Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2018 | Jun. 14, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 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 | 35,918,916 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | ||||
Operating revenue from non-affiliates | $ 303,206 | $ 328,944 | $ 963,252 | $ 991,655 |
Operating revenue from affiliates | 13,885 | 16,584 | 39,537 | 51,594 |
Reimbursable revenue from non-affiliates | 14,238 | 15,207 | 47,091 | 43,271 |
Total consolidated revenue | 331,329 | 360,735 | 1,049,880 | 1,086,520 |
Operating expense: | ||||
Direct cost | 262,039 | 271,894 | 819,307 | 842,216 |
Reimbursable expense | 13,862 | 14,725 | 44,960 | 42,365 |
Depreciation and amortization | 30,615 | 31,682 | 92,045 | 94,119 |
General and administrative | 40,742 | 43,366 | 119,682 | 138,695 |
Operating expense | 347,258 | 361,667 | 1,075,994 | 1,117,395 |
Loss on impairment | 0 | 0 | (117,220) | (1,192) |
Loss on disposal of assets | (16,015) | (4,591) | (18,986) | (12,418) |
Earnings (losses) from unconsolidated affiliates, net | 780 | 1,996 | (2,333) | 3,394 |
Operating loss | (31,164) | (3,527) | (164,653) | (41,091) |
Interest expense, net | (27,113) | (19,093) | (80,690) | (53,677) |
Other income (expense), net | (3,660) | (736) | (10,814) | 235 |
Loss before benefit (provision) for income taxes | (61,937) | (23,356) | (256,157) | (94,533) |
Benefit (provision) for income taxes | (23,764) | 13,419 | (5,258) | (2,546) |
Net loss | (85,701) | (9,937) | (261,415) | (97,079) |
Net (income) loss attributable to noncontrolling interests | (243) | 1,664 | (827) | 2,322 |
Net loss attributable to Bristow Group | $ (85,944) | $ (8,273) | $ (262,242) | $ (94,757) |
Loss per common share: | ||||
Basic (in dollars per share) | $ (2.40) | $ (0.23) | $ (7.34) | $ (2.69) |
Diluted (in dollars per share) | $ (2.40) | $ (0.23) | $ (7.34) | $ (2.69) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (85,701) | $ (9,937) | $ (261,415) | $ (97,079) |
Other comprehensive loss: | ||||
Currency translation adjustments | (6,462) | (57) | (43,462) | 20,394 |
Pension liability adjustment, net of tax benefit of $0.5 million, zero, $0.5 million, and zero, respectively | (2,410) | 0 | (2,410) | 0 |
Unrealized gain (loss) on cash flow hedges, net of tax benefit (provision) of zero, zero, $0.2 million and zero, respectively | (5) | 0 | 1,245 | 0 |
Total comprehensive loss | (94,578) | (9,994) | (306,042) | (76,685) |
Net (income) loss attributable to noncontrolling interests | (243) | 1,664 | (827) | 2,322 |
Currency translation adjustments attributable to noncontrolling interests | (52) | (17) | (223) | 530 |
Total comprehensive (income) loss attributable to noncontrolling interests | (295) | 1,647 | (1,050) | 2,852 |
Total comprehensive loss attributable to Bristow Group | $ (94,873) | $ (8,347) | $ (307,092) | $ (73,833) |
CONDENSED CONSLIDATED STATEMENT
CONDENSED CONSLIDATED STATEMENTS OF COMPREHENSIVE LOSS (PARENTHETICAL) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 500,000 | $ 0 | $ 500,000 | $ 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 0 | $ 0 | $ 200,000 | $ 0 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 231,326 | $ 380,223 |
Accounts receivable from non-affiliates | 204,641 | 233,386 |
Accounts receivable from affiliates | 13,186 | 13,594 |
Inventories | 115,254 | 129,614 |
Assets held for sale | 22,485 | 30,348 |
Prepaid expenses and other current assets | 48,646 | 47,234 |
Total current assets | 635,538 | 834,399 |
Investment in unconsolidated affiliates | 113,974 | 126,170 |
Property and equipment – at cost: | ||
Land and buildings | 240,201 | 250,040 |
Aircraft and equipment | 2,479,543 | 2,511,131 |
Total property and equipment, at cost | 2,719,744 | 2,761,171 |
Less – Accumulated depreciation and amortization | (872,201) | (693,151) |
Total property and equipment, net | 1,847,543 | 2,068,020 |
Goodwill | 18,271 | 19,907 |
Other assets | 116,418 | 116,506 |
Total assets | 2,731,744 | 3,165,002 |
Current liabilities: | ||
Accounts payable | 91,916 | 101,270 |
Accrued wages, benefits and related taxes | 52,073 | 67,334 |
Income taxes payable | 5,169 | 8,453 |
Other accrued taxes | 5,628 | 7,378 |
Deferred revenue | 9,966 | 15,833 |
Accrued maintenance and repairs | 26,620 | 28,555 |
Accrued interest | 18,317 | 16,345 |
Other accrued liabilities | 38,692 | 65,978 |
Short-term borrowings and current maturities of long-term debt | 1,421,050 | 1,475,438 |
Total current liabilities | 1,669,431 | 1,786,584 |
Long-term debt, less current maturities | 9,174 | 11,096 |
Accrued pension liabilities | 28,036 | 37,034 |
Other liabilities and deferred credits | 28,573 | 36,952 |
Deferred taxes | 119,057 | 115,192 |
Commitments and contingencies (Note 8) | ||
Stockholders’ investment: | ||
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,798,185 as of December 31, 2018 and 35,526,625 as of March 31, 2018 (exclusive of 1,291,441 treasury shares) | 385 | 382 |
Additional paid-in capital | 860,745 | 852,565 |
Retained earnings | 524,846 | 788,834 |
Accumulated other comprehensive loss | (330,944) | (286,094) |
Treasury shares, at cost (2,756,419 shares) | (184,796) | (184,796) |
Total Bristow Group stockholders’ investment | 870,236 | 1,170,891 |
Noncontrolling interests | 7,237 | 7,253 |
Total stockholders’ investment | 877,473 | 1,178,144 |
Total liabilities and stockholders’ investment | $ 2,731,744 | $ 3,165,002 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Dec. 31, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares outstanding | 35,798,185 | 35,526,625 |
Treasury stock, shares acquired, par value method | 1,291,441 | 1,291,441 |
Treasury stock, shares acquired, cost method | 2,756,419 | 2,756,419 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (261,415) | $ (97,079) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 92,045 | 94,119 |
Deferred income taxes | (5,848) | (14,665) |
Write-off of deferred financing fees | 0 | 1,138 |
Discount amortization on long-term debt | 4,713 | 343 |
Loss on disposal of assets | 18,986 | 12,418 |
Loss on impairment | 117,220 | 1,192 |
Deferral of lease payments | 3,967 | 2,423 |
Stock-based compensation | 5,651 | 8,776 |
Equity in earnings from unconsolidated affiliates less than (in excess of) dividends received | 2,518 | (3,185) |
Increase (decrease) in cash resulting from changes in: | ||
Accounts receivable | 16,063 | (3,785) |
Inventories | (3,065) | (4,618) |
Prepaid expenses and other assets | (1,571) | 10,250 |
Accounts payable | (1,956) | (14,540) |
Accrued liabilities | (47,390) | (5,528) |
Other liabilities and deferred credits | (8,820) | 3,434 |
Net cash used in operating activities | (68,902) | (9,307) |
Cash flows from investing activities: | ||
Capital expenditures | (33,711) | (36,441) |
Proceeds from asset dispositions | 9,093 | 48,547 |
Proceeds from OEM cost recoveries | 0 | 94,463 |
Net cash provided by (used in) investing activities | (24,618) | 106,569 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 387 | 548,768 |
Debt issuance costs | (2,599) | (11,653) |
Repayment of debt | (49,116) | (609,667) |
Purchase of 4½% Convertible Senior Notes call option | 0 | (40,393) |
Proceeds from issuance of warrants | 0 | 30,259 |
Partial prepayment of put/call obligation | (40) | (36) |
Dividends paid to noncontrolling interest | (580) | 0 |
Common stock dividends paid | 0 | (2,465) |
Issuance of common stock | 2,830 | 0 |
Repurchases for tax withholdings on vesting of equity awards | (1,505) | (591) |
Net cash used in financing activities | (50,623) | (85,778) |
Effect of exchange rate changes on cash and cash equivalents | (4,754) | 9,708 |
Net increase (decrease) in cash and cash equivalents | (148,897) | 21,192 |
Cash and cash equivalents at beginning of period | 380,223 | 96,656 |
Cash and cash equivalents at end of period | 231,326 | 117,848 |
Cash paid during the period for: | ||
Interest | 73,604 | 69,896 |
Income taxes | $ 13,500 | $ 20,440 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interests |
Redeemable Noncontrolling Interest - beginning balance at Mar. 31, 2017 | $ 6,886 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Redeemable Noncontrolling Interest - currency translation adjustments | 258 | ||||||
Redeemable Noncontrolling Interest, net income (loss) | (795) | ||||||
Redeemable Noncontrolling Interest - ending balance at Jun. 30, 2017 | 6,349 | ||||||
Total stockholders’ investment at Mar. 31, 2017 | 1,289,283 | $ 379 | $ 809,995 | $ 986,957 | $ (328,277) | $ (184,796) | $ 5,025 |
Common stock, shares beginning balance at Mar. 31, 2017 | 35,213,991 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 3,863 | $ 1 | 3,862 | ||||
Issuance of common stock, shares | 89,849 | ||||||
Distributions paid to noncontrolling interests | (12) | (12) | |||||
Common stock dividends | (2,465) | (2,465) | |||||
Currency translation adjustments | 52 | 52 | |||||
Net income (loss) | (54,950) | (55,275) | 325 | ||||
Other comprehensive loss | 10,070 | 10,070 | |||||
Total stockholders’ investment at Jun. 30, 2017 | 1,245,841 | $ 380 | 813,857 | 929,217 | (318,207) | (184,796) | 5,390 |
Common stock, shares ending balance at Jun. 30, 2017 | 35,303,840 | ||||||
Redeemable Noncontrolling Interest - beginning balance at Mar. 31, 2017 | 6,886 | ||||||
Redeemable Noncontrolling Interest - ending balance at Dec. 31, 2017 | 3,859 | ||||||
Total stockholders’ investment at Mar. 31, 2017 | 1,289,283 | $ 379 | 809,995 | 986,957 | (328,277) | (184,796) | 5,025 |
Common stock, shares beginning balance at Mar. 31, 2017 | 35,213,991 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends paid to noncontrolling interest | 0 | ||||||
Total stockholders’ investment at Dec. 31, 2017 | 1,249,016 | $ 381 | 844,825 | 889,735 | (307,353) | (184,796) | 6,224 |
Common stock, shares ending balance at Dec. 31, 2017 | 35,375,380 | ||||||
Redeemable Noncontrolling Interest - beginning balance at Jun. 30, 2017 | 6,349 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Redeemable Noncontrolling Interest - currency translation adjustments | 194 | ||||||
Redeemable Noncontrolling Interest, net income (loss) | (541) | ||||||
Redeemable Noncontrolling Interest - ending balance at Sep. 30, 2017 | 6,002 | ||||||
Total stockholders’ investment at Jun. 30, 2017 | 1,245,841 | $ 380 | 813,857 | 929,217 | (318,207) | (184,796) | 5,390 |
Common stock, shares beginning balance at Jun. 30, 2017 | 35,303,840 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 2,134 | $ 1 | 2,133 | ||||
Issuance of common stock, shares | 57,696 | ||||||
Distributions paid to noncontrolling interests | (11) | (11) | |||||
Currency translation adjustments | 43 | 43 | |||||
Net income (loss) | (30,856) | (31,209) | 353 | ||||
Other comprehensive loss | 10,928 | 10,928 | |||||
Total stockholders’ investment at Sep. 30, 2017 | 1,228,079 | $ 381 | 815,990 | 898,008 | (307,279) | (184,796) | 5,775 |
Common stock, shares ending balance at Sep. 30, 2017 | 35,361,536 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Redeemable Noncontrolling Interest - currency translation adjustments | 37 | ||||||
Redeemable Noncontrolling Interest, net income (loss) | (2,180) | ||||||
Redeemable Noncontrolling Interest - ending balance at Dec. 31, 2017 | 3,859 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 2,191 | $ 0 | 2,191 | ||||
Issuance of common stock, shares | 13,844 | ||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 36,778 | 36,778 | |||||
Adjustments to Additional Paid in Capital, Other | (40,393) | (40,393) | |||||
Adjustments to Additional Paid in Capital, Warrant Issued | 30,259 | 30,259 | |||||
Distributions paid to noncontrolling interests | (13) | (13) | |||||
Currency translation adjustments | (54) | (54) | |||||
Net income (loss) | (7,757) | (8,273) | 516 | ||||
Other comprehensive loss | (74) | (74) | |||||
Total stockholders’ investment at Dec. 31, 2017 | 1,249,016 | $ 381 | 844,825 | 889,735 | (307,353) | (184,796) | 6,224 |
Common stock, shares ending balance at Dec. 31, 2017 | 35,375,380 | ||||||
Total stockholders’ investment at Mar. 31, 2018 | $ 1,178,144 | $ 382 | 852,565 | 788,834 | (286,094) | (184,796) | 7,253 |
Common stock, shares beginning balance at Mar. 31, 2018 | 35,526,625 | 35,526,625 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | $ 4,264 | $ 3 | 4,261 | ||||
Issuance of common stock, shares | 238,650 | ||||||
Distributions paid to noncontrolling interests | (14) | (14) | |||||
Currency translation adjustments | (139) | (139) | |||||
Net income (loss) | (32,041) | (32,108) | 67 | ||||
Other comprehensive loss | (27,824) | (27,824) | |||||
Total stockholders’ investment at Jun. 30, 2018 | 1,120,644 | $ 385 | 856,826 | 754,980 | (313,918) | (184,796) | 7,167 |
Common stock, shares ending balance at Jun. 30, 2018 | 35,765,275 | ||||||
Total stockholders’ investment at Mar. 31, 2018 | $ 1,178,144 | $ 382 | 852,565 | 788,834 | (286,094) | (184,796) | 7,253 |
Common stock, shares beginning balance at Mar. 31, 2018 | 35,526,625 | 35,526,625 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends paid to noncontrolling interest | $ (580) | ||||||
Total stockholders’ investment at Dec. 31, 2018 | $ 877,473 | $ 385 | 860,745 | 524,846 | (330,944) | (184,796) | 7,237 |
Common stock, shares ending balance at Dec. 31, 2018 | 35,798,185 | 35,798,185 | |||||
Total stockholders’ investment at Jun. 30, 2018 | $ 1,120,644 | $ 385 | 856,826 | 754,980 | (313,918) | (184,796) | 7,167 |
Common stock, shares beginning balance at Jun. 30, 2018 | 35,765,275 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 1,983 | $ 0 | 1,983 | ||||
Issuance of common stock, shares | 32,910 | ||||||
Distributions paid to noncontrolling interests | (13) | (13) | |||||
Dividends paid to noncontrolling interest | (580) | (580) | |||||
Currency translation adjustments | (32) | (32) | |||||
Net income (loss) | (143,673) | (144,190) | 517 | ||||
Other comprehensive loss | (8,097) | (8,097) | |||||
Total stockholders’ investment at Sep. 30, 2018 | 970,232 | $ 385 | 858,809 | 610,790 | (322,015) | (184,796) | 7,059 |
Common stock, shares ending balance at Sep. 30, 2018 | 35,798,185 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 1,936 | $ 0 | 1,936 | ||||
Issuance of common stock, shares | 0 | ||||||
Distributions paid to noncontrolling interests | (13) | (13) | |||||
Currency translation adjustments | (52) | (52) | |||||
Net income (loss) | (85,701) | (85,944) | 243 | ||||
Other comprehensive loss | (8,929) | (8,929) | |||||
Total stockholders’ investment at Dec. 31, 2018 | $ 877,473 | $ 385 | $ 860,745 | 524,846 | $ (330,944) | $ (184,796) | $ 7,237 |
Common stock, shares ending balance at Dec. 31, 2018 | 35,798,185 | 35,798,185 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting guidance | $ (1,746) | $ (1,746) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (PARENTHETICAL) | 3 Months Ended |
Jun. 30, 2017$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Common Stock, Dividends, Per Share, Declared | $ 0.07 |
BASIS OF PRESENTATION, CONSOLID
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities (“Bristow Group”, the “Company”, “we”, “us”, or “our”) after elimination of all significant intercompany accounts and transactions. Our fiscal year ends March 31, and we refer to fiscal years based on the end of such period. Therefore, the fiscal year ending March 31, 2019 is referred to as “fiscal year 2019 ”. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), the information contained in the following notes to condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and related notes thereto contained in our fiscal year 2018 Annual Report (the “fiscal year 2018 Financial Statements”). Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire fiscal year. The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the consolidated balance sheet of the Company as of December 31, 2018 , the consolidated statements of operations and comprehensive loss for the three and nine months ended December 31, 2018 and 2017 , the consolidated cash flows for the nine months ended December 31, 2018 and 2017 , and the consolidated statements of changes in stockholders’ investment for the three and nine months ended December 31, 2018 . Bankruptcy, Restructuring Support Agreement and Going Concern The Company’s liquidity outlook has recently changed resulting in substantial doubt about the Company’s ability to continue as a going concern. On May 11, 2019 (the “Petition Date”), 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. On May 10, 2019, we entered into a restructuring support agreement (the “RSA”) 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. The Company expects to continue operations in the normal course during the pendency of the Chapter 11 Cases. The condensed consolidated financial statements 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 condensed 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. Loss on Impairment Loss on impairment includes the following (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Impairment of inventories $ — $ — $ 9,276 $ 1,192 Impairment of property and equipment (1) — — 104,939 — Impairment of intangible assets — — 3,005 — $ — $ — $ 117,220 $ 1,192 _____________ (1) Includes impairment of $87.5 million for H225 aircraft and $17.5 million for Eastern Airways International Limited (“Eastern Airways”) aircraft and equipment. Prior to the three months ended September 30, 2018, we had been actively marketing our H225 aircraft with the expectation of a substantial return of the aircraft to oil and gas service. However, market conditions and more significantly, the recent development of alternative opportunities outside of our traditional oil and gas service for our H225 aircraft and our decision to pursue those opportunities during the three months ended September 30, 2018, indicated a substantial return to oil and gas service within our operations was not likely. Therefore, during the three months ended September 30, 2018, we concluded that cash flows associated with our H225 helicopters were largely independent from the cash flows associated with the remainder of our oil and gas related property and equipment (“oil and gas asset group”) and should be tested for impairment as a stand-alone asset group. In accordance with Accounting Standard Codification (“ASC”) 360-10, we performed an impairment analysis for our stand-alone H225 asset group and determined that the forecasted cash flows over the remaining useful life of the asset group were insufficient to recover the carrying value of the asset group. We determined the fair value of the H225 asset group to be $116.4 million and recorded an impairment charge of $87.5 million . In addition, we performed a review of our H225 aircraft related inventory and recorded an impairment charge of $8.9 million to record the inventory at the lower of cost or net realizable value. These impairments are included in our Corporate and other region in Note 12 . The inputs used in our fair value estimates were from Level 3 of the fair value hierarchy discussed in Note 6 . The removal of the H225 aircraft from our oil and gas asset group and changes in our forecasted cash flows for that asset group during the three months ended September 30, 2018 indicated the need for the performance of a recoverability analysis of the oil and gas asset group. In accordance with ASC 360-10, we estimate future undiscounted cash flows to test the recoverability of our oil and gas asset group, which largely consists of our oil and gas related held for use aircraft. The determination of estimated future undiscounted cash flows required us to use significant unobservable inputs, including assumptions related to projected demand for services, rates and anticipated aircraft disposal values. We determined that the estimated future undiscounted cash flows exceeded the carrying value for our oil and gas asset group as of September 30, 2018, and no impairment was recorded on these assets. Future declines in operating performance, aircraft disposal values, anticipated business outlook, or projected aircraft deliveries currently accounted for as construction in progress may reduce our estimated future undiscounted cash flows and result in impairment of our oil and gas asset group. In addition, changes in our forecasted cash flows during the three months ended September 30, 2018 indicated the need for the performance of a recoverability analysis for the airline related assets of Eastern Airways. In accordance with ASC 360-10, we estimate future undiscounted cash flows to test the recoverability of the airline related assets of Eastern Airways for potential impairment. The determination of estimated future undiscounted cash flows required us to use significant unobservable inputs, including assumptions related to projected demand for services and rates. We determined that the estimated future undiscounted cash flows were below the carrying value for our airline related assets of Eastern Airways as of September 30, 2018. We determined the fair value of the asset group to be $20.5 million and recorded an impairment charge of $17.5 million . As part of our impairment review of the airline assets of Eastern Airways, we also recorded impairments of $3.0 million related to the remaining intangible assets and $0.3 million related to inventory. These impairments are included in our Europe and Caspian region in Note 12 . The inputs used in our fair value estimates were from Level 3 of the fair value hierarchy discussed in Note 6 . No further triggers to review our assets for impairment exist as of December 31, 2018 . During the nine months ended December 31, 2017 , as a result of changes in expected future utilization of aircraft within our training fleet we recorded a $1.2 million charge to impair inventory used on our training fleet, which is included in loss on impairment on our condensed consolidated statement of operations. This impairment is included in our Corporate and other region in Note 12 . Foreign Currency During the three and nine months ended December 31, 2018 and 2017 , our primary foreign currency exposure was to the British pound sterling, the euro, the Australian dollar, the Norwegian kroner and the Nigerian naira. The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended Nine Months Ended 2018 2017 2018 2017 One British pound sterling into U.S. dollars High 1.32 1.35 1.43 1.36 Average 1.29 1.33 1.32 1.31 Low 1.25 1.31 1.25 1.24 At period-end 1.27 1.35 1.27 1.35 One euro into U.S. dollars High 1.16 1.20 1.24 1.20 Average 1.14 1.18 1.17 1.15 Low 1.13 1.16 1.13 1.06 At period-end 1.14 1.20 1.14 1.20 One Australian dollar into U.S. dollars High 0.74 0.79 0.78 0.81 Average 0.72 0.77 0.74 0.77 Low 0.70 0.75 0.70 0.74 At period-end 0.70 0.78 0.70 0.78 One Norwegian kroner into U.S. dollars High 0.1227 0.1269 0.1290 0.1294 Average 0.1183 0.1225 0.1215 0.1219 Low 0.1136 0.1193 0.1136 0.1152 At period-end 0.1155 0.1223 0.1155 0.1223 One Nigerian naira into U.S. dollars High 0.0028 0.0028 0.0028 0.0033 Average 0.0027 0.0028 0.0028 0.0030 Low 0.0027 0.0028 0.0027 0.0027 At period-end 0.0028 0.0028 0.0028 0.0028 _____________ Source: FactSet Other income (expense), net, in our condensed consolidated statements of operations includes foreign currency transaction losses of $2.8 million and gains of $0.4 million for the three months ended December 31, 2018 and 2017 , respectively, and foreign currency transaction losses of $8.1 million and gains of $1.2 million for the nine months ended December 31, 2018 and 2017 , respectively. Transaction gains and losses represent the revaluation of monetary assets and liabilities from the currency that will ultimately be settled into the functional currency of the legal entity holding the asset or liability. The most significant items revalued are denominated in U.S. dollars on entities with British pound sterling, Australian dollar and Nigerian naira functional currencies and denominated in British pound sterling on entities with U.S. dollar functional currencies, with transaction gains or losses primarily resulting from the strengthening or weakening of the U.S. dollar versus those other currencies. Our earnings (losses) from unconsolidated affiliates, net are also affected by the impact of changes in foreign currency exchange rates on the reported results of our unconsolidated affiliates. During the three months ended December 31, 2018 and 2017 , earnings (losses) from unconsolidated affiliates, net decreased by $0.2 million and $0.8 million , respectively, and during the nine months ended December 31, 2018 and 2017 , earnings (losses) from unconsolidated affiliates, net decreased by $3.8 million and $1.6 million , respectively, as a result of the impact of changes in foreign currency exchange rates on the earnings of our unconsolidated affiliates, primarily the impact of changes in the Brazilian real to U.S. dollar exchange rate on earnings for our affiliate in Brazil. The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended Nine Months Ended 2018 2017 2018 2017 One Brazilian real into U.S. dollars High 0.2726 0.3198 0.3020 0.3244 Average 0.2628 0.3076 0.2647 0.3117 Low 0.2482 0.3004 0.2390 0.2995 At period-end 0.2580 0.3015 0.2580 0.3015 _____________ Source: FactSet We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands): Three Months Ended Nine Months Ended Revenue $ (7,844 ) $ (2,652 ) Operating expense 10,452 10,178 Earnings (losses) from unconsolidated affiliates, net 555 (2,163 ) Non-operating expense (3,153 ) (9,335 ) Loss before provision for income taxes 10 (3,972 ) Benefit for income taxes 144 1,338 Net loss 154 (2,634 ) Cumulative translation adjustment (6,514 ) (43,685 ) Total stockholders’ investment $ (6,360 ) $ (46,319 ) Interest Expense, Net During the three and nine months ended December 31, 2018 and 2017 , interest expense, net consisted of the following (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Interest income $ 2,269 $ 144 $ 3,677 $ 512 Interest expense (29,382 ) (19,237 ) (84,367 ) (54,189 ) Interest expense, net $ (27,113 ) $ (19,093 ) $ (80,690 ) $ (53,677 ) Accounts Receivable As of December 31 and March 31, 2018 , the allowance for doubtful accounts for non-affiliates was $0.6 million and $3.3 million , respectively. There were no allowances for doubtful accounts related to accounts receivable due from affiliates as of December 31 and March 31, 2018 . The allowance for doubtful accounts for non-affiliates as of December 31, 2018 primarily relates to various customers of Eastern Airways. The allowance for doubtful accounts for non-affiliates as of March 31, 2018 primarily relates to amounts due from a customer in Nigeria for which we no longer believed collection was probable. During the nine months ended December 31, 2018 , we wrote-off $2.3 million of accounts receivable previously reserved for from this customer as no collection is expected. Inventories As of December 31 and March 31, 2018 , inventories were net of allowances of $21.1 million and $26.0 million , respectively. As discussed above in Loss on Impairment , we performed a review of our H225 aircraft related inventory and Eastern Airways inventory and recorded impairment charges of $8.9 million and $0.3 million , respectively, to record the inventories at the lower of cost or net realizable value during the nine months ended December 31, 2018 . During the nine months ended December 31, 2017 , as a result of changes in expected future utilization of aircraft within our training fleet, we recorded a $1.2 million charge to impair inventory used on our training fleet, which is included in loss on impairment on our condensed consolidated statement of operations. These impairment charges are not reflected in the allowances above. Prepaid Expenses and Other Current Assets As of December 31 and March 31, 2018 , prepaid expenses and other current assets included the short-term portion of contract acquisition and pre-operating costs totaling $9.6 million and $10.8 million , respectively, related to the search and rescue (“SAR”) contracts in the U.K. and two customer contracts in Norway, which are recoverable under the contracts and will be expensed over the terms of the contracts. For the three months ended December 31, 2018 and 2017 , we expensed $2.4 million and $2.8 million , respectively, and for the nine months ended December 31, 2018 and 2017 , we expensed $7.6 million and $8.5 million , respectively, related to these contracts. Goodwill Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill has an indefinite useful life and is not amortized, but is assessed for impairment annually or when events or changes in circumstances indicate that a potential impairment exists. Goodwill of $18.3 million and $19.9 million as of December 31 and March 31, 2018 , respectively, related to our Asia Pacific reporting unit was as follows (in thousands): March 31, 2018 $ 19,907 Foreign currency translation (1,636 ) December 31, 2018 $ 18,271 Accumulated goodwill impairment of $50.9 million as of both December 31 and March 31, 2018 related to our reporting units were as follows (in thousands): Europe Caspian $ (33,883 ) Africa (6,179 ) Americas (576 ) Corporate and other (10,223 ) Total accumulated goodwill impairment $ (50,861 ) 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): Customer Trade name and trademarks Internally developed software Licenses Total Gross Carrying Amount March 31, 2018 $ 12,777 $ 4,878 $ 1,107 $ 755 $ 19,517 Foreign currency translation (213 ) (263 ) (13 ) (2 ) (491 ) December 31, 2018 $ 12,564 $ 4,615 $ 1,094 $ 753 $ 19,026 Accumulated Amortization March 31, 2018 $ (11,372 ) $ (1,213 ) $ (915 ) $ (719 ) $ (14,219 ) Impairments — (2,933 ) (72 ) — (3,005 ) Amortization expense (89 ) (142 ) (107 ) (34 ) (372 ) December 31, 2018 $ (11,461 ) $ (4,288 ) $ (1,094 ) $ (753 ) $ (17,596 ) Weighted average remaining contractual life, in years 7.0 * 0.0 0.0 7.0 _____________ * Trade name and trademarks relating to Airnorth were determined to have indefinite useful lives and therefore were not amortized, but instead are tested for impairment on an annual basis. Future amortization expense of intangible assets for each of the years ending March 31 is as follows (in thousands): 2019 $ 39 2020 157 2021 157 2022 157 2023 157 Thereafter 436 $ 1,103 The Bristow Norway AS and Eastern Airways acquisitions, included in our Europe Caspian region, resulted in intangible assets for customer contracts, customer relationships, trade names and trademarks, internally developed software and licenses. On May 10, 2019, we sold Eastern Airways. The Capiteq Limited, operating under the name Airnorth, acquisition included in our Asia Pacific region, resulted in intangible assets for customer contracts, customer relationships and trade name and trademarks. As discussed above in Loss on Impairment , during the nine months ended December 31, 2018 , we recorded an impairment of $3.0 million related to Eastern Airways intangible assets. As of December 31, 2018 , Eastern Airways has no remaining intangible assets. Other Assets In addition to the other intangible assets described above, other assets included the long-term portion of contract acquisition and pre-operating costs totaling $38.7 million and $50.6 million , respectively, as of December 31 and March 31, 2018 , related to the SAR contracts in the U.K. and two customer contracts in Norway, which are recoverable under the contracts and will be expensed over the terms of the contracts. Property and Equipment, Assets Held for Sale and OEM Cost Recoveries During the three and nine months ended December 31, 2018 and 2017 , we took delivery of aircraft and made capital expenditures as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In thousands, except for number of aircraft) Number of aircraft delivered: Medium (1) 1 — 1 5 Total aircraft 1 — 1 5 Capital expenditures (in thousands): Aircraft and equipment (1)(2) $ 15,839 $ 10,311 $ 28,570 $ 26,800 Land and buildings 570 1,813 5,141 9,641 Total capital expenditures $ 16,409 $ 12,124 $ 33,711 $ 36,441 _____________ (1) During the three and nine months ended December 31, 2018, we purchased an aircraft that was not on order that was previously leased. (2) During the nine months ended December 31, 2017 , we spent $2.3 million on progress payments for aircraft to be delivered in future periods. During the three months ended December 31, 2017 and the three and nine months ended December 31, 2018 , we made no progress payments for aircraft to be delivered in future periods. The following table presents details on the aircraft sold or disposed of and impairment charges on assets held for sale and property and equipment during the three and nine months ended December 31, 2018 and 2017 : Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of — 5 3 11 Proceeds from sale or disposal of assets $ 631 $ 6,303 $ 9,093 $ 48,547 Loss from sale or disposal of assets (1) $ 694 $ 3,031 $ 3,665 $ 1,111 Number of held for sale aircraft impaired 2 1 2 5 Impairment charges on assets held for sale (1)(2) $ 1,350 $ 1,560 $ 1,350 $ 11,307 Impairment charges on property and equipment (3) $ — $ — $ 104,939 $ — Contract termination costs (1)(4) $ 13,971 $ — $ 13,971 $ — _____________ (1) Included in loss on disposal of assets on our condensed consolidated statements of operations. (2) Includes a $6.5 million impairment of the Bristow Academy disposal group for the nine months ended December 31, 2017. (3) Includes an $87.5 million impairment related to H225s and a $17.5 million impairment related to Eastern Airways assets for the nine months ended December 31, 2018, included in loss on impairment on our condensed consolidated statement of operations. See Loss on Impairment above for further details. (4) Includes $11.7 million of progress payments and $2.3 million of capitalized interest for an aircraft purchase contract that was terminated in December 2018. For further details, see Note 8 . During fiscal year 2018, we reached agreements with original equipment manufacturers (“OEM”) to recover approximately $136.0 million related to ongoing aircraft issues, of which $125.0 million was realized during fiscal year 2018 and $11.0 million was recovered during the nine months ended December 31, 2018 . 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, of which $1.0 million and $6.9 million was recognized during the three and nine months ended December 31, 2018 , respectively. 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 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. For the leased aircraft, we will recognize the remaining deferred liability of $7.0 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 $1.0 million during the three months ending March 31, 2019, $4.0 million during fiscal year 2020 and $2.0 million during fiscal year 2021. During the nine months ended December 31, 2018 , we recovered 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. During the nine months ended December 31, 2018 , we recorded a $7.6 million increase in revenue and a $3.1 million decrease in direct cost. We expect to realize the remaining $0.3 million as a decrease in direct cost in the three months ending March 31, 2019. 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. In connection with the $87.5 million impairment of our H225 aircraft, we revised our salvage values for each H225 aircraft. 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 resulted in an additional $1.5 million of depreciation expense during the three and nine months ended December 31, 2018 and will result in an increase of depreciation expense of $1.5 million during the remainder of fiscal year 2019, $5.9 million during fiscal year 2020, $1.9 million during fiscal year 2021 and a reduction of $10.3 million during fiscal year 2022 and beyond. As of December 31, 2018, we revised the salvage values of certain aircraft to reflect our expectation of future sales values given our disposal plans for those aircraft. We expect to record additional depreciation expense of $1.4 million during the remainder of fiscal year 2019 and $2.8 million during fiscal year 2020. On November 1, 2017, we sold our 100% interest in Bristow Academy. As of September 30, 2017, we concluded the disposal group, comprised of the Bristow Academy assets and liabilities met the assets held for sale criteria under ASC 360, but did not meet the requirements for classification as discontinued operations. We evaluated the carrying value of the Bristow Academy disposal group and determined an impairment of $6.5 million , recorded within loss on disposal of assets on our condensed consolidated statement of operations, was necessary to record the disposal group at fair value based on the terms of the sale. The Bristow Academy disposal group is included in Corporate and other in Note 12 — Segment Information. Other Accrued Liabilities Other accrued liabilities of $38.7 million and $66.0 million as of December 31 and March 31, 2018 , respectively, includes the following: December 31, March 31, (In thousands) Accrued lease costs $ 9,028 $ 11,708 Deferred OEM cost recovery 3,997 8,082 Eastern Airways overdraft liability (1) — 8,989 Accrued property and equipment 490 4,874 Deferred gain on sale leasebacks 1,305 1,305 Other operating accruals 23,872 31,020 $ 38,692 $ 65,978 _____________ (1) Eastern Airways overdraft liability related to its revolving credit facility, which matured on December 31, 2018. 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 replacing the existing accounting standard and industry-specific guidance for revenue recognition with a five-step model for recognizing and measuring revenue from contracts with customers. The underlying principle of the new standard is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. This new standard is effective for annual reporting periods beginning after December 15, 2017. We adopted the standard as of April 1, 2018 using the modified retrospective method applied to open contracts and only to the version of the contracts in effect as of April 1, 2018. Prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting policy. There was no impact on our condensed consolidated financial statements and no cumulative effect adjustment was recognized. For further details, see Note 3 . 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. In July 2018, the FASB issued a practical expedient that would allow entities the option to apply the provisions of the new lease guidance at the effective date of adoption without adjusting the comparative periods presented. In December 2018, the FASB provided certain improvements to this topic that are narrow in scope. We have not yet adopted this standard and are currently evaluating the effect this standard will have 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 an asset 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 adopted this accounting guidance effective April 1, 2018 using the modified retrospective method, through a cumulative-effect adjustment directly to retained earnings. Upon adoption, we increased deferred tax liabilities by approximately $1.7 million and recognized an offsetting decrease to retained earnings. 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 adopted this accounting guidance effective April 1, 2018. This accounting guidance has had no impact on our financial statements since adoption as we have not entered into any transactions during this period. In March 2017, the FASB issued accounting guidance related to the presentation of net periodic pension cost and net periodic post-retirement benefit cost. The accounting guidance requires employers to disaggregate the service cost component from the other components of net benefit cost and disclose the amou |
ACQUISITION AND DISPOSITION
ACQUISITION AND DISPOSITION | 9 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITION AND DISPOSITION Columbia Helicopters — On February 11, 2019, we announced that our agreement to acquire Columbia Helicopters, Inc. (“Columbia”) had been terminated by mutual agreement of the parties. In connection with the termination, we paid $20 million to Columbia, which will be included as expense in our condensed consolidated statements of operations for the three months ended March 31, 2019. Upon termination of the acquisition agreement, the financing agreements related to the acquisition also terminated pursuant to their respective terms. Due to the termination of the acquisition agreement, the amendment to the indenture for the 8.75% Senior Secured Notes, for which the Company obtained the requisite consent of holders of such notes in connection with the planned acquisition financing, did not become operative, and the related consent fees did not become payable. Eastern Airways and Humberside Airport — Bristow Helicopters Limited, an indirect consolidated affiliate of the Company (“Bristow Helicopters”), together with its legal and financial advisors, pursued various transactions to exit the Eastern Airways business, which made negative contributions to our Adjusted EBITDA in each of the last three fiscal years, including pursuing a sales process with several third parties over an extended period. On May 10, 2019, Bristow Helicopters completed the sale of all of the shares of Eastern Airways to Orient Industrial Holdings Limited (“OIHL”), an entity affiliated with Mr. Richard Lake, pursuant to a Sale and Purchase Agreement (the “EAIL Purchase Agreement”). Pursuant to the EAIL Purchase Agreement and related agreements, Bristow Helicopters contributed approximately £17.1 million to Eastern Airways as working capital, OIHL acquired Eastern Airways, Bristow Helicopters retained its controlling ownership of the shares in Humberside International Airport Limited that it previously held through Eastern Airways and certain intercompany balances between Bristow Helicopters and Eastern Airways were written off. As a result of the transaction, OIHL now owns and operates Eastern Airways, which had previously operated as a separate unit within Bristow Group, and Bristow Helicopters maintains its controlling interest in Humberside Airport, from which Bristow Helicopters provides U.K. SAR services. The EAIL Purchase Agreement contained customary representations and warranties. OIHL agreed to certain covenants with respect to non-solicitation of directors, officers or employees of Bristow Helicopters for a period of 12 months. Pursuant to the terms of the EAIL Purchase Agreement, Bristow Helicopters has the right to appoint an observer to the board of directors of Eastern Airways for an initial period of 12 months following the sale. Eastern Airways also agreed to provide certain transition services for a minimum of 12 months from the date of the completion of the transaction. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION Revenue Recognition In general, we recognize revenue when a service is provided or a good is sold to a customer and there is a contract. At contract inception, we assess the goods and services promised in our contracts with customers and identify all performance obligations for each distinct promise that transfers a good or service (or bundle of goods or services) to the customer. To identify the performance obligations, we consider all goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. Revenue is recognized when control of the identified distinct goods or services have been transferred to the customer, the transaction price is determined and allocated to the performed performance obligations and we have determined that collection has occurred or is probable of occurring. A majority of our revenue from contracts with customers is currently generated through two types of contracts: helicopter services and fixed wing services. Each contract type has a single distinct performance obligation as described below. Helicopter services — Our customers — major integrated, national and independent offshore energy companies — charter our helicopters primarily to transport personnel between onshore bases and offshore production platforms, drilling rigs and other installations. To a lesser extent, our customers also charter our helicopters to transport time-sensitive equipment to these offshore locations. The customers for SAR services include both the oil and gas industry and governmental agencies. Revenue from helicopter services is recognized when the performance obligation is satisfied over time based on contractual rates as the related services are performed. A performance obligation arises under contracts with customers to render services and is the unit of account under the accounting guidance for revenue. Operating revenue from our oil and gas segment is derived mainly from fixed-term contracts with our customers, a substantial portion of which is competitively bid. A small portion of our oil and gas customer revenue is derived from providing services on an "ad-hoc" basis. Our fixed-term contracts typically have original terms of one year to seven years (subject to provisions permitting early termination by our customers). We account for services rendered separately if they are distinct and the service is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered on its own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Within this contract type for helicopter services, we determined that each contract has a single distinct performance obligation. These services include a fixed monthly rate for a particular model of aircraft, and flight hour services, which represents the variable component of a typical contract with a customer. Rates for these services vary depending on the type of services provided and can be based on a per flight hour, per day, or per month basis. Variable charges within our flight services contracts are not effective until a customer-initiated flight order is received and the actual hours flown are determined; therefore, the associated flight revenue generally cannot be reasonably and reliably estimated beforehand. A contract’s standalone selling prices are determined based upon the prices that we charge for our services rendered. Revenue is recognized as performance obligations are satisfied over time, by measuring progress towards satisfying the contracted services in a manner that best depicts the transfer of services to the customer, which is generally represented by a period of 30 days or less. We typically invoice customers on a monthly basis and the term between invoicing and when the payment is due is typically between 30 and 60 days. 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 rates when estimable and applicable, which generally includes written acknowledgment from the customers that they are in agreement with the amount of the rate escalation. Cost reimbursements from customers are recorded as reimbursable revenue with the related reimbursed costs recorded as reimbursable expense on our condensed consolidated statements of operations. Taxes collected from customers and remitted to governmental authorities and revenue are reported on a net basis in our financial statements. Thus, we exclude taxes imposed on the customer and collected on behalf of governmental agencies to be remitted to these agencies from the transaction price in determining the revenue related to contracts with a customer. Fixed wing services — Eastern Airways and Airnorth provide fixed wing transportation services through regular passenger transport (scheduled airline service with individual ticket sales) and charter services. A performance obligation arises under contracts with customers to render services and is the unit of account under the new accounting guidance for revenue. Within fixed wing services, we determined that each contract has a single distinct performance obligation. Revenue is recognized over time 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. Both chartered and scheduled airline service revenue is recognized net of passenger taxes and discounts. Eastern Airways was sold on May 10, 2019. Contract Assets, Liabilities and Receivables We generally satisfy performance of contract obligations by providing helicopter and fixed wing services to our customers in exchange for consideration. The timing of performance may differ from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset exists when we have a contract with a customer for which revenue has been recognized (i.e. services have been performed), but customer payment is contingent on a future event (i.e. satisfaction of additional performance obligations). These contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to deferred revenue in which advance consideration is received from customers for contracts where revenue is recognized on future performance of services. As of December 31 and March 31, 2018 , receivables related to services performed under contracts with customers were $160.5 million and $176.5 million , respectively. All receivables from non-affiliates and affiliates are broken out further in our condensed consolidated balance sheets. During the nine months ended December 31, 2018 , we recognized $9.6 million of revenue from outstanding contract liabilities as of March 31, 2018. Contract liabilities related to services performed under contracts with customers was $7.9 million and $13.3 million as of December 31 and March 31, 2018 , respectively. Contract liabilities are primarily generated by our fixed wing services where customers pay for tickets in advance of receiving our services and advanced payments from helicopter services customers. There were no contract assets as of December 31 and March 31, 2018 . For the three and nine months ended December 31, 2018 , there was $1.9 million and $1.9 million , respectively, of revenue recognized from satisfied performance obligations related to prior periods (for example, due to changes in transaction price). Adoption Impact In accordance with the new revenue standard requirements discussed in Note 1 , the disclosure of the impact of adoption on our condensed consolidated financial statements for the three and nine months ended December 31, 2018 follows (in thousands): Three Months Ended Nine Months Ended Balances After Adoption Balances without Adoption Effect of change Balances After Adoption Balances without Adoption Effect of change Revenue: Operating revenue from non-affiliates $ 301,439 $ 303,206 $ (1,767 ) $ 944,164 $ 963,252 $ (19,088 ) Operating revenue from affiliates 5,895 13,885 (7,990 ) 16,822 39,537 (22,715 ) Reimbursable revenue from non-affiliates 14,238 14,238 — 47,091 47,091 — Revenue from Contracts with Customers 321,572 331,329 (9,757 ) 1,008,077 1,049,880 (41,803 ) Other revenue from non-affiliates 1,767 — 1,767 19,088 — 19,088 Other revenue from affiliates 7,990 — 7,990 22,715 — 22,715 Total Revenue $ 331,329 $ 331,329 $ — $ 1,049,880 $ 1,049,880 $ — No cumulative effect adjustment to retained earnings was required upon adoption on April 1, 2018. Remaining Performance Obligations Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. The table below discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and (2) the expected timing to recognize this revenue (in thousands). Remaining Performance Obligations Three Months Ending March 31, 2019 Fiscal Year Ending March 31, Total 2020 2021 2022 2023 and thereafter Outstanding Service Revenue: Helicopter contracts $ 130,992 $ 301,475 $ 211,246 $ 193,589 $ 481,467 $ 1,318,769 Fixed-wing contracts 1,779 346 — — — 2,125 Total remaining performance obligation revenue $ 132,771 $ 301,821 $ 211,246 $ 193,589 $ 481,467 $ 1,320,894 Although substantially all of our revenue is under contract, due to the nature of our business we do not have significant remaining performance obligations as our contracts typically include unilateral termination clauses that allow our customers to terminate existing contracts with a notice period of 30 to 180 days. The table above includes performance obligations up to the point where the parties can cancel existing contracts. Any applicable cancellation penalties have been excluded. As such, our actual remaining performance obligation revenue is expected to be greater than what is reflected above. In addition, the remaining performance obligation disclosure does not include expected consideration related to performance obligations of a variable nature (i.e., flight services) as they cannot be reasonably and reliably estimated. Other Considerations and Practical Expedients We were awarded a government contract to provide SAR services for all of the U.K., which commenced in April 2015. We previously incurred costs related to this contract that generate or enhance the resources used to fulfill the performance obligation within the contract and the costs are expected to be recoverable. These contract acquisition and pre-operating costs qualify for capitalization. We amortize these capitalized contract acquisition and pre-operating costs related to the UK SAR contract and two customer contracts in Norway. We determined that an amortization method that allocates the capitalized costs on a relative basis to the revenue recognized is a reasonable and systematic basis for the amortization of the pre-operating costs asset. For further details on the short and long-term pre-operating cost balances, see Note 1 . We incur incremental direct costs for obtaining contracts through sales commissions paid to ticket agents to sell seats on regular public transportation flights for our fixed-wing services only. We utilize the practical expedient allowed by the FASB that permits us to expense the incremental costs of obtaining a contract when incurred, if the amortization period of the contract asset that we otherwise would have recognized is one year or less. In addition, we have applied the tax practical expedient to exclude all taxes in the scope of the election from the transaction price and the invoice practical expedient that allows us to recognize revenue in the amount to which we have the right to invoice the customer and corresponds directly with the value to the customer of our performance completed to date. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If we determine that we have operating power and the obligation to absorb losses or receive benefits, we consolidate the VIE as the primary beneficiary, and if not, we do not consolidate. As of December 31, 2018 , we had interests in four VIEs of which we were the primary beneficiary, which are described below, and had no interests in VIEs of which we were not the primary beneficiary. See Note 2 to the fiscal year 2018 Financial Statements for a description of other investments in significant affiliates. Bristow Aviation Holdings Limited — We own 49% of Bristow Aviation Holdings Limited’s (“Bristow Aviation”) common stock and a significant amount of its subordinated debt. Bristow Aviation is incorporated in England and, through its subsidiaries, holds all the outstanding shares in Bristow Helicopters. Bristow Aviation’s subsidiaries provide industrial aviation services to customers 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 ( $115.9 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 $2.3 billion as of December 31, 2018 . Our operations in the U.K. are subject to the Civil Aviation Act 1982 and other similar English and E.U. statutes and regulations. We carry persons and property in our aircraft pursuant to an operating license issued by the Civil Aviation Authority (the “CAA”). The holder of an operating license must meet the ownership and control requirements of Council Regulation 2407/92. To operate under this license, the company through which we conduct operations in the U.K., Bristow Helicopters, must be owned directly or through majority ownership by E.U. nationals, and must at all times be effectively controlled by them. Our ownership of 49% of the ordinary shares of Bristow Aviation, the entity that owns Bristow Helicopters, is to comply with these restrictions. 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. As discussed above, 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. In addition, the put/call agreement limits our ability to exercise the put/call option through a requirement to consult with the CAA in the U.K. regarding the suitability of the new holder of the Bristow Aviation shares. The put/call agreement does not contain any provisions should the CAA not approve the new E.U. investor. However, we would work diligently to find an E.U. investor suitable to the CAA. The amount by which we could purchase the shares of the other investors holding 51% of the equity of Bristow Aviation is fixed under the terms of the call option, and we have reflected this amount on our condensed consolidated balance sheets as noncontrolling interest. On March 14, 2019, the E.U. Investor provided notice of his intent to exercise his right to require us or a qualified E.U. investor to purchase his Bristow Aviation shares for £100,000 . In addition, on April 29, 2019, Caledonia provided notice of its intent to exercise its right to require us or a qualified E.U. investor to purchase its Bristow Aviation shares for £920,000 . With respect to each of the notices from the E.U. Investor and Caledonia, we have 180 days from receipt of such notice to (i) nominate either Bristow Group Inc., a related party of Bristow Group Inc. or an E.U. investor as the purchaser of the relevant shares and (ii) confirm that we have been notified by the CAA that the holding of any of our licenses granted by the CAA will not be affected as a result of such transfer. We are in the process of identifying a qualified E.U. investor to be the new holder of such Bristow Aviation shares. 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 December 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% or 6% (prior to May 2004, the rate was fixed at 12% ) by recognizing noncontrolling interest expense on our condensed consolidated statements of operations, with a corresponding increase in noncontrolling interest on our condensed consolidated balance sheets. Prepayments of the guaranteed return element of the call option are reflected as a reduction in noncontrolling interest on our condensed consolidated balance sheets. The other investors have an option to put their shares in Bristow Aviation to us. The put option price is calculated in the same way as the call option price except that the guaranteed rate for the period to April 2004 was 10% per annum. If the put option is exercised, any pre-payments of the call option price are set off against the put option price. Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our condensed consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): December 31, March 31, Assets Cash and cash equivalents $ 76,432 $ 90,788 Accounts receivable 303,108 256,735 Inventories 80,596 98,314 Prepaid expenses and other current assets 39,009 38,665 Total current assets 499,145 484,502 Investment in unconsolidated affiliates 2,930 3,608 Property and equipment, net 278,562 327,440 Goodwill 18,271 19,907 Other assets 219,636 231,884 Total assets $ 1,018,544 $ 1,067,341 Liabilities Accounts payable $ 413,998 $ 292,893 Accrued liabilities 106,811 140,733 Accrued interest 2,330,164 2,130,433 Current maturities of long-term debt 7,963 23,125 Total current liabilities 2,858,936 2,587,184 Long-term debt, less current maturities 460,019 479,571 Accrued pension liabilities 28,036 37,034 Other liabilities and deferred credits 5,521 7,342 Deferred taxes 29,431 26,252 Total liabilities $ 3,381,943 $ 3,137,383 Three Months Ended Nine Months Ended 2018 2017 2018 2017 Revenue $ 292,047 $ 309,461 $ 935,304 $ 933,387 Operating loss (9,496 ) (17,463 ) (40,642 ) (40,095 ) Net loss (85,922 ) (79,789 ) (270,263 ) (221,039 ) 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 December 31, 2018 . BHNL provides industrial aviation services to customers in Nigeria. In order to be able to bid competitively for our services in the Nigerian market, we were required to identify local citizens to participate in the ownership of entities domiciled in the region. However, these owners do not have extensive knowledge of the aviation industry and have historically deferred to our expertise in the overall management and day-to-day operation of BHNL (including the establishment of operating and capital budgets and strategic decisions regarding the potential expansion of BHNL’s operations). We have also historically provided subordinated financial support to BHNL and will need to continue to do so unless and until BHNL acquires sufficient equity to permit itself to finance its activities without that additional support from us. As we have the power to direct the most significant activities affecting the economic performance and ongoing success of BHNL and hold a variable interest in the entity in the form of our equity investment and working capital infusions, we consolidate BHNL as the primary beneficiary. The employee-owned Nigerian entity referenced above purchased a 19% interest in BHNL in December 2013 with proceeds from a loan received from BGI Aviation Technical Services Nigeria Limited (“BATS”). In July 2014, the employee-owned Nigerian entity purchased an additional 29% interest with proceeds from a loan received from Bristow Helicopters (International) Limited (“BHIL”). In April 2015, Bristow Helicopters purchased an additional 8% interest in BHNL and the employee-owned Nigerian entity purchased an additional 2% interest with proceeds from a loan received from BHIL. Both BATS and BHIL are wholly-owned subsidiaries of Bristow Aviation. The employee-owned Nigerian entity is also a VIE that we consolidate as the primary beneficiary and we eliminate the loans discussed above in consolidation. BHNL is an indirect subsidiary of Bristow Aviation; therefore, financial information for this entity is included within the amounts for Bristow Aviation and its subsidiaries presented above. Pan African Airlines (Nigeria) Ltd. — Pan African Airlines (Nigeria) Ltd. (“PAAN”) is a joint venture in Nigeria with local partners in which we own an interest of 50.17% . PAAN provides industrial aviation services to customers in Nigeria. The activities that most significantly impact PAAN’s economic performance relate to the day-to-day operation of PAAN, setting the operating and capital budgets and strategic decisions regarding the potential expansion of PAAN’s operations. Throughout the history of PAAN, our representation on the board and our secondment to PAAN of its managing director has enabled us to direct the key operational decisions of PAAN (without objection from the other board members). We have also historically provided subordinated financial support to PAAN. As we have the power to direct the most significant activities affecting the economic performance and ongoing success of PAAN and hold a variable interest in the form of our equity investment and working capital infusions, we consolidate PAAN as the primary beneficiary. However, as long as we own a majority interest in PAAN, the separate presentation of financial information in a tabular format for PAAN is not required. |
DEBT
DEBT | 9 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of December 31 and March 31, 2018 consisted of the following (in thousands): December 31, March 31, 8.75% Senior Secured Notes due 2023 $ 347,205 $ 346,610 4½% Convertible Senior Notes due 2023 111,514 107,397 6¼% Senior Notes due 2022 401,535 401,535 Lombard Debt 182,388 211,087 Macquarie Debt 174,528 185,028 PK Air Debt 216,637 230,000 Airnorth Debt 11,738 13,832 Eastern Airways Debt — 14,519 Other Debt 7,959 3,991 Unamortized debt issuance costs (23,280 ) (27,465 ) Total debt 1,430,224 1,486,534 Less short-term borrowings and current maturities of long-term debt (1,421,050 ) (1,475,438 ) Total long-term debt $ 9,174 $ 11,096 Consent Solicitation and Supplemental Indenture — On November 21, 2018, we completed the previously announced solicitation of consents from holders of our outstanding 8.75% Senior Secured Notes to amend certain provisions of the indenture governing the 8.75% Senior Secured Notes pursuant to a supplemental indenture (the “Supplemental Indenture”). The Supplemental Indenture became effective upon the execution and delivery thereof, but would become operative only upon the delivery of a cash payment to eligible holders of the 8.75% Senior Secured Notes who validly delivered and did not revoke consents prior to the receipt of the consents required to effect the amendments under the Supplemental Indenture. As the cash payment was not made, the Supplemental Indenture did not become operative. 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 April 2023, 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. As of December 31, 2018 , there were no outstanding borrowings under the ABL Facility nor had we made any draws during the nine months ended December 31, 2018 . As of December 31, 2018 , we had $16.2 million in letters of credit outstanding under the ABL Facility and our available borrowing capacity under the ABL Facility was $5.6 million . We amended the ABL Facility pursuant to a letter agreement, dated effective as of November 7, 2018 and made by us and agreed to by Barclays Bank PLC, on behalf of the finance parties under the ABL Facility (the “First ABL Amendment”). The First ABL Amendment amends the ABL Facility to, among other things, provide that certain of the provisions, including covenants and events of default contained therein, will exclude unrestricted subsidiaries (as designated under the indenture governing the 8.75% Senior Secured Notes) from the requirements and defaults thereunder. We also amended the ABL Facility pursuant to a letter agreement effective as of February 19, 2019 and made by us and agreed to by Barclays Bank PLC, on behalf of the finance parties under the ABL Facility (the “Second ABL Amendment”). Under the Second ABL Amendment, the Company received a waiver of any Default (as defined in the ABL Facility) that would otherwise exist or occur under the ABL Facility as a result of (i) our failure to provide our unaudited consolidated financial statements for the quarter ended December 31, 2018 within 45 days after the end of the quarter or (ii) certain representations and warranties not being correct when made due to the existence of any Default specified in the preceding clause (i); provided that we must provide such unaudited consolidated financial statements within 75 days after the end of the quarter. In addition, the Second ABL Amendment amends (i) the borrowing base determination provisions in the ABL Facility and (ii) the maturity date of the ABL Facility, which was previously five years from the date of the ABL Facility, to December 14, 2021 (in each case, subject to certain early maturity triggers related to maturity of other material debt or a change of control of us). The ABL Facility was further amended pursuant to the ABL Waiver (as defined herein). As discussed below under “—Waiver of Defaults,” the ABL Waiver provided that the maturity date of December 14, 2021 shall be subject to certain early maturity triggers related to a Change of Control of the Company (as such definition has been amended by the ABL Waiver) or the ABL Waiver Termination Date (as defined herein). 4½% Convertible Senior Notes due 2023 — The balances of the debt and equity components of our 4½% Convertible Senior Notes due 2023 (the “4½% Convertible Senior Notes”) as of December 31 and March 31, 2018 is as follows (in thousands): December 31, March 31, Equity component - net carrying value (1) $ 36,778 $ 36,778 Debt component: Face amount due at maturity $ 143,750 $ 143,750 Unamortized discount (32,236 ) (36,353 ) Debt component - net carrying value $ 111,514 $ 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 three and nine months ended December 31, 2018 was 11.0% . Interest expense related to our 4½% Convertible Senior Notes for the three and nine months ended December 31, 2018 was as follows (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Contractual coupon interest $ 1,620 $ 234 $ 4,867 $ 234 Amortization of debt discount 1,412 181 4,117 181 Total interest expense $ 3,032 $ 415 $ 8,984 $ 415 Eastern Airways Debt — All outstanding obligations under Eastern Airways’ revolving credit facility matured on December 31, 2018, and a final repayment of $7.4 million was made in December 2018. Eastern Airways’ debt also included borrowings under a term loan facility that matured on August 31, 2018, and was repaid in a principal amount of $4.9 million in August 2018. Debt Covenants — Certain of our credit facilities which are secured by pledges of aircraft, with aggregate outstanding borrowings of $391.2 million at December 31, 2018, and certain of our aircraft leasing arrangements to which we are the lessee, contain covenants of a non-financial nature related to pledged and leased aircraft. Each aircraft pledge specifically identifies the airframes and engines of the aircraft pledged to its credit facility. Similarly, each aircraft lease specifically identifies the airframe(s) and engines of the aircraft covered by the lease. The agreements contain a requirement to maintain specific engines on each specified airframe with limited exceptions for, among other things, the repair and maintenance of the engines. From time to time, engines are removed and replaced on an airframe. In some cases, these actions are permitted under the credit and lease agreements so long as (a) a pledged or leased engine is replaced with another engine subject to the same transaction or, in some cases, any other engine, so long as such other engine is free and clear of liens other than certain permitted liens, and/or (b) in the case of a “loaner” engine furnished by a maintenance provider temporarily replacing a pledged or leased engine, the “loaner” engine is replaced with an engine (which may be the original engine, post-maintenance) subject to the same transaction within 180 days after the removal of the original engine. During the three months ended December 31, 2018, we determined that in some instances a “loaner” engine owned by a maintenance provider and installed on a pledged or leased airframe had been on that airframe for more than 180 days after the removal of the original engine. We are reliant upon third-party maintenance providers to complete maintenance work on these subject engines; however, in some instances these maintenance providers did not complete the required maintenance work on an engine within the 180 -day period permitted by the relevant agreement for the engine can be separated from the assigned airframe, and the relevant maintenance providers have been able to provide a timetable for the ultimate completion of the work on those engines. These instances, while involving a small subset of the approximately 385 helicopter engines that were then subject to our secured financings or helicopter leases, constituted defaults under the affected credit and lease agreements. All issues related to this matter were cured by December 31, 2018 for all but nine helicopter engines (relating to three agreements) where a pledged or leased engine was not returned to the pledged or leased airframe within the specified period due to delays by the relevant maintenance service provider. We obtained waivers of such non-compliance under the applicable agreements, extending the time for the return of each pledged or leased engine to the relevant pledged or leased airframe to the earlier of (i) the date that occurs 30 days after the receipt by the Company of such engine at our facility where the relevant airframe is then located or (ii) February 10, 2020. Classification of Debt — 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 Note 1, on the Petition Date, 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. In addition, each of the commencement of the Chapter 11 Cases and the delivery of the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018, as amended by the amendment thereto, 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 December 31, 2018 should be classified as short-term borrowings and current maturities of long-term debt on our condensed consolidated balance sheet. Notice of Default of Aircraft Leases — On March 22, 2019, we received a notice of default with respect to four aircraft leases (the “Leases”) entered into in September 2014 by our subsidiary BriLog Leasing Ltd., as lessee. The notice of default cited failure by the lessee to comply with its obligations to maintain the aircraft leased pursuant to such Leases so as to enable the certificate of airworthiness for the aircraft to be continually maintained without restriction or limitation. Unless the lessee remedied such default within 30 days after the date of such notice, such default would mature into an Event of Default (as defined in the Leases). Prior to the end of such 30-day period, we reached a settlement with respect to such default, and therefore, such default did not mature into an Event of Default. Waiver of Defaults — Prior to the Petition Date, we entered into waiver letters with respect to certain of our debt agreements, including the credit agreement, dated as of July 17, 2017, among Bristow Equipment Leasing Ltd., the several banks, other financial institutions and other lenders from time to time party thereto and PK AirFinance S.à r.l., as agent and as security trustee (as amended, the “PK Credit Agreement”); the term loan credit agreement, dated as of February 1, 2017, among Bristow U.S. LLC, the several banks, other financial institutions and other lenders from time to time party thereto and Macquarie Bank Limited, as administrative agent and as security agent (as amended, the “Macquarie Credit Agreement”); the ABL Facility; and certain other secured equipment financings and leases. Pursuant to such waiver letters, we received waivers of breaches, defaults or events of default under such debt agreements arising from the Company’s failure to timely provide its unaudited consolidated financial statements for the quarter ended December 31, 2018 and/or the failure to make the April 15, 2019 interest payment due on the 6¼% Senior Notes due 2022 (the “6¼% Senior Notes”) by May 15, 2019, and certain other related events of default and cross-defaults. As discussed below under “—Events of Default,” the filing of the Chapter 11 Cases constituted an event of default that accelerated the obligations under the PK Credit Agreement and the Macquarie Credit Agreement. On May 10, 2019, Bristow Norway AS and Bristow Helicopters, as borrowers and guarantors, and the Company, as guarantor, entered into a waiver letter (the “ABL Waiver”) with Barclays Bank PLC, as agent, and Credit Suisse AG, Cayman Islands Branch, as lender, with respect to the ABL Facility. The ABL Waiver waives, subject to certain conditions, any Default (as defined in the ABL Facility) or cross-defaults that would otherwise exist or occur under the ABL Facility as a result of, among other things, (i) the Company’s failure to timely provide its unaudited consolidated financial statements for the quarters ended December 31, 2018 and March 31, 2019, (ii) the amendment of the Company’s periodic reports for fiscal year 2018 as previously disclosed, (iii) the failure to make the April 15, 2019 interest payment due on the 6¼% Senior Notes, (iv) potential cross defaults under the 4½% Convertible Senior Notes and 8.75% Senior Secured Notes, (v) other events related to the Chapter 11 Cases, potential insolvency issues or possible failure to comply with certain financial covenants or (vi) certain representations and warranties not being correct when made. Such Defaults are waived until the date (the “ABL Waiver Termination Date”) on which the Company or its subsidiaries enter into or modify debt agreements that would materially adversely impact the ability to perform obligations under the ABL Facility, any security that is not permitted security is granted over the share capital or assets of either borrower or the Chapter 11 Cases are dismissed or converted to a case under Chapter 7 of the Bankruptcy Code, subject to certain conditions as specified in the ABL Waiver. The ABL Waiver contains certain amendments to the ABL Facility, including (i) expanding the definition of Change of Control to include the consummation of a plan of reorganization in connection with the commencement of a bankruptcy proceeding and (ii) providing that the maturity date of December 14, 2021 shall be subject to certain early maturity triggers related to a Change of Control of the Company (as such definition has been amended by the ABL Waiver) or the ABL Waiver Termination Date. On May 10, 2019, Bristow Aircraft Leasing Limited (“BALL”), as borrower, entered into a waiver letter (the “Lombard Waiver”) with Lombard North Central Plc, as administrative agent and as security trustee, with respect to the term loan credit agreement, dated as of November 11, 2016 (the “BALL Lombard Credit Agreement”). If an Insolvency Proceeding (as defined in the Lombard Waiver) is commenced on or before May 15, 2019, the Lombard Waiver extends, subject to certain conditions, the waivers received under the previous waiver letter (as described in our Current Report on Form 8-K filed with the SEC on April 15, 2019), until the earliest of (a) certain events related to a plan of reorganization or liquidation of the Company, Insolvency Proceeding or debtor-in-possession financing or (b) December 15, 2019 (the “Lombard Waiver Termination Date”). In addition, the Lombard Waiver waives, until the Lombard Waiver Termination Date, any Default or Event of Default (each as defined in the BALL Lombard Credit Agreement) as a result of (i) the amendment of the Company’s periodic reports for fiscal year 2018, (ii) the possible commencement of an Insolvency Proceeding or any related acceleration of other material indebtedness and (iii) the possible occurrence of an Event of Default under the term loan credit agreement, dated as of November 11, 2016, among Bristow U.S. Leasing LLC, as borrower, the lenders from time to time party thereto and Lombard North Central plc, as administrative agent and as security trustee (the “BULL Lombard Credit Agreement”), subject to certain conditions. Events of Default — The filing of the Chapter 11 Cases constituted an event of default that accelerated the obligations under the following instruments and agreements: • the Third Supplemental Indenture, dated as of October 12, 2012, to the Indenture, dated as of June 17, 2008 (the “Base Indenture”), among the Company, the guarantors named therein and Wilmington Trust, National Association (“Wilmington Trust”), as successor trustee to U.S. Bank National Association (“U.S. Bank”), and our 6¼% Senior Notes issued thereunder; • the Sixth Supplemental Indenture to the Base Indenture, dated as of December 18, 2017, among the Company, the guarantors named therein and Wilmington Trust, as successor trustee to U.S. Bank, and our 4½% Convertible Senior Notes issued thereunder; • the Indenture, dated as of March 6, 2018, among the Company, the guarantors named therein and U.S. Bank, as trustee and collateral agent, and our 8.75% Senior Secured Notes issued thereunder; • the PK Credit Agreement; • the Macquarie Credit Agreement; • the BULL Lombard Credit Agreement; and • various aircraft operating leases and real estate leases. The instruments and agreements described above provide that, as a result of the commencement of the Chapter 11 Cases, the financial obligations thereunder, including for the debt instruments any principal amount, together with accrued interest thereon, are immediately due and payable. However, any efforts to enforce payment of such financial obligations under such instruments and agreements are automatically stayed as a result of the filing of the Chapter 11 Cases and the holders’ rights of enforcement in respect of such financial obligations are subject to the applicable provisions of the Bankruptcy Code. Term Loan Agreement — On May 10, 2019, the Company entered into a Term Loan Credit Agreement, dated the same date (the “Term Loan Agreement”), by and among the Company and Bristow Holdings Company Ltd. III (“BHC III”), as borrowers, certain subsidiaries of the Company as guarantors party thereto, the lenders from time to time party thereto (initially, certain holders of the 8.75% Senior Secured Notes), and Ankura Trust Company, LLC, as administrative agent, for a senior secured term loan of $75 million (the “2019 Term Loan”). Immediately upon entering into the Term Loan Agreement, and prior to the Petition Date, the Company and BHC III borrowed the full amount thereunder, the net proceeds of which may be used only in compliance with a cash flow forecast required pursuant to the terms of the Term Loan Agreement, which the Company expects will be used for general corporate purposes, including to fund the working capital and liquidity requirements of the Company during the pendency of the Chapter 11 Cases. The full principal amount of the 2019 Term Loan is due May 10, 2022. At the Company’s election, borrowings under the 2019 Term Loan will bear interest at either (x) the Eurodollar Rate (as defined in the Term Loan Agreement) plus 7% or (y) the Base Rate (as defined in the Term Loan Agreement) plus 6% . The initial borrowings under the 2019 Term Loan will be Eurodollar Rate loans with monthly interest payments. The 2019 Term Loan is secured by a first lien on certain specified collateral, including, among other things, equity pledges of 35% of the equity interests in certain of the Company’s first-tier foreign subsidiaries (the remaining 65% of such entities have been previously pledged under the 8.75% Senior Secured Notes), 100% of the equity of BHC III and Bristow International Panama S. de RL, and two newly formed special-purpose vehicles, as well as a junior lien on certain collateral securing the 8.75% Senior Secured Notes. The borrowers have the option in connection with the consummation of a Reorganization Plan (as defined in the Term Loan Agreement) that is satisfactory to the lenders to require that the 2019 Term Loan be converted into equity of the Company upon consummation of such Reorganization Plan, subject to certain conditions. The Term Loan Agreement contains customary pre-payment requirements. The Term Loan Agreement contains certain customary negative covenants that, among other things, restrict, subject to certain exceptions, the Company’s and its subsidiaries’ incurrence of additional indebtedness or liens, mergers, dispositions of assets, investments, restricted payments, modifications to material agreements, transactions with affiliates and fundamental changes. In addition, the Term Loan Agreement requires that, on the delivery of each Variance Report (as defined in the Term Loan Agreement), total operating disbursements and total receipts of the Company and its subsidiaries for certain specified periods shall not exceed (with respect to disbursements) or be less than (with respect to total receipts) the aggregate amount forecasted therefor for such period by more (with respect to disbursements) or less (with respect to total receipts) than a specified percentage of the forecasted amount. The Term Loan Agreement also contains customary affirmative covenants and customary representations and warranties. The Term Loan Agreement specifies certain customary events of default, including, among others, failure to pay principal or interest on the 2019 Term Loan when due, the breach of representations or warranties in any material respect, non-performance of other covenants and obligations, judgments, the occurrence of certain ERISA events and certain change of control events. The filing of the Chapter 11 Cases neither constitutes an event of default nor accelerates the maturity of the Company’s indebtedness under the Term Loan Agreement. Debtor-in-Possession Commitment Letter — 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 BHC 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 milestones, including approval by the Bankruptcy Court, which has not been obtained at this time. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 9 Months Ended |
Dec. 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. Recurring Fair Value Measurements The following table summarizes the financial instruments we had as of December 31, 2018 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Derivative financial instruments $ — $ 3,174 $ — $ 3,174 Prepaid expenses and other current assets Rabbi Trust investments 1,850 — — 1,850 Other assets Total assets $ 1,850 $ 3,174 $ — $ 5,024 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 Significant Significant Balance as of Balance Sheet Derivative financial instruments $ — $ 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 rabbi trust investments consist of cash and mutual funds whose fair value are based on quoted prices in active markets for identical assets, and are designated as Level 1 within the valuation hierarchy. The rabbi trust holds investments related to our non-qualified deferred compensation plan for our senior executives. The derivative financial instruments consist 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 7 for a discussion of our derivative financial instruments. Non-recurring Fair Value Measurements The majority of our non-financial assets, which include inventories, property and equipment, assets held for sale, goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur such that a non-financial asset is required to be evaluated for impairment and deemed to be impaired, the impaired non-financial asset is recorded at its fair value. The following table summarizes the assets valued at fair value on a non-recurring basis during the three and nine months ended December 31, 2018 (in thousands): Quoted Prices in Active Significant Other Significant Total Total Inventories (1) $ — $ — $ 7,697 $ — $ (9,276 ) Assets held for sale (2) — — 22,485 (1,350 ) (1,350 ) Aircraft and equipment (1) — — 136,338 — (104,939 ) Other intangible assets (1) — — — — (3,005 ) Total assets $ — $ — $ 166,520 $ (1,350 ) $ (118,570 ) _____________ (1) Fair value as of September 30, 2018. (2) Fair value as of December 31, 2018. The following table summarizes the assets valued at fair value on a non-recurring basis during the three and nine months ended December 31, 2017 (in thousands): Quoted Prices in Active Significant Other Significant Total Total Inventories (1) $ — $ — $ 1,252 $ — $ (1,192 ) Assets held for sale (2) — — 31,038 (1,560 ) (11,307 ) Total assets $ — $ — $ 32,290 $ (1,560 ) $ (12,499 ) _____________ (1) Fair value as of June 30, 2017. (2) Fair value as of December 31, 2017. The fair value of inventories using Level 2 and 3 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 time frame of sales or disposals, the location of the spare parts to be sold and the condition of the spare parts to be sold or otherwise disposed of. The fair value of aircraft and equipment, using Level 3 inputs, is determined using a market approach. The market approach consisted of a thorough review of recent market activity, available transaction data involving the subject aircraft, current demand and availability on the market. We took into account the age, specifications, accrued hours and cycles, and the maintenance status of each subject aircraft. The fair value of other intangible assets, using Level 3 inputs, is estimated using the income approach. The estimate of fair value includes unobservable inputs, including assumptions related to future performance, such as projected demand for services, rates, and levels of expenditures. The fair value of assets held for sale using Level 3 inputs is determined through evaluation of expected sales proceeds for aircraft. This analysis includes estimates based on historical experience with sales, recent transactions involving similar assets, quoted market prices for similar assets and condition and location of aircraft to be sold or otherwise disposed of. The loss for the three and nine months ended December 31, 2018 related to two aircraft held for sale. The loss for the three and nine months ended December 31, 2017 related to one and five aircraft held for sale, respectively. Additionally, the loss for the nine months ended December 31, 2017 includes a $6.5 million impairment relating to the Bristow Academy disposal group. For further details on Bristow Academy disposal group, see Note 1 to our fiscal year 2018 Financial Statements. 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 clauses. The carrying and fair value of our debt, excluding unamortized debt issuance costs, are as follows (in thousands): December 31, 2018 March 31, 2018 Carrying Value Fair Value Carrying Value Fair Value 8.75% Senior Secured Notes due 2023 (1) $ 347,205 $ 250,250 $ 346,610 $ 353,500 4½% Convertible Senior Notes due 2023 (2) 111,514 54,984 107,397 158,772 6¼% Senior Notes due 2022 401,535 140,537 401,535 325,243 Lombard Debt 182,388 182,388 211,087 211,087 Macquarie Debt 174,528 174,528 185,028 185,028 PK Air Debt 216,637 216,637 230,000 230,000 Airnorth Debt 11,738 11,738 13,832 13,832 Eastern Airways Debt — — 14,519 14,519 Other Debt 7,959 7,959 3,991 3,991 $ 1,453,504 $ 1,039,021 $ 1,513,999 $ 1,495,972 _____________ (1) The carrying value is net of unamortized discount of $2.8 million and $3.4 million as of December 31 and March 31, 2018 , respectively. (2) The carrying value is net of unamortized discount of $32.2 million and $36.4 million as of December 31 and March 31, 2018 , respectively. Other The fair values of our cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Fair Value [Text Block] | Note 7 — 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 and the nine months ended December 31, 2018 , we entered into foreign currency put option contracts of £5 million per month through November 2019 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 December 31, 2018 (in thousands): Derivatives designated as hedging instruments Derivatives not designated as hedging instruments 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 $ 3,174 $ — $ 3,174 $ — $ 3,174 Net $ 3,174 $ — $ 3,174 $ — $ 3,174 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 Derivatives not designated as hedging instruments 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 the three months ended December 31, 2018 (in thousands): Financial statement location Amount of loss recognized in accumulated other comprehensive loss $ (5 ) Accumulated other comprehensive loss Amount of loss reclassified from accumulated other comprehensive loss into earnings $ — Statement of operations — Direct cost 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 the nine months ended December 31, 2018 (in thousands): Financial statement location Amount of gain recognized in accumulated other comprehensive loss $ 2,403 Accumulated other comprehensive loss Amount of gain reclassified from accumulated other comprehensive loss into earnings $ 1,158 Statement of operations — Direct cost We estimate that $1.2 million of net gain 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 | 9 Months Ended |
Dec. 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 December 31, 2018 , we had 26 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. Three Months Ending March 31, 2019 Fiscal Year Ending March 31, 2020 2021 2022 2023 and thereafter (1) Total Commitments as of December 31, 2018: Number of aircraft: Large — — 4 5 13 22 U.K. SAR — 4 — — — 4 — 4 4 5 13 26 Related commitment expenditures (in thousands) (2) Large $ 2,197 $ 24,310 $ 74,946 $ 83,195 $ 188,401 $ 373,049 U.K. SAR — 59,946 — — — 59,946 $ 2,197 $ 84,256 $ 74,946 $ 83,195 $ 188,401 $ 432,995 Options as of December 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 $91.1 million for five aircraft orders that can be cancelled prior to delivery dates. We made non-refundable deposits of $4.5 million related to these aircraft in prior periods. (2) Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised. We periodically purchase aircraft for which we have no orders. During the three months ended December 31, 2018 , we purchased an aircraft that was not on order. In December 2018, a large aircraft order was terminated and we removed $17.5 million of future commitments from the table above. We recorded contract termination costs of $14.0 million included in loss on disposal of assets on our condensed consolidated statements of operations for amounts previously included in construction in progress on our condensed consolidated balance sheets. We have an ongoing dispute with the OEM to recover a portion of these progress payments. For further details, see Note 1. On May 1, 2019, we entered into an amendment to our agreement with Airbus Helicopters for the purchase of 22 H175 helicopters which includes five aircraft that can be cancelled by us prior to the delivery dates. Pursuant to the amendment, the parties mutually agreed to postpone the delivery dates for such helicopters for 18 months from the previous schedule with the first three helicopters now scheduled for delivery in the second half of fiscal year 2022. The postponement in deliveries resulted in various amendments to the payment terms under the purchase agreement including the deferral of approximately $110.0 million in capital expenditures scheduled for fiscal years 2019 to 2023 into fiscal years 2024 and beyond. Our capital commitments related to these H175 helicopters now total approximately $14.0 million for fiscal years 2020 and 2021. In connection with this amendment, the overall purchase price of these helicopters has been increased by $18.4 million to account for inflation. The impact of this amendment is not included in the table above. Operating Leases — We have non-cancelable operating leases in connection with the lease of certain equipment, including leases for aircraft, and land and facilities. Rent expense incurred under all operating leases was $48.2 million and $42.6 million for the three months ended December 31, 2018 and 2017 , respectively, and $147.8 million and $158.5 million for the nine months ended December 31, 2018 and 2017 , respectively. Rent expense incurred under operating leases for aircraft was $42.8 million and $36.5 million for the three months ended December 31, 2018 and 2017 , respectively, and $129.9 million and $137.9 million for the nine months ended December 31, 2018 and 2017 , respectively. The aircraft leases range from base terms of up to 180 months with renewal options of up to 240 months in some cases, include purchase options upon expiration and some include early purchase options. The leases contain terms customary in transactions of this type, including provisions that allow the lessor to repossess the aircraft and require us to pay a stipulated amount if we default on our obligations under the agreements. The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of December 31, 2018 : End of Lease Term Number of Aircraft Three months ending March 31, 2019 to fiscal year 2020 29 Fiscal year 2021 to fiscal year 2023 36 Fiscal year 2024 to fiscal year 2025 11 76 We lease six S-92 model aircraft and one AW139 model aircraft from VIH Aviation Group, which is a related party due to common ownership of Cougar Helicopters Inc. (“Cougar”) and paid lease fees of $2.9 million and $4.7 million during the three months ended December 31, 2018 and 2017 , respectively, and paid lease fees of $12.4 million and $14.4 million during the nine months ended December 31, 2018 and 2017 , respectively. In April and May 2019, we agreed to return our remaining four H225 leased aircraft and paid $4.3 million in lease return costs. We owe an additional $2.8 million in lease return costs, $9.7 million in future rent and $9.4 million in deferred rent related to these four H225 lease returns. Separation Programs — Beginning in March 2015, we initiated involuntary separation programs (“ISPs”) in certain regions. The expense related to the ISPs for the three and nine months ended December 31, 2018 and 2017 is as follows (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Direct cost $ 2,096 $ 2,661 $ 4,809 $ 5,208 General and administrative 313 120 2,046 8,662 Total $ 2,409 $ 2,781 $ 6,855 $ 13,870 Environmental Contingencies — The U.S. Environmental Protection Agency (the “EPA”), has in the past notified us that we are a potential responsible party (“PRP”) at three former waste disposal facilities that are on the National Priorities List of contaminated sites. Under the federal Comprehensive Environmental Response, Compensation and Liability Act, also known as the Superfund law, persons who are identified as PRPs may be subject to strict, joint and several liability for the costs of cleaning up environmental contamination resulting from releases of hazardous substances at National Priorities List sites. Although we have not yet obtained a formal release of liability from the EPA with respect to any of the sites, we believe that our potential liability in connection with the sites is not likely to have a material adverse effect on our business, financial condition or results of operations. CEO Transition — On November 9, 2018, the Company announced the upcoming retirement of Jonathan E. Baliff, who served as President and Chief Executive Officer of the Company. Mr. Baliff stepped down from the position of President effective November 9, 2018, while continuing to serve as Chief Executive Officer. On February 11, 2019, the Company entered into a Retirement and Consulting Agreement (the “Retirement and Consulting Agreement”) with Mr. Baliff. Under the Retirement and Consulting Agreement, Mr. Baliff ceased to serve as Chief Executive Officer of the Company and resigned from the Board of Directors of the Company (the “Board”), effective February 28, 2019. Commencing March 1, 2019, Mr. Baliff provided consulting services to the Company through June 30, 2019 and received a monthly consulting fee of $30,000 . Mr. Baliff’s retirement constituted a separation of employment entitling him to benefits under the Company’s Management Severance Benefits Plan for U.S. Employees (the “Severance Plan”). Pursuant to the Severance Plan and subject to Mr. Baliff’s execution and non-revocation of a release of claims against the Company, upon his termination of employment, Mr. Baliff became entitled to: (a) severance of $1,442,000 , equal to two times Mr. Baliff’s base salary; (b) Company payment of Mr. Baliff’s COBRA premiums for 36 months (extended from 18 months ); (c) outplacement services for 12 months ; (d) accelerated vesting of Company equity awards and Company performance cash awards granted in June 2016 that would have vested by their terms in June 2019; and (e) a pro-rata bonus, assuming target performance, for the portion of fiscal year 2019 during which Mr. Baliff served as Chief Executive Officer. In consideration of Mr. Baliff’s agreement to extend the post-termination non-compete and employee non-solicitation provisions from one year to two years , the Company agreed that the following Company equity awards would remain outstanding and continue to vest, subject to Mr. Baliff’s compliance with the restrictive covenants and satisfaction of his obligations under the consulting arrangement described above: (a) options to purchase 43,503 shares of Company stock, scheduled to vest on June 5, 2019; (b) options to purchase 102,190 shares of Company stock, scheduled to vest on June 12, 2019; (c) 74,502 Company restricted stock units, scheduled to vest on June 12, 2020; and (d) 23,927 Company restricted stock units, scheduled to vest on June 5, 2021. Effective upon Mr. Baliff’s retirement and until the appointment of a new Chief Executive Officer, the Board named Thomas N. Amonett, the Vice-Chairman of the Board and interim President of the Company, to the additional role of interim Chief Executive Officer. On March 1, 2019, the Company announced that L. Don Miller, Senior Vice President and Chief Financial Officer of the Company, had been appointed to succeed Mr. Baliff as President and Chief Executive Officer of the Company, effective as of the close of business on February 28, 2019. Mr. Miller joined the Board concurrently with the effectiveness of his appointment as President and Chief Executive Officer. Mr. Amonett, who has been serving as the interim President of the Company, was appointed to the role of Executive Vice Chairman of the Board, effective upon the effectiveness of Mr. Miller’s appointment. Brian J. Allman, Vice President and Chief Accounting Officer of the Company, was appointed to succeed Mr. Miller as Senior Vice President and Chief Financial Officer. Other Purchase Obligations — As of December 31, 2018 , we had $52.0 million of other purchase obligations representing unfilled purchase orders for aircraft parts and non-cancelable power-by-the-hour maintenance commitments. Sikorsky Lawsuit — On January 8, 2019, we filed suit in the District Court of Harris County, Texas against Sikorsky Aircraft Corporation (“Sikorsky”) for breach of contract, unjust enrichment and conversion as a result of Sikorsky terminating a sales agreement after we sought to delay delivery of a helicopter and retaining our $11.7 million deposit as liquidated damages. We are seeking a ruling that Sikorsky be required to return the deposit and provide an accurate calculation of its damages under the sales agreement. Sikorsky has challenged venue, and discovery related thereto is underway. With the advice of counsel, we are evaluating the feasibility of transferring the matter to the Bankruptcy Court for disposition. Other Matters — Although infrequent, aircraft accidents have occurred in the past, and the related losses and liability claims have been covered by insurance subject to deductible, self-insured retention and loss sensitive factors. On March 10, 2019, one of our Bell 407 model aircraft was involved in an accident in the Gulf of Mexico in which one pilot and one passenger were fatally injured. The cause(s) of the accident remain unknown at this time. We continue to work with authorities in their investigation. 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 issuing airworthiness directives prohibiting flight of H225LP and AS332L2 model aircraft. On July 20, 2017, the U.K. CAA and NCAA issued safety and operational directives which detail the conditions to apply for safe return to service of H225LP and AS332L2 model aircraft, where operators wish to do so. On July 5, 2018, the Accident Investigation Board Norway issued its final investigation report on the accident. The report cited a fatigue fracture within the epicyclic module of the main gear box as the cause of the accident, and issued safety recommendations in a number of areas, including gearbox design and certification requirements, failure tolerance, and continued airworthiness of the AS332L2 and the H225LP helicopters. We continue not to operate for commercial purposes our H225LP model aircraft, and we are carefully evaluating next steps for the H225LP model aircraft in our operations worldwide, with the safety of passengers and crews remaining our highest priority. Recent third-party market transactions and the development of alternative opportunities outside of our traditional oil and gas services for our H225 aircraft indicated a substantial return to oil and gas service within our operations was not likely. See Note 1 for further details. The Huntington National Bank (“Huntington”) filed suit against the Company and Bristow U.S. LLC in the U.S. District Court for the Southern District of New York (the “Southern District of New York Court”). Huntington alleges violation of an addendum of a lease agreement for failure to arrange for the enrollment of the aircraft engines in a maintenance agreement and seeks approximately $2.5 million in damages. We submitted a counterclaim for approximately $100,000 of costs related to storage, maintenance and insurance of the aircraft following the expiration of the lease. On March 1, 2019, the Southern District of New York Court denied Huntington’s motion for summary judgment. We initiated discovery; however, on May 16, 2019, the proceedings were stayed as a result of the Chapter 11 Cases. Two purported class action complaints, Kokareva v. Bristow Group Inc., Case No. 4:19-cv-0509 and Lilienfield v. Bristow Group Inc., Case No. 4:19-cv-1064, were filed in the U.S. District Court for the Southern District of Texas (the “Southern District of Texas Court”) on February 14, 2019 and March 21, 2019, respectively. The complaints, which also name Jonathan E. Baliff and L. Don Miller as defendants, allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 arising out of the Company’s disclosures and alleged failure to make timely disclosure of inadequate monitoring control processes related to non-financial covenants within certain of its secured financing and lease agreements. On May 17, 2019, the Southern District of Texas Court appointed BRS Investor Group as Lead Plaintiff and consolidated both actions under Kokareva v. Bristow Group Inc., Case No. 4:19-cv-0509. When the Company filed the Chapter 11 Cases on May 11, 2019, the litigation against the Company was automatically stayed. The case was not automatically stayed against the individual defendants, but the Company intends to request that the stay also extend to the individual defendants. On May 31, 2019, the Lead Plaintiff requested that the Southern District of Texas Court schedule an initial conference, and the defendants requested that any conference be postponed until after the Bankruptcy Court decides whether the stay should extend to the individual defendants. The Southern District of Texas Court has not yet set a date for an initial conference. The defendants believe that the claims are without merit and intend to vigorously defend against them. On June 7, 2019, Marilyn DeVault filed a Stockholder Derivative Complaint against Thomas N. Amonett, Gaurdie Banister Jr., Ian A. Godden, Lori A. Gobillot, A. William Higgins, Thomas C. Knudson, Biggs C. Porter, Jonathan E. Baliff, Stephen A. King, Matthew Masters, David C. Gompert, Bruce H. Stover, L. Don Miller, and Brian J. Allman (the “Derivative Defendants”) in the United States District Court for the District of Delaware. The complaint alleges breaches of fiduciary duties and violations of Section 10(b) of the Securities Exchange Act of 1934 arising out of Company disclosures and failing to have adequate monitoring control processes related to non-financial covenants within certain of our secured financing and lease agreements. The complaint also alleges waste of corporate assets, gross mismanagement, and unjust enrichment. The Derivative Defendants believe that the claims are without merit and intend to vigorously defend against them. 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 December 31, 2018 to be approximately $3 million . We are a defendant in certain claims and litigation arising out of operations in the normal course of business. In the opinion of management, uninsured losses, if any, will not be material to our financial position, results of operations or cash flows. See Part II. Item 1. “Legal Proceedings” included elsewhere in this Quarterly Report for a discussion of other actions or claims pending. |
TAXES
TAXES | 9 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES We estimate the full-year effective tax rate from continuing operations and apply this rate to our year-to-date income from continuing operations. In addition, we separately calculate the tax impact of unusual or infrequent items, if any. The tax impacts of such unusual or infrequent items are treated discretely in the quarter in which they occur. During the three months ended December 31, 2018 and 2017 , our effective tax rate was (38.4)% and 57.5% , respectively, and during the nine months ended December 31, 2018 and 2017 , our effective tax rate was (2.1)% and (2.7)% , respectively. The effective tax rates for the three and nine months ended December 31, 2018 and 2017 were impacted by net operating losses in certain foreign jurisdictions and valuation allowances against future realization of foreign tax credits. The relationship between our provision for or benefit from income taxes and our pre-tax book income can vary significantly from period to period considering, among other factors, (a) the overall level of pre-tax book income, (b) changes in the blend of income that is taxed based on gross revenues or at high effective tax rates versus pre-tax book income or at low effective tax rates and (c) our geographical blend of pre-tax book income. Consequently, our income tax expense or benefit does not change proportionally with our pre-tax book income or loss. Significant decreases in our pre-tax book income typically result in higher effective tax rates, while significant increases in pre-tax book income can lead to lower effective tax rates, subject to the other factors impacting income tax expense noted above. The change in our effective tax rate excluding discrete items for the three and nine months ended December 31, 2018 compared to the three and nine months ended December 31, 2017 primarily related to changes in the blend of earnings taxed in relatively high taxed jurisdictions versus low taxed jurisdictions. Additionally, we increased our valuation allowance by $33.5 million and $2.1 million for the three months ended December 31, 2018 and 2017 , respectively, and $43.8 million and $13.4 million for the nine months ended December 31, 2018 and 2017 , respectively, which also impacted our effective tax rate. As of December 31, 2018 , there were $4.3 million of unrecognized tax benefits, all of which would have an impact on our effective tax rate if recognized. On December 22, 2017, the president of the United States signed into law tax legislation commonly known as the Tax Cuts and Jobs Act (the “Act”). The Act includes numerous changes in existing U.S. tax law, including a permanent reduction in the U.S. federal corporate income tax rate from 35% to 21% . The rate reduction took effect on January 1, 2018. Further, the Act provides for a one-time “deemed repatriation” of accumulated foreign earnings of certain foreign corporations. Under U.S. generally accepted accounting principles, our net deferred tax liabilities are required to be revalued during the period in which the new tax legislation is enacted. We have completed our analysis of the income tax implications of the Act during the three months ended December 31, 2018 and recorded adjustments accordingly to previously reported provisional amounts. Certain provisions under the Act became applicable to us on April 1, 2018 and our income tax provision for the three and nine months ended December 31, 2018 includes the tax implications of these provisions. These provisions include Global Intangible Low-Taxed Income (“GILTI”), Base Erosion and Anti-Avoidance Tax (“BEAT”), Foreign Derived Intangible Income (“FDII”), and certain limitations on the deduction of interest expense and utilization of net operating losses. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension Plans The components of net periodic pension cost other than the service cost component are included in other income (expense), net on our condensed consolidated statement of operations. As discussed in Note 1 , on April 1, 2018, we adopted new accounting guidance related to the presentation of net periodic pension cost. The following table provides a detail of the components of net periodic pension cost (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Service cost for benefits earned during the period $ 207 $ 214 $ 636 $ 632 Interest cost on pension benefit obligation 3,179 3,230 9,764 9,530 Expected return on assets (4,191 ) (5,299 ) (12,872 ) (15,633 ) Amortization of unrecognized losses 1,945 2,040 5,972 6,016 Net periodic pension cost $ 1,140 $ 185 $ 3,500 $ 545 The current estimates of our cash contributions to our defined benefit pension plans to be paid in fiscal year 2019 are $16.3 million , of which $12.7 million was paid during the nine months ended December 31, 2018 . The weighted-average expected long-term rate of return on assets for our U.K. pension plans as of March 31, 2018 was 3.6% . In October 2018, the U.K. High Court ruled that the U.K. defined pension schemes will be required to equalize for the effect of unequal guaranteed minimum pensions (“GMPs”) accrued between 1990 and 1997 by adjusting other non-GMP benefits. We recorded additional pension liability of $2.9 million as of December 31, 2018 related to this ruling that will be recorded as additional service cost over the future service period of approximately 20 years . Incentive Compensation Stock-based awards are currently made under the Bristow Group Inc. 2007 Long-Term Incentive Plan, as amended and restated on August 3, 2016 (the “2007 Plan”). A maximum of 10,646,729 shares of common stock are reserved. Awards granted under the 2007 Plan may be in the form of stock options, stock appreciation rights, shares of restricted stock, other stock-based awards (payable in cash or common stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants. As of December 31, 2018 , 1,811,843 shares remained available for grant under the 2007 Plan. We have a number of other incentive and stock option plans which are described in Note 9 to our fiscal year 2018 Financial Statements. Total stock-based compensation expense, which includes stock options and restricted stock, totaled $1.9 million and $2.2 million during the three months ended December 31, 2018 and 2017 , respectively, and $5.7 million and $8.8 million for the nine months ended December 31, 2018 and 2017 , respectively. Stock-based compensation expense has been allocated to our various regions. During the nine months ended December 31, 2018 , we awarded 400,788 shares of restricted stock at an average grant date fair value of $12.53 per share. Also during the nine months ended December 31, 2018 , 593,129 stock options were granted. The following table shows the assumptions used to compute the stock-based compensation expense for stock options granted during the nine months ended December 31, 2018 : Risk free interest rate 2.76 % Expected life (years) 5 Volatility 62.8 % Dividend yield — % Weighted average exercise price of options granted $12.19 per option Weighted average grant-date fair value of options granted $6.71 per option During June 2018 and 2017, we awarded certain members of management phantom restricted stock which will be paid out in cash after three years. We account for these awards as liability awards. As of December 31, 2018 and March 31, 2018 , we had $0.4 million and $1.0 million , respectively, included in other liabilities and deferred credits on our condensed consolidated balance sheet accrued for these awards. Additionally, changes in the fair values of these liability awards reduced compensation expense by $1.1 million and $0.4 million during the three and nine months ended December 31, 2018 , respectively, and increased compensation expense by $0.5 million and $0.9 million during the three and nine months ended December 31, 2017 , respectively. Performance cash awards granted in June 2017 and 2018 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 and 2018, as applicable. Performance cash awards granted in June 2016 vest and pay out in cash three years after the date of grant at varying levels depending on our performance in Total Shareholder Return against a peer group of companies. These awards were designed to tie a significant portion of total compensation to performance. One of the effects of this type of compensation is that it requires liability accounting which can result in volatility in earnings. The liability recorded for these awards as of December 31 and March 31, 2018 was $3.9 million and $7.7 million , respectively, and represents an accrual based on the fair value of the awards on those dates. The decrease in the liability during the nine months ended December 31, 2018 resulted from the payout in June 2018 of the awards granted in June 2015, partially offset by the value of the new awards granted in June 2018. Any changes in fair value of the awards in future quarters will increase or decrease the liability and impact results in those periods. The effect, either positive or negative, on future period earnings can vary based on factors including changes in our stock price or the stock prices of the peer group companies, as well as changes in other market and company-specific assumptions that are factored into the calculation of fair value of the performance cash awards. Changes in the fair values of performance cash awards reduced compensation expense by $1.3 million and $0.8 million during the three months ended December 31, 2018 and 2017 , respectively, and reduced compensation expense by $0.2 million and increased compensation expense by $0.6 million during the nine months ended December 31, 2018 and 2017 , respectively. |
EARNINGS PER SHARE AND ACCUMULA
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended |
Dec. 31, 2018 | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | |
DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME Earnings per Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Options: Outstanding 3,447,397 2,729,888 2,682,918 2,791,193 Weighted average exercise price $ 25.62 $ 38.12 $ 33.11 $ 39.88 Restricted stock awards: Outstanding 671,258 681,571 591,808 432,596 Weighted average price $ 9.58 $ 8.67 $ 11.64 $ 23.25 The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Loss (in thousands): Loss available to common stockholders – basic $ (85,944 ) $ (8,273 ) $ (262,242 ) $ (94,757 ) Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) — — — — Loss available to common stockholders – diluted (85,944 ) (8,273 ) $ (262,242 ) $ (94,757 ) Shares: Weighted average number of common shares outstanding – basic 35,798,185 35,368,212 35,712,735 35,260,746 Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1) — — — — Net effect of dilutive stock options and restricted stock awards based on the treasury stock method — — — — Weighted average number of common shares outstanding – diluted (2) 35,798,185 35,368,212 35,712,735 35,260,746 Basic loss per common share $ (2.40 ) $ (0.23 ) $ (7.34 ) $ (2.69 ) Diluted loss per common share $ (2.40 ) $ (0.23 ) $ (7.34 ) $ (2.69 ) _____________ (1) Diluted loss per common share for three and nine months ended December 31, 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 December 31, 2018 and 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 loss per share for the three and nine months ended December 31, 2018 as our average stock price during these periods did not meet or exceed the conversion requirements. (2) Potentially dilutive shares issuable pursuant to our warrant transactions entered into concurrently with the issuance of our 4½% Convertible Senior Notes (the “Warrant Transactions”) were not included in the computation of diluted loss per share for the three and nine months ended December 31, 2018 , because to do so would have been anti-dilutive. For further details on the Warrant Transactions, see Note 4 in our fiscal year 2018 Financial Statements. Accumulated Other Comprehensive Loss The following table sets forth the changes in the balances of each component of accumulated other comprehensive loss (in thousands): Currency Translation Adjustments Pension Liability Adjustments (1) Unrealized gain (loss) on cash flow hedges (2) Total Balance as of March 31, 2018 $ (79,066 ) $ (206,682 ) $ (346 ) $ (286,094 ) Other comprehensive income before reclassification (43,685 ) (2,410 ) 2,403 (43,692 ) Reclassified from accumulated other comprehensive income — — (1,158 ) (1,158 ) Net current period other comprehensive income (43,685 ) (2,410 ) 1,245 (44,850 ) Foreign exchange rate impact (24,363 ) 24,363 — — Balance as of December 31, 2018 $ (147,114 ) $ (184,729 ) $ 899 $ (330,944 ) _____________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. For further details on additional pension liability recorded during the nine months ended December 31, 2018 , see Note 10 . (2) Reclassification of amounts related to cash flow hedges were included as direct costs. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Dec. 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 and Egypt. The Americas region comprises all our operations and affiliates in North America and South America, including Brazil, Canada, Guyana, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all our operations and affiliates in Australia and Southeast Asia, including Malaysia and Sakhalin. Prior to the sale of Bristow Academy on November 1, 2017, we operated a training unit, Bristow Academy, which was previously included in Corporate and other. The following tables show region information for the three and nine months ended December 31, 2018 and 2017 and as of December 31 and March 31, 2018 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Region revenue from external customers: Europe Caspian $ 186,537 $ 196,958 $ 606,584 $ 592,280 Africa 43,830 48,712 119,638 149,289 Americas 56,669 58,468 166,644 173,431 Asia Pacific 43,829 55,691 155,653 167,421 Corporate and other 464 906 1,361 4,099 Total region revenue (1) $ 331,329 $ 360,735 $ 1,049,880 $ 1,086,520 Intra-region revenue: Europe Caspian $ 1,913 $ 1,481 $ 5,847 $ 4,000 Africa — — — — Americas 1,262 2,147 3,910 6,391 Asia Pacific — — — — Corporate and other 1 5 2 27 Total intra-region revenue $ 3,176 $ 3,633 $ 9,759 $ 10,418 Consolidated revenue: Europe Caspian $ 188,450 $ 198,439 $ 612,431 $ 596,280 Africa 43,830 48,712 119,638 149,289 Americas 57,931 60,615 170,554 179,822 Asia Pacific 43,829 55,691 155,653 167,421 Corporate and other 465 911 1,363 4,126 Intra-region eliminations (3,176 ) (3,633 ) (9,759 ) (10,418 ) Total consolidated revenue (1) $ 331,329 $ 360,735 $ 1,049,880 $ 1,086,520 _____________ (1) The above table represents disaggregated revenue from contracts with customers except for $9.8 million of revenue included in totals ( $1.7 million from Europe Caspian, $8.0 million from Americas and $0.1 million from Asia Pacific) for the three months ended December 31, 2018 and $41.8 million of revenue included in totals ( $18.8 million from Europe Caspian, $22.8 million from Americas and $0.2 million from Asia Pacific) for the nine months ended December 31, 2018 . Three Months Ended Nine Months Ended 2018 2017 2018 2017 Earnings (losses) from unconsolidated affiliates, net – equity method investments: Europe Caspian $ (2 ) $ 34 $ 17 $ 125 Americas 839 2,097 (2,052 ) 3,712 Corporate and other (100 ) (135 ) (341 ) (443 ) Total earnings (losses) from unconsolidated affiliates, net – equity method investments $ 737 $ 1,996 $ (2,376 ) $ 3,394 Consolidated operating loss: Europe Caspian $ 3,342 $ 5,274 $ 13,856 $ 19,499 Africa 5,286 10,470 7,892 28,353 Americas 4,412 5,308 (1,362 ) 11,535 Asia Pacific (6,654 ) (941 ) (14,613 ) (19,374 ) Corporate and other (21,535 ) (19,047 ) (151,440 ) (68,686 ) Loss on disposal of assets (16,015 ) (4,591 ) (18,986 ) (12,418 ) Total consolidated operating loss (1) $ (31,164 ) $ (3,527 ) $ (164,653 ) $ (41,091 ) Depreciation and amortization: Europe Caspian $ 13,041 $ 12,771 $ 37,985 $ 36,789 Africa 3,732 3,664 10,811 10,330 Americas 7,108 6,909 21,299 20,906 Asia Pacific 3,812 4,479 12,221 15,347 Corporate and other 2,922 3,859 9,729 10,747 Total depreciation and amortization $ 30,615 $ 31,682 $ 92,045 $ 94,119 December 31, March 31, Identifiable assets: Europe Caspian $ 904,490 $ 1,087,437 Africa 398,606 374,121 Americas 751,981 788,879 Asia Pacific 248,861 342,166 Corporate and other (2) 427,806 572,399 Total identifiable assets $ 2,731,744 $ 3,165,002 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 215 $ 270 Americas 104,758 116,276 Corporate and other 2,715 3,338 Total investments in unconsolidated affiliates – equity method investments $ 107,688 $ 119,884 _____________ (1) Results for the three months ended December 31, 2018 were positively impacted by a reduction to rent expense of $1.0 million (included in direct costs) impacting Europe Caspian and Asia Pacific regions by $0.2 million and $0.8 million , respectively, related to OEM cost recoveries for ongoing aircraft issues. Results for the nine months ended December 31, 2018 were positively impacted by a reduction to rent expense of $6.9 million (included in direct costs) impacting Europe Caspian and Asia Pacific regions by $4.6 million and $2.3 million , respectively, related to OEM cost recoveries for ongoing aircraft issues. For further details, see Note 1 . (2) Includes $52.9 million and $67.7 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of December 31 and March 31, 2018 , respectively, which primarily represents progress payments on aircraft to be delivered in future periods. In December 2018, a large aircraft order was terminated and we recorded contract termination costs of $14.0 million included in loss on disposal of assets on our condensed consolidated statements of operations for amounts previously included in construction in progress on our condensed consolidated balance sheets. For further details, see Notes 1 and 8 . |
SUPPLEMENTAL CONDENSED CONSOLID
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 9 Months Ended |
Dec. 31, 2018 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Financial Information | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION The Company has registered senior notes that the Guarantor Subsidiaries have fully, unconditionally, jointly and severally guaranteed. 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. For further details on the registered senior notes, see Note 4 to the fiscal year 2018 Financial Statements. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ (9 ) $ 37,253 $ 294,085 $ — $ 331,329 Intercompany revenue — 26,844 — (26,844 ) — (9 ) 64,097 294,085 (26,844 ) 331,329 Operating expense: Direct cost and reimbursable expense 14 40,188 235,699 — 275,901 Intercompany expenses 5,399 — 21,445 (26,844 ) — Depreciation and amortization 3,087 19,175 8,353 — 30,615 General and administrative 16,004 4,174 20,564 — 40,742 24,504 63,537 286,061 (26,844 ) 347,258 Loss on disposal of assets (512 ) (15,321 ) (182 ) — (16,015 ) Earnings (losses) from unconsolidated affiliates, net (22,023 ) — 780 22,023 780 Operating income (loss) (47,048 ) (14,761 ) 8,622 22,023 (31,164 ) Interest expense, net (16,997 ) (5,807 ) (4,309 ) — (27,113 ) Other income (expense), net 122 485 (4,267 ) — (3,660 ) Income (loss) before (provision) benefit for income taxes (63,923 ) (20,083 ) 46 22,023 (61,937 ) Allocation of consolidated income taxes (22,006 ) (463 ) (1,295 ) — (23,764 ) Net loss (85,929 ) (20,546 ) (1,249 ) 22,023 (85,701 ) Net income attributable to noncontrolling interests (15 ) — (228 ) — (243 ) Net loss attributable to Bristow Group $ (85,944 ) $ (20,546 ) $ (1,477 ) $ 22,023 $ (85,944 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ 188 $ 47,377 $ 313,170 $ — $ 360,735 Intercompany revenue — 28,608 — (28,608 ) — 188 75,985 313,170 (28,608 ) 360,735 Operating expense: Direct cost and reimbursable expense 81 49,540 236,998 — 286,619 Intercompany expenses — — 28,608 (28,608 ) — Depreciation and amortization 3,048 12,489 16,145 — 31,682 General and administrative 13,937 6,514 22,915 — 43,366 17,066 68,543 304,666 (28,608 ) 361,667 Gain (loss) on disposal of assets (1,757 ) (3,657 ) 823 — (4,591 ) Earnings (losses) from unconsolidated affiliates, net (11,503 ) — 1,996 11,503 1,996 Operating income (loss) (30,138 ) 3,785 11,323 11,503 (3,527 ) Interest expense, net (9,480 ) (5,008 ) (4,605 ) — (19,093 ) Other income (expense), net (16 ) 227 (947 ) — (736 ) Income (loss) before (provision) benefit for income taxes (39,634 ) (996 ) 5,771 11,503 (23,356 ) Allocation of consolidated income taxes 31,373 (1,791 ) (16,163 ) — 13,419 Net loss (8,261 ) (2,787 ) (10,392 ) 11,503 (9,937 ) Net (income) loss attributable to noncontrolling interests (12 ) — 1,676 — 1,664 Net loss attributable to Bristow Group $ (8,273 ) $ (2,787 ) $ (8,716 ) $ 11,503 $ (8,273 ) Supplemental Condensed Consolidating Statement of Operations Nine Months Ended December 31, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Third party revenue $ 81 $ 108,186 $ 941,613 $ — $ 1,049,880 Intercompany revenue — 80,857 — (80,857 ) — 81 189,043 941,613 (80,857 ) 1,049,880 Operating expense: Direct cost and reimbursable expense 50 123,045 741,172 — 864,267 Intercompany expenses 20,706 — 60,151 (80,857 ) — Depreciation and amortization 9,245 55,130 27,670 — 92,045 General and administrative 41,699 13,097 64,886 — 119,682 71,700 191,272 893,879 (80,857 ) 1,075,994 Loss on impairment — (87,474 ) (29,746 ) — (117,220 ) Loss on disposal of assets (1,318 ) (16,799 ) (869 ) — (18,986 ) Earnings (losses) from unconsolidated affiliates, net (153,319 ) — (2,333 ) 153,319 (2,333 ) Operating income (loss) (226,256 ) (106,502 ) 14,786 153,319 (164,653 ) Interest expense, net (48,940 ) (18,552 ) (13,198 ) — (80,690 ) Other income (expense), net 306 1,802 (12,922 ) — (10,814 ) Loss before (provision) benefit for income taxes (274,890 ) (123,252 ) (11,334 ) 153,319 (256,157 ) Allocation of consolidated income taxes 12,691 (746 ) (17,203 ) — (5,258 ) Net loss (262,199 ) (123,998 ) (28,537 ) 153,319 (261,415 ) Net income attributable to noncontrolling interests (43 ) — (784 ) — (827 ) Net loss attributable to Bristow Group $ (262,242 ) $ (123,998 ) $ (29,321 ) $ 153,319 $ (262,242 ) Supplemental Condensed Consolidating Statement of Operations Nine Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Third party revenue $ 188 $ 140,104 $ 946,228 $ — $ 1,086,520 Intercompany revenue — 92,518 — (92,518 ) — 188 232,622 946,228 (92,518 ) 1,086,520 Operating expense: Direct cost and reimbursable expense 3,350 147,829 733,402 — 884,581 Intercompany expenses — — 92,518 (92,518 ) — Depreciation and amortization 8,981 38,209 46,929 — 94,119 General and administrative 50,924 17,899 69,872 — 138,695 63,255 203,937 942,721 (92,518 ) 1,117,395 Loss on impairment — (1,192 ) — — (1,192 ) Gain (loss) on disposal of assets (1,757 ) 7,356 (18,017 ) — (12,418 ) Earnings (losses) from unconsolidated affiliates, net (22,506 ) — 3,394 22,506 3,394 Operating income (loss) (87,330 ) 34,849 (11,116 ) 22,506 (41,091 ) Interest expense, net (29,174 ) (16,811 ) (7,692 ) — (53,677 ) Other income (expense), net (142 ) (529 ) 906 — 235 Income (loss) before provision for income taxes (116,646 ) 17,509 (17,902 ) 22,506 (94,533 ) Allocation of consolidated income taxes 21,925 (7,896 ) (16,575 ) — (2,546 ) Net income (loss) (94,721 ) 9,613 (34,477 ) 22,506 (97,079 ) Net (income) loss attributable to noncontrolling interests (36 ) — 2,358 — 2,322 Net income (loss) attributable to Bristow Group $ (94,757 ) $ 9,613 $ (32,119 ) $ 22,506 $ (94,757 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended December 31, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (85,929 ) $ (20,546 ) $ (1,249 ) $ 22,023 $ (85,701 ) Other comprehensive loss: Currency translation adjustments — (372 ) (9,146 ) 3,056 (6,462 ) Pension liability adjustment — — (2,410 ) — (2,410 ) Unrealized loss on cash flow hedges — — (5 ) — (5 ) Total comprehensive loss (85,929 ) (20,918 ) (12,810 ) 25,079 (94,578 ) Net income attributable to noncontrolling interests (15 ) — (228 ) — (243 ) Currency translation adjustments attributable to noncontrolling interests — — (52 ) — (52 ) Total comprehensive income attributable to noncontrolling interests (15 ) — (280 ) — (295 ) Total comprehensive loss attributable to Bristow Group $ (85,944 ) $ (20,918 ) $ (13,090 ) $ 25,079 $ (94,873 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (8,261 ) $ (2,787 ) $ (10,392 ) $ 11,503 $ (9,937 ) Other comprehensive income (loss): Currency translation adjustments — (18 ) 1,116 (1,155 ) (57 ) Total comprehensive loss (8,261 ) (2,805 ) (9,276 ) 10,348 (9,994 ) Net (income) loss attributable to noncontrolling interests (12 ) — 1,676 — 1,664 Currency translation adjustments attributable to noncontrolling interests — — (17 ) — (17 ) Total comprehensive (income) loss attributable to noncontrolling interests (12 ) — 1,659 — 1,647 Total comprehensive loss attributable to Bristow Group $ (8,273 ) $ (2,805 ) $ (7,617 ) $ 10,348 $ (8,347 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended December 31, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (262,199 ) $ (123,998 ) $ (28,537 ) $ 153,319 $ (261,415 ) Other comprehensive loss: Currency translation adjustments — (1,417 ) (105,254 ) 63,209 (43,462 ) Pension liability adjustment — — (2,410 ) — (2,410 ) Unrealized gain on cash flow hedges — — 1,245 — 1,245 Total comprehensive loss (262,199 ) (125,415 ) (134,956 ) 216,528 (306,042 ) Net income attributable to noncontrolling interests (43 ) — (784 ) — (827 ) Currency translation adjustments attributable to noncontrolling interests — — (223 ) — (223 ) Total comprehensive income attributable to noncontrolling interests (43 ) — (1,007 ) — (1,050 ) Total comprehensive loss attributable to Bristow Group $ (262,242 ) $ (125,415 ) $ (135,963 ) $ 216,528 $ (307,092 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (94,721 ) $ 9,613 $ (34,477 ) $ 22,506 $ (97,079 ) Other comprehensive income (loss): Currency translation adjustments — 626 29,686 (9,918 ) 20,394 Total comprehensive income (loss) (94,721 ) 10,239 (4,791 ) 12,588 (76,685 ) Net (income) loss attributable to noncontrolling interests (36 ) — 2,358 — 2,322 Currency translation adjustments attributable to noncontrolling interests — — 530 — 530 Total comprehensive (income) loss attributable to noncontrolling interests (36 ) — 2,888 — 2,852 Total comprehensive income (loss) attributable to Bristow Group $ (94,757 ) $ 10,239 $ (1,903 ) $ 12,588 $ (73,833 ) Supplemental Condensed Consolidating Balance Sheet As of December 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 155,167 $ — $ 77,660 $ (1,501 ) $ 231,326 Accounts receivable 506,745 542,145 293,490 (1,124,553 ) 217,827 Inventories — 34,658 80,596 — 115,254 Assets held for sale — 18,506 3,979 — 22,485 Prepaid expenses and other current assets 4,520 2,674 41,452 — 48,646 Total current assets 666,432 597,983 497,177 (1,126,054 ) 635,538 Intercompany investment 1,877,133 104,436 128,633 (2,110,202 ) — Investment in unconsolidated affiliates — — 113,974 — 113,974 Intercompany notes receivable 118,003 9,229 147,056 (274,288 ) — Property and equipment—at cost: Land and buildings 4,806 58,204 177,191 — 240,201 Aircraft and equipment 155,628 1,311,241 1,012,674 — 2,479,543 160,434 1,369,445 1,189,865 — 2,719,744 Less: Accumulated depreciation and amortization (46,012 ) (403,430 ) (422,759 ) — (872,201 ) 114,422 966,015 767,106 — 1,847,543 Goodwill — — 18,271 — 18,271 Other assets 4,786 2,727 108,905 — 116,418 Total assets $ 2,780,776 $ 1,680,390 $ 1,781,122 $ (3,510,544 ) $ 2,731,744 LIABILITIES AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 413,795 $ 476,510 $ 317,229 $ (1,115,618 ) $ 91,916 Accrued liabilities 56,645 (7,232 ) 116,352 (9,300 ) 156,465 Short-term borrowings and current maturities of long-term debt 847,023 271,279 302,748 — 1,421,050 Total current liabilities 1,317,463 740,557 736,329 (1,124,918 ) 1,669,431 Long-term debt, less current maturities — — 9,174 — 9,174 Intercompany notes payable 103,449 154,527 17,415 (275,391 ) — Accrued pension liabilities — — 28,036 — 28,036 Other liabilities and deferred credits 10,732 8,729 9,112 — 28,573 Deferred taxes 68,416 25,853 24,788 — 119,057 Stockholders’ investment: Common stock 385 4,996 131,317 (136,313 ) 385 Additional paid-in-capital 860,745 29,387 284,048 (313,435 ) 860,745 Retained earnings 524,846 716,378 278,054 (994,432 ) 524,846 Accumulated other comprehensive income (loss) 78,306 (37 ) 256,842 (666,055 ) (330,944 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,279,486 750,724 950,261 (2,110,235 ) 870,236 Noncontrolling interests 1,230 — 6,007 — 7,237 Total stockholders’ investment 1,280,716 750,724 956,268 (2,110,235 ) 877,473 Total liabilities and stockholders’ investment $ 2,780,776 $ 1,680,390 $ 1,781,122 $ (3,510,544 ) $ 2,731,744 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 Nine Months Ended December 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (93,365 ) $ 23,819 $ 2,145 $ (1,501 ) $ (68,902 ) Cash flows from investing activities: Capital expenditures (2,987 ) (12,827 ) (17,897 ) — (33,711 ) Proceeds from asset dispositions — 7,529 1,564 — 9,093 Net cash used in investing activities (2,987 ) (5,298 ) (16,333 ) — (24,618 ) Cash flows from financing activities: Proceeds from borrowings — — 387 — 387 Debt issuance costs (642 ) (32 ) (1,925 ) — (2,599 ) Repayment of debt — (15,709 ) (33,407 ) — (49,116 ) Dividends paid 162,941 1,649 (164,590 ) — — Increases (decreases) in cash related to intercompany advances and debt (189,241 ) (13,333 ) 202,574 — — Partial prepayment of put/call obligation (40 ) — — — (40 ) Dividends paid to noncontrolling interest — — (580 ) — (580 ) Issuance of common stock 2,830 — — — 2,830 Repurchases for tax withholdings on vesting of equity awards (1,505 ) — — — (1,505 ) Net cash provided by (used in) financing activities (25,657 ) (27,425 ) 2,459 — (50,623 ) Effect of exchange rate changes on cash and cash equivalents — — (4,754 ) — (4,754 ) Net decrease in cash and cash equivalents (122,009 ) (8,904 ) (16,483 ) (1,501 ) (148,897 ) Cash and cash equivalents at beginning of period 277,176 8,904 94,143 — 380,223 Cash and cash equivalents at end of period $ 155,167 $ — $ 77,660 $ (1,501 ) $ 231,326 Supplemental Condensed Consolidating Statement of Cash Flows Nine Months Ended December 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (105,817 ) $ 34,995 $ 62,437 $ (922 ) $ (9,307 ) Cash flows from investing activities: Capital expenditures (8,182 ) (7,755 ) (97,984 ) 77,480 (36,441 ) Proceeds from asset dispositions — 85,760 40,267 (77,480 ) 48,547 Proceeds from OEM cost recoveries — — 94,463 — 94,463 Net cash provided by (used in) investing activities (8,182 ) 78,005 36,746 — 106,569 Cash flows from financing activities: Proceeds from borrowings 318,550 — 230,218 — 548,768 Debt issuance costs (2,558 ) (552 ) (8,543 ) — (11,653 ) Repayment of debt (569,325 ) (13,137 ) (27,205 ) — (609,667 ) Purchase of 4½% Convertible Senior Notes call option (40,393 ) — — — (40,393 ) Proceeds from issuance of warrants 30,259 — — — 30,259 Dividends paid 110,637 — (113,102 ) — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 291,969 (99,610 ) (192,359 ) — — Partial prepayment of put/call obligation (36 ) — — — (36 ) Repurchases for tax withholdings on vesting of equity awards (591 ) — — — (591 ) Net cash provided by (used in) financing activities 138,512 (113,299 ) (110,991 ) — (85,778 ) Effect of exchange rate changes on cash and cash equivalents — — 9,708 — 9,708 Net increase (decrease) in cash and cash equivalents 24,513 (299 ) (2,100 ) (922 ) 21,192 Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 27,895 $ — $ 90,875 $ (922 ) $ 117,848 |
BASIS OF PRESENTATION, CONSOL_2
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Goodwill | 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. |
Other Intangible Assets | Other Intangible Assets Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. |
Recent Accounting Pronouncements | 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 replacing the existing accounting standard and industry-specific guidance for revenue recognition with a five-step model for recognizing and measuring revenue from contracts with customers. The underlying principle of the new standard is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. This new standard is effective for annual reporting periods beginning after December 15, 2017. We adopted the standard as of April 1, 2018 using the modified retrospective method applied to open contracts and only to the version of the contracts in effect as of April 1, 2018. Prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting policy. There was no impact on our condensed consolidated financial statements and no cumulative effect adjustment was recognized. For further details, see Note 3 . 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. In July 2018, the FASB issued a practical expedient that would allow entities the option to apply the provisions of the new lease guidance at the effective date of adoption without adjusting the comparative periods presented. In December 2018, the FASB provided certain improvements to this topic that are narrow in scope. We have not yet adopted this standard and are currently evaluating the effect this standard will have 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 an asset 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 adopted this accounting guidance effective April 1, 2018 using the modified retrospective method, through a cumulative-effect adjustment directly to retained earnings. Upon adoption, we increased deferred tax liabilities by approximately $1.7 million and recognized an offsetting decrease to retained earnings. 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 adopted this accounting guidance effective April 1, 2018. This accounting guidance has had no impact on our financial statements since adoption as we have not entered into any transactions during this period. In March 2017, the FASB issued accounting guidance related to the presentation of net periodic pension cost and net periodic post-retirement 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 post-retirement 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 post-retirement benefit in assets. We adopted this accounting guidance effective April 1, 2018, and our statement of operations was retrospectively adjusted by $0.1 million and $0.1 million with an increase in direct cost and a corresponding credit in other income (expense), net for the three and nine months ended December 31, 2017 , respectively. 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 fiscal 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 adopted this accounting guidance effective April 1, 2018, with no impact on our financial statements as there were no changes to the terms or conditions of share-based payment awards. 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 June 2018, the FASB issued an amendment to the accounting guidance related to accounting for employee share-based payments which clarifies that an entity should recognize excess tax benefits in the period in which the amount of the deduction is determined. This amendment is effective for annual periods beginning after December 15, 2018. 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 2018, the FASB modified the disclosure requirements on fair value measurements. The amendment modifies, removes, and adds several disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The amendment is effective for fiscal years ending after December 15, 2021 for public business entities 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 disclosure requirements. In August 2018, the FASB modified disclosure requirements for employers that sponsor defined benefit pension plans. Certain disclosure requirements were removed and certain disclosure requirements were added. The amendment also clarifies disclosure requirements for projected benefit obligation (“PBO”) and accumulated benefit obligation (“ABO”) in excess of respective plan assets. The amendment is effective for fiscal years ending after December 15, 2020 for public business entities 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 disclosure requirements. In August 2018, the FASB issued new accounting guidance that addresses the accounting for implementation costs associated with a hosted service. The guidance provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. This guidance is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The guidance will be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In October 2018, the FASB amended the guidance for determining whether a decision-making fee is a variable interest. The amendments require organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in generally accepted accounting principles). Therefore, these amendments likely will result in more decision makers not consolidating variable interest entities (“VIEs”). This amendment is effective beginning in our fiscal year 2021 financial statements. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our disclosure requirements. |
REVENUE RECOGNITION (Policies)
REVENUE RECOGNITION (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition In general, we recognize revenue when a service is provided or a good is sold to a customer and there is a contract. At contract inception, we assess the goods and services promised in our contracts with customers and identify all performance obligations for each distinct promise that transfers a good or service (or bundle of goods or services) to the customer. To identify the performance obligations, we consider all goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. Revenue is recognized when control of the identified distinct goods or services have been transferred to the customer, the transaction price is determined and allocated to the performed performance obligations and we have determined that collection has occurred or is probable of occurring. A majority of our revenue from contracts with customers is currently generated through two types of contracts: helicopter services and fixed wing services. Each contract type has a single distinct performance obligation as described below. Helicopter services — Our customers — major integrated, national and independent offshore energy companies — charter our helicopters primarily to transport personnel between onshore bases and offshore production platforms, drilling rigs and other installations. To a lesser extent, our customers also charter our helicopters to transport time-sensitive equipment to these offshore locations. The customers for SAR services include both the oil and gas industry and governmental agencies. Revenue from helicopter services is recognized when the performance obligation is satisfied over time based on contractual rates as the related services are performed. A performance obligation arises under contracts with customers to render services and is the unit of account under the accounting guidance for revenue. Operating revenue from our oil and gas segment is derived mainly from fixed-term contracts with our customers, a substantial portion of which is competitively bid. A small portion of our oil and gas customer revenue is derived from providing services on an "ad-hoc" basis. Our fixed-term contracts typically have original terms of one year to seven years (subject to provisions permitting early termination by our customers). We account for services rendered separately if they are distinct and the service is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered on its own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Within this contract type for helicopter services, we determined that each contract has a single distinct performance obligation. These services include a fixed monthly rate for a particular model of aircraft, and flight hour services, which represents the variable component of a typical contract with a customer. Rates for these services vary depending on the type of services provided and can be based on a per flight hour, per day, or per month basis. Variable charges within our flight services contracts are not effective until a customer-initiated flight order is received and the actual hours flown are determined; therefore, the associated flight revenue generally cannot be reasonably and reliably estimated beforehand. A contract’s standalone selling prices are determined based upon the prices that we charge for our services rendered. Revenue is recognized as performance obligations are satisfied over time, by measuring progress towards satisfying the contracted services in a manner that best depicts the transfer of services to the customer, which is generally represented by a period of 30 days or less. We typically invoice customers on a monthly basis and the term between invoicing and when the payment is due is typically between 30 and 60 days. 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 rates when estimable and applicable, which generally includes written acknowledgment from the customers that they are in agreement with the amount of the rate escalation. Cost reimbursements from customers are recorded as reimbursable revenue with the related reimbursed costs recorded as reimbursable expense on our condensed consolidated statements of operations. Taxes collected from customers and remitted to governmental authorities and revenue are reported on a net basis in our financial statements. Thus, we exclude taxes imposed on the customer and collected on behalf of governmental agencies to be remitted to these agencies from the transaction price in determining the revenue related to contracts with a customer. Fixed wing services — Eastern Airways and Airnorth provide fixed wing transportation services through regular passenger transport (scheduled airline service with individual ticket sales) and charter services. A performance obligation arises under contracts with customers to render services and is the unit of account under the new accounting guidance for revenue. Within fixed wing services, we determined that each contract has a single distinct performance obligation. Revenue is recognized over time 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. Both chartered and scheduled airline service revenue is recognized net of passenger taxes and discounts. Eastern Airways was sold on May 10, 2019. Contract Assets, Liabilities and Receivables We generally satisfy performance of contract obligations by providing helicopter and fixed wing services to our customers in exchange for consideration. The timing of performance may differ from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset exists when we have a contract with a customer for which revenue has been recognized (i.e. services have been performed), but customer payment is contingent on a future event (i.e. satisfaction of additional performance obligations). These contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to deferred revenue in which advance consideration is received from customers for contracts where revenue is recognized on future performance of services. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | 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 and the nine months ended December 31, 2018 , we entered into foreign currency put option contracts of £5 million per month through November 2019 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. |
BASIS OF PRESENTATION, CONSOL_3
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of loss on impairment | Loss on impairment includes the following (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Impairment of inventories $ — $ — $ 9,276 $ 1,192 Impairment of property and equipment (1) — — 104,939 — Impairment of intangible assets — — 3,005 — $ — $ — $ 117,220 $ 1,192 _____________ (1) Includes impairment of $87.5 million for H225 aircraft and $17.5 million for Eastern Airways International Limited (“Eastern Airways”) aircraft and equipment. |
Schedule of foreign exchange rates | The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended Nine Months Ended 2018 2017 2018 2017 One Brazilian real into U.S. dollars High 0.2726 0.3198 0.3020 0.3244 Average 0.2628 0.3076 0.2647 0.3117 Low 0.2482 0.3004 0.2390 0.2995 At period-end 0.2580 0.3015 0.2580 0.3015 _____________ Source: FactSet The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended Nine Months Ended 2018 2017 2018 2017 One British pound sterling into U.S. dollars High 1.32 1.35 1.43 1.36 Average 1.29 1.33 1.32 1.31 Low 1.25 1.31 1.25 1.24 At period-end 1.27 1.35 1.27 1.35 One euro into U.S. dollars High 1.16 1.20 1.24 1.20 Average 1.14 1.18 1.17 1.15 Low 1.13 1.16 1.13 1.06 At period-end 1.14 1.20 1.14 1.20 One Australian dollar into U.S. dollars High 0.74 0.79 0.78 0.81 Average 0.72 0.77 0.74 0.77 Low 0.70 0.75 0.70 0.74 At period-end 0.70 0.78 0.70 0.78 One Norwegian kroner into U.S. dollars High 0.1227 0.1269 0.1290 0.1294 Average 0.1183 0.1225 0.1215 0.1219 Low 0.1136 0.1193 0.1136 0.1152 At period-end 0.1155 0.1223 0.1155 0.1223 One Nigerian naira into U.S. dollars High 0.0028 0.0028 0.0028 0.0033 Average 0.0027 0.0028 0.0028 0.0030 Low 0.0027 0.0028 0.0027 0.0027 At period-end 0.0028 0.0028 0.0028 0.0028 _____________ Source: FactSet |
Schedule of foreign exchange impact | We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands): Three Months Ended Nine Months Ended Revenue $ (7,844 ) $ (2,652 ) Operating expense 10,452 10,178 Earnings (losses) from unconsolidated affiliates, net 555 (2,163 ) Non-operating expense (3,153 ) (9,335 ) Loss before provision for income taxes 10 (3,972 ) Benefit for income taxes 144 1,338 Net loss 154 (2,634 ) Cumulative translation adjustment (6,514 ) (43,685 ) Total stockholders’ investment $ (6,360 ) $ (46,319 ) |
Schedule of interest income and interest expense | During the three and nine months ended December 31, 2018 and 2017 , interest expense, net consisted of the following (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Interest income $ 2,269 $ 144 $ 3,677 $ 512 Interest expense (29,382 ) (19,237 ) (84,367 ) (54,189 ) Interest expense, net $ (27,113 ) $ (19,093 ) $ (80,690 ) $ (53,677 ) |
Schedule of goodwill | Goodwill of $18.3 million and $19.9 million as of December 31 and March 31, 2018 , respectively, related to our Asia Pacific reporting unit was as follows (in thousands): March 31, 2018 $ 19,907 Foreign currency translation (1,636 ) December 31, 2018 $ 18,271 Accumulated goodwill impairment of $50.9 million as of both December 31 and March 31, 2018 related to our reporting units were as follows (in thousands): Europe Caspian $ (33,883 ) Africa (6,179 ) Americas (576 ) Corporate and other (10,223 ) Total accumulated goodwill impairment $ (50,861 ) |
Schedule of other intangible assets | Intangible assets by type were as follows (in thousands): Customer Trade name and trademarks Internally developed software Licenses Total Gross Carrying Amount March 31, 2018 $ 12,777 $ 4,878 $ 1,107 $ 755 $ 19,517 Foreign currency translation (213 ) (263 ) (13 ) (2 ) (491 ) December 31, 2018 $ 12,564 $ 4,615 $ 1,094 $ 753 $ 19,026 Accumulated Amortization March 31, 2018 $ (11,372 ) $ (1,213 ) $ (915 ) $ (719 ) $ (14,219 ) Impairments — (2,933 ) (72 ) — (3,005 ) Amortization expense (89 ) (142 ) (107 ) (34 ) (372 ) December 31, 2018 $ (11,461 ) $ (4,288 ) $ (1,094 ) $ (753 ) $ (17,596 ) Weighted average remaining contractual life, in years 7.0 * 0.0 0.0 7.0 _____________ * Trade name and trademarks relating to Airnorth were determined to have indefinite useful lives and therefore were not amortized, but instead are tested for impairment on an annual basis. |
Schedule of other intangible assets, future amortization expense | Future amortization expense of intangible assets for each of the years ending March 31 is as follows (in thousands): 2019 $ 39 2020 157 2021 157 2022 157 2023 157 Thereafter 436 $ 1,103 |
Schedule of capital expenditures | During the three and nine months ended December 31, 2018 and 2017 , we took delivery of aircraft and made capital expenditures as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In thousands, except for number of aircraft) Number of aircraft delivered: Medium (1) 1 — 1 5 Total aircraft 1 — 1 5 Capital expenditures (in thousands): Aircraft and equipment (1)(2) $ 15,839 $ 10,311 $ 28,570 $ 26,800 Land and buildings 570 1,813 5,141 9,641 Total capital expenditures $ 16,409 $ 12,124 $ 33,711 $ 36,441 _____________ (1) During the three and nine months ended December 31, 2018, we purchased an aircraft that was not on order that was previously leased. (2) During the nine months ended December 31, 2017 , we spent $2.3 million on progress payments for aircraft to be delivered in future periods. During the three months ended December 31, 2017 and the three and nine months ended December 31, 2018 , we made no progress payments for aircraft to be delivered in future periods. |
Schedule of aircraft sales and impairments | The following table presents details on the aircraft sold or disposed of and impairment charges on assets held for sale and property and equipment during the three and nine months ended December 31, 2018 and 2017 : Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of — 5 3 11 Proceeds from sale or disposal of assets $ 631 $ 6,303 $ 9,093 $ 48,547 Loss from sale or disposal of assets (1) $ 694 $ 3,031 $ 3,665 $ 1,111 Number of held for sale aircraft impaired 2 1 2 5 Impairment charges on assets held for sale (1)(2) $ 1,350 $ 1,560 $ 1,350 $ 11,307 Impairment charges on property and equipment (3) $ — $ — $ 104,939 $ — Contract termination costs (1)(4) $ 13,971 $ — $ 13,971 $ — _____________ (1) Included in loss on disposal of assets on our condensed consolidated statements of operations. (2) Includes a $6.5 million impairment of the Bristow Academy disposal group for the nine months ended December 31, 2017. (3) Includes an $87.5 million impairment related to H225s and a $17.5 million impairment related to Eastern Airways assets for the nine months ended December 31, 2018, included in loss on impairment on our condensed consolidated statement of operations. See Loss on Impairment above for further details. (4) Includes $11.7 million of progress payments and $2.3 million of capitalized interest for an aircraft purchase contract that was terminated in December 2018. For further details, see Note 8 . |
Schedule of other accrued liabilities | Other accrued liabilities of $38.7 million and $66.0 million as of December 31 and March 31, 2018 , respectively, includes the following: December 31, March 31, (In thousands) Accrued lease costs $ 9,028 $ 11,708 Deferred OEM cost recovery 3,997 8,082 Eastern Airways overdraft liability (1) — 8,989 Accrued property and equipment 490 4,874 Deferred gain on sale leasebacks 1,305 1,305 Other operating accruals 23,872 31,020 $ 38,692 $ 65,978 _____________ (1) Eastern Airways overdraft liability related to its revolving credit facility, which matured on December 31, 2018. |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | In accordance with the new revenue standard requirements discussed in Note 1 , the disclosure of the impact of adoption on our condensed consolidated financial statements for the three and nine months ended December 31, 2018 follows (in thousands): Three Months Ended Nine Months Ended Balances After Adoption Balances without Adoption Effect of change Balances After Adoption Balances without Adoption Effect of change Revenue: Operating revenue from non-affiliates $ 301,439 $ 303,206 $ (1,767 ) $ 944,164 $ 963,252 $ (19,088 ) Operating revenue from affiliates 5,895 13,885 (7,990 ) 16,822 39,537 (22,715 ) Reimbursable revenue from non-affiliates 14,238 14,238 — 47,091 47,091 — Revenue from Contracts with Customers 321,572 331,329 (9,757 ) 1,008,077 1,049,880 (41,803 ) Other revenue from non-affiliates 1,767 — 1,767 19,088 — 19,088 Other revenue from affiliates 7,990 — 7,990 22,715 — 22,715 Total Revenue $ 331,329 $ 331,329 $ — $ 1,049,880 $ 1,049,880 $ — No cumulative effect adjustment to retained earnings was required upon adoption on April 1, 2018. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. The table below discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and (2) the expected timing to recognize this revenue (in thousands). Remaining Performance Obligations Three Months Ending March 31, 2019 Fiscal Year Ending March 31, Total 2020 2021 2022 2023 and thereafter Outstanding Service Revenue: Helicopter contracts $ 130,992 $ 301,475 $ 211,246 $ 193,589 $ 481,467 $ 1,318,769 Fixed-wing contracts 1,779 346 — — — 2,125 Total remaining performance obligation revenue $ 132,771 $ 301,821 $ 211,246 $ 193,589 $ 481,467 $ 1,320,894 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |
Primary beneficiary variable interest financial statements | Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our condensed consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): December 31, March 31, Assets Cash and cash equivalents $ 76,432 $ 90,788 Accounts receivable 303,108 256,735 Inventories 80,596 98,314 Prepaid expenses and other current assets 39,009 38,665 Total current assets 499,145 484,502 Investment in unconsolidated affiliates 2,930 3,608 Property and equipment, net 278,562 327,440 Goodwill 18,271 19,907 Other assets 219,636 231,884 Total assets $ 1,018,544 $ 1,067,341 Liabilities Accounts payable $ 413,998 $ 292,893 Accrued liabilities 106,811 140,733 Accrued interest 2,330,164 2,130,433 Current maturities of long-term debt 7,963 23,125 Total current liabilities 2,858,936 2,587,184 Long-term debt, less current maturities 460,019 479,571 Accrued pension liabilities 28,036 37,034 Other liabilities and deferred credits 5,521 7,342 Deferred taxes 29,431 26,252 Total liabilities $ 3,381,943 $ 3,137,383 Three Months Ended Nine Months Ended 2018 2017 2018 2017 Revenue $ 292,047 $ 309,461 $ 935,304 $ 933,387 Operating loss (9,496 ) (17,463 ) (40,642 ) (40,095 ) Net loss (85,922 ) (79,789 ) (270,263 ) (221,039 ) |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt as of December 31 and March 31, 2018 consisted of the following (in thousands): December 31, March 31, 8.75% Senior Secured Notes due 2023 $ 347,205 $ 346,610 4½% Convertible Senior Notes due 2023 111,514 107,397 6¼% Senior Notes due 2022 401,535 401,535 Lombard Debt 182,388 211,087 Macquarie Debt 174,528 185,028 PK Air Debt 216,637 230,000 Airnorth Debt 11,738 13,832 Eastern Airways Debt — 14,519 Other Debt 7,959 3,991 Unamortized debt issuance costs (23,280 ) (27,465 ) Total debt 1,430,224 1,486,534 Less short-term borrowings and current maturities of long-term debt (1,421,050 ) (1,475,438 ) Total long-term debt $ 9,174 $ 11,096 |
Schedule of convertible debt | The balances of the debt and equity components of our 4½% Convertible Senior Notes due 2023 (the “4½% Convertible Senior Notes”) as of December 31 and March 31, 2018 is as follows (in thousands): December 31, March 31, Equity component - net carrying value (1) $ 36,778 $ 36,778 Debt component: Face amount due at maturity $ 143,750 $ 143,750 Unamortized discount (32,236 ) (36,353 ) Debt component - net carrying value $ 111,514 $ 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 three and nine months ended December 31, 2018 was 11.0% . Interest expense related to our 4½% Convertible Senior Notes for the three and nine months ended December 31, 2018 was as follows (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Contractual coupon interest $ 1,620 $ 234 $ 4,867 $ 234 Amortization of debt discount 1,412 181 4,117 181 Total interest expense $ 3,032 $ 415 $ 8,984 $ 415 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on recurring basis | The following table summarizes the financial instruments we had as of December 31, 2018 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Derivative financial instruments $ — $ 3,174 $ — $ 3,174 Prepaid expenses and other current assets Rabbi Trust investments 1,850 — — 1,850 Other assets Total assets $ 1,850 $ 3,174 $ — $ 5,024 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 Significant Significant Balance as of Balance Sheet Derivative financial instruments $ — $ 718 $ — $ 718 Prepaid expenses and other current assets Rabbi Trust investments 2,296 — — 2,296 Other assets Total assets $ 2,296 $ 718 $ — $ 3,014 |
Schedule of fair value assets measured on non-recurring basis | The following table summarizes the assets valued at fair value on a non-recurring basis during the three and nine months ended December 31, 2018 (in thousands): Quoted Prices in Active Significant Other Significant Total Total Inventories (1) $ — $ — $ 7,697 $ — $ (9,276 ) Assets held for sale (2) — — 22,485 (1,350 ) (1,350 ) Aircraft and equipment (1) — — 136,338 — (104,939 ) Other intangible assets (1) — — — — (3,005 ) Total assets $ — $ — $ 166,520 $ (1,350 ) $ (118,570 ) _____________ (1) Fair value as of September 30, 2018. (2) Fair value as of December 31, 2018. The following table summarizes the assets valued at fair value on a non-recurring basis during the three and nine months ended December 31, 2017 (in thousands): Quoted Prices in Active Significant Other Significant Total Total Inventories (1) $ — $ — $ 1,252 $ — $ (1,192 ) Assets held for sale (2) — — 31,038 (1,560 ) (11,307 ) Total assets $ — $ — $ 32,290 $ (1,560 ) $ (12,499 ) _____________ (1) Fair value as of June 30, 2017. (2) Fair value as of December 31, 2017. |
Schedule of fair value of debt | The carrying and fair value of our debt, excluding unamortized debt issuance costs, are as follows (in thousands): December 31, 2018 March 31, 2018 Carrying Value Fair Value Carrying Value Fair Value 8.75% Senior Secured Notes due 2023 (1) $ 347,205 $ 250,250 $ 346,610 $ 353,500 4½% Convertible Senior Notes due 2023 (2) 111,514 54,984 107,397 158,772 6¼% Senior Notes due 2022 401,535 140,537 401,535 325,243 Lombard Debt 182,388 182,388 211,087 211,087 Macquarie Debt 174,528 174,528 185,028 185,028 PK Air Debt 216,637 216,637 230,000 230,000 Airnorth Debt 11,738 11,738 13,832 13,832 Eastern Airways Debt — — 14,519 14,519 Other Debt 7,959 7,959 3,991 3,991 $ 1,453,504 $ 1,039,021 $ 1,513,999 $ 1,495,972 _____________ (1) The carrying value is net of unamortized discount of $2.8 million and $3.4 million as of December 31 and March 31, 2018 , respectively. (2) The carrying value is net of unamortized discount of $32.2 million and $36.4 million as of December 31 and March 31, 2018 , respectively. |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Dec. 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 December 31, 2018 (in thousands): Derivatives designated as hedging instruments Derivatives not designated as hedging instruments 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 $ 3,174 $ — $ 3,174 $ — $ 3,174 Net $ 3,174 $ — $ 3,174 $ — $ 3,174 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 Derivatives not designated as hedging instruments 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 the three months ended December 31, 2018 (in thousands): Financial statement location Amount of loss recognized in accumulated other comprehensive loss $ (5 ) Accumulated other comprehensive loss Amount of loss reclassified from accumulated other comprehensive loss into earnings $ — Statement of operations — Direct cost 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 the nine months ended December 31, 2018 (in thousands): Financial statement location Amount of gain recognized in accumulated other comprehensive loss $ 2,403 Accumulated other comprehensive loss Amount of gain reclassified from accumulated other comprehensive loss into earnings $ 1,158 Statement of operations — Direct cost |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Dec. 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 December 31, 2018 , we had 26 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. Three Months Ending March 31, 2019 Fiscal Year Ending March 31, 2020 2021 2022 2023 and thereafter (1) Total Commitments as of December 31, 2018: Number of aircraft: Large — — 4 5 13 22 U.K. SAR — 4 — — — 4 — 4 4 5 13 26 Related commitment expenditures (in thousands) (2) Large $ 2,197 $ 24,310 $ 74,946 $ 83,195 $ 188,401 $ 373,049 U.K. SAR — 59,946 — — — 59,946 $ 2,197 $ 84,256 $ 74,946 $ 83,195 $ 188,401 $ 432,995 Options as of December 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 $91.1 million for five aircraft orders that can be cancelled prior to delivery dates. We made non-refundable deposits of $4.5 million related to these aircraft in prior periods. (2) Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised |
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 December 31, 2018 : End of Lease Term Number of Aircraft Three months ending March 31, 2019 to fiscal year 2020 29 Fiscal year 2021 to fiscal year 2023 36 Fiscal year 2024 to fiscal year 2025 11 76 |
Schedule of separation programs | The expense related to the ISPs for the three and nine months ended December 31, 2018 and 2017 is as follows (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Direct cost $ 2,096 $ 2,661 $ 4,809 $ 5,208 General and administrative 313 120 2,046 8,662 Total $ 2,409 $ 2,781 $ 6,855 $ 13,870 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan [Abstract] | |
Schedule of components of net periodic pension cost | The following table provides a detail of the components of net periodic pension cost (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Service cost for benefits earned during the period $ 207 $ 214 $ 636 $ 632 Interest cost on pension benefit obligation 3,179 3,230 9,764 9,530 Expected return on assets (4,191 ) (5,299 ) (12,872 ) (15,633 ) Amortization of unrecognized losses 1,945 2,040 5,972 6,016 Net periodic pension cost $ 1,140 $ 185 $ 3,500 $ 545 |
Assumptions used for stock options granted | The following table shows the assumptions used to compute the stock-based compensation expense for stock options granted during the nine months ended December 31, 2018 : Risk free interest rate 2.76 % Expected life (years) 5 Volatility 62.8 % Dividend yield — % Weighted average exercise price of options granted $12.19 per option Weighted average grant-date fair value of options granted $6.71 per option |
EARNINGS PER SHARE AND ACCUMU_2
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | |
Schedule of antidilutive securities excluded from computation of earnings per share | Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Options: Outstanding 3,447,397 2,729,888 2,682,918 2,791,193 Weighted average exercise price $ 25.62 $ 38.12 $ 33.11 $ 39.88 Restricted stock awards: Outstanding 671,258 681,571 591,808 432,596 Weighted average price $ 9.58 $ 8.67 $ 11.64 $ 23.25 |
Schedule of earnings per share, basic and diluted | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Loss (in thousands): Loss available to common stockholders – basic $ (85,944 ) $ (8,273 ) $ (262,242 ) $ (94,757 ) Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) — — — — Loss available to common stockholders – diluted (85,944 ) (8,273 ) $ (262,242 ) $ (94,757 ) Shares: Weighted average number of common shares outstanding – basic 35,798,185 35,368,212 35,712,735 35,260,746 Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1) — — — — Net effect of dilutive stock options and restricted stock awards based on the treasury stock method — — — — Weighted average number of common shares outstanding – diluted (2) 35,798,185 35,368,212 35,712,735 35,260,746 Basic loss per common share $ (2.40 ) $ (0.23 ) $ (7.34 ) $ (2.69 ) Diluted loss per common share $ (2.40 ) $ (0.23 ) $ (7.34 ) $ (2.69 ) _____________ (1) Diluted loss per common share for three and nine months ended December 31, 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 December 31, 2018 and 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 loss per share for the three and nine months ended December 31, 2018 as our average stock price during these periods did not meet or exceed the conversion requirements. (2) Potentially dilutive shares issuable pursuant to our warrant transactions entered into concurrently with the issuance of our 4½% Convertible Senior Notes (the “Warrant Transactions”) were not included in the computation of diluted loss per share for the three and nine months ended December 31, 2018 , because to do so would have been anti-dilutive. For further details on the Warrant Transactions, see Note 4 in our fiscal year 2018 Financial Statements. |
Schedule of accumulated other comprehensive income (loss) | The following table sets forth the changes in the balances of each component of accumulated other comprehensive loss (in thousands): Currency Translation Adjustments Pension Liability Adjustments (1) Unrealized gain (loss) on cash flow hedges (2) Total Balance as of March 31, 2018 $ (79,066 ) $ (206,682 ) $ (346 ) $ (286,094 ) Other comprehensive income before reclassification (43,685 ) (2,410 ) 2,403 (43,692 ) Reclassified from accumulated other comprehensive income — — (1,158 ) (1,158 ) Net current period other comprehensive income (43,685 ) (2,410 ) 1,245 (44,850 ) Foreign exchange rate impact (24,363 ) 24,363 — — Balance as of December 31, 2018 $ (147,114 ) $ (184,729 ) $ 899 $ (330,944 ) _____________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. For further details on additional pension liability recorded during the nine months ended December 31, 2018 , see Note 10 . (2) Reclassification of amounts related to cash flow hedges were included as direct costs. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of revenue by segment | The following tables show region information for the three and nine months ended December 31, 2018 and 2017 and as of December 31 and March 31, 2018 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Region revenue from external customers: Europe Caspian $ 186,537 $ 196,958 $ 606,584 $ 592,280 Africa 43,830 48,712 119,638 149,289 Americas 56,669 58,468 166,644 173,431 Asia Pacific 43,829 55,691 155,653 167,421 Corporate and other 464 906 1,361 4,099 Total region revenue (1) $ 331,329 $ 360,735 $ 1,049,880 $ 1,086,520 Intra-region revenue: Europe Caspian $ 1,913 $ 1,481 $ 5,847 $ 4,000 Africa — — — — Americas 1,262 2,147 3,910 6,391 Asia Pacific — — — — Corporate and other 1 5 2 27 Total intra-region revenue $ 3,176 $ 3,633 $ 9,759 $ 10,418 Consolidated revenue: Europe Caspian $ 188,450 $ 198,439 $ 612,431 $ 596,280 Africa 43,830 48,712 119,638 149,289 Americas 57,931 60,615 170,554 179,822 Asia Pacific 43,829 55,691 155,653 167,421 Corporate and other 465 911 1,363 4,126 Intra-region eliminations (3,176 ) (3,633 ) (9,759 ) (10,418 ) Total consolidated revenue (1) $ 331,329 $ 360,735 $ 1,049,880 $ 1,086,520 _____________ (1) The above table represents disaggregated revenue from contracts with customers except for $9.8 million of revenue included in totals ( $1.7 million from Europe Caspian, $8.0 million from Americas and $0.1 million from Asia Pacific) for the three months ended December 31, 2018 and $41.8 million of revenue included in totals ( $18.8 million from Europe Caspian, $22.8 million from Americas and $0.2 million from Asia Pacific) for the nine months ended December 31, 2018 . |
Operating Performance and Total Assets by Segment | Three Months Ended Nine Months Ended 2018 2017 2018 2017 Earnings (losses) from unconsolidated affiliates, net – equity method investments: Europe Caspian $ (2 ) $ 34 $ 17 $ 125 Americas 839 2,097 (2,052 ) 3,712 Corporate and other (100 ) (135 ) (341 ) (443 ) Total earnings (losses) from unconsolidated affiliates, net – equity method investments $ 737 $ 1,996 $ (2,376 ) $ 3,394 Consolidated operating loss: Europe Caspian $ 3,342 $ 5,274 $ 13,856 $ 19,499 Africa 5,286 10,470 7,892 28,353 Americas 4,412 5,308 (1,362 ) 11,535 Asia Pacific (6,654 ) (941 ) (14,613 ) (19,374 ) Corporate and other (21,535 ) (19,047 ) (151,440 ) (68,686 ) Loss on disposal of assets (16,015 ) (4,591 ) (18,986 ) (12,418 ) Total consolidated operating loss (1) $ (31,164 ) $ (3,527 ) $ (164,653 ) $ (41,091 ) Depreciation and amortization: Europe Caspian $ 13,041 $ 12,771 $ 37,985 $ 36,789 Africa 3,732 3,664 10,811 10,330 Americas 7,108 6,909 21,299 20,906 Asia Pacific 3,812 4,479 12,221 15,347 Corporate and other 2,922 3,859 9,729 10,747 Total depreciation and amortization $ 30,615 $ 31,682 $ 92,045 $ 94,119 December 31, March 31, Identifiable assets: Europe Caspian $ 904,490 $ 1,087,437 Africa 398,606 374,121 Americas 751,981 788,879 Asia Pacific 248,861 342,166 Corporate and other (2) 427,806 572,399 Total identifiable assets $ 2,731,744 $ 3,165,002 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 215 $ 270 Americas 104,758 116,276 Corporate and other 2,715 3,338 Total investments in unconsolidated affiliates – equity method investments $ 107,688 $ 119,884 _____________ (1) Results for the three months ended December 31, 2018 were positively impacted by a reduction to rent expense of $1.0 million (included in direct costs) impacting Europe Caspian and Asia Pacific regions by $0.2 million and $0.8 million , respectively, related to OEM cost recoveries for ongoing aircraft issues. Results for the nine months ended December 31, 2018 were positively impacted by a reduction to rent expense of $6.9 million (included in direct costs) impacting Europe Caspian and Asia Pacific regions by $4.6 million and $2.3 million , respectively, related to OEM cost recoveries for ongoing aircraft issues. For further details, see Note 1 . (2) Includes $52.9 million and $67.7 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of December 31 and March 31, 2018 , respectively, which primarily represents progress payments on aircraft to be delivered in future periods. In December 2018, a large aircraft order was terminated and we recorded contract termination costs of $14.0 million included in loss on disposal of assets on our condensed consolidated statements of operations for amounts previously included in construction in progress on our condensed consolidated balance sheets. For further details, see Notes 1 and 8 . |
SUPPLEMENTAL CONDENSED CONSOL_2
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Statement of Operations | Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ (9 ) $ 37,253 $ 294,085 $ — $ 331,329 Intercompany revenue — 26,844 — (26,844 ) — (9 ) 64,097 294,085 (26,844 ) 331,329 Operating expense: Direct cost and reimbursable expense 14 40,188 235,699 — 275,901 Intercompany expenses 5,399 — 21,445 (26,844 ) — Depreciation and amortization 3,087 19,175 8,353 — 30,615 General and administrative 16,004 4,174 20,564 — 40,742 24,504 63,537 286,061 (26,844 ) 347,258 Loss on disposal of assets (512 ) (15,321 ) (182 ) — (16,015 ) Earnings (losses) from unconsolidated affiliates, net (22,023 ) — 780 22,023 780 Operating income (loss) (47,048 ) (14,761 ) 8,622 22,023 (31,164 ) Interest expense, net (16,997 ) (5,807 ) (4,309 ) — (27,113 ) Other income (expense), net 122 485 (4,267 ) — (3,660 ) Income (loss) before (provision) benefit for income taxes (63,923 ) (20,083 ) 46 22,023 (61,937 ) Allocation of consolidated income taxes (22,006 ) (463 ) (1,295 ) — (23,764 ) Net loss (85,929 ) (20,546 ) (1,249 ) 22,023 (85,701 ) Net income attributable to noncontrolling interests (15 ) — (228 ) — (243 ) Net loss attributable to Bristow Group $ (85,944 ) $ (20,546 ) $ (1,477 ) $ 22,023 $ (85,944 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ 188 $ 47,377 $ 313,170 $ — $ 360,735 Intercompany revenue — 28,608 — (28,608 ) — 188 75,985 313,170 (28,608 ) 360,735 Operating expense: Direct cost and reimbursable expense 81 49,540 236,998 — 286,619 Intercompany expenses — — 28,608 (28,608 ) — Depreciation and amortization 3,048 12,489 16,145 — 31,682 General and administrative 13,937 6,514 22,915 — 43,366 17,066 68,543 304,666 (28,608 ) 361,667 Gain (loss) on disposal of assets (1,757 ) (3,657 ) 823 — (4,591 ) Earnings (losses) from unconsolidated affiliates, net (11,503 ) — 1,996 11,503 1,996 Operating income (loss) (30,138 ) 3,785 11,323 11,503 (3,527 ) Interest expense, net (9,480 ) (5,008 ) (4,605 ) — (19,093 ) Other income (expense), net (16 ) 227 (947 ) — (736 ) Income (loss) before (provision) benefit for income taxes (39,634 ) (996 ) 5,771 11,503 (23,356 ) Allocation of consolidated income taxes 31,373 (1,791 ) (16,163 ) — 13,419 Net loss (8,261 ) (2,787 ) (10,392 ) 11,503 (9,937 ) Net (income) loss attributable to noncontrolling interests (12 ) — 1,676 — 1,664 Net loss attributable to Bristow Group $ (8,273 ) $ (2,787 ) $ (8,716 ) $ 11,503 $ (8,273 ) Supplemental Condensed Consolidating Statement of Operations Nine Months Ended December 31, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Third party revenue $ 81 $ 108,186 $ 941,613 $ — $ 1,049,880 Intercompany revenue — 80,857 — (80,857 ) — 81 189,043 941,613 (80,857 ) 1,049,880 Operating expense: Direct cost and reimbursable expense 50 123,045 741,172 — 864,267 Intercompany expenses 20,706 — 60,151 (80,857 ) — Depreciation and amortization 9,245 55,130 27,670 — 92,045 General and administrative 41,699 13,097 64,886 — 119,682 71,700 191,272 893,879 (80,857 ) 1,075,994 Loss on impairment — (87,474 ) (29,746 ) — (117,220 ) Loss on disposal of assets (1,318 ) (16,799 ) (869 ) — (18,986 ) Earnings (losses) from unconsolidated affiliates, net (153,319 ) — (2,333 ) 153,319 (2,333 ) Operating income (loss) (226,256 ) (106,502 ) 14,786 153,319 (164,653 ) Interest expense, net (48,940 ) (18,552 ) (13,198 ) — (80,690 ) Other income (expense), net 306 1,802 (12,922 ) — (10,814 ) Loss before (provision) benefit for income taxes (274,890 ) (123,252 ) (11,334 ) 153,319 (256,157 ) Allocation of consolidated income taxes 12,691 (746 ) (17,203 ) — (5,258 ) Net loss (262,199 ) (123,998 ) (28,537 ) 153,319 (261,415 ) Net income attributable to noncontrolling interests (43 ) — (784 ) — (827 ) Net loss attributable to Bristow Group $ (262,242 ) $ (123,998 ) $ (29,321 ) $ 153,319 $ (262,242 ) Supplemental Condensed Consolidating Statement of Operations Nine Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Third party revenue $ 188 $ 140,104 $ 946,228 $ — $ 1,086,520 Intercompany revenue — 92,518 — (92,518 ) — 188 232,622 946,228 (92,518 ) 1,086,520 Operating expense: Direct cost and reimbursable expense 3,350 147,829 733,402 — 884,581 Intercompany expenses — — 92,518 (92,518 ) — Depreciation and amortization 8,981 38,209 46,929 — 94,119 General and administrative 50,924 17,899 69,872 — 138,695 63,255 203,937 942,721 (92,518 ) 1,117,395 Loss on impairment — (1,192 ) — — (1,192 ) Gain (loss) on disposal of assets (1,757 ) 7,356 (18,017 ) — (12,418 ) Earnings (losses) from unconsolidated affiliates, net (22,506 ) — 3,394 22,506 3,394 Operating income (loss) (87,330 ) 34,849 (11,116 ) 22,506 (41,091 ) Interest expense, net (29,174 ) (16,811 ) (7,692 ) — (53,677 ) Other income (expense), net (142 ) (529 ) 906 — 235 Income (loss) before provision for income taxes (116,646 ) 17,509 (17,902 ) 22,506 (94,533 ) Allocation of consolidated income taxes 21,925 (7,896 ) (16,575 ) — (2,546 ) Net income (loss) (94,721 ) 9,613 (34,477 ) 22,506 (97,079 ) Net (income) loss attributable to noncontrolling interests (36 ) — 2,358 — 2,322 Net income (loss) attributable to Bristow Group $ (94,757 ) $ 9,613 $ (32,119 ) $ 22,506 $ (94,757 ) |
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) | Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended December 31, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (85,929 ) $ (20,546 ) $ (1,249 ) $ 22,023 $ (85,701 ) Other comprehensive loss: Currency translation adjustments — (372 ) (9,146 ) 3,056 (6,462 ) Pension liability adjustment — — (2,410 ) — (2,410 ) Unrealized loss on cash flow hedges — — (5 ) — (5 ) Total comprehensive loss (85,929 ) (20,918 ) (12,810 ) 25,079 (94,578 ) Net income attributable to noncontrolling interests (15 ) — (228 ) — (243 ) Currency translation adjustments attributable to noncontrolling interests — — (52 ) — (52 ) Total comprehensive income attributable to noncontrolling interests (15 ) — (280 ) — (295 ) Total comprehensive loss attributable to Bristow Group $ (85,944 ) $ (20,918 ) $ (13,090 ) $ 25,079 $ (94,873 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (8,261 ) $ (2,787 ) $ (10,392 ) $ 11,503 $ (9,937 ) Other comprehensive income (loss): Currency translation adjustments — (18 ) 1,116 (1,155 ) (57 ) Total comprehensive loss (8,261 ) (2,805 ) (9,276 ) 10,348 (9,994 ) Net (income) loss attributable to noncontrolling interests (12 ) — 1,676 — 1,664 Currency translation adjustments attributable to noncontrolling interests — — (17 ) — (17 ) Total comprehensive (income) loss attributable to noncontrolling interests (12 ) — 1,659 — 1,647 Total comprehensive loss attributable to Bristow Group $ (8,273 ) $ (2,805 ) $ (7,617 ) $ 10,348 $ (8,347 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended December 31, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (262,199 ) $ (123,998 ) $ (28,537 ) $ 153,319 $ (261,415 ) Other comprehensive loss: Currency translation adjustments — (1,417 ) (105,254 ) 63,209 (43,462 ) Pension liability adjustment — — (2,410 ) — (2,410 ) Unrealized gain on cash flow hedges — — 1,245 — 1,245 Total comprehensive loss (262,199 ) (125,415 ) (134,956 ) 216,528 (306,042 ) Net income attributable to noncontrolling interests (43 ) — (784 ) — (827 ) Currency translation adjustments attributable to noncontrolling interests — — (223 ) — (223 ) Total comprehensive income attributable to noncontrolling interests (43 ) — (1,007 ) — (1,050 ) Total comprehensive loss attributable to Bristow Group $ (262,242 ) $ (125,415 ) $ (135,963 ) $ 216,528 $ (307,092 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (94,721 ) $ 9,613 $ (34,477 ) $ 22,506 $ (97,079 ) Other comprehensive income (loss): Currency translation adjustments — 626 29,686 (9,918 ) 20,394 Total comprehensive income (loss) (94,721 ) 10,239 (4,791 ) 12,588 (76,685 ) Net (income) loss attributable to noncontrolling interests (36 ) — 2,358 — 2,322 Currency translation adjustments attributable to noncontrolling interests — — 530 — 530 Total comprehensive (income) loss attributable to noncontrolling interests (36 ) — 2,888 — 2,852 Total comprehensive income (loss) attributable to Bristow Group $ (94,757 ) $ 10,239 $ (1,903 ) $ 12,588 $ (73,833 ) |
Supplemental Condensed Consolidating Balance Sheet | Supplemental Condensed Consolidating Balance Sheet As of December 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 155,167 $ — $ 77,660 $ (1,501 ) $ 231,326 Accounts receivable 506,745 542,145 293,490 (1,124,553 ) 217,827 Inventories — 34,658 80,596 — 115,254 Assets held for sale — 18,506 3,979 — 22,485 Prepaid expenses and other current assets 4,520 2,674 41,452 — 48,646 Total current assets 666,432 597,983 497,177 (1,126,054 ) 635,538 Intercompany investment 1,877,133 104,436 128,633 (2,110,202 ) — Investment in unconsolidated affiliates — — 113,974 — 113,974 Intercompany notes receivable 118,003 9,229 147,056 (274,288 ) — Property and equipment—at cost: Land and buildings 4,806 58,204 177,191 — 240,201 Aircraft and equipment 155,628 1,311,241 1,012,674 — 2,479,543 160,434 1,369,445 1,189,865 — 2,719,744 Less: Accumulated depreciation and amortization (46,012 ) (403,430 ) (422,759 ) — (872,201 ) 114,422 966,015 767,106 — 1,847,543 Goodwill — — 18,271 — 18,271 Other assets 4,786 2,727 108,905 — 116,418 Total assets $ 2,780,776 $ 1,680,390 $ 1,781,122 $ (3,510,544 ) $ 2,731,744 LIABILITIES AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 413,795 $ 476,510 $ 317,229 $ (1,115,618 ) $ 91,916 Accrued liabilities 56,645 (7,232 ) 116,352 (9,300 ) 156,465 Short-term borrowings and current maturities of long-term debt 847,023 271,279 302,748 — 1,421,050 Total current liabilities 1,317,463 740,557 736,329 (1,124,918 ) 1,669,431 Long-term debt, less current maturities — — 9,174 — 9,174 Intercompany notes payable 103,449 154,527 17,415 (275,391 ) — Accrued pension liabilities — — 28,036 — 28,036 Other liabilities and deferred credits 10,732 8,729 9,112 — 28,573 Deferred taxes 68,416 25,853 24,788 — 119,057 Stockholders’ investment: Common stock 385 4,996 131,317 (136,313 ) 385 Additional paid-in-capital 860,745 29,387 284,048 (313,435 ) 860,745 Retained earnings 524,846 716,378 278,054 (994,432 ) 524,846 Accumulated other comprehensive income (loss) 78,306 (37 ) 256,842 (666,055 ) (330,944 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,279,486 750,724 950,261 (2,110,235 ) 870,236 Noncontrolling interests 1,230 — 6,007 — 7,237 Total stockholders’ investment 1,280,716 750,724 956,268 (2,110,235 ) 877,473 Total liabilities and stockholders’ investment $ 2,780,776 $ 1,680,390 $ 1,781,122 $ (3,510,544 ) $ 2,731,744 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 | Supplemental Condensed Consolidating Statement of Cash Flows Nine Months Ended December 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (93,365 ) $ 23,819 $ 2,145 $ (1,501 ) $ (68,902 ) Cash flows from investing activities: Capital expenditures (2,987 ) (12,827 ) (17,897 ) — (33,711 ) Proceeds from asset dispositions — 7,529 1,564 — 9,093 Net cash used in investing activities (2,987 ) (5,298 ) (16,333 ) — (24,618 ) Cash flows from financing activities: Proceeds from borrowings — — 387 — 387 Debt issuance costs (642 ) (32 ) (1,925 ) — (2,599 ) Repayment of debt — (15,709 ) (33,407 ) — (49,116 ) Dividends paid 162,941 1,649 (164,590 ) — — Increases (decreases) in cash related to intercompany advances and debt (189,241 ) (13,333 ) 202,574 — — Partial prepayment of put/call obligation (40 ) — — — (40 ) Dividends paid to noncontrolling interest — — (580 ) — (580 ) Issuance of common stock 2,830 — — — 2,830 Repurchases for tax withholdings on vesting of equity awards (1,505 ) — — — (1,505 ) Net cash provided by (used in) financing activities (25,657 ) (27,425 ) 2,459 — (50,623 ) Effect of exchange rate changes on cash and cash equivalents — — (4,754 ) — (4,754 ) Net decrease in cash and cash equivalents (122,009 ) (8,904 ) (16,483 ) (1,501 ) (148,897 ) Cash and cash equivalents at beginning of period 277,176 8,904 94,143 — 380,223 Cash and cash equivalents at end of period $ 155,167 $ — $ 77,660 $ (1,501 ) $ 231,326 Supplemental Condensed Consolidating Statement of Cash Flows Nine Months Ended December 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (105,817 ) $ 34,995 $ 62,437 $ (922 ) $ (9,307 ) Cash flows from investing activities: Capital expenditures (8,182 ) (7,755 ) (97,984 ) 77,480 (36,441 ) Proceeds from asset dispositions — 85,760 40,267 (77,480 ) 48,547 Proceeds from OEM cost recoveries — — 94,463 — 94,463 Net cash provided by (used in) investing activities (8,182 ) 78,005 36,746 — 106,569 Cash flows from financing activities: Proceeds from borrowings 318,550 — 230,218 — 548,768 Debt issuance costs (2,558 ) (552 ) (8,543 ) — (11,653 ) Repayment of debt (569,325 ) (13,137 ) (27,205 ) — (609,667 ) Purchase of 4½% Convertible Senior Notes call option (40,393 ) — — — (40,393 ) Proceeds from issuance of warrants 30,259 — — — 30,259 Dividends paid 110,637 — (113,102 ) — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 291,969 (99,610 ) (192,359 ) — — Partial prepayment of put/call obligation (36 ) — — — (36 ) Repurchases for tax withholdings on vesting of equity awards (591 ) — — — (591 ) Net cash provided by (used in) financing activities 138,512 (113,299 ) (110,991 ) — (85,778 ) Effect of exchange rate changes on cash and cash equivalents — — 9,708 — 9,708 Net increase (decrease) in cash and cash equivalents 24,513 (299 ) (2,100 ) (922 ) 21,192 Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 27,895 $ — $ 90,875 $ (922 ) $ 117,848 |
BASIS OF PRESENTATION, CONSOL_4
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loss on impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Mar. 31, 2018 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of inventories | $ 0 | $ 0 | $ 9,276 | $ 1,192 | ||
Impairment of property and equipment | 0 | 0 | 104,939 | 0 | ||
Impairment of intangible assets | 0 | 0 | 3,005 | 0 | ||
Loss on impairment | 0 | 0 | 117,220 | 1,192 | ||
Property and equipment, net | 1,847,543 | 1,847,543 | $ 2,068,020 | |||
Payments for Flight Equipment | $ 0 | $ 0 | 0 | 2,300 | ||
H225 Aircraft [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of inventories | 8,900 | |||||
Impairment of property and equipment | 87,500 | |||||
Property and equipment, net | $ 116,400 | |||||
Oil and Gas Properties [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of property and equipment | 0 | |||||
Eastern Airways [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of inventories | 300 | |||||
Impairment of property and equipment | 17,500 | |||||
Impairment of intangible assets | $ 3,005 | |||||
Assets, Fair Value Disclosure | $ 20,500 | |||||
Training Aircraft [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of inventories | $ 1,200 |
BASIS OF PRESENTATION, CONSOL_5
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Exposure (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
One British pound sterling into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.27 | 1.35 |
One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.27 | 1.35 |
One euro into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.14 | 1.20 |
One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.14 | 1.20 |
One Australian dollar into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.70 | 0.78 |
One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.70 | 0.78 |
One Norwegian kroner into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1155 | 0.1223 |
One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1155 | 0.1223 |
One Nigerian naira into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0028 |
One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0028 |
High | One British pound sterling into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.32 | 1.35 |
High | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.43 | 1.36 |
High | One euro into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.16 | 1.20 |
High | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.24 | 1.20 |
High | One Australian dollar into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.74 | 0.79 |
High | One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.78 | 0.81 |
High | One Norwegian kroner into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1227 | 0.1269 |
High | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1290 | 0.1294 |
High | One Nigerian naira into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0028 |
High | One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0033 |
Average | One British pound sterling into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.29 | 1.33 |
Average | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.32 | 1.31 |
Average | One euro into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.14 | 1.18 |
Average | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.17 | 1.15 |
Average | One Australian dollar into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.72 | 0.77 |
Average | One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.74 | 0.77 |
Average | One Norwegian kroner into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1183 | 0.1225 |
Average | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1215 | 0.1219 |
Average | One Nigerian naira into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0027 | 0.0028 |
Average | One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0030 |
Low | One British pound sterling into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.25 | 1.31 |
Low | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.25 | 1.24 |
Low | One euro into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.13 | 1.16 |
Low | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.13 | 1.06 |
Low | One Australian dollar into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.70 | 0.75 |
Low | One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.70 | 0.74 |
Low | One Norwegian kroner into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1136 | 0.1193 |
Low | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1136 | 0.1152 |
Low | One Nigerian naira into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0027 | 0.0028 |
Low | One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0027 | 0.0027 |
BASIS OF PRESENTATION, CONSOL_6
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Foreign currency transaction gains (losses) | $ (2.8) | $ 0.4 | $ (8.1) | $ 1.2 |
Impact of foreign exchange rates on unconsolidated affiliates | $ (0.2) | $ (0.8) | $ (3.8) | $ (1.6) |
BASIS OF PRESENTATION, CONSOL_7
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of Brazilian Real to U.S. Dollar Exchange Rate (Details) - One Brazilian real into U.S. dollars | Dec. 31, 2018 | Dec. 31, 2017 |
Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2580 | 0.3015 |
Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2580 | 0.3015 |
High | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2726 | 0.3198 |
High | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3020 | 0.3244 |
Average | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2628 | 0.3076 |
Average | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2647 | 0.3117 |
Low | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2482 | 0.3004 |
Low | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2390 | 0.2995 |
BASIS OF PRESENTATION, CONSOL_8
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of Changes in Foreign Currency Exchange Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Schedule of Foreign Currency [Line Items] | ||||||||||
Revenue | $ 331,329 | $ 360,735 | $ 1,049,880 | $ 1,086,520 | ||||||
Operating expense | (347,258) | (361,667) | (1,075,994) | (1,117,395) | ||||||
Earnings (losses) from unconsolidated affiliates, net | 780 | 1,996 | (2,333) | 3,394 | ||||||
Loss before benefit (provision) for income taxes | (61,937) | (23,356) | (256,157) | (94,533) | ||||||
Benefit for income taxes | (23,764) | 13,419 | (5,258) | (2,546) | ||||||
Net income (loss) | (85,701) | (9,937) | (261,415) | (97,079) | ||||||
Total stockholders’ investment | 877,473 | $ 1,249,016 | 877,473 | $ 1,249,016 | $ 970,232 | $ 1,120,644 | $ 1,178,144 | $ 1,228,079 | $ 1,245,841 | $ 1,289,283 |
Quarter To Date [Member] | Impact of Changes in Foreign Currency Exchange Rates | ||||||||||
Schedule of Foreign Currency [Line Items] | ||||||||||
Revenue | (7,844) | |||||||||
Operating expense | 10,452 | |||||||||
Earnings (losses) from unconsolidated affiliates, net | 555 | |||||||||
Non-operating expense | (3,153) | |||||||||
Loss before benefit (provision) for income taxes | 10 | |||||||||
Benefit for income taxes | 144 | |||||||||
Net income (loss) | 154 | |||||||||
Cumulative translation adjustment | (6,514) | |||||||||
Total stockholders’ investment | (6,360) | (6,360) | ||||||||
Year To Date | Impact of Changes in Foreign Currency Exchange Rates | ||||||||||
Schedule of Foreign Currency [Line Items] | ||||||||||
Revenue | (2,652) | |||||||||
Operating expense | 10,178 | |||||||||
Earnings (losses) from unconsolidated affiliates, net | (2,163) | |||||||||
Non-operating expense | (9,335) | |||||||||
Loss before benefit (provision) for income taxes | (3,972) | |||||||||
Benefit for income taxes | 1,338 | |||||||||
Net income (loss) | (2,634) | |||||||||
Cumulative translation adjustment | (43,685) | |||||||||
Total stockholders’ investment | $ (46,319) | $ (46,319) |
BASIS OF PRESENTATION, CONSOL_9
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Interest income | $ 2,269 | $ 144 | $ 3,677 | $ 512 |
Interest expense | (29,382) | (19,237) | (84,367) | (54,189) |
Interest expense, net | $ (27,113) | $ (19,093) | $ (80,690) | $ (53,677) |
BASIS OF PRESENTATION, CONSO_10
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2018 | Mar. 31, 2017 | |
Item Affected [Line Items] | ||||||||||
Cash and cash equivalents | $ 231,326,000 | $ 117,848,000 | $ 231,326,000 | $ 117,848,000 | $ 380,223,000 | $ 96,656,000 | ||||
Allowance for doubtful accounts receivable | 600,000 | 600,000 | 3,300,000 | |||||||
Allowance for Doubtful Accounts Receivable, Write-offs | 2,300,000 | |||||||||
Inventory allowance | 21,100,000 | 21,100,000 | 26,000,000 | |||||||
Impairment of inventories | 0 | 0 | 9,276,000 | 1,192,000 | ||||||
Short-term portion of contract acquisition and pre-operating costs | 9,600,000 | 9,600,000 | 10,800,000 | |||||||
Amortization of other deferred charges | 2,400,000 | 2,800,000 | 7,600,000 | 8,500,000 | ||||||
Goodwill | 18,271,000 | 18,271,000 | 19,907,000 | |||||||
Accumulated goodwill impairment | 50,861,000 | 50,861,000 | 50,861,000 | |||||||
Impairment of intangible assets | 0 | 0 | 3,005,000 | 0 | ||||||
Long-term portion of contract acquisition and pre-operating costs | 38,700,000 | 38,700,000 | 50,600,000 | |||||||
Impairment of property and equipment | 0 | 0 | 104,939,000 | 0 | ||||||
Impairment charges on aircraft held for sale | 1,350,000 | 1,560,000 | 1,350,000 | 11,307,000 | ||||||
Other accrued liabilities | 38,692,000 | 38,692,000 | 65,978,000 | |||||||
Progress payments for aircraft | 0 | 0 | 0 | 2,300,000 | ||||||
Accounting Standards Update 2016-16 [Member] | Retained Earnings | ||||||||||
Item Affected [Line Items] | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (1,700,000) | (1,700,000) | ||||||||
Accounting Standards Update 2017-07 [Member] | ||||||||||
Item Affected [Line Items] | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | $ 100,000 | 100,000 | ||||||||
Bristow Academy [Member] | ||||||||||
Item Affected [Line Items] | ||||||||||
Impairment charges on aircraft held for sale | 6,500,000 | |||||||||
OEM Cost recoveries | ||||||||||
Item Affected [Line Items] | ||||||||||
Original Equipment Manufacturer, Recoveries Sought | 136,000,000 | |||||||||
Original Equipment Manufacturer, Amount Received | 11,000,000 | 125,000,000 | ||||||||
Accumulated Depreciation, Period Increase (Decrease) | (94,500,000) | |||||||||
Deferred OEM cost recovery | 7,000,000 | 7,000,000 | 13,900,000 | |||||||
OEM Cost recoveries | Rent Expense | ||||||||||
Item Affected [Line Items] | ||||||||||
Offset Amount, Expense | 1,000,000 | 6,900,000 | 16,600,000 | |||||||
Offset Amount, Expense, Remainder of Fiscal Year | 1,000,000 | 1,000,000 | ||||||||
Offset Amount, Expense, Rolling Year Two | 4,000,000 | 4,000,000 | ||||||||
Offset Amount, Expense, Rolling Year Three | 2,000,000 | 2,000,000 | ||||||||
OEM Cost recoveries | Revenue | ||||||||||
Item Affected [Line Items] | ||||||||||
Former Gain Contingency, Recognized in Current Period | 7,600,000 | 7,600,000 | ||||||||
OEM Cost recoveries | Direct cost | ||||||||||
Item Affected [Line Items] | ||||||||||
Former Gain Contingency, Recognized in Current Period | 3,100,000 | 3,100,000 | ||||||||
OEM Cost recoveries | Direct cost | Scenario, Forecast [Member] | ||||||||||
Item Affected [Line Items] | ||||||||||
Effect on Future Earnings, Offset Amount | $ (300,000) | |||||||||
Affiliated entity | ||||||||||
Item Affected [Line Items] | ||||||||||
Allowance for doubtful accounts receivable | $ 0 | 0 | $ 0 | |||||||
Training Aircraft [Member] | ||||||||||
Item Affected [Line Items] | ||||||||||
Impairment of inventories | $ 1,200,000 | |||||||||
H225 Aircraft [Member] | ||||||||||
Item Affected [Line Items] | ||||||||||
Impairment of inventories | 8,900,000 | |||||||||
Accumulated Depreciation, Period Increase (Decrease) | 1,500,000 | |||||||||
Impairment of property and equipment | 87,500,000 | |||||||||
H225 Aircraft [Member] | Depreciation Expense | ||||||||||
Item Affected [Line Items] | ||||||||||
Offset Amount, Expense | 1,500,000 | |||||||||
H225 Aircraft [Member] | Depreciation Expense | Scenario, Forecast [Member] | ||||||||||
Item Affected [Line Items] | ||||||||||
Effect on Future Earnings, Offset Amount | 1,500,000 | $ (10,300,000) | $ 1,900,000 | $ 5,900,000 | ||||||
Other Aircraft Type [Member] | Scenario, Forecast [Member] | ||||||||||
Item Affected [Line Items] | ||||||||||
Accumulated Depreciation, Period Increase (Decrease) | $ 1,400,000 | $ 2,800,000 | ||||||||
Oil and Gas Properties [Member] | ||||||||||
Item Affected [Line Items] | ||||||||||
Impairment of property and equipment | 0 | |||||||||
Eastern Airways [Member] | ||||||||||
Item Affected [Line Items] | ||||||||||
Impairment of inventories | 300,000 | |||||||||
Impairment of intangible assets | 3,005,000 | |||||||||
Impairment of property and equipment | $ 17,500,000 |
BASIS OF PRESENTATION, CONSO_11
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill - beginning balance | $ 19,907 | |
Foreign currency translation | (1,636) | |
Goodwill - ending balance | 18,271 | |
Total accumulated goodwill impairment | (50,861) | $ (50,861) |
Europe Caspian | ||
Goodwill [Roll Forward] | ||
Total accumulated goodwill impairment | (33,883) | (33,883) |
Africa | ||
Goodwill [Roll Forward] | ||
Total accumulated goodwill impairment | (6,179) | (6,179) |
Americas | ||
Goodwill [Roll Forward] | ||
Total accumulated goodwill impairment | (576) | (576) |
Corporate and other | ||
Goodwill [Roll Forward] | ||
Total accumulated goodwill impairment | $ (10,223) | $ (10,223) |
BASIS OF PRESENTATION, CONSO_12
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | $ 19,517 | |||
Foreign currency translation | (491) | |||
Intangible assets - ending balance | $ 19,026 | 19,026 | ||
Accumulated amortization of intangible assets - beginning balance | (14,219) | |||
Impairment of intangible assets | 0 | $ 0 | (3,005) | $ 0 |
Amortization expense | (372) | |||
Accumulated amortization of intangible assets - ending balance | (17,596) | $ (17,596) | ||
Weighted average remaining contractual life, in years | 7 years | |||
Customer relationships | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | $ 12,777 | |||
Foreign currency translation | (213) | |||
Intangible assets - ending balance | 12,564 | 12,564 | ||
Accumulated amortization of intangible assets - beginning balance | (11,372) | |||
Impairment of intangible assets | 0 | |||
Amortization expense | (89) | |||
Accumulated amortization of intangible assets - ending balance | (11,461) | $ (11,461) | ||
Weighted average remaining contractual life, in years | 7 years | |||
Trade name and trademarks | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | $ 4,878 | |||
Foreign currency translation | (263) | |||
Intangible assets - ending balance | 4,615 | 4,615 | ||
Accumulated amortization of intangible assets - beginning balance | (1,213) | |||
Impairment of intangible assets | (2,933) | |||
Amortization expense | (142) | |||
Accumulated amortization of intangible assets - ending balance | (4,288) | (4,288) | ||
Internally developed software | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | 1,107 | |||
Foreign currency translation | (13) | |||
Intangible assets - ending balance | 1,094 | 1,094 | ||
Accumulated amortization of intangible assets - beginning balance | (915) | |||
Impairment of intangible assets | (72) | |||
Amortization expense | (107) | |||
Accumulated amortization of intangible assets - ending balance | (1,094) | $ (1,094) | ||
Weighted average remaining contractual life, in years | 0 years | |||
Licenses | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | $ 755 | |||
Foreign currency translation | (2) | |||
Intangible assets - ending balance | 753 | 753 | ||
Accumulated amortization of intangible assets - beginning balance | (719) | |||
Impairment of intangible assets | 0 | |||
Amortization expense | (34) | |||
Accumulated amortization of intangible assets - ending balance | $ (753) | $ (753) | ||
Weighted average remaining contractual life, in years | 0 years |
BASIS OF PRESENTATION, CONSO_13
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
2019 | $ 39 |
2020 | 157 |
2021 | 157 |
2022 | 157 |
2023 | 157 |
Thereafter | 436 |
Future intangible assets amortization expense | $ 1,103 |
BASIS OF PRESENTATION, CONSO_14
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($)aircraft | Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($)aircraft | |
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft delivered | aircraft | 1 | 0 | 1 | 5 |
Capital expenditures | $ 16,409 | $ 12,124 | $ 33,711 | $ 36,441 |
Progress payments for aircraft | $ 0 | $ 0 | $ 0 | $ 2,300 |
Medium | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft delivered | aircraft | 1 | 0 | 1 | 5 |
Aircraft and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $ 15,839 | $ 10,311 | $ 28,570 | $ 26,800 |
Land and buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $ 570 | $ 1,813 | $ 5,141 | $ 9,641 |
BASIS OF PRESENTATION, CONSO_15
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment Disposed of and Impairments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($)aircraft | Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($)aircraft | |
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft sold or disposed of | aircraft | 0 | 5 | 3 | 11 |
Proceeds from asset dispositions | $ 631 | $ 6,303 | $ 9,093 | $ 48,547 |
Loss on disposal of assets | $ (16,015) | $ (4,591) | $ (18,986) | $ (12,418) |
Number of held for sale aircraft impaired | aircraft | 2 | 1 | 2 | 5 |
Impairment charges on aircraft held for sale | $ 1,350 | $ 1,560 | $ 1,350 | $ 11,307 |
Impairment of property and equipment | 0 | 0 | 104,939 | 0 |
Contract termination costs | 13,971 | 0 | 13,971 | 0 |
Bristow Academy [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charges on aircraft held for sale | 6,500 | |||
H225 Aircraft [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of property and equipment | 87,500 | |||
Eastern Airways [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of property and equipment | 17,500 | |||
Air transportation equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Loss on disposal of assets | 694 | $ 3,031 | 3,665 | $ 1,111 |
Progress payments | ||||
Property, Plant and Equipment [Line Items] | ||||
Contract termination costs | 11,700 | 11,700 | ||
Capitalized interest | ||||
Property, Plant and Equipment [Line Items] | ||||
Contract termination costs | $ 2,300 | $ 2,300 |
BASIS OF PRESENTATION, CONSO_16
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Other accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued lease costs | $ 9,028 | $ 11,708 |
Deferred OEM cost recovery - short term | 3,997 | 8,082 |
Eastern Airways overdraft liability | 0 | 8,989 |
Accrued property and equipment | 490 | 4,874 |
Deferred gain on sale leasebacks | 1,305 | 1,305 |
Other operating accruals | 23,872 | 31,020 |
Other accrued liabilities | $ 38,692 | $ 65,978 |
ACQUISITION AND DISPOSITION (De
ACQUISITION AND DISPOSITION (Details) - 3 months ended Mar. 31, 2019 - Subsequent Event [Member] £ in Millions, $ in Millions | USD ($) | GBP (£) |
Eastern Airways [Member] | ||
Business Acquisition [Line Items] | ||
Disposal Group, Not Discontinued Operation, Consideration Paid | £ | £ 17.1 | |
Columbia Helicopters, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Cash Outflow for Termination of Business Acquisition | $ | $ 20 |
REVENUE RECOGNITION Revenue Rec
REVENUE RECOGNITION Revenue Recognition Narrative (Details) - Helicopter Service Contracts [Member] | 9 Months Ended |
Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |
Revenue Recognition, Period of Service | 30 days |
Low | |
Disaggregation of Revenue [Line Items] | |
Revenue Recognition, Invoicing Payment Due Period | 30 days |
High | |
Disaggregation of Revenue [Line Items] | |
Revenue Recognition, Invoicing Payment Due Period | 60 days |
REVENUE RECOGNITION Contract As
REVENUE RECOGNITION Contract Assets, Liabilities and Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Accounts receivable | $ 217,827 | $ 217,827 | $ 246,980 |
Contract with Customer, Liability, Revenue Recognized | 9,600 | ||
Contract with Customer, Liability | 7,900 | 7,900 | 13,300 |
Contract with Customer, Asset, Net | 0 | 0 | 0 |
Contract with Customer, Performance Obligation Satisfied in Previous Period | 1,900 | 1,900 | |
Revenue from Contract with Customer [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Accounts receivable | $ 160,500 | $ 160,500 | $ 176,500 |
REVENUE RECOGNITION Revenue r_2
REVENUE RECOGNITION Revenue recognition adoption impact (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | $ 303,206 | $ 328,944 | $ 963,252 | $ 991,655 |
Operating revenue from affiliates | 13,885 | 16,584 | 39,537 | 51,594 |
Reimbursable revenue from non-affiliates | 14,238 | 15,207 | 47,091 | 43,271 |
Revenue | 331,329 | $ 360,735 | 1,049,880 | $ 1,086,520 |
Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | 331,329 | 1,049,880 | ||
Previously Reported [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | 331,329 | 1,049,880 | ||
Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | 0 | 0 | ||
Revenue from Contract with Customer [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | 301,439 | 944,164 | ||
Operating revenue from affiliates | 5,895 | 16,822 | ||
Reimbursable revenue from non-affiliates | 14,238 | 47,091 | ||
Revenue | 321,572 | 1,008,077 | ||
Revenue from Contract with Customer [Member] | Previously Reported [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | 303,206 | 963,252 | ||
Operating revenue from affiliates | 13,885 | 39,537 | ||
Reimbursable revenue from non-affiliates | 14,238 | 47,091 | ||
Revenue | 331,329 | 1,049,880 | ||
Revenue from Contract with Customer [Member] | Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | (1,767) | (19,088) | ||
Operating revenue from affiliates | (7,990) | (22,715) | ||
Reimbursable revenue from non-affiliates | 0 | 0 | ||
Revenue | (9,757) | (41,803) | ||
Revenue Not from Contract with Customer [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | 9,800 | 41,800 | ||
Revenue Not from Contract with Customer [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | 1,767 | 19,088 | ||
Operating revenue from affiliates | 7,990 | 22,715 | ||
Revenue Not from Contract with Customer [Member] | Previously Reported [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | 0 | 0 | ||
Operating revenue from affiliates | 0 | 0 | ||
Revenue Not from Contract with Customer [Member] | Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | 1,767 | 19,088 | ||
Operating revenue from affiliates | $ 7,990 | $ 22,715 |
REVENUE RECOGNITION Remaining P
REVENUE RECOGNITION Remaining Performance Obligations (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation, Remainder Fiscal Year | $ 132,771 |
Revenue, Remaining Performance Obligation, Rolling Year Two | 301,821 |
Revenue, Remaining Performance Obligation, Rolling Year Three | 211,246 |
Revenue, Remaining Performance Obligation, Rolling Year Four | 193,589 |
Revenue, Remaining Performance Obligation, Rolling Year Five And Thereafter | 481,467 |
Revenue, Remaining Performance Obligation, Amount | $ 1,320,894 |
Low | |
Disaggregation of Revenue [Line Items] | |
Revenue, Termination Period, Terms | 30 days |
High | |
Disaggregation of Revenue [Line Items] | |
Revenue, Termination Period, Terms | 180 days |
Helicopter Service Contracts [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation, Remainder Fiscal Year | $ 130,992 |
Revenue, Remaining Performance Obligation, Rolling Year Two | 301,475 |
Revenue, Remaining Performance Obligation, Rolling Year Three | 211,246 |
Revenue, Remaining Performance Obligation, Rolling Year Four | 193,589 |
Revenue, Remaining Performance Obligation, Rolling Year Five And Thereafter | 481,467 |
Revenue, Remaining Performance Obligation, Amount | 1,318,769 |
Fixed Wing Service Contracts [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation, Remainder Fiscal Year | 1,779 |
Revenue, Remaining Performance Obligation, Rolling Year Two | 346 |
Revenue, Remaining Performance Obligation, Rolling Year Three | 0 |
Revenue, Remaining Performance Obligation, Rolling Year Four | 0 |
Revenue, Remaining Performance Obligation, Rolling Year Five And Thereafter | 0 |
Revenue, Remaining Performance Obligation, Amount | $ 2,125 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) £ / shares in Units, £ in Millions | 1 Months Ended | 9 Months Ended | |||||||||
Apr. 30, 2015 | Jul. 31, 2014 | Dec. 31, 2018USD ($)AffiliatesClass_Of_Shares | Dec. 31, 2013 | Apr. 29, 2019USD ($) | Mar. 14, 2019USD ($) | Dec. 31, 2018GBP (£)Class_Of_Shares | Mar. 31, 2018USD ($) | May 31, 2004USD ($)shares | May 31, 2004£ / shares | Apr. 30, 2004 | |
Variable Interest Entity [Line Items] | |||||||||||
Number of variable interest entities | Affiliates | 4 | ||||||||||
Deferred interest accrued | $ 18,317,000 | $ 16,345,000 | |||||||||
Caledonia Investments Plc | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Ownership percentage by third party | 46.00% | ||||||||||
European Union | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Ownership percentage by third party | 5.00% | ||||||||||
Nigerian Company owned by 100% Nigerian Employees | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Ownership percentage by third party | 50.00% | ||||||||||
Purchased percentage from third party | 2.00% | 29.00% | 19.00% | ||||||||
Employee Trust Fund | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Ownership percentage by third party | 2.00% | ||||||||||
Bristow Aviation Holdings Limited | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Ownership percentage in Variable Interest Entity | 49.00% | ||||||||||
Number of class of shares | Class_Of_Shares | 3 | 3 | |||||||||
Ownership percentage by third party | 51.00% | ||||||||||
Purchase of deferred stock shares | shares | 8,000,000 | ||||||||||
Business acquisition share price | £ / shares | £ 1 | ||||||||||
Total amount paid for deferred shares | $ 14,400,000 | ||||||||||
Principal amount of subordinated unsecured loan stock | $ 115,900,000 | £ 91 | |||||||||
Interest rate on unsecured loan | 13.50% | ||||||||||
Deferred interest accrued | $ 2,330,164,000 | $ 2,130,433,000 | |||||||||
Call Option, Time To Cure, Period | 180 days | ||||||||||
Call option price held by noncontrolling interest | £ | £ 1 | ||||||||||
Call Option Guaranteed Rate | 12.00% | ||||||||||
Put Option Guaranteed Rate | 10.00% | ||||||||||
Bristow Aviation Holdings Limited | High | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Call Option Rate Over LIBOR | 6.00% | 6.00% | |||||||||
Bristow Aviation Holdings Limited | Low | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Call Option Rate Over LIBOR | 3.00% | 3.00% | |||||||||
Bristow Aviation Holdings Limited | E.U. Investor | Subsequent Event [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Call Option, Exercised, Purchase Price | $ 100,000 | ||||||||||
Bristow Aviation Holdings Limited | Caledonia Investments Plc | Subsequent Event [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Call Option, Exercised, Purchase Price | $ 920,000 | ||||||||||
Bristow Helicopters Nigeria Ltd | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Ownership percentage in Variable Interest Entity | 48.00% | ||||||||||
Purchased percentage from third party | 8.00% | ||||||||||
Pan African Airlines Nigeria Ltd | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Ownership percentage in Variable Interest Entity | 50.17% |
VARIABLE INTEREST ENTITIES - Ba
VARIABLE INTEREST ENTITIES - Balance Sheets of VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 231,326 | $ 380,223 | $ 117,848 | $ 96,656 |
Accounts receivable | 204,641 | 233,386 | ||
Inventories | 115,254 | 129,614 | ||
Prepaid expenses and other current assets | 48,646 | 47,234 | ||
Total current assets | 635,538 | 834,399 | ||
Investment in unconsolidated affiliates | 113,974 | 126,170 | ||
Property and equipment, net | 1,847,543 | 2,068,020 | ||
Goodwill | 18,271 | 19,907 | ||
Other assets | 116,418 | 116,506 | ||
Total assets | 2,731,744 | 3,165,002 | ||
Accounts payable | 91,916 | 101,270 | ||
Accrued liabilities | 156,465 | 209,876 | ||
Accrued interest | 18,317 | 16,345 | ||
Short-term borrowings and current maturities of long-term debt | 1,421,050 | 1,475,438 | ||
Total current liabilities | 1,669,431 | 1,786,584 | ||
Long-term debt, less current maturities | 9,174 | 11,096 | ||
Accrued pension liabilities | 28,036 | 37,034 | ||
Other liabilities and deferred credits | 28,573 | 36,952 | ||
Deferred taxes | 119,057 | 115,192 | ||
Bristow Aviation Holdings Limited | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 76,432 | 90,788 | ||
Accounts receivable | 303,108 | 256,735 | ||
Inventories | 80,596 | 98,314 | ||
Prepaid expenses and other current assets | 39,009 | 38,665 | ||
Total current assets | 499,145 | 484,502 | ||
Investment in unconsolidated affiliates | 2,930 | 3,608 | ||
Property and equipment, net | 278,562 | 327,440 | ||
Goodwill | 18,271 | 19,907 | ||
Other assets | 219,636 | 231,884 | ||
Total assets | 1,018,544 | 1,067,341 | ||
Accounts payable | 413,998 | 292,893 | ||
Accrued liabilities | 106,811 | 140,733 | ||
Accrued interest | 2,330,164 | 2,130,433 | ||
Short-term borrowings and current maturities of long-term debt | 7,963 | 23,125 | ||
Total current liabilities | 2,858,936 | 2,587,184 | ||
Long-term debt, less current maturities | 460,019 | 479,571 | ||
Accrued pension liabilities | 28,036 | 37,034 | ||
Other liabilities and deferred credits | 5,521 | 7,342 | ||
Deferred taxes | 29,431 | 26,252 | ||
Liabilities | $ 3,381,943 | $ 3,137,383 |
VARIABLE INTEREST ENTITIES - St
VARIABLE INTEREST ENTITIES - Statements of Operations of VIEs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | ||||
Revenue | $ 331,329 | $ 360,735 | $ 1,049,880 | $ 1,086,520 |
Net loss | (85,701) | (9,937) | (261,415) | (97,079) |
Bristow Aviation Holdings Limited | ||||
Variable Interest Entity [Line Items] | ||||
Revenue | 292,047 | 309,461 | 935,304 | 933,387 |
Operating income (loss) | (9,496) | (17,463) | (40,642) | (40,095) |
Net loss | $ (85,922) | $ (79,789) | $ (270,263) | $ (221,039) |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,453,504 | $ 1,513,999 |
Unamortized debt issuance cost | (23,280) | (27,465) |
Total debt, net | 1,430,224 | 1,486,534 |
Less short-term borrowings and current maturities of long-term debt | (1,421,050) | (1,475,438) |
Total long-term debt | 9,174 | 11,096 |
Senior Notes | 8.75% Senior Secured Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 347,205 | $ 346,610 |
Stated interest rate | 8.75% | 8.75% |
Senior Notes | 6¼% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 401,535 | $ 401,535 |
Stated interest rate | 6.25% | 6.25% |
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 111,514 | $ 107,397 |
Stated interest rate | 4.50% | 4.50% |
Secured Debt | Lombard Debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 182,388 | $ 211,087 |
Secured Debt | Macquarie Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 174,528 | 185,028 |
Secured Debt | PK Air Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 216,637 | 230,000 |
Other Debt | Airnorth Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 11,738 | 13,832 |
Other Debt | Eastern Airways Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 14,519 |
Other Debt | Other Debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 7,959 | $ 3,991 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) $ in Thousands | May 10, 2019USD ($) | Mar. 31, 2019 | Dec. 31, 2018USD ($)aircraftsubsidiary | May 22, 2019aircraft | Mar. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||
Total debt | $ 1,453,504 | $ 1,513,999 | |||
Long-term debt, less current maturities | 9,174 | 11,096 | |||
Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Notice Of Default Of Aircraft Leases, Number Of Aircraft | aircraft | 4 | ||||
Debtor-in-Possession Financing, Borrowings Outstanding | $ 75,000 | ||||
Restatement Adjustment [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, less current maturities | (1,400,000) | ||||
Senior Notes | 8.75% Senior Secured Notes due 2023 | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 347,205 | $ 346,610 | |||
Equity Interest Pledged As Collateral, Percentage | 65.00% | ||||
Revolving Credit Facility | ABL Facility | |||||
Debt Instrument [Line Items] | |||||
Line Of Credit Facility, Number Of Borrowers | subsidiary | 2 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000 | ||||
Line Of Credit Facility, Availability Block Capacity | 15,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | ||||
Letters of Credit Outstanding, Amount | 16,200 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 5,600 | ||||
Long-term Debt, Term | 5 years | ||||
Total debt | $ 0 | ||||
Revolving Credit Facility | ABL Facility | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Covenant, Failure, Number of Days After Period End To Deliver Financial Statements | 45 days | ||||
Debt Covenant, Amendment, Number Of Days After Period End To Deliver Financial Statement | 75 days | ||||
Revolving Credit Facility | Eastern Airways Debt | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 7,400 | ||||
Term Loan Credit Facility | Eastern Airways Debt | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 4,900 | ||||
Secured Debt | Debt Covenant Issue Debt | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 391,200 | ||||
Debt Covenant, Number Of Days Engine Has To Be Returned After Removal | 180 days | ||||
Debt Covenant Failure, Number Of Engine Not Returned To Aircraft Within 180 Days | aircraft | 9 | ||||
Debt Covenant Failure, Number Of Agreements | aircraft | 3 | ||||
Debt Covenant, Number Of Aircraft Subject To | aircraft | 385 | ||||
Debt Covenant, Waivers, Number Of Days to Return Original Engine Upon Receipt | 30 days | ||||
Term Loan | 2019 Term Loan | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 75,000 | ||||
Term Loan | 2019 Term Loan | Eurodollar [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 7.00% | ||||
Term Loan | 2019 Term Loan | Base Rate [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | ||||
Equity Interest Pledged As Collateral, Percentage | 35.00% |
DEBT Schedules of convertible d
DEBT Schedules of convertible debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Debt component - net carrying value | $ 1,453,504 | $ 1,453,504 | $ 1,513,999 | ||
Amortization of debt discount | 4,713 | $ 343 | |||
Convertible Debt | 4½% Convertible Senior Notes due 2023 | |||||
Debt Instrument [Line Items] | |||||
Equity component - net carrying value (1) | 36,778 | 36,778 | 36,778 | ||
Face amount due at maturity | 143,750 | 143,750 | 143,750 | ||
Unamortized discount | (32,236) | (32,236) | (36,353) | ||
Debt component - net carrying value | $ 111,514 | $ 111,514 | $ 107,397 | ||
Debt Instrument, Interest Rate, Effective Percentage | 11.00% | 11.00% | |||
Contractual coupon interest | $ 1,620 | $ 234 | $ 4,867 | 234 | |
Amortization of debt discount | 1,412 | 181 | 4,117 | 181 | |
Total interest expense | 3,032 | $ 415 | 8,984 | $ 415 | |
Convertible Debt | 4½% Convertible Senior Notes due 2023 | Debt Issuance Cost [Member] | |||||
Debt Instrument [Line Items] | |||||
Equity component - net carrying value (1) | $ 1,000 | $ 1,000 |
FAIR VALUE DISCLOSURES - Assets
FAIR VALUE DISCLOSURES - Assets At Fair Value On A Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $ 3,174 | $ 718 |
Rabbi Trust investments | 1,850 | 2,296 |
Total assets | 5,024 | 3,014 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Rabbi Trust investments | 1,850 | 2,296 |
Total assets | 1,850 | 2,296 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 3,174 | 718 |
Rabbi Trust investments | 0 | 0 |
Total assets | 3,174 | 718 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Rabbi Trust investments | 0 | 0 |
Total assets | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Asse_2
FAIR VALUE DISCLOSURES - Assets at Fair Value On A Non-recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | $ 115,254 | $ 115,254 | $ 129,614 | ||
Assets held for sale | 22,485 | 22,485 | 30,348 | ||
Aircraft and equipment | 2,479,543 | 2,479,543 | $ 2,511,131 | ||
Impairment of inventories | 0 | $ 0 | (9,276) | $ (1,192) | |
Impairment charges on aircraft held for sale | (1,350) | (1,560) | (1,350) | (11,307) | |
Impairment of property and equipment | 0 | 0 | (104,939) | 0 | |
Impairment of intangible assets | 0 | 0 | (3,005) | 0 | |
Loss on sale of assets and asset impairment charges | (1,350) | (1,560) | (118,570) | (12,499) | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 0 | 0 | 0 | 0 | |
Assets held for sale | 0 | 0 | 0 | 0 | |
Aircraft and equipment | 0 | 0 | |||
Other intangible assets | 0 | 0 | |||
Total assets | 0 | 0 | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 0 | 0 | 0 | 0 | |
Assets held for sale | 0 | 0 | 0 | 0 | |
Aircraft and equipment | 0 | 0 | |||
Other intangible assets | 0 | 0 | |||
Total assets | 0 | 0 | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 7,697 | 1,252 | 7,697 | 1,252 | |
Assets held for sale | 22,485 | 31,038 | 22,485 | 31,038 | |
Aircraft and equipment | 136,338 | 136,338 | |||
Other intangible assets | 0 | 0 | |||
Total assets | $ 166,520 | $ 32,290 | $ 166,520 | $ 32,290 |
FAIR VALUE DISCLOSURES - Narrat
FAIR VALUE DISCLOSURES - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($)aircraft | Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($)aircraft | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charges on aircraft held for sale | $ 1,350 | $ 1,560 | $ 1,350 | $ 11,307 |
Number of aircraft impaired | aircraft | 2 | 1 | 2 | 5 |
Bristow Academy [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charges on aircraft held for sale | $ 6,500 |
FAIR VALUE DISCLOSURES - Fair V
FAIR VALUE DISCLOSURES - Fair Value of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | $ 1,453,504 | $ 1,513,999 |
Fair value of total debt | 1,039,021 | 1,495,972 |
Senior Notes | 8.75% Senior Secured Notes due 2023 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 347,205 | 346,610 |
Fair value of total debt | 250,250 | 353,500 |
Unamortized discount | 2,800 | 3,400 |
Senior Notes | 6¼% Senior Notes due 2022 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 401,535 | 401,535 |
Fair value of total debt | 140,537 | 325,243 |
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 111,514 | 107,397 |
Fair value of total debt | 54,984 | 158,772 |
Unamortized discount | 32,236 | 36,353 |
Secured Debt | Lombard Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 182,388 | 211,087 |
Fair value of total debt | 182,388 | 211,087 |
Secured Debt | Macquarie Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 174,528 | 185,028 |
Fair value of total debt | 174,528 | 185,028 |
Secured Debt | PK Air Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 216,637 | 230,000 |
Fair value of total debt | 216,637 | 230,000 |
Other Debt | Airnorth Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 11,738 | 13,832 |
Fair value of total debt | 11,738 | 13,832 |
Other Debt | Eastern Airways Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 0 | 14,519 |
Fair value of total debt | 0 | 14,519 |
Other Debt | Other Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 7,959 | 3,991 |
Fair value of total debt | $ 7,959 | $ 3,991 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS Narrative (Details) - Foreign Exchange Contract £ in Millions, $ in Millions | 9 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | Mar. 31, 2018GBP (£) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | £ | £ 5 | £ 5 | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ | $ 1.2 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS Fair Value Derivative Instruments Table (Details) - Foreign Exchange Contract - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | $ 3,174 | $ 718 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative, Fair Value, Net | 3,174 | 718 |
Designated as Hedging Instrument | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | 3,174 | 718 |
Not Designated as Hedging Instrument | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Prepaid expenses and other current assets | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | 3,174 | 718 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative, Fair Value, Net | 3,174 | 718 |
Prepaid expenses and other current assets | Designated as Hedging Instrument | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | 3,174 | 718 |
Prepaid expenses and other current assets | Not Designated as Hedging Instrument | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | $ 0 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS Derivative AOCI Table (Details) - Foreign Exchange Contract - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain recognized in accumulated other comprehensive loss | $ (5) | $ 2,403 |
Amount of gain reclassified from accumulated other comprehensive loss into earnings | $ 0 | $ 1,158 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Purchase Commitment Narrative (Details) $ in Thousands | May 01, 2019USD ($)aircraft | Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($) |
Schedule Of Aircraft Purchase Contracts [Line Items] | |||||
Unrecorded Unconditional Purchase Obligation, Writedown Of Future Commitments | $ | $ 17,500 | $ 17,500 | |||
Contract termination costs | $ | $ 13,971 | $ 0 | $ 13,971 | $ 0 | |
Aircraft | |||||
Schedule Of Aircraft Purchase Contracts [Line Items] | |||||
Purchase commitment period | 7 years | ||||
Number of minimum quantity required in a purchase obligation | 26 | 26 | |||
Number of minimum quantity required in purchase options | 4 | 4 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In FY2022 | 5 | 5 | |||
2021 | 4 | 4 | |||
Cancellable Commitments | |||||
Schedule Of Aircraft Purchase Contracts [Line Items] | |||||
Number of minimum quantity required in a purchase obligation | 5 | 5 | |||
H175 Aircraft [Member] | Aircraft Purchase Amendment [Member] | Subsequent Event [Member] | |||||
Schedule Of Aircraft Purchase Contracts [Line Items] | |||||
Number of minimum quantity required in a purchase obligation | 22 | ||||
Contract Postponement Period | 18 months | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In FY2022 | 3 | ||||
Capital expenditure deferral | $ | $ 110,000 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Two and Three Years | $ | 14,000 | ||||
Increase (Decrease) In Purchase Obligation | $ | $ 18,400 | ||||
H175 Aircraft [Member] | Aircraft Purchase Amendment [Member] | Subsequent Event [Member] | Cancellable Commitments | |||||
Schedule Of Aircraft Purchase Contracts [Line Items] | |||||
Number of minimum quantity required in a purchase obligation | 5 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Purchase Commitment and Commitment Expenditures (Details) $ in Thousands | Dec. 31, 2018USD ($)aircraft |
Aircraft | |
Number of Aircraft Unconditional Commitments | |
Three Months Ending March 31, 2019 | 0 |
2020 | 4 |
2021 | 4 |
2022 | 5 |
2023 and thereafter | 13 |
Purchase Commitment - Total Aircrafts | 26 |
Commitment Expenditures | |
Three Months Ending March 31, 2019 | $ | $ 2,197 |
2020 | $ | 84,256 |
2021 | $ | 74,946 |
2022 | $ | 83,195 |
2023 and thereafter | $ | 188,401 |
Purchase Commitments - Total | $ | $ 432,995 |
Number of Aircraft Conditional Commitments | |
Three Months Ending March 31, 2019 | 2 |
2020 | 2 |
2021 | 0 |
2022 | 0 |
2023 and thereafter | 0 |
Aircraft Purchase Options - Total Aircrafts | 4 |
Related Option Expenditures | |
Three Months Ending March 31, 2019 | $ | $ 44,181 |
2020 | $ | 31,536 |
2021 | $ | 0 |
2022 | $ | 0 |
2023 and thereafter | $ | 0 |
Aircraft Purchase Options - Total | $ | $ 75,717 |
Cancellable Commitments | |
Number of Aircraft Unconditional Commitments | |
Purchase Commitment - Total Aircrafts | 5 |
Commitment Expenditures | |
Purchase Commitments - Total | $ | $ 91,100 |
Related Option Expenditures | |
Deposit assets | $ | 4,500 |
Large | Aircraft | |
Commitment Expenditures | |
Three Months Ending March 31, 2019 | $ | 2,197 |
2020 | $ | 24,310 |
2021 | $ | 74,946 |
2022 | $ | 83,195 |
2023 and thereafter | $ | 188,401 |
Purchase Commitments - Total | $ | $ 373,049 |
Large | Aircraft | |
Number of Aircraft Unconditional Commitments | |
Three Months Ending March 31, 2019 | 0 |
2020 | 0 |
2021 | 4 |
2022 | 5 |
2023 and thereafter | 13 |
Purchase Commitment - Total Aircrafts | 22 |
Number of Aircraft Conditional Commitments | |
Three Months Ending March 31, 2019 | 2 |
2020 | 2 |
2021 | 0 |
2022 | 0 |
2023 and thereafter | 0 |
Aircraft Purchase Options - Total Aircrafts | 4 |
U.K. SAR | Aircraft | |
Number of Aircraft Unconditional Commitments | |
Three Months Ending March 31, 2019 | 0 |
2020 | 4 |
2021 | 0 |
2022 | 0 |
2023 and thereafter | 0 |
Purchase Commitment - Total Aircrafts | 4 |
Commitment Expenditures | |
Three Months Ending March 31, 2019 | $ | $ 0 |
2020 | $ | 59,946 |
2021 | $ | 0 |
2022 | $ | 0 |
2023 and thereafter | $ | 0 |
Purchase Commitments - Total | $ | $ 59,946 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Operating Leases (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
May 30, 2019USD ($)aircraft | Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($) | Mar. 31, 2018USD ($) | |
Operating Leased Assets [Line Items] | ||||||
Operating leases rental expense | $ 48,200 | $ 42,600 | $ 147,800 | $ 158,500 | ||
Term of leasing contract | 180 months | 180 months | ||||
Operating lease term renewal options | 240 months | 240 months | ||||
Number of leased aircraft | aircraft | 76 | 76 | ||||
Accrued Rent | $ 9,028 | $ 9,028 | $ 11,708 | |||
Aircraft | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating leases rental expense | 42,800 | 36,500 | 129,900 | 137,900 | ||
H225 Aircraft [Member] | Subsequent Event [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Number Of Aircraft Lease Return To Lessor | aircraft | 4 | |||||
Cash Outflow For Lease Return Cost | $ 4,300 | |||||
Accrued Lease Return Costs | 2,800 | |||||
Accrued Rent | 9,700 | |||||
Deferred Rent | $ 9,400 | |||||
VIH Aviation Group | Leasing From Related Party | ||||||
Operating Leased Assets [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | $ 2,900 | $ 4,700 | $ 12,400 | $ 14,400 | ||
VIH Aviation Group | Leasing From Related Party | S-92 | ||||||
Operating Leased Assets [Line Items] | ||||||
Number of leased aircraft | aircraft | 6 | 6 | ||||
VIH Aviation Group | Leasing From Related Party | AW139 | ||||||
Operating Leased Assets [Line Items] | ||||||
Number of leased aircraft | aircraft | 1 | 1 | ||||
Three months ending March 31, 2019 to fiscal year 2020 | ||||||
Operating Leased Assets [Line Items] | ||||||
Number of leased aircraft | aircraft | 29 | 29 | ||||
Fiscal year 2021 to fiscal year 2023 | ||||||
Operating Leased Assets [Line Items] | ||||||
Number of leased aircraft | aircraft | 36 | 36 | ||||
Fiscal year 2024 to fiscal year 2025 | ||||||
Operating Leased Assets [Line Items] | ||||||
Number of leased aircraft | aircraft | 11 | 11 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Separation Programs (Details) - Involuntary separation program - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | $ 2,409 | $ 2,781 | $ 6,855 | $ 13,870 |
Direct cost | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 2,096 | 2,661 | 4,809 | 5,208 |
General and administrative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | $ 313 | $ 120 | $ 2,046 | $ 8,662 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Environmental Contingencies, Other Purchase Obligations and Other Matters (Details) | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 10, 2019USD ($) | Feb. 28, 2019USD ($)shares | Jan. 08, 2019USD ($) | Dec. 31, 2018USD ($)Facility | |
Other Commitments [Line Items] | |||||||
Number of former waste disposal facilities | Facility | 3 | ||||||
High | |||||||
Other Commitments [Line Items] | |||||||
Estimate of possible loss | $ 3,000,000 | ||||||
Other Commitments | |||||||
Other Commitments [Line Items] | |||||||
Purchase obligations | $ 52,000,000 | ||||||
Subsequent Event [Member] | Sikorsky Lawsuit [Member] | |||||||
Other Commitments [Line Items] | |||||||
Deposits Assets | $ 11,700,000 | ||||||
Subsequent Event [Member] | Huntington Lawsuit [Member] | |||||||
Other Commitments [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | $ 2,500,000 | ||||||
Counterclaim, Damages Sought, Value | $ 100,000 | ||||||
Subsequent Event [Member] | Pilot [Member] | |||||||
Other Commitments [Line Items] | |||||||
Number Of Fatality | 1 | ||||||
Subsequent Event [Member] | Passenger [Member] | |||||||
Other Commitments [Line Items] | |||||||
Number Of Fatality | 1 | ||||||
Chief Executive Officer [Member] | Subsequent Event [Member] | Special Termination Benefits [Member] | |||||||
Other Commitments [Line Items] | |||||||
Consulting Fee, To Be Paid Per Month | $ 30,000 | ||||||
Severance costs | $ 1,442,000 | ||||||
COBRA Coverage Period | 18 months | ||||||
COBRA Coverage Period, Extension | 36 months | ||||||
Outplacement Service, Period | 12 months | ||||||
Non-Compete Period, Original | 1 year | ||||||
Non-Compete Period, Amended | 2 years | ||||||
Chief Executive Officer [Member] | Subsequent Event [Member] | Special Termination Benefits [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Other Commitments [Line Items] | |||||||
Options To Purchase, Number of Shares | shares | 23,927 | ||||||
Chief Executive Officer [Member] | Subsequent Event [Member] | Special Termination Benefits [Member] | Share-based Compensation Award, Tranche One [Member] | Employee Stock Option [Member] | |||||||
Other Commitments [Line Items] | |||||||
Options To Purchase, Number of Shares | shares | 43,503 | ||||||
Chief Executive Officer [Member] | Subsequent Event [Member] | Special Termination Benefits [Member] | Share-based Compensation Award, Tranche Two [Member] | Employee Stock Option [Member] | |||||||
Other Commitments [Line Items] | |||||||
Options To Purchase, Number of Shares | shares | 102,190 | ||||||
Chief Executive Officer [Member] | Subsequent Event [Member] | Special Termination Benefits [Member] | Share-based Compensation Award, Tranche Three [Member] | Employee Stock Option [Member] | |||||||
Other Commitments [Line Items] | |||||||
Options To Purchase, Number of Shares | shares | 74,502 |
TAXES (Details)
TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | (38.40%) | 57.50% | (2.10%) | (2.70%) | |
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 33.5 | $ 2.1 | $ 43.8 | $ 13.4 | |
Unrecognized Tax Benefits | $ 4.3 | $ 4.3 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
EMPLOYEE BENEFIT PLANS - Compon
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan [Abstract] | ||||
Service cost for benefits earned during the period | $ 207 | $ 214 | $ 636 | $ 632 |
Interest cost on pension benefit obligation | 3,179 | 3,230 | 9,764 | 9,530 |
Expected return on assets | (4,191) | (5,299) | (12,872) | (15,633) |
Amortization of unrecognized losses | 1,945 | 2,040 | 5,972 | 6,016 |
Net periodic pension cost | $ 1,140 | $ 185 | $ 3,500 | $ 545 |
EMPLOYEE BENEFIT PLANS - Pensio
EMPLOYEE BENEFIT PLANS - Pension Plans Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Defined Benefit Plan [Abstract] | ||
Estimated cash contributions | $ 16.3 | |
Cash contributions | 12.7 | |
Weighted-average expected long-term rate of return on assets | 3.60% | |
Increase (Decrease) in Obligation, Pension Benefits | $ 2.9 | |
Unequal Guaranteed Minimum Pension Ruling, Period, Additional Expense Amortization | 20 years |
EMPLOYEE BENEFIT PLANS - Incent
EMPLOYEE BENEFIT PLANS - Incentive Compensations Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock shares reserved | 10,646,729 | 10,646,729 | ||||
Shares available for grant | 1,811,843 | 1,811,843 | ||||
Stock based compensation expense | $ 1,900 | $ 2,200 | $ 5,651 | $ 8,776 | ||
Restricted stock grants- shares | 400,788 | |||||
Weighted average grant date fair value (in dollars per share) | $ 12.53 | |||||
Stock option grants- shares | 593,129 | |||||
Phantom Share Units (PSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation payout period | 3 years | |||||
Noncurrent deferred compensation liability | 400 | $ 400 | $ 1,000 | |||
Share-based compensation expense | (1,100) | 500 | $ (400) | 900 | ||
Performance cash | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award requisite service period | 3 years | |||||
Performance cash compensation liability | 3,900 | $ 3,900 | $ 7,700 | |||
Performance cash compensation expense | $ (1,300) | $ (800) | $ (200) | $ 600 |
EMPLOYEE BENEFIT PLANS - Assump
EMPLOYEE BENEFIT PLANS - Assumptions Used for Stock Options Granted (Details) | 9 Months Ended |
Dec. 31, 2018$ / shares | |
Defined Benefit Plan [Abstract] | |
Risk free interest rate | 2.76% |
Expected life (years) | 5 years |
Volatility | 62.80% |
Dividend yield | 0.00% |
Weighted average exercise price of options granted | $ 12.19 |
Weighted average grant-date fair value of options granted | $ 6.71 |
EARNINGS PER SHARE AND ACCUMU_3
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Antidilutive Securities Excluded from EPS Calculation (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding shares | 3,447,397 | 2,729,888 | 2,682,918 | 2,791,193 |
Weighted average exercise price - antidilutive | $ 25.62 | $ 38.12 | $ 33.11 | $ 39.88 |
Restricted Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding shares | 671,258 | 681,571 | 591,808 | 432,596 |
Weighted average exercise price - antidilutive | $ 9.58 | $ 8.67 | $ 11.64 | $ 23.25 |
EARNINGS PER SHARE AND ACCUMU_4
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Computation of Basic and Diluted EPS (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | ||||
Loss available to common stockholders – basic | $ | $ (85,944,000) | $ (8,273,000) | $ (262,242,000) | $ (94,757,000) |
Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) | $ | 0 | 0 | 0 | 0 |
Loss available to common stockholders – diluted | $ | $ (85,944,000) | $ (8,273,000) | $ (262,242,000) | $ (94,757,000) |
Weighted average number of common shares outstanding – basic | shares | 35,798,185 | 35,368,212 | 35,712,735 | 35,260,746 |
Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1) | shares | 0 | 0 | 0 | 0 |
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method | shares | 0 | 0 | 0 | 0 |
Weighted average number of common shares outstanding – diluted | shares | 35,798,185 | 35,368,212 | 35,712,735 | 35,260,746 |
Basic loss per common share (in dollars per share) | $ / shares | $ (2.40) | $ (0.23) | $ (7.34) | $ (2.69) |
Diluted loss per common share (in dollars per share) | $ / shares | (2.40) | $ (0.23) | (7.34) | $ (2.69) |
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||||
Debt Instrument [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 |
EARNINGS PER SHARE AND ACCUMU_5
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Accumulated other comprehensive loss - beginning balance | $ (286,094) | $ (286,094) | |||||
Net current period other comprehensive income | $ (8,929) | $ (8,097) | (27,824) | $ (74) | $ 10,928 | $ 10,070 | |
Accumulated other comprehensive loss - ending balance | (330,944) | (330,944) | |||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Accumulated other comprehensive loss - beginning balance | (286,094) | (286,094) | |||||
Other comprehensive income before reclassification | (43,692) | ||||||
Reclassified from accumulated other comprehensive income | (1,158) | ||||||
Net current period other comprehensive income | (44,850) | ||||||
Foreign exchange rate impact | 0 | 0 | |||||
Accumulated other comprehensive loss - ending balance | (330,944) | (330,944) | |||||
Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Accumulated other comprehensive loss - beginning balance | (79,066) | (79,066) | |||||
Other comprehensive income before reclassification | (43,685) | ||||||
Reclassified from accumulated other comprehensive income | 0 | ||||||
Net current period other comprehensive income | (43,685) | ||||||
Foreign exchange rate impact | (24,363) | (24,363) | |||||
Accumulated other comprehensive loss - ending balance | (147,114) | (147,114) | |||||
Pension Liability Adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Accumulated other comprehensive loss - beginning balance | (206,682) | (206,682) | |||||
Other comprehensive income before reclassification | (2,410) | ||||||
Reclassified from accumulated other comprehensive income | 0 | ||||||
Net current period other comprehensive income | (2,410) | ||||||
Foreign exchange rate impact | 24,363 | 24,363 | |||||
Accumulated other comprehensive loss - ending balance | (184,729) | (184,729) | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Accumulated other comprehensive loss - beginning balance | $ (346) | (346) | |||||
Other comprehensive income before reclassification | 2,403 | ||||||
Reclassified from accumulated other comprehensive income | (1,158) | ||||||
Net current period other comprehensive income | 1,245 | ||||||
Foreign exchange rate impact | 0 | 0 | |||||
Accumulated other comprehensive loss - ending balance | $ 899 | $ 899 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 9 Months Ended |
Dec. 31, 2018RegionsSegmentshub | |
Segment Reporting [Abstract] | |
Number of operating segments | Segments | 1 |
Number of aircraft hubs | hub | 2 |
Number of reportable segments | Regions | 4 |
SEGMENT INFORMATION - Revenue b
SEGMENT INFORMATION - Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 331,329 | $ 360,735 | $ 1,049,880 | $ 1,086,520 |
Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 188,450 | 198,439 | 612,431 | 596,280 |
Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 43,830 | 48,712 | 119,638 | 149,289 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 57,931 | 60,615 | 170,554 | 179,822 |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 43,829 | 55,691 | 155,653 | 167,421 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 465 | 911 | 1,363 | 4,126 |
External Customer | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 331,329 | 360,735 | 1,049,880 | 1,086,520 |
External Customer | Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 186,537 | 196,958 | 606,584 | 592,280 |
External Customer | Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 43,830 | 48,712 | 119,638 | 149,289 |
External Customer | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 56,669 | 58,468 | 166,644 | 173,431 |
External Customer | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 43,829 | 55,691 | 155,653 | 167,421 |
External Customer | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 464 | 906 | 1,361 | 4,099 |
Intersegment elimination | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,176 | 3,633 | 9,759 | 10,418 |
Intersegment elimination | Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,913 | 1,481 | 5,847 | 4,000 |
Intersegment elimination | Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment elimination | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,262 | 2,147 | 3,910 | 6,391 |
Intersegment elimination | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment elimination | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1 | $ 5 | 2 | $ 27 |
Revenue Not from Contract with Customer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 9,800 | 41,800 | ||
Revenue Not from Contract with Customer [Member] | Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,700 | 18,800 | ||
Revenue Not from Contract with Customer [Member] | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8,000 | 22,800 | ||
Revenue Not from Contract with Customer [Member] | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 100 | $ 200 |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Performance and Total Assets by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Assets | $ 2,731,744 | $ 2,731,744 | $ 3,165,002 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 737 | $ 1,996 | (2,376) | $ 3,394 | |
Loss on disposal of assets | (16,015) | (4,591) | (18,986) | (12,418) | |
Operating loss | (31,164) | (3,527) | (164,653) | (41,091) | |
Depreciation and amortization | 30,615 | 31,682 | 92,045 | 94,119 | |
Total investments in unconsolidated affiliates - equity method | 107,688 | 107,688 | 119,884 | ||
Construction in progress within property and equipment | 52,900 | 52,900 | 67,700 | ||
Contract termination costs | 13,971 | 0 | 13,971 | 0 | |
OEM Cost recoveries | Rent Expense | |||||
Segment Reporting Information [Line Items] | |||||
Offset Amount, Expense | 1,000 | 6,900 | 16,600 | ||
Europe Caspian | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 904,490 | 904,490 | 1,087,437 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (2) | 34 | 17 | 125 | |
Total business unit operating income | 3,342 | 5,274 | 13,856 | 19,499 | |
Depreciation and amortization | 13,041 | 12,771 | 37,985 | 36,789 | |
Total investments in unconsolidated affiliates - equity method | 215 | 215 | 270 | ||
Europe Caspian | OEM Cost recoveries | Rent Expense | |||||
Segment Reporting Information [Line Items] | |||||
Offset Amount, Expense | 200 | 4,600 | |||
Africa | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 398,606 | 398,606 | 374,121 | ||
Total business unit operating income | 5,286 | 10,470 | 7,892 | 28,353 | |
Depreciation and amortization | 3,732 | 3,664 | 10,811 | 10,330 | |
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 751,981 | 751,981 | 788,879 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 839 | 2,097 | (2,052) | 3,712 | |
Total business unit operating income | 4,412 | 5,308 | (1,362) | 11,535 | |
Depreciation and amortization | 7,108 | 6,909 | 21,299 | 20,906 | |
Total investments in unconsolidated affiliates - equity method | 104,758 | 104,758 | 116,276 | ||
Asia Pacific | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 248,861 | 248,861 | 342,166 | ||
Total business unit operating income | (6,654) | (941) | (14,613) | (19,374) | |
Depreciation and amortization | 3,812 | 4,479 | 12,221 | 15,347 | |
Asia Pacific | OEM Cost recoveries | Rent Expense | |||||
Segment Reporting Information [Line Items] | |||||
Offset Amount, Expense | 800 | 2,300 | |||
Corporate and other | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 427,806 | 427,806 | 572,399 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (100) | (135) | (341) | (443) | |
Total business unit operating income | (21,535) | (19,047) | (151,440) | (68,686) | |
Depreciation and amortization | 2,922 | $ 3,859 | 9,729 | $ 10,747 | |
Total investments in unconsolidated affiliates - equity method | $ 2,715 | $ 2,715 | $ 3,338 |
SUPPLEMENTAL CONDENSED CONSOL_3
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $ 331,329 | $ 360,735 | $ 1,049,880 | $ 1,086,520 |
Direct cost and reimbursable expense | 275,901 | 286,619 | 864,267 | 884,581 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 30,615 | 31,682 | 92,045 | 94,119 |
General and administrative | 40,742 | 43,366 | 119,682 | 138,695 |
Operating expense | 347,258 | 361,667 | 1,075,994 | 1,117,395 |
Loss on impairment | 0 | 0 | (117,220) | (1,192) |
Gain (loss) on disposal of assets | (16,015) | (4,591) | (18,986) | (12,418) |
Earnings from unconsolidated affiliates, net of losses | 780 | 1,996 | (2,333) | 3,394 |
Operating loss | (31,164) | (3,527) | (164,653) | (41,091) |
Interest expense, net | (27,113) | (19,093) | (80,690) | (53,677) |
Other income (expense), net | (3,660) | (736) | (10,814) | 235 |
Loss before benefit (provision) for income taxes | (61,937) | (23,356) | (256,157) | (94,533) |
Benefit (provision) for income taxes | (23,764) | 13,419 | (5,258) | (2,546) |
Net loss | (85,701) | (9,937) | (261,415) | (97,079) |
Net (income) loss attributable to noncontrolling interests | (243) | 1,664 | (827) | 2,322 |
Net loss attributable to Bristow Group | (85,944) | (8,273) | (262,242) | (94,757) |
External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 331,329 | 360,735 | 1,049,880 | 1,086,520 |
Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | (26,844) | (28,608) | (80,857) | (92,518) |
Direct cost and reimbursable expense | 0 | 0 | 0 | 0 |
Intercompany expenses | (26,844) | (28,608) | (80,857) | (92,518) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Operating expense | (26,844) | (28,608) | (80,857) | (92,518) |
Loss on impairment | 0 | 0 | ||
Gain (loss) on disposal of assets | 0 | 0 | 0 | 0 |
Earnings from unconsolidated affiliates, net of losses | 22,023 | 11,503 | 153,319 | 22,506 |
Operating loss | 22,023 | 11,503 | 153,319 | 22,506 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Loss before benefit (provision) for income taxes | 22,023 | 11,503 | 153,319 | 22,506 |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Net loss | 22,023 | 11,503 | 153,319 | 22,506 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Bristow Group | 22,023 | 11,503 | 153,319 | 22,506 |
Eliminations | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Eliminations | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | (26,844) | (28,608) | (80,857) | (92,518) |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | (9) | 188 | 81 | 188 |
Direct cost and reimbursable expense | 14 | 81 | 50 | 3,350 |
Intercompany expenses | 5,399 | 0 | 20,706 | 0 |
Depreciation and amortization | 3,087 | 3,048 | 9,245 | 8,981 |
General and administrative | 16,004 | 13,937 | 41,699 | 50,924 |
Operating expense | 24,504 | 17,066 | 71,700 | 63,255 |
Loss on impairment | 0 | 0 | ||
Gain (loss) on disposal of assets | (512) | (1,757) | (1,318) | (1,757) |
Earnings from unconsolidated affiliates, net of losses | (22,023) | (11,503) | (153,319) | (22,506) |
Operating loss | (47,048) | (30,138) | (226,256) | (87,330) |
Interest expense, net | (16,997) | (9,480) | (48,940) | (29,174) |
Other income (expense), net | 122 | (16) | 306 | (142) |
Loss before benefit (provision) for income taxes | (63,923) | (39,634) | (274,890) | (116,646) |
Benefit (provision) for income taxes | (22,006) | 31,373 | 12,691 | 21,925 |
Net loss | (85,929) | (8,261) | (262,199) | (94,721) |
Net (income) loss attributable to noncontrolling interests | (15) | (12) | (43) | (36) |
Net loss attributable to Bristow Group | (85,944) | (8,273) | (262,242) | (94,757) |
Parent Company Only | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | (9) | 188 | 81 | 188 |
Parent Company Only | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 64,097 | 75,985 | 189,043 | 232,622 |
Direct cost and reimbursable expense | 40,188 | 49,540 | 123,045 | 147,829 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 19,175 | 12,489 | 55,130 | 38,209 |
General and administrative | 4,174 | 6,514 | 13,097 | 17,899 |
Operating expense | 63,537 | 68,543 | 191,272 | 203,937 |
Loss on impairment | (87,474) | (1,192) | ||
Gain (loss) on disposal of assets | (15,321) | (3,657) | (16,799) | 7,356 |
Earnings from unconsolidated affiliates, net of losses | 0 | 0 | 0 | 0 |
Operating loss | (14,761) | 3,785 | (106,502) | 34,849 |
Interest expense, net | (5,807) | (5,008) | (18,552) | (16,811) |
Other income (expense), net | 485 | 227 | 1,802 | (529) |
Loss before benefit (provision) for income taxes | (20,083) | (996) | (123,252) | 17,509 |
Benefit (provision) for income taxes | (463) | (1,791) | (746) | (7,896) |
Net loss | (20,546) | (2,787) | (123,998) | 9,613 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Bristow Group | (20,546) | (2,787) | (123,998) | 9,613 |
Guarantor Subsidiaries | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 37,253 | 47,377 | 108,186 | 140,104 |
Guarantor Subsidiaries | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 26,844 | 28,608 | 80,857 | 92,518 |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 294,085 | 313,170 | 941,613 | 946,228 |
Direct cost and reimbursable expense | 235,699 | 236,998 | 741,172 | 733,402 |
Intercompany expenses | 21,445 | 28,608 | 60,151 | 92,518 |
Depreciation and amortization | 8,353 | 16,145 | 27,670 | 46,929 |
General and administrative | 20,564 | 22,915 | 64,886 | 69,872 |
Operating expense | 286,061 | 304,666 | 893,879 | 942,721 |
Loss on impairment | (29,746) | 0 | ||
Gain (loss) on disposal of assets | (182) | 823 | (869) | (18,017) |
Earnings from unconsolidated affiliates, net of losses | 780 | 1,996 | (2,333) | 3,394 |
Operating loss | 8,622 | 11,323 | 14,786 | (11,116) |
Interest expense, net | (4,309) | (4,605) | (13,198) | (7,692) |
Other income (expense), net | (4,267) | (947) | (12,922) | 906 |
Loss before benefit (provision) for income taxes | 46 | 5,771 | (11,334) | (17,902) |
Benefit (provision) for income taxes | (1,295) | (16,163) | (17,203) | (16,575) |
Net loss | (1,249) | (10,392) | (28,537) | (34,477) |
Net (income) loss attributable to noncontrolling interests | (228) | 1,676 | (784) | 2,358 |
Net loss attributable to Bristow Group | (1,477) | (8,716) | (29,321) | (32,119) |
Non- Guarantor Subsidiaries | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 294,085 | 313,170 | 941,613 | 946,228 |
Non- Guarantor Subsidiaries | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
SUPPLEMENTAL CONDENSED CONSOL_4
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ (85,701) | $ (9,937) | $ (261,415) | $ (97,079) |
Currency translation adjustments | (6,462) | (57) | (43,462) | 20,394 |
Pension liability adjustment | (2,410) | 0 | (2,410) | 0 |
Unrealized gain on cash flow hedges | (5) | 0 | 1,245 | 0 |
Total comprehensive loss | (94,578) | (9,994) | (306,042) | (76,685) |
Net (income) loss attributable to noncontrolling interests | (243) | 1,664 | (827) | 2,322 |
Currency translation adjustments attributable to noncontrolling interests | (52) | (17) | (223) | 530 |
Total comprehensive (income) loss attributable to noncontrolling interests | (295) | 1,647 | (1,050) | 2,852 |
Total comprehensive loss attributable to Bristow Group | (94,873) | (8,347) | (307,092) | (73,833) |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 22,023 | 11,503 | 153,319 | 22,506 |
Currency translation adjustments | 3,056 | (1,155) | 63,209 | (9,918) |
Pension liability adjustment | 0 | 0 | ||
Unrealized gain on cash flow hedges | 0 | 0 | ||
Total comprehensive loss | 25,079 | 10,348 | 216,528 | 12,588 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive loss attributable to Bristow Group | 25,079 | 10,348 | 216,528 | 12,588 |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (85,929) | (8,261) | (262,199) | (94,721) |
Currency translation adjustments | 0 | 0 | 0 | 0 |
Pension liability adjustment | 0 | 0 | ||
Unrealized gain on cash flow hedges | 0 | 0 | ||
Total comprehensive loss | (85,929) | (8,261) | (262,199) | (94,721) |
Net (income) loss attributable to noncontrolling interests | (15) | (12) | (43) | (36) |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | (15) | (12) | (43) | (36) |
Total comprehensive loss attributable to Bristow Group | (85,944) | (8,273) | (262,242) | (94,757) |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (20,546) | (2,787) | (123,998) | 9,613 |
Currency translation adjustments | (372) | (18) | (1,417) | 626 |
Pension liability adjustment | 0 | 0 | ||
Unrealized gain on cash flow hedges | 0 | 0 | ||
Total comprehensive loss | (20,918) | (2,805) | (125,415) | 10,239 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive loss attributable to Bristow Group | (20,918) | (2,805) | (125,415) | 10,239 |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (1,249) | (10,392) | (28,537) | (34,477) |
Currency translation adjustments | (9,146) | 1,116 | (105,254) | 29,686 |
Pension liability adjustment | (2,410) | (2,410) | ||
Unrealized gain on cash flow hedges | (5) | 1,245 | ||
Total comprehensive loss | (12,810) | (9,276) | (134,956) | (4,791) |
Net (income) loss attributable to noncontrolling interests | (228) | 1,676 | (784) | 2,358 |
Currency translation adjustments attributable to noncontrolling interests | (52) | (17) | (223) | 530 |
Total comprehensive (income) loss attributable to noncontrolling interests | (280) | 1,659 | (1,007) | 2,888 |
Total comprehensive loss attributable to Bristow Group | $ (13,090) | $ (7,617) | $ (135,963) | $ (1,903) |
SUPPLEMENTAL CONDENSED CONSOL_5
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Cash and cash equivalents | $ 231,326 | $ 380,223 | $ 117,848 | $ 96,656 | ||||
Accounts receivable | 217,827 | 246,980 | ||||||
Inventories | 115,254 | 129,614 | ||||||
Assets held for sale | 22,485 | 30,348 | ||||||
Prepaid expenses and other current assets | 48,646 | 47,234 | ||||||
Total current assets | 635,538 | 834,399 | ||||||
Intercompany investment | 0 | 0 | ||||||
Investment in unconsolidated affiliates | 113,974 | 126,170 | ||||||
Intercompany notes receivable | 0 | 0 | ||||||
Land and buildings | 240,201 | 250,040 | ||||||
Aircraft and equipment | 2,479,543 | 2,511,131 | ||||||
Total property and equipment, at cost | 2,719,744 | 2,761,171 | ||||||
Less – Accumulated depreciation and amortization | (872,201) | (693,151) | ||||||
Total property and equipment, net | 1,847,543 | 2,068,020 | ||||||
Goodwill | 18,271 | 19,907 | ||||||
Other assets | 116,418 | 116,506 | ||||||
Total assets | 2,731,744 | 3,165,002 | ||||||
Accounts payable | 91,916 | 101,270 | ||||||
Accrued liabilities | 156,465 | 209,876 | ||||||
Short-term borrowings and current maturities of long-term debt | 1,421,050 | 1,475,438 | ||||||
Total current liabilities | 1,669,431 | 1,786,584 | ||||||
Long-term debt, less current maturities | 9,174 | 11,096 | ||||||
Intercompany notes payable | 0 | 0 | ||||||
Accrued pension liabilities | 28,036 | 37,034 | ||||||
Other liabilities and deferred credits | 28,573 | 36,952 | ||||||
Deferred taxes | 119,057 | 115,192 | ||||||
Common stock | 385 | 382 | ||||||
Additional paid-in capital | 860,745 | 852,565 | ||||||
Retained earnings | 524,846 | 788,834 | ||||||
Accumulated other comprehensive income (loss) | (330,944) | (286,094) | ||||||
Treasury shares | (184,796) | (184,796) | ||||||
Total Bristow Group stockholders’ investment | 870,236 | 1,170,891 | ||||||
Noncontrolling interests | 7,237 | 7,253 | ||||||
Total stockholders’ investment | 877,473 | $ 970,232 | $ 1,120,644 | 1,178,144 | 1,249,016 | $ 1,228,079 | $ 1,245,841 | 1,289,283 |
Total liabilities and stockholders’ investment | 2,731,744 | 3,165,002 | ||||||
Eliminations | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Cash and cash equivalents | (1,501) | 0 | (922) | 0 | ||||
Accounts receivable | (1,124,553) | (638,630) | ||||||
Inventories | 0 | 0 | ||||||
Assets held for sale | 0 | 0 | ||||||
Prepaid expenses and other current assets | 0 | (1,643) | ||||||
Total current assets | (1,126,054) | (640,273) | ||||||
Intercompany investment | (2,110,202) | (2,445,623) | ||||||
Investment in unconsolidated affiliates | 0 | 0 | ||||||
Intercompany notes receivable | (274,288) | (588,567) | ||||||
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 | (3,510,544) | (3,674,463) | ||||||
Accounts payable | (1,115,618) | (616,909) | ||||||
Accrued liabilities | (9,300) | (21,955) | ||||||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||||||
Total current liabilities | (1,124,918) | (638,864) | ||||||
Long-term debt, less current maturities | 0 | 0 | ||||||
Intercompany notes payable | (275,391) | (544,148) | ||||||
Accrued pension liabilities | 0 | 0 | ||||||
Other liabilities and deferred credits | 0 | 0 | ||||||
Deferred taxes | 0 | 0 | ||||||
Common stock | (136,313) | (136,313) | ||||||
Additional paid-in capital | (313,435) | (313,435) | ||||||
Retained earnings | (994,432) | (1,312,439) | ||||||
Accumulated other comprehensive income (loss) | (666,055) | (729,264) | ||||||
Treasury shares | 0 | 0 | ||||||
Total Bristow Group stockholders’ investment | (2,110,235) | (2,491,451) | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Total stockholders’ investment | (2,110,235) | (2,491,451) | ||||||
Total liabilities and stockholders’ investment | (3,510,544) | (3,674,463) | ||||||
Parent Company Only | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Cash and cash equivalents | 155,167 | 277,176 | 27,895 | 3,382 | ||||
Accounts receivable | 506,745 | 211,412 | ||||||
Inventories | 0 | 0 | ||||||
Assets held for sale | 0 | 0 | ||||||
Prepaid expenses and other current assets | 4,520 | 3,367 | ||||||
Total current assets | 666,432 | 491,955 | ||||||
Intercompany investment | 1,877,133 | 2,199,505 | ||||||
Investment in unconsolidated affiliates | 0 | 0 | ||||||
Intercompany notes receivable | 118,003 | 183,634 | ||||||
Land and buildings | 4,806 | 4,806 | ||||||
Aircraft and equipment | 155,628 | 156,651 | ||||||
Total property and equipment, at cost | 160,434 | 161,457 | ||||||
Less – Accumulated depreciation and amortization | (46,012) | (39,780) | ||||||
Total property and equipment, net | 114,422 | 121,677 | ||||||
Goodwill | 0 | 0 | ||||||
Other assets | 4,786 | 4,966 | ||||||
Total assets | 2,780,776 | 3,001,737 | ||||||
Accounts payable | 413,795 | 341,342 | ||||||
Accrued liabilities | 56,645 | 59,070 | ||||||
Short-term borrowings and current maturities of long-term debt | 847,023 | 840,485 | ||||||
Total current liabilities | 1,317,463 | 1,240,897 | ||||||
Long-term debt, less current maturities | 0 | 0 | ||||||
Intercompany notes payable | 103,449 | 132,740 | ||||||
Accrued pension liabilities | 0 | 0 | ||||||
Other liabilities and deferred credits | 10,732 | 14,078 | ||||||
Deferred taxes | 68,416 | 77,373 | ||||||
Common stock | 385 | 382 | ||||||
Additional paid-in capital | 860,745 | 852,565 | ||||||
Retained earnings | 524,846 | 788,834 | ||||||
Accumulated other comprehensive income (loss) | 78,306 | 78,306 | ||||||
Treasury shares | (184,796) | (184,796) | ||||||
Total Bristow Group stockholders’ investment | 1,279,486 | 1,535,291 | ||||||
Noncontrolling interests | 1,230 | 1,358 | ||||||
Total stockholders’ investment | 1,280,716 | 1,536,649 | ||||||
Total liabilities and stockholders’ investment | 2,780,776 | 3,001,737 | ||||||
Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Cash and cash equivalents | 0 | 8,904 | 0 | 299 | ||||
Accounts receivable | 542,145 | 423,214 | ||||||
Inventories | 34,658 | 31,300 | ||||||
Assets held for sale | 18,506 | 26,737 | ||||||
Prepaid expenses and other current assets | 2,674 | 4,494 | ||||||
Total current assets | 597,983 | 494,649 | ||||||
Intercompany investment | 104,436 | 104,435 | ||||||
Investment in unconsolidated affiliates | 0 | 0 | ||||||
Intercompany notes receivable | 9,229 | 36,358 | ||||||
Land and buildings | 58,204 | 58,191 | ||||||
Aircraft and equipment | 1,311,241 | 1,326,922 | ||||||
Total property and equipment, at cost | 1,369,445 | 1,385,113 | ||||||
Less – Accumulated depreciation and amortization | (403,430) | (263,412) | ||||||
Total property and equipment, net | 966,015 | 1,121,701 | ||||||
Goodwill | 0 | 0 | ||||||
Other assets | 2,727 | 2,122 | ||||||
Total assets | 1,680,390 | 1,759,265 | ||||||
Accounts payable | 476,510 | 175,133 | ||||||
Accrued liabilities | (7,232) | 6,735 | ||||||
Short-term borrowings and current maturities of long-term debt | 271,279 | 296,782 | ||||||
Total current liabilities | 740,557 | 478,650 | ||||||
Long-term debt, less current maturities | 0 | 0 | ||||||
Intercompany notes payable | 154,527 | 370,407 | ||||||
Accrued pension liabilities | 0 | 0 | ||||||
Other liabilities and deferred credits | 8,729 | 7,924 | ||||||
Deferred taxes | 25,853 | 27,794 | ||||||
Common stock | 4,996 | 4,996 | ||||||
Additional paid-in capital | 29,387 | 29,387 | ||||||
Retained earnings | 716,378 | 838,727 | ||||||
Accumulated other comprehensive income (loss) | (37) | 1,380 | ||||||
Treasury shares | 0 | 0 | ||||||
Total Bristow Group stockholders’ investment | 750,724 | 874,490 | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Total stockholders’ investment | 750,724 | 874,490 | ||||||
Total liabilities and stockholders’ investment | 1,680,390 | 1,759,265 | ||||||
Non- Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Cash and cash equivalents | 77,660 | 94,143 | $ 90,875 | $ 92,975 | ||||
Accounts receivable | 293,490 | 250,984 | ||||||
Inventories | 80,596 | 98,314 | ||||||
Assets held for sale | 3,979 | 3,611 | ||||||
Prepaid expenses and other current assets | 41,452 | 41,016 | ||||||
Total current assets | 497,177 | 488,068 | ||||||
Intercompany investment | 128,633 | 141,683 | ||||||
Investment in unconsolidated affiliates | 113,974 | 126,170 | ||||||
Intercompany notes receivable | 147,056 | 368,575 | ||||||
Land and buildings | 177,191 | 187,043 | ||||||
Aircraft and equipment | 1,012,674 | 1,027,558 | ||||||
Total property and equipment, at cost | 1,189,865 | 1,214,601 | ||||||
Less – Accumulated depreciation and amortization | (422,759) | (389,959) | ||||||
Total property and equipment, net | 767,106 | 824,642 | ||||||
Goodwill | 18,271 | 19,907 | ||||||
Other assets | 108,905 | 109,418 | ||||||
Total assets | 1,781,122 | 2,078,463 | ||||||
Accounts payable | 317,229 | 201,704 | ||||||
Accrued liabilities | 116,352 | 166,026 | ||||||
Short-term borrowings and current maturities of long-term debt | 302,748 | 338,171 | ||||||
Total current liabilities | 736,329 | 705,901 | ||||||
Long-term debt, less current maturities | 9,174 | 11,096 | ||||||
Intercompany notes payable | 17,415 | 41,001 | ||||||
Accrued pension liabilities | 28,036 | 37,034 | ||||||
Other liabilities and deferred credits | 9,112 | 14,950 | ||||||
Deferred taxes | 24,788 | 10,025 | ||||||
Common stock | 131,317 | 131,317 | ||||||
Additional paid-in capital | 284,048 | 284,048 | ||||||
Retained earnings | 278,054 | 473,712 | ||||||
Accumulated other comprehensive income (loss) | 256,842 | 363,484 | ||||||
Treasury shares | 0 | 0 | ||||||
Total Bristow Group stockholders’ investment | 950,261 | 1,252,561 | ||||||
Noncontrolling interests | 6,007 | 5,895 | ||||||
Total stockholders’ investment | 956,268 | 1,258,456 | ||||||
Total liabilities and stockholders’ investment | $ 1,781,122 | $ 2,078,463 |
SUPPLEMENTAL CONDENSED CONSOL_6
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | $ (68,902) | $ (9,307) | |||
Capital expenditures | $ (16,409) | $ (12,124) | (33,711) | (36,441) | |
Proceeds from asset dispositions | 631 | 6,303 | 9,093 | 48,547 | |
Proceeds from OEM cost recoveries | 0 | 94,463 | |||
Net cash provided by (used in) investing activities | (24,618) | 106,569 | |||
Proceeds from borrowings | 387 | 548,768 | |||
Debt issuance costs | (2,599) | (11,653) | |||
Repayment of debt | (49,116) | (609,667) | |||
Purchase of 4½% Convertible Senior Notes call option | 0 | (40,393) | |||
Proceeds from issuance of warrants | 0 | 30,259 | |||
Dividends paid | 0 | (2,465) | |||
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | |||
Partial prepayment of put/call obligation | (40) | (36) | |||
Dividends paid to noncontrolling interest | $ (580) | (580) | 0 | ||
Issuance of common stock | 2,830 | 0 | |||
Repurchases for tax withholdings on vesting of equity awards | (1,505) | (591) | |||
Net cash used in financing activities | (50,623) | (85,778) | |||
Effect of exchange rate changes on cash and cash equivalents | (4,754) | 9,708 | |||
Net increase (decrease) in cash and cash equivalents | (148,897) | 21,192 | |||
Cash and cash equivalents at beginning of period | 380,223 | 96,656 | |||
Cash and cash equivalents at end of period | 231,326 | 117,848 | 231,326 | 117,848 | |
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | (1,501) | (922) | |||
Capital expenditures | 0 | 77,480 | |||
Proceeds from asset dispositions | 0 | (77,480) | |||
Proceeds from OEM cost recoveries | 0 | ||||
Net cash provided by (used in) investing activities | 0 | 0 | |||
Proceeds from borrowings | 0 | 0 | |||
Debt issuance costs | 0 | 0 | |||
Repayment of debt | 0 | 0 | |||
Purchase of 4½% Convertible Senior Notes call option | 0 | ||||
Proceeds from issuance of warrants | 0 | ||||
Dividends paid | 0 | 0 | |||
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | |||
Partial prepayment of put/call obligation | 0 | 0 | |||
Dividends paid to noncontrolling interest | 0 | ||||
Issuance of common stock | 0 | ||||
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | |||
Net cash used in financing activities | 0 | 0 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | (1,501) | (922) | |||
Cash and cash equivalents at beginning of period | 0 | 0 | |||
Cash and cash equivalents at end of period | (1,501) | (922) | (1,501) | (922) | |
Parent Company Only | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | (93,365) | (105,817) | |||
Capital expenditures | (2,987) | (8,182) | |||
Proceeds from asset dispositions | 0 | 0 | |||
Proceeds from OEM cost recoveries | 0 | ||||
Net cash provided by (used in) investing activities | (2,987) | (8,182) | |||
Proceeds from borrowings | 0 | 318,550 | |||
Debt issuance costs | (642) | (2,558) | |||
Repayment of debt | 0 | (569,325) | |||
Purchase of 4½% Convertible Senior Notes call option | (40,393) | ||||
Proceeds from issuance of warrants | 30,259 | ||||
Dividends paid | 162,941 | 110,637 | |||
Increases (decreases) in cash related to intercompany advances and debt | (189,241) | 291,969 | |||
Partial prepayment of put/call obligation | (40) | (36) | |||
Dividends paid to noncontrolling interest | 0 | ||||
Issuance of common stock | 2,830 | ||||
Repurchases for tax withholdings on vesting of equity awards | (1,505) | (591) | |||
Net cash used in financing activities | (25,657) | 138,512 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | (122,009) | 24,513 | |||
Cash and cash equivalents at beginning of period | 277,176 | 3,382 | |||
Cash and cash equivalents at end of period | 155,167 | 27,895 | 155,167 | 27,895 | |
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 23,819 | 34,995 | |||
Capital expenditures | (12,827) | (7,755) | |||
Proceeds from asset dispositions | 7,529 | 85,760 | |||
Proceeds from OEM cost recoveries | 0 | ||||
Net cash provided by (used in) investing activities | (5,298) | 78,005 | |||
Proceeds from borrowings | 0 | 0 | |||
Debt issuance costs | (32) | (552) | |||
Repayment of debt | (15,709) | (13,137) | |||
Purchase of 4½% Convertible Senior Notes call option | 0 | ||||
Proceeds from issuance of warrants | 0 | ||||
Dividends paid | 1,649 | 0 | |||
Increases (decreases) in cash related to intercompany advances and debt | (13,333) | (99,610) | |||
Partial prepayment of put/call obligation | 0 | 0 | |||
Dividends paid to noncontrolling interest | 0 | ||||
Issuance of common stock | 0 | ||||
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | |||
Net cash used in financing activities | (27,425) | (113,299) | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | (8,904) | (299) | |||
Cash and cash equivalents at beginning of period | 8,904 | 299 | |||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 | |
Non- Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 2,145 | 62,437 | |||
Capital expenditures | (17,897) | (97,984) | |||
Proceeds from asset dispositions | 1,564 | 40,267 | |||
Proceeds from OEM cost recoveries | 94,463 | ||||
Net cash provided by (used in) investing activities | (16,333) | 36,746 | |||
Proceeds from borrowings | 387 | 230,218 | |||
Debt issuance costs | (1,925) | (8,543) | |||
Repayment of debt | (33,407) | (27,205) | |||
Purchase of 4½% Convertible Senior Notes call option | 0 | ||||
Proceeds from issuance of warrants | 0 | ||||
Dividends paid | (164,590) | (113,102) | |||
Increases (decreases) in cash related to intercompany advances and debt | 202,574 | (192,359) | |||
Partial prepayment of put/call obligation | 0 | 0 | |||
Dividends paid to noncontrolling interest | (580) | ||||
Issuance of common stock | 0 | ||||
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | |||
Net cash used in financing activities | 2,459 | (110,991) | |||
Effect of exchange rate changes on cash and cash equivalents | (4,754) | 9,708 | |||
Net increase (decrease) in cash and cash equivalents | (16,483) | (2,100) | |||
Cash and cash equivalents at beginning of period | 94,143 | 92,975 | |||
Cash and cash equivalents at end of period | $ 77,660 | $ 90,875 | $ 77,660 | $ 90,875 |