,907 | 19,798 | 19,964 | 21,900 | |||||||
Impairment of goodwill | 0 | ||||||||||
Africa | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Goodwill | 5,900 | ||||||||||
Accumulated goodwill impairment | 6,179 | 6,179 | 6,179 | ||||||||
Impairment of goodwill | 0 | 0 | 6,200 | ||||||||
Corporate and other | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Goodwill | $ 10,200 | ||||||||||
Accumulated goodwill impairment | 10,223 | 10,223 | $ 10,223 | ||||||||
Impairment of goodwill | $ 0 | $ 0 | |||||||||
Nigeria | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Number Of Uncollectible Customer | Customer | 2 | ||||||||||
Australia | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Number Of Uncollectible Customer | Customer | 1 | ||||||||||
Norway | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Number Of Client Contracts | Customer | 2 | ||||||||||
Bristow Academy | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Impairment of inventories | $ 1,200 | ||||||||||
Lider | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Impairment of investment in unconsolidated affiliates | $ 85,700 | ||||||||||
Equity Method Investment, Ownership Percentage | 41.90% | 41.90% | |||||||||
Business acquisition, percentage of voting interests acquired | 20.00% | ||||||||||
Unconsolidated affiliates | |||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Number of aircraft operated | Affiliates | 110 | ||||||||||
Foreign Currency Transaction Gain (Loss), before Tax | $ (2,000) | $ (3,200) | $ (22,400) |
OPERATIONS, BASIS OF PRESENTA_6
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounts Receivable Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Balance – beginning of fiscal year | $ 4,498 | $ 5,562 | $ 859 |
Additional allowances | 1,463 | 575 | 6,638 |
Write-offs and collections | (2,657) | (1,639) | (1,935) |
Balance – end of fiscal year | $ 3,304 | $ 4,498 | $ 5,562 |
OPERATIONS, BASIS OF PRESENTA_7
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Inventory Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Impairment of inventories | $ 5,717 | $ 7,572 | $ 5,439 |
Inventory Valuation Reserve | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance – beginning of fiscal year | 21,514 | 27,763 | 45,414 |
Impairment of inventories | 0 | 7,572 | 5,439 |
Additional allowances | 6,355 | 1,617 | 192 |
Inventory disposed and scrapped | (3,353) | (14,635) | (22,428) |
Foreign currency effects | 1,514 | (803) | (854) |
Balance – end of fiscal year | $ 26,030 | $ 21,514 | $ 27,763 |
OPERATIONS, BASIS OF PRESENTA_8
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property and Equipment Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property and equipment [Line Items] | ||
Construction in Progress, Gross | $ 67,710 | $ 199,275 |
Aircraft | Minimum | ||
Property and equipment [Line Items] | ||
Property, Plant and Equipment, Salvage Value, Percentage | 30.00% | |
Property, Plant and Equipment, Useful Life | 5 years | |
Aircraft | Maximum | ||
Property and equipment [Line Items] | ||
Property, Plant and Equipment, Salvage Value, Percentage | 50.00% | |
Property, Plant and Equipment, Useful Life | 15 years | |
Building | Minimum | ||
Property and equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Building | Maximum | ||
Property and equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Other Capitalized Property Plant and Equipment | Minimum | ||
Property and equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Other Capitalized Property Plant and Equipment | Maximum | ||
Property and equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years |
OPERATIONS, BASIS OF PRESENTA_9
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Goodwill Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill [Line Items] | |||
Goodwill - beginning balance | $ 19,798 | $ 29,990 | |
Foreign currency translation | 109 | (1,486) | |
Goodwill - ending balance | 19,907 | 19,798 | $ 29,990 |
Accumulated goodwill impairment - beginning balance | 50,861 | 42,155 | |
Impairments | 0 | (8,706) | (41,579) |
Accumulated goodwill impairment - ending balance | 50,861 | 50,861 | 42,155 |
Europe Caspian | |||
Goodwill [Line Items] | |||
Goodwill - beginning balance | 0 | 10,026 | |
Foreign currency translation | 0 | (1,320) | |
Goodwill - ending balance | 0 | 0 | 10,026 |
Accumulated goodwill impairment - beginning balance | 33,883 | 25,177 | |
Impairments | 0 | (8,706) | |
Accumulated goodwill impairment - ending balance | 33,883 | 33,883 | 25,177 |
Asia Pacific | |||
Goodwill [Line Items] | |||
Goodwill - beginning balance | 19,798 | 19,964 | |
Foreign currency translation | 109 | (166) | |
Goodwill - ending balance | 19,907 | 19,798 | 19,964 |
Impairments | 0 | ||
Africa | |||
Goodwill [Line Items] | |||
Accumulated goodwill impairment - beginning balance | 6,179 | 6,179 | |
Impairments | 0 | 0 | (6,200) |
Accumulated goodwill impairment - ending balance | 6,179 | 6,179 | 6,179 |
Corporate and other | |||
Goodwill [Line Items] | |||
Accumulated goodwill impairment - beginning balance | 10,223 | 10,223 | |
Impairments | 0 | 0 | |
Accumulated goodwill impairment - ending balance | 10,223 | 10,223 | 10,223 |
Americas | |||
Goodwill [Line Items] | |||
Accumulated goodwill impairment - beginning balance | 576 | 576 | |
Impairments | 0 | 0 | |
Accumulated goodwill impairment - ending balance | $ 576 | $ 576 | $ 576 |
OPERATIONS, BASIS OF PRESENT_10
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Other Intangible Assets Tables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Other intangible assets - beginning balance | $ 27,212 | $ 27,858 |
Foreign currency translation | 474 | (646) |
Other intangible assets - ending balance | 27,686 | 27,212 |
Other intangible assets, accumulated amortization - beginning balance | (21,476) | (20,379) |
Amortization expense | (912) | (1,097) |
Other intangible assets, accumulated amortization - ending balance | $ (22,388) | (21,476) |
Weighted average remaining contractual life, in years | 5 years 9 months | |
Other intangible assets, net, amortization expense, fiscal year maturity [Abstract] | ||
2019 | $ 780 | |
2020 | 476 | |
2021 | 476 | |
2022 | 476 | |
2023 | 477 | |
Thereafter | 2,613 | |
Intangible assets | 5,298 | |
Client contracts | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Other intangible assets - beginning balance | 8,169 | 8,170 |
Foreign currency translation | 0 | (1) |
Other intangible assets - ending balance | 8,169 | 8,169 |
Other intangible assets, accumulated amortization - beginning balance | (8,155) | (8,062) |
Amortization expense | (14) | (93) |
Other intangible assets, accumulated amortization - ending balance | $ (8,169) | (8,155) |
Weighted average remaining contractual life, in years | 0 years | |
Client relationships | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Other intangible assets - beginning balance | $ 12,752 | 12,779 |
Foreign currency translation | 25 | (27) |
Other intangible assets - ending balance | 12,777 | 12,752 |
Other intangible assets, accumulated amortization - beginning balance | (11,071) | (10,600) |
Amortization expense | (301) | (471) |
Other intangible assets, accumulated amortization - ending balance | $ (11,372) | (11,071) |
Weighted average remaining contractual life, in years | 4 years 8 months | |
Trade name and trademarks | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Other intangible assets - beginning balance | $ 4,483 | 5,008 |
Foreign currency translation | 395 | (525) |
Other intangible assets - ending balance | 4,878 | 4,483 |
Other intangible assets, accumulated amortization - beginning balance | (908) | (636) |
Amortization expense | (305) | (272) |
Other intangible assets, accumulated amortization - ending balance | $ (1,213) | (908) |
Weighted average remaining contractual life, in years | 12 years | |
Internally developed software | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Other intangible assets - beginning balance | $ 1,062 | 1,149 |
Foreign currency translation | 45 | (87) |
Other intangible assets - ending balance | 1,107 | 1,062 |
Other intangible assets, accumulated amortization - beginning balance | (685) | (480) |
Amortization expense | (230) | (205) |
Other intangible assets, accumulated amortization - ending balance | $ (915) | (685) |
Weighted average remaining contractual life, in years | 9 months | |
Licenses | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Other intangible assets - beginning balance | $ 746 | 752 |
Foreign currency translation | 9 | (6) |
Other intangible assets - ending balance | 755 | 746 |
Other intangible assets, accumulated amortization - beginning balance | (657) | (601) |
Amortization expense | (62) | (56) |
Other intangible assets, accumulated amortization - ending balance | $ (719) | $ (657) |
Weighted average remaining contractual life, in years | 7 months |
OPERATIONS, BASIS OF PRESENT_11
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Loss on Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Impairment of inventories | $ 5,717 | $ 7,572 | $ 5,439 |
Impairment of investment in unconsolidated affiliates | 85,683 | 0 | 0 |
Impairment of goodwill | 0 | 8,706 | 41,579 |
Impairments of other intangible assets | 0 | 0 | 8,086 |
Loss on impairment | $ 91,400 | $ 16,278 | $ 55,104 |
OPERATIONS, BASIS OF PRESENT_12
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Other Accrued Liabilities Table (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued lease costs | $ 11,708 | $ 5,601 |
Deferred OEM cost recovery | 8,082 | 0 |
Eastern overdraft liability | 8,989 | 5,829 |
Accrued property and equipment | 4,874 | 3,546 |
Deferred gain on sale leasebacks | 1,305 | 1,655 |
Other operating accruals | 31,020 | 30,048 |
Other accrued liabilities | $ 65,978 | $ 46,679 |
OPERATIONS, BASIS OF PRESENT_13
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interest Expense, Net Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Interest income | $ 677 | $ 943 | $ 1,058 |
Interest expense | 77,737 | 50,862 | 35,186 |
Interest expense, net | $ (77,060) | $ (49,919) | $ (34,128) |
VARIABLE INTEREST ENTITIES AN_4
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES VIE Narrative (Details) £ / shares in Units, £ in Millions, $ in Millions | Jul. 31, 2014 | Apr. 30, 2015 | Dec. 31, 2013 | Mar. 31, 2018USD ($)AffiliatesClass_Of_SharesNominationsvoting_rightsshares | Mar. 31, 2018GBP (£)Class_Of_Sharesvoting_rights | May 31, 2004USD ($)shares | May 31, 2004£ / shares | Apr. 30, 2004 |
Variable Interest Entity [Line Items] | ||||||||
Number of variable interest entities | Affiliates | 4 | |||||||
Caledonia Investments Plc | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Ownership percentage in variable interest entity, third party | 46.00% | |||||||
European Union | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Ownership percentage in variable interest entity, third party | 5.00% | |||||||
Nigerian Company owned by 100% Nigerian Employees | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Ownership percentage in variable interest entity, third party | 50.00% | |||||||
VIE, qualitative or quantitative information, purchased percentage from third party | 29.00% | 2.00% | 19.00% | |||||
Employee Trust Fund | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Ownership percentage in variable interest entity, third party | 2.00% | |||||||
Bristow Aviation Holdings Limited | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Ownership percentage in VIE | 49.00% | |||||||
Class of shares, number | Class_Of_Shares | 3 | 3 | ||||||
Ownership percentage in variable interest entity, third party | 51.00% | |||||||
Purchase of deferred stock shares | shares | 8,000,000 | |||||||
Business acquisition, share price | £ / shares | £ 1 | |||||||
Principal amount of subordinated unsecured loan stock | $ 127.7 | £ 91 | ||||||
Interest rate on unsecured loan | 13.50% | |||||||
Total amount paid for deferred shares | $ | $ 14.4 | |||||||
Deferred interest cost | $ | $ 2,100 | |||||||
Bristow Aviation Holdings Limited | Call Option | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Common Stock value | £ | £ 1 | |||||||
Call option guaranteed rate | 3.00% | 3.00% | 12.00% | |||||
Bristow Aviation Holdings Limited | Put option | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Call option guaranteed rate | 10.00% | |||||||
Bristow Aviation Holdings Limited | Director one | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of voting rights | 1 | 1 | ||||||
Bristow Aviation Holdings Limited | Director two | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of voting rights | 1 | 1 | ||||||
Bristow Aviation Holdings Limited | Caledonia Investments Plc | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of voting rights | 3 | 3 | ||||||
Number of board of directors nomination | Nominations | 2 | |||||||
Shareholder Agreement, Ownership, Number of Parent Common Stock Requirement | shares | 1,000,000 | |||||||
Shareholder Agreement, Ownership, Percentage of Parent Common Stock Requirement | 49.00% | |||||||
Bristow Helicopters Nigeria Ltd | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Ownership percentage in VIE | 48.00% | |||||||
VIE, qualitative or quantitative information, purchased percentage from third party | 8.00% | |||||||
Pan African Airlines Nigeria Ltd | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Ownership percentage in VIE | 50.17% |
VARIABLE INTEREST ENTITIES AN_5
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES VIE Financials (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Noncontrolling interests - beginning of fiscal year | $ 5,025 | $ 5,025 | ||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (49) | $ (49) | $ (55) | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (2,425) | (6,354) | (4,707) | |||||||||
Currency translation adjustments | 25,927 | (21,636) | (21,604) | |||||||||
Noncontrolling interests - end of fiscal year | $ 7,253 | $ 5,025 | 7,253 | 5,025 | ||||||||
Statement of Financial Position [Abstract] | ||||||||||||
Cash and cash equivalents | 380,223 | 96,656 | 380,223 | 96,656 | 104,310 | $ 104,146 | ||||||
Accounts receivable | 246,980 | 206,915 | 246,980 | 206,915 | ||||||||
Inventories | 129,614 | 124,911 | 129,614 | 124,911 | ||||||||
Prepaid expenses and other current assets | 47,234 | 41,143 | 47,234 | 41,143 | ||||||||
Total current assets | 834,399 | 507,871 | 834,399 | 507,871 | ||||||||
Investment in unconsolidated affiliates | 126,170 | 210,162 | 126,170 | 210,162 | ||||||||
Property and equipment | 2,068,020 | 2,254,364 | 2,068,020 | 2,254,364 | ||||||||
Goodwill | 19,907 | 19,798 | 19,907 | 19,798 | 29,990 | |||||||
Other assets | 116,506 | 121,652 | 116,506 | 121,652 | ||||||||
Assets | 3,165,002 | 3,113,847 | 3,165,002 | 3,113,847 | ||||||||
Accounts payable | 101,270 | 98,215 | 101,270 | 98,215 | ||||||||
Accrued Liabilities, Current | 209,876 | 191,195 | 209,876 | 191,195 | ||||||||
Accrued interest | 16,345 | 12,909 | 16,345 | 12,909 | ||||||||
Short-term borrowings and current maturities of long-term debt | 1,475,438 | 131,063 | 1,475,438 | 131,063 | ||||||||
Total current liabilities | 1,786,584 | 421,303 | 1,786,584 | 421,303 | ||||||||
Long-term debt, less current maturities | 11,096 | 1,150,956 | 11,096 | 1,150,956 | ||||||||
Accrued pension liabilities | 37,034 | 61,647 | 37,034 | 61,647 | ||||||||
Other liabilities and deferred credits | 36,952 | 28,899 | 36,952 | 28,899 | ||||||||
Deferred taxes | 154,873 | 154,873 | ||||||||||
Redeemable Noncontrolling Interest - ending balance | 0 | 6,886 | 0 | 6,886 | 15,473 | |||||||
Income Statement [Abstract] | ||||||||||||
Revenues | 358,442 | $ 360,735 | $ 373,676 | 352,109 | 336,194 | $ 337,443 | $ 357,467 | $ 369,398 | 1,444,962 | 1,400,502 | 1,715,513 | |
Net loss | (198,083) | (176,890) | (77,149) | |||||||||
Bristow Aviation Holdings Limited | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Noncontrolling interests - beginning of fiscal year | $ 1,226 | $ 1,410 | 1,226 | 1,410 | 1,457 | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (49) | (49) | (55) | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 50 | 50 | 55 | |||||||||
Currency translation adjustments | 131 | (185) | (47) | |||||||||
Noncontrolling interests - end of fiscal year | 1,358 | 1,226 | 1,358 | 1,226 | 1,410 | |||||||
Statement of Financial Position [Abstract] | ||||||||||||
Cash and cash equivalents | 90,788 | 92,409 | 90,788 | 92,409 | ||||||||
Accounts receivable | 256,735 | 222,560 | 256,735 | 222,560 | ||||||||
Inventories | 98,314 | 90,190 | 98,314 | 90,190 | ||||||||
Prepaid expenses and other current assets | 38,665 | 50,016 | 38,665 | 50,016 | ||||||||
Total current assets | 484,502 | 455,175 | 484,502 | 455,175 | ||||||||
Investment in unconsolidated affiliates | 3,608 | 3,513 | 3,608 | 3,513 | ||||||||
Property and equipment | 327,440 | 306,831 | 327,440 | 306,831 | ||||||||
Goodwill | 19,907 | 19,798 | 19,907 | 19,798 | ||||||||
Other assets | 231,884 | 203,228 | 231,884 | 203,228 | ||||||||
Assets | 1,067,341 | 988,545 | 1,067,341 | 988,545 | ||||||||
Accounts payable | 292,893 | 146,841 | 292,893 | 146,841 | ||||||||
Accrued Liabilities, Current | 140,733 | 122,130 | 140,733 | 122,130 | ||||||||
Accrued interest | 2,130,433 | 1,891,305 | 2,130,433 | 1,891,305 | ||||||||
Short-term borrowings and current maturities of long-term debt | 23,125 | 18,578 | 23,125 | 18,578 | ||||||||
Total current liabilities | 2,587,184 | 2,178,854 | 2,587,184 | 2,178,854 | ||||||||
Long-term debt, less current maturities | 479,571 | 501,782 | 479,571 | 501,782 | ||||||||
Accrued pension liabilities | 37,034 | 61,647 | 37,034 | 61,647 | ||||||||
Other liabilities and deferred credits | 7,342 | 8,138 | 7,342 | 8,138 | ||||||||
Deferred taxes | 26,252 | 20,264 | 26,252 | 20,264 | ||||||||
Redeemable Noncontrolling Interest - ending balance | 0 | 6,886 | 0 | 6,886 | ||||||||
Total Liabilities and Temporary Equity | $ 3,137,383 | $ 2,777,571 | 3,137,383 | 2,777,571 | ||||||||
Income Statement [Abstract] | ||||||||||||
Revenues | 1,241,223 | 1,209,019 | 1,441,834 | |||||||||
Operating Income (Loss) | (65,254) | (80,542) | (57,780) | |||||||||
Net loss | $ (322,752) | $ (279,159) | $ (279,309) |
VARIABLE INTEREST ENTITIES AN_6
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES Other Significant Affiliates — Consolidated (Details) $ in Thousands, £ in Millions, $ in Millions | Jan. 31, 2015USD ($) | Feb. 06, 2014USD ($) | Nov. 30, 2015USD ($) | Nov. 30, 2015AUD ($) | Jan. 31, 2015USD ($) | Jan. 31, 2015AUD ($) | Mar. 31, 2018USD ($)Affiliatesaircraft | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Jan. 31, 2018 | Jan. 31, 2015AUD ($) | Feb. 06, 2014GBP (£) |
Noncontrolling Interest [Line Items] | ||||||||||||
Number of aircraft operated | aircraft | 405 | |||||||||||
Payments for repurchase of redeemable noncontrolling interest | $ 0 | $ 0 | $ 7,309 | |||||||||
Acquisition of noncontrolling interest | (6,121) | (5,467) | ||||||||||
Adjustments to Additional Paid in Capital, Other | (40,393) | |||||||||||
Payment of contingent consideration | 0 | 10,000 | 9,453 | |||||||||
Redeemable noncontrolling interest [Abstract] | ||||||||||||
Redeemable Noncontrolling Interest - beginning balance | 6,886 | 15,473 | 26,223 | |||||||||
Noncontrolling interest expense | (4,093) | (6,848) | (5,711) | |||||||||
Accretion of noncontrolling interest | 1,498 | |||||||||||
Currency translation | 4,163 | (1,739) | (1,070) | |||||||||
Acquisition of noncontrolling interest | (6,121) | (5,467) | ||||||||||
Reclassification from redeemable noncontrolling interest to noncontrolling interests | (835) | |||||||||||
Redeemable Noncontrolling Interest - ending balance | $ 0 | $ 6,886 | 15,473 | |||||||||
Airnorth | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Ownership percentage by parent | 100.00% | |||||||||||
Number of aircraft operated | aircraft | 14 | |||||||||||
Business acquisition, percentage of voting interests acquired | 85.00% | 15.00% | 15.00% | 85.00% | 85.00% | |||||||
Acquisition cost | $ 24,000 | $ 30.3 | ||||||||||
Payments for repurchase of redeemable noncontrolling interest | $ 5,300 | $ 7.3 | ||||||||||
Acquisition of noncontrolling interest | (5,500) | (5,467) | ||||||||||
Adjustments to Additional Paid in Capital, Other | 2,600 | |||||||||||
Potential earn-out payments | $ 13,000 | $ 13,000 | $ 17 | |||||||||
Business combination contingent consideration arrangement terms | 4 years | |||||||||||
Payment of contingent consideration | $ 1,500 | |||||||||||
Contingent Consideration Period Payment | 2 years | 1 year | ||||||||||
Redeemable noncontrolling interest [Abstract] | ||||||||||||
Redeemable Noncontrolling Interest - beginning balance | $ 0 | $ 3,339 | ||||||||||
Noncontrolling interest expense | 788 | |||||||||||
Accretion of noncontrolling interest | 1,498 | |||||||||||
Currency translation | (158) | |||||||||||
Acquisition of noncontrolling interest | $ (5,500) | (5,467) | ||||||||||
Redeemable Noncontrolling Interest - ending balance | $ 0 | |||||||||||
Airnorth | Call Option | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Option indexed to issuer's equity, period | 6 months | |||||||||||
Airnorth | Put option | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Option indexed to issuer's equity, period | 3 years | |||||||||||
Eastern Airways | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Ownership percentage by parent | 100.00% | |||||||||||
Number of aircraft operated | aircraft | 34 | |||||||||||
Business acquisition, percentage of voting interests acquired | 60.00% | 40.00% | 60.00% | |||||||||
Acquisition of noncontrolling interest | $ (6,121) | |||||||||||
Potential earn-out payments | $ 7,500 | £ 6 | ||||||||||
Business combination contingent consideration arrangement terms | 3 years | |||||||||||
Option indexed to issuer's equity, period | 7 years | |||||||||||
Number of aircraft providing technical support to | aircraft | 2 | |||||||||||
Redeemable noncontrolling interest [Abstract] | ||||||||||||
Redeemable Noncontrolling Interest - beginning balance | $ 6,886 | 15,473 | $ 22,885 | |||||||||
Noncontrolling interest expense | (4,093) | (6,848) | (6,499) | |||||||||
Currency translation | 4,163 | (1,739) | (913) | |||||||||
Acquisition of noncontrolling interest | (6,121) | |||||||||||
Reclassification from redeemable noncontrolling interest to noncontrolling interests | (835) | |||||||||||
Redeemable Noncontrolling Interest - ending balance | $ 0 | $ 6,886 | $ 15,473 | |||||||||
Aviashelf Aviation | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Ownership percentage by parent | 48.50% | |||||||||||
Number of joint ventures | Affiliates | 2 | |||||||||||
Option to acquire additional interest in affiliate | 8.50% | |||||||||||
Bristow Helicopter Leasing | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Ownership percentage by parent | 60.00% | |||||||||||
Sakhalin Bristow Air Services | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Ownership percentage by parent | 60.00% |
VARIABLE INTEREST ENTITIES AN_7
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES Other Significant Affiliates - Unconsolidated (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2017USD ($) | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) | Mar. 31, 2018USD ($)aircraft | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Number of aircraft operated | aircraft | 405 | ||||||
Payment of contingent consideration | $ 0 | $ 10,000 | $ 9,453 | ||||
Investment in unconsolidated affiliates | 126,170 | 210,162 | |||||
Impairment of investment in unconsolidated affiliates | $ 85,683 | $ 0 | 0 | ||||
Cougar | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | |||||
Business acquisition, percentage of voting interests acquired | 25.00% | ||||||
Number Of Aircraft Leased From Affiliates | aircraft | 8 | ||||||
Potential earn-out payments | $ 40,000 | ||||||
Business combination contingent consideration arrangement terms | 3 years | ||||||
Payment of contingent consideration | $ 16,000 | $ 10,000 | $ 8,000 | $ 6,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 16,000 | ||||||
Investment in unconsolidated affiliates | $ 54,009 | 56,885 | |||||
Reporting Of Unconsolidated Affiliate Earnings, Time Difference | 3 months | ||||||
Cougar | VIH Aviation Group | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Costs and Expenses, Related Party | $ 19,300 | 12,500 | 6,500 | ||||
Cougar | VIH Aerospace | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Related Party Transaction, Purchases from Related Party | 500 | $ 2,600 | |||||
Cougar | VIH Helicopters USA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Costs and Expenses, Related Party | $ 200 | $ 100 | |||||
Lider | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 41.90% | 41.90% | |||||
Business acquisition, percentage of voting interests acquired | 20.00% | ||||||
Investment in unconsolidated affiliates | $ 62,267 | $ 143,477 | |||||
Impairment of investment in unconsolidated affiliates | $ 85,700 | ||||||
Lider | Aircraft | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of aircraft operated | aircraft | 41 | ||||||
Lider | Fixed wing aircraft | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of aircraft operated | aircraft | 20 | ||||||
Petroleum Air Services | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||
Investment in unconsolidated affiliates | $ 6,286 | $ 6,286 | |||||
Number Of Aicraft Owned | aircraft | 48 |
VARIABLE INTEREST ENTITIES AN_8
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES Other Significant Affiliates - Unconsoildated Tables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated affiliates | $ 126,170 | $ 210,162 | |
Cost Method Investment Dividends Or Distributions | 2,518 | 2,068 | $ 2,068 |
Income (Loss) from Equity Method Investments | 4,220 | 4,877 | (1,807) |
Income (Loss) from Subsidiaries, before Tax | 6,738 | 6,945 | 261 |
Proceeds from Equity Method Investment, Distribution | 400 | 400 | 800 |
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Current assets | 221,169 | 248,998 | |
Non-current assets | 293,409 | 310,975 | |
Total assets | 514,578 | 559,973 | |
Current liabilities | 131,664 | 127,292 | |
Non-current liabilities | 188,822 | 244,978 | |
Equity | 194,092 | 187,703 | |
Total liabilities and equity | 514,578 | 559,973 | |
Revenue | 298,731 | 327,351 | 368,586 |
Gross profit | 46,717 | 50,371 | 60,873 |
Net income | $ 13,285 | $ 14,581 | 21,871 |
Petroleum Air Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |
Investment in unconsolidated affiliates | $ 6,286 | $ 6,286 | |
Cougar | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | |
Investment in unconsolidated affiliates | $ 54,009 | $ 56,885 | |
Business acquisition, percentage of voting interests acquired | 25.00% | ||
Income (Loss) from Equity Method Investments | $ (2,877) | $ (2,857) | (2,001) |
Lider | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 41.90% | 41.90% | |
Investment in unconsolidated affiliates | $ 62,267 | $ 143,477 | |
Business acquisition, percentage of voting interests acquired | 20.00% | ||
Income (Loss) from Equity Method Investments | $ 7,179 | 8,064 | (116) |
Other Unconsolidated Significant Affiliates [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated affiliates | 3,608 | 3,514 | |
Income (Loss) from Equity Method Investments | $ (82) | $ (330) | $ 310 |
PROPERTY AND EQUIPMENT, ASSET_3
PROPERTY AND EQUIPMENT, ASSETS HELD FOR SALE AND OEM COST RECOVERIES Capital Expenditures (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018USD ($)aircraft | Mar. 31, 2017USD ($)aircraft | Mar. 31, 2016USD ($)aircraft | |
Property and equipment [Line Items] | |||
Number Of aircraft added | 5 | 9 | 8 |
Payments to Acquire Productive Assets | $ | $ 46,287 | $ 135,110 | $ 372,375 |
Number Of Aircraft Purchased With Short-Term Borrowings | 2 | ||
Aircraft | |||
Property and equipment [Line Items] | |||
Payments to Acquire Productive Assets | $ | 32,418 | 127,447 | $ 285,530 |
Other Capitalized Property Plant and Equipment | |||
Property and equipment [Line Items] | |||
Payments to Acquire Productive Assets | $ | 13,869 | 7,663 | 86,845 |
Construction in progress | |||
Property and equipment [Line Items] | |||
Payments to Acquire Productive Assets | $ | $ 2,300 | $ 71,400 | $ 202,700 |
Medium Aircraft | |||
Property and equipment [Line Items] | |||
Number Of aircraft added | 5 | 5 | 1 |
Large Aircraft | |||
Property and equipment [Line Items] | |||
Number Of aircraft added | 0 | 0 | 3 |
SAR Aircraft | |||
Property and equipment [Line Items] | |||
Number Of aircraft added | 0 | 4 | 4 |
PROPERTY AND EQUIPMENT, ASSET_4
PROPERTY AND EQUIPMENT, ASSETS HELD FOR SALE AND OEM COST RECOVERIES Sold or Disposed and Impairments (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018USD ($)aircraft | Mar. 31, 2017USD ($)aircraft | Mar. 31, 2016USD ($)aircraft | |
Property and equipment [Line Items] | |||
Number of aircraft sold or disposed of (1) | aircraft | 11 | 14 | 35 |
Proceeds from asset dispositions | $ 48,740 | $ 18,471 | $ 60,035 |
Loss on disposal of assets | (17,595) | (14,499) | (30,693) |
Impairment charges on aircraft held for sale (2) | $ 15,853 | $ 12,450 | $ 29,571 |
Number Of Aircraft Sale Leaseback | aircraft | 0 | 0 | 3 |
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 0 | $ 0 | $ 29,200 |
Bristow Academy | |||
Property and equipment [Line Items] | |||
Impairment charges on aircraft held for sale (2) | $ 6,500 | ||
Aircraft Held for Sale | |||
Property and equipment [Line Items] | |||
Number of aircraft impaired | aircraft | 8 | 14 | 16 |
Aircraft | |||
Property and equipment [Line Items] | |||
Loss on disposal of assets | $ 1,742 | $ 2,049 | $ 1,122 |
PROPERTY AND EQUIPMENT, ASSET_5
PROPERTY AND EQUIPMENT, ASSETS HELD FOR SALE AND OEM COST RECOVERIES Narrative (Details) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2018USD ($)aircraft | Mar. 31, 2017USD ($)aircraft | Mar. 31, 2016USD ($)aircraft | Mar. 31, 2015USD ($) | |
Property and equipment [Line Items] | ||||
Restructuring and Related Cost, Accelerated Depreciation | $ | $ 10,400 | $ 28,700 | ||
Number Of Aircraft Movement Into (Out Of) Deferred Sale Leaseback Advance | (2) | |||
Deferred Sale Leaseback Completion And Interim Lease Payments | $ | $ 75,800 | $ 183,700 | ||
Removal of Deferred Sale Leaseback Advance | $ | $ 74,300 | $ 182,600 | ||
Number Of Aircraft Purchased With Short-Term Borrowings | 2 | |||
Number of aircraft transferred to held for sale | 4 | 12 | 35 | |
Aircraft purchased with short-term borrowings | $ | $ 0 | $ 0 | $ 24,394 | |
Property, Plant and Equipment, Gross, Period Increase (Decrease) | $ | $ (9,300) | $ (19,700) | $ (83,600) | |
Medium Aircraft | ||||
Property and equipment [Line Items] | ||||
Number Of Aircraft In Exit Plan | 11 | 18 | ||
Large Aircraft | ||||
Property and equipment [Line Items] | ||||
Number Of Aircraft In Exit Plan | 4 | |||
Fixed wing aircraft | ||||
Property and equipment [Line Items] | ||||
Number Of Aircraft In Exit Plan | 1 |
PROPERTY AND EQUIPMENT, ASSET_6
PROPERTY AND EQUIPMENT, ASSETS HELD FOR SALE AND OEM COST RECOVERIES Assets Held for Sale (Details) $ in Thousands | Nov. 01, 2017USD ($) | Mar. 31, 2018USD ($)aircraft | Mar. 31, 2017USD ($)aircraft | Mar. 31, 2016USD ($)aircraft |
Long Lived Assets Held-for-sale [Line Items] | ||||
Assets held for sale | $ 30,348 | $ 38,246 | ||
Impairment charges on aircraft held for sale | 15,853 | $ 12,450 | $ 29,571 | |
Bristow Academy | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Impairment charges on aircraft held for sale | 6,500 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Bristow Academy | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Ownership Percentage | 100.00% | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,500 | |||
Disposal Group, Consideration Term | 4 years | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 7,200 | |||
Aircraft Held for Sale | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number of aircraft owned | aircraft | 11 | 20 | ||
Number of impairment of long lived assets to be disposed of | aircraft | 8 | 14 | 16 |
PROPERTY AND EQUIPMENT, ASSET_7
PROPERTY AND EQUIPMENT, ASSETS HELD FOR SALE AND OEM COST RECOVERIES OEM Cost Recoveries (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Property and equipment [Line Items] | ||||||
Deferred OEM cost recovery | $ 8,082 | $ 0 | ||||
Original Equipment Manufacturer Cost Recoveries | ||||||
Property and equipment [Line Items] | ||||||
Original Equipment Manufacturer, Recoveries Sought | 136,000 | |||||
Original Equipment Manufacturer, Amount Received | 125,000 | |||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment, Period Increase (Decrease) | 94,500 | |||||
Deferred OEM cost recovery | 13,900 | |||||
Original Equipment Manufacturer Cost Recoveries | Subsequent Event | ||||||
Property and equipment [Line Items] | ||||||
Original Equipment Manufacturer, Amount Received | $ 11,000 | |||||
Effect on Future Earnings, Offset Amount | 7,600 | |||||
Original Equipment Manufacturer Cost Recoveries | Rent Expense | ||||||
Property and equipment [Line Items] | ||||||
Offset Amount, Expense | 16,600 | |||||
Offset Amount Expense, Fiscal Year 2019 | 7,900 | |||||
Offset Amount, Expense, Fiscal Year 2020 | 4,000 | |||||
Offset Amount, Expense, Fiscal 2021 | 2,000 | |||||
Original Equipment Manufacturer Cost Recoveries | Depreciation Expense | ||||||
Property and equipment [Line Items] | ||||||
Offset Amount Expense, Fiscal Year 2019 | 8,500 | |||||
Offset Amount, Expense, Fiscal Year 2020 | 8,400 | |||||
Offset Amount, Expense, Fiscal 2021 | 5,600 | |||||
Offset Amount, Expense, Fiscal Year 2022 and thereafter | $ 21,300 | |||||
Original Equipment Manufacturer Cost Recoveries | Direct cost | Subsequent Event | ||||||
Property and equipment [Line Items] | ||||||
Effect on Future Earnings, Offset Amount | $ (300) | $ (1,000) | $ (1,000) | $ (1,100) | ||
Aircraft | Original Equipment Manufacturer Cost Recoveries | ||||||
Property and equipment [Line Items] | ||||||
Property, Plant and Equipment, Salvage Value, Percentage | 50.00% |
DEBT Table (Details)
DEBT Table (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt balance, gross | $ 1,513,999 | $ 1,293,364 |
Unamortized debt issuance costs | (27,465) | (11,345) |
Total debt | 1,486,534 | 1,282,019 |
Less short-term borrowings and current maturities of long-term debt | (1,475,438) | (131,063) |
Long-term debt, less current maturities | 11,096 | 1,150,956 |
Senior Notes | 8.75% Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 346,610 | 0 |
Senior Notes | 6¼% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 401,535 | 401,535 |
Convertible debt | 4½% Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 107,397 | 0 |
Term Loan | Term Loan | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 0 | 261,907 |
Term Loan Credit Facility | Term Loan Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 0 | 45,900 |
Revolving Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 0 | 139,100 |
Secured Debt | Lombard Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 211,087 | 196,832 |
Secured Debt | Macquarie Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 185,028 | 200,000 |
Secured Debt | PK Air Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 230,000 | 0 |
Other Debt | Airnorth Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 13,832 | 16,471 |
Other Debt | Eastern Airways Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 14,519 | 15,326 |
Other Debt | Other Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | $ 3,991 | $ 16,293 |
DEBT Narrative (Details)
DEBT Narrative (Details) $ / shares in Units, £ in Millions | Apr. 17, 2018USD ($)subsidiary | Dec. 18, 2017USD ($) | Feb. 01, 2017USD ($) | Oct. 12, 2012USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2018USD ($)aircraftDaystrancheMonthsLoan$ / shares | Mar. 31, 2018GBP (£)DaysMonths | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 13, 2017 |
Debt Instrument [Line Items] | ||||||||||
Long-term debt, less current maturities | $ 11,096,000 | $ 1,150,956,000 | ||||||||
Proceeds from borrowings | 896,874,000 | 708,267,000 | $ 928,802,000 | |||||||
Debt balance, gross | 1,513,999,000 | 1,293,364,000 | ||||||||
Payments of Debt Issuance Costs | 20,560,000 | 8,010,000 | 5,139,000 | |||||||
Derivative, Cost of Hedge Net of Cash Received | (10,100,000) | |||||||||
Purchase of 4½% Convertible Senior Notes call option | 40,393,000 | 0 | 0 | |||||||
Proceeds from issuance of warrants | $ 30,259,000 | 0 | 0 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 20.02 | |||||||||
Strike Price, Percentage Difference from Specific Date | 60.00% | |||||||||
Lessee, Operating Lease, Term of Contract | 181 months | 181 months | ||||||||
Unamortized discount | $ 36,400,000 | |||||||||
Unamortized debt issuance costs | 27,465,000 | 11,345,000 | ||||||||
Interest paid | 78,100,000 | 51,400,000 | 41,800,000 | |||||||
Capitalized interest cost | 3,400,000 | 10,200,000 | $ 10,600,000 | |||||||
Cash collateral for letters of credit | 19,800,000 | |||||||||
Senior Notes | 8.75% Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 350,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | |||||||||
Proceeds from borrowings | $ 346,600,000 | |||||||||
Debt balance, gross | $ 346,610,000 | 0 | ||||||||
Number Of Aircraft Pledged As Collateral | aircraft | 77 | |||||||||
Mandatory Redemption, Terms, Amount | $ 125,000,000 | |||||||||
Debt Instrument Terms, Event Of Default, Percentage Of Holders To Declare Payment | 25.00% | |||||||||
Debt Instrument, Debt Repurchase Terms, Percentage Of Principal Amount If Change Of Control | 101.00% | |||||||||
Unamortized discount | $ 3,400,000 | |||||||||
Senior Notes | 8.75% Senior Secured Notes | Debt Instrument, Redemption, Period One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | 100.00% | ||||||||
Senior Notes | 8.75% Senior Secured Notes | Debt Instrument, Redemption, Period Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 108.75% | 108.75% | ||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | 35.00% | ||||||||
Senior Notes | 6¼% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 450,000,000 | |||||||||
Debt balance, gross | 401,535,000 | 401,535,000 | ||||||||
Payments of Debt Issuance Costs | $ 7,400,000 | |||||||||
Convertible debt | 4½% Convertible Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 143,750,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||||||
Debt balance, gross | $ 107,397,000 | 0 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 11.00% | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 15.64 | |||||||||
Debt Instrument, Convertible, Conversion Ratio | 63.9488 | 63.9488 | ||||||||
Debt Instrument, Convertible, Conversion Per Principal Amount | $ 1,000 | |||||||||
Unamortized discount | 36,353,000 | |||||||||
Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | $ 89,600,000 | |||||||||
Term Loan | Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 350,000,000 | |||||||||
Repayments of Debt | $ 45,900,000 | $ 93,700,000 | 261,900,000 | |||||||
Debt balance, gross | 0 | 261,907,000 | ||||||||
Term Loan Credit Facility | Term Loan Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 200,000,000 | |||||||||
Repayments of Debt | $ 154,100,000 | 17,000,000 | ||||||||
Debt balance, gross | 0 | 45,900,000 | ||||||||
Revolving Credit Facility | ABL Facility | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line Of Credit Facility, Number Of Borrowers | subsidiary | 2 | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000,000 | |||||||||
Line Of Credit Facility, Availability Block Capacity | 15,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||||||||
Debt Instrument, Term | 5 years | |||||||||
Revolving Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 400,000,000 | |||||||||
Proceeds from borrowings | 174,800,000 | |||||||||
Repayments of Debt | $ 103,000,000 | 313,900,000 | ||||||||
Debt balance, gross | 0 | 139,100,000 | ||||||||
Secured Debt | Lombard Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 200,000,000 | |||||||||
Debt balance, gross | $ 211,087,000 | $ 196,832,000 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | 2.25% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.96% | 2.57% | ||||||||
Debt Instrument, Term | 7 years | 7 years | ||||||||
Number Of Debt Borrowings | Loan | 2 | |||||||||
Secured Debt | Lombard Debt | Tranche One [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from borrowings | $ 109,900,000 | £ 89.1 | ||||||||
Repayments of Debt | $ 4,500,000 | 3.7 | ||||||||
Number Of Aircraft Financed | aircraft | 3 | |||||||||
Secured Debt | Lombard Debt | Tranche Two [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from borrowings | $ 90,100,000 | £ 72.4 | ||||||||
Number Of Aircraft Financed | aircraft | 5 | |||||||||
Secured Debt | Macquarie Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 200,000,000 | |||||||||
Debt balance, gross | $ 185,028,000 | $ 200,000,000 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.35% | 5.35% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.00% | 6.24% | ||||||||
Debt Instrument, Term | 5 years | 5 years | ||||||||
Number Of Aircraft Pledged As Collateral | aircraft | 20 | |||||||||
Number Of Leased Aircraft | aircraft | 5 | |||||||||
Secured Debt | Macquarie Debt | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Lessee, Operating Lease, Term of Contract | 60 months | 60 months | ||||||||
Secured Debt | Macquarie Debt | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Lessee, Operating Lease, Term of Contract | 63 months | 63 months | ||||||||
Secured Debt | PK Air Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 230,000,000 | |||||||||
Debt balance, gross | $ 230,000,000 | $ 0 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.79% | |||||||||
Debt Instrument, Term | 70 months | 70 months | ||||||||
Number Of Tranches | tranche | 2 | |||||||||
Debt Instrument, Number of Loans | Loan | 24 | |||||||||
Debt Instrument, Payment Start Date, Number Of Months Following Borrowing Date | 7 months | 7 months | ||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payments To Be Paid, Percentage Of Face Amount | 53.00% | |||||||||
Secured Debt | PK Air Debt | One-Month LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | 5.00% | ||||||||
Variable In Determining Interest Rate, Number of Days | Days | 2 | 2 | ||||||||
Debt Instrument, Fix Rate Basis, Number Of 30-Day Months Of A Notional Interest Rate Swap | Months | 12 | 12 | ||||||||
Other Debt | Airnorth Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt balance, gross | $ 13,832,000 | 16,471,000 | ||||||||
Other Debt | Airnorth Debt | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Remaining Term | 2 years | 2 years | ||||||||
Other Debt | Airnorth Debt | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Remaining Term | 6 years | 6 years | ||||||||
Other Debt | Eastern Airways Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt balance, gross | $ 14,519,000 | 15,326,000 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 1.75% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.225% | |||||||||
Other Debt | Other Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | $ 16,000,000 | |||||||||
Debt balance, gross | 3,991,000 | $ 16,293,000 | ||||||||
Letters of Credit | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 50,000,000 | |||||||||
Term Loan, one of three loans | Airnorth Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | 2.85% | ||||||||
Term Loan, two of three loans | Airnorth Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | ||||||||
Number Of Debt Borrowings | Loan | 2 | |||||||||
Restatement Adjustment [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, less current maturities | $ (1,400,000,000) |
DEBT Convertible debt Tables (D
DEBT Convertible debt Tables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | |||
Unamortized discount | $ (36,400) | ||
Debt component - net carrying value | 1,513,999 | $ 1,293,364 | |
Amortization of debt discount | 1,701 | 1,606 | $ 1,000 |
Convertible debt | 4½% Convertible Senior Notes | |||
Debt Instrument [Line Items] | |||
Equity component - net carrying value (1) | 36,778 | ||
Face amount due at maturity | 143,750 | ||
Unamortized discount | (36,353) | ||
Debt component - net carrying value | $ 107,397 | $ 0 | |
Debt Instrument, Interest Rate, Effective Percentage | 11.00% | ||
Contractual coupon interest | $ 1,851 | ||
Amortization of debt discount | 1,454 | ||
Total interest expense | 3,305 | ||
Convertible debt | 4½% Convertible Senior Notes | Debt Issuance Cost | |||
Debt Instrument [Line Items] | |||
Equity component - net carrying value (1) | $ 1,000 |
DEBT Annual Maturities (Details
DEBT Annual Maturities (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 62,808 |
2020 | 51,243 |
2021 | 52,374 |
2022 | 181,125 |
2023 | 790,772 |
Thereafter | 415,420 |
Long-term Debt, Gross | $ 1,553,742 |
FAIR VALUE DISCLOSURES Recurrin
FAIR VALUE DISCLOSURES Recurring and Non-recurring Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value [Line Items] | |||
Inventories | $ 129,614 | $ 124,911 | |
Assets held for sale | 30,348 | 38,246 | |
Investment in unconsolidated affiliates | 126,170 | 210,162 | |
Property and equipment | 2,068,020 | 2,254,364 | |
Goodwill | 19,907 | 19,798 | $ 29,990 |
Other intangible assets | 27,686 | 27,212 | 27,858 |
Rabbi Trust investments | 2,300 | ||
Impairment of inventories | (5,717) | (7,572) | (5,439) |
Impairment charges on assets held for sale | (15,853) | (12,450) | (29,571) |
Impairments of investments in unconsolidated affiliates | (85,683) | 0 | 0 |
Impairment of goodwill | 0 | (8,706) | $ (41,579) |
Total loss on sale of assets and asset impairment charges | (107,253) | (28,728) | |
Fair value measurements nonrecurring | |||
Fair Value [Line Items] | |||
Inventories | 515 | 46,568 | |
Assets held for sale | 30,348 | 38,246 | |
Investment in unconsolidated affiliates | 62,267 | ||
Goodwill | 19,798 | ||
Total assets | 93,130 | 104,612 | |
Fair value, measurements, recurring | |||
Fair Value [Line Items] | |||
Derivative financial instrument | 718 | ||
Rabbi Trust investments | 2,296 | 3,075 | |
Total assets | 3,014 | 3,075 | |
Fair value, inputs, Level 1 | Fair value measurements nonrecurring | |||
Fair Value [Line Items] | |||
Inventories | 0 | 0 | |
Assets held for sale | 0 | 0 | |
Investment in unconsolidated affiliates | 0 | ||
Goodwill | 0 | ||
Total assets | 0 | 0 | |
Fair value, inputs, Level 1 | Fair value, measurements, recurring | |||
Fair Value [Line Items] | |||
Derivative financial instrument | 0 | ||
Rabbi Trust investments | 2,296 | 3,075 | |
Total assets | 2,296 | 3,075 | |
Fair value, inputs, Level 2 | Fair value measurements nonrecurring | |||
Fair Value [Line Items] | |||
Inventories | 515 | 46,568 | |
Assets held for sale | 30,348 | 38,246 | |
Investment in unconsolidated affiliates | 0 | ||
Goodwill | 0 | ||
Total assets | 30,863 | 84,814 | |
Fair value, inputs, Level 2 | Fair value, measurements, recurring | |||
Fair Value [Line Items] | |||
Derivative financial instrument | 718 | ||
Rabbi Trust investments | 0 | 0 | |
Total assets | 718 | 0 | |
Fair value, inputs, Level 3 | Fair value measurements nonrecurring | |||
Fair Value [Line Items] | |||
Inventories | 0 | 0 | |
Assets held for sale | 0 | 0 | |
Investment in unconsolidated affiliates | 62,267 | ||
Goodwill | 19,798 | ||
Total assets | 62,267 | 19,798 | |
Fair value, inputs, Level 3 | Fair value, measurements, recurring | |||
Fair Value [Line Items] | |||
Derivative financial instrument | 0 | ||
Rabbi Trust investments | 0 | 0 | |
Total assets | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES Fair Val
FAIR VALUE DISCLOSURES Fair Value of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt balance, gross | $ 1,513,999 | $ 1,293,364 |
Debt Instrument, Fair Value Disclosure | 1,495,972 | 1,215,065 |
Unamortized discount | 36,400 | |
Senior Notes | 8.75% Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 346,610 | 0 |
Debt Instrument, Fair Value Disclosure | 353,500 | 0 |
Unamortized discount | 3,400 | |
Senior Notes | 6¼% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 401,535 | 401,535 |
Debt Instrument, Fair Value Disclosure | 325,243 | 323,236 |
Convertible debt | 4½% Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 107,397 | 0 |
Debt Instrument, Fair Value Disclosure | 158,772 | 0 |
Unamortized discount | 36,353 | |
Term Loan | Term Loan | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 0 | 261,907 |
Debt Instrument, Fair Value Disclosure | 0 | 261,907 |
Term Loan Credit Facility | Term Loan Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 0 | 45,900 |
Debt Instrument, Fair Value Disclosure | 0 | 45,900 |
Revolving Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 0 | 139,100 |
Debt Instrument, Fair Value Disclosure | 0 | 139,100 |
Secured Debt | Lombard Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 211,087 | 196,832 |
Debt Instrument, Fair Value Disclosure | 211,087 | 196,832 |
Secured Debt | Macquarie Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 185,028 | 200,000 |
Debt Instrument, Fair Value Disclosure | 185,028 | 200,000 |
Secured Debt | PK Air Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 230,000 | 0 |
Debt Instrument, Fair Value Disclosure | 230,000 | 0 |
Other Debt | Airnorth Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 13,832 | 16,471 |
Debt Instrument, Fair Value Disclosure | 13,832 | 16,471 |
Other Debt | Eastern Airways Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 14,519 | 15,326 |
Debt Instrument, Fair Value Disclosure | 14,519 | 15,326 |
Other Debt | Other Debt | ||
Debt Instrument [Line Items] | ||
Debt balance, gross | 3,991 | 16,293 |
Debt Instrument, Fair Value Disclosure | $ 3,991 | $ 16,293 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS Fair Value Derivative Instruments Table (Details) - Foreign exchange contracts $ in Thousands | Mar. 31, 2018USD ($) |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Derivative financial instrument | $ 718 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 |
Derivative, Fair Value, Net | 718 |
Derivatives designated as hedging instruments under ASC 815 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Derivative financial instrument | 718 |
Derivatives not designated as hedging instruments under ASC 815 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Derivative financial instrument | 0 |
Prepaid expenses and other current assets | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Derivative financial instrument | 718 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 |
Derivative, Fair Value, Net | 718 |
Prepaid expenses and other current assets | Derivatives designated as hedging instruments under ASC 815 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Derivative financial instrument | 718 |
Prepaid expenses and other current assets | Derivatives not designated as hedging instruments under ASC 815 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Derivative financial instrument | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS Derivative Instrument AOCI Table (Details) - Amount of loss recognized in accumulated other comprehensive loss $ in Thousands | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of loss recognized in accumulated other comprehensive loss | $ (414) |
Amount of loss reclassified from accumulated other comprehensive loss into earnings | -68 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS Narrative (Details) - 12 months ended Mar. 31, 2018 £ in Millions, $ in Millions | USD ($) | GBP (£) |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | £ | £ 5 | |
Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ | $ (0.3) |
COMMITMENTS AND CONTINGENCIES A
COMMITMENTS AND CONTINGENCIES Aircraft Purchase Contracts (Details) $ in Thousands | Mar. 31, 2018USD ($)aircraft |
Other commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded unconditional purchase obligation | $ | $ 48,300 |
Aircraft | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded unconditional purchase obligation minimum quantity required, due in one year | 1 |
Unrecorded unconditional purchase obligation minimum quantity required, due in year two | 4 |
Unrecorded unconditional purchase obligation minimum quantity required, due in year three | 4 |
Unrecorded unconditional purchase obligation minimum quantity required, due in year four and thereafter | 18 |
Unrecorded unconditional purchase obligation, minimum quantity required | 27 |
Unrecorded unconditional purchase obligation, due within one year | $ | $ 19,912 |
Unrecorded unconditional purchase obligation, due within two years | $ | 90,648 |
Unrecorded unconditional purchase obligation, due within three years | $ | 80,633 |
Unrecorded unconditional purchase obligation, due within four years and thereafter | $ | 292,204 |
Unrecorded unconditional purchase obligation | $ | $ 483,397 |
Unrecorded conditional purchase obligation, maximum quantity required, due in one year | 2 |
Unrecorded conditional purchase obligation, maximum quantity required, due in year two | 2 |
Unrecorded conditional purchase obligation, maximum quantity required, due in year three | 0 |
Unrecorded conditional purchase obligation, maximum quantity required, due in year four and thereafter | 0 |
Unrecorded conditional purchase obligation, maximum quantity required | 4 |
Unrecorded conditional purchase obligation balance on first anniversary | $ | $ 44,181 |
Unrecorded conditional purchase obligation balance on second anniversary | $ | 31,536 |
Unrecorded conditional purchase obligation balance on third anniversary | $ | 0 |
Unrecorded Conditional Purchase Obligation Balance On Fourth Anniversary And After | $ | 0 |
Unrecorded conditional purchase obligation balance sheet amount | $ | $ 75,717 |
Aircraft | Large Aircraft | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded unconditional purchase obligation minimum quantity required, due in one year | 1 |
Unrecorded unconditional purchase obligation minimum quantity required, due in year two | 0 |
Unrecorded unconditional purchase obligation minimum quantity required, due in year three | 4 |
Unrecorded unconditional purchase obligation minimum quantity required, due in year four and thereafter | 18 |
Unrecorded unconditional purchase obligation, minimum quantity required | 23 |
Unrecorded conditional purchase obligation, maximum quantity required, due in one year | 2 |
Unrecorded conditional purchase obligation, maximum quantity required, due in year two | 2 |
Unrecorded conditional purchase obligation, maximum quantity required, due in year three | 0 |
Unrecorded conditional purchase obligation, maximum quantity required, due in year four and thereafter | 0 |
Unrecorded conditional purchase obligation, maximum quantity required | 4 |
Aircraft | Medium And Large [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded unconditional purchase obligation, due within one year | $ | $ 19,912 |
Unrecorded unconditional purchase obligation, due within two years | $ | 26,154 |
Unrecorded unconditional purchase obligation, due within three years | $ | 80,633 |
Unrecorded unconditional purchase obligation, due within four years and thereafter | $ | 292,204 |
Unrecorded unconditional purchase obligation | $ | $ 418,903 |
Aircraft | U.K. SAR Configured Aircraft [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded unconditional purchase obligation minimum quantity required, due in one year | 0 |
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 and thereafter | 0 |
Unrecorded unconditional purchase obligation, minimum quantity required | 4 |
Unrecorded unconditional purchase obligation, due within one year | $ | $ 0 |
Unrecorded unconditional purchase obligation, due within two years | $ | 64,494 |
Unrecorded unconditional purchase obligation, due within three years | $ | 0 |
Unrecorded unconditional purchase obligation, due within four years and thereafter | $ | 0 |
Unrecorded unconditional purchase obligation | $ | $ 64,494 |
Cancellable commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded unconditional purchase obligation, minimum quantity required | 5 |
Unrecorded unconditional purchase obligation | $ | $ 98,000 |
Deposits | $ | $ 4,500 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES Aircraft orders and options (Details) - aircraft | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Number of aircrafts purchased without orders | 0 | 1 | 1 |
Commitments | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Number of aircraft - beginning balance | 32 | 36 | 45 |
Number of aircraft delivered | (5) | (9) | (8) |
Number of aircraft ordered | 0 | 5 | 0 |
New options | 0 | 0 | 0 |
Number of exercised options | 0 | 0 | (1) |
Number of expired options | 0 | 0 | 0 |
Number of aircraft - ending balance | 27 | 32 | 36 |
Options | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Number of aircraft - beginning balance | 4 | 14 | 30 |
Number of aircraft delivered | 0 | 0 | 0 |
Number of aircraft ordered | 0 | 0 | 0 |
New options | 0 | 0 | 4 |
Number of exercised options | 0 | 0 | 0 |
Number of expired options | 0 | (10) | (20) |
Number of aircraft - ending balance | 4 | 4 | 14 |
COMMITMENTS AND CONTINGENCIES O
COMMITMENTS AND CONTINGENCIES Operating Leases (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018USD ($)aircraft | Mar. 31, 2017USD ($)aircraft | Mar. 31, 2016USD ($)aircraft | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 208,700 | $ 212,600 | $ 211,800 |
Property Subject to or Available for Operating Lease, Number of Units | aircraft | 86 | ||
Operating Leases, Future Minimum Payments Due, Rolling Maturity [Abstract] | |||
Operating leases, future minimum payments, due 2019 | $ 168,722 | ||
Operating leases, future minimum payments, due 2020 | 122,641 | ||
Operating leases, future minimum payments, due 2021 | 58,741 | ||
Operating leases, future minimum payments, due 2022 | 33,753 | ||
Operating leases, future minimum payments, due 2023 | 20,369 | ||
Operating leases, future minimum payments, due thereafter | 37,406 | ||
Operating leases, future minimum payments, total | $ 441,632 | ||
Number Of Aircraft Sale Leaseback | aircraft | 0 | 0 | 3 |
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 0 | $ 0 | $ 29,200 |
Lessee, Operating Lease, Term of Contract | 181 months | ||
Lessee, Operating Lease, Renewal Term 1 | 240 months | ||
Fiscal Year 2019 To Fiscal Year 2020 | |||
Operating Leased Assets [Line Items] | |||
Property Subject to or Available for Operating Lease, Number of Units | aircraft | 43 | ||
Fiscal Year 2021 To Fiscal Year 2023 | |||
Operating Leased Assets [Line Items] | |||
Property Subject to or Available for Operating Lease, Number of Units | aircraft | 32 | ||
Fiscal Year 2024 To Fiscal Year 2026 | |||
Operating Leased Assets [Line Items] | |||
Property Subject to or Available for Operating Lease, Number of Units | aircraft | 11 | ||
Operating Lease | Aircraft | |||
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 181,300 | $ 188,200 | $ 184,000 |
Operating Leases, Future Minimum Payments Due, Rolling Maturity [Abstract] | |||
Operating leases, future minimum payments, due 2019 | 158,763 | ||
Operating leases, future minimum payments, due 2020 | 114,298 | ||
Operating leases, future minimum payments, due 2021 | 50,507 | ||
Operating leases, future minimum payments, due 2022 | 25,727 | ||
Operating leases, future minimum payments, due 2023 | 12,239 | ||
Operating leases, future minimum payments, due thereafter | 4,676 | ||
Operating leases, future minimum payments, total | 366,210 | ||
Operating Lease | Other | |||
Operating Leases, Future Minimum Payments Due, Rolling Maturity [Abstract] | |||
Operating leases, future minimum payments, due 2019 | 9,959 | ||
Operating leases, future minimum payments, due 2020 | 8,343 | ||
Operating leases, future minimum payments, due 2021 | 8,234 | ||
Operating leases, future minimum payments, due 2022 | 8,026 | ||
Operating leases, future minimum payments, due 2023 | 8,130 | ||
Operating leases, future minimum payments, due thereafter | 32,730 | ||
Operating leases, future minimum payments, total | $ 75,422 |
COMMITMENTS AND CONTINGENCIES E
COMMITMENTS AND CONTINGENCIES Employee Agreements (Details) - Unionized Employees Concentration Risk [Member] | 12 Months Ended |
Mar. 31, 2018 | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 54.00% |
Collective Bargaining Agreements, Maximum Annual Escalation Per Employee, Percent | 3.00% |
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 86.00% |
COMMITMENTS AND CONTINGENCIES L
COMMITMENTS AND CONTINGENCIES Ligitgation, Environmental, Other Purchase Contracts and Other (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018USD ($) | Dec. 31, 2009aircraft | Mar. 31, 2018USD ($)aircraftFacility | Mar. 31, 2017aircraft | Mar. 31, 2016aircraft | Mar. 31, 2015aircraft | Oct. 31, 2008aircraft | |
Loss Contingencies [Line Items] | |||||||
Site Contingency, Number of Locations | Facility | 3 | ||||||
Number Of Aircraft Suspend Operations | 24 | ||||||
Number Of Aircraft Delivery Delayed | 4 | ||||||
Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | $ | $ 5 | ||||||
Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | $ | 6 | ||||||
Original Equipment Manufacturer Cost Recoveries | |||||||
Loss Contingencies [Line Items] | |||||||
Original Equipment Manufacturer, Recoveries Sought | $ | 136 | ||||||
Original Equipment Manufacturer, Amount Received | $ | 125 | ||||||
Other commitments | |||||||
Loss Contingencies [Line Items] | |||||||
Unrecorded unconditional purchase obligation | $ | $ 48.3 | ||||||
Subsequent Event | Original Equipment Manufacturer Cost Recoveries | |||||||
Loss Contingencies [Line Items] | |||||||
Original Equipment Manufacturer, Amount Received | $ | $ 11 | ||||||
Options | |||||||
Loss Contingencies [Line Items] | |||||||
Number Of Aircraft Balance | 4 | 4 | 14 | 30 | |||
Exercised options | 0 | 0 | 0 | ||||
Expired Options | 0 | 10 | 20 | ||||
Options | Bristow Norway | |||||||
Loss Contingencies [Line Items] | |||||||
Number Of Aircraft Balance | 5 | ||||||
Exercised options | 1 | ||||||
Expired Options | 2 |
TAXES Components of Deferred Ta
TAXES Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Deferred tax assets: | ||||
Foreign tax credits | $ 9,140 | $ 39,554 | ||
State net operating losses | 12,337 | 8,432 | ||
Net operating losses | 98,911 | 97,878 | ||
Accrued pension liability | 6,289 | 10,445 | ||
Accrued equity compensation | 10,172 | 17,162 | ||
Deferred revenue | 688 | 1,446 | ||
Employee award programs | 1,603 | 4,343 | ||
Employee payroll accruals | 4,426 | 5,328 | ||
Inventories | 1,666 | 3,111 | ||
Investment in unconsolidated affiliates | 28,778 | 17,099 | ||
Other | 5,543 | 5,865 | ||
Valuation allowance | (71,987) | (74,727) | $ (29,373) | $ (11,700) |
Total deferred tax assets | 107,566 | 135,936 | ||
Deferred tax liabilities: | ||||
Property and equipment | (150,224) | (220,305) | ||
Inventories | (2,070) | (1,967) | ||
Investment in unconsolidated affiliates | (21,470) | (28,631) | ||
Employee programs | (1,224) | (1,033) | ||
Deferred gain | (2,691) | (3,208) | ||
Other | (4,155) | (5,371) | ||
Total deferred tax liabilities | (181,834) | (260,515) | ||
Net deferred tax liabilities | (74,268) | (124,579) | ||
Valuation Allowance, Foreign Tax Credit Carryforward | ||||
Deferred tax assets: | ||||
Valuation allowance | (9,140) | (31,974) | ||
Valuation Allowance, State Operating Loss Carryforward | ||||
Deferred tax assets: | ||||
Valuation allowance | (12,337) | (8,432) | ||
Valuation Allowance, Foreign Operating Loss Carryforwards | ||||
Deferred tax assets: | ||||
Valuation allowance | $ (50,510) | $ (34,321) |
TAXES Narrative (Details)
TAXES Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2018USD ($)aircraft | Dec. 31, 2017 | Mar. 31, 2018USD ($)aircraft | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Operating Loss Carryforwards [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 31.60% | 35.00% | 35.00% | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 52,900 | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 22,600 | |||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 9,140 | 9,140 | $ 39,554 | |||
Net operating loss | 149,000 | 149,000 | ||||
Deferred Tax Assets, Valuation Allowance | $ 71,987 | $ 71,987 | $ 74,727 | $ 29,373 | $ 11,700 | |
Effective Income Tax Rate Reconciliation, Percent | 13.50% | (22.60%) | 2.60% | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | $ 27,000 | |||||
Impairment of goodwill | $ 0 | $ 8,706 | $ 41,579 | |||
Number of aircraft involved in intercompany leasing transaction | aircraft | 11 | 11 | ||||
Remaining useful life of an intercompany leasing transaction | 13 years | |||||
Tax benefit from intercompany leasing transaction | 2,400 | 2,800 | ||||
Unrecognized tax benefits period increase decrease | $ 5,400 | 200 | 400 | |||
Unrecognized tax benefit, Interest and penalties | 100 | 200 | 300 | |||
Unrecognized Tax Benefits | $ 6,682 | 6,682 | 1,332 | 1,093 | ||
Unremitted foreign earnings reinvested abroad | 517,900 | 517,900 | ||||
Income taxes paid | 26,700 | 28,100 | $ 28,000 | |||
Valuation Allowance, Foreign Operating Loss Carryforwards | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred Tax Assets, Valuation Allowance | 50,510 | 50,510 | 34,321 | |||
Valuation Allowance, State Operating Loss Carryforward | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred Tax Assets, Valuation Allowance | 12,337 | 12,337 | 8,432 | |||
Valuation Allowance, Foreign Tax Credit Carryforward | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 22,800 | |||||
Deferred Tax Assets, Valuation Allowance | 9,140 | 9,140 | 31,974 | |||
Valuation Allowance of Deferred Tax Assets | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 37,000 | |||||
Valuation Allowance of Deferred Tax Liabilities | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 53,000 | |||||
Year 2036 | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss | 2,500 | 2,500 | ||||
Year 2037 | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss | 119,700 | 119,700 | ||||
Year 2038 | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss | 26,800 | 26,800 | ||||
Year 2022 | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss | $ 199,700 | $ 199,700 |
TAXES Rollforward of deferred t
TAXES Rollforward of deferred tax valuation allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Valuation Allowance - beginning balance | $ (74,727) | $ (29,373) | $ (11,700) |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Additional Allowances | (20,259) | (45,354) | (17,673) |
Valuation Allowance, Deferred Tax Asset, Decrease, Reversals | 22,999 | 0 | 0 |
Deferred Tax Assets, Valuation Allowance - ending balance | $ (71,987) | $ (74,727) | $ (29,373) |
TAXES Component of Income Befor
TAXES Component of Income Before Provision For Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (91,002) | $ (147,988) | $ (115,277) |
Foreign | (137,972) | 3,686 | 36,046 |
Loss before benefit (provision) for income taxes | $ (228,974) | $ (144,302) | $ (79,231) |
TAXES Provision for Income Taxe
TAXES Provision for Income Taxes Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 1,247 | $ 2,797 | $ (29,907) |
Current foreign provision for income taxes | 13,607 | 17,153 | 27,317 |
Current provision for income taxes total | 14,854 | 19,950 | (2,590) |
Deferred domestic provision for income taxes | (39,079) | 24,651 | (4,483) |
Deferred foreign provision for income taxes | (6,666) | (12,013) | 4,991 |
Deferred Income Tax Expense (Benefit) | (45,745) | 12,638 | 508 |
Income Tax Expense (Benefit) | $ (30,891) | $ 32,588 | $ (2,082) |
TAXES Reconciliation of U.S. Fe
TAXES Reconciliation of U.S. Federal Statutory Tax Rate (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Statutory rate | 21.00% | 35.00% | 31.60% | 35.00% | 35.00% |
Effect of U.S. tax reform | 9.90% | 0.00% | 0.00% | ||
Net foreign tax on non-U.S. earnings | 0.80% | (0.50%) | (8.40%) | ||
Benefit of foreign tax deduction in the U.S. | 0.00% | 2.50% | 2.60% | ||
Foreign earnings indefinitely reinvested abroad | (8.20%) | (1.10%) | 15.90% | ||
Change in valuation allowance | 1.10% | (25.70%) | (25.30%) | ||
Foreign earnings that are currently taxed in the U.S. | (32.90%) | (28.30%) | (7.90%) | ||
Effect of change in foreign statutory corporate income tax rates | 0.00% | (0.20%) | 1.10% | ||
Impairment of foreign investments | 11.80% | 0.00% | 0.00% | ||
Goodwill impairment | 0.00% | (1.00%) | (11.80%) | ||
Changes in tax reserves | (2.30%) | (0.20%) | (0.50%) | ||
Other, net | 1.70% | (3.10%) | 1.90% | ||
Effective tax rate | 13.50% | (22.60%) | 2.60% |
TAXES Tax Jurisdiction (Details
TAXES Tax Jurisdiction (Details) | 12 Months Ended |
Mar. 31, 2018 | |
United States | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2014 |
U.K. | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2017 |
Nigeria | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2009 |
Trinidad | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2005 |
Australia | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2014 |
Norway | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2014 |
TAXES Schedule of Unrecognized
TAXES Schedule of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits- beginning balance | $ 1,332 | $ 1,093 |
Increase for tax positions taken in prior years | 7,784 | 1,059 |
Decreases for tax positions taken in prior years | (2,434) | (818) |
Decrease related to settlements with authorities | 0 | (2) |
Unrecognized tax benefits- ending balance | $ 6,682 | $ 1,332 |
EMPLOYEE BENEFIT PLANS Defined
EMPLOYEE BENEFIT PLANS Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Defined Contribution Plan, Cost | $ 22 | $ 21.8 | $ 14.4 |
EMPLOYEE BENEFIT PLANS Define_2
EMPLOYEE BENEFIT PLANS Defined Benefit Plan Narrative (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2018USD ($)PlansObjectives | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ | $ 6.5 |
Pension Plan Investment Strategy, Number Of Objectives | Objectives | 3 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ | $ 18 |
Pension Plan [Member] | UK Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Number Of Original Closed Defined Benefit Pension Plans | 2 |
Minimum Contribution Match | 5.00% |
Number Of Other Defined Contribution Plans | 3 |
Number Of Other Defined Contribution Plans Closed To New Members | 2 |
Pension Plan [Member] | UK Pension Plan [Member] | Other Employee [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Closed Plan Maximum Contribution | 7.00% |
Pension Plan [Member] | UK Pension Plan [Member] | Pilot [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Closed Plan Maximum Contribution | 7.35% |
Pension Plan [Member] | UK Pension Plan [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Average Period Salary | 3 years |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% |
EMPLOYEE BENEFIT PLANS Rollforw
EMPLOYEE BENEFIT PLANS Rollforward of Change in Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation (PBO) at beginning of period | $ 517,186 | $ 525,053 | |
Service cost | 856 | 627 | $ 8,243 |
Interest cost | 12,914 | 15,330 | 20,108 |
Actuarial loss (gain) | (19,930) | 73,622 | |
Benefit payments and expenses | (27,002) | (26,456) | |
Effect of exchange rate changes | 61,104 | (70,990) | |
Projected benefit obligation (PBO) at end of period | $ 545,128 | $ 517,186 | $ 525,053 |
EMPLOYEE BENEFIT PLANS Rollfo_2
EMPLOYEE BENEFIT PLANS Rollforward of Change in Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Market value of assets at beginning of period | $ 455,539 | $ 454,946 |
Actual return on assets | 7,480 | 71,873 |
Employer contributions | 17,001 | 16,530 |
Benefit payments and expenses | 27,002 | 26,456 |
Effect of exchange rate changes | 55,357 | (61,354) |
Market value of assets at end of period | $ 508,375 | $ 455,539 |
EMPLOYEE BENEFIT PLANS Reconcil
EMPLOYEE BENEFIT PLANS Reconciliation of Funded Status (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Retirement Benefits [Abstract] | |||
Accumulated benefit obligation (ABO) | $ 545,128 | $ 517,186 | |
Projected benefit obligation (PBO) | 545,128 | 517,186 | $ 525,053 |
Fair value of assets | (508,375) | (455,539) | $ (454,946) |
Net recognized pension liability | 36,753 | 61,647 | |
Amounts recognized in accumulated other comprehensive loss | $ 232,043 | $ 220,396 |
EMPLOYEE BENEFIT PLANS Componen
EMPLOYEE BENEFIT PLANS Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 856 | $ 627 | $ 8,243 |
Interest cost | 12,914 | 15,330 | 20,108 |
Expected return on assets | (21,184) | (21,697) | (27,208) |
Amortization of unrecognized losses | 8,151 | 7,266 | 8,246 |
Net periodic pension cost | $ 737 | $ 1,526 | $ 9,389 |
EMPLOYEE BENEFIT PLANS Actuaria
EMPLOYEE BENEFIT PLANS Actuarial Assumptions (Details) - Pension Plan [Member] | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
UK Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.40% | 3.30% | 3.30% |
Expected long-term rate of return on assets | 4.41% | 5.30% | 5.40% |
Pension increase rate | 3.00% | 2.80% | 2.80% |
Norway pension plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.50% | ||
Rate of compensation increase | 3.50% | ||
Social Security increase amount | 3.25% | ||
Expected long-term rate of return on assets | 1.50% | ||
Pension increase rate | 0.00% |
EMPLOYEE BENEFIT PLANS Plan All
EMPLOYEE BENEFIT PLANS Plan Allocations (Details) | Mar. 31, 2018 | Mar. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | 100.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.40% | 64.80% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 30.20% | 51.10% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 34.80% | 34.80% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 40.50% | 33.40% |
Property | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 7.40% | 0.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 3.10% | 0.00% |
Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 32.40% | 0.40% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 26.20% | 15.50% |
EMPLOYEE BENEFIT PLANS Schedule
EMPLOYEE BENEFIT PLANS Schedule of Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | $ 508,375 | $ 455,539 | $ 454,946 |
Fair value, inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 26,373 | 70,650 | |
Fair value, inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 482,002 | 384,889 | |
Fair value, inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 26,373 | 70,650 | |
Cash and cash equivalents | Fair value, inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 26,373 | 70,650 | |
Cash and cash equivalents | Fair value, inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Cash and cash equivalents | Fair value, inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Cash plus | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 105,070 | ||
Cash plus | Fair value, inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | ||
Cash plus | Fair value, inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 105,070 | ||
Cash plus | Fair value, inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | ||
Equity investments - U.K. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 1,683 | 47,392 | |
Equity investments - U.K. | Fair value, inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Equity investments - U.K. | Fair value, inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 1,683 | 47,392 | |
Equity investments - U.K. | Fair value, inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Equity investments - Non-U.K. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 151,923 | 185,567 | |
Equity investments - Non-U.K. | Fair value, inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Equity investments - Non-U.K. | Fair value, inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 151,923 | 185,567 | |
Equity investments - Non-U.K. | Fair value, inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 15,852 | ||
Property | Fair value, inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | ||
Property | Fair value, inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 15,852 | ||
Property | Fair value, inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | ||
Diversified growth (absolute return) funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 1,824 | ||
Diversified growth (absolute return) funds | Fair value, inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | ||
Diversified growth (absolute return) funds | Fair value, inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 1,824 | ||
Diversified growth (absolute return) funds | Fair value, inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | ||
Government debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 124,428 | 80,654 | |
Government debt securities | Fair value, inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Government debt securities | Fair value, inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 124,428 | 80,654 | |
Government debt securities | Fair value, inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 81,222 | 71,276 | |
Corporate debt securities | Fair value, inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Corporate debt securities | Fair value, inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 81,222 | 71,276 | |
Corporate debt securities | Fair value, inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS Schedu_2
EMPLOYEE BENEFIT PLANS Schedule of Estimated Future Benefit Payments (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, 2019 | $ 23,146 |
Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, 2020 | 23,567 |
Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, 2021 | 24,268 |
Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, 2022 | 24,830 |
Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, 2023 | 25,531 |
Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, 2024 - 2028 | $ 133,687 |
EMPLOYEE BENEFIT PLANS Incentiv
EMPLOYEE BENEFIT PLANS Incentive and Stock Options Narrative (Details) - USD ($) | May 23, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 898,169 | 739,493 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 6,980,081 | |||
Other accrued liabilities | $ 65,978,000 | $ 46,679,000 | ||
Other liabilities and deferred credits | 36,952,000 | 28,899,000 | ||
General and administrative | 184,987,000 | 195,367,000 | $ 224,645,000 | |
Share-based Compensation | $ 10,436,000 | 12,352,000 | 21,181,000 | |
Granted | 622,652 | |||
Cash Bonus | $ 10,100,000 | 5,000,000 | 0 | |
Contributions to deferred compensation plan | 100,000 | 600,000 | 1,300,000 | |
Rabbi Trust investments | 2,300,000 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 2,900,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 1,760,953 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 4,700,000 | 7,800,000 | 7,400,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0 | 0 | 0 | |
Proceeds from Stock Options Exercised | 0 | 0 | 0 | |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 0 | 0 | 0 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | |||
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | |||
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | |||
Restricted Stock And Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 6,400,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 898,169 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||
Share-based Compensation | $ 6,700,000 | 8,000,000 | 12,900,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months | |||
Restricted Stock And Restricted Stock Units [Member] | Consultant [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 6 months | |||
Other accrued liabilities | $ 100,000 | |||
Other liabilities and deferred credits | 1,000,000 | |||
General and administrative | $ 1,100,000 | |||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 22,034 | |||
Performance Cash [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||
Performance Cash Max Payout | $ 15,700,000 | 7,900,000 | 7,400,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 1,500,000 | $ 7,000,000 | $ 1,400,000 | |
Performance Cash [Member] | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash Based Performance Compensation Arrangement By Cash Based Payment Award Percentage Of Target Amount | 0.00% | |||
Performance Cash [Member] | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash Based Performance Compensation Arrangement By Cash Based Payment Award Percentage Of Target Amount | 200.00% | |||
Phantom Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||
Plan 2007 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 10,646,729 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,508,134 | |||
Plan 2007 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Plan 2004 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Director one | Plan 2003 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 250,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 5,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 6 months | |||
2007 Plan Amendment [Member] | Plan 2007 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock Additional Capital Shares Reserved for Future Issuance | 5,250,000 | |||
Common Stock Additional Full Value Capital Shares Reserved for Future Issuance | 2,625,000 | |||
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 Granted | 1 | |||
Number Of Shares Considered Stock Option And Stock Appreciation Right Settled | 2 | |||
Share-based Compensation Common Stock Award Maximum | 1,000,000 | 500,000 | ||
Total Compensation Authorized For Non Employee Directors | $ 1,125,000 |
EMPLOYEE BENEFIT PLANS Stock Op
EMPLOYEE BENEFIT PLANS Stock Option Activity Rollforward (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding at March 31, 2017 | $ / shares | $ 42.78 |
Granted | $ / shares | 7.03 |
Expired or forfeited | $ / shares | 44.95 |
Outstanding at March 31, 2018 | $ / shares | 29.90 |
Exercisable at March 31, 2018 | $ / shares | $ 46.49 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at March 31, 2017 | shares | 2,843,608 |
Granted | shares | 1,256,043 |
Expired or forfeited | shares | 525,873 |
Outstanding at March 31, 2018 | shares | 3,573,778 |
Exercisable at March 31, 2018 | shares | 1,812,825 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 7,031 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 0 |
EMPLOYEE BENEFIT PLANS Stock _2
EMPLOYEE BENEFIT PLANS Stock Option Assumptions (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate | 1.78% | 1.07% | 1.62% |
Expected life (years) | 5 years | 5 years | 5 years |
Volatility | 56.10% | 46.80% | 28.10% |
Dividend yield | 3.98% | 2.74% | 3.14% |
Weighted average grant-date fair value of options granted | $ 2.53 | $ 2.16 | $ 10.71 |
EMPLOYEE BENEFIT PLANS Rollfo_3
EMPLOYEE BENEFIT PLANS Rollforward of Non-Vested Restricted Stock (Details) | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested as of March 31, 2017 | shares | 739,493 |
Granted | shares | 622,652 |
Forfeited | shares | (72,075) |
Vested | shares | (391,901) |
Non-vested as of March 31, 2018 | shares | 898,169 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested as of March 31, 2017 | $ / shares | $ 26.97 |
Granted | $ / shares | 7.35 |
Forfeited | $ / shares | 14.78 |
Vested | $ / shares | 28.48 |
Non-vested as of March 31, 2018 | $ / shares | $ 13.69 |
EMPLOYEE BENEFIT PLANS Schedu_3
EMPLOYEE BENEFIT PLANS Schedule of Separation Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Voluntary Separation Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | $ 1,122 | $ 1,686 | $ 8,550 |
Voluntary Separation Program [Member] | Direct cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 105 | 1,663 | 7,664 |
Voluntary Separation Program [Member] | General and Administrative Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 1,017 | 23 | 886 |
Involuntary Separation Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 21,214 | 15,176 | 13,950 |
Involuntary Separation Program [Member] | Direct cost | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 11,538 | 5,938 | 5,162 |
Involuntary Separation Program [Member] | General and Administrative Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | $ 9,676 | $ 9,238 | $ 8,788 |
STOCKHOLDERS' INVESTMENT, EAR_4
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED COMPREHENSIVE INCOME Stockholder's Investment, earnings per share and accumulated other comprehensive income (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,980,081 | |||||||||||
Common stock, shares outstanding - beginning balance | 35,213,991 | 34,976,743 | 35,213,991 | 34,976,743 | ||||||||
Issuance of restricted stock | 312,634 | 237,248 | ||||||||||
Common stock, shares outstanding, ending balance | 35,213,991 | 34,976,743 | 35,526,625 | 35,213,991 | 34,976,743 | |||||||
Weighted average price per share of issued restricted stock and restricted stock units | $ 11.27 | $ 17.41 | ||||||||||
Common shares owned by foreign addresses | 6,214,000 | |||||||||||
Percentage of total outstanding common shares owned by foreign addresses | 17.00% | |||||||||||
Cash dividends declared per common share | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.34 | $ 0.34 | $ 0.34 | $ 0.07 | $ 0.28 | $ 1.09 |
Payments of Ordinary Dividends, Common Stock | $ 2,465 | $ 9,831 | $ 38,076 |
STOCKHOLDERS' INVESTMENT, EAR_5
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED COMPREHENSIVE INCOME Earnings per Share (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018$ / shares | Dec. 31, 2017$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||||||
Loss available to common stockholders – basic | $ | $ (195,658,000) | $ (170,536,000) | $ (73,940,000) | ||||||||
Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) | $ | 0 | 0 | 0 | ||||||||
Loss available to common stockholders | $ | $ (195,658,000) | $ (170,536,000) | $ (73,940,000) | ||||||||
Weighted average number of common shares outstanding – basic | 35,288,579 | 35,044,040 | 34,893,844 | ||||||||
Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1) | 0 | 0 | 0 | ||||||||
Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method | 0 | 0 | 0 | ||||||||
Weighted average number of common shares outstanding – diluted (2) | 35,288,579 | 35,044,040 | 34,893,844 | ||||||||
Basic loss per common share | $ / shares | $ (2.84) | $ (0.23) | $ (0.88) | $ (1.57) | $ (2.22) | $ (0.62) | $ (0.85) | $ (1.17) | $ (5.54) | $ (4.87) | $ (2.12) |
Diluted loss per common share | $ / shares | (2.84) | $ (0.23) | $ (0.88) | $ (1.57) | $ (2.22) | $ (0.62) | $ (0.85) | $ (1.17) | $ (5.54) | $ (4.87) | $ (2.12) |
Employee Stock Option [Member] | |||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,890,140 | 1,815,020 | 1,194,783 | ||||||||
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount | $ / shares | $ 38.77 | $ 31.98 | $ 62.11 | ||||||||
Restricted stock awards | |||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 547,927 | 541,014 | 286,804 | ||||||||
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount | $ / shares | $ 21 | $ 26.76 | $ 37.27 | ||||||||
Convertible debt | 4½% Convertible Senior Notes | |||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 15.64 | $ 15.64 | |||||||||
Debt Instrument, Convertible, Conversion Ratio | 63.9488 | ||||||||||
Debt Instrument, Convertible, Conversion Per Principal Amount | $ | $ 1,000 |
STOCKHOLDERS' INVESTMENT, EAR_6
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED COMPREHENSIVE INCOME Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | $ (328,277) | ||
Net current period other comprehensive income (loss) | 42,183 | $ (38,458) | $ (19,490) |
Foreign exchange rate impact | 25,927 | (21,636) | (21,604) |
Accumulated other comprehensive loss, ending balance | (286,094) | (328,277) | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (328,277) | (289,819) | (270,329) |
Other comprehensive loss before reclassification | 33,495 | (44,089) | (25,778) |
Reclassified from accumulated other comprehensive loss | 8,688 | 5,631 | 6,288 |
Net current period other comprehensive income (loss) | 42,183 | (38,458) | (19,490) |
Foreign exchange rate impact | 0 | 0 | 0 |
Accumulated other comprehensive loss, ending balance | (328,277) | (289,819) | |
Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (149,721) | (67,365) | (39,066) |
Other comprehensive loss before reclassification | 30,196 | (26,947) | (20,195) |
Reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | 30,196 | (26,947) | (20,195) |
Foreign exchange rate impact | 40,459 | (55,409) | (8,104) |
Accumulated other comprehensive loss, ending balance | (79,066) | (149,721) | (67,365) |
Pension Liability Adjustments (1) | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (178,556) | (222,454) | (231,263) |
Other comprehensive loss before reclassification | 3,713 | (17,142) | (5,583) |
Reclassified from accumulated other comprehensive loss | 8,620 | 5,631 | 6,288 |
Net current period other comprehensive income (loss) | 12,333 | (11,511) | 705 |
Foreign exchange rate impact | (40,459) | 55,409 | 8,104 |
Accumulated other comprehensive loss, ending balance | (206,682) | (178,556) | (222,454) |
Unrealized loss on cash flow hedges (2) | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | 0 | 0 | 0 |
Other comprehensive loss before reclassification | (414) | 0 | 0 |
Reclassified from accumulated other comprehensive loss | 68 | 0 | 0 |
Net current period other comprehensive income (loss) | (346) | 0 | 0 |
Foreign exchange rate impact | 0 | 0 | 0 |
Accumulated other comprehensive loss, ending balance | $ (346) | $ 0 | $ 0 |
SEGMENT INFORMATION Narrative (
SEGMENT INFORMATION Narrative (Details) | 12 Months Ended |
Mar. 31, 2018SegmentshubRegions | |
Segment Reporting [Abstract] | |
Number of Operating Segments | Segments | 1 |
Number Of Aircraft Hub | hub | 2 |
Number of Reportable Segments | Regions | 4 |
SEGMENT INFORMATION Revenue by
SEGMENT INFORMATION Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 358,442 | $ 360,735 | $ 373,676 | $ 352,109 | $ 336,194 | $ 337,443 | $ 357,467 | $ 369,398 | $ 1,444,962 | $ 1,400,502 | $ 1,715,513 |
External customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,444,962 | 1,400,502 | 1,715,513 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 14,677 | 11,520 | 15,755 | ||||||||
Europe Caspian | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 799,285 | 741,066 | 863,852 | ||||||||
Europe Caspian | External customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 793,630 | 734,344 | 858,144 | ||||||||
Europe Caspian | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 5,655 | 6,722 | 5,708 | ||||||||
Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 195,681 | 204,522 | 255,256 | ||||||||
Africa | External customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 195,681 | 204,522 | 255,254 | ||||||||
Africa | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 2 | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 237,653 | 221,965 | 291,399 | ||||||||
Americas | External customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 228,658 | 217,500 | 283,565 | ||||||||
Americas | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 8,995 | 4,465 | 7,834 | ||||||||
Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 222,500 | 233,903 | 296,842 | ||||||||
Asia Pacific | External customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 222,500 | 233,902 | 296,840 | ||||||||
Asia Pacific | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 1 | 2 | ||||||||
Corporate and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,520 | 10,566 | 23,919 | ||||||||
Corporate and other | External customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,493 | 10,234 | 21,710 | ||||||||
Corporate and other | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 27 | $ 332 | $ 2,209 |
SEGMENT INFORMATION Operating P
SEGMENT INFORMATION Operating Performance and Assets by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Equity Method Investments | $ 4,220 | $ 4,877 | $ (1,807) | ||||||||
Loss on disposal of assets | (17,595) | (14,499) | (30,693) | ||||||||
Operating income (loss) | $ (107,835) | $ (3,497) | $ (12,917) | $ (24,589) | $ (19,528) | $ (19,097) | $ (26,882) | $ (26,235) | (148,838) | (91,742) | (40,845) |
Payments to Acquire Productive Assets | 46,287 | 135,110 | 372,375 | ||||||||
Depreciation and amortization | 124,042 | 118,748 | 136,812 | ||||||||
Assets | 3,165,002 | 3,113,847 | 3,165,002 | 3,113,847 | |||||||
Equity Method Investments | 119,884 | 203,876 | 119,884 | 203,876 | |||||||
Payments for Construction in Process | 2,300 | 39,500 | 84,800 | ||||||||
Restructuring and Related Cost, Accelerated Depreciation | 10,400 | 28,700 | |||||||||
Construction in Progress, Gross | 67,710 | 199,275 | 67,710 | 199,275 | |||||||
Europe Caspian | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Equity Method Investments | 191 | 273 | 310 | ||||||||
Operating Income Loss Including Income Loss From Unconsolidated Affiliates Excluding Gain Loss From Sale Of Property Plant And Equipment | 22,774 | 13,840 | 50,406 | ||||||||
Payments to Acquire Productive Assets | 24,797 | 44,024 | 127,072 | ||||||||
Depreciation and amortization | 48,854 | 39,511 | 41,509 | ||||||||
Assets | 1,087,437 | 1,091,536 | 1,087,437 | 1,091,536 | |||||||
Equity Method Investments | 270 | 257 | 270 | 257 | |||||||
Restructuring and Related Cost, Accelerated Depreciation | 500 | 600 | |||||||||
Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income Loss Including Income Loss From Unconsolidated Affiliates Excluding Gain Loss From Sale Of Property Plant And Equipment | 32,326 | 30,179 | 19,702 | ||||||||
Payments to Acquire Productive Assets | 3,769 | 4,575 | 1,386 | ||||||||
Depreciation and amortization | 13,705 | 16,664 | 29,337 | ||||||||
Assets | 374,121 | 325,719 | 374,121 | 325,719 | |||||||
Restructuring and Related Cost, Accelerated Depreciation | 6,000 | 16,800 | |||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Equity Method Investments | 4,302 | 5,207 | (2,117) | ||||||||
Operating Income Loss Including Income Loss From Unconsolidated Affiliates Excluding Gain Loss From Sale Of Property Plant And Equipment | (73,057) | 4,224 | 34,463 | ||||||||
Payments to Acquire Productive Assets | 2,523 | 8,275 | 92,418 | ||||||||
Depreciation and amortization | 27,468 | 32,727 | 36,371 | ||||||||
Assets | 788,879 | 809,071 | 788,879 | 809,071 | |||||||
Equity Method Investments | 116,276 | 200,362 | 116,276 | 200,362 | |||||||
Restructuring and Related Cost, Accelerated Depreciation | 3,900 | 6,000 | |||||||||
Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income Loss Including Income Loss From Unconsolidated Affiliates Excluding Gain Loss From Sale Of Property Plant And Equipment | (24,290) | (20,870) | 4,073 | ||||||||
Payments to Acquire Productive Assets | 6,795 | 15,086 | 23,745 | ||||||||
Depreciation and amortization | 19,695 | 19,091 | 20,526 | ||||||||
Assets | 342,166 | 433,614 | 342,166 | 433,614 | |||||||
Restructuring and Related Cost, Accelerated Depreciation | 5,300 | ||||||||||
Corporate and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (Loss) from Equity Method Investments | (273) | (603) | 0 | ||||||||
Operating Income Loss Including Income Loss From Unconsolidated Affiliates Excluding Gain Loss From Sale Of Property Plant And Equipment | (88,996) | (104,616) | (118,796) | ||||||||
Payments to Acquire Productive Assets | 8,403 | 63,150 | 127,754 | ||||||||
Depreciation and amortization | 14,320 | 10,755 | $ 9,069 | ||||||||
Assets | 572,399 | 453,907 | 572,399 | 453,907 | |||||||
Equity Method Investments | $ 3,338 | $ 3,257 | $ 3,338 | $ 3,257 |
SEGMENT INFORMATION Revenue and
SEGMENT INFORMATION Revenue and Long Lived Assets by Country (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018USD ($)Country | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2018USD ($)CustomerCountry | Mar. 31, 2017USD ($)Customer | Mar. 31, 2016USD ($)Customer | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 358,442 | $ 360,735 | $ 373,676 | $ 352,109 | $ 336,194 | $ 337,443 | $ 357,467 | $ 369,398 | $ 1,444,962 | $ 1,400,502 | $ 1,715,513 |
Long-Lived Assets | 2,068,020 | 2,254,364 | 2,068,020 | 2,254,364 | |||||||
Construction in Progress, Gross | $ 67,710 | 199,275 | $ 67,710 | $ 199,275 | |||||||
Number of Countries in which Entity Operates | Country | 10 | 10 | |||||||||
Customer Concentration Risk | Sales Revenue, Net | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 61.00% | ||||||||||
Number Of Other Clients Over 10% In Any Of The Three Comparative Years | Customer | 1 | 1 | 2 | ||||||||
External customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 1,444,962 | $ 1,400,502 | $ 1,715,513 | ||||||||
U.K. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 530,948 | 510,796 | 587,493 | ||||||||
Long-Lived Assets | $ 630,555 | 600,948 | 630,555 | 600,948 | |||||||
Australia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 199,264 | 216,562 | 272,407 | ||||||||
Long-Lived Assets | 226,085 | 317,944 | 226,085 | 317,944 | |||||||
Nigeria | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 195,681 | 204,521 | 246,449 | ||||||||
Long-Lived Assets | 293,781 | 228,863 | 293,781 | 228,863 | |||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 103,047 | 87,234 | 158,901 | ||||||||
Long-Lived Assets | 410,651 | 298,804 | 410,651 | 298,804 | |||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 61,701 | 61,877 | 61,257 | ||||||||
Long-Lived Assets | 193,092 | 204,842 | 193,092 | 204,842 | |||||||
Norway | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 258,878 | 218,848 | 225,807 | ||||||||
Long-Lived Assets | 156,593 | 268,892 | 156,593 | 268,892 | |||||||
Falkland Islands | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 1,935 | 44,724 | ||||||||
Trinidad | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 53,144 | 57,531 | 55,423 | ||||||||
Long-Lived Assets | 80,497 | 118,058 | 80,497 | 118,058 | |||||||
Other countries | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 42,299 | 41,198 | $ 63,052 | ||||||||
Long-Lived Assets | $ 9,056 | $ 16,738 | $ 9,056 | $ 16,738 |
QUARTERLY FINANCIAL INFORMATI_3
QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Unusual or Infrequent Item [Line Items] | |||||||||||
Gross revenue | $ 358,442 | $ 360,735 | $ 373,676 | $ 352,109 | $ 336,194 | $ 337,443 | $ 357,467 | $ 369,398 | $ 1,444,962 | $ 1,400,502 | $ 1,715,513 |
Operating income (loss) | (107,835) | (3,497) | (12,917) | (24,589) | (19,528) | (19,097) | (26,882) | (26,235) | (148,838) | (91,742) | (40,845) |
Net income (loss) attributable to Bristow Group | $ (100,901) | $ (8,273) | $ (31,209) | $ (55,275) | $ (78,040) | $ (21,927) | $ (29,797) | $ (40,772) | $ (195,658) | $ (170,536) | $ (72,442) |
Basic loss per common share | $ (2.84) | $ (0.23) | $ (0.88) | $ (1.57) | $ (2.22) | $ (0.62) | $ (0.85) | $ (1.17) | $ (5.54) | $ (4.87) | $ (2.12) |
Diluted loss per common share | $ (2.84) | $ (0.23) | $ (0.88) | $ (1.57) | $ (2.22) | $ (0.62) | $ (0.85) | $ (1.17) | $ (5.54) | $ (4.87) | $ (2.12) |
Organizational restructuring | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent Item, or Both, Net (Gain) Loss | $ (8,500) | $ (2,800) | $ (2,700) | $ (9,700) | $ (2,800) | $ (800) | $ (10,700) | $ (6,600) | |||
Unusual or infrequent item, net income impact, net | $ (6,000) | $ (2,500) | $ (2,200) | $ (6,600) | $ (2,100) | $ (600) | $ (7,300) | $ (4,300) | |||
Unusual or infrequent item, earnings per share impact, net | $ (0.17) | $ (0.07) | $ (0.06) | $ (0.19) | $ (0.06) | $ (0.02) | $ (0.21) | $ (0.12) | |||
Inventory impairment | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent Item, or Both, Net (Gain) Loss | $ (1,200) | $ (7,600) | |||||||||
Unusual or infrequent item, net income impact, net | $ (800) | $ (5,300) | |||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.02) | $ (0.15) | |||||||||
Accelerated depreciation | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent Item, or Both, Net (Gain) Loss | $ (1,100) | $ (1,100) | $ (1,300) | $ (6,900) | |||||||
Unusual or infrequent item, net income impact, net | $ (700) | $ (800) | $ (900) | $ (4,500) | |||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.02) | $ (0.02) | $ (0.02) | $ (0.13) | |||||||
Impairment of goodwill | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent Item, or Both, Net (Gain) Loss | $ (8,700) | ||||||||||
Unusual or infrequent item, net income impact, net | $ (7,900) | ||||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.22) | ||||||||||
Reversal of contingent consideration | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent Item, or Both, Net (Gain) Loss | $ 5,900 | ||||||||||
Unusual or infrequent item, net income impact, net | $ 5,900 | ||||||||||
Unusual or infrequent item, earnings per share impact, net | $ 0.17 | ||||||||||
Tax items | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or infrequent item, net income impact, net | $ 25,800 | $ 15,100 | $ (3,200) | $ (14,900) | $ (40,000) | $ (3,700) | $ (2,500) | $ (13,200) | |||
Unusual or infrequent item, earnings per share impact, net | $ 0.73 | $ 0.42 | $ (0.09) | $ (0.42) | $ (1.14) | $ (0.10) | $ (0.07) | $ (0.38) | |||
Loss on impairment | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent Item, or Both, Net (Gain) Loss | $ (90,200) | ||||||||||
Unusual or infrequent item, net income impact, net | $ (62,400) | ||||||||||
Unusual or infrequent item, earnings per share impact, net | $ (1.76) | ||||||||||
Repurchase of debt | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or infrequent item, net income impact, net | $ (1,300) | ||||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.04) | ||||||||||
Disposal of assets | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent Item, or Both, Net (Gain) Loss | $ (5,200) | $ (4,600) | $ (8,500) | $ 700 | $ (1,400) | $ (900) | $ (2,200) | $ (10,000) | |||
Unusual or infrequent item, net income impact, net | $ (40,100) | $ (2,500) | $ (14,100) | $ (3,900) | $ (800) | $ 1,100 | $ (1,500) | $ (6,800) | |||
Unusual or infrequent item, earnings per share impact, net | $ (1.13) | $ (0.07) | $ (0.40) | $ (0.11) | $ (0.02) | $ 0.03 |
SUPPLEMENTAL CONDENSED CONSOL_3
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | $ 358,442 | $ 360,735 | $ 373,676 | $ 352,109 | $ 336,194 | $ 337,443 | $ 357,467 | $ 369,398 | $ 1,444,962 | $ 1,400,502 | $ 1,715,513 |
Direct cost and reimbursable expense | 1,182,514 | 1,154,297 | 1,309,365 | ||||||||
Intercompany expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 124,042 | 118,748 | 136,812 | ||||||||
General and administrative | 184,987 | 195,367 | 224,645 | ||||||||
Total operating expense | 1,491,543 | 1,468,412 | 1,670,822 | ||||||||
Loss on impairment | (91,400) | (16,278) | (55,104) | ||||||||
Gain (loss) on disposal of assets | (17,595) | (14,499) | (30,693) | ||||||||
Earnings from unconsolidated affiliates, net of losses | 6,738 | 6,945 | 261 | ||||||||
Operating loss | (107,835) | (3,497) | (12,917) | (24,589) | (19,528) | (19,097) | (26,882) | (26,235) | (148,838) | (91,742) | (40,845) |
Interest expense, net | (77,060) | (49,919) | (34,128) | ||||||||
Other expense, net | (3,076) | (2,641) | (4,258) | ||||||||
Loss before benefit (provision) for income taxes | (228,974) | (144,302) | (79,231) | ||||||||
Benefit (provision) for income taxes | 30,891 | (32,588) | 2,082 | ||||||||
Net loss | (198,083) | (176,890) | (77,149) | ||||||||
Net loss attributable to noncontrolling interests | 2,425 | 6,354 | 4,707 | ||||||||
Net loss attributable to Bristow Group | $ (100,901) | $ (8,273) | $ (31,209) | $ (55,275) | $ (78,040) | $ (21,927) | $ (29,797) | $ (40,772) | (195,658) | (170,536) | (72,442) |
Accretion of redeemable noncontrolling interests | 0 | 0 | (1,498) | ||||||||
Loss available to common stockholders – basic | (195,658) | (170,536) | (73,940) | ||||||||
External customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 1,444,962 | 1,400,502 | 1,715,513 | ||||||||
Intercompany customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 0 | 0 | 0 | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | (118,807) | (114,196) | (87,673) | ||||||||
Direct cost and reimbursable expense | 0 | 0 | 0 | ||||||||
Intercompany expenses | (118,807) | (114,196) | (87,673) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Total operating expense | (118,807) | (114,196) | (87,673) | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Gain (loss) on disposal of assets | 0 | 0 | 0 | ||||||||
Earnings from unconsolidated affiliates, net of losses | 104,396 | 28,161 | (1,230) | ||||||||
Operating loss | 104,396 | 28,161 | (1,230) | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Other expense, net | 0 | 0 | 0 | ||||||||
Loss before benefit (provision) for income taxes | 104,396 | 28,161 | (1,230) | ||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||
Net loss | 104,396 | 28,161 | (1,230) | ||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net loss attributable to Bristow Group | 104,396 | 28,161 | (1,230) | ||||||||
Accretion of redeemable noncontrolling interests | 0 | ||||||||||
Loss available to common stockholders – basic | (1,230) | ||||||||||
Eliminations | External customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 0 | 0 | 0 | ||||||||
Eliminations | Intercompany customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | (118,807) | (114,196) | (87,673) | ||||||||
Parent Company Only | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 233 | 0 | 0 | ||||||||
Direct cost and reimbursable expense | 3,442 | 77 | 320 | ||||||||
Intercompany expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 12,031 | 9,513 | 7,137 | ||||||||
General and administrative | 54,598 | 64,278 | 68,787 | ||||||||
Total operating expense | 70,071 | 73,868 | 76,244 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Gain (loss) on disposal of assets | (1,995) | 0 | 0 | ||||||||
Earnings from unconsolidated affiliates, net of losses | (104,396) | (28,119) | 1,271 | ||||||||
Operating loss | (176,229) | (101,987) | (74,973) | ||||||||
Interest expense, net | (42,871) | (43,581) | (30,167) | ||||||||
Other expense, net | (168) | 1,257 | 400 | ||||||||
Loss before benefit (provision) for income taxes | (219,268) | (144,311) | (104,740) | ||||||||
Benefit (provision) for income taxes | 23,661 | (26,175) | 32,355 | ||||||||
Net loss | (195,607) | (170,486) | (72,385) | ||||||||
Net loss attributable to noncontrolling interests | (51) | (50) | (57) | ||||||||
Net loss attributable to Bristow Group | (195,658) | (170,536) | (72,442) | ||||||||
Accretion of redeemable noncontrolling interests | 0 | ||||||||||
Loss available to common stockholders – basic | (72,442) | ||||||||||
Parent Company Only | External customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 233 | 0 | 0 | ||||||||
Parent Company Only | Intercompany customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 0 | 0 | 0 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 306,140 | 284,502 | 317,172 | ||||||||
Direct cost and reimbursable expense | 200,178 | 202,974 | 192,500 | ||||||||
Intercompany expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 53,034 | 51,784 | 60,312 | ||||||||
General and administrative | 27,401 | 23,055 | 27,440 | ||||||||
Total operating expense | 280,613 | 277,813 | 280,252 | ||||||||
Loss on impairment | (1,192) | (4,761) | (7,264) | ||||||||
Gain (loss) on disposal of assets | 5,112 | (15,576) | (21,579) | ||||||||
Earnings from unconsolidated affiliates, net of losses | 0 | 0 | 0 | ||||||||
Operating loss | 29,447 | (13,648) | 8,077 | ||||||||
Interest expense, net | (22,942) | (3,480) | (3,859) | ||||||||
Other expense, net | (1,038) | 3,883 | 499 | ||||||||
Loss before benefit (provision) for income taxes | 5,467 | (13,245) | 4,717 | ||||||||
Benefit (provision) for income taxes | 11,196 | (10,862) | (3,546) | ||||||||
Net loss | 16,663 | (24,107) | 1,171 | ||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net loss attributable to Bristow Group | 16,663 | (24,107) | 1,171 | ||||||||
Accretion of redeemable noncontrolling interests | 0 | ||||||||||
Loss available to common stockholders – basic | 1,171 | ||||||||||
Guarantor Subsidiaries | External customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 187,333 | 170,306 | 229,499 | ||||||||
Guarantor Subsidiaries | Intercompany customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 118,807 | 114,196 | 87,673 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 1,257,396 | 1,230,196 | 1,486,014 | ||||||||
Direct cost and reimbursable expense | 978,894 | 951,246 | 1,116,545 | ||||||||
Intercompany expenses | 118,807 | 114,196 | 87,673 | ||||||||
Depreciation and amortization | 58,977 | 57,451 | 69,363 | ||||||||
General and administrative | 102,988 | 108,034 | 128,418 | ||||||||
Total operating expense | 1,259,666 | 1,230,927 | 1,401,999 | ||||||||
Loss on impairment | (90,208) | (11,517) | (47,840) | ||||||||
Gain (loss) on disposal of assets | (20,712) | 1,077 | (9,114) | ||||||||
Earnings from unconsolidated affiliates, net of losses | 6,738 | 6,903 | 220 | ||||||||
Operating loss | (106,452) | (4,268) | 27,281 | ||||||||
Interest expense, net | (11,247) | (2,858) | (102) | ||||||||
Other expense, net | (1,870) | (7,781) | (5,157) | ||||||||
Loss before benefit (provision) for income taxes | (119,569) | (14,907) | 22,022 | ||||||||
Benefit (provision) for income taxes | (3,966) | 4,449 | (26,727) | ||||||||
Net loss | (123,535) | (10,458) | (4,705) | ||||||||
Net loss attributable to noncontrolling interests | 2,476 | 6,404 | 4,764 | ||||||||
Net loss attributable to Bristow Group | (121,059) | (4,054) | 59 | ||||||||
Accretion of redeemable noncontrolling interests | (1,498) | ||||||||||
Loss available to common stockholders – basic | (1,439) | ||||||||||
Non-Guarantor Subsidiaries | External customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | 1,257,396 | 1,230,196 | 1,486,014 | ||||||||
Non-Guarantor Subsidiaries | Intercompany customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gross revenue | $ 0 | $ 0 | $ 0 |
SUPPLEMENTAL CONDENSED CONSOL_4
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | $ (198,083) | $ (176,890) | $ (77,149) |
Currency translation adjustments | 25,927 | (21,636) | (21,604) |
Pension liability adjustment | 12,333 | (11,511) | 705 |
Unrealized loss on cash flow hedges, net of tax benefit | (346) | 0 | 0 |
Total comprehensive loss | (160,169) | (210,037) | (98,048) |
Net loss attributable to noncontrolling interests | 2,425 | 6,354 | 4,707 |
Currency translation adjustments attributable to noncontrolling interests | 4,269 | (5,311) | 1,409 |
Total comprehensive loss attributable to noncontrolling interests | 6,694 | 1,043 | 6,116 |
Total comprehensive loss attributable to Bristow Group | 153,475 | 208,994 | 91,932 |
Accretion of redeemable noncontrolling interests | 0 | 0 | (1,498) |
Total comprehensive loss attributable to common stockholders | (153,475) | (208,994) | (93,430) |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 104,396 | 28,161 | (1,230) |
Currency translation adjustments | (66,802) | (231,089) | 165,206 |
Pension liability adjustment | 0 | 0 | 0 |
Unrealized loss on cash flow hedges, net of tax benefit | 0 | ||
Total comprehensive loss | 37,594 | (202,928) | 163,976 |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive loss attributable to Bristow Group | (37,594) | 202,928 | (163,976) |
Accretion of redeemable noncontrolling interests | 0 | ||
Total comprehensive loss attributable to common stockholders | 163,976 | ||
Parent Company Only | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | (195,607) | (170,486) | (72,385) |
Currency translation adjustments | 0 | 0 | 2 |
Pension liability adjustment | 0 | 0 | 0 |
Unrealized loss on cash flow hedges, net of tax benefit | 0 | ||
Total comprehensive loss | (195,607) | (170,486) | (72,383) |
Net loss attributable to noncontrolling interests | (51) | (50) | (57) |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive loss attributable to noncontrolling interests | (51) | (50) | (57) |
Total comprehensive loss attributable to Bristow Group | 195,658 | 170,536 | 72,440 |
Accretion of redeemable noncontrolling interests | 0 | ||
Total comprehensive loss attributable to common stockholders | (72,440) | ||
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 16,663 | (24,107) | 1,171 |
Currency translation adjustments | 992 | 388 | 0 |
Pension liability adjustment | 0 | 0 | 0 |
Unrealized loss on cash flow hedges, net of tax benefit | 0 | ||
Total comprehensive loss | 17,655 | (23,719) | 1,171 |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive loss attributable to Bristow Group | (17,655) | 23,719 | (1,171) |
Accretion of redeemable noncontrolling interests | 0 | ||
Total comprehensive loss attributable to common stockholders | 1,171 | ||
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | (123,535) | (10,458) | (4,705) |
Currency translation adjustments | 91,737 | 209,065 | (186,812) |
Pension liability adjustment | 12,333 | (11,511) | 705 |
Unrealized loss on cash flow hedges, net of tax benefit | (346) | ||
Total comprehensive loss | (19,811) | 187,096 | (190,812) |
Net loss attributable to noncontrolling interests | 2,476 | 6,404 | 4,764 |
Currency translation adjustments attributable to noncontrolling interests | 4,269 | (5,311) | 1,409 |
Total comprehensive loss attributable to noncontrolling interests | 6,745 | 1,093 | 6,173 |
Total comprehensive loss attributable to Bristow Group | $ 13,066 | $ (188,189) | 184,639 |
Accretion of redeemable noncontrolling interests | (1,498) | ||
Total comprehensive loss attributable to common stockholders | $ (186,137) |
SUPPLEMENTAL CONDENSED CONSOL_5
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 380,223,000 | $ 96,656,000 | $ 104,310,000 | $ 104,146,000 |
Accounts receivable | 246,980,000 | 206,915,000 | ||
Inventories | 129,614,000 | 124,911,000 | ||
Assets held for sale | 30,348,000 | 38,246,000 | ||
Prepaid expenses and other current assets | 47,234,000 | 41,143,000 | ||
Total current assets | 834,399,000 | 507,871,000 | ||
Intercompany investment | 0 | 0 | ||
Investment in unconsolidated affiliates | 126,170,000 | 210,162,000 | ||
Intercompany notes receivable | 0 | 0 | ||
Land and buildings | 250,040,000 | 231,448,000 | ||
Aircraft and equipment | 2,511,131,000 | 2,622,701,000 | ||
Total property and equipment, at cost | 2,761,171,000 | 2,854,149,000 | ||
Less – Accumulated depreciation and amortization | (693,151,000) | (599,785,000) | ||
Total property and equipment, net | 2,068,020,000 | 2,254,364,000 | ||
Goodwill | 19,907,000 | 19,798,000 | 29,990,000 | |
Other assets | 116,506,000 | 121,652,000 | ||
Total assets | 3,165,002,000 | 3,113,847,000 | ||
Accounts payable | 101,270,000 | 98,215,000 | ||
Accrued liabilities | 209,876,000 | 191,195,000 | ||
Deferred taxes | 830,000 | |||
Short-term borrowings and current maturities of long-term debt | 1,475,438,000 | 131,063,000 | ||
Total current liabilities | 1,786,584,000 | 421,303,000 | ||
Long-term debt, less current maturities | 11,096,000 | 1,150,956,000 | ||
Intercompany notes payable | 0 | 0 | ||
Accrued pension liabilities | 37,034,000 | 61,647,000 | ||
Other liabilities and deferred credits | 36,952,000 | 28,899,000 | ||
Deferred taxes | 115,192,000 | |||
Deferred taxes | 154,873,000 | |||
Redeemable noncontrolling interest | 0 | 6,886,000 | 15,473,000 | 26,223,000 |
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,526,625 and 35,213,991 shares (exclusive of 1,291,441 treasury shares) | 382,000 | 379,000 | ||
Additional paid-in capital | 852,565,000 | 809,995,000 | ||
Retained earnings | 788,834,000 | 986,957,000 | 1,167,324,000 | 1,279,493,000 |
Accumulated other comprehensive income (loss) | (286,094,000) | (328,277,000) | ||
Treasury stock | (184,796,000) | (184,796,000) | ||
Total Bristow Group stockholders’ investment | 1,170,891,000 | 1,284,258,000 | ||
Noncontrolling interests | 7,253,000 | 5,025,000 | ||
Total stockholders’ investment | 1,178,144,000 | 1,289,283,000 | 1,504,943,000 | 1,613,837,000 |
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | 3,165,002,000 | 3,113,847,000 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | (638,630,000) | (370,603,000) | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | (1,643,000) | (10,451,000) | ||
Total current assets | (640,273,000) | (381,054,000) | ||
Intercompany investment | (2,445,623,000) | (2,717,413,000) | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | (588,567,000) | (383,980,000) | ||
Land and buildings | 0 | 0 | ||
Aircraft and equipment | 0 | 0 | ||
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 | (3,674,463,000) | (3,482,447,000) | ||
Accounts payable | (616,909,000) | (355,442,000) | ||
Accrued liabilities | (21,955,000) | (25,628,000) | ||
Deferred taxes | 0 | |||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | (638,864,000) | (381,070,000) | ||
Long-term debt, less current maturities | 0 | 0 | ||
Intercompany notes payable | (544,148,000) | (383,980,000) | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 0 | 0 | ||
Deferred taxes | 0 | |||
Deferred taxes | 0 | |||
Redeemable noncontrolling interest | 0 | |||
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,526,625 and 35,213,991 shares (exclusive of 1,291,441 treasury shares) | (136,313,000) | (135,345,000) | ||
Additional paid-in capital | (313,435,000) | (313,435,000) | ||
Retained earnings | (1,312,439,000) | (1,606,155,000) | ||
Accumulated other comprehensive income (loss) | (729,264,000) | (662,462,000) | ||
Treasury stock | 0 | 0 | ||
Total Bristow Group stockholders’ investment | (2,491,451,000) | (2,717,397,000) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ investment | (2,491,451,000) | (2,717,397,000) | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | (3,674,463,000) | (3,482,447,000) | ||
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 277,176,000 | 3,382,000 | 35,241,000 | 126,000 |
Accounts receivable | 211,412,000 | 76,383,000 | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 3,367,000 | 3,237,000 | ||
Total current assets | 491,955,000 | 83,002,000 | ||
Intercompany investment | 2,199,505,000 | 2,486,682,000 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 183,634,000 | 306,641,000 | ||
Land and buildings | 4,806,000 | 4,806,000 | ||
Aircraft and equipment | 156,651,000 | 151,005,000 | ||
Total property and equipment, at cost | 161,457,000 | 155,811,000 | ||
Less – Accumulated depreciation and amortization | (39,780,000) | (29,099,000) | ||
Total property and equipment, net | 121,677,000 | 126,712,000 | ||
Goodwill | 0 | 0 | ||
Other assets | 4,966,000 | 18,770,000 | ||
Total assets | 3,001,737,000 | 3,021,807,000 | ||
Accounts payable | 341,342,000 | 231,841,000 | ||
Accrued liabilities | 59,070,000 | 61,791,000 | ||
Deferred taxes | (1,272,000) | |||
Short-term borrowings and current maturities of long-term debt | 840,485,000 | 79,053,000 | ||
Total current liabilities | 1,240,897,000 | 371,413,000 | ||
Long-term debt, less current maturities | 0 | 763,325,000 | ||
Intercompany notes payable | 132,740,000 | 70,689,000 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 14,078,000 | 11,597,000 | ||
Deferred taxes | 77,373,000 | |||
Deferred taxes | 112,716,000 | |||
Redeemable noncontrolling interest | 0 | |||
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,526,625 and 35,213,991 shares (exclusive of 1,291,441 treasury shares) | 382,000 | 379,000 | ||
Additional paid-in capital | 852,565,000 | 809,995,000 | ||
Retained earnings | 788,834,000 | 986,957,000 | ||
Accumulated other comprehensive income (loss) | 78,306,000 | 78,306,000 | ||
Treasury stock | (184,796,000) | (184,796,000) | ||
Total Bristow Group stockholders’ investment | 1,535,291,000 | 1,690,841,000 | ||
Noncontrolling interests | 1,358,000 | 1,226,000 | ||
Total stockholders’ investment | 1,536,649,000 | 1,692,067,000 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | 3,001,737,000 | 3,021,807,000 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 8,904,000 | 299,000 | 3,393,000 | 884,000 |
Accounts receivable | 423,214,000 | 288,235,000 | ||
Inventories | 31,300,000 | 34,721,000 | ||
Assets held for sale | 26,737,000 | 30,716,000 | ||
Prepaid expenses and other current assets | 4,494,000 | 4,501,000 | ||
Total current assets | 494,649,000 | 358,472,000 | ||
Intercompany investment | 104,435,000 | 104,435,000 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 36,358,000 | 37,633,000 | ||
Land and buildings | 58,191,000 | 62,114,000 | ||
Aircraft and equipment | 1,326,922,000 | 1,199,073,000 | ||
Total property and equipment, at cost | 1,385,113,000 | 1,261,187,000 | ||
Less – Accumulated depreciation and amortization | (263,412,000) | (258,225,000) | ||
Total property and equipment, net | 1,121,701,000 | 1,002,962,000 | ||
Goodwill | 0 | 0 | ||
Other assets | 2,122,000 | 2,139,000 | ||
Total assets | 1,759,265,000 | 1,505,641,000 | ||
Accounts payable | 175,133,000 | 70,434,000 | ||
Accrued liabilities | 6,735,000 | 17,379,000 | ||
Deferred taxes | 2,102,000 | |||
Short-term borrowings and current maturities of long-term debt | 296,782,000 | 17,432,000 | ||
Total current liabilities | 478,650,000 | 107,347,000 | ||
Long-term debt, less current maturities | 0 | 284,710,000 | ||
Intercompany notes payable | 370,407,000 | 226,091,000 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 7,924,000 | 6,229,000 | ||
Deferred taxes | 27,794,000 | |||
Deferred taxes | 40,344,000 | |||
Redeemable noncontrolling interest | 0 | |||
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,526,625 and 35,213,991 shares (exclusive of 1,291,441 treasury shares) | 4,996,000 | 20,028,000 | ||
Additional paid-in capital | 29,387,000 | 29,387,000 | ||
Retained earnings | 838,727,000 | 791,117,000 | ||
Accumulated other comprehensive income (loss) | 1,380,000 | 388,000 | ||
Treasury stock | 0 | 0 | ||
Total Bristow Group stockholders’ investment | 874,490,000 | 840,920,000 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ investment | 874,490,000 | 840,920,000 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | 1,759,265,000 | 1,505,641,000 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 94,143,000 | 92,975,000 | $ 65,676,000 | $ 103,136,000 |
Accounts receivable | 250,984,000 | 212,900,000 | ||
Inventories | 98,314,000 | 90,190,000 | ||
Assets held for sale | 3,611,000 | 7,530,000 | ||
Prepaid expenses and other current assets | 41,016,000 | 43,856,000 | ||
Total current assets | 488,068,000 | 447,451,000 | ||
Intercompany investment | 141,683,000 | 126,296,000 | ||
Investment in unconsolidated affiliates | 126,170,000 | 210,162,000 | ||
Intercompany notes receivable | 368,575,000 | 39,706,000 | ||
Land and buildings | 187,043,000 | 164,528,000 | ||
Aircraft and equipment | 1,027,558,000 | 1,272,623,000 | ||
Total property and equipment, at cost | 1,214,601,000 | 1,437,151,000 | ||
Less – Accumulated depreciation and amortization | (389,959,000) | (312,461,000) | ||
Total property and equipment, net | 824,642,000 | 1,124,690,000 | ||
Goodwill | 19,907,000 | 19,798,000 | ||
Other assets | 109,418,000 | 100,743,000 | ||
Total assets | 2,078,463,000 | 2,068,846,000 | ||
Accounts payable | 201,704,000 | 151,382,000 | ||
Accrued liabilities | 166,026,000 | 137,653,000 | ||
Deferred taxes | 0 | |||
Short-term borrowings and current maturities of long-term debt | 338,171,000 | 34,578,000 | ||
Total current liabilities | 705,901,000 | 323,613,000 | ||
Long-term debt, less current maturities | 11,096,000 | 102,921,000 | ||
Intercompany notes payable | 41,001,000 | 87,200,000 | ||
Accrued pension liabilities | 37,034,000 | 61,647,000 | ||
Other liabilities and deferred credits | 14,950,000 | 11,073,000 | ||
Deferred taxes | 10,025,000 | |||
Deferred taxes | 1,813,000 | |||
Redeemable noncontrolling interest | 6,886,000 | |||
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,526,625 and 35,213,991 shares (exclusive of 1,291,441 treasury shares) | 131,317,000 | 115,317,000 | ||
Additional paid-in capital | 284,048,000 | 284,048,000 | ||
Retained earnings | 473,712,000 | 815,038,000 | ||
Accumulated other comprehensive income (loss) | 363,484,000 | 255,491,000 | ||
Treasury stock | 0 | 0 | ||
Total Bristow Group stockholders’ investment | 1,252,561,000 | 1,469,894,000 | ||
Noncontrolling interests | 5,895,000 | 3,799,000 | ||
Total stockholders’ investment | 1,258,456,000 | 1,473,693,000 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | $ 2,078,463,000 | $ 2,068,846,000 |
SUPPLEMENTAL CONDENSED CONSOL_6
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ (19,544) | $ 11,537 | $ 118,231 |
Capital expenditures | (46,287) | (135,110) | (372,375) |
Proceeds from asset dispositions | 48,740 | 18,471 | 60,035 |
Investment in unconsolidated affiliate | 0 | 0 | (4,410) |
Proceeds from OEM cost recoveries | 94,463 | 0 | 0 |
Deposit received on aircraft held for sale | 0 | 290 | 0 |
Net cash provided by (used in) investing activities | 96,916 | (116,349) | (316,750) |
Proceeds from borrowings | 896,874 | 708,267 | 928,802 |
Payment of contingent consideration | 0 | (10,000) | (9,453) |
Debt issuance costs | (20,560) | (8,010) | (5,139) |
Repayment of debt and debt redemption premiums | (671,567) | (570,328) | (677,003) |
Purchase of 4½% Convertible Senior Notes call option | (40,393) | 0 | 0 |
Proceeds from issuance of warrants | 30,259 | 0 | 0 |
Partial prepayment of put/call obligation | (49) | (49) | (55) |
Acquisition of noncontrolling interests | 0 | 0 | (7,309) |
Dividends paid to noncontrolling interest | (331) | (2,533) | (153) |
Dividends paid | (2,465) | (9,831) | (38,076) |
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | 0 |
Repurchases for tax withholdings on vesting of equity awards | (2,740) | (835) | (2,205) |
Net cash provided by financing activities | 189,028 | 106,681 | 189,409 |
Effect of exchange rate changes on cash and cash equivalents | 17,167 | (9,523) | 9,274 |
Net increase (decrease) in cash and cash equivalents | 283,567 | (7,654) | 164 |
Cash and cash equivalents at beginning of period | 96,656 | 104,310 | 104,146 |
Cash and cash equivalents at end of period | 380,223 | 96,656 | 104,310 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Capital expenditures | 77,480 | 0 | 0 |
Proceeds from asset dispositions | (77,480) | 0 | 0 |
Investment in unconsolidated affiliate | 0 | ||
Proceeds from OEM cost recoveries | 0 | ||
Deposit received on aircraft held for sale | 0 | ||
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Proceeds from borrowings | 0 | 0 | 0 |
Payment of contingent consideration | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 |
Repayment of debt and debt redemption premiums | 0 | 0 | 0 |
Purchase of 4½% Convertible Senior Notes call option | 0 | ||
Proceeds from issuance of warrants | 0 | ||
Partial prepayment of put/call obligation | 0 | 0 | 0 |
Acquisition of noncontrolling interests | 0 | ||
Dividends paid to noncontrolling interest | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | 0 |
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | 0 |
Net cash provided by financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Parent Company Only | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (125,596) | (100,841) | (94,292) |
Capital expenditures | (8,902) | (16,544) | (31,223) |
Proceeds from asset dispositions | 0 | 0 | 0 |
Investment in unconsolidated affiliate | 0 | ||
Proceeds from OEM cost recoveries | 0 | ||
Deposit received on aircraft held for sale | 0 | ||
Net cash provided by (used in) investing activities | (8,902) | (16,544) | (31,223) |
Proceeds from borrowings | 665,106 | 300,600 | 908,225 |
Payment of contingent consideration | 0 | 0 | |
Debt issuance costs | (11,677) | (2,925) | (5,139) |
Repayment of debt and debt redemption premiums | (621,902) | (533,500) | (649,650) |
Purchase of 4½% Convertible Senior Notes call option | (40,393) | ||
Proceeds from issuance of warrants | 30,259 | ||
Partial prepayment of put/call obligation | (49) | (49) | (55) |
Acquisition of noncontrolling interests | 0 | ||
Dividends paid to noncontrolling interest | 0 | 0 | 0 |
Dividends paid | 217,802 | 13,780 | (38,076) |
Increases (decreases) in cash related to intercompany advances and debt | 171,886 | 308,455 | (52,470) |
Repurchases for tax withholdings on vesting of equity awards | (2,740) | (835) | (2,205) |
Net cash provided by financing activities | 408,292 | 85,526 | 160,630 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 273,794 | (31,859) | 35,115 |
Cash and cash equivalents at beginning of period | 3,382 | 35,241 | 126 |
Cash and cash equivalents at end of period | 277,176 | 3,382 | 35,241 |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 61,757 | 18,359 | 104,989 |
Capital expenditures | (9,754) | (25,756) | (239,773) |
Proceeds from asset dispositions | 85,785 | 16,346 | 50,780 |
Investment in unconsolidated affiliate | 0 | ||
Proceeds from OEM cost recoveries | 0 | ||
Deposit received on aircraft held for sale | 290 | ||
Net cash provided by (used in) investing activities | 76,031 | (9,120) | (188,993) |
Proceeds from borrowings | 0 | 309,889 | 0 |
Payment of contingent consideration | 0 | 0 | |
Debt issuance costs | (552) | (4,199) | 0 |
Repayment of debt and debt redemption premiums | (18,512) | (5,016) | 0 |
Purchase of 4½% Convertible Senior Notes call option | 0 | ||
Proceeds from issuance of warrants | 0 | ||
Partial prepayment of put/call obligation | 0 | 0 | 0 |
Acquisition of noncontrolling interests | 0 | ||
Dividends paid to noncontrolling interest | 0 | 0 | 0 |
Dividends paid | 0 | (21,226) | 0 |
Increases (decreases) in cash related to intercompany advances and debt | (110,119) | (291,781) | 86,513 |
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | 0 |
Net cash provided by financing activities | (129,183) | (12,333) | 86,513 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 8,605 | (3,094) | 2,509 |
Cash and cash equivalents at beginning of period | 299 | 3,393 | 884 |
Cash and cash equivalents at end of period | 8,904 | 299 | 3,393 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 44,295 | 94,019 | 107,534 |
Capital expenditures | (105,111) | (92,810) | (101,379) |
Proceeds from asset dispositions | 40,435 | 2,125 | 9,255 |
Investment in unconsolidated affiliate | (4,410) | ||
Proceeds from OEM cost recoveries | 94,463 | ||
Deposit received on aircraft held for sale | 0 | ||
Net cash provided by (used in) investing activities | 29,787 | (90,685) | (96,534) |
Proceeds from borrowings | 231,768 | 97,778 | 20,577 |
Payment of contingent consideration | (10,000) | (9,453) | |
Debt issuance costs | (8,331) | (886) | 0 |
Repayment of debt and debt redemption premiums | (31,153) | (31,812) | (27,353) |
Purchase of 4½% Convertible Senior Notes call option | 0 | ||
Proceeds from issuance of warrants | 0 | ||
Partial prepayment of put/call obligation | 0 | 0 | 0 |
Acquisition of noncontrolling interests | (7,309) | ||
Dividends paid to noncontrolling interest | (331) | (2,533) | (153) |
Dividends paid | (220,267) | (2,385) | 0 |
Increases (decreases) in cash related to intercompany advances and debt | (61,767) | (16,674) | (34,043) |
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | 0 |
Net cash provided by financing activities | (90,081) | 33,488 | (57,734) |
Effect of exchange rate changes on cash and cash equivalents | 17,167 | (9,523) | 9,274 |
Net increase (decrease) in cash and cash equivalents | 1,168 | 27,299 | (37,460) |
Cash and cash equivalents at beginning of period | 92,975 | 65,676 | 103,136 |
Cash and cash equivalents at end of period | $ 94,143 | $ 92,975 | $ 65,676 |