DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | May. 20, 2016 | Sep. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2016 | ||
Entity Registrant Name | Bristow Group Inc. | ||
Entity Central Index Key | 73,887 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 34,978,397 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 867,807,223 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Gross revenue: | |||
Operating revenue from non-affiliates | $ 1,550,638,000 | $ 1,639,263,000 | $ 1,423,653,000 |
Operating revenue from affiliates | 78,909,000 | 87,724,000 | 92,673,000 |
Reimbursable revenue from non-affiliates | 85,966,000 | 131,682,000 | 153,180,000 |
Reimbursable revenue from affiliates | 0 | 0 | 76,000 |
Total consolidated gross revenue | 1,715,513,000 | 1,858,669,000 | 1,669,582,000 |
Operating expense: | |||
Direct cost | 1,227,541,000 | 1,174,991,000 | 1,041,575,000 |
Reimbursable expense | 81,824,000 | 124,566,000 | 144,557,000 |
Depreciation and amortization | 136,812,000 | 114,293,000 | 95,977,000 |
General and administrative | 224,645,000 | 254,158,000 | 199,814,000 |
Total operating expense | 1,670,822,000 | 1,668,008,000 | 1,481,923,000 |
Loss on impairment | (55,104,000) | (7,167,000) | (12,669,000) |
Loss on disposal of assets | (30,693,000) | (35,849,000) | (722,000) |
Earnings from unconsolidated affiliates, net of losses | 261,000 | (1,771,000) | 12,709,000 |
Operating income (loss) | (40,845,000) | 145,874,000 | 186,977,000 |
Interest expense, net | (34,128,000) | (29,354,000) | (43,218,000) |
Extinguishment of debt | 0 | (2,591,000) | 0 |
Gain on sale of unconsolidated affiliates | 0 | 3,921,000 | 103,924,000 |
Other income (expense), net | (4,258,000) | (6,377,000) | (2,692,000) |
Income (loss) before provision for income taxes | (79,231,000) | 111,473,000 | 244,991,000 |
Benefit (provision) for income taxes | 2,082,000 | (22,766,000) | (57,212,000) |
Net income (loss) | (77,149,000) | 88,707,000 | 187,779,000 |
Net (income) loss attributable to noncontrolling interests | 4,707,000 | (4,407,000) | (1,042,000) |
Net income (loss) attributable to Bristow Group | (72,442,000) | 84,300,000 | 186,737,000 |
Accretion of redeemable noncontrolling interests | (1,498,000) | 0 | 0 |
Net income (loss) available to common stockholders, basic | $ (73,940,000) | $ 84,300,000 | $ 186,737,000 |
Earnings (loss) per common share: | |||
Basic | $ (2.12) | $ 2.40 | $ 5.15 |
Diluted | (2.12) | 2.37 | 5.09 |
Cash dividends declared per common share | $ 1.09 | $ 1.28 | $ 1 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (77,149,000) | $ 88,707,000 | $ 187,779,000 |
Other comprehensive income: | |||
Currency translation adjustments | (21,604,000) | (71,617,000) | 18,729,000 |
Pension liability adjustment, net of tax provision (benefit) | 705,000 | (36,978,000) | 23,367,000 |
Total comprehensive income (loss) | (98,048,000) | (19,888,000) | 229,875,000 |
Net (income) loss attributable to noncontrolling interests | 4,707,000 | (4,407,000) | (1,042,000) |
Currency translation adjustment attributable to noncontrolling interest | 1,409,000 | (5,228,000) | 1,081,000 |
Total comprehensive (income) loss attributable to noncontrolling interests | 6,116,000 | (9,635,000) | 39,000 |
Total comprehensive income (loss) attributable to Bristow Group | (91,932,000) | (29,523,000) | 229,914,000 |
Accretion of redeemable noncontrolling interests | (1,498,000) | 0 | 0 |
Total comprehensive income (loss) attributable to common stockholders | $ (93,430,000) | $ (29,523,000) | $ 229,914,000 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) PARENTHETICALS - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Portion Attributable to Parent [Abstract] | |||
Income tax effect of pension liablity adjustment | $ 4.4 | $ 10.6 | $ (10.4) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 104,310 | $ 104,146 |
Accounts receivable from non-affiliates | 243,425 | 250,610 |
Accounts receivable from affiliates | 5,892 | 8,008 |
Inventories | 142,503 | 147,169 |
Assets held for sale | 43,783 | 57,827 |
Prepaid expenses and other current assets | 53,183 | 70,091 |
Total current assets | 593,096 | 637,851 |
Investment in unconsolidated affiliates | 194,952 | 216,376 |
Property and equipment - at cost: | ||
Total property and equipment, at cost | 2,823,675 | 2,665,828 |
Less - Accumulated depreciation and amortization | (540,423) | (508,727) |
Total property and equipment, net | 2,283,252 | 2,157,101 |
Goodwill | 29,990 | 75,628 |
Other assets | 170,572 | 143,764 |
Total assets | 3,271,862 | 3,230,720 |
Current liabilities: | ||
Accounts payable | 96,966 | 84,193 |
Accrued wages, benefits and related taxes | 59,431 | 81,648 |
Income taxes payable | 27,400 | 7,926 |
Other accrued taxes | 7,995 | 13,335 |
Deferred revenue | 24,206 | 36,784 |
Accrued maintenance and repairs | 22,196 | 23,316 |
Accrued interest | 11,985 | 12,831 |
Other accrued liabilities | 48,392 | 48,667 |
Deferred taxes | 1,881 | 17,704 |
Short-term borrowings and current maturities of long-term debt | 62,716 | 18,730 |
Contingent consideration | 29,522 | 33,938 |
Deferred sale leaseback advance | 0 | 55,934 |
Total current liabilities | 392,690 | 435,006 |
Long-term debt, less current maturities | 1,078,173 | 845,692 |
Accrued pension liabilities | 70,107 | 99,576 |
Other liabilities and deferred credits | 33,273 | 39,782 |
Deferred taxes | $ 172,254 | $ 165,655 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | $ 15,473 | $ 26,223 |
Stockholders' investment: | ||
Common stock | 377 | 376 |
Additional paid-in capital | 801,173 | 781,837 |
Retained earnings | 1,172,273 | 1,284,442 |
Accumulated other comprehensive loss | (289,819) | (270,329) |
Treasury shares | (184,796) | (184,796) |
Total Bristow Group stockholders' investment | 1,499,208 | 1,611,530 |
Noncontrolling interests | 10,684 | 7,256 |
Total stockholders' investment | 1,509,892 | 1,618,786 |
Total liabilities, redeemable noncontrolling interests and stockholders' investment | 3,271,862 | 3,230,720 |
Land and building | ||
Property and equipment - at cost: | ||
Total property and equipment, at cost | 253,098 | 171,959 |
Aircraft and equipment | ||
Property and equipment - at cost: | ||
Total property and equipment, at cost | $ 2,570,577 | $ 2,493,869 |
CONSOLIDATED BALANCE SHEETS PAR
CONSOLIDATED BALANCE SHEETS PARENTHETICALS - $ / shares | Mar. 31, 2016 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares outstanding | 34,976,743 | 34,838,374 |
Treasury stock, shares acquired, par value method | 1,291,441 | 1,291,441 |
Treasury stock, shares | 2,756,419 | 2,756,419 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (77,149) | $ 88,707 | $ 187,779 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 136,812 | 114,293 | 95,977 |
Deferred income tax | (51,643) | (7,457) | 5,465 |
Write-off of deferred financing fees | 0 | 660 | 12,733 |
Discount amortization on long-term debt | 1,000 | 4,323 | 3,708 |
Loss on disposal of assets | 30,693 | 35,849 | 722 |
Gain on sale of unconsolidated affiliates | 0 | (3,921) | (103,924) |
Loss on impairment | 55,104 | 7,167 | 12,669 |
Extinguishment of debt | 0 | 2,591 | 0 |
Stock-based compensation | 21,181 | 16,353 | 15,433 |
Equity in earnings from unconsolidated affiliates less than dividends received | 2,619 | 9,418 | 1,629 |
Tax benefit related to stock-based compensation | 0 | (1,550) | (5,723) |
Increase (decrease) in cash resulting from changes in: | |||
Accounts receivable | 46,608 | 24,112 | 3,647 |
Inventories | (3,380) | (21,478) | 12,824 |
Prepaid expenses and other assets | 493 | (25,485) | (3,149) |
Accounts payable | 13,316 | (4,665) | (5,154) |
Accrued liabilities | (34,035) | 29,461 | 11,697 |
Other liabilities and deferred credits | (25,593) | (15,152) | (14,239) |
Net cash provided by operating activities | 116,026 | 253,226 | 232,094 |
Cash flows from investing activities: | |||
Capital expenditures | (372,375) | (601,834) | (628,613) |
Acquisitions, net of cash received | 0 | (20,303) | (39,850) |
Proceeds from sale of unconsolidated affiliates | 0 | 4,185 | 112,210 |
Proceeds from asset dispositions | 60,035 | 414,859 | 289,951 |
Investment in unconsolidated affiliate | (4,410) | 0 | 0 |
Net cash used in investing activities | (316,750) | (203,093) | (266,302) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 928,802 | 454,393 | 533,064 |
Payments of contingent consideration | (9,453) | 0 | (6,000) |
Debt issuance costs | (5,139) | 0 | (15,523) |
Repayment of debt and debt redemption premiums | (677,003) | (460,274) | (512,492) |
Proceeds from assignment of aircraft purchase agreements | 0 | 0 | 106,113 |
Partial prepayment of put/call obligation | (55) | (59) | (57) |
Acquisition of noncontrolling interests | (7,309) | (3,170) | (2,078) |
Dividends paid to noncontrolling interest | (153) | 0 | 0 |
Repurchase of Common Stock | 0 | (80,831) | (77,661) |
Common stock dividends paid | (38,076) | (45,078) | (36,320) |
Issuance of common stock | 0 | 5,172 | 15,398 |
Tax benefit related to stock-based compensation | 0 | 1,550 | 5,723 |
Net cash provided by (used in) financing activities | 191,614 | (128,297) | 10,167 |
Effect of exchange rate changes on cash and cash equivalents | 9,274 | (22,031) | 12,759 |
Net increase (decrease) in cash and cash equivalents | 164 | (100,195) | (11,282) |
Cash and cash equivalents at beginning of period | 104,146 | 204,341 | 215,623 |
Cash and cash equivalents at end of period | 104,310 | 104,146 | 204,341 |
Supplemental disclosure of non-cash investing activities: | |||
Deferred sale leaseback advance | 18,285 | 69,680 | 60,194 |
Completion of deferred sale leaseback | (74,480) | (183,688) | 0 |
Aircraft sold for future spare parts and maintenance | 1,228 | 13,417 | 0 |
Aircraft purchases with short-term borrowings | $ 24,394 | $ 0 | $ 0 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' INVESTMENT AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Total stockholders' investment, beginning balance, value | $ 1,618,786 | ||
Common stock, shares outstanding, beginning balance | 34,838,374 | 35,708,469 | |
Dividends paid to noncontrolling interest | $ (153) | $ 0 | $ 0 |
Repurchases of common stock, shares | (1,160,940) | (1,043,875) | |
Other comprehensive income | (19,490) | $ (113,823) | $ 43,177 |
Total stockholders' investment, ending balance, value | $ 1,509,892 | $ 1,618,786 | |
Common stock, shares outstanding, ending balance | 34,976,743 | 34,838,374 | 35,708,469 |
Redeemable Noncontrolling Interest | |||
Redeemable noncontrolling interest, beginning balance | $ 26,223 | $ 22,283 | $ 0 |
Issuance of common stock | 0 | 0 | 0 |
Correction of historical shares outstanding | 0 | 0 | |
Acquisition of noncontrolling interests | 3,427 | 21,139 | |
Acquisition of noncontrolling interests | (5,467) | ||
Distributions paid to noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interest | 0 | ||
Repurchase of common stock | 0 | 0 | |
Common stock dividends | 0 | 0 | 0 |
Currency translation adjustments | (1,070) | (2,837) | 473 |
Net income (loss) | (5,711) | 3,350 | 671 |
Accretion of noncontrolling interests | 1,498 | ||
Other comprehensive income | 0 | 0 | 0 |
Redeemable noncontrolling interest, ending balance | 15,473 | 26,223 | 22,283 |
Common Stock | |||
Total stockholders' investment, beginning balance, value | $ 376 | $ 373 | $ 367 |
Common stock, shares outstanding, beginning balance | 34,838,374 | 35,708,469 | 36,150,639 |
Issuance of common stock | $ 1 | $ 3 | $ 6 |
Issuance of common stock, shares | 138,369 | 290,754 | 601,405 |
Correction of historical shares outstanding | $ 0 | $ 0 | |
Correction of historical shares outstanding, shares | 91 | 300 | |
Acquisition of noncontrolling interests | $ 0 | $ 0 | |
Acquisition of noncontrolling interests | $ 0 | ||
Distributions paid to noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interest | 0 | ||
Repurchase of common stock | $ 0 | $ 0 | |
Repurchases of common stock, shares | (1,160,940) | (1,043,875) | |
Common stock dividends | 0 | $ 0 | $ 0 |
Currency translation adjustments | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 |
Accretion of noncontrolling interests | 0 | ||
Other comprehensive income | 0 | 0 | 0 |
Total stockholders' investment, ending balance, value | $ 377 | $ 376 | $ 373 |
Common stock, shares outstanding, ending balance | 34,976,743 | 34,838,374 | 35,708,469 |
Additional Paid-in Capital | |||
Total stockholders' investment, beginning balance, value | $ 781,837 | $ 762,813 | $ 731,883 |
Issuance of common stock | 18,784 | 22,194 | 33,008 |
Correction of historical shares outstanding | 0 | 0 | |
Acquisition of noncontrolling interests | (3,170) | (2,078) | |
Acquisition of noncontrolling interests | 552 | ||
Distributions paid to noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interest | 0 | ||
Repurchase of common stock | 0 | 0 | |
Common stock dividends | 0 | 0 | 0 |
Currency translation adjustments | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 |
Accretion of noncontrolling interests | 0 | ||
Other comprehensive income | 0 | 0 | 0 |
Total stockholders' investment, ending balance, value | 801,173 | 781,837 | 762,813 |
Retained Earnings | |||
Total stockholders' investment, beginning balance, value | 1,284,442 | 1,245,220 | 1,094,803 |
Issuance of common stock | 0 | 0 | 0 |
Correction of historical shares outstanding | 0 | 0 | |
Acquisition of noncontrolling interests | 0 | 0 | |
Acquisition of noncontrolling interests | 0 | ||
Distributions paid to noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interest | (153) | ||
Repurchase of common stock | 0 | 0 | |
Common stock dividends | (38,076) | (45,078) | (36,320) |
Currency translation adjustments | 0 | 0 | 0 |
Net income (loss) | (72,442) | 84,300 | 186,737 |
Accretion of noncontrolling interests | (1,498) | ||
Other comprehensive income | 0 | 0 | 0 |
Total stockholders' investment, ending balance, value | 1,172,273 | 1,284,442 | 1,245,220 |
Accumulated other comprehensive income (loss) | |||
Total stockholders' investment, beginning balance, value | (270,329) | (156,506) | (199,683) |
Issuance of common stock | 0 | 0 | 0 |
Correction of historical shares outstanding | 0 | 0 | |
Acquisition of noncontrolling interests | 0 | 0 | |
Acquisition of noncontrolling interests | 0 | ||
Distributions paid to noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interest | 0 | ||
Repurchase of common stock | 0 | 0 | |
Common stock dividends | 0 | 0 | 0 |
Currency translation adjustments | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 |
Accretion of noncontrolling interests | 0 | ||
Other comprehensive income | (19,490) | (113,823) | 43,177 |
Total stockholders' investment, ending balance, value | (289,819) | (270,329) | (156,506) |
Treasury Stock | |||
Total stockholders' investment, beginning balance, value | (184,796) | (103,965) | (26,304) |
Issuance of common stock | 0 | 0 | 0 |
Correction of historical shares outstanding | 0 | 0 | |
Acquisition of noncontrolling interests | 0 | 0 | |
Acquisition of noncontrolling interests | 0 | ||
Distributions paid to noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interest | 0 | ||
Repurchase of common stock | (80,831) | (77,661) | |
Common stock dividends | 0 | 0 | 0 |
Currency translation adjustments | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 |
Accretion of noncontrolling interests | 0 | ||
Other comprehensive income | 0 | 0 | 0 |
Total stockholders' investment, ending balance, value | (184,796) | (184,796) | (103,965) |
Noncontrolling Interest | |||
Total stockholders' investment, beginning balance, value | 7,256 | 8,651 | 9,891 |
Issuance of common stock | 0 | 0 | 0 |
Correction of historical shares outstanding | 0 | 0 | |
Acquisition of noncontrolling interests | 0 | 0 | |
Acquisition of noncontrolling interests | 0 | ||
Distributions paid to noncontrolling interests | (55) | (59) | (57) |
Dividends paid to noncontrolling interest | 0 | ||
Repurchase of common stock | 0 | 0 | |
Common stock dividends | 0 | 0 | 0 |
Currency translation adjustments | 2,479 | (2,392) | (1,554) |
Net income (loss) | 1,004 | 1,056 | 371 |
Accretion of noncontrolling interests | 0 | ||
Other comprehensive income | 0 | 0 | 0 |
Total stockholders' investment, ending balance, value | 10,684 | 7,256 | 8,651 |
Total Stockholders' Investment | |||
Total stockholders' investment, beginning balance, value | 1,618,786 | 1,756,586 | 1,610,957 |
Issuance of common stock | 18,785 | 22,197 | 33,014 |
Correction of historical shares outstanding | 0 | 0 | |
Acquisition of noncontrolling interests | (3,170) | (2,078) | |
Acquisition of noncontrolling interests | 552 | ||
Distributions paid to noncontrolling interests | (55) | (59) | (57) |
Dividends paid to noncontrolling interest | (153) | ||
Repurchase of common stock | (80,831) | (77,661) | |
Common stock dividends | (38,076) | (45,078) | (36,320) |
Currency translation adjustments | 2,479 | (2,392) | (1,554) |
Net income (loss) | (71,438) | 85,356 | 187,108 |
Accretion of noncontrolling interests | (1,498) | ||
Other comprehensive income | (19,490) | (113,823) | 43,177 |
Total stockholders' investment, ending balance, value | $ 1,509,892 | $ 1,618,786 | $ 1,756,586 |
CONSOLIDATED STATEMENT OF STOC9
CONSOLIDATED STATEMENT OF STOCKHOLDERS' INVESTMENT AND REDEEMABLE NONCONTROLLING INTERESTS (PARENTHETICALS) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||||||
Cash dividends declared per common share | $ 0.07 | $ 0.34 | $ 0.34 | $ 0.34 | $ 0.32 | $ 0.32 | $ 0.32 | $ 0.32 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 1.09 | $ 1.28 | $ 1 |
OPERATIONS, BASIS OF PRESENTATI
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2016 | |
Operations, Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Operations Bristow Group Inc., a Delaware corporation (together with its consolidated entities, unless the context requires otherwise, “Bristow Group”, the “Company”, “we”, “us”, or “our”), is the leading provider of industrial aviation services to the worldwide offshore energy industry based on the number of aircraft operated and one of two helicopter service providers to the offshore energy industry with global operations. With a fleet of 463 aircraft as of March 31, 2016 , including 120 held by unconsolidated affiliates, we and our affiliates conduct major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore energy regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. We and our affiliates also provide private sector search and rescue (“SAR”) services in Australia, Canada, Norway, Russia, Trinidad and the United States, and public sector SAR services in the U.K. on behalf of the Maritime & Coastguard Agency. Certain of our affiliates also provide fixed wing charter and scheduled services targeting U.K. and Australia oil and gas industry transport, helicopter military training and helicopter flight training. Basis of Presentation The consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities after elimination of all significant intercompany accounts and transactions. Investments in affiliates in which we have a majority voting interest and entities that meet the criteria of Variable Interest Entities (“VIEs”) of which we are the primary beneficiary are consolidated. See discussion of VIEs in Note 3 . We apply the equity method of accounting for investments in entities if we have the ability to exercise significant influence over an entity that (a) does not meet the variable interest entity criteria or (b) meets the variable interest entity criteria, but for which we are not deemed to be the primary beneficiary. We apply the cost method of accounting for investments in other entities if we do not have the ability to exercise significant influence over the unconsolidated affiliate. These investments in private companies are carried at cost and are adjusted only for capital distributions and other-than-temporary declines in value. Dividends from cost method investments are recognized in earnings from unconsolidated affiliates, net of losses, when paid. Our fiscal year ends March 31, and we refer to fiscal years based on the end of such period. Therefore, the fiscal year ended March 31, 2016 is referred to as fiscal year 2016 . Certain reclassifications of prior period information have been made to conform to the presentation of the current period information. In the prior period financial statements, we had included impairment charges for inventory in impairment of inventories. Current period presentation has reclassified these charges to loss on impairment on our statement of operations and statement of cash flows. These reclassifications had no effect on net income or cash flows provided by operating activities as previously reported. Summary of Significant Accounting Policies Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Areas where accounting estimates are made by management include: • Allowances for doubtful accounts; • Inventory allowances; • Property and equipment; • Goodwill, intangible and other long-lived assets; • Pension benefits; • Contingent liabilities; and • Taxes. Cash and Cash Equivalents — Our cash equivalents include funds invested in highly-liquid debt instruments with original maturities of 90 days or less. Accounts Receivable — Trade and other receivables are stated at net realizable value. We grant short-term credit to our clients, primarily major integrated, national and independent oil and gas companies. We establish allowances for doubtful accounts on a case-by-case basis when a determination is made that the required payment is unlikely to occur. In establishing these allowances, we consider a number of factors, including our historical experience, change in our clients’ financial position and restrictions placed on the conversion of local currency into U.S. dollars, as well as disputes with clients regarding the application of contract provisions to our services. The following table is a rollforward of the allowance for doubtful accounts, including affiliates and non-affiliates (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Balance – beginning of fiscal year $ 859 $ 5,074 $ 5,079 Additional allowances 6,638 1,050 87 Write-offs and collections (1,935 ) (5,265 ) (92 ) Balance – end of fiscal year $ 5,562 $ 859 $ 5,074 During fiscal year 2016, the allowance for doubtful accounts for non-affiliates was increased primarily by $4.7 million in connection with amounts due from two clients in Nigeria and one client in Australia for which we no longer believed collection was probable. During fiscal year 2013, the allowance for doubtful accounts for non-affiliates was increased by $4.9 million in connection with amounts due from ATP Oil and Gas Corporation, a client in the U.S. Gulf of Mexico, due to its filing for bankruptcy. During fiscal year 2015, the allowance recorded for ATP was reversed as we settled outstanding matters related to ongoing bankruptcy proceedings, which resulted in a $4.4 million reduction in bad debt expense, included within direct cost on our consolidated statements of operations. The remaining amount of $0.5 million related to ATP was written off as no further settlement is expected. As of March 31, 2016 and 2015 , there were no allowances for doubtful accounts related to accounts receivable due from affiliates. Inventories — Inventories are stated at the lower of average cost or market value and consist primarily of spare parts. The following table is a rollforward of the allowance related to dormant, obsolete and excess inventory (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Balance – beginning of fiscal year $ 45,414 $ 47,298 $ 31,504 Impairment of inventories 5,439 7,167 12,669 Additional allowances 192 4,867 6,807 Inventory disposed and scrapped (22,428 ) (10,125 ) (6,096 ) Foreign currency effects (854 ) (3,793 ) 2,414 Balance – end of fiscal year $ 27,763 $ 45,414 $ 47,298 During fiscal years 2016 , 2015 and 2014 , we increased our inventory allowance by $0.2 million , $4.9 million and $6.8 million , respectively, as a result of our periodic assessment of inventory that was dormant, obsolete or excess within our operational fleet of aircraft. During fiscal years 2016 , 2015 and 2014 , we recorded impairment charges of $5.4 million , $7.2 million and $12.7 million , respectively, to write-down certain spare parts within inventories to market value. These impairment charges resulted from the identification of $19.4 million , $19.1 million and $50.5 million , respectively, of inventory that was dormant, obsolete or excess based on a review of our future inventory needs related to changes to our fleet strategy and plans. The impairment charges in fiscal years 2016 and 2015 related primarily to spare parts held for a large aircraft model where we decided to accelerate removal from our fleet by the end of fiscal year 2016. The fiscal year 2014 impairment charge related primarily to spare parts held for a medium aircraft model that was removed from our fleet in fiscal year 2016. As we had intended to operate these model types longer in certain markets, we identified excess inventory that would not be used on our aircraft and therefore needed to be sold or otherwise disposed of. These impairment charges are included in loss on impairment on the consolidated statements of operations. Also during fiscal year 2014, we wrote off $11.1 million of inventory destroyed in a fire at our Port Harcourt facility in Nigeria, which was insured and therefore fully offset by a receivable recorded of $11.1 million for insurance proceeds. See Note 4 for further details on the fire in Port Harcourt. Prepaid Expenses and Other Current Assets — As of March 31, 2016 and 2015 , prepaid expenses and other current assets included the short-term portion of contract acquisition and pre-operating costs totaling $12.1 million and $8.9 million , respectively, related to the SAR contracts in the U.K. and Australia and a client contract in Norway which are recoverable under the contracts and will be expensed over the terms of the contracts. During fiscal year 2016 and 2015 , we expensed $10.0 million and $2.6 million , respectively, due to the start-up of some of these contracts. Property and Equipment — Property and equipment are stated at cost. Property and equipment includes construction in progress, primarily consisting of progress payments on aircraft purchases and facility construction, of $307.4 million and $306.0 million as of March 31, 2016 and 2015 , respectively. Interest costs applicable to the construction of qualifying assets are capitalized as a component of the cost of such assets. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of aircraft generally range from 5 to 15 years, and the residual value used in calculating depreciation of aircraft generally ranges from 30% to 50% of cost. The estimated useful lives for buildings on owned properties range from 15 to 30 years. Other depreciable assets are depreciated over estimated useful lives ranging from 3 to 15 years, except for leasehold improvements which are depreciated over the lesser of the useful life of the improvement or the lease term (including any period where we have options to renew if it is probable that we will renew the lease). The cost and related accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and the resulting gains or losses are included in loss on disposal of assets. We capitalize betterments and improvements to our aircraft and depreciate such costs over the remaining useful lives of the aircraft. Betterments and improvements increase the life or utility of an aircraft. For discussion of impairment of long-lived assets, including property and equipment, see Loss on Impairment below. For further details on property and equipment, see Note 4 . 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 $30.0 million and $75.6 million as of March 31, 2016 and 2015 , respectively, related to our reporting units were as follows (in thousands): Europe Caspian Asia Pacific Africa Corporate and other Total March 31, 2014 $ 40,201 $ — $ 6,177 $ 10,302 $ 56,680 Foreign currency translation (4,500 ) (461 ) (231 ) (112 ) (5,304 ) Airnorth acquisition — 24,252 — — 24,252 March 31, 2015 35,701 23,791 5,946 10,190 75,628 Purchase price adjustments to previously acquired goodwill (1) (170 ) (3,991 ) — — (4,161 ) Foreign currency translation (328 ) 164 233 33 102 Impairments (25,177 ) — (6,179 ) (10,223 ) (41,579 ) March 31, 2016 $ 10,026 $ 19,964 $ — $ — $ 29,990 _____________ (1) Relates to the correction of an immaterial error related to the acquisitions of Airnorth and Eastern. We determined that the accounting treatment for the supplemental rent for leased aircraft at Airnorth and Eastern was incorrectly being expensed in advance of a maintenance event occurring. To correct this error, we reduced goodwill by $4.2 million , increased prepaid expenses and other current assets by $2.7 million , increased deferred tax liabilities by $3.1 million , decreased accrued maintenance and repairs by $3.6 million and increased direct costs $1.0 million . This error is not material to our consolidated financial statements for fiscal year 2016 or our previously reported consolidated financial statements for any period. Accumulated goodwill impairment of $42.2 million and $0.6 million as of March 31, 2016 and 2015 , respectively, related to our reporting units were as follows (in thousands): Europe Caspian Africa Corporate and other Americas Total March 31, 2014 $ — $ — $ — $ (576 ) $ (576 ) Impairments — — — — — March 31, 2015 — — — (576 ) (576 ) Impairments (25,177 ) (6,179 ) (10,223 ) — (41,579 ) March 31, 2016 $ (25,177 ) $ (6,179 ) $ (10,223 ) $ (576 ) $ (42,155 ) For further discussion of impairment of goodwill, see Loss on Impairment below. Other Intangible Assets — Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. Intangible assets by type were as follows (in thousands): Client contracts Client relationships Trade name and trademarks Internally developed software Licenses Total Gross Carrying Amount March 31, 2014 $ 7,129 $ 12,007 $ 5,326 $ 1,339 $ 827 $ 26,628 Foreign currency translation (76 ) (1,238 ) (542 ) (160 ) (69 ) (2,085 ) Airnorth acquisition 1,112 2,287 364 — — 3,763 March 31, 2015 8,165 13,056 5,148 1,179 758 28,306 Foreign currency translation 5 (277 ) (140 ) (30 ) (6 ) (448 ) March 31, 2016 $ 8,170 $ 12,779 $ 5,008 $ 1,149 $ 752 $ 27,858 Accumulated Amortization March 31, 2014 $ (6,932 ) $ (928 ) $ — $ — $ (469 ) $ (8,329 ) Amortization expense (467 ) (655 ) (323 ) (244 ) (73 ) (1,762 ) March 31, 2015 (7,399 ) (1,583 ) (323 ) (244 ) (542 ) (10,091 ) Impairments — (8,086 ) — — — (8,086 ) Amortization expense (663 ) (931 ) (313 ) (236 ) (59 ) (2,202 ) March 31, 2016 $ (8,062 ) $ (10,600 ) $ (636 ) $ (480 ) $ (601 ) $ (20,379 ) Weighted average remaining contractual life, in years 0.4 7.0 14.0 2.8 2.6 6.2 Future amortization expense of intangible assets for each of the years ending March 31 are as follows (in thousands): 2017 $ 999 2018 936 2019 806 2020 503 2021 503 Thereafter 3,732 $ 7,479 The Bristow Norway and Eastern Airways acquisitions, included in our Europe Caspian region, resulted in intangible assets for client contracts, client relationships, trade names and trademarks, internally developed software and licenses. The Airnorth acquisition, included in our Asia Pacific region, resulted in intangible assets for client contracts, client relationships and trade name and trademarks. For further details on the Eastern Airways and Airnorth acquisitions, see Note 2 . For discussion of impairment of long-lived assets, including purchased intangibles subject to amortization, see Loss on Impairment below. Other Assets — In addition to the intangible assets discussed above, other assets primarily include debt issuance costs of $12.2 million and $10.0 million as of March 31, 2016 and 2015 , respectively, which are being amortized over the life of the related debt, deferred tax assets of $68.0 million and $50.7 million as of March 31, 2016 and 2015 , respectively, and the long-term portion of contract acquisition and pre-operating costs totaling $55.1 million and $42.4 million as of March 31, 2016 and 2015 , respectively, related to the SAR contracts in the U.K. and a client contract in Norway, which are recoverable under the contracts and will be expensed over the life of the contracts. Contingent Liabilities — We establish reserves for estimated loss contingencies when we believe a loss is probable and the amount of the loss can be reasonably estimated. Our contingent liability reserves relate primarily to potential tax assessments, litigation, personal injury claims and environmental liabilities. Results for each reporting period include revisions to contingent liability reserves resulting from different facts or information which become known or circumstances which change and affect our previous assumptions with respect to the likelihood or amount of loss. Such revisions are based on information which becomes known or circumstances that change after the reporting date for the previous period through the reporting date of the current period. Reserves for contingent liabilities are based upon our assumptions and estimates regarding the probable outcome of the matter. Should the outcome differ from our assumptions and estimates or other events result in a material adjustment to the accrued estimated reserves, revisions to the estimated reserves for contingent liabilities would be required to be recognized. Legal costs are expensed as incurred. Proceeds from casualty insurance settlements in excess of the carrying value of damaged assets are recognized in gain (loss) on disposal of assets when we have received proof of loss documentation or are otherwise assured of collection of these amounts. Some of our acquisitions include a provision that provides for additional consideration to be paid to the sellers of the acquired company based on the achievement of specified performance thresholds. In such cases, we record the obligations to pay those amounts at fair value at the acquisition date and include such obligations in the consideration transferred. This contingent consideration obligation is included in contingent consideration for the current portion and other liabilities and deferred credits for the long-term portion on our consolidated balance sheets. We assess the estimated fair value of the contractual obligation to pay the contingent consideration on a quarterly basis and any changes in estimated fair value are recorded as accretion expense included in depreciation and amortization on our consolidated statements of operations. In other cases, additional consideration is based on the achievement of performance thresholds and continued employment with the Company. In these cases, we record such amounts in general and administrative expense when such additional consideration is earned. See Note 2 for a discussion on our acquisitions, Note 3 for a discussion on contingent consideration obligations related to our investments in unconsolidated affiliates and Note 6 for details on the fair value of the contingent consideration obligation. Loss on Impairment Loss on impairment includes goodwill impairment charges and intangible impairment charges totaling $41.6 million and $8.1 million , respectively, for fiscal year 2016 and inventory impairment charges of $5.4 million , $7.2 million and $12.7 million during fiscal years 2016 , 2015 and 2014 , respectively. For details on our analysis of impairment of goodwill, other long-lived assets and investments in unconsolidated affiliates, see discussion below. For further details on inventory impairments, see Inventory discussed above. Goodwill — As discussed above, we test goodwill for impairment on an annual basis or when events or changes in circumstances indicate that a potential impairment exists. For the purposes of performing an analysis of goodwill, we evaluate whether there are reporting units below the reporting segment we disclose for segment reporting purposes by assessing whether our regional management typically reviews results and whether discrete financial information exists at a lower level. Based on this review, we performed our analysis of goodwill for the following reporting units as of September 30, 2015, with goodwill as reflected below prior to any impairment recorded: • Bristow Norway, within our Europe Caspian region, which included $12.1 million of goodwill; • Eastern Airways, within our Europe Caspian region, which included $24.6 million of goodwill; • Airnorth, within our Asia Pacific region, which included $21.9 million of goodwill. • Our Africa region, which included $5.9 million of goodwill; and • Bristow Academy, within Corporate and other, which included $10.2 million of goodwill. During the three months ended September 30, 2015, we noted rapid and significant declines in the market value of our stock and an overall reduction in expected operating results resulting from the downturn in the oil and gas market driven by reduced crude oil prices. The impact on our results is reflected in an increase in the number of idle aircraft and reduction in forecasted results across our global oil and gas helicopter operations, and is reflected in reduced operating revenue for our business for the three months ended September 30, 2015, when excluding growth from the U.K. SAR contract and the addition of Airnorth. The reduction in demand for aircraft in the offshore energy market led to further impairment of older model aircraft. Based on these factors, we concluded that the fair value of our goodwill could have fallen below its carrying value and that an interim period analysis of goodwill was required. We performed the interim impairment test of goodwill across the reporting units discussed above, noting that the estimated fair values of the Africa region, Eastern Airways and Airnorth exceeded the carrying values. The estimated fair values of Bristow Academy and Bristow Norway were below their carrying values, resulting in an impairment of all of the goodwill for those reporting units of $22.3 million reflected in loss on impairment in our statement of operations for the three months ended September 30, 2105. We updated the impairment analysis as of March 31, 2016 for the Africa region, Eastern Airways and Airnorth. The estimated fair value of Airnorth exceeded the carrying value by 12.8% . The estimated fair value of the Africa region and Eastern Airways were below the carrying value, resulting in an impairment of all of the goodwill for Africa of $6.2 million and a portion of the goodwill for Eastern Airways of $13.1 million reflected in our loss on impairment in our statement of operations for the three months ended March 31, 2016. We estimated the implied fair value of the reporting units using a variety of valuation methods, including the income and market approaches. The determination of estimated fair value required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to the future performance of the reporting units, such as projected demand for our services and rates. The income approach was based on a discounted cash flow model, which utilized present values of cash flows to estimate fair value. The future cash flows were projected based on our estimates of future rates for our services, utilization, operating costs, capital requirements, growth rates and terminal values. Forecasted rates and utilization take into account current market conditions and our anticipated business outlook, both of which have been impacted by the adverse changes in the offshore energy business environment from the current downturn. Operating costs were forecasted using a combination of our historical average operating costs and expected future costs, including ongoing cost reduction initiatives. Capital requirements in the discounted cash flow model were based on management’s estimates of future capital costs driven by expected market demand in future periods. The estimated capital requirements included cash outflows for new aircraft, infrastructure and improvements. A terminal period was used to reflect our estimate of stable, perpetual growth. The future cash flows were discounted using a market-participant risk-adjusted weighted average cost of capital for each of the reporting units individually and in the aggregate. These assumptions were derived from unobservable inputs and reflect management’s judgments and assumptions. The market approach was based upon the application of price-to-earnings multiples to management’s estimates of future earnings adjusted for a control premium. Management’s earnings estimates were derived from unobservable inputs that require significant estimates, judgments and assumptions as described in the income approach. For purposes of the goodwill impairment test, we calculated the reporting units’ estimated fair values as the average of the values calculated under the income approach and the market approach. We evaluated the estimated fair value of our reporting units compared to our market capitalization. The aggregate fair values of our reporting units exceeded our market capitalization, and we believe the resulting implied control premium was reasonable based on recent market transactions within our industry or other relevant benchmark data. The estimates used to determine the fair value of the reporting units discussed above reflect management’s best estimates, and we believe they are reasonable. Future declines in the reporting units’ operating performance or our anticipated business outlook may reduce the estimated fair value of these reporting units and result in additional impairments. Factors that could have a negative impact on the fair value include, but are not limited to: • decreases in estimated rates and utilization due to greater-than-expected market pressures, downtime and other risks associated with offshore energy operations; • sustained declines in our stock price; • decreases in revenue due to our inability to attract and retain skilled personnel; • changes in worldwide offshore energy transportation supply and demand, competition or technology; • changes in future levels of drilling activity and expenditures, whether as a result of global capital markets and liquidity, prices of oil and natural gas or otherwise, which may cause our clients to further reduce offshore production and drilling activities; • possible cancellation or suspension of contracts as a result of mechanical difficulties, performance or other reasons; • inability to manage costs during the current downturn and in future periods; • increases in the market-participant risk-adjusted weighted average cost of capital; and • declines in anticipated growth rates. Adverse changes in one or more of these factors could result in additional goodwill impairments in future periods. Property and Equipment, and Purchased Intangibles Subject to Amortization — Long-lived assets, such as property and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of an asset or asset group to be held and used exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Assets held for sale are classified as current assets on our consolidated balance sheets and recorded at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale (if any) are presented separately in the appropriate asset and liability sections of the consolidated balance sheets. We recorded impairment charges of $29.6 million , $36.1 million and $6.8 million included in loss on disposal of assets to reduce the carrying value of aircraft held for sale in fiscal years 2016 , 2015 and 2014 , respectively. Additionally, we recorded impairment of our purchased intangibles for Eastern Airways of $8.1 million included in loss on impairment related to our client relationships. As of March 31, 2016 we noted a continued decline in market conditions triggering a review of our property and equipment for potential impairment. In accordance with Accounting Standard Codification 360-10-35, we estimated future cash flows to test the recoverability of our property and equipment, which largely consists of our held for use aircraft. The determination of estimated future cash flows required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to projected demand for services and rates. We determined that the estimated future cash flows were above the carrying value as of March 31, 2016 and no impairment was recorded. Future declines in operating performance or anticipated business outlook may reduce our estimated fair value and result in impairment. Investments in Unconsolidated Affiliates — We perform regular reviews of each investee’s financial condition, the business outlook for its products and services, and its present and projected results and cash flows. When an investee has experienced consistent declines in financial performance or difficulties raising capital to continue operations, and when we expect the decline to be other-than-temporary, the investment is written down to fair value. Actual results may vary from estimates due to the uncertainty regarding the projected financial performance of investees, the severity and expected duration of declines in value, and the available liquidity in the capital markets to support the continuing operations of the investees in which we have investments. We did not recognize any impairment charges related to our investments in unconsolidated affiliates in fiscal years 2016 , 2015 and 2014 . During fiscal year 2016, Petrobras cancelled its new tenders for multiple medium and large aircraft that were expected to commence in calendar year 2016, resulting in a significant downward adjustment in the 2016 calendar year plan for our unconsolidated affiliate in Brazil, Líder Táxi Aéreo S.A. (“Líder”), and triggered a review of this investment for potential impairment. We estimated the implied fair value of our investment in Líder using a variety of valuation methods, including the income and market approaches. The determination of estimated fair value required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to the future performance of Líder, such as projected demand for services and rates. We determined that the fair value of our investment in Líder was above the carrying value and no impairment was recorded. Future declines in operating performance or anticipated business outlook may reduce our estimated fair value and result in impairment. Deferred Sale Leaseback Advance — As of March 31, 2015, we had a total deferred sale leaseback advance asset of $55.9 million , which was included in deferred sale leaseback advance on our consolidated balance sheet. During fiscal year 2014, we received payment of approximately $106.1 million for progress payments we had made on seven aircraft under construction, and we assigned any future payments due on these construction agreements to the purchaser. As we had the obligation and intent to lease the aircraft back from the purchaser upon completion, we recorded a liability equal to the cash received and additional payments made by the purchaser totaling $147.4 million , with a corresponding increase to construction in progress. During fiscal year 2015, we took delivery and entered into leases for five of the aircraft and removed a total of $183.7 million and $182.6 million , respectively, from construction in progress and deferred sale leaseback advance on our consolidated balance sheet. During fiscal year 2016, we took delivery and entered into leases for the remaining two aircraft and removed a total of $75.8 million and $74.3 million , respectively, from construction in progress and deferred sale leaseback advance on our consolidated balance sheet. As of March 31, 2016, the construction in progress and deferred sale leaseback advance liability related to these deferred sale leaseback transactions were removed from our consolidated balance sheet. Revenue Recognition — In general, we recognize revenue when it is both realized or realizable and earned. We consider revenue to be realized or realizable and earned when the following conditions exist: there is persuasive evidence of an arrangement, generally a client contract exists; the services or products have been performed or delivered to the client; the sales price is fixed or determinable; and collection has occurred or is probable. Revenue from helicopter services, including SAR services, is recognized based on contractual rates as the related services are performed. The charges under these contracts are generally based on a two-tier rate structu |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS We apply the provisions of Accounting Standards Codification 805, Business Combinations (“ASC 805”), in the accounting for our business acquisitions. ASC 805 requires companies to separately recognize goodwill from the assets acquired and liabilities assumed, which are at their acquisition date fair values. Goodwill as of the acquisition date represents the excess of the purchase price over the fair values of the assets acquired and the liabilities assumed. We recognized $24.3 million and $26.5 million of goodwill as a result of the Airnorth acquisition and Eastern Airways acquisition, respectively. The goodwill recorded as part of these acquisitions primarily reflects the value of offering a complete suite of point to point transportation services for our clients, synergies expected to arise from the combined entities, as well as any intangible assets that do not qualify for separate recognition. We use significant estimates and assumptions, including fair value estimates, to determine fair value of assets acquired and liabilities assumed and, when applicable, the related useful lives of the acquired assets as of the business combination date. The fair value measurements were primarily based on significant inputs that are not observable in the market, other than certain financial assets and liabilities that were acquired or assumed in the acquisitions. The market approach, which indicates value for a subject asset based on available market pricing for comparable assets, was utilized to estimate the fair value for land and buildings, aircraft and spare parts inventory. The market approach used includes prices and other relevant information generated by market transactions involving comparable assets, as well as pricing guides and other sources. We considered the current market for the assets, the maintenance condition of the assets and the expected proceeds from the sale of the assets, among other factors. As a result we have classified these assets in Level 3 in the fair value hierarchy. For those financial assets and liabilities which utilized observable inputs we have classified these amounts in Level 2. The income approach was primarily used to value intangible assets, including client relationships, certain internally used software, and trade names, as well as noncontrolling interest. The income approach indicates value for a subject asset based on the present value of cash flows projected to be generated by the asset. Projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money. The fair values associated with these assets and liabilities have been classified in Level 3 in the fair value hierarchy. The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used, as appropriate, for certain assets for which the market and income approaches could not be applied due to the nature of the asset. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset, less an allowance for loss in value due to depreciation. Assets valued using the cost approach have been classified in Level 3 in the fair value hierarchy. See Note 6 for additional description of the fair value measurement. Airnorth Acquisition On January 29, 2015, Bristow Helicopters Australia Pty Ltd. (“Bristow Helicopters Australia”) acquired an 85% interest in Capiteq Limited, operating under the name Airnorth, for cash of A $30.3 million ( $24.0 million ) with possible earn out consideration of up to A $17.0 million ( $13.0 million ) to be paid over four years based in part on the achievement of specified financial performance thresholds and continued employment by the selling shareholders. A portion of the first year earn-out payment of $1.5 million was paid as Airnorth achieved agreed performance targets. In addition, we entered into an agreement with the other shareholders of Capiteq Limited that granted us the right after six months to buy all of their shares (and granted them the right after three years to require us to buy all of their shares) and included transfer restrictions and other customary provisions. In November 2015, we purchased the remaining 15% of the outstanding shares of Airnorth for A $7.3 million ( $5.3 million ) resulting in a reduction of $5.5 million to redeemable noncontrolling interests and an increase of $2.6 million to additional paid-in capital on our consolidated balance sheet. We believe this investment will strengthen our ability to provide point to point transportation services for existing Australian based passengers, expand industrial aviation services in certain areas in Southeast Asian markets and create a more integrated logistics solution for global clients. Airnorth is Northern Australia’s largest regional fixed wing operator based in Darwin, Northern Territory, Australia with both scheduled and charter services that focus primarily on the energy and mining industries in northern and western Australia as well as international service to Dili, Timor-Leste. Airnorth’s fleet consists of thirteen aircraft ( nine turboprop and four new technology regional jets) and its customer base includes many energy companies to which Bristow Group already provides helicopter service. The following table summarizes the consolidated assets and liabilities of Airnorth as of January 29, 2015 (in thousands): Current assets $ 15,188 Property and equipment 39,822 Goodwill (1) 24,252 Prepaid expenses and other assets (1) 4,403 Total assets 83,665 Current liabilities, including debt (1) (20,104 ) Long-term debt, less current maturities (20,606 ) Other long-term liabilities (9,441 ) Total liabilities (50,151 ) Temporary equity (3,427 ) Net assets $ 30,087 _____________ (1) For details on the correction of an immaterial error related to the acquisition of Airnorth, see Note 1. Airnorth contributed $75.4 million and $11.4 million of operating revenue during fiscal years 2016 and 2015, respectively, and is included in our Asia Pacific region. Prior to the acquisition of the remaining 15% of outstanding shares of Airnorth in November 2015, redeemable noncontrolling interests included the third-party noncontrolling interests in Airnorth. The third-party noncontrolling interest holders held a written put option, which allowed them to sell their noncontrolling interest to Bristow Helicopters Australia at any time after the end of the third year after acquisition. In addition to the written put option, Bristow Helicopters Australia held a perpetual call option to acquire the noncontrolling interest after six months. Under each of these alternatives, the exercise price would be based on a contractually defined multiple of cash flows formula (the “Airnorth Redemption Value”), which is not a fair value measurement, and was payable in cash. As the written put option was redeemable at the option of the noncontrolling interest holders, and not solely within Bristow Helicopters Australia’s control, the noncontrolling interest in Airnorth was classified in redeemable noncontrolling interests between the stockholders’ investment and liabilities sections of the consolidated balance sheets. The initial carrying amount of the noncontrolling interest was the fair value of the noncontrolling interest as of the acquisition date. The noncontrolling interest was adjusted each period for comprehensive income and dividends attributable to the noncontrolling interest and any changes in Bristow Helicopters Australia’s ownership interest in Airnorth, if any. An additional adjustment to the carrying value of the noncontrolling interest was required if the Airnorth Redemption Value exceeded the current carrying value. Changes in the carrying value of the noncontrolling interest related to a change in the Airnorth Redemption Value would be recorded against permanent equity and would not affect net income. While there was no impact on net income, the redeemable noncontrolling interest impacted our calculation of earnings per share. Utilizing the two-class method, we adjusted the numerator of the earnings per share calculation to reflect the changes in the excess, if any, of the Airnorth Redemption Value over the greater of (1) the noncontrolling interest carrying amount or (2) the fair value of the noncontrolling interest on a quarterly basis. Changes in the balance for the redeemable noncontrolling interest related to Airnorth are as follows (in thousands): Acquisition of Airnorth on January 29, 2015 $ 3,427 Noncontrolling interest expense (39 ) Currency translation (49 ) Balance as of March 31, 2015 3,339 Noncontrolling interest expense 788 Accretion of noncontrolling interest 1,498 Acquisition of remaining 15% of Airnorth (5,467 ) Currency translation (158 ) Balance as of March 31, 2016 $ — The summary pro forma condensed consolidated financial information presented below for the fiscal years ended March 31, 2015 and 2014 give effect to the acquisition of Airnorth as if it had occurred at the beginning of the periods presented. The pro forma adjustments are based upon available information and certain assumptions that we believe are reasonable. The pro forma net income has been adjusted to reflect depreciation and amortization expense as if those adjustments had been applied on April 1, 2013. The summary pro forma condensed consolidated financial information is for informational purposes only and does not purport to represent what our consolidated results of operations actually would have been if the acquisition of Airnorth had occurred at any date, and such data does not purport to project our results of operations for any future period. Fiscal Year Ended March 31, 2015 2014 (In thousands) (Unaudited) Gross revenue $ 1,927,680 $ 1,734,911 Net income 87,902 187,785 Eastern Airways Acquisition On February 6, 2014, Bristow Helicopters Limited (“Bristow Helicopters”) acquired a 60% interest in Eastern Airways for cash of £27 million ( $44 million ) with possible earn out consideration of up to £6 million ( $8.6 million ) to be paid over a three year period based on the achievement of specified financial performance thresholds. The first and second year earn-out payments were not achieved. In addition, Bristow Helicopters entered into agreements with the other stockholders of Eastern Airways that grant Bristow Helicopters the right to buy all of their Eastern Airways shares (and grant them the right after seven years to require Bristow Helicopters to buy all of their shares) and include transfer restrictions and other customary provisions. We believe this investment strengthens Bristow Helicopters’ ability to provide a complete suite of point to point transportation services for existing European based passengers, expands industrial aviation services in certain areas like the Shetland Islands and creates a more integrated logistics solution for global clients. Eastern Airways is a regional fixed wing operator based at Humberside Airport located in North Lincolnshire, England with both charter and scheduled services targeting U.K. oil and gas industry transportation. The following table summarizes the consolidated assets and liabilities of Eastern Airways as of February 6, 2014 (in thousands): Current assets $ 21,117 Property and equipment 63,391 Goodwill (1) 26,479 Prepaid expenses and other assets (1) 20,474 Total assets 131,461 Current liabilities, including debt (1) (37,644 ) Long-term debt, less current maturities (20,400 ) Other long-term liabilities (8,239 ) Total liabilities (66,283 ) Temporary equity (21,139 ) Net assets $ 44,039 _____________ (1) For details on the correction of an immaterial error related to the acquisition of Eastern, see Note 1. Eastern Airways contributed $133.5 million , $144.8 million and $21.2 million of operating revenue during fiscal years 2016, 2015 and 2014, respectively, and is included in our Europe Caspian region. The earn-out consideration will be included as general and administrative expense in our consolidated statements of operations as earned. The third-party noncontrolling interest holders hold a written put option, which will allow them to sell their noncontrolling interest to Bristow Helicopters at any time after the end of the seven th year after acquisition. In addition to the written put option, Bristow Helicopters holds a perpetual call option to acquire the noncontrolling interest at any time. Under each of these alternatives, the exercise price will be based on a contractually defined multiple of cash flows formula (the “Eastern Redemption Value”), which is not a fair value measurement, and is payable in cash. As the written put option is redeemable at the option of the noncontrolling interest holders, and not solely within Bristow Helicopters control, the noncontrolling interest in Eastern Airways is classified in redeemable noncontrolling interests between the stockholders’ investment and liabilities sections of the consolidated balance sheets. The initial carrying amount of the noncontrolling interest was the fair value of the noncontrolling interest as of the acquisition date. The noncontrolling interest is adjusted each period for comprehensive income and dividends attributable to the noncontrolling interest and changes in Bristow Helicopters’ ownership interest in Eastern Airways, if any. An additional adjustment to the carrying value of the noncontrolling interest may be required if the Eastern Redemption Value exceeds the current carrying value. Changes in the carrying value of the noncontrolling interest related to a change in the Eastern Redemption Value will be recorded against permanent equity and will not affect net income. While there is no impact on net income, the redeemable noncontrolling interest will impact our calculation of earnings per share. Utilizing the two-class method, we will adjust the numerator of the earnings per share calculation to reflect the changes in the excess, if any, of the Eastern Redemption Value over the greater of (1) the noncontrolling interest carrying amount or (2) the fair value of the noncontrolling interest on a quarterly basis. Changes in the balance for the redeemable noncontrolling interest related to Eastern Airways are as follows (in thousands): Acquisition of Eastern Airways on February 6, 2014 $ 21,139 Noncontrolling interest expense 671 Currency translation 473 Balance as of March 31, 2014 22,283 Noncontrolling interest expense 3,389 Currency translation (2,787 ) Balance as of March 31, 2015 22,885 Noncontrolling interest expense (6,499 ) Currency translation (913 ) Balance as of March 31, 2016 $ 15,473 The summary pro forma condensed consolidated financial information presented below for the fiscal years ended March 31, 2014 and 2013 give effect to the acquisition of Eastern Airways as if it had occurred at the beginning of the periods presented. The pro forma adjustments are based upon available information and certain assumptions that we believe are reasonable. The pro forma net income has been adjusted to reflect depreciation and amortization expense as if those adjustments had been applied on April 1, 2012. The summary pro forma condensed consolidated financial information is for informational purposes only and does not purport to represent what our consolidated results of operation actually would have been if the acquisition of Eastern Airways had occurred at any date, and such data does not purport to project our results of operations for any future period. Fiscal Year Ended March 31, 2014 (In thousands) (Unaudited) Gross revenue $ 1,761,390 Net income 188,921 |
VARIABLE INTEREST ENTITIES AND
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES | 12 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entities and Other Investments in Significant Affiliates [Abstract] | |
Variable Interest Entity Disclosure | VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES VIEs A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If we determine that we have operating power and the obligation to absorb losses or receive benefits, we consolidate the VIE as the primary beneficiary, and if not, we do not consolidate. As of March 31, 2016 , we had interests in four VIEs of which we are the primary beneficiary, which are described below, and had no interests in VIEs of which we are not the primary beneficiary. Bristow Aviation Holdings Limited — We own 49% of Bristow Aviation Holdings Limited’s (“Bristow Aviation”) common stock and a significant amount of its subordinated debt. Bristow Aviation is incorporated in England and holds all of the outstanding shares in Bristow Helicopters. Bristow Aviation’s subsidiaries provide industrial aviation services to clients primarily in the U.K, Norway, Australia, Nigeria and Trinidad and fixed wing services primarily in the U.K and Australia. Bristow Aviation is organized with three different classes of ordinary shares having disproportionate voting rights. The Company, Caledonia Investments plc (“Caledonia”) and a European Union investor (the “E.U. Investor”) own 49% , 46% and 5% , respectively, of Bristow Aviation’s total outstanding ordinary shares, although Caledonia has voting control over the E.U. Investor’s shares. In addition to our ownership of 49% of Bristow Aviation’s outstanding ordinary shares, in May 2004, we acquired eight million shares of deferred stock, essentially a subordinated class of stock with no voting rights, from Bristow Aviation for £1 per share ( $14.4 million in total). We also have £91.0 million ( $130.8 million ) principal amount of subordinated unsecured loan stock (debt) of Bristow Aviation bearing interest at an annual rate of 13.5% and payable semi-annually. Payment of interest on such debt has been deferred since its incurrence in 1996. Deferred interest accrues at an annual rate of 13.5% and aggregated $1.7 billion as of March 31, 2016 . The Company, Caledonia, the E.U. Investor and Bristow Aviation have entered into a shareholder agreement respecting, among other things, the composition of the board of directors of Bristow Aviation. On matters coming before Bristow Aviation’s board, Caledonia’s representatives have a total of three votes and the two other directors have one vote each. In addition, Caledonia has the right to nominate two persons to our board of directors and to replace any such directors so nominated. Caledonia, the Company and the E.U. Investor also have entered into a put/call agreement under which, upon giving specified prior notice, we have the right to buy all the Bristow Aviation shares held by Caledonia and the E.U. Investor, who, in turn, each have the right to require us to purchase such shares. Under current English law, we would be required, in order for Bristow Aviation to retain its operating license, to find a qualified E.U. investor to own any Bristow Aviation shares we have the right to acquire under the put/call agreement. The only restriction under the put/call agreement limiting our ability to exercise the put/call option is a requirement to consult with the Civil Aviation Authority (the “CAA”) in the U.K. regarding the suitability of the new holder of the Bristow Aviation shares. The put/call agreement does not contain any provisions should the CAA not approve the new E.U. investor. However, we would work diligently to find an E.U. investor suitable to the CAA. The amount by which we could purchase the shares of the other investors holding 51% of the equity of Bristow Aviation is fixed under the terms of the call option, and we have reflected this amount on our consolidated balance sheets as noncontrolling interest. Furthermore, the call option provides a mechanism whereby the economic risk for the other investors is limited should the financial condition of Bristow Aviation deteriorate. The call option price is the nominal value of the ordinary shares held by the noncontrolling shareholders ( £1.0 million as of March 31, 2016 ) plus an annual guaranteed rate of return less any prepayments of such call option price and any dividends paid on the shares concerned. We can elect to pre-pay the guaranteed return element of the call option price wholly or in part without exercising the call option. No dividends have been paid by Bristow Aviation. We have accrued the annual return due to the other shareholders at a rate of sterling LIBOR plus 3% (prior to May 2004, the rate was fixed at 12% ) by recognizing noncontrolling interest expense on our consolidated statements of operations, with a corresponding increase in noncontrolling interest on our consolidated balance sheets. Prepayments of the guaranteed return element of the call option are reflected as a reduction in noncontrolling interest on our consolidated balance sheets. The other investors have an option to put their shares in Bristow Aviation to us. The put option price is calculated in the same way as the call option price except that the guaranteed rate for the period to April 2004 was 10% per annum. If the put option is exercised, any pre-payments of the call option price are set off against the put option price. Changes in the balance for the noncontrolling interest associated with Bristow Aviation are as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Balance – beginning of fiscal year $ 1,457 $ 1,645 $ 1,492 Payments to noncontrolling interest shareholders (55 ) (59 ) (57 ) Noncontrolling interest expense 55 58 57 Currency translation (47 ) (187 ) 153 Balance – end of fiscal year $ 1,410 $ 1,457 $ 1,645 Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): March 31, 2016 2015 Assets Cash and cash equivalents $ 62,773 $ 91,190 Accounts receivable 565,223 521,989 Inventories 102,738 100,065 Prepaid expenses and other current assets 53,776 42,659 Total current assets 784,510 755,903 Investment in unconsolidated affiliates 4,676 64 Property and equipment, net 251,494 243,357 Goodwill 29,990 61,242 Other assets 82,988 78,637 Total assets $ 1,153,658 $ 1,139,203 Liabilities Accounts payable $ 521,563 $ 379,357 Accrued liabilities 141,977 154,306 Accrued interest 1,698,360 1,489,369 Deferred taxes — 1,128 Current maturities of long-term debt 10,322 9,643 Total current liabilities 2,372,222 2,033,803 Long-term debt, less current maturities 155,767 168,245 Accrued pension liabilities 70,107 99,576 Other liabilities and deferred credits 7,928 11,948 Deferred taxes 20,330 14,457 Temporary equity 15,473 26,223 Total liabilities $ 2,641,827 $ 2,354,252 Fiscal Year Ended March 31, 2016 2015 2014 Revenue $ 1,441,834 $ 1,512,312 $ 1,324,483 Operating income (loss) (57,780 ) 40,524 49,061 Net loss (1) (279,309 ) (179,757 ) (38,274 ) _______________ (1) Fiscal year 2014 includes a gain of $67.9 million , after tax, on the sale of the FB Entities as discussed under “ Other Significant Affiliates — Unconsolidated — FB Entities ” below. Bristow Helicopters Nigeria Ltd. — Bristow Helicopters Nigeria Ltd. (“BHNL”) is a joint venture in Nigeria in which Bristow Helicopters owned a 48% interest, a Nigerian company owned 100% by Nigerian employees owned a 50% interest and an employee trust fund owned the remaining 2% interest as of March 31, 2016 . BHNL provides industrial aviation services to clients in Nigeria. In order to be able to bid competitively for our services in the Nigerian market, we were required to identify local citizens to participate in the ownership of entities domiciled in the region. However, these owners do not have extensive knowledge of the aviation industry and have historically deferred to our expertise in the overall management and day-to-day operation of BHNL (including the establishment of operating and capital budgets and strategic decisions regarding the potential expansion of BHNL’s operations). We have also historically provided subordinated financial support to BHNL and will need to continue to do so unless and until BHNL acquires sufficient equity to permit itself to finance its activities without that additional support from us. As we have the power to direct the most significant activities affecting the economic performance and ongoing success of BHNL and hold a variable interest in the entity in the form of our equity investment and working capital infusions, we consolidate BHNL as the primary beneficiary. The employee-owned Nigerian entity referenced above purchased its 19% interest in BHNL in December 2013 with proceeds from a loan received from BGI Aviation Technical Services Nigeria Limited (“BATS”). In July 2014, the employee-owned Nigerian entity purchased an additional 29% interest with proceeds from a loan received from Bristow Helicopters (International) Limited (“BHIL”). In April 2015, Bristow Helicopters purchased an additional 8% interest in BHNL and the employee-owned Nigerian entity purchased an additional 2% interest with proceeds from a loan received from BHIL. Both BATS and BHIL are wholly-owned subsidiaries of Bristow Aviation. The employee-owned Nigerian entity is also a VIE that we consolidate as the primary beneficiary and we eliminate the loans discussed above in consolidation. BHNL is an indirect subsidiary of Bristow Aviation; therefore, financial information for this entity is included within the amounts for Bristow Aviation and its subsidiaries presented above. Pan African Airlines Nigeria Ltd. — Pan African Airlines Nigeria Ltd. (“PAAN”) is a joint venture in Nigeria with local partners in which we own an interest of 50.17% . PAAN provides industrial aviation services to clients in Nigeria. The activities that most significantly impact PAAN’s economic performance relate to the day-to-day operation of PAAN, setting of operating and capital budgets and strategic decisions regarding the potential expansion of PAAN’s operations. Throughout the history of PAAN, our representation on the board and our secondment to PAAN of its managing director has enabled us to direct the key operational decisions of PAAN (without objection from the other board members). We have also historically provided subordinated financial support to PAAN. As we have the power to direct the most significant activities affecting the economic performance and ongoing success of PAAN and hold a variable interest in the form of our equity investment and working capital infusions, we consolidate PAAN as the primary beneficiary. However, as long as we own a majority interest in PAAN, the separate presentation of financial information in a tabular format for PAAN is not required. Other Significant Affiliates — Consolidated In addition to the VIEs discussed above, we consolidate the less than 100% owned entities described below. Eastern Airways — See discussion in Note 2 . Aviashelf Aviation Co. — Bristow Aviation has a 48.5% interest in Aviashelf Aviation Co. (“Aviashelf”), a Russian helicopter company. Additionally, we own 51% of two U.K. joint venture companies, Bristow Helicopters Leasing Ltd. and Sakhalin Bristow Air Services Ltd. These two U.K. companies lease aircraft to Aviashelf which holds the client contracts for our Russian operations. Aviashelf is consolidated based on the ability of certain consolidated subsidiaries of Bristow Aviation to control the vote on a majority of the shares of Aviashelf, rights to manage the day to day operations of the company which were granted under a shareholders’ agreement, and our ability to acquire an additional 8.5% interest in Aviashelf under a put/call option agreement. Other Significant Affiliates — Unconsolidated We have investments in other significant unconsolidated affiliates as described below. Cougar — We own a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), the largest offshore energy and SAR helicopter service provider in Canada. Cougar’s operations are primarily focused on serving the offshore oil and gas industry off Canada’s Atlantic coast and in the Arctic. Cougar operates nine helicopters, including eight helicopters leased from us on a long-term basis. We also lease maintenance and SAR facilities located in St. John’s, Newfoundland and Labrador and Halifax, Nova Scotia to Cougar on a long-term basis. The terms of the purchase agreement for Cougar include a potential earn-out of $40 million payable over three years based on Cougar achieving certain agreed performance targets. The first year and second year earn-out payments of $6.0 million and $8.0 million were paid in March 2014 and April 2015, respectively, as Cougar achieved agreed performance targets. The third year earn-out was achieved as Cougar achieved agreed performance targets of which $10 million was paid in April 2016 with an additional $16 million due April 2017. The fair value of the earn-out was $26.0 million and $32.5 million as of March 31, 2016 and 2015 , respectively, and is included in contingent consideration and other liabilities and deferred credits on our consolidated balance sheets. The investment in Cougar is accounted for under the equity method. As of March 31, 2016 and 2015 , the investment in Cougar was $59.7 million and $61.0 million , respectively, and is included on our consolidated balance sheets in investment in unconsolidated affiliates. Due to timing differences in our financial reporting requirements, we record our share of Cougar’s financial results in earnings from unconsolidated affiliates on a three -month delay. FB Entities — As of March 31, 2013, we owned a 50% interest in the FB Entities, U.K. corporations that principally provide pilot training, maintenance and support services to the British military under a contract that runs through March 2016 with two possible one year extensions. On July 14, 2013, we sold our 50% interest in the FB Entities for £74.0 million , or approximately $112.2 million . We recorded a pre-tax gain on sale of unconsolidated affiliate of $103.9 million during fiscal year 2014 on our consolidated statements of operations. The FB Entities were accounted for under the equity method prior to July 14, 2013. HCA — As of March 31, 2014, we owned a 50% interest in HCA, a U.K. company that provides inspection and certification services for offshore helidecks. On November 21, 2014, we sold our 50% interest in HCA for £2.7 million , or approximately $4.2 million . We recorded a pre-tax gain on sale of unconsolidated affiliate of $3.9 million during fiscal year 2015 on our consolidated statements of operations. HCA was accounted for under the equity method prior to November 21, 2014. Líder — We own a 20% voting interest and a 41.9% economic interest in Líder Táxi Aéreo S.A. (“Líder”), the largest provider of helicopter and executive aviation services in Brazil. Líder’s fleet has 50 helicopters and 25 fixed wing aircraft (including owned and managed aircraft). Líder also leases five aircraft from us to provide industrial aviation services to its clients. Effective May 28, 2014, our ownership interest in Líder in Brazil was reduced from 42.5% to 41.9% as a result of Líder’s issuance of additional shares to improve tax and cost-saving efficiencies. This transaction resulted in no material impact to our consolidated financial statements. The investment in Líder is accounted for under the equity method. As of March 31, 2016 and 2015, the investment in Líder was $124.2 million and $149.0 million , respectively, and is included in our consolidated balance sheets in investment in unconsolidated affiliates. Líder, along with its direct and indirect subsidiaries, were parties to tax litigation involving an assessment for taxes calculated in 2005, 2006 and 2007 related to profits of its foreign subsidiaries. Additionally, Líder received tax assessments for the period from 2008 through 2010 and expected to receive tax assessments for 2011 and 2012 related to the same tax issue. On October 9, 2013, a new law went into effect in Brazil, establishing amnesty conditions targeting companies similar to Líder that have tax liabilities under the tax laws in question. Under the amnesty, companies could settle any tax liabilities related to the profits of foreign subsidiaries incurred through December 31, 2012 by making payment in full for amounts levied or entering into an installment payment plan by November 29, 2013. Acceptance of this amnesty offer would result in the complete forgiveness of any late payment penalties, other fines, interest and legal charges in the case of full payment and a partial reduction in late payment penalties, other fines, interest and legal charges relating to outstanding taxes levied that may be paid in an installment plan. As a condition to accepting the amnesty offer, companies would withdraw from all administrative and judicial cases filed challenging the levying of the above-mentioned taxes. In November 2013, under this amnesty law, Líder made a payment of 62.7 million Brazilian reais ( $27.0 million ) for the period from 2005 through 2012. The total amount due for payment in full according to the amnesty law was 93.3 million Brazilian reais ( $40.2 million ), but was reduced by existing tax assets for prior tax losses of 30.6 million Brazilian reais ( $13.2 million ). As a result of this additional tax expense, our earnings from unconsolidated affiliates were reduced by $17.1 million during fiscal year 2014. In addition to the November 2013 tax assessment, Líder also recorded tax accruals in December 2013 for expected payments for 2013 for these same taxes on offshore earnings which further reduced our equity earnings in Líder by $2.2 million during fiscal year 2014. We were indemnified by the other Líder shareholders for the portion of this tax assessed for the period prior to our investment in Líder in May 2009. The indemnity payment to us of $2.5 million was paid during the three months ended March 31, 2014 and resulted in an increase in earnings from unconsolidated affiliates during the three months ended March 31, 2014. The total impact on our earnings from unconsolidated affiliates during fiscal year 2014 related to these taxes for Líder was $13.6 million , net of the indemnity payment. During the year ended March 31, 2016, we determined that we have failed to record certain adjustments to the other comprehensive income (loss) related to our Líder investment consisting of the effects of foreign currency translation in prior reporting periods. To correct this error, we reduced our investment in unconsolidated affiliates by $19.2 million , increased our deferred tax asset within other assets by $6.7 million and increased our accumulated other comprehensive loss by $12.5 million as of March 31, 2016. The error, which had no impact on our consolidated statements of operations or cash flows, is not material to our consolidated financial statements as of and for the year ended Mach 31, 2016 or our previously reported consolidated financial statements for any period. PAS — We have a 25% interest in Petroleum Air Services (“PAS”), an Egyptian corporation that provides helicopter and fixed wing transportation to the offshore energy industry in Egypt. Additionally, spare fixed wing capacity is chartered to tourism operators. PAS owns 45 aircraft. PAS is accounted for under the cost method as we are unable to exert significant influence over its operations. Other — Historically, in addition to the expansion of our business through purchases of new and used aircraft, we have also established new joint ventures with local partners or purchased significant ownership interests in companies with ongoing helicopter operations, particularly in countries where we have no operations or our operations are limited in scope, and we continue to evaluate similar opportunities which could enhance our operations. Where we believe that it is probable that an equity method investment will result, the costs associated with such investment evaluations are deferred and included in investment in unconsolidated affiliates on the consolidated balance sheets. For each investment evaluated, an impairment of deferred costs is recognized in the period in which we determine that it is no longer probable an equity method investment will result. As of March 31, 2016 and 2015 , we had no amounts in investment in unconsolidated affiliates in the process of being evaluated. Our percentage ownership and investment balances for the unconsolidated affiliates are as follows: March 31, 2016 2015 2016 2015 (In thousands) Cost Method: PAS 25 % 25 % $ 6,286 $ 6,286 Equity Method: Cougar (1) 40 % 40 % 59,742 61,015 Líder (1) (2) 41.9 % 41.9 % 124,248 149,010 Other 4,676 65 Total $ 194,952 $ 216,376 _______________ (1) We had a 25% voting interest in Cougar and under 20% voting interest in Líder as of March 31, 2016 and 2015 . (2) For discussion on immaterial error correction for our Líder investment, see discussion above. Earnings from unconsolidated affiliates were as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Dividends from entities accounted for under the cost method: PAS $ 2,068 $ 2,068 $ 4,043 Earnings, net of losses, from entities accounted for under the equity method: Cougar (2,001 ) (710 ) 1,053 FB Entities (1) — — 3,217 Líder (116 ) (4,236 ) 2,898 Other (2) 310 1,107 1,498 (1,807 ) (3,839 ) 8,666 Total $ 261 $ (1,771 ) $ 12,709 _______________ (1) We sold our 50% interest in the FB entities in July 2013. (2) We sold our 50% interest in HCA in November 2014. We received $0.8 million , $5.6 million and $10.3 million of dividends from our investments accounted for under the equity method during fiscal years 2016 , 2015 and 2014 , respectively. A summary of combined financial information of our unconsolidated affiliates accounted for under the equity method is set forth below (in thousands): March 31, 2016 2015 (Unaudited) Current assets $ 269,619 $ 200,979 Non-current assets 295,416 384,438 Total assets $ 565,035 $ 585,417 Current liabilities $ 146,938 $ 189,251 Non-current liabilities 266,545 255,318 Equity 151,552 140,848 Total liabilities and equity $ 565,035 $ 585,417 Fiscal Year Ended March 31, 2016 2015 2014 (Unaudited) Revenue $ 368,586 $ 499,692 $ 632,832 Gross profit $ 60,873 $ 99,127 $ 132,760 Net income $ 21,871 $ 559 $ 21,728 |
PROPERTY AND EQUIPMENT AND ASSE
PROPERTY AND EQUIPMENT AND ASSETS HELD FOR SALE | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT AND ASSETS HELD FOR SALE During fiscal years 2016 , 2015 and 2014 , we made capital expenditures as follows: Fiscal Year Ended March 31, 2016 2015 2014 Number of aircraft delivered: Medium 1 6 8 Large 3 10 11 SAR aircraft 4 5 2 Total aircraft (2) 8 21 21 Capital expenditures (in thousands): Aircraft and related equipment (1) $ 285,530 $ 476,368 $ 563,724 Other 86,845 125,466 64,889 Total capital expenditures $ 372,375 $ 601,834 $ 628,613 _______________ (1) During fiscal years 2016 , 2015 and 2014 , we spent $202.7 million , $440.9 million and $529.4 million , respectively, on progress payments for aircraft to be delivered in future periods. (2) During fiscal year 2016, we took delivery of two aircraft that were purchased using short-term debt borrowings for the final payments of the aircrafts. The following table presents details on the aircraft sold or disposed of and impairments on assets held for sale during fiscal years 2016 , 2015 and 2014 : Fiscal Year Ended March 31, 2016 2015 2014 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of (1) 35 44 46 Proceeds from sale or disposal of assets (1) $ 60,035 $ 414,859 $ 289,951 Gain (loss) from sale or disposal of assets $ (1,122 ) $ 208 $ 6,092 Number of aircraft impaired 16 27 11 Impairment charges on aircraft held for sale and construction in progress $ 29,571 $ 36,057 $ 6,814 _______________ (1) During fiscal years 2016 , 2015 and 2014 , three , 14 and 14 of these aircraft, respectively, were sold and leased back and we received $29.2 million , $380.7 million and $246.4 million , respectively, in proceeds for the aircraft. In addition to capital expenditures and sale or disposal of assets, the following items impacted property and equipment during fiscal year 2016 : • We recorded accelerated depreciation of $28.7 million on 18 medium, four large and one fixed wing aircraft operating in our Europe Caspian, Americas, Africa and Asia Pacific regions as our management decided to exit these model types earlier than originally anticipated. In certain instances the salvage values of some aircraft were also adjusted to reflect our expectation of sales values in the current market. • We took delivery and entered into leases for the remaining two aircraft related to the deferred sale leaseback and removed a total of $75.8 million and $74.3 million , respectively, from construction in progress and deferred sale leaseback advance on our consolidated balance sheet. See Note 1 for further details on the deferred sale leaseback advance. • We took delivery of two large aircrafts which we purchased using short-term debt borrowings for the final payments of the aircrafts of $24.4 million . See Note 5 for further details on aircraft borrowings. • We transferred 35 aircraft to held for sale and reduced property and equipment by $83.6 million . In addition to capital expenditures and sale or disposal of assets, the following items impacted property and equipment during fiscal year 2015 : • We recorded accelerated depreciation of $4.4 million for ten medium and one fixed wing aircraft operating in our Africa and Americas regions. Additionally, we recorded additional depreciation of $6.0 million related to four aircraft in our Asia Pacific region as our management decided to exit these model types earlier than originally anticipated. • We increased the liabilities associated with deferred sale leaseback advance for additional payments made by the purchaser during fiscal year 2015 by $69.7 million , with a corresponding increase to construction in progress. Additionally, we took delivery and entered into leases for five aircraft related to the deferred sale leaseback and removed $183.7 million and $182.6 million , respectively, from construction in progress and deferred sale leaseback advance, current from our consolidated balance sheet. See Note 1 for further details on the deferred sale leaseback. • We determined that since fiscal year 2010 we had been improperly capitalizing profit on intercompany technical services billings related to aircraft modifications. To correct this error, we reduced property and equipment, net of accumulated depreciation, by $4.4 million and increased deferred gains on aircraft sold and leased back included within other long-term liabilities by $0.9 million . The offsetting impact on our consolidated statements of operations was a reduction in revenue of $3.5 million , an increase in direct cost of $2.0 million and a reduction in depreciation and amortization of $0.2 million . The error was not material to our consolidated financial statements for fiscal year 2015 or our previously reported consolidated financial statements for any period. • We received proceeds of $16.0 million from insurance recoveries for inventory destroyed in the fire in Port Harcourt, Nigeria discussed below. Additionally, we recorded a gain of $4.9 million in gain (loss) on disposal of assets on our consolidated statement of operations and included in the table above. • We transferred 15 aircraft to held for sale and reduced property and equipment by $91.5 million . In addition to capital expenditures and sale or disposal of assets, the following items impacted property and equipment during fiscal year 2014 : • In March 2014, we had a fire in our Port Harcourt, Nigeria aircraft hangar. Two aircraft were damaged and $11.1 million of inventory spare parts were destroyed. The aircraft hangar was partially damaged. We wrote off $11.1 million of inventory destroyed in the fire, which was offset by a receivable recorded of $11.1 million for insurance proceeds. • We received payment of approximately $106.1 million for progress payments we had previously made on seven aircraft under construction and we assigned any future payments due on these construction agreements to the purchaser. As we had the obligation and intent to lease the aircraft back from the purchaser upon completion, we recorded a liability equal to the cash received and payments made by the purchaser during fiscal year 2014 totaling $60.2 million , with a corresponding increase to construction in progress. See Note 1 for further details on the deferred sale leaseback advance. During fiscal year 2016, we saw a deterioration in market sales for aircraft resulting mostly from an increase in idle aircraft and reduced demand across the offshore energy market. While other markets exist for certain aircraft model types, including utility, firefighting, government, VIP transportation and tourism, the market for certain model type aircraft slowed. As a result of these market changes, changes in estimated salvage values of our fleet of operational aircraft and other changes in the timing of exiting certain aircraft from our operations, we recorded impairments and additional depreciation expense discussed above. For further details, see Note 1 for a discussion on impairments of property and equipment. Assets Held for Sale As of March 31, 2016 and 2015 , we had 22 and 12 aircraft, for $43.8 million and $57.8 million , classified as held for sale, respectively. We recorded impairment charges of $29.6 million , $36.1 million and $6.8 million to reduce the carrying value of 16 , 27 and 11 aircraft held for sale during fiscal years 2016 , 2015 and 2014 , respectively. These impairment charges were included in loss on disposal of assets in the consolidated statements of operations. The impairment charges recorded on held for sale aircraft during fiscal years 2016, 2015 and 2014 related primarily to older model aircraft types our management decided to dispose of earlier than originally anticipated in addition to the impact of changes in expected sales prices in the aircraft aftermarket resulting from the ongoing oil and gas market downturn. The impairment charges recorded in fiscal year 2016 related primarily to a medium aircraft model type we made the decision to accelerate our exit from during the current downturn. The impairment charges recorded in fiscal year 2015 related to a large aircraft model type our management decided to sell as part of a single transaction, which reduced the overall sales price for these aircraft. Also during fiscal year 2015, impairment charges included $4.3 million related to three medium prototype aircraft as we entered into an agreement in April 2015 to sell these three aircraft and purchase fully developed/non-prototype aircraft. |
DEBT
DEBT | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of March 31, 2016 and 2015 consisted of the following (in thousands): March 31, 2016 2015 6 ¼% Senior Notes due 2022 $ 401,535 $ 401,535 Term Loan 335,665 222,179 Term Loan Credit Facility 200,000 — Revolving Credit Facility 144,000 83,800 Airnorth debt 19,652 23,119 Eastern Airways debt 15,643 19,680 Other debt 24,394 — 3% Convertible Senior Notes due 2038, including zero and $0.9 million of unamortized discount, respectively — 114,109 Total debt 1,140,889 864,422 Less short-term borrowings and current maturities of long-term debt (62,716 ) (18,730 ) Total long-term debt $ 1,078,173 $ 845,692 6 ¼% Senior Notes due 2022 — On October 12, 2012, we completed an offering of $450 million of the 6 ¼% Senior Notes. The 6 ¼% Senior Notes are our unsecured senior obligations and are jointly and severally guaranteed on a senior unsecured basis by certain of our U.S. subsidiaries (the “Guarantor Subsidiaries”). The indenture for our 6 ¼% Senior Notes includes restrictive covenants which limit, among other things, our ability to incur additional debt, issue disqualified stock, pay dividends, repurchase stock, invest in other entities, sell assets, incur additional liens or security, merge or consolidate the Company and enter into transactions with affiliates. Interest on the 6 ¼% Senior Notes is payable on April 15 and October 15 of each year and the 6 ¼% Senior Notes mature on October 15, 2022. We may redeem any of the 6 ¼% Senior Notes at any time on or after October 15, 2017, in whole or part, in cash, at certain redemption prices plus accrued and unpaid interest, if any, to the date of redemption. At any time prior to October 15, 2017, we may redeem all, but not less than all, of the 6 ¼% Senior Notes at a redemption price equal to the principal amount plus an applicable premium and accrued and unpaid interest, if any, to the redemption date. We incurred financing fees of $7.4 million , that are included as deferred financing fees in other assets in the consolidated balance sheets which we will amortize as interest expense in the consolidated statements of operations over the life of the 6 ¼% Senior Notes. In fiscal year 2015, we repurchased $48.5 million principal amount of the 6 ¼% Senior Notes in the open market at 103.75% to 107.75% , plus accrued interest, for a total of $52.0 million . In connection with these repurchases, we incurred $2.6 million in premium and fees which are included in extinguishment of debt on our consolidated statement of operations, and wrote-off $0.7 million of unamortized deferred financing fees, which is included in interest expense, net on our consolidated statement of operations. Revolving Credit Facility and Term Loan — As of March 31, 2016 , our amended and restated revolving credit and term loan agreement (the “Amended and Restated Credit Agreement”), included a $400 million revolving credit facility with a subfacility of $30 million for letters of credit (the “Revolving Credit Facility” and a five -year, $350 million term loan (the “Term Loan”), (together with the Revolving Credit Facility, the “Credit Facilities”). As of March 31, 2016 , we had $144.0 million in borrowings outstanding and $0.6 million in letters of credit outstanding under the Revolving Credit Facility and $336.0 million outstanding under the Term Loan excluding $0.3 million of unamortized discount. The Revolving Credit Facility and the Term Loan mature in April 2019. As of March 31, 2016 , borrowings under the Revolving Credit Facility bear interest at an interest rate equal to, at our option, either the Base Rate or LIBOR (or EURIBO, in the case of Euro-denominated borrowings) plus the applicable margin. “Base Rate” means the higher of (1) the prime rate and (2) the Federal Funds rate plus 0.63% per annum. The applicable margin for borrowings ranged from 0.00% to 2.50% , depending on whether the Base Rate or LIBOR was used and based on our leverage ratio pricing grid. In addition, we are required to pay fees on the daily unused amount of the Revolving Credit Facility in an amount per annum equal to an applicable percentage, which ranges from 0.25% to 0.625% and based on our leverage ratio pricing grid. Fees owed on the letters of credit issued under the Revolving Credit Facility are equal to the applicable margin for LIBOR borrowings. The interest rate was 2.69% and 1.93% as of March 31, 2016 and 2015 , respectively. As of March 31, 2016 , obligations under the Amended and Restated Credit Agreement were guaranteed by the Guarantor Subsidiaries and secured by the U.S. cash and cash equivalents, accounts receivable, inventories, non-aircraft equipment, prepaid expenses and other current assets, intangible assets and intercompany promissory notes held by Bristow Group Inc. and the Guarantor Subsidiaries, and 100% and 65% of the capital stock of certain of our principal domestic and foreign subsidiaries, respectively. In addition, the Amended and Restated Credit Agreement included customary covenants, including certain financial covenants and restrictions on our ability to enter into certain transactions, including those that could result in the incurrence of additional indebtedness and liens; the making of loans, guarantees or investments; sale of assets; payments of dividends or repurchases of our capital stock; and entering into transactions with affiliates. On September 29, 2015, we entered into the sixth amendment to the Amended and Restated Credit Agreement (the “Sixth Amendment”) that, among other things (a) amended the maximum leverage ratio from 4.00 : 1.00 for all periods to 4.75 : 1.00 for the fiscal quarters ending from the date of the Sixth Amendment through December 31, 2016, to 4.50 : 1.00 for the fiscal quarters ending March 31, 2017 through December 31, 2017, and to 4.25 : 1.00 for the fiscal quarters ending March 31, 2018 through June 30, 2018, after which period the maximum leverage ratio will revert to 4.00 : 1.00 through maturity, (b) amended the interest coverage ratio from 2.75 : 1.00 for all periods to 2.00 : 1.00 for the fiscal quarters ending from the date of the Sixth Amendment through December 31, 2016, to 2.25 : 1.00 for the fiscal quarters ending March 31, 2017 through December 31, 2017, and to 2.50 : 1.00 for the fiscal quarters ending March 31, 2018 through June 30, 2018, after which period the minimum interest coverage ratio will revert to 2.75 : 1.00 through maturity and (c) increased the applicable margin on loans and the commitment fee on unused amounts of revolving commitments if the leverage ratio is greater than 4.25 : 1.00 . On November 5, 2015, simultaneously with the closing of a senior secured term loan credit agreement (the “Term Loan Credit Agreement”) which provides for $200 million of term loan commitments (the “Term Loan Credit Facility”) described below, we entered into the seventh amendment to the Amended and Restated Revolving Credit and Term Loan Agreement (“Seventh Amendment”) which permits, among other things: (i) entry into the Term Loan Credit Facility and the incurrence of indebtedness thereunder and (ii) the granting of liens by the Company and the Guarantor Subsidiaries in favor of the lenders under the Term Loan Credit Facility on a pari passu secured basis with the liens granted in favor of the lenders under the Amended and Restated Revolving Credit and Term Loan Agreement. On May 23, 2016, we entered into an eighth amendment to the Amended and Restated Credit Agreement (the “Eighth Amendment”) that, among other things, (a) replaces the maximum leverage ratio requirement with a maximum senior secured leverage ratio, defined as the ratio of the sum of senior secured debt and the present value of obligations under operating leases to consolidated EBITDA for the most recent four consecutive fiscal quarters, which ratio may not be not greater than 4.25 : 1.00 for each fiscal quarter ending during the period from March 31, 2016 through September 30, 2017and 4.00 : 1.00 for each fiscal quarter ending thereafter, (b) replaces the interest coverage ratio requirement with a minimum current ratio, defined as the ratio of the sum of consolidated current assets minus the book value of aircraft held for sale plus the unused amount of aggregate revolving commitments less $25 million to consolidated current liabilities, which may not be not less than 1.00 : 1.00 as of the last day of each fiscal quarter, (c) allows for the issuance of certain additional indebtedness when the leverage ratio exceeds 4.75 : 1.00 , including (i) unsecured, subordinated or convertible indebtedness to refinance outstanding term loans under the Amended and Restated Credit Agreement and the Term Loan Credit Agreement, (ii) additional unsecured, subordinated or convertible indebtedness of up to $100 million in principal amount, (iii) equipment financings, including, without limitation, aircraft sale and leaseback transactions, and (iv) financings of U.K. bases with respect to helicopter SAR services and (d) limits cash dividends on our common stock to $0.07 per share per quarter. In addition, in connection with the Eighth Amendment and the first amendment to the Term Loan Credit Agreement described below, certain of our U.S. subsidiaries have granted liens on certain of their aircraft to secure our obligations under the Amended and Restated Credit Agreement and the Term Loan Credit Agreement on a pari passu secured basis in favor of the lenders under each such agreement. Also as part of the Eight Amendment, the applicable margin for borrowings under the Credit Facilities will range from 0.50% to 3.50% depending on whether the Base Rate or LIBOR was used and based on our leverage ratio pricing grid. During fiscal year 2016 , we had borrowings of $580.9 million and made payments of $520.7 million under the Revolving Credit Facility. Additionally, we had borrowings of $127.4 million and paid $14.0 million to reduce our borrowings under the Term Loan. Term Loan Credit Facility — On November 5, 2015, we entered into the Term Loan Credit Agreement as discussed above. Proceeds from the Term Loan Credit Facility were initially used to repay loans outstanding under our $400 million Revolving Credit Facility as discussed below. The additional liquidity was used for capital expenditures, working capital needs and general corporate purposes. The interest rate at closing was LIBOR plus a borrowing margin of 2.0% . The Term Loan Credit Facility is guaranteed by certain of our Guarantor Subsidiaries and secured by the U.S. cash and cash equivalents, accounts receivable, inventories, non-aircraft equipment, prepaid expenses and other current assets, intangible assets and intercompany promissory notes held by the Company and the Guarantor Subsidiaries, and 100% and 65% of the capital stock of certain of our principal domestic and foreign subsidiaries, respectively. In addition, the Term Loan Credit Facility includes customary covenants, including certain financial covenants and restrictions on our ability to enter into certain transactions, including those that could result in the incurrence of additional indebtedness and liens; the making of loans, guarantees or investments; sale of assets; payments of dividends or repurchases of our capital stock; and entering into transactions with affiliates. On May 23, 2016, we entered into the first amendment to the Term Loan Credit Agreement that, among other things, incorporates, as applicable, the provisions of the Eighth Amendment described above. 3% Convertible Senior Notes due 2038 — In June 2008 , we completed the sale of $115 million of 3% Convertible Senior Notes due 2038 (the “3% Convertible Senior Notes”). These notes were unsecured senior obligations and ranked effectively junior in right of payment to our existing and future secured indebtedness, ranked equal in right of payment to all of our existing and future unsecured senior debt and ranked senior in right of payment to any of our existing and future subordinated indebtedness. The 3% Convertible Senior Notes were guaranteed by the Guarantor Subsidiaries. Interest was paid on the 3% Convertible Senior Notes on June 15 and December 15 of each year. The notes were convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our common stock (“Common Stock”). The notes had a maturity date of June 15, 2038 and could not be redeemed by us prior to June 15, 2015 , after which they could have been redeemed at 100% of principal amount plus accrued and unpaid interest. Holders of the 3% Convertible Senior Notes had the right to require us to repurchase any or all of their notes for cash on June 15, 2015, 2020, 2025, 2030 and 2035, or in the event of a fundamental change, as defined in the indenture for the 3% Convertible Senior Notes (including the delisting of our Common Stock and certain change of control transactions), at a price equal to 100% of the principal amount plus accrued and unpaid interest. During June 2015, we repurchased $113.1 million of the $115.0 million principal amount of the 3% Convertible Senior Notes from holders. We funded this repurchase using borrowings on our Revolving Credit Facility. On July 13, 2015, we issued a notice to the holders of the remaining $1.9 million principal amount of notes that we were redeeming the remaining notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date of August 14, 2015. The conversion value of the 3% Convertible Senior Notes did not exceed the principal balance so we satisfied our conversion obligation by delivering cash of $1.9 million on August 14, 2015. The balances of the debt and equity components of the 3% Convertible Senior Notes as of each period presented are as follows (in thousands): March 31, March 31, Equity component – net carrying value $ 14,905 $ 14,905 Debt component: Face amount due at maturity $ — $ 115,000 Unamortized discount — (891 ) Debt component – net carrying value $ — $ 114,109 The debt discount was amortized into interest expense over the expected remaining life of the 3% Convertible Senior Notes to June 2015 (the first put date) using the effective interest rate. The effective interest rate for each of fiscal years 2016 , 2015 and 2014 was 6.9% . Interest expense related to our 3% Convertible Senior Notes for fiscal years 2016 , 2015 and 2014 was as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Contractual coupon interest $ 725 $ 3,450 $ 3,450 Amortization of debt discount 891 4,205 3,708 Total interest expense $ 1,616 $ 7,655 $ 7,158 Airnorth — Airnorth’s outstanding debt includes interest bearing term loans of $19.2 million and a commercial bill of $0.5 million as of March 31, 2016 . The term loans primarily relate to the purchase of aircraft, have a remaining term of approximately 3 to 8 years, and consist of a term loan with interest at LIBOR plus a margin of 2.85% and two term loans each with a fixed rate of 3.1% plus the Reserve Bank of Australia cash rate of 2.0% . The term loans have customary covenants, including certain financial covenants, and varying principal payments. The commercial bill is used for working capital and has a remaining term of approximately 4 years. As of March 31, 2016 , the interest rate for the commercial bill was 2.14% . Eastern Airways — Eastern Airways’ outstanding debt includes interest bearing term loans and borrowings under a revolving credit facility totaling $15.6 million as of March 31, 2016 . The term loans were used to refinance other Eastern indebtedness in October 2015 and bear interest at LIBOR plus a margin of 1.75% . The interest rate on the term loans was 2.228% as of March 31, 2016 . These term loans have quarterly principal payments and mature on August 31, 2018. Borrowings under the revolving credit facility are used for general corporate, working capital and capital expenditure purposes, and bear interest at LIBOR plus a margin of 1.75% . All outstanding obligations under the revolving credit facility will mature on August 31, 2018. Other Debt — Other debt includes borrowings for aircraft purchase payments totaling $24.4 million with interest rates ranging from 2.5% to 3.5% payable in December 2016 and January 2017. Other Matters — Aggregate annual maturities (which excludes unamortized discount of $0.3 million ) for all debt for the next five fiscal years and thereafter are as follows (in thousands): Fiscal year ending March 31 2017 $ 62,716 2018 243,145 2019 49,298 2020 376,211 2021 2,537 Thereafter 407,316 $ 1,141,223 Interest paid in fiscal years 2016 , 2015 and 2014 was $41.8 million , $38.0 million and $38.4 million , respectively. Capitalized interest was $10.6 million , $14.6 million and $14.1 million in fiscal years 2016 , 2015 and 2014 , respectively. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES Assets and liabilities subject to fair value measurement are categorized into one of three different levels depending on the observability of the inputs employed in the measurement, as follows: • Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs that reflect quoted prices for identical assets or liabilities in markets which are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. Non-recurring Fair Value Measurements The majority of our non-financial assets, which include inventories, property and equipment, assets held for sale, goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur such that a non-financial asset is required to be evaluated for impairment and deemed to be impaired, the impaired non-financial asset is recorded as its fair value. The following table summarizes the assets as of March 31, 2016 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2016 Total Loss for Inventories $ — $ 6,261 $ — $ 6,261 $ (5,439 ) Assets held for sale — 43,783 — 43,783 (29,571 ) Goodwill — — 29,990 29,990 (41,579 ) Other intangible assets — — — — (8,086 ) Total assets $ — $ 50,044 $ 29,990 $ 80,034 $ (84,675 ) The following table summarizes the assets as of March 31, 2015 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2015 Total Loss for Inventories $ — $ 3,139 $ — $ 3,139 $ (7,167 ) Assets held for sale — 54,310 — 54,310 (36,057 ) Total assets $ — $ 57,449 $ — $ 57,449 $ (43,224 ) The fair value of inventories using Level 2 inputs is determined by evaluating the current economic conditions for sale and disposal of spare parts, which includes estimates as to the recoverability of the carrying value of the parts based on historical experience with sales and disposal of similar spare parts, the expected timeframe of sales or disposals, the location of the spare parts to be sold and the condition of the spare parts to be sold or otherwise disposed of. See Note 1 for further discussion of the impairment of inventories and intangible asset impairment. The fair value of assets held for sale using Level 2 inputs is determined through evaluation of expected sales proceeds for aircraft. This analysis includes estimates based on historical experience with sales, recent transactions involving similar assets, quoted market prices for similar assets and condition and location of aircraft to be sold or otherwise disposed of. See Note 4 for details on assets held for sale. The fair value of goodwill is estimated using a variety of valuation methods, including the income and market approaches. These estimates of fair value include unobservable inputs, representative of Level 3 fair value measurement, including assumptions related to future performance, such as projected demand for our services and rates. For further details on our goodwill, see Note 1. See Note 2 for details on the fair values related to the Airnorth and Eastern Airways acquisition. Recurring Fair Value Measurements The following table summarizes the financial instruments we had as of March 31, 2016 , valued at fair value on a recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2016 Balance Sheet Classification Rabbi Trust investments $ 2,990 $ — $ — $ 2,990 Other assets Total assets $ 2,990 $ — $ — $ 2,990 Contingent consideration (1) : Current $ — $ — $ 29,522 $ 29,522 Contingent consideration Long-term — — 3,069 3,069 Other liabilities and deferred credits Total liabilities $ — $ — $ 32,591 $ 32,591 _______________ (1) Relates to our investments in Cougar totaling $26.0 million and Airnorth totaling $6.6 million (see Note 3 ). The following table summarizes the financial instruments we had as of March 31, 2015 , valued at fair value on a recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2015 Balance Sheet Classification Rabbi Trust investments $ 2,379 $ — $ — $ 2,379 Other assets Total assets $ 2,379 $ — $ — $ 2,379 Contingent consideration (1) : Current $ — $ — $ 33,938 $ 33,938 Contingent consideration Long-term — — 4,967 4,967 Other liabilities and deferred credits Total liabilities $ — $ — $ 38,905 $ 38,905 _______________ (1) Relates to our investments in Cougar totaling $32.5 million and Airnorth totaling $6.4 million (see Note 3 ). The rabbi trust investments consist of cash and mutual funds whose fair value are based on quoted prices in active markets for identical assets, and are designated as Level 1 within the valuation hierarchy. The rabbi trust holds investments related to our non-qualified deferred compensation plan for our senior executives as discussed in Note 9 . The following table provides a rollforward of the contingent consideration liability Level 3 fair value measurements during fiscal year 2016 (in thousands): Significant Unobservable Inputs (Level 3) Contingent consideration: Balance as of March 31, 2015 $ 38,905 Change in fair value of contingent consideration 3,139 Payment of Airnorth first year earn-out (1,453 ) Payment of Cougar second year earn-out (8,000 ) Balance as of March 31, 2016 $ 32,591 We assess the estimated fair value of the contractual obligation to pay the contingent consideration on a quarterly basis and any changes in estimated fair value are recorded as accretion expense included in depreciation and amortization on our consolidated statements of operations. Fluctuations in the fair value of contingent consideration are impacted by two unobservable inputs, management’s estimate of the probability of Cougar or Airnorth achieving certain agreed performance targets and the estimated discount rate. As of March 31, 2016 and 2015 , the discount rate approximated 4% for the contingent consideration related to Cougar. As of March 31, 2016 and 2015 , the discount rate approximated 2% for the contingent consideration related to Airnorth. For details on the earn-out payments for Airnorth and Cougar, see Notes 2 and 3, respectively. Fair Value of Debt The fair value of our debt has been estimated in accordance with the accounting standard regarding fair value. The fair value of our fixed rate long-term debt is estimated based on quoted market prices. The carrying and fair value of our long-term debt, including the current portion, are as follows (in thousands): March 31, 2016 2015 Carrying Value Fair Value Carrying Value Fair Value 6 ¼% Senior Notes $ 401,535 $ 277,059 $ 401,535 $ 381,458 Term Loan 335,665 335,665 222,179 222,179 Term Loan Credit Facility 200,000 200,000 — — Revolving Credit Facility 144,000 144,000 83,800 83,800 Airnorth debt 19,652 19,652 23,119 23,119 Eastern Airways debt 15,643 15,643 19,680 19,680 Other debt 24,394 24,394 — — 3% Convertible Senior Notes — — 114,109 115,288 $ 1,140,889 $ 1,016,413 $ 864,422 $ 845,524 Other The fair values of our cash and cash equivalents, accounts receivable and accounts payable approximate their carrying value due to the short-term nature of these items. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Aircraft Purchase Contracts — As shown in the table below, we expect to make additional capital expenditures over the next five fiscal years to purchase additional aircraft. As of March 31, 2016 , we had 36 aircraft on order and options to acquire an additional 14 aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income. Fiscal Year Ending March 31, 2017 2018 2019 2020 and beyond Total Commitments as of March 31, 2016: (1) Number of aircraft: Medium 10 — — — 10 Large — 5 4 9 18 U.K. SAR 4 4 — — 8 14 9 4 9 36 Related expenditures (in thousands) (2) Medium and large $ 49,746 $ 66,044 $ 60,455 $ 109,341 $ 285,586 U.K. SAR 55,503 58,208 — — 113,711 $ 105,249 $ 124,252 $ 60,455 $ 109,341 $ 399,297 Options as of March 31, 2016: Number of aircraft: Medium — 6 — — 6 Large — 6 2 — 8 — 12 2 — 14 Related expenditures (in thousands) (2) $ 61,629 $ 179,471 $ 30,410 $ — $ 271,510 _______________ (1) Signed client contracts are currently in place that will utilize eight of these aircraft. (2) Includes progress payments on aircraft scheduled to be delivered in future periods. The following chart presents an analysis of our aircraft orders and options during fiscal years 2016 , 2015 and 2014 : Fiscal Year Ended March 31, 2016 2015 2014 Orders Options Orders Options Orders Options Beginning of fiscal year 45 30 43 55 45 70 Aircraft delivered (8 ) — (18 ) — (21 ) — Aircraft ordered — — 8 — 18 — New options — 4 — — — — Exercised options (1 ) — 12 (12 ) 8 (8 ) Expired options — (20 ) — (13 ) — (7 ) Orders assigned subject to leaseback (1) — — — — (7 ) — End of fiscal year 36 14 45 30 43 55 _______________ (1) During fiscal year 2014, we transferred our interest in seven aircraft previously ordered in return for $106.1 million in progress payments previously paid on these aircraft. We periodically purchase aircraft for which we have no orders. During fiscal year 2016 , we purchased one aircraft for which we did not have orders. During fiscal year 2015, we purchased three aircraft for which we did not have orders. Operating Leases — We have non-cancelable operating leases in connection with the lease of certain equipment, land and facilities, including leases for aircraft. Rental expense incurred under all operating leases was $211.8 million , $164.8 million and $105.8 million in fiscal years 2016 , 2015 and 2014 , respectively. Rental expense incurred under operating leases for aircraft was $184.0 million , $138.3 million and $83.5 million in fiscal years 2016 , 2015 and 2014 , respectively. As of March 31, 2016 , aggregate future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year, including leases for 87 aircraft, are as follows (in thousands): Aircraft Other Total Fiscal year ending March 31, 2017 $ 174,349 $ 10,385 $ 184,734 2018 154,156 10,595 164,751 2019 126,003 9,874 135,877 2020 86,449 8,189 94,638 2021 19,614 7,384 26,998 Thereafter 12,663 46,307 58,970 $ 573,234 $ 92,734 $ 665,968 In fiscal years 2016 and 2015 , we sold three and 14 aircraft for $29.2 million and $380.7 million , respectively, and entered into separate agreements to lease these aircraft back. Additionally, in fiscal year 2014, we received payment of approximately $106.1 million for progress payments we had previously made on seven aircraft under construction and we assigned any future payments due on these construction agreements to the purchaser. We leased the aircraft back from the purchaser upon completion. See Note 1 for further details. 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. These leases are included in the amounts disclosed above. The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of March 31, 2016 : End of Lease Term Number of Aircraft Fiscal year 2017 to fiscal year 2018 20 Fiscal year 2019 to fiscal year 2021 44 Fiscal year 2022 to fiscal year 2024 23 87 Employee Agreements — Approximately 50% of our employees are represented by collective bargaining agreements and/or unions with 84.9% of these employees being represented by collective bargaining agreements and/or unions that have expired or will expire in one year. These agreements generally include annual escalations of up to 6% . Periodically, certain groups of our employees who are not covered by a collective bargaining agreement consider entering into such an agreement. We also have employment agreements with members of senior management. For discussion on separation programs between the Company and its employees, see Note 9. Nigerian Litigation — In November 2005, two of our consolidated foreign affiliates were named in a lawsuit filed with the High Court of Lagos State, Nigeria by Mr. Benneth Osita Onwubalili and his affiliated company, Kensit Nigeria Limited, which allegedly acted as agents of our affiliates in Nigeria. The claimants allege that an agreement between the parties was terminated without justification and seek damages of $16.3 million . We responded to this claim in early 2006. There has been minimal activity on this claim since then. Environmental Contingencies — The U.S. Environmental Protection Agency, also referred to as the EPA, has in the past notified us that we are a potential responsible party, or PRP, at three former waste disposal facilities that are on the National Priorities List of contaminated sites. Under the federal Comprehensive Environmental Response, Compensation and Liability Act, also known as the Superfund law, persons who are identified as PRPs may be subject to strict, joint and several liability for the costs of cleaning up environmental contamination resulting from releases of hazardous substances at National Priorities List sites. Although we have not yet obtained a formal release of liability from the EPA with respect to any of the sites, we believe that our potential liability in connection with the sites is not likely to have a material adverse effect on our business, financial condition and results of operations. Other Purchase Obligations — As of March 31, 2016 , we had $327.3 million of other purchase obligations representing unfilled purchase orders for aircraft parts, commitments associated with upgrading facilities at our bases and non-cancelable power-by-the-hour maintenance commitments. For further details on the non-cancelable power-by-the-hour maintenance commitments, see Note 1. Other Matters — Although infrequent, aircraft accidents have occurred in the past, and the related losses and liability claims have been covered by insurance subject to deductible, self-insured retention and loss sensitive factors. On August 12, 2015, a Sikorsky S-76C+ operated by us was involved in an accident in which two of our crew members and four passengers were fatally injured. There were six other passengers on board who suffered injuries in the accident. The Nigerian Accident Investigation Bureau issued its preliminary report related to the accident on September 21, 2015. The cause(s) of the accident remain unknown at this time. We continue to work with authorities in their investigation. On February 3, 2016, a Sikorsky S-76C++ operated by us was involved in a controlled water landing with minor injuries reported for the nine passengers and two crew onboard the aircraft. The cause(s) of the incident remain unknown at this time. We are fully cooperating with local authorities in their investigation to determine the cause. Following standard practice and out of an abundance of caution, the Nigerian Civil Aviation Authority (the “NCAA”) advised us to temporarily suspend operation of the 16 Sikorsky S-76C model aircraft we operate in Nigeria until they completed their review of our operations and meetings with our management. We cooperated fully with the NCAA during the audit and resumed service of the Sikorsky S-76 aircraft in early March 2016 following the audit’s completion. On April 29, 2016, an accident occurred with an Airbus Helicopters EC225LP (also known as a H225) model helicopter operated by another helicopter company, which resulted in a crash near Turøy outside of Bergen, Norway. The aircraft was carrying eleven passengers and two crew members at the time of the accident. Thirteen fatalities were reported. The cause of the accident is not yet known and is under investigation by authorities in Norway. We operate a total of 27 H225 model aircraft worldwide (including 16 owned and 11 leased) as follows: • Five H225 model aircraft registered in Norway; • Thirteen H225 model aircraft registered in the United Kingdom; and • Nine H225 model aircraft registered in Australia. The Norwegian Civil Aviation Authority issued a safety directive on April 29, 2016, requiring operators to suspend public transport flights and commercial air transport operations of all Airbus Helicopters EC225LP model aircraft registered in, or flying in or offshore of, Norway. The safety directive permits continued search and rescue flights of the affected aircraft in Norway for the purpose of saving life. As a result, we will continue to operate four H225 model aircraft in Norway solely for search and rescue missions, but we will not be operating a fifth H225 model aircraft in Norway until further notice. The UK Civil Aviation Authority also issued a safety directive on April 29, 2016, requiring operators to suspend public transport flights and commercial air transport operations of all Airbus Helicopters EC225LP model aircraft registered in, or flying in or offshore of the United Kingdom. The safety directive permits continued search and rescue flights of the affected aircraft in Norway for the purpose of saving life however, Bristow has no EC225 aircraft operating in SAR in the UK. As a result, we will not be operating the 13 H225 model aircraft in the UK until further notice. We have also suspended operations of six of our nine H225 model aircraft in Australia. We will continue to operate up to three H225 model aircraft solely for search and rescue missions for the purpose of saving life. Our other aircraft fleets, including search and rescue, continue to operate globally. We expect to increase utilization of other in-region aircraft and implement contingency plans designed to identify other available aircraft that can be safely and quickly mobilized to minimize or eliminate the impact on our client’s critical operations. It is too early to determine whether the accident will have a material impact on us. We operate in jurisdictions internationally where we are subject to risks that include government action to obtain additional tax revenue. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact our earnings until such time as a clear court or other ruling exists. We operate in jurisdictions currently where amounts may be due to governmental bodies that we are not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. We believe that payment of amounts in these instances is not probable at this time, but is reasonably possible. A loss contingency is reasonably possible if the contingency has a more than remote but less than probable chance of occurring. Although management believes that there is no clear requirement to pay amounts at this time and that positions exist suggesting that no further amounts are currently due, it is reasonably possible that a loss could occur for which we have estimated a maximum loss at March 31, 2016 to be approximately $7 million to $10 million . We are a defendant in certain claims and litigation arising out of operations in the normal course of business. In the opinion of management, uninsured losses, if any, will not be material to our financial position, results of operations or cash flows. |
TAXES
TAXES | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES The components of deferred tax assets and liabilities are as follows (in thousands): March 31, 2016 2015 Deferred tax assets: Foreign tax credits $ 41,140 $ 31,134 Net operating losses 28,695 17,487 Accrued pension liability 13,266 21,657 Accrued equity compensation 17,092 12,728 Deferred revenue 1,749 2,156 Employee award programs 5,098 7,515 Employee payroll accruals 5,099 5,118 Inventories 3,305 5,259 Investment in unconsolidated affiliates 10,863 6,539 Other 4,903 4,790 Valuation allowance (29,373 ) (11,700 ) Total deferred tax assets $ 101,837 $ 102,683 Deferred tax liabilities: Property and equipment $ (202,388 ) $ (207,395 ) Inventories (799 ) (196 ) Investment in unconsolidated affiliates (38 ) — Employee programs (1,360 ) (1,564 ) Other (3,390 ) (8,378 ) Total deferred tax liabilities $ (207,975 ) $ (217,533 ) Net deferred tax liabilities $ (106,138 ) $ (114,850 ) Companies may use foreign tax credits to offset the U.S. income taxes due on income earned from foreign sources. However, the credit that may be claimed for a particular taxable year is limited by the total income tax on the U.S. income tax return as well as by the ratio of foreign source net income in each statutory category to total net income. The amount of creditable foreign taxes available for the taxable year that exceeds the limitation (i.e., “excess foreign tax credits”) may be carried back one year and forward ten years. We have $41.1 million of excess foreign tax credits as of March 31, 2016 , of which $6.6 million will expire in fiscal year 2021 , $3.9 million will expire in fiscal year 2022 , $0.2 million will expire in fiscal year 2023 , $15.6 million will expire in fiscal year 2024 and $14.8 million will expire in 2025. In fiscal year 2016, we generated $127.5 million of net operating loss in the U.S. which we plan to carryback to fiscal years 2014 and 2015 to claim a cash refund. Any unused losses after carryback will expire in 2036. We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. As of March 31, 2016 , valuation allowances totaled $29.4 million for operating loss carryforwards. The increase in the valuation allowance of $17.7 million in fiscal year 2016 resulted from foreign losses. This increase does not include an additional $2.4 million recorded in additional paid-in capital resulting from the purchase of the remaining 15% of the outstanding shares of Airnorth in fiscal year 2016. The components of income before provision for income taxes for fiscal years 2016 , 2015 and 2014 are as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Domestic $ (115,277 ) $ (40,602 ) $ (14,357 ) Foreign 36,046 152,075 259,348 Total $ (79,231 ) $ 111,473 $ 244,991 The provision for income taxes for fiscal years 2016 , 2015 and 2014 consisted of the following (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Current: Domestic $ (29,907 ) $ 4 $ 36,872 Foreign 27,317 34,822 33,939 $ (2,590 ) $ 34,826 $ 70,811 Deferred: Domestic $ (4,483 ) $ (11,358 ) $ (6,646 ) Foreign 4,991 (702 ) (6,953 ) $ 508 $ (12,060 ) $ (13,599 ) Total $ (2,082 ) $ 22,766 $ 57,212 The reconciliation of the U.S. Federal statutory tax rate to the effective income tax rate for the provision for income taxes is shown below: Fiscal Year Ended March 31, 2016 2015 2014 Statutory rate 35.0 % 35.0 % 35.0 % Net foreign tax on non-U.S. earnings (8.4 )% 26.3 % 11.8 % Benefit of foreign tax deduction in the U.S. 2.6 % — % — % Foreign earnings indefinitely reinvested abroad 15.9 % (47.0 )% (18.9 )% Change in valuation allowance (25.3 )% 4.0 % 1.8 % Foreign earnings that are currently taxed in the U.S. (7.9 )% 8.7 % 4.1 % Effect of reduction in corporate income tax rate 1.1 % — % (1.2 )% Dividend inclusion as a result of internal realignment — % — % 1.1 % Goodwill impairment (11.8 )% — % — % Benefit of current year foreign tax credits — % (11.3 )% (5.2 )% Tax reserve release 0.2 % (0.1 )% (0.7 )% Other, net 1.2 % 4.8 % (4.4 )% Effective tax rate 2.6 % 20.4 % 23.4 % Our effective income tax rate for fiscal year 2016 is 2.6% representing the income tax benefit rate for the fiscal year, which was reduced by $20.1 million of tax expense for an increase in valuation allowance and increased by $0.9 million of tax benefit due to the revaluation of our deferred taxes as a result of the enactment of a tax rate reduction in the U.K. and a $2.1 million tax benefit due to the deduction of foreign tax in lieu of foreign tax credits. A portion of our aircraft fleet is owned directly or indirectly by our wholly owned Cayman Island subsidiaries. Our foreign operations combined with our leasing structure provided a material benefit to the effective tax rates for fiscal years 2016, 2015 and 2014. In fiscal year 2016, our unfavorable permanent differences, such as valuation allowances and non-tax deductible goodwill write-off had the effect of increasing our income tax expense and reducing our effective tax rate applied to pre-tax losses. Also, our effective tax rates for fiscal years 2016, 2015 and 2014 benefited from the permanent investment outside the U.S. of foreign earnings, upon which no U.S. tax has been provided. In fiscal year 2016, our effective tax rate was impacted by valuation allowances of $20.1 million and a change in the mix of geographic earnings in which we experienced U.S. losses offset by taxes in jurisdictions taxed on a deemed profit basis. The current effective tax rate was impacted by the tax effect of the $41.6 million goodwill impairment discussed in Note 1. Fiscal year 2014 includes a benefit due to the revaluation of our deferred taxes as a result of the enactment of tax rate reductions in the U.K. of $2.9 million effective April 1 of that year. In August 2008, certain of our existing and newly created subsidiaries completed intercompany leasing transactions involving eleven aircraft. The tax benefit of this transaction is being recognized over the remaining useful life of the assets, which is approximately 13 years. During each of the fiscal years 2016 , 2015 and 2014 , this transaction resulted in a $2.8 million , $2.9 million and $2.9 million reduction in our consolidated provision for income taxes, respectively. Our operations are subject to the jurisdiction of multiple tax authorities, which impose various types of taxes on us, including income, value added, sales and payroll taxes. Determination of taxes owed in any jurisdiction requires the interpretation of related tax laws, regulations, judicial decisions and administrative interpretations of the local tax authority. As a result, we are subject to tax assessments in such jurisdictions including the re-determination of taxable amounts by tax authorities that may not agree with our interpretations and positions taken. The following table summarizes the years open by jurisdiction as of March 31, 2016 : Jurisdiction Years Open U.S. Fiscal year 2013 to present U.K. Fiscal year 2014 to present Nigeria Fiscal year 2009 to present Trinidad Fiscal year 2005 to present Australia Fiscal year 2012 to present The effects of a tax position are recognized in the period in which we determine that it is more-likely-than-not (defined as a more than 50% likelihood) that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount of tax benefit that is greater than 50% likely of being recognized upon ultimate settlement. We have analyzed filing positions in the federal, state and foreign jurisdictions where we are required to file income tax returns for all open tax years. We believe that the settlement of any tax contingencies would not have a significant impact on our consolidated financial position, results of operations and/or liquidity. In fiscal years 2016 , 2015 and 2014 , we had a net (benefit) provision of $0.4 million , $0.5 million and $(1.5) million , respectively, of reserves for tax contingencies primarily related to non-U.S. income tax on foreign leasing operations. Our policy is to accrue interest and penalties associated with uncertain tax positions in our provision for income taxes. In fiscal years 2016 , 2015 and 2014 , $0.3 million , $0.4 million and $0.1 million , respectively, in interest and penalties were accrued in connection with uncertain tax positions. As of March 31, 2016 and 2015 , we had $1.1 million and $4.9 million , respectively, of unrecognized tax benefits, all of which would have an impact on our effective tax rate, if recognized. The $4.2 million recorded in fiscal year 2014 relates to pre-acquisition tax matters for the February 2014 acquisition of a 60% interest in Eastern Airways and are the subject of an indemnity, for which a corresponding indemnity asset has been established for the same amount. In fiscal year 2016, we determined that the reserve for tax contingencies related to Eastern Airways pre-acquisition tax matters was no longer needed as all related tax matters were resolved or expired, therefore, the liability was released along with the corresponding indemnity. The activity associated with our unrecognized tax benefit during fiscal years 2016 and 2015 is as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 Unrecognized tax benefits – beginning of fiscal year $ 4,904 $ 4,380 Eastern pre-acquisition tax liability (4,193 ) — Increases for tax positions taken in prior years 898 591 Decreases for tax positions taken in prior years (188 ) — Decrease related to statute of limitation expirations (328 ) (67 ) Unrecognized tax benefits – end of fiscal year $ 1,093 $ 4,904 Unremitted foreign earnings reinvested abroad upon which U.S. income taxes have not been provided aggregated approximately $832.1 million and $805.3 million as of March 31, 2016 and 2015 , respectively. No accrual of income tax has been made for fiscal years 2016 and 2015 related to these indefinitely reinvested earnings as there was no plan in place to repatriate any of these foreign earnings to the U.S. as of the end of the fiscal year. Withholding taxes, if any, upon repatriation would not be significant. We do not currently provide for U.S. deferred taxes on unremitted earnings of our foreign subsidiaries as such earnings are deemed to be permanently reinvested. If such earnings were to be distributed, we could be subject to U.S. taxes, which may have a material impact on our results of operations. We cannot practicably estimate the amount of additional taxes that might be payable on unremitted earnings We receive a tax benefit that is generated by certain employee stock benefit plan transactions. This benefit is recorded directly to additional paid-in-capital on our consolidated balance sheets and does not reduce our effective income tax rate. The tax benefit for fiscal years 2015 and 2014 totaled approximately $1.6 million and $5.7 million , respectively. We did not receive any tax benefits in fiscal year 2016 relating to employee stock benefit plan transactions. Income taxes paid during fiscal years 2016 , 2015 and 2014 were $28.0 million , $34.8 million and $59.1 million , respectively. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Contribution Plans The Bristow Group Inc. Employee Savings and Retirement Plan (the “Bristow Plan”) covers Bristow Group Inc., Bristow U.S. LLC, Bristow Panama Inc. and Bristow Alaska Inc. employees. Under the Bristow Plan, we match each participant’s contributions up to 3% of the employee’s compensation. In addition, under the Bristow Plan, we contribute an additional 3% of the employee’s compensation at the end of each calendar year. Bristow Helicopters and Bristow International Aviation (Guernsey) Limited (“BIAGL”) have a defined contribution plan. This defined contribution plan replaced the defined benefit pension plans described below for future accrual. On March 1, 2016, the defined benefit pension plan in Norway discussed below was closed and replaced with a defined contribution plan. Our contributions to our defined contribution plans were $22.2 million , $15.2 million and $12.7 million for fiscal years 2016 , 2015 and 2014 , respectively. Defined Benefit Plans The defined benefit pension plans of Bristow Helicopters and BIAGL replaced by the defined contribution plans described above covered all full-time employees of Bristow Aviation and BIAGL employed on or before December 31, 1997. Both plans were closed to future accrual as of February 1, 2004. The defined benefits for employee members were based on the employee’s annualized average last three years’ pensionable salaries up to February 1, 2004, increasing thereafter in line with retail price inflation (prior to 2011) and consumer price inflation (from 2011 onwards), and subject to maximum increases of 5% per year over the period to retirement. Any valuation deficits are funded by contributions by Bristow Helicopters and BIAGL. Plan assets are held in separate funds administered by the plans’ trustee (the “Trustee”), which are primarily invested in equities and debt securities. For members of the two closed defined benefit pension plans, since January 2005, Bristow Helicopters contributes a maximum of 7% of a participant’s non-variable salary, and since April 2006, the maximum employer contribution into the plan has been 7.35% for pilots. Each member is required to contribute a minimum of 5% of non-variable salary for Bristow Helicopters to match the contribution. In addition, there are three defined contribution plans for staff who were not members of the original defined benefit plans, two of which are closed to new members. Bristow Norway had a final salary defined benefit pension plan, which was closed on March 1, 2016 as discussed above. Under this plan, pilots could have retired from age 58 and other employees from age 62 (after meeting certain criteria). Bristow Norway also participates in the standard Norwegian Avtalefestet pension (contractual pension or “AFP”), which is accounted for as a defined contribution plan. The pension benefit was a percentage of final salary in excess of a deductible. The maximum pension was available to those with 30 or more years of service as of the date of retirement. Additionally, there were associated death and disability benefits. Plan assets were held in an insurance policy with an insurance company and contributions followed Norwegian rules, which were based on an individual actuarial calculation for each plan member. The closure of the Bristow Norway final salary plan on March 1, 2016 has led to a curtailment and settlement of the projected benefit obligations. All active members of the plan have been transferred to the new defined contribution for future service and the accrued individual insurance reserves for the majority of the beneficiaries will be transferred to individual insurance policies shortly after the 2016 financial year end. The remaining liabilities in respect of partially disabled beneficiaries are similarly expected to be settled before the end of the 2017 fiscal year end. The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. Fiscal Year Ended March 31, 2016 2015 (In thousands) Change in benefit obligation: Projected benefit obligation (PBO) at beginning of period $ 639,299 $ 637,641 Service cost 8,243 7,878 Interest cost 20,108 26,000 Actuarial loss (gain) (17,096 ) 86,940 Benefit payments and expenses (29,836 ) (28,191 ) Curtailments (12,960 ) — Settlements (65,799 ) — Effect of exchange rate changes (16,906 ) (90,969 ) Projected benefit obligation (PBO) at end of period $ 525,053 $ 639,299 Change in plan assets: Market value of assets at beginning of period $ 539,723 $ 550,818 Actual return on assets (6,271 ) 57,691 Employer contributions 32,128 34,633 Benefit payments and expenses (29,836 ) (28,191 ) Settlements (65,799 ) — Effect of exchange rate changes (14,999 ) (75,228 ) Market value of assets at end of period $ 454,946 $ 539,723 Reconciliation of funded status: Accumulated benefit obligation (ABO) $ 524,540 $ 615,136 Projected benefit obligation (PBO) $ 525,053 $ 639,299 Fair value of assets (454,946 ) (539,723 ) Net recognized pension liability $ 70,107 $ 99,576 Amounts recognized in accumulated other comprehensive loss $ 235,720 $ 252,920 Fiscal Year Ended March 31, 2016 2015 2014 (In thousands) Components of net periodic pension cost: Service cost for benefits earned during the period $ 8,243 $ 7,878 $ 7,886 Interest cost on PBO 20,108 26,000 26,861 Expected return on assets (27,208 ) (31,020 ) (29,282 ) Amortization of unrecognized losses 8,246 6,653 7,705 Net periodic pension cost $ 9,389 $ 9,511 $ 13,170 The amount in accumulated other comprehensive loss as of March 31, 2016 expected to be recognized as a component of net periodic pension cost in fiscal year 2017 is $6.8 million , net of tax, and represents amortization of the net actuarial losses. Actuarial assumptions used to develop the components of the U.K. plans were as follows: Fiscal Year Ended March 31, 2016 2015 2014 Discount rate 3.30 % 4.40 % 4.40 % Expected long-term rate of return on assets 5.40 % 6.29 % 6.29 % Pension increase rate 2.80 % 3.10 % 3.30 % Actuarial assumptions used to develop the components of the Norway plan were as follows: Fiscal Year Ended March 31, 2016 2015 2014 Discount rate 2.50 % 4.25 % 4.00 % Rate of compensation increase 3.50 % 4.00 % 4.25 % Social Security increase amount 3.25 % 3.75 % 4.00 % Expected return on plan assets 1.50 % 2.75 % 3.25 % Pension increase rate — % 1.75 % 1.25 % We utilize a British pound sterling denominated AA corporate bond index as a basis for determining the discount rate for our U.K. plans and NOK-denominated corporate bonds that are credit-rated AA or AAA as a basis for determining the discount rate for our Norway plan. The expected rate of return assumptions have been determined following consultation with our actuarial advisors. In the case of bond investments, the rates assumed have been directly based on market redemption yields at the measurement date, and those on other asset classes represent forward-looking rates that have typically been based on other independent research by investment specialists. Under U.K. and Guernsey legislation, it is the Trustee who is responsible for the investment strategy of the plans, although day-to-day management of the assets is delegated to a team of regulated investment fund managers. The Trustee of the Bristow Staff Pension Scheme (the “Scheme”) has the following three stated primary objectives when determining investment strategy: (i) “funding objective” - to ensure that the Scheme is fully funded using assumptions that contain a modest margin for prudence. Where an actuarial valuation reveals a deficit, a recovery plan will be put in place which will take into account the financial covenant to the employer; (ii) “stability objective” - to have due regard to the likely level and volatility of required contributions when setting the Scheme’s investment strategy; and (iii) “security objective” - to ensure that the solvency position of the Scheme (as assessed on a gilt basis) is expected to improve. The Trustee will take into account the strength of the employer’s covenant when determining the expected improvement in the solvency position of the Scheme. The types of investments are held, and the relative allocation of assets to investments is selected, in light of the liability profile of the Scheme, its cash flow requirements, the funding level and the Trustee’s stated objectives. In addition, in order to avoid an undue concentration of risk, assets are diversified within and across asset classes. In determining the overall investment strategy for the plans, the Trustee undertakes regular asset and liability modeling (“ALM”) with the assistance of their U.K. actuary. The ALM looks at a number of different investment scenarios and projects both a range and a best estimate of likely return from each one. Based on these analyses, and following consultation with us, the Trustee determines the benchmark allocation for the plans’ assets. The market value of the plan's assets as of March 31, 2016 and 2015 was allocated between asset classes as follows. Details of target allocation percentages under the Trustee’s investment strategies as of the same dates are also included. Target Allocation as of March 31, Actual Allocation as of March 31, Asset Category 2016 2015 2016 2015 Equity securities 58.3 % 58.3 % 60.7 % 57.1 % Debt securities 31.1 % 31.1 % 35.9 % 35.8 % Property — % — % 0.1 % 1.6 % Other assets 10.6 % 10.6 % 3.3 % 5.5 % Total 100.0 % 100.0 % 100.0 % 100.0 % The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2016 , which are valued at fair value (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2016 Cash and cash equivalents $ 14,229 $ — $ — $ 14,229 Equity investments - U.K. — 61,085 — 61,085 Equity investments - Non-U.K. — 117,140 — 117,140 Diversified growth (absolute return) funds — 98,024 — 98,024 Government debt securities — 72,728 — 72,728 Corporate debt securities — 89,256 — 89,256 Insurance policies — — 2,484 2,484 Total investments $ 14,229 $ 438,233 $ 2,484 $ 454,946 The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2015 , which are valued at fair value (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2015 Cash and cash equivalents $ 13,657 $ — $ — $ 13,657 Equity investments - U.K. — 104,953 — 104,953 Equity investments - Non-U.K. — 98,867 — 98,867 Diversified growth (absolute return) funds — 101,242 — 101,242 Government debt securities — 71,998 — 71,998 Corporate debt securities — 93,079 — 93,079 Insurance policies — — 55,927 55,927 Total investments $ 13,657 $ 470,139 $ 55,927 $ 539,723 The investments’ fair value measurement level within the fair value hierarchy is classified in its entirety based on the lowest level of input that is significant to the measurement. The fair value of assets using Level 2 inputs is determined based on the fair value of the underlying investment using quoted prices in active markets or other significant inputs that are deemed observable. Our Norway pension plan is vested in an insurance policy which is designated as Level 3 within the valuation hierarchy and the fair value is based on the estimated value provided by the insurer. The following table summarizes the changes in the Level 3 plan assets for fiscal year 2016 (in thousands): March 31, 2015 $ 55,927 Actual return on assets 3,132 Net purchases, sales and settlements (56,859 ) Effect of exchange rate changes 284 March 31, 2016 $ 2,484 Estimated future benefit payments over each of the next five fiscal years from March 31, 2016 and in aggregate for the following five fiscal years after fiscal year 2021 , including life assurance premiums, are as follows (in thousands): Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, Payments 2017 $ 22,468 2018 22,997 2019 23,572 2020 24,003 2021 24,578 Aggregate 2022 - 2025 131,082 We expect to fund these payments with our cash contributions to the plans, plan assets and earnings on plan assets. The current estimates of our cash contributions for our pension plans required for fiscal year 2017 are expected to be $17.8 million . Incentive Compensation Incentive and Stock Option Plans — Stock–based awards are currently made under the Bristow Group Inc. 2007 Long-Term Incentive Plan (the “2007 Plan”). As of March 31, 2016 , a maximum of 5,400,000 shares of Common Stock are reserved, including 1,468,226 shares available for incentive awards under the 2007 Plan. Awards granted under the 2007 Plan may be in the form of stock options, stock appreciation rights, shares of restricted stock, other stock-based awards (payable in cash or our Common Stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants. In addition, we have the following incentive and stock plans which have awards outstanding as of March 31, 2016 , but under which we no longer make grants: • The 2004 Stock Incentive Plan (the “2004 Plan”), which provided for awards to officers and key employees in the form of stock options, stock appreciation rights, restricted stock, other stock-based awards or any combination thereof. Options become exercisable at such time or times as determined at the date of grant and expire no more than ten years after the date of grant. • The 2003 Non-qualified Stock Option Plan for Non-employee Directors (the “2003 Director Plan”), which provided for a maximum of 250,000 shares of our Common Stock to be issued pursuant to such plan. As of the date of each annual meeting, each non-employee director who met certain attendance criteria was automatically granted an option to purchase 5,000 shares of our Common Stock. The exercise price of the options granted was equal to the fair market value of our Common Stock on the date of grant, and the options were exercisable not earlier than six months after the date of grant and expire no more than ten years after the date of grant. In June 2015 , June 2014 and June 2013 , the Compensation Committee of our board of directors authorized the grant of stock options, time vested restricted stock and long-term performance cash awards to participating employees. Each of the stock options has a ten -year term and has an exercise price equal to the fair market value (as defined in the 2007 Plan) of our Common Stock on the grant date of $58.17 , $74.37 and $62.66 per share for the June 2015 , June 2014 and June 2013 awards, respectively. The options will vest in annual installments of one-third each, beginning on the first anniversary of the grant date. Restricted stock grants vest at the end of three years. Performance cash awards allow the recipient to receive from 0 to 200% of the target amount at the end of three years depending on how our total shareholder return ranks among a peer group over the performance period. The value of the performance cash awards is calculated on a quarterly basis by comparing the performance of our Common Stock, including any dividends paid since the award date, against the peer group and has a maximum potential payout of $14.0 million , $13.8 million and $12.2 million for the June 2015 , June 2014 and June 2013 awards, respectively. The total value of the awards is recognized as compensation expense over a three -year vesting period with the recognition amount being adjusted quarterly. Compensation expense related to the performance cash awards during fiscal years 2016 , 2015 and 2014 was $1.4 million , $14.1 million and $8.7 million , respectively. Performance cash compensation expense has been allocated to our various regions. In 2007, we established a program to allow vesting of outstanding stock options and restricted stock grants and to waive forfeitures of outstanding performance restricted stock units upon retirement if the employee has achieved no less than five consecutive years of employment with the Company, voluntarily terminates employment after the age of 62 and enters into a noncompetition/nonsolicitation agreement in the form approved and provided by the Company. Subsequently, in 2010, we authorized an amendment to allow vesting of outstanding stock options and restricted stock grants, to continue the right to vest in performance cash awards and to waive forfeitures of outstanding performance restricted stock units upon retirement if the employee has accumulated a combined total of age and years of service with the Company of 80 , voluntarily terminates employment and enters into a noncompetition/nonsolicitation agreement in the form approved and provided by the Company. Upon retirement, any unexercised options to purchase Common Stock and shares of restricted stock under the 2004 and 2007 Plans will automatically vest and options will remain exercisable for the remainder of the term specified in the applicable award document and any outstanding performance restricted stock units granted under the 2004 or 2007 Plans will not be forfeited solely due to termination of employment, so that the right remains to receive shares of Common Stock if the applicable performance measures are achieved in accordance with the 2004 or 2007 Plans. On November 4, 2013, the compensation committee of our board of directors authorized an amendment to all outstanding awards under the 2004 and 2007 Plans. The amendment modified the provisions of the awards with respect to vesting and exercise of such awards upon the involuntary termination by the Company of the recipient’s employment other than for “Cause” as defined in the recipient’s employment agreement, if any, or as defined in the amendment. The amendment is effective with respect to outstanding awards held by employees who are employed on or after November 4, 2013. The compensation committee retains the discretion to modify or revoke the amendment prospectively and retroactively to the extent such revocation or modification does not have a detrimental impact on an award granted prior to the date of such modification or revocation. If the terms of the amendment conflict with the provisions of an award recipient’s employment agreement, the provisions that are more favorable to the recipient apply. The treatment of awards under the plans pursuant to the amendment is similar to the treatment of awards pursuant to our policy for the treatment of awards upon retirement as described above. Upon retirement, however, vested stock options will be exercisable for the remainder of their original term, and performance-based restricted stock units will continue to vest on the original time and performance schedule. As of November 4, 2013, the Company expected awards to ultimately vest under the original vesting conditions. As such, we continued to recognize compensation cost equal to the fair value of the awards at the grant date and no additional compensation expense was recorded during fiscal year 2014. Total share-based compensation expense, which includes stock options, restricted stock and restricted stock units, was $21.2 million , $16.4 million and $15.4 million for fiscal years 2016 , 2015 and 2014 , respectively. Stock-based compensation expense is included in general and administrative expense in the consolidated statements of operations and has been allocated to our various regions. As of March 31, 2016 and 2015 , there were no non-vested restricted stock units. On May 14, 2013, our board of directors approved an amendment and restatement of the 2007 Plan, which was subsequently approved by our stockholders, to (1) increase the number of shares authorized for issuance thereunder from 2,400,000 shares to 5,400,000 shares, (2) change the way shares are counted such that for each full-value share granted after stockholder approval of the amended and restated 2007 Plan, the available shares will be reduced by two shares whereas for each option and stock appreciation right granted thereafter the available shares will be reduced by only one share, (3) reapprove and update the material terms of the 2007 Plan applicable to performance-based awards, (4) increase the maximum share and cash based individual award limits, (5) remove the ten-year term of the 2007 Plan, and (6) make other administrative and updating changes. On May 23, 2016, our board of directors approved an amendment and restatement of the 2007 Plan, subject to approval by our stockholders, that would effect each of the following changes: (i) reserve an additional 5,250,000 “shares” (or 2,625,000 full value shares) that, when combined with “shares” remaining available for issuance under the 2007 plan would result in a total of approximately 6,400,000 “shares” (or approximately 3,200,000 full value shares) available for issuance under the amended and restated 2007 plan, with each option and stock appreciation right granted under the amended and restated 2007 plan counting as one “shares” against such total and with each incentive award that may be settled in common stock counting as two “shares” (or one full value share) against such total; (ii) increase the maximum share-based employee award under the amended and restated 2007 plan from 500,000 full value shares to 1,000,000 full value shares; (iii) set the maximum aggregate compensation and incentive awards that may be provided by the Company in any calendar year to any non-employee member of the board of directors at $1,125,000 ; and (iv) make other administrative and updating changes. A summary of our stock option activity for fiscal year 2016 is presented below: Weighted Average Exercise Prices Number of Shares Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2015 $ 57.80 1,336,136 Granted 57.52 740,718 Exercised — — Expired or forfeited 54.94 (35,412 ) Outstanding at March 31, 2016 57.74 2,041,442 4.85 $ — Exercisable at March 31, 2016 53.40 1,057,607 6.75 $ — Stock options granted to employees under the 2004 and 2007 Plans vest ratably over three years on each anniversary from the date of grant and expire 10 years from the date of grant. Stock options granted to non-employee directors under the 2003 Director Plans vest after six months . We use a Black-Scholes option pricing model to estimate the fair value of share-based awards. The Black-Scholes option pricing model incorporates various assumptions, including the risk-free interest rate, volatility, dividend yield and the expected term of the options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equal to the expected term of the option. Expected volatilities are based on the historical volatility of shares of our Common Stock, which has not been adjusted for any expectation of future volatility given uncertainty related to the future performance of our Common Stock at this time. We also use historical data to estimate the expected term of the options within the option pricing model and groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of the options represents the period of time that the options granted are expected to be outstanding. Additionally, we estimate pre-vesting option forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual pre-vesting forfeitures differ from those estimates. We record stock-based compensation expense only for those awards expected to vest using an estimated forfeiture rate based on our historical forfeiture data. The following table shows the assumptions we used to compute the stock-based compensation expense for stock option grants issued during fiscal years 2016 , 2015 and 2014 . Fiscal Year Ended March 31, 2016 2015 2014 Risk free interest rate 1.62 % 1.67 % 1.0 % Expected life (years) 5 5 5 Volatility 28.1 % 30.1 % 48.7 % Dividend yield 3.14 % 2.06 % 1.60 % Weighted average grant-date fair value of options granted $ 10.71 $ 17.17 $ 23.77 Unrecognized stock-based compensation expense related to nonvested stock options was approximately $7.6 million as of March 31, 2016 , relating to a total of 983,835 unvested stock options. We recognize compensation expense on a straight-line basis over the requisite service period for the entire award. We expect to recognize this stock-based compensation expense over a weighted average period of approximately 1.7 years. The total fair value of options vested during fiscal years 2016 , 2015 and 2014 was approximately $7.4 million , $8.9 million and $5.1 million , respectively. The total intrinsic value, determined as of the date of exercise, of options exercised during fiscal years 2016 , 2015 and 2014 was zero , $2.4 million and $15.5 million , respectively. The total amount of cash we received from option exercises during fiscal years 2016 , 2015 and 2014 was zero , $5.2 million and $15.4 million , respectively. The total tax benefit attributable to options exercised during fiscal years 2016 , 2015 and 2014 was zero , $0.6 million and $5.4 million , respectively. The excess tax benefits from stock-based compensation for fiscal years 2016 , 2015 and 2014 of zero , $1.6 million and $5.7 million , respectively, are reported on our consolidated statements of cash flows in financing activities. This represents the reduction in the provision for income taxes otherwise payable during the period attributable to the actual gross tax benefits in excess of the expected tax benefits for options exercised in current and prior periods. We have restricted stock awards that cliff vest on the third anniversary from the date of grant provided the grantee is still employed by the Company, subject to the Company’s retirement policy. We record compensation expense for restricted stock awards based on an estimate of the service period related to the awards, which is tied to the future performance of our stock over certain time periods under the terms of the award agreements. The estimated service period is reassessed quarterly. Changes in this estimate may cause the timing of expense recognized in future periods to accelerate. Compensation expense related to awards of restricted stock and restricted stock units for fiscal years 2016 , 2015 and 2014 was $12.9 million , $10.1 million and $9.4 million , respectively. The following is a summary of non-vested restricted stock as of March 31, 2016 and 2015 and changes during fiscal year 2016 : Units Weighted Average Grant Date Fair Value per Unit Non-vested as of March 31, 2015 419,229 $ 62.81 Granted 213,349 56.76 Forfeited (9,238 ) 65.62 Vested (182,484 ) 49.72 Non-vested as of March 31, 2016 440,856 65.24 Unrecognized stock-based compensation expense related to non-vested restricted stock was approximately $11.1 million as of March 31, 2016 , relating to a total of 440,856 unvested restricted stock. We expect to recognize this stock-based compensation expense over a weighted average period of approximately 1.7 years. The Annual Incentive Compensation Plan provides for an annual award of cash bonuses to key employees based primarily on pre-established objective measures of performance. The bonuses related to this plan were $19.9 million and $17.2 million for fiscal years 2015 and 2014 , respectively. There were no bonuses awarded related to this plan during fiscal year 2016. Additionally, we have a non-qualified deferred compensation plan for our senior executives. Under the terms of the plan, participants can elect to defer a portion of their compensation for distribution at a later date. In addition, we have the discretion to make annual tax deferred contributions to the plan on the participants’ behalf. We contributed $1.3 million , $1.5 million and $0.9 million to this plan in each of fiscal years 2016 , 2015 and 2014 , respectively. The assets of the plan are held in a rabbi trust and are subject to our general creditors. As of March 31, 2016 , the amount held in trust was $3.0 million . Retirement of President and Chief Executive Officer — On February 3, 2014, we announced that William E. Chiles would resign as President and Chief Executive Officer of the Company effective upon the conclusion of the 2014 annual meeting of the stockholders of the Company that was held on July 31, 2014. On June 9, 2014, Jonathan E. Baliff began serving as President and on July 31, 2014 he assumed the additional role of Chief Executive Officer of the Company. Mr. Baliff also became a member of the Board of Directors of the Company effective July 31, 2014. Mr. Chiles remains an employee of the Company and provides consulting services to the Company. Mr. Chiles and the Company entered into a Retirement and Consulting Agreement, dated January 30, 2014 (the “Agreement”) to specify the terms of his continued employment with the Company. We recorded additional compensation expense, included in general and administrative expense, of $5.5 million during fiscal year 2015 related to the Agreement. Separation Agreements — On April 18, 2016, Mr. Jeremy Akel, Senior Vice President and Chief Operating Officer the Company, departed the Company. Mr. Akel is in the process of negotiating a Separation Agreement and Release in Full to specify the terms of his departure from the Company with the benefits and compensation provided in connection therewith anticipated to be substantially consistent with the termination without cause terms set forth in the Bristow Group Inc. Management Severance Benefits Plan for U.S. Employees effective June 4, 2014. During fiscal year 2017, we expect to recognize $4.0 million in compensation expense related to the departure of Mr. Akel and two other officers. In March 2015, we offered a voluntary separation program (“VSP”) to certain employees as part of our ongoing efforts to improve efficiencies and reduce costs. The VSP was offered to approximately 2,888 employees and 137 employees accepted prior to the expiration of the offers, the date of which varied by region. During fiscal year 2016, we recognized $8.6 million in severance expense as a result of the VSP, $7.7 million of which is included in direct cost and $0.9 million in general administrative expense. Additionally, beginning in March 2015, we initiated involuntary separation programs (“ISPs”) and other reductions in force in certain regions. During fiscal year 2015, we recognized $0.9 million in severance expense included in direct costs and general and administrative expense in our Africa region. During fiscal year 2016, we recognized $13.9 million in severance expense as a result of the ISPs and other reductions in force across all regions, $5.1 million of which is included in direct cost and $8.8 million in general administrative expense. During fiscal years 2015 and 2014 , we recognized $0.9 million and $2.9 million , respectively, in severance expense included in direct costs and general and administrative expense in our Americas region, primarily as a result of our planned closure of our Alaska operations. During fiscal year 2014, we recognized $2.1 million in compensation expense included in direct cost related to severance costs as a result of the termination of two separate contracts in the Southern North Sea. Also, during fiscal years 2015 and 2014 , we recognized approximately $5.5 million , and $2.9 million , respectively, in compensation expense (including expenses recorded for the acceleration of unvested stock options and restricted stock), included in general and administrative expense, related to the separation between us and officers. |
STOCKHOLDERS' INVESTMENT, EARNI
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure | STOCKHOLDERS’ INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME Stockholders’ Investment Common Stock — The total number of authorized shares of our Common Stock reserved as of March 31, 2016 was 3,950,524 . These shares are reserved in connection with our stock-based compensation plans. The following is a summary of changes in outstanding shares of Common Stock for the years ended March 31, 2016 and 2015 : Shares Weighted Average Price Per Share Outstanding as of March 31, 2014 35,708,469 Exercise of stock options 114,145 $ 45.31 Issuance of restricted stock 176,609 73.73 Repurchases of Common Stock (1,160,940 ) 69.63 Other 91 67.47 Outstanding as of March 31, 2015 34,838,374 Issuance of restricted stock 138,369 45.69 Outstanding as of March 31, 2016 34,976,743 Restrictions on Foreign Ownership of Common Stock — Under the Federal Aviation Act, it is unlawful to operate certain aircraft for hire within the U.S. unless such aircraft are registered with the Federal Aviation Administration (the “FAA”) and the FAA has issued an operating certificate to the operator. As a general rule, aircraft may be registered under the Federal Aviation Act only if the aircraft are owned or controlled by one or more citizens of the U.S. and an operating certificate may be granted only to a citizen of the U.S. For purposes of these requirements, a corporation is deemed to be a citizen of the U.S. only if, among other things, at least 75% of its voting interests are owned or controlled by U.S. citizens. If persons other than U.S. citizens should come to own or control more than 25% of our voting interest or if any other requirements are not met, we have been advised that our aircraft may be subject to deregistration under the Federal Aviation Act, and we may lose our ability to operate within the U.S. Deregistration of our aircraft for any reason, including foreign ownership in excess of permitted levels, would have a material adverse effect on our ability to conduct operations within our North America and Bristow Academy business units. Therefore, our organizational documents currently provide for the automatic suspension of voting rights of shares of our Common Stock owned or controlled by non-U.S. citizens, and our right to redeem those shares, to the extent necessary to comply with these requirements. As of March 31, 2016 , approximately 1,512,000 shares of our Common Stock were held by persons with foreign addresses. These shares represented approximately 4% of our total outstanding common shares as of March 31, 2016 . Our foreign ownership may fluctuate on each trading day because our Common Stock is publicly traded. Dividends — We paid quarterly dividends of $0.34 per share during the first, second and third quarters of fiscal year 2016 and $0.07 per share during the fourth quarter of fiscal year 2016 , quarterly dividends of $0.32 per share during each quarter of fiscal year 2015 and quarterly dividends of $0.25 per share during each quarter of fiscal year 2014 . On May 23, 2016, our board of directors approved a dividend of $0.07 per share of Common Stock, payable on June 29, 2016 to shareholders of record on June 14, 2016. For fiscal years 2016 , 2015 and 2014 , we paid dividends totaling $38.1 million , $45.1 million and $36.3 million , respectively, to our stockholders. The declaration of future dividends is at the discretion of our board of directors and subject to our results of operations, financial condition, cash requirements and other factors and restrictions under applicable law and our debt instruments. Share Repurchases — We did not repurchase any shares of Common Stock during fiscal year 2016. During fiscal years 2015 and 2014 , we repurchased 1,160,940 and 1,043,875 shares of our Common Stock for $80.8 million and $77.7 million , respectively. As of May 20, 2016 , we had $150.0 million of remaining repurchase authority that was authorized by our board of directors for share repurchases through November 4, 2016 ; however, covenants in our debt agreements restrict our ability to repurchase our Common Stock. Shares outstanding used to calculate earnings per share during fiscal years 2016 , 2015 and 2014 reflect the repurchase of shares when they were delivered. Earnings per Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: Fiscal Year Ended March 31, 2016 2015 2014 Options: Outstanding 1,194,783 682,800 297,595 Weighted average exercise price $ 62.11 $ 69.04 $ 43.59 Restricted stock awards: Outstanding 286,804 — 7,416 Weighted average price $ 37.27 $ — $ 70.90 The following table sets forth the computation of basic and diluted earnings per share: Fiscal Year Ended March 31, 2016 2015 2014 Earnings (in thousands): Income (loss) available to common stockholders – basic $ (73,940 ) $ 84,300 $ 186,737 Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax (1) — — — Income (loss) available to common stockholders – diluted $ (73,940 ) $ 84,300 $ 186,737 Shares: Weighted average number of common shares outstanding – basic 34,893,844 35,193,480 36,283,853 Assumed conversion of 3% Convertible Senior Notes outstanding during the period (1) — — — Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method — 335,125 412,911 Weighted average number of common shares outstanding – diluted 34,893,844 35,528,605 36,696,764 Basic earnings (loss) per common share $ (2.12 ) $ 2.40 $ 5.15 Diluted earnings (loss) per common share $ (2.12 ) $ 2.37 $ 5.09 _______________ (1) Diluted earnings per common share for fiscal years 2016 , 2015 and 2014 excluded a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes were convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of March 31, 2016 , we had repurchased the $115.0 million principal amount of our 3% Convertible Senior Notes. Prior to the purchase, upon conversion of a note, the holder would have received cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeded the base conversion price, holders would have received additional shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for fiscal years 2016 , 2015 and 2014 as our average stock price during these periods did not meet or exceed the conversion requirements. See Note 5 for further details. Accumulated Other Comprehensive Income The following table sets forth the changes in the balances of each component of accumulated other comprehensive income: Currency Translation Adjustments Pension Liability Adjustments (1) Total Outstanding as of March 31, 2013 $ 14,689 $ (214,372 ) $ (199,683 ) Other comprehensive income before reclassification 19,810 17,063 36,873 Reclassified from accumulated other comprehensive income — 6,304 6,304 Net current period other comprehensive income 19,810 23,367 43,177 Foreign exchange rate impact 23,313 (23,313 ) — Outstanding as of March 31, 2014 57,812 (214,318 ) (156,506 ) Other comprehensive income before reclassification (76,845 ) (42,301 ) (119,146 ) Reclassified from accumulated other comprehensive income — 5,323 5,323 Net current period other comprehensive income (76,845 ) (36,978 ) (113,823 ) Foreign exchange rate impact (20,033 ) 20,033 — Outstanding as of March 31, 2015 (39,066 ) (231,263 ) (270,329 ) Other comprehensive income before reclassification (20,195 ) (5,583 ) (25,778 ) Reclassified from accumulated other comprehensive income — 6,288 6,288 Net current period other comprehensive income (20,195 ) 705 (19,490 ) Foreign exchange rate impact (8,104 ) 8,104 — Outstanding as of March 31, 2016 $ (67,365 ) $ (222,454 ) $ (289,819 ) _______________ (1) Reclassification of amounts related to pension liability adjustments were included as a component of net periodic pension cost. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We conduct our business in one segment: Industrial Aviation Services. Effective April 1, 2015, we reorganized our Industrial Aviation Services global operations from five business units to four regions as follows: Europe Caspian, Africa, Americas and Asia Pacific. The Europe Caspian region comprises all our operations and affiliates in Europe and Central Asia, including Norway, the U.K. and Turkmenistan. The Africa region comprises all our operations and affiliates on the African continent, including Nigeria, Tanzania and Egypt. The Americas region comprises all our operations and affiliates in North America and South America, including Brazil, Canada, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all our operations and affiliates in Australia and Southeast Asia, including Malaysia and Sakhalin. Amounts presented below for fiscal years 2015 and 2014 have been restated to conform to current period presentation. Additionally, we operate a training unit, Bristow Academy, which is included in Corporate and other. The following tables show region information for fiscal years 2016 , 2015 and 2014 , and as of March 31, 2016 and 2015 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our consolidated financial statements (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Region gross revenue from external clients: Europe Caspian $ 858,144 $ 883,992 $ 750,065 Africa 255,254 347,272 334,230 Americas 283,565 346,085 342,628 Asia Pacific 296,840 257,351 212,190 Corporate and other 21,710 23,969 30,469 Total region gross revenue $ 1,715,513 $ 1,858,669 $ 1,669,582 Intra-region gross revenue: Europe Caspian $ 5,708 $ 7,444 $ 12,652 Africa 2 — — Americas 7,834 6,003 17,555 Asia Pacific 2 254 — Corporate and other 2,209 3,048 1,699 Total intra-region gross revenue $ 15,755 $ 16,749 $ 31,906 Consolidated gross revenue reconciliation: Europe Caspian $ 863,852 $ 891,436 $ 762,717 Africa 255,256 347,272 334,230 Americas 291,399 352,088 360,183 Asia Pacific 296,842 257,605 212,190 Corporate and other 23,919 27,017 32,168 Intra-region eliminations (15,755 ) (16,749 ) (31,906 ) Total consolidated gross revenue $ 1,715,513 $ 1,858,669 $ 1,669,582 Fiscal Year Ended March 31, 2016 2015 2014 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian (1) $ 310 $ 1,107 $ 4,715 Americas (2,117 ) (4,946 ) 3,951 Total earnings from unconsolidated affiliates, net of losses – equity method investments $ (1,807 ) $ (3,839 ) $ 8,666 Consolidated operating income (loss) reconciliation: Europe Caspian $ 50,406 $ 128,543 $ 122,647 Africa 19,702 91,758 84,999 Americas 34,463 79,176 69,480 Asia Pacific 4,073 12,455 18,227 Corporate and other (118,796 ) (130,209 ) (107,654 ) Gain (loss) on disposal of assets (30,693 ) (35,849 ) (722 ) Total consolidated operating income (loss) $ (40,845 ) $ 145,874 $ 186,977 Capital expenditures: Europe Caspian $ 127,072 $ 192,689 $ 38,294 Africa 1,386 1,330 24,324 Americas 92,418 124,854 52,563 Asia Pacific 23,745 23,077 7,058 Corporate and other (2) 127,754 259,884 506,374 Total capital expenditures $ 372,375 $ 601,834 $ 628,613 Depreciation and amortization: Europe Caspian $ 41,509 $ 37,830 $ 32,918 Africa 29,337 17,333 14,173 Americas 36,371 34,617 33,848 Asia Pacific 20,526 23,450 12,351 Corporate and other 9,069 1,063 2,687 Total depreciation and amortization (3) $ 136,812 $ 114,293 $ 95,977 March 31, 2016 2015 Identifiable assets: Europe Caspian $ 1,068,192 $ 972,163 Africa 304,081 484,514 Americas 884,455 966,538 Asia Pacific 426,677 401,973 Corporate and other (4) 588,457 405,532 Total identifiable assets $ 3,271,862 $ 3,230,720 March 31, 2016 2015 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 298 $ 65 Americas 183,990 210,025 Corporate and other 4,378 — Total investments in unconsolidated affiliates – equity method investments $ 188,666 $ 210,090 _______________ (1) On November 21, 2014, we sold our 50% interest in HCA. Additionally on July 14, 2013, we sold our 50% interest in the FB Entities. See Note 3 for details on the sale of HCA and the FB Entities. (2) Includes $84.8 million , $232.3 million and $494.5 million of construction in progress payments that were not allocated to business units in fiscal years 2016 , 2015 and 2014 , respectively. (3) Includes accelerated depreciation expense of $28.7 million during fiscal year 2016 related to aircraft where our management decided to exit certain model types earlier than originally anticipated in our Europe Caspian, Americas, Africa and Asia Pacific regions of $0.6 million , $6.0 million , $16.8 million and $5.3 million , respectively. We recorded accelerated depreciation expense of $10.4 million during fiscal year 2015 related to aircraft where management decided to exit certain model types earlier than originally anticipated in our Americas, Africa and Asia Pacific regions of $2.5 million , $1.9 million and $6.0 million , respectively. For further details, see Note 4. (4) Includes $307.4 million and $306.0 million of construction in progress within property and equipment on our consolidated balance sheets as of March 31, 2016 and 2015 , respectively, which primarily represents progress payments on aircraft and facilities under construction to be delivered in future periods. We attribute revenue to various countries based on the location where services are actually performed. Long-lived assets consist primarily of helicopters and fixed wing aircraft and are attributed to various countries based on the physical location of the asset at a given fiscal year-end. Information by geographic area is as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Gross revenue: United Kingdom $ 587,493 $ 616,191 $ 526,149 Australia 272,407 228,774 168,424 Nigeria 246,449 327,164 328,793 Norway 225,807 266,186 253,651 United States 158,901 222,661 225,650 Canada 61,257 61,713 32,895 Falkland Islands 44,724 9,172 — Trinidad 55,423 59,073 51,770 Other countries 63,052 67,735 82,250 $ 1,715,513 $ 1,858,669 $ 1,669,582 March 31, 2016 2015 Long-lived assets: United Kingdom $ 577,810 $ 462,667 Australia 305,933 241,149 Nigeria 184,440 235,914 United States 292,324 235,434 Canada 180,665 215,245 Norway 171,948 197,165 Trinidad 113,768 109,248 Brazil 56,453 80,540 Tanzania 15,670 54,845 Other countries 76,881 18,882 Construction in progress primarily attributable to aircraft (1) 307,360 306,012 $ 2,283,252 $ 2,157,101 _______________ (1) These costs have been disclosed separately as the physical location where the aircraft will ultimately be operated is subject to change. During fiscal year 2016 , we conducted operations in over 20 countries. Due to the nature of our principal assets, aircraft are regularly and routinely moved between operating areas (both domestic and foreign) to meet changes in market and operating conditions. During fiscal years 2016 , 2015 and 2014 , the aggregate activities of one major integrated oil and gas company accounted for 11% , 12% and 13% , respectively, of our consolidated gross revenue. One other client accounted for 10% or more of our consolidated gross revenue during fiscal year 2016. During fiscal year 2016 , our top ten clients accounted for 60% of consolidated gross revenue. |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (Unaudited) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (Unaudited) | QUARTERLY FINANCIAL INFORMATION (Unaudited) Fiscal Quarter Ended June 30 (1)(2) September 30 (3)(4) December 31 (5)(6) March 31 (7)(8) (In thousands, except per share amounts) Fiscal year 2016 Gross revenue $ 466,996 $ 446,911 $ 419,887 $ 381,719 Operating income (loss) (9) 4,834 (29,833 ) 22,077 (37,923 ) Net income (loss) attributable to Bristow Group (9) (3,257 ) (47,132 ) 3,202 (25,255 ) Earnings (loss) per share: Basic $ (0.27 ) $ (1.21 ) $ 0.09 $ (0.72 ) Diluted $ (0.27 ) $ (1.21 ) $ 0.09 $ (0.72 ) Fiscal year 2015 Gross revenue $ 472,538 $ 475,636 $ 460,140 $ 450,355 Operating income (9) 65,192 44,064 8,916 27,702 Net income attributable to Bristow Group (9) 44,109 26,082 (968 ) 15,077 Earnings (loss) per share: Basic $ 1.24 $ 0.74 $ (0.03 ) $ 0.43 Diluted $ 1.23 $ 0.73 $ (0.03 ) $ 0.43 _______________ (1) Operating income, net income and diluted earnings per share for the fiscal quarter ended June 30, 2015 included: (a) a decrease of $8.0 million , $5.6 million and $0.16 , respectively, from severance expense related to separation programs designed to increase efficiency and reduce costs across the organization, (b) a decrease of $10.5 million , $7.9 million and $0.23 due to fleet changes that resulted in additional depreciation expense and (c) a decrease of $5.4 million , $3.5 million and $0.10 , respectively, due to impairment charges on inventory. Diluted earnings per share for the fiscal quarter ended June 30, 2015 was impacted by a decrease of $0.18 due to the accretion of redeemable noncontrolling interests. (2) Operating income, net income and diluted earnings per share for the fiscal quarter ended June 30, 2014 included: (a) a decrease of $1.0 million , $0.7 million and $0.02 , respectively, from our North America restructuring and (b) a decrease of $3.7 million , $2.4 million and $0.07 , respectively, for CEO succession. Net income and diluted earnings per share for the fiscal quarter ended June 30, 2014 included a decrease of $0.7 million and $0.02 respectively, in premiums as a result of the repurchase of a portion of the 6¼% Senior Notes (included in extinguishment of debt). (3) Operating income, net income and diluted earnings per share for the fiscal quarter ended September 30, 2015 included: (a) a decrease of $5.7 million , $4.2 million and $0.12 , respectively, from severance expense related to separation programs designed to increase efficiency and reduce costs across the organization, (b) a decrease of $10.5 million , $7.9 million and $0.22 due to fleet changes that resulted in additional depreciation expense and (c) a decrease of $22.3 million , $25.6 million and $0.73 , respectively, due to impairment of goodwill related to our Bristow Norway and Bristow Academy reporting units. Diluted earnings per share for the fiscal quarter ended September 30, 2015 was impacted by an increase of $0.14 due to the accretion of redeemable noncontrolling interests. (4) Operating income, net income and diluted earnings per share for the fiscal quarter ended September 30, 2014 included: (a) a decrease of $0.6 million , $0.4 million and $0.01 , respectively, from North America restructuring, (b) a decrease of $1.8 million , $1.2 million and $0.03 , respectively, for CEO succession and (c) a decrease of $3.4 million , $2.7 million and $0.08 , respectively, for additional inventory allowances related to excess inventory identified for an older large aircraft model we removed from our fleet. Net income and diluted earnings per share for the fiscal quarter ended September 30, 2015 included a decrease of $0.8 million and $0.02 , respectively, in premiums as a result of the repurchase of a portion of the 6 ¼ Senior Notes (included in other income (expense), net). (5) Operating income, net income and diluted earnings per share for the fiscal quarter ended December 31, 2015 included: (a) a decrease of $7.3 million , $5.4 million and $0.15 , respectively, from severance expense related to separation programs designed to increase efficiency and reduce costs across the organization and (b) a decrease of $5.0 million , $3.8 million and $0.11 due to fleet changes that resulted in additional depreciation expense. Net income and diluted earnings per share for the fiscal quarter ended December 31, 2015 included a decrease of $9.5 million and $0.27 , respectively, due to tax valuation allowance. (6) Operating income, net income and diluted earnings per share for the fiscal quarter ended December 31, 2014 included: (a) a decrease of $3.8 million , $3.0 million and $0.09 , respectively, for additional inventory allowances related to excess inventory identified for an older large aircraft model we removed from our fleet, (b) a decrease of $5.3 million , $4.2 million and $0.12 , respectively, for an accounting correction related to improperly capitalizing profit on intercompany technical services billings and (c) an increase of $0.8 million , $0.6 million and $0.02 , respectively, for an accrued maintenance cost reversal. Net income and diluted earnings per share for the fiscal quarter ended December 31, 2015 included: (a) an increase of $2.5 million and $0.07 , respectively, from a gain on sale of HCA and (b) a decrease of $0.6 million and $0.02 , respectively, in premiums as a result of the repurchase of a portion of the 6 ¼ Senior Notes (included in other income (expense), net). (7) Operating income, net income and diluted earnings per share for the fiscal quarter ended March 31, 2016 included: (a) a decrease of $5.9 million , $2.3 million and $0.07 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization and (b) a decrease of $3.6 million , $3.2 million and $0.09 due to fleet changes that resulted in additional depreciation expense and (c) a decrease of $27.4 million , $15.7 million and $0.44 , respectively, due to impairment of goodwill related to our Africa region and impairment of goodwill and intangibles for Eastern Airways. Net income and diluted earnings per share for the fiscal quarter ended March 31, 2016 included a decrease of $5.1 million and $0.14 , respectively, due to tax valuation allowance. (8) Operating income, net income and diluted earnings per share for the fiscal quarter ended March 31, 2015 included: (a) a decrease of $10.4 million , $8.0 million and $0.23 , respectively, due to fleet changes that resulted in additional depreciation expense and (b) a decrease of $0.9 million , $0.6 million and $0.02 for severance costs in West Africa. (9) The fiscal quarters ended June 30, September 30 and December 31, 2015 , and March 31, 2016 included $7.7 million , $14.0 million , $2.2 million and $6.8 million , respectively, in loss on disposal of assets included in operating income which also decreased net income by $5.9 million , $10.8 million , $1.7 million and $3.7 million , respectively, and diluted earnings per share by $(0.17) , $(0.31) , $(0.05) and $(0.10) , respectively. The fiscal quarters ended June 30, September 30 and December 31, 2014, and March 31, 2015 included $0.6 million , $0.1 million , $(26.3) million and $(10.3) million , respectively in gain (loss) on disposal of assets included in operating income which also increased (decreased) net income by $0.5 million , $0.1 million , $(21.0) million and $(8.1) million , respectively, and diluted earnings per share by $0.01 , zero , $(0.60) and $(0.23) , respectively. |
SUPPLEMENTAL CONDENSED CONSOLID
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 12 Months Ended |
Mar. 31, 2016 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION In connection with the issuance of the 6 ¼% Senior Notes and the 3% Convertible Senior Notes (which we repurchased during fiscal year 2016), the Guarantor Subsidiaries fully, unconditionally, jointly and severally guaranteed the payment obligations under these notes. The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in 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. During fiscal year 2016, we determined that on April 1, 2008 an intercompany note between the parent and a non-guarantor was contributed by the parent to another non-guarantor. However, we had not properly reflected this transaction in our previously reported supplemental condensed consolidating financial information. As the guarantor subsidiaries’ financial information was not impacted, we do not believe the error is material to previously reported supplemental condensed consolidating financial information for any period. Consequently, we have not corrected the immaterial error in the accompanying Supplemental Condensed Consolidating Statements of Operations and Statements of Comprehensive Income (Loss) for the fiscal years ended March 31, 2015 and 2014 and Supplemental Condensed Consolidating Balance Sheet as of March 31, 2015 to properly reflect the contribution of the note from the parent to a non-guarantor as of April 1, 2008. We have corrected the accompanying Supplemental Condensed Consolidating Statements of Operations and Statements of Comprehensive Income (Loss) for the fiscal year ended March 31, 2016 and Supplemental Condensed Consolidating Balance Sheet as of March 31, 2016 to properly reflect the contribution of the note from the parent to a non-guarantor as of April 1, 2008 resulting in an/a (i) increase to the Parent Company’s intercompany investment of $1.2 billion , (ii) decrease of Parent Company’s intercompany notes receivable of $1.0 billion , (iii) increase of Parent Company’s cumulative translation adjustment of $0.2 billion , (iv) decrease in Non-Guarantor Subsidiaries' intercompany notes payable of $1.0 billion , (v) increase in Non-Guarantor Subsidiaries’ total stockholders’ investment of $1.0 billion , (vi) increase in Eliminations of Intercompany Investment of $1.2 billion , (vii) decrease in Eliminations of both intercompany notes receivable and intercompany notes payable of $1.0 billion , and (viii) increase in Eliminations of total stockholder’s investment of $1.2 billion . Supplemental Condensed Consolidating Statement of Operations Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 229,499 $ 1,486,014 $ — $ 1,715,513 Intercompany revenue — 87,673 — (87,673 ) — — 317,172 1,486,014 (87,673 ) 1,715,513 Operating expense: Direct cost and reimbursable expense 320 192,500 1,116,545 — 1,309,365 Intercompany expenses — — 87,673 (87,673 ) — Depreciation and amortization 7,137 60,312 69,363 — 136,812 General and administrative 68,787 27,440 128,418 — 224,645 76,244 280,252 1,401,999 (87,673 ) 1,670,822 Loss on impairment — (7,264 ) (47,840 ) — (55,104 ) Loss on disposal of assets — (21,579 ) (9,114 ) — (30,693 ) Earnings from unconsolidated affiliates, net of losses 1,271 — 220 (1,230 ) 261 Operating income (loss) (74,973 ) 8,077 27,281 (1,230 ) (40,845 ) Interest expense, net (30,167 ) (3,859 ) (102 ) — (34,128 ) Other income (expense), net 400 499 (5,157 ) — (4,258 ) Income (loss) before provision for income taxes (104,740 ) 4,717 22,022 (1,230 ) (79,231 ) Allocation of consolidated income taxes 32,355 (3,546 ) (26,727 ) — 2,082 Net income (loss) (72,385 ) 1,171 (4,705 ) (1,230 ) (77,149 ) Net (income) loss attributable to noncontrolling interests (57 ) — 4,764 — 4,707 Net income (loss) attributable to Bristow Group (72,442 ) 1,171 59 (1,230 ) (72,442 ) Accretion of redeemable noncontrolling interests — — (1,498 ) — (1,498 ) Net income (loss) attributable to common stockholders $ (72,442 ) $ 1,171 $ (1,439 ) $ (1,230 ) $ (73,940 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net income (loss) $ (72,385 ) $ 1,171 $ (4,705 ) $ (1,230 ) $ (77,149 ) Other comprehensive income (loss): Currency translation adjustments 2 — (186,812 ) 165,206 (21,604 ) Pension liability adjustment — — 705 — 705 Total comprehensive income (loss) (72,383 ) 1,171 (190,812 ) 163,976 (98,048 ) Net (income) loss attributable to noncontrolling interests (57 ) — 4,764 — 4,707 Currency translation adjustments attributable to noncontrolling interests — — 1,409 — 1,409 Total comprehensive income (loss) attributable to noncontrolling interests (57 ) — 6,173 — 6,116 Total comprehensive income (loss) attributable to Bristow Group (72,440 ) 1,171 (184,639 ) 163,976 (91,932 ) Accretion of redeemable noncontrolling interests — — (1,498 ) — (1,498 ) Total comprehensive (income) loss attributable to common stockholders $ (72,440 ) $ 1,171 $ (186,137 ) $ 163,976 $ (93,430 ) Supplemental Condensed Consolidating Balance Sheet As of March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 35,241 $ 3,393 $ 65,676 $ — $ 104,310 Accounts receivable 768,641 353,729 373,963 (1,247,016 ) 249,317 Inventories — 37,185 105,318 — 142,503 Assets held for sale — 38,771 5,012 — 43,783 Prepaid expenses and other current assets 5,048 (1,843 ) 49,978 — 53,183 Total current assets 808,930 431,235 599,947 (1,247,016 ) 593,096 Intercompany investment 2,207,516 104,435 145,168 (2,457,119 ) — Investment in unconsolidated affiliates — — 194,952 — 194,952 Intercompany notes receivable 153,078 13,787 3,600 (170,465 ) — Property and equipment - at cost: Land and buildings 4,776 63,976 184,346 — 253,098 Aircraft and equipment 137,751 1,142,829 1,289,997 — 2,570,577 142,527 1,206,805 1,474,343 — 2,823,675 Less – Accumulated depreciation and amortization (23,556 ) (238,644 ) (278,223 ) — (540,423 ) 118,971 968,161 1,196,120 — 2,283,252 Goodwill — — 29,990 — 29,990 Other assets 56,562 743 113,267 — 170,572 Total assets $ 3,345,057 $ 1,518,361 $ 2,283,044 $ (3,874,600 ) $ 3,271,862 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 208,230 $ 475,118 $ 296,860 $ (883,242 ) $ 96,966 Accrued liabilities 26,886 31,371 401,031 (257,683 ) 201,605 Deferred taxes 88 1,914 (121 ) — 1,881 Short-term borrowings and current maturities of long-term debt 28,000 — 34,716 — 62,716 Contingent consideration — — 29,522 — 29,522 Total current liabilities 263,204 508,403 762,008 (1,140,925 ) 392,690 Long-term debt, less current maturities 1,053,200 — 24,973 — 1,078,173 Intercompany notes payable — 108,952 81,422 (190,374 ) — Accrued pension liabilities — — 70,107 — 70,107 Other liabilities and deferred credits 12,278 6,935 14,060 — 33,273 Deferred taxes 147,631 3,670 20,953 — 172,254 Redeemable noncontrolling interests — — 15,473 — 15,473 Stockholders’ investment: Common stock 377 4,996 130,348 (135,344 ) 377 Additional paid-in-capital 801,173 9,291 284,048 (293,339 ) 801,173 Retained earnings 1,172,273 876,114 807,131 (1,683,245 ) 1,172,273 Accumulated other comprehensive income (loss) 78,306 — 63,248 (431,373 ) (289,819 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,867,333 890,401 1,284,775 (2,543,301 ) 1,499,208 Noncontrolling interests 1,411 — 9,273 — 10,684 Total stockholders’ investment 1,868,744 890,401 1,294,048 (2,543,301 ) 1,509,892 Total liabilities, redeemable noncontrolling interests and stockholders’ investment $ 3,345,057 $ 1,518,361 $ 2,283,044 $ (3,874,600 ) $ 3,271,862 Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (96,497 ) $ 104,989 $ 107,534 $ — $ 116,026 Cash flows from investing activities: Capital expenditures (31,223 ) (239,773 ) (101,379 ) — (372,375 ) Proceeds from asset dispositions — 50,780 9,255 — 60,035 Investment in unconsolidated affiliate — — (4,410 ) — (4,410 ) Net cash used in investing activities (31,223 ) (188,993 ) (96,534 ) — (316,750 ) Cash flows from financing activities: Proceeds from borrowings 908,225 — 20,577 — 928,802 Payment of contingent consideration — — (9,453 ) — (9,453 ) Debt issuance costs (5,139 ) — — — (5,139 ) Repayment of debt and debt redemption premiums (649,650 ) — (27,353 ) — (677,003 ) Partial prepayment of put/call obligation (55 ) — — — (55 ) Acquisition of noncontrolling interests — — (7,309 ) — (7,309 ) Dividends paid to noncontrolling interest — — (153 ) — (153 ) Dividends paid (38,076 ) — — — (38,076 ) Increases (decreases) in cash related to intercompany advances and debt (52,470 ) 86,513 (34,043 ) — — Net cash provided by (used in) financing activities 162,835 86,513 (57,734 ) — 191,614 Effect of exchange rate changes on cash and cash equivalents — — 9,274 — 9,274 Net increase (decrease) in cash and cash equivalents 35,115 2,509 (37,460 ) — 164 Cash and cash equivalents at beginning of period 126 884 103,136 — 104,146 Cash and cash equivalents at end of period $ 35,241 $ 3,393 $ 65,676 $ — $ 104,310 Supplemental Condensed Consolidating Statement of Income Fiscal Year Ended March 31, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 300,171 $ 1,558,498 $ — $ 1,858,669 Intercompany revenue 767 91,476 — (92,243 ) — 767 391,647 1,558,498 (92,243 ) 1,858,669 Operating expense: Direct cost and reimbursable expense — 212,216 1,087,341 — 1,299,557 Intercompany expenses — — 92,243 (92,243 ) — Depreciation and amortization 1,834 46,098 66,361 — 114,293 General and administrative 76,453 39,898 137,807 — 254,158 78,287 298,212 1,383,752 (92,243 ) 1,668,008 Loss on impairment — — (7,167 ) — (7,167 ) Gain (loss) on disposal of assets — 269 (36,118 ) — (35,849 ) Earnings from unconsolidated affiliates, net of losses 44,731 — (1,815 ) (44,687 ) (1,771 ) Operating income (32,789 ) 93,704 129,646 (44,687 ) 145,874 Interest income (expense), net 112,336 (4,581 ) (137,109 ) — (29,354 ) Extinguishment of debt (2,591 ) — — — (2,591 ) Gain on sale of consolidated affiliate — — 3,921 — 3,921 Other income (expense), net 323 483 (7,183 ) — (6,377 ) Income (loss) before provision for income taxes 77,279 89,606 (10,725 ) (44,687 ) 111,473 Allocation of consolidated income taxes 7,080 (1,319 ) (28,527 ) — (22,766 ) Net income (loss) 84,359 88,287 (39,252 ) (44,687 ) 88,707 Net income attributable to noncontrolling interests (59 ) — (4,348 ) — (4,407 ) Net income (loss) attributable to Bristow Group $ 84,300 $ 88,287 $ (43,600 ) $ (44,687 ) $ 84,300 Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net income (loss) $ 84,359 $ 88,287 $ (39,252 ) $ (44,687 ) $ 88,707 Other comprehensive income (loss): Currency translation adjustments (25,885 ) — 24,852 (70,584 ) (71,617 ) Pension liability adjustment — — (36,978 ) — (36,978 ) Total comprehensive income (loss) 58,474 88,287 (51,378 ) (115,271 ) (19,888 ) Net income attributable to noncontrolling interests (59 ) — (4,348 ) — (4,407 ) Currency translation adjustment attributable to noncontrolling interest — — (5,228 ) — (5,228 ) Total comprehensive income attributable to noncontrolling interests (59 ) — (9,576 ) — (9,635 ) Total comprehensive income (loss) attributable to Bristow Group $ 58,415 $ 88,287 $ (60,954 ) $ (115,271 ) $ (29,523 ) Supplemental Condensed Consolidating Balance Sheet As of March 31, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 126 $ 884 $ 103,136 $ — $ 104,146 Accounts receivable 377,158 342,239 447,776 (908,555 ) 258,618 Inventories — 44,285 102,884 — 147,169 Assets held for sale — 54,695 3,132 — 57,827 Prepaid expenses and other current assets 4,850 7,035 58,206 — 70,091 Total current assets 382,134 449,138 715,134 (908,555 ) 637,851 Intercompany investment 1,410,347 111,380 — (1,521,727 ) — Investment in unconsolidated affiliates — — 216,376 — 216,376 Intercompany notes receivable 1,184,335 — — (1,184,335 ) — Property and equipment - at cost: Land and buildings 2,830 50,946 118,183 — 171,959 Aircraft and equipment 108,457 1,114,218 1,271,194 — 2,493,869 111,287 1,165,164 1,389,377 — 2,665,828 Less – Accumulated depreciation and amortization (16,431 ) (223,245 ) (269,051 ) — (508,727 ) 94,856 941,919 1,120,326 — 2,157,101 Goodwill — 4,756 70,872 — 75,628 Other assets 43,423 988 99,353 — 143,764 Total assets $ 3,115,095 $ 1,508,181 $ 2,222,061 $ (3,614,617 ) $ 3,230,720 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 203,700 $ 369,854 $ 289,838 $ (779,199 ) $ 84,193 Accrued liabilities 31,805 37,860 172,851 (18,009 ) 224,507 Deferred taxes (3,661 ) 2,503 18,862 — 17,704 Short-term borrowings and current maturities of long-term debt 9,088 — 9,642 — 18,730 Contingent consideration — — 33,938 — 33,938 Deferred sale leaseback advance — 55,934 — — 55,934 Total current liabilities 240,932 466,151 525,131 (797,208 ) 435,006 Long-term debt, less current maturities 812,536 — 33,156 — 845,692 Intercompany notes payable 100,000 131,075 1,065,918 (1,296,993 ) — Accrued pension liabilities — — 99,576 — 99,576 Other liabilities and deferred credits 17,144 8,379 21,711 (7,452 ) 39,782 Deferred taxes 141,771 6,346 17,538 — 165,655 Redeemable noncontrolling interests — — 26,223 — 26,223 Stockholders’ investment: Common stock 376 4,996 22,876 (27,872 ) 376 Additional paid-in-capital 781,837 9,291 284,048 (293,339 ) 781,837 Retained earnings 1,284,442 881,943 133,559 (1,015,502 ) 1,284,442 Accumulated other comprehensive loss (80,604 ) — (13,474 ) (176,251 ) (270,329 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,801,255 896,230 427,009 (1,512,964 ) 1,611,530 Noncontrolling interests 1,457 — 5,799 — 7,256 Total stockholders’ investment 1,802,712 896,230 432,808 (1,512,964 ) 1,618,786 Total liabilities, redeemable noncontrolling interests and stockholders’ investment $ 3,115,095 $ 1,508,181 $ 2,222,061 $ (3,614,617 ) $ 3,230,720 Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (99,130 ) $ 245,451 $ 106,459 $ 446 $ 253,226 Cash flows from investing activities: Capital expenditures (46,217 ) (286,879 ) (268,738 ) — (601,834 ) Acquisitions, net of cash received — — (20,303 ) — (20,303 ) Proceeds from sale of unconsolidated affiliate — — 4,185 — 4,185 Proceeds from asset dispositions — 211,423 203,436 — 414,859 Net cash used in investing activities (46,217 ) (75,456 ) (81,420 ) — (203,093 ) Cash flows from financing activities: Proceeds from borrowings 453,000 — 1,393 — 454,393 Repayment of debt and debt redemption premiums (448,799 ) — (11,475 ) — (460,274 ) Partial prepayment of put/call obligation (59 ) — — — (59 ) Acquisition of noncontrolling interest — — (3,170 ) — (3,170 ) Repurchase of Common Stock (80,831 ) — — — (80,831 ) Dividends paid (45,078 ) — — — (45,078 ) Increases (decreases) in cash related to intercompany advances and debt 255,878 (169,111 ) (86,767 ) — — Issuance of Common Stock 5,172 — — — 5,172 Tax benefit related to stock-based compensation 1,550 — — — 1,550 Net cash provided by (used in) financing activities 140,833 (169,111 ) (100,019 ) — (128,297 ) Effect of exchange rate changes on cash and cash equivalents — — (22,031 ) — (22,031 ) Net increase (decrease) in cash and cash equivalents (4,514 ) 884 (97,011 ) 446 (100,195 ) Cash and cash equivalents at beginning of period 4,640 — 200,147 (446 ) 204,341 Cash and cash equivalents at end of period $ 126 $ 884 $ 103,136 $ — $ 104,146 Supplemental Condensed Consolidating Statement of Operations Fiscal Year Ended March 31, 2014 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 303,878 $ 1,365,704 $ — $ 1,669,582 Intercompany revenue 14,754 78,576 — (93,330 ) — 14,754 382,454 1,365,704 (93,330 ) 1,669,582 Operating expense: Direct cost and reimbursable expense — 219,873 966,259 — 1,186,132 Intercompany expenses — — 93,330 (93,330 ) — Depreciation and amortization 2,835 43,052 50,090 — 95,977 General and administrative 64,891 33,925 100,998 — 199,814 67,726 296,850 1,210,677 (93,330 ) 1,481,923 Loss on impairment — (6,988 ) (5,681 ) — (12,669 ) Gain (loss) on disposal of assets (45 ) 4,312 (4,989 ) — (722 ) Earnings from unconsolidated affiliates, net of losses 189,209 — 12,666 (189,166 ) 12,709 Operating income 136,192 82,928 157,023 (189,166 ) 186,977 Interest income (expense), net 79,972 (4,785 ) (118,405 ) — (43,218 ) Gain on sale of consolidated affiliate — — 103,924 — 103,924 Other income (expense), net (174 ) (342 ) (2,176 ) — (2,692 ) Income before provision for income taxes 215,990 77,801 140,366 (189,166 ) 244,991 Allocation of consolidated income taxes (29,193 ) (6,292 ) (21,727 ) — (57,212 ) Net income 186,797 71,509 118,639 (189,166 ) 187,779 Net income attributable to noncontrolling interests (60 ) — (982 ) — (1,042 ) Net income attributable to Bristow Group $ 186,737 $ 71,509 $ 117,657 $ (189,166 ) $ 186,737 Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2014 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net income $ 186,797 $ 71,509 $ 118,639 $ (189,166 ) $ 187,779 Other comprehensive income (loss): Currency translation adjustments 8,173 — (40,402 ) 50,958 18,729 Pension liability adjustment — — 23,367 — 23,367 Total comprehensive income 194,970 71,509 101,604 (138,208 ) 229,875 Net income attributable to noncontrolling interests (60 ) — (982 ) — (1,042 ) Currency translation adjustments attributable to noncontrolling interests — — 1,081 — 1,081 Total comprehensive (income) loss attributable to noncontrolling interests (60 ) — 99 — 39 Total comprehensive income attributable to Bristow Group $ 194,910 $ 71,509 $ 101,703 $ (138,208 ) $ 229,914 Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2014 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (48,173 ) $ 107,059 $ 173,654 $ (446 ) $ 232,094 Cash flows from investing activities: Capital expenditures (33,197 ) (482,786 ) (246,868 ) 134,238 (628,613 ) Acquisitions, net of cash received — — (39,850 ) — (39,850 ) Proceeds from sale of unconsolidated affiliate — — 112,210 — 112,210 Proceeds from asset dispositions — 284,042 140,147 (134,238 ) 289,951 Net cash used in investing activities (33,197 ) (198,744 ) (34,361 ) — (266,302 ) Cash flows from financing activities: Proceeds from borrowings 528,600 — 4,464 — 533,064 Payment of contingent consideration — — (6,000 ) — (6,000 ) Debt issuance costs (15,523 ) — — — (15,523 ) Repayment of debt and debt redemption premiums (508,060 ) — (4,432 ) — (512,492 ) Proceeds from assignment of aircraft purchase agreements — 106,113 — — 106,113 Partial prepayment of put/call obligation (57 ) — — — (57 ) Acquisition of noncontrolling interest — — (2,078 ) — (2,078 ) Repurchase of Common Stock (77,661 ) — — — (77,661 ) Dividends paid (33,254 ) 34 (3,100 ) — (36,320 ) Increases (decreases) in cash related to intercompany advances and debt 138,991 (19,832 ) (119,159 ) — — Issuance of Common Stock 15,398 — — — 15,398 Tax benefit related to stock-based compensation 5,723 — — — 5,723 Net cash provided by (used in) financing activities 54,157 86,315 (130,305 ) — 10,167 Effect of exchange rate changes on cash and cash equivalents — — 12,759 — 12,759 Net increase (decrease) in cash and cash equivalents (27,213 ) (5,370 ) 21,747 (446 ) (11,282 ) Cash and cash equivalents at beginning of period 31,853 5,370 178,400 — 215,623 Cash and cash equivalents at end of period $ 4,640 $ — $ 200,147 $ (446 ) $ 204,341 |
OPERATIONS, BASIS OF PRESENTA23
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (SAP) | 12 Months Ended |
Mar. 31, 2016 | |
Policy Text Block [Abstract] | |
Basis of presentation policy | Basis of Presentation The consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities after elimination of all significant intercompany accounts and transactions. Investments in affiliates in which we have a majority voting interest and entities that meet the criteria of Variable Interest Entities (“VIEs”) of which we are the primary beneficiary are consolidated. See discussion of VIEs in Note 3 . We apply the equity method of accounting for investments in entities if we have the ability to exercise significant influence over an entity that (a) does not meet the variable interest entity criteria or (b) meets the variable interest entity criteria, but for which we are not deemed to be the primary beneficiary. We apply the cost method of accounting for investments in other entities if we do not have the ability to exercise significant influence over the unconsolidated affiliate. These investments in private companies are carried at cost and are adjusted only for capital distributions and other-than-temporary declines in value. Dividends from cost method investments are recognized in earnings from unconsolidated affiliates, net of losses, when paid. Our fiscal year ends March 31, and we refer to fiscal years based on the end of such period. Therefore, the fiscal year ended March 31, 2016 is referred to as fiscal year 2016 . Certain reclassifications of prior period information have been made to conform to the presentation of the current period information. In the prior period financial statements, we had included impairment charges for inventory in impairment of inventories. Current period presentation has reclassified these charges to loss on impairment on our statement of operations and statement of cash flows. These reclassifications had no effect on net income or cash flows provided by operating activities as previously reported. |
Use of estimates policy | Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Areas where accounting estimates are made by management include: • Allowances for doubtful accounts; • Inventory allowances; • Property and equipment; • Goodwill, intangible and other long-lived assets; • Pension benefits; • Contingent liabilities; and • Taxes. |
Cash and cah equivalents policy | Cash and Cash Equivalents — Our cash equivalents include funds invested in highly-liquid debt instruments with original maturities of 90 days or less. |
Accounts receivable policy | Accounts Receivable — Trade and other receivables are stated at net realizable value. We grant short-term credit to our clients, primarily major integrated, national and independent oil and gas companies. We establish allowances for doubtful accounts on a case-by-case basis when a determination is made that the required payment is unlikely to occur. In establishing these allowances, we consider a number of factors, including our historical experience, change in our clients’ financial position and restrictions placed on the conversion of local currency into U.S. dollars, as well as disputes with clients regarding the application of contract provisions to our services. |
Inventories policy | Inventories — Inventories are stated at the lower of average cost or market value and consist primarily of spare parts. |
Property and equipment policy | Property and Equipment — Property and equipment are stated at cost. Property and equipment includes construction in progress, primarily consisting of progress payments on aircraft purchases and facility construction, of $307.4 million and $306.0 million as of March 31, 2016 and 2015 , respectively. Interest costs applicable to the construction of qualifying assets are capitalized as a component of the cost of such assets. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of aircraft generally range from 5 to 15 years, and the residual value used in calculating depreciation of aircraft generally ranges from 30% to 50% of cost. The estimated useful lives for buildings on owned properties range from 15 to 30 years. Other depreciable assets are depreciated over estimated useful lives ranging from 3 to 15 years, except for leasehold improvements which are depreciated over the lesser of the useful life of the improvement or the lease term (including any period where we have options to renew if it is probable that we will renew the lease). The cost and related accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and the resulting gains or losses are included in loss on disposal of assets. We capitalize betterments and improvements to our aircraft and depreciate such costs over the remaining useful lives of the aircraft. Betterments and improvements increase the life or utility of an aircraft. |
Goodwill policy | Goodwill — Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill has an indefinite useful life and is not amortized, but is assessed for impairment annually or when events or changes in circumstances indicate that a potential impairment exists. |
Other intangible assets policy | Other Intangible Assets — Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. |
Contingent liabilities policy | Contingent Liabilities — We establish reserves for estimated loss contingencies when we believe a loss is probable and the amount of the loss can be reasonably estimated. Our contingent liability reserves relate primarily to potential tax assessments, litigation, personal injury claims and environmental liabilities. Results for each reporting period include revisions to contingent liability reserves resulting from different facts or information which become known or circumstances which change and affect our previous assumptions with respect to the likelihood or amount of loss. Such revisions are based on information which becomes known or circumstances that change after the reporting date for the previous period through the reporting date of the current period. Reserves for contingent liabilities are based upon our assumptions and estimates regarding the probable outcome of the matter. Should the outcome differ from our assumptions and estimates or other events result in a material adjustment to the accrued estimated reserves, revisions to the estimated reserves for contingent liabilities would be required to be recognized. Legal costs are expensed as incurred. Proceeds from casualty insurance settlements in excess of the carrying value of damaged assets are recognized in gain (loss) on disposal of assets when we have received proof of loss documentation or are otherwise assured of collection of these amounts. Some of our acquisitions include a provision that provides for additional consideration to be paid to the sellers of the acquired company based on the achievement of specified performance thresholds. In such cases, we record the obligations to pay those amounts at fair value at the acquisition date and include such obligations in the consideration transferred. This contingent consideration obligation is included in contingent consideration for the current portion and other liabilities and deferred credits for the long-term portion on our consolidated balance sheets. We assess the estimated fair value of the contractual obligation to pay the contingent consideration on a quarterly basis and any changes in estimated fair value are recorded as accretion expense included in depreciation and amortization on our consolidated statements of operations. In other cases, additional consideration is based on the achievement of performance thresholds and continued employment with the Company. In these cases, we record such amounts in general and administrative expense when such additional consideration is earned. |
Impairment of long-lived assets policy | Property and Equipment, and Purchased Intangibles Subject to Amortization — Long-lived assets, such as property and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of an asset or asset group to be held and used exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Assets held for sale are classified as current assets on our consolidated balance sheets and recorded at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale (if any) are presented separately in the appropriate asset and liability sections of the consolidated balance sheets. |
Impairment of 50% or less owned companies policy | Investments in Unconsolidated Affiliates — We perform regular reviews of each investee’s financial condition, the business outlook for its products and services, and its present and projected results and cash flows. When an investee has experienced consistent declines in financial performance or difficulties raising capital to continue operations, and when we expect the decline to be other-than-temporary, the investment is written down to fair value. Actual results may vary from estimates due to the uncertainty regarding the projected financial performance of investees, the severity and expected duration of declines in value, and the available liquidity in the capital markets to support the continuing operations of the investees in which we have investments. |
Revenue recognition policy | Revenue Recognition — In general, we recognize revenue when it is both realized or realizable and earned. We consider revenue to be realized or realizable and earned when the following conditions exist: there is persuasive evidence of an arrangement, generally a client contract exists; the services or products have been performed or delivered to the client; the sales price is fixed or determinable; and collection has occurred or is probable. Revenue from helicopter services, including SAR services, is recognized based on contractual rates as the related services are performed. The charges under these contracts are generally based on a two-tier rate structure consisting of a daily or monthly fixed fee plus additional fees for each hour flown. These contracts are for varying periods and generally permit the client to cancel the contract before the end of the term. We also provide services to clients on an “ad hoc” basis, which usually entails a shorter contract notice period and duration. The charges for ad hoc services are based on an hourly rate or a daily or monthly fixed fee plus additional fees for each hour flown. In order to offset potential increases in operating costs, our long-term contracts may provide for periodic increases in the contractual rates charged for our services. We recognize the impact of these rate increases when the criteria outlined above have been met. This generally includes written recognition from the clients that they are in agreement with the amount of the rate escalation. Cost reimbursements from clients are recorded as reimbursable revenue with the related reimbursed costs recorded as reimbursable expense on our consolidated statements of operations. Bristow Academy, our helicopter training unit, primarily earns revenue from military training, flight training provided to individual students and ground school courses. We recognize revenue from these sources using the same revenue recognition principles described above as services are provided. We consider revenue to be realized or realizable and earned when the following conditions exist: there is persuasive evidence of an arrangement (generally a contract exists); the services have been performed or delivered to the client or student; the sales price is fixed and determinable; and collection has occurred or is probable. Eastern Airways and Airnorth primarily earn revenue through charter and scheduled airline services and provision of airport services (Eastern Airways only). Both chartered and scheduled airline service revenue is recognized net of passenger taxes and discounts. Revenue is recognized at the earlier of the period in which the service is provided or the period in which the right to travel expires, which is determined by the terms and conditions of the ticket. Ticket sales are recorded within deferred revenue in accordance with the above policy. Airport services revenue is recognized when earned. |
Maintenance and repairs policy | Maintenance and Repairs — We generally charge maintenance and repair costs, including major aircraft component overhaul costs, to earnings as the costs are incurred. However, certain major aircraft components, such as engines and transmissions, are maintained by third-party vendors under contractual agreements also referred to as power-by-the hour maintenance agreements. Under these agreements, we are charged an agreed amount per hour of flying time related to maintenance, repair and overhaul of the parts and components covered. The costs charged under these contractual agreements are recognized in the period in which the flight hours occur. To the extent that we have not yet been billed for costs incurred under these arrangements, these costs are included in accrued maintenance and repairs on our consolidated balance sheets. From time to time, we receive credits from our original equipment manufacturers as settlement for additional labor and maintenance expense costs incurred for aircraft performance issues. We record these credits as a reduction in maintenance expense when the credits are utilized in lieu of cash payments for purchases or services. The cost of certain major overhauls on owned fixed-wing aircraft operated by Eastern Airways and Airnorth are capitalized when incurred and depreciated over the period until the next expected major overhaul. The cost of major overhauls on leased fixed-wing aircraft operated by Eastern Airways and Airnorth are charged to maintenance and repair costs when incurred. |
Taxes policy | Taxes — We follow the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are determined based upon temporary differences between the carrying amount and tax basis of our assets and liabilities and measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred income tax assets and liabilities of a change in the tax rates is recognized in income in the period in which the change occurs. We record a valuation reserve when we believe that it is more likely than not that any deferred income tax asset created will not be realized. In assessing the realizability of deferred income tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which such temporary differences become deductible. |
Tax uncertainties policy | We recognize tax benefits attributable to uncertain tax positions when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of benefit (provision) for income taxes in our statement of operations. |
Foreign currency policy | Foreign Currency — In preparing our financial statements, we must convert all non-U.S. dollar currencies to U.S. dollars. Balance sheet information is presented based on the exchange rate as of the balance sheet date, and statement of operations information is presented based on the average exchange rate for the period. The various components of stockholders’ investment are presented at their historical average exchange rates. The resulting difference after applying the different exchange rates is the currency translation adjustment, which is reported in stockholders’ investment as accumulated other comprehensive gains or losses. Foreign currency transaction gains and losses are recorded in other income (expense), net in our statement of operations and result from the effect of changes in exchange rates on transactions denominated in currencies other than a company’s functional currency, including transactions between consolidated companies. An exception is made where an intercompany loan or advance is deemed to be of a long-term investment nature, in which instance foreign currency transaction gains or losses are included as currency translation adjustments and are reported in stockholders’ investment as accumulated other comprehensive gains or losses. Changes in exchange rates could cause significant changes in our financial position and results of operations in the future. |
VARIABLE INTEREST ENTITIES AN24
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES (SAP) | 12 Months Ended |
Mar. 31, 2016 | |
Policy Text Block [Abstract] | |
Variable interest entity policy | A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If we determine that we have operating power and the obligation to absorb losses or receive benefits, we consolidate the VIE as the primary beneficiary, and if not, we do not consolidate. |
FAIR VALUE DISCLOSURES (SAP)
FAIR VALUE DISCLOSURES (SAP) | 12 Months Ended |
Mar. 31, 2016 | |
Policy Text Block [Abstract] | |
Fair value of financial instruments policy | Assets and liabilities subject to fair value measurement are categorized into one of three different levels depending on the observability of the inputs employed in the measurement, as follows: • Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs that reflect quoted prices for identical assets or liabilities in markets which are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. |
EMPLOYEE BENEFIT PLANS (SAP)
EMPLOYEE BENEFIT PLANS (SAP) | 12 Months Ended |
Mar. 31, 2016 | |
Policy Text Block [Abstract] | |
Pension and other postretirement plans, policy | The defined benefit pension plans of Bristow Helicopters and BIAGL replaced by the defined contribution plans described above covered all full-time employees of Bristow Aviation and BIAGL employed on or before December 31, 1997. Both plans were closed to future accrual as of February 1, 2004. The defined benefits for employee members were based on the employee’s annualized average last three years’ pensionable salaries up to February 1, 2004, increasing thereafter in line with retail price inflation (prior to 2011) and consumer price inflation (from 2011 onwards), and subject to maximum increases of 5% per year over the period to retirement. Any valuation deficits are funded by contributions by Bristow Helicopters and BIAGL. Plan assets are held in separate funds administered by the plans’ trustee (the “Trustee”), which are primarily invested in equities and debt securities. For members of the two closed defined benefit pension plans, since January 2005, Bristow Helicopters contributes a maximum of 7% of a participant’s non-variable salary, and since April 2006, the maximum employer contribution into the plan has been 7.35% for pilots. Each member is required to contribute a minimum of 5% of non-variable salary for Bristow Helicopters to match the contribution. In addition, there are three defined contribution plans for staff who were not members of the original defined benefit plans, two of which are closed to new members. Bristow Norway had a final salary defined benefit pension plan, which was closed on March 1, 2016 as discussed above. Under this plan, pilots could have retired from age 58 and other employees from age 62 (after meeting certain criteria). Bristow Norway also participates in the standard Norwegian Avtalefestet pension (contractual pension or “AFP”), which is accounted for as a defined contribution plan. The pension benefit was a percentage of final salary in excess of a deductible. The maximum pension was available to those with 30 or more years of service as of the date of retirement. Additionally, there were associated death and disability benefits. Plan assets were held in an insurance policy with an insurance company and contributions followed Norwegian rules, which were based on an individual actuarial calculation for each plan member. The closure of the Bristow Norway final salary plan on March 1, 2016 has led to a curtailment and settlement of the projected benefit obligations. All active members of the plan have been transferred to the new defined contribution for future service and the accrued individual insurance reserves for the majority of the beneficiaries will be transferred to individual insurance policies shortly after the 2016 financial year end. The remaining liabilities in respect of partially disabled beneficiaries are similarly expected to be settled before the end of the 2017 fiscal year end. We utilize a British pound sterling denominated AA corporate bond index as a basis for determining the discount rate for our U.K. plans and NOK-denominated corporate bonds that are credit-rated AA or AAA as a basis for determining the discount rate for our Norway plan. The expected rate of return assumptions have been determined following consultation with our actuarial advisors. In the case of bond investments, the rates assumed have been directly based on market redemption yields at the measurement date, and those on other asset classes represent forward-looking rates that have typically been based on other independent research by investment specialists. Under U.K. and Guernsey legislation, it is the Trustee who is responsible for the investment strategy of the plans, although day-to-day management of the assets is delegated to a team of regulated investment fund managers. The Trustee of the Bristow Staff Pension Scheme (the “Scheme”) has the following three stated primary objectives when determining investment strategy: (i) “funding objective” - to ensure that the Scheme is fully funded using assumptions that contain a modest margin for prudence. Where an actuarial valuation reveals a deficit, a recovery plan will be put in place which will take into account the financial covenant to the employer; (ii) “stability objective” - to have due regard to the likely level and volatility of required contributions when setting the Scheme’s investment strategy; and (iii) “security objective” - to ensure that the solvency position of the Scheme (as assessed on a gilt basis) is expected to improve. The Trustee will take into account the strength of the employer’s covenant when determining the expected improvement in the solvency position of the Scheme. The types of investments are held, and the relative allocation of assets to investments is selected, in light of the liability profile of the Scheme, its cash flow requirements, the funding level and the Trustee’s stated objectives. In addition, in order to avoid an undue concentration of risk, assets are diversified within and across asset classes. In determining the overall investment strategy for the plans, the Trustee undertakes regular asset and liability modeling (“ALM”) with the assistance of their U.K. actuary. The ALM looks at a number of different investment scenarios and projects both a range and a best estimate of likely return from each one. Based on these analyses, and following consultation with us, the Trustee determines the benchmark allocation for the plans’ assets. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. |
Share-based compensation, option and incentive plans policy | We use a Black-Scholes option pricing model to estimate the fair value of share-based awards. The Black-Scholes option pricing model incorporates various assumptions, including the risk-free interest rate, volatility, dividend yield and the expected term of the options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equal to the expected term of the option. Expected volatilities are based on the historical volatility of shares of our Common Stock, which has not been adjusted for any expectation of future volatility given uncertainty related to the future performance of our Common Stock at this time. We also use historical data to estimate the expected term of the options within the option pricing model and groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of the options represents the period of time that the options granted are expected to be outstanding. Additionally, we estimate pre-vesting option forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual pre-vesting forfeitures differ from those estimates. We record stock-based compensation expense only for those awards expected to vest using an estimated forfeiture rate based on our historical forfeiture data. |
OPERATIONS, BASIS OF PRESENTA27
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Operations, Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Rollforward schedule of allowance for doubtful accounts | The following table is a rollforward of the allowance for doubtful accounts, including affiliates and non-affiliates (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Balance – beginning of fiscal year $ 859 $ 5,074 $ 5,079 Additional allowances 6,638 1,050 87 Write-offs and collections (1,935 ) (5,265 ) (92 ) Balance – end of fiscal year $ 5,562 $ 859 $ 5,074 |
Rollforward schedule of inventory allowance | The following table is a rollforward of the allowance related to dormant, obsolete and excess inventory (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Balance – beginning of fiscal year $ 45,414 $ 47,298 $ 31,504 Impairment of inventories 5,439 7,167 12,669 Additional allowances 192 4,867 6,807 Inventory disposed and scrapped (22,428 ) (10,125 ) (6,096 ) Foreign currency effects (854 ) (3,793 ) 2,414 Balance – end of fiscal year $ 27,763 $ 45,414 $ 47,298 |
Schedule of goodwill | Goodwill of $30.0 million and $75.6 million as of March 31, 2016 and 2015 , respectively, related to our reporting units were as follows (in thousands): Europe Caspian Asia Pacific Africa Corporate and other Total March 31, 2014 $ 40,201 $ — $ 6,177 $ 10,302 $ 56,680 Foreign currency translation (4,500 ) (461 ) (231 ) (112 ) (5,304 ) Airnorth acquisition — 24,252 — — 24,252 March 31, 2015 35,701 23,791 5,946 10,190 75,628 Purchase price adjustments to previously acquired goodwill (1) (170 ) (3,991 ) — — (4,161 ) Foreign currency translation (328 ) 164 233 33 102 Impairments (25,177 ) — (6,179 ) (10,223 ) (41,579 ) March 31, 2016 $ 10,026 $ 19,964 $ — $ — $ 29,990 _____________ (1) Relates to the correction of an immaterial error related to the acquisitions of Airnorth and Eastern. We determined that the accounting treatment for the supplemental rent for leased aircraft at Airnorth and Eastern was incorrectly being expensed in advance of a maintenance event occurring. To correct this error, we reduced goodwill by $4.2 million , increased prepaid expenses and other current assets by $2.7 million , increased deferred tax liabilities by $3.1 million , decreased accrued maintenance and repairs by $3.6 million and increased direct costs $1.0 million . This error is not material to our consolidated financial statements for fiscal year 2016 or our previously reported consolidated financial statements for any period. Accumulated goodwill impairment of $42.2 million and $0.6 million as of March 31, 2016 and 2015 , respectively, related to our reporting units were as follows (in thousands): Europe Caspian Africa Corporate and other Americas Total March 31, 2014 $ — $ — $ — $ (576 ) $ (576 ) Impairments — — — — — March 31, 2015 — — — (576 ) (576 ) Impairments (25,177 ) (6,179 ) (10,223 ) — (41,579 ) March 31, 2016 $ (25,177 ) $ (6,179 ) $ (10,223 ) $ (576 ) $ (42,155 ) |
Schedule of other intangible assets | Intangible assets by type were as follows (in thousands): Client contracts Client relationships Trade name and trademarks Internally developed software Licenses Total Gross Carrying Amount March 31, 2014 $ 7,129 $ 12,007 $ 5,326 $ 1,339 $ 827 $ 26,628 Foreign currency translation (76 ) (1,238 ) (542 ) (160 ) (69 ) (2,085 ) Airnorth acquisition 1,112 2,287 364 — — 3,763 March 31, 2015 8,165 13,056 5,148 1,179 758 28,306 Foreign currency translation 5 (277 ) (140 ) (30 ) (6 ) (448 ) March 31, 2016 $ 8,170 $ 12,779 $ 5,008 $ 1,149 $ 752 $ 27,858 Accumulated Amortization March 31, 2014 $ (6,932 ) $ (928 ) $ — $ — $ (469 ) $ (8,329 ) Amortization expense (467 ) (655 ) (323 ) (244 ) (73 ) (1,762 ) March 31, 2015 (7,399 ) (1,583 ) (323 ) (244 ) (542 ) (10,091 ) Impairments — (8,086 ) — — — (8,086 ) Amortization expense (663 ) (931 ) (313 ) (236 ) (59 ) (2,202 ) March 31, 2016 $ (8,062 ) $ (10,600 ) $ (636 ) $ (480 ) $ (601 ) $ (20,379 ) Weighted average remaining contractual life, in years 0.4 7.0 14.0 2.8 2.6 6.2 |
Schedule of expected amortization expense | Future amortization expense of intangible assets for each of the years ending March 31 are as follows (in thousands): 2017 $ 999 2018 936 2019 806 2020 503 2021 503 Thereafter 3,732 $ 7,479 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Airnorth | |
Business Acquisition [Line Items] | |
Schedule of business acquisitions, by acquisition | The following table summarizes the consolidated assets and liabilities of Airnorth as of January 29, 2015 (in thousands): Current assets $ 15,188 Property and equipment 39,822 Goodwill (1) 24,252 Prepaid expenses and other assets (1) 4,403 Total assets 83,665 Current liabilities, including debt (1) (20,104 ) Long-term debt, less current maturities (20,606 ) Other long-term liabilities (9,441 ) Total liabilities (50,151 ) Temporary equity (3,427 ) Net assets $ 30,087 _____________ (1) For details on the correction of an immaterial error related to the acquisition of Airnorth, see Note 1. |
Temporary equity | Changes in the balance for the redeemable noncontrolling interest related to Airnorth are as follows (in thousands): Acquisition of Airnorth on January 29, 2015 $ 3,427 Noncontrolling interest expense (39 ) Currency translation (49 ) Balance as of March 31, 2015 3,339 Noncontrolling interest expense 788 Accretion of noncontrolling interest 1,498 Acquisition of remaining 15% of Airnorth (5,467 ) Currency translation (158 ) Balance as of March 31, 2016 $ — |
Business acquisition, pro forma information | The summary pro forma condensed consolidated financial information presented below for the fiscal years ended March 31, 2015 and 2014 give effect to the acquisition of Airnorth as if it had occurred at the beginning of the periods presented. The pro forma adjustments are based upon available information and certain assumptions that we believe are reasonable. The pro forma net income has been adjusted to reflect depreciation and amortization expense as if those adjustments had been applied on April 1, 2013. The summary pro forma condensed consolidated financial information is for informational purposes only and does not purport to represent what our consolidated results of operations actually would have been if the acquisition of Airnorth had occurred at any date, and such data does not purport to project our results of operations for any future period. Fiscal Year Ended March 31, 2015 2014 (In thousands) (Unaudited) Gross revenue $ 1,927,680 $ 1,734,911 Net income 87,902 187,785 |
Eastern Airways | |
Business Acquisition [Line Items] | |
Schedule of business acquisitions, by acquisition | The following table summarizes the consolidated assets and liabilities of Eastern Airways as of February 6, 2014 (in thousands): Current assets $ 21,117 Property and equipment 63,391 Goodwill (1) 26,479 Prepaid expenses and other assets (1) 20,474 Total assets 131,461 Current liabilities, including debt (1) (37,644 ) Long-term debt, less current maturities (20,400 ) Other long-term liabilities (8,239 ) Total liabilities (66,283 ) Temporary equity (21,139 ) Net assets $ 44,039 _____________ (1) For details on the correction of an immaterial error related to the acquisition of Eastern, see Note 1. |
Temporary equity | Changes in the balance for the redeemable noncontrolling interest related to Eastern Airways are as follows (in thousands): Acquisition of Eastern Airways on February 6, 2014 $ 21,139 Noncontrolling interest expense 671 Currency translation 473 Balance as of March 31, 2014 22,283 Noncontrolling interest expense 3,389 Currency translation (2,787 ) Balance as of March 31, 2015 22,885 Noncontrolling interest expense (6,499 ) Currency translation (913 ) Balance as of March 31, 2016 $ 15,473 |
Business acquisition, pro forma information | The summary pro forma condensed consolidated financial information presented below for the fiscal years ended March 31, 2014 and 2013 give effect to the acquisition of Eastern Airways as if it had occurred at the beginning of the periods presented. The pro forma adjustments are based upon available information and certain assumptions that we believe are reasonable. The pro forma net income has been adjusted to reflect depreciation and amortization expense as if those adjustments had been applied on April 1, 2012. The summary pro forma condensed consolidated financial information is for informational purposes only and does not purport to represent what our consolidated results of operation actually would have been if the acquisition of Eastern Airways had occurred at any date, and such data does not purport to project our results of operations for any future period. Fiscal Year Ended March 31, 2014 (In thousands) (Unaudited) Gross revenue $ 1,761,390 Net income 188,921 |
VARIABLE INTEREST ENTITIES AN29
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entities and Other Investments in Significant Affiliates [Abstract] | |
Noncontrolling interest Bristow Aviation | Changes in the balance for the noncontrolling interest associated with Bristow Aviation are as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Balance – beginning of fiscal year $ 1,457 $ 1,645 $ 1,492 Payments to noncontrolling interest shareholders (55 ) (59 ) (57 ) Noncontrolling interest expense 55 58 57 Currency translation (47 ) (187 ) 153 Balance – end of fiscal year $ 1,410 $ 1,457 $ 1,645 |
Primary beneficiary variable interest financial statements | Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): March 31, 2016 2015 Assets Cash and cash equivalents $ 62,773 $ 91,190 Accounts receivable 565,223 521,989 Inventories 102,738 100,065 Prepaid expenses and other current assets 53,776 42,659 Total current assets 784,510 755,903 Investment in unconsolidated affiliates 4,676 64 Property and equipment, net 251,494 243,357 Goodwill 29,990 61,242 Other assets 82,988 78,637 Total assets $ 1,153,658 $ 1,139,203 Liabilities Accounts payable $ 521,563 $ 379,357 Accrued liabilities 141,977 154,306 Accrued interest 1,698,360 1,489,369 Deferred taxes — 1,128 Current maturities of long-term debt 10,322 9,643 Total current liabilities 2,372,222 2,033,803 Long-term debt, less current maturities 155,767 168,245 Accrued pension liabilities 70,107 99,576 Other liabilities and deferred credits 7,928 11,948 Deferred taxes 20,330 14,457 Temporary equity 15,473 26,223 Total liabilities $ 2,641,827 $ 2,354,252 Fiscal Year Ended March 31, 2016 2015 2014 Revenue $ 1,441,834 $ 1,512,312 $ 1,324,483 Operating income (loss) (57,780 ) 40,524 49,061 Net loss (1) (279,309 ) (179,757 ) (38,274 ) _______________ (1) Fiscal year 2014 includes a gain of $67.9 million , after tax, on the sale of the FB Entities as discussed under “ Other Significant Affiliates — Unconsolidated — FB Entities ” below. |
Schedule of unconsolidated affiliates | Our percentage ownership and investment balances for the unconsolidated affiliates are as follows: March 31, 2016 2015 2016 2015 (In thousands) Cost Method: PAS 25 % 25 % $ 6,286 $ 6,286 Equity Method: Cougar (1) 40 % 40 % 59,742 61,015 Líder (1) (2) 41.9 % 41.9 % 124,248 149,010 Other 4,676 65 Total $ 194,952 $ 216,376 _______________ (1) We had a 25% voting interest in Cougar and under 20% voting interest in Líder as of March 31, 2016 and 2015 . (2) For discussion on immaterial error correction for our Líder investment, see discussion above. |
Schedule of earnings from unconsolidated affiliates | Earnings from unconsolidated affiliates were as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Dividends from entities accounted for under the cost method: PAS $ 2,068 $ 2,068 $ 4,043 Earnings, net of losses, from entities accounted for under the equity method: Cougar (2,001 ) (710 ) 1,053 FB Entities (1) — — 3,217 Líder (116 ) (4,236 ) 2,898 Other (2) 310 1,107 1,498 (1,807 ) (3,839 ) 8,666 Total $ 261 $ (1,771 ) $ 12,709 _______________ (1) We sold our 50% interest in the FB entities in July 2013. (2) We sold our 50% interest in HCA in November 2014. |
Schedule of combined financial information for unconsolidated affiliates | A summary of combined financial information of our unconsolidated affiliates accounted for under the equity method is set forth below (in thousands): March 31, 2016 2015 (Unaudited) Current assets $ 269,619 $ 200,979 Non-current assets 295,416 384,438 Total assets $ 565,035 $ 585,417 Current liabilities $ 146,938 $ 189,251 Non-current liabilities 266,545 255,318 Equity 151,552 140,848 Total liabilities and equity $ 565,035 $ 585,417 Fiscal Year Ended March 31, 2016 2015 2014 (Unaudited) Revenue $ 368,586 $ 499,692 $ 632,832 Gross profit $ 60,873 $ 99,127 $ 132,760 Net income $ 21,871 $ 559 $ 21,728 |
PROPERTY AND EQUIPMENT AND AS30
PROPERTY AND EQUIPMENT AND ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Capital expenditures | During fiscal years 2016 , 2015 and 2014 , we made capital expenditures as follows: Fiscal Year Ended March 31, 2016 2015 2014 Number of aircraft delivered: Medium 1 6 8 Large 3 10 11 SAR aircraft 4 5 2 Total aircraft (2) 8 21 21 Capital expenditures (in thousands): Aircraft and related equipment (1) $ 285,530 $ 476,368 $ 563,724 Other 86,845 125,466 64,889 Total capital expenditures $ 372,375 $ 601,834 $ 628,613 _______________ (1) During fiscal years 2016 , 2015 and 2014 , we spent $202.7 million , $440.9 million and $529.4 million , respectively, on progress payments for aircraft to be delivered in future periods. (2) During fiscal year 2016, we took delivery of two aircraft that were purchased using short-term debt borrowings for the final payments of the aircrafts. |
Sold or disposed of and impairments on assets held for sale | The following table presents details on the aircraft sold or disposed of and impairments on assets held for sale during fiscal years 2016 , 2015 and 2014 : Fiscal Year Ended March 31, 2016 2015 2014 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of (1) 35 44 46 Proceeds from sale or disposal of assets (1) $ 60,035 $ 414,859 $ 289,951 Gain (loss) from sale or disposal of assets $ (1,122 ) $ 208 $ 6,092 Number of aircraft impaired 16 27 11 Impairment charges on aircraft held for sale and construction in progress $ 29,571 $ 36,057 $ 6,814 _______________ (1) During fiscal years 2016 , 2015 and 2014 , three , 14 and 14 of these aircraft, respectively, were sold and leased back and we received $29.2 million , $380.7 million and $246.4 million , respectively, in proceeds for the aircraft. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt as of March 31, 2016 and 2015 consisted of the following (in thousands): March 31, 2016 2015 6 ¼% Senior Notes due 2022 $ 401,535 $ 401,535 Term Loan 335,665 222,179 Term Loan Credit Facility 200,000 — Revolving Credit Facility 144,000 83,800 Airnorth debt 19,652 23,119 Eastern Airways debt 15,643 19,680 Other debt 24,394 — 3% Convertible Senior Notes due 2038, including zero and $0.9 million of unamortized discount, respectively — 114,109 Total debt 1,140,889 864,422 Less short-term borrowings and current maturities of long-term debt (62,716 ) (18,730 ) Total long-term debt $ 1,078,173 $ 845,692 |
Convertible debt | The balances of the debt and equity components of the 3% Convertible Senior Notes as of each period presented are as follows (in thousands): March 31, March 31, Equity component – net carrying value $ 14,905 $ 14,905 Debt component: Face amount due at maturity $ — $ 115,000 Unamortized discount — (891 ) Debt component – net carrying value $ — $ 114,109 Interest expense related to our 3% Convertible Senior Notes for fiscal years 2016 , 2015 and 2014 was as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Contractual coupon interest $ 725 $ 3,450 $ 3,450 Amortization of debt discount 891 4,205 3,708 Total interest expense $ 1,616 $ 7,655 $ 7,158 |
Schedule of maturities of long-term debt | Aggregate annual maturities (which excludes unamortized discount of $0.3 million ) for all debt for the next five fiscal years and thereafter are as follows (in thousands): Fiscal year ending March 31 2017 $ 62,716 2018 243,145 2019 49,298 2020 376,211 2021 2,537 Thereafter 407,316 $ 1,141,223 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on non-recurring basis | The following table summarizes the assets as of March 31, 2015 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2015 Total Loss for Inventories $ — $ 3,139 $ — $ 3,139 $ (7,167 ) Assets held for sale — 54,310 — 54,310 (36,057 ) Total assets $ — $ 57,449 $ — $ 57,449 $ (43,224 ) The following table summarizes the assets as of March 31, 2016 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2016 Total Loss for Inventories $ — $ 6,261 $ — $ 6,261 $ (5,439 ) Assets held for sale — 43,783 — 43,783 (29,571 ) Goodwill — — 29,990 29,990 (41,579 ) Other intangible assets — — — — (8,086 ) Total assets $ — $ 50,044 $ 29,990 $ 80,034 $ (84,675 ) |
Schedule of fair value assets measured on recurring basis | The following table summarizes the financial instruments we had as of March 31, 2015 , valued at fair value on a recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2015 Balance Sheet Classification Rabbi Trust investments $ 2,379 $ — $ — $ 2,379 Other assets Total assets $ 2,379 $ — $ — $ 2,379 Contingent consideration (1) : Current $ — $ — $ 33,938 $ 33,938 Contingent consideration Long-term — — 4,967 4,967 Other liabilities and deferred credits Total liabilities $ — $ — $ 38,905 $ 38,905 _______________ (1) Relates to our investments in Cougar totaling $32.5 million and Airnorth totaling $6.4 million (see Note 3 ). The following table summarizes the financial instruments we had as of March 31, 2016 , valued at fair value on a recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2016 Balance Sheet Classification Rabbi Trust investments $ 2,990 $ — $ — $ 2,990 Other assets Total assets $ 2,990 $ — $ — $ 2,990 Contingent consideration (1) : Current $ — $ — $ 29,522 $ 29,522 Contingent consideration Long-term — — 3,069 3,069 Other liabilities and deferred credits Total liabilities $ — $ — $ 32,591 $ 32,591 _______________ (1) Relates to our investments in Cougar totaling $26.0 million and Airnorth totaling $6.6 million (see Note 3 ). |
Fair value, liabilities measured on recurring basis, unobservable input reconciliation | The following table provides a rollforward of the contingent consideration liability Level 3 fair value measurements during fiscal year 2016 (in thousands): Significant Unobservable Inputs (Level 3) Contingent consideration: Balance as of March 31, 2015 $ 38,905 Change in fair value of contingent consideration 3,139 Payment of Airnorth first year earn-out (1,453 ) Payment of Cougar second year earn-out (8,000 ) Balance as of March 31, 2016 $ 32,591 |
Schedule of carrying value and fair value of debt | The carrying and fair value of our long-term debt, including the current portion, are as follows (in thousands): March 31, 2016 2015 Carrying Value Fair Value Carrying Value Fair Value 6 ¼% Senior Notes $ 401,535 $ 277,059 $ 401,535 $ 381,458 Term Loan 335,665 335,665 222,179 222,179 Term Loan Credit Facility 200,000 200,000 — — Revolving Credit Facility 144,000 144,000 83,800 83,800 Airnorth debt 19,652 19,652 23,119 23,119 Eastern Airways debt 15,643 15,643 19,680 19,680 Other debt 24,394 24,394 — — 3% Convertible Senior Notes — — 114,109 115,288 $ 1,140,889 $ 1,016,413 $ 864,422 $ 845,524 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aircraft Purchase Contracts Table | As shown in the table below, we expect to make additional capital expenditures over the next five fiscal years to purchase additional aircraft. As of March 31, 2016 , we had 36 aircraft on order and options to acquire an additional 14 aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income. Fiscal Year Ending March 31, 2017 2018 2019 2020 and beyond Total Commitments as of March 31, 2016: (1) Number of aircraft: Medium 10 — — — 10 Large — 5 4 9 18 U.K. SAR 4 4 — — 8 14 9 4 9 36 Related expenditures (in thousands) (2) Medium and large $ 49,746 $ 66,044 $ 60,455 $ 109,341 $ 285,586 U.K. SAR 55,503 58,208 — — 113,711 $ 105,249 $ 124,252 $ 60,455 $ 109,341 $ 399,297 Options as of March 31, 2016: Number of aircraft: Medium — 6 — — 6 Large — 6 2 — 8 — 12 2 — 14 Related expenditures (in thousands) (2) $ 61,629 $ 179,471 $ 30,410 $ — $ 271,510 _______________ (1) Signed client contracts are currently in place that will utilize eight of these aircraft. (2) Includes progress payments on aircraft scheduled to be delivered in future periods. |
Rollforward schedule of aircraft purchase orders and options | The following chart presents an analysis of our aircraft orders and options during fiscal years 2016 , 2015 and 2014 : Fiscal Year Ended March 31, 2016 2015 2014 Orders Options Orders Options Orders Options Beginning of fiscal year 45 30 43 55 45 70 Aircraft delivered (8 ) — (18 ) — (21 ) — Aircraft ordered — — 8 — 18 — New options — 4 — — — — Exercised options (1 ) — 12 (12 ) 8 (8 ) Expired options — (20 ) — (13 ) — (7 ) Orders assigned subject to leaseback (1) — — — — (7 ) — End of fiscal year 36 14 45 30 43 55 _______________ (1) During fiscal year 2014, we transferred our interest in seven aircraft previously ordered in return for $106.1 million in progress payments previously paid on these aircraft. |
Schedule of future minimum payments for operating leases | As of March 31, 2016 , aggregate future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year, including leases for 87 aircraft, are as follows (in thousands): Aircraft Other Total Fiscal year ending March 31, 2017 $ 174,349 $ 10,385 $ 184,734 2018 154,156 10,595 164,751 2019 126,003 9,874 135,877 2020 86,449 8,189 94,638 2021 19,614 7,384 26,998 Thereafter 12,663 46,307 58,970 $ 573,234 $ 92,734 $ 665,968 |
Aircraft Lease Table | The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of March 31, 2016 : End of Lease Term Number of Aircraft Fiscal year 2017 to fiscal year 2018 20 Fiscal year 2019 to fiscal year 2021 44 Fiscal year 2022 to fiscal year 2024 23 87 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | The components of deferred tax assets and liabilities are as follows (in thousands): March 31, 2016 2015 Deferred tax assets: Foreign tax credits $ 41,140 $ 31,134 Net operating losses 28,695 17,487 Accrued pension liability 13,266 21,657 Accrued equity compensation 17,092 12,728 Deferred revenue 1,749 2,156 Employee award programs 5,098 7,515 Employee payroll accruals 5,099 5,118 Inventories 3,305 5,259 Investment in unconsolidated affiliates 10,863 6,539 Other 4,903 4,790 Valuation allowance (29,373 ) (11,700 ) Total deferred tax assets $ 101,837 $ 102,683 Deferred tax liabilities: Property and equipment $ (202,388 ) $ (207,395 ) Inventories (799 ) (196 ) Investment in unconsolidated affiliates (38 ) — Employee programs (1,360 ) (1,564 ) Other (3,390 ) (8,378 ) Total deferred tax liabilities $ (207,975 ) $ (217,533 ) Net deferred tax liabilities $ (106,138 ) $ (114,850 ) |
Schedule of income before income tax, domestic and foreign | The components of income before provision for income taxes for fiscal years 2016 , 2015 and 2014 are as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Domestic $ (115,277 ) $ (40,602 ) $ (14,357 ) Foreign 36,046 152,075 259,348 Total $ (79,231 ) $ 111,473 $ 244,991 |
Schedule of components of income tax expense (benefit) | The provision for income taxes for fiscal years 2016 , 2015 and 2014 consisted of the following (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Current: Domestic $ (29,907 ) $ 4 $ 36,872 Foreign 27,317 34,822 33,939 $ (2,590 ) $ 34,826 $ 70,811 Deferred: Domestic $ (4,483 ) $ (11,358 ) $ (6,646 ) Foreign 4,991 (702 ) (6,953 ) $ 508 $ (12,060 ) $ (13,599 ) Total $ (2,082 ) $ 22,766 $ 57,212 |
Schedule of effective income tax rate reconciliation | The reconciliation of the U.S. Federal statutory tax rate to the effective income tax rate for the provision for income taxes is shown below: Fiscal Year Ended March 31, 2016 2015 2014 Statutory rate 35.0 % 35.0 % 35.0 % Net foreign tax on non-U.S. earnings (8.4 )% 26.3 % 11.8 % Benefit of foreign tax deduction in the U.S. 2.6 % — % — % Foreign earnings indefinitely reinvested abroad 15.9 % (47.0 )% (18.9 )% Change in valuation allowance (25.3 )% 4.0 % 1.8 % Foreign earnings that are currently taxed in the U.S. (7.9 )% 8.7 % 4.1 % Effect of reduction in corporate income tax rate 1.1 % — % (1.2 )% Dividend inclusion as a result of internal realignment — % — % 1.1 % Goodwill impairment (11.8 )% — % — % Benefit of current year foreign tax credits — % (11.3 )% (5.2 )% Tax reserve release 0.2 % (0.1 )% (0.7 )% Other, net 1.2 % 4.8 % (4.4 )% Effective tax rate 2.6 % 20.4 % 23.4 % |
Schedule of years open by jurisdiction | The following table summarizes the years open by jurisdiction as of March 31, 2016 : Jurisdiction Years Open U.S. Fiscal year 2013 to present U.K. Fiscal year 2014 to present Nigeria Fiscal year 2009 to present Trinidad Fiscal year 2005 to present Australia Fiscal year 2012 to present |
Rollforward of unrecognized tax benefits | The activity associated with our unrecognized tax benefit during fiscal years 2016 and 2015 is as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 Unrecognized tax benefits – beginning of fiscal year $ 4,904 $ 4,380 Eastern pre-acquisition tax liability (4,193 ) — Increases for tax positions taken in prior years 898 591 Decreases for tax positions taken in prior years (188 ) — Decrease related to statute of limitation expirations (328 ) (67 ) Unrecognized tax benefits – end of fiscal year $ 1,093 $ 4,904 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of accumulated and projected benefit obligations | The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. Fiscal Year Ended March 31, 2016 2015 (In thousands) Change in benefit obligation: Projected benefit obligation (PBO) at beginning of period $ 639,299 $ 637,641 Service cost 8,243 7,878 Interest cost 20,108 26,000 Actuarial loss (gain) (17,096 ) 86,940 Benefit payments and expenses (29,836 ) (28,191 ) Curtailments (12,960 ) — Settlements (65,799 ) — Effect of exchange rate changes (16,906 ) (90,969 ) Projected benefit obligation (PBO) at end of period $ 525,053 $ 639,299 |
Schedule of change in plan assets | The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. Change in plan assets: Market value of assets at beginning of period $ 539,723 $ 550,818 Actual return on assets (6,271 ) 57,691 Employer contributions 32,128 34,633 Benefit payments and expenses (29,836 ) (28,191 ) Settlements (65,799 ) — Effect of exchange rate changes (14,999 ) (75,228 ) Market value of assets at end of period $ 454,946 $ 539,723 |
Schedule of net funded status | The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. Reconciliation of funded status: Accumulated benefit obligation (ABO) $ 524,540 $ 615,136 Projected benefit obligation (PBO) $ 525,053 $ 639,299 Fair value of assets (454,946 ) (539,723 ) Net recognized pension liability $ 70,107 $ 99,576 Amounts recognized in accumulated other comprehensive loss $ 235,720 $ 252,920 |
Schedule of components of net periodic pension cost | The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. Fiscal Year Ended March 31, 2016 2015 2014 (In thousands) Components of net periodic pension cost: Service cost for benefits earned during the period $ 8,243 $ 7,878 $ 7,886 Interest cost on PBO 20,108 26,000 26,861 Expected return on assets (27,208 ) (31,020 ) (29,282 ) Amortization of unrecognized losses 8,246 6,653 7,705 Net periodic pension cost $ 9,389 $ 9,511 $ 13,170 |
Schedule of assumptions | Actuarial assumptions used to develop the components of the U.K. plans were as follows: Fiscal Year Ended March 31, 2016 2015 2014 Discount rate 3.30 % 4.40 % 4.40 % Expected long-term rate of return on assets 5.40 % 6.29 % 6.29 % Pension increase rate 2.80 % 3.10 % 3.30 % Actuarial assumptions used to develop the components of the Norway plan were as follows: Fiscal Year Ended March 31, 2016 2015 2014 Discount rate 2.50 % 4.25 % 4.00 % Rate of compensation increase 3.50 % 4.00 % 4.25 % Social Security increase amount 3.25 % 3.75 % 4.00 % Expected return on plan assets 1.50 % 2.75 % 3.25 % Pension increase rate — % 1.75 % 1.25 % |
Schedule of investment strategy | The market value of the plan's assets as of March 31, 2016 and 2015 was allocated between asset classes as follows. Details of target allocation percentages under the Trustee’s investment strategies as of the same dates are also included. Target Allocation as of March 31, Actual Allocation as of March 31, Asset Category 2016 2015 2016 2015 Equity securities 58.3 % 58.3 % 60.7 % 57.1 % Debt securities 31.1 % 31.1 % 35.9 % 35.8 % Property — % — % 0.1 % 1.6 % Other assets 10.6 % 10.6 % 3.3 % 5.5 % Total 100.0 % 100.0 % 100.0 % 100.0 % |
Schedule of fair value hierarchy | The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2016 , which are valued at fair value (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2016 Cash and cash equivalents $ 14,229 $ — $ — $ 14,229 Equity investments - U.K. — 61,085 — 61,085 Equity investments - Non-U.K. — 117,140 — 117,140 Diversified growth (absolute return) funds — 98,024 — 98,024 Government debt securities — 72,728 — 72,728 Corporate debt securities — 89,256 — 89,256 Insurance policies — — 2,484 2,484 Total investments $ 14,229 $ 438,233 $ 2,484 $ 454,946 The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2015 , which are valued at fair value (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2015 Cash and cash equivalents $ 13,657 $ — $ — $ 13,657 Equity investments - U.K. — 104,953 — 104,953 Equity investments - Non-U.K. — 98,867 — 98,867 Diversified growth (absolute return) funds — 101,242 — 101,242 Government debt securities — 71,998 — 71,998 Corporate debt securities — 93,079 — 93,079 Insurance policies — — 55,927 55,927 Total investments $ 13,657 $ 470,139 $ 55,927 $ 539,723 |
Rollforward of Level 3 fair value changes | The following table summarizes the changes in the Level 3 plan assets for fiscal year 2016 (in thousands): March 31, 2015 $ 55,927 Actual return on assets 3,132 Net purchases, sales and settlements (56,859 ) Effect of exchange rate changes 284 March 31, 2016 $ 2,484 |
Future benefit payments | Estimated future benefit payments over each of the next five fiscal years from March 31, 2016 and in aggregate for the following five fiscal years after fiscal year 2021 , including life assurance premiums, are as follows (in thousands): Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, Payments 2017 $ 22,468 2018 22,997 2019 23,572 2020 24,003 2021 24,578 Aggregate 2022 - 2025 131,082 |
Schedule of stock option activity | A summary of our stock option activity for fiscal year 2016 is presented below: Weighted Average Exercise Prices Number of Shares Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2015 $ 57.80 1,336,136 Granted 57.52 740,718 Exercised — — Expired or forfeited 54.94 (35,412 ) Outstanding at March 31, 2016 57.74 2,041,442 4.85 $ — Exercisable at March 31, 2016 53.40 1,057,607 6.75 $ — |
Schedule of Black Scholes assumptions | The following table shows the assumptions we used to compute the stock-based compensation expense for stock option grants issued during fiscal years 2016 , 2015 and 2014 . Fiscal Year Ended March 31, 2016 2015 2014 Risk free interest rate 1.62 % 1.67 % 1.0 % Expected life (years) 5 5 5 Volatility 28.1 % 30.1 % 48.7 % Dividend yield 3.14 % 2.06 % 1.60 % Weighted average grant-date fair value of options granted $ 10.71 $ 17.17 $ 23.77 |
Schedule of non-vested restricted stock and restricted stock units | The following is a summary of non-vested restricted stock as of March 31, 2016 and 2015 and changes during fiscal year 2016 : Units Weighted Average Grant Date Fair Value per Unit Non-vested as of March 31, 2015 419,229 $ 62.81 Granted 213,349 56.76 Forfeited (9,238 ) 65.62 Vested (182,484 ) 49.72 Non-vested as of March 31, 2016 440,856 65.24 |
STOCKHOLDERS' INVESTMENT, EAR36
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Rollforward schedule of Common Stock | The following is a summary of changes in outstanding shares of Common Stock for the years ended March 31, 2016 and 2015 : Shares Weighted Average Price Per Share Outstanding as of March 31, 2014 35,708,469 Exercise of stock options 114,145 $ 45.31 Issuance of restricted stock 176,609 73.73 Repurchases of Common Stock (1,160,940 ) 69.63 Other 91 67.47 Outstanding as of March 31, 2015 34,838,374 Issuance of restricted stock 138,369 45.69 Outstanding as of March 31, 2016 34,976,743 |
Schedule of antidilutive securities | Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: Fiscal Year Ended March 31, 2016 2015 2014 Options: Outstanding 1,194,783 682,800 297,595 Weighted average exercise price $ 62.11 $ 69.04 $ 43.59 Restricted stock awards: Outstanding 286,804 — 7,416 Weighted average price $ 37.27 $ — $ 70.90 |
Schedule of earnings per share | The following table sets forth the computation of basic and diluted earnings per share: Fiscal Year Ended March 31, 2016 2015 2014 Earnings (in thousands): Income (loss) available to common stockholders – basic $ (73,940 ) $ 84,300 $ 186,737 Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax (1) — — — Income (loss) available to common stockholders – diluted $ (73,940 ) $ 84,300 $ 186,737 Shares: Weighted average number of common shares outstanding – basic 34,893,844 35,193,480 36,283,853 Assumed conversion of 3% Convertible Senior Notes outstanding during the period (1) — — — Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method — 335,125 412,911 Weighted average number of common shares outstanding – diluted 34,893,844 35,528,605 36,696,764 Basic earnings (loss) per common share $ (2.12 ) $ 2.40 $ 5.15 Diluted earnings (loss) per common share $ (2.12 ) $ 2.37 $ 5.09 _______________ (1) Diluted earnings per common share for fiscal years 2016 , 2015 and 2014 excluded a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes were convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of March 31, 2016 , we had repurchased the $115.0 million principal amount of our 3% Convertible Senior Notes. Prior to the purchase, upon conversion of a note, the holder would have received cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeded the base conversion price, holders would have received additional shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for fiscal years 2016 , 2015 and 2014 as our average stock price during these periods did not meet or exceed the conversion requirements. See Note 5 for further details. |
Schedule of accumulated other comprehensive income | The following table sets forth the changes in the balances of each component of accumulated other comprehensive income: Currency Translation Adjustments Pension Liability Adjustments (1) Total Outstanding as of March 31, 2013 $ 14,689 $ (214,372 ) $ (199,683 ) Other comprehensive income before reclassification 19,810 17,063 36,873 Reclassified from accumulated other comprehensive income — 6,304 6,304 Net current period other comprehensive income 19,810 23,367 43,177 Foreign exchange rate impact 23,313 (23,313 ) — Outstanding as of March 31, 2014 57,812 (214,318 ) (156,506 ) Other comprehensive income before reclassification (76,845 ) (42,301 ) (119,146 ) Reclassified from accumulated other comprehensive income — 5,323 5,323 Net current period other comprehensive income (76,845 ) (36,978 ) (113,823 ) Foreign exchange rate impact (20,033 ) 20,033 — Outstanding as of March 31, 2015 (39,066 ) (231,263 ) (270,329 ) Other comprehensive income before reclassification (20,195 ) (5,583 ) (25,778 ) Reclassified from accumulated other comprehensive income — 6,288 6,288 Net current period other comprehensive income (20,195 ) 705 (19,490 ) Foreign exchange rate impact (8,104 ) 8,104 — Outstanding as of March 31, 2016 $ (67,365 ) $ (222,454 ) $ (289,819 ) _______________ (1) Reclassification of amounts related to pension liability adjustments were included as a component of net periodic pension cost. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of revenue by segment | The following tables show region information for fiscal years 2016 , 2015 and 2014 , and as of March 31, 2016 and 2015 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our consolidated financial statements (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Region gross revenue from external clients: Europe Caspian $ 858,144 $ 883,992 $ 750,065 Africa 255,254 347,272 334,230 Americas 283,565 346,085 342,628 Asia Pacific 296,840 257,351 212,190 Corporate and other 21,710 23,969 30,469 Total region gross revenue $ 1,715,513 $ 1,858,669 $ 1,669,582 Intra-region gross revenue: Europe Caspian $ 5,708 $ 7,444 $ 12,652 Africa 2 — — Americas 7,834 6,003 17,555 Asia Pacific 2 254 — Corporate and other 2,209 3,048 1,699 Total intra-region gross revenue $ 15,755 $ 16,749 $ 31,906 Consolidated gross revenue reconciliation: Europe Caspian $ 863,852 $ 891,436 $ 762,717 Africa 255,256 347,272 334,230 Americas 291,399 352,088 360,183 Asia Pacific 296,842 257,605 212,190 Corporate and other 23,919 27,017 32,168 Intra-region eliminations (15,755 ) (16,749 ) (31,906 ) Total consolidated gross revenue $ 1,715,513 $ 1,858,669 $ 1,669,582 |
Schedule of earnings from unconsolidated affiliates- equity method investments by segment | The following tables show region information for fiscal years 2016 , 2015 and 2014 , and as of March 31, 2016 and 2015 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our consolidated financial statements (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian (1) $ 310 $ 1,107 $ 4,715 Americas (2,117 ) (4,946 ) 3,951 Total earnings from unconsolidated affiliates, net of losses – equity method investments $ (1,807 ) $ (3,839 ) $ 8,666 _______________ (1) On November 21, 2014, we sold our 50% interest in HCA. Additionally on July 14, 2013, we sold our 50% interest in the FB Entities. See Note 3 for details on the sale of HCA and the FB Entities. |
Schedule of consolidated operating income loss | The following tables show region information for fiscal years 2016 , 2015 and 2014 , and as of March 31, 2016 and 2015 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our consolidated financial statements (in thousands): Consolidated operating income (loss) reconciliation: Europe Caspian $ 50,406 $ 128,543 $ 122,647 Africa 19,702 91,758 84,999 Americas 34,463 79,176 69,480 Asia Pacific 4,073 12,455 18,227 Corporate and other (118,796 ) (130,209 ) (107,654 ) Gain (loss) on disposal of assets (30,693 ) (35,849 ) (722 ) Total consolidated operating income $ (40,845 ) $ 145,874 $ 186,977 |
Schedule of capital expenditures by region | The following tables show region information for fiscal years 2016 , 2015 and 2014 , and as of March 31, 2016 and 2015 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our consolidated financial statements (in thousands): Capital expenditures: Europe Caspian $ 127,072 $ 192,689 $ 38,294 Africa 1,386 1,330 24,324 Americas 92,418 124,854 52,563 Asia Pacific 23,745 23,077 7,058 Corporate and other (2) 127,754 259,884 506,374 Total capital expenditures $ (372,375 ) $ 601,834 $ 628,613 _______________ (2) Includes $84.8 million , $232.3 million and $494.5 million of construction in progress payments that were not allocated to business units in fiscal years 2016 , 2015 and 2014 , respectively. |
Schedule of depreciation and amortization | The following tables show region information for fiscal years 2016 , 2015 and 2014 , and as of March 31, 2016 and 2015 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our consolidated financial statements (in thousands): Depreciation and amortization: Europe Caspian $ 41,509 $ 37,830 $ 32,918 Africa 29,337 17,333 14,173 Americas 36,371 34,617 33,848 Asia Pacific 20,526 23,450 12,351 Corporate and other 9,069 1,063 2,687 Total depreciation and amortization (3) $ 136,812 $ 114,293 $ 95,977 _______________ (3) Includes accelerated depreciation expense of $28.7 million during fiscal year 2016 related to aircraft where management made the decision to exit certain model types earlier than originally anticipated in our Americas, Africa and Asia Pacific regions of $6.0 million , $16.8 million and $5.3 million , respectively. [We recorded accelerated depreciation expense of $10.4 million during fiscal year 2015 related to aircraft where management made the decision to exit certain model types earlier than originally anticipated in our Americas, Africa and Asia Pacific regions of $2.5 million , $1.9 million and $6.0 million , respectively.] For further details, see Note 4. |
Schedule of identifiable assets | The following tables show region information for fiscal years 2016 , 2015 and 2014 , and as of March 31, 2016 and 2015 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our consolidated financial statements (in thousands): March 31, 2016 2015 Identifiable assets: Europe Caspian $ 1,068,192 $ 972,163 Africa 304,081 484,514 Americas 884,455 966,538 Asia Pacific 426,677 401,973 Corporate and other (4) 588,457 405,532 Total identifiable assets $ 3,271,862 $ 3,230,720 _______________ (4) Includes $307.4 million and $306.0 million of construction in progress within property and equipment on our consolidated balance sheets as of March 31, 2016 and 2015 , respectively, which primarily represents progress payments on aircraft to be delivered in future periods. |
Schedule of equity method investments | The following tables show region information for fiscal years 2016 , 2015 and 2014 , and as of March 31, 2016 and 2015 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our consolidated financial statements (in thousands): March 31, 2016 2015 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 298 $ 65 Americas 183,990 210,025 Corporate and other 4,378 — Total investments in unconsolidated affiliates – equity method investments $ 188,666 $ 210,090 |
Schedule of revenue by country | We attribute revenue to various countries based on the location where services are actually performed. Long-lived assets consist primarily of helicopters and fixed wing aircraft and are attributed to various countries based on the physical location of the asset at a given fiscal year-end. Information by geographic area is as follows (in thousands): Fiscal Year Ended March 31, 2016 2015 2014 Gross revenue: United Kingdom $ 587,493 $ 616,191 $ 526,149 Australia 272,407 228,774 168,424 Nigeria 246,449 327,164 328,793 Norway 225,807 266,186 253,651 United States 158,901 222,661 225,650 Canada 61,257 61,713 32,895 Falkland Islands 44,724 9,172 — Trinidad 55,423 59,073 51,770 Other countries 63,052 67,735 82,250 $ 1,715,513 $ 1,858,669 $ 1,669,582 |
Schedule of long-lived assets by country | We attribute revenue to various countries based on the location where services are actually performed. Long-lived assets consist primarily of helicopters and fixed wing aircraft and are attributed to various countries based on the physical location of the asset at a given fiscal year-end. Information by geographic area is as follows (in thousands): March 31, 2016 2015 Long-lived assets: United Kingdom $ 577,810 $ 462,667 Australia 305,933 241,149 Nigeria 184,440 235,914 United States 292,324 235,434 Canada 180,665 215,245 Norway 171,948 197,165 Trinidad 113,768 109,248 Brazil 56,453 80,540 Tanzania 15,670 54,845 Other countries 76,881 18,882 Construction in progress primarily attributable to aircraft (1) 307,360 306,012 $ 2,283,252 $ 2,157,101 _______________ (1) These costs have been disclosed separately as the physical location where the aircraft will ultimately be operated is subject to change. |
QUARTERLY FINANCIAL INFORMATI38
QUARTERLY FINANCIAL INFORMATION (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Fiscal Quarter Ended June 30 (1)(2) September 30 (3)(4) December 31 (5)(6) March 31 (7)(8) (In thousands, except per share amounts) Fiscal year 2016 Gross revenue $ 466,996 $ 446,911 $ 419,887 $ 381,719 Operating income (loss) (9) 4,834 (29,833 ) 22,077 (37,923 ) Net income (loss) attributable to Bristow Group (9) (3,257 ) (47,132 ) 3,202 (25,255 ) Earnings (loss) per share: Basic $ (0.27 ) $ (1.21 ) $ 0.09 $ (0.72 ) Diluted $ (0.27 ) $ (1.21 ) $ 0.09 $ (0.72 ) Fiscal year 2015 Gross revenue $ 472,538 $ 475,636 $ 460,140 $ 450,355 Operating income (9) 65,192 44,064 8,916 27,702 Net income attributable to Bristow Group (9) 44,109 26,082 (968 ) 15,077 Earnings (loss) per share: Basic $ 1.24 $ 0.74 $ (0.03 ) $ 0.43 Diluted $ 1.23 $ 0.73 $ (0.03 ) $ 0.43 _______________ (1) Operating income, net income and diluted earnings per share for the fiscal quarter ended June 30, 2015 included: (a) a decrease of $8.0 million , $5.6 million and $0.16 , respectively, from severance expense related to separation programs designed to increase efficiency and reduce costs across the organization, (b) a decrease of $10.5 million , $7.9 million and $0.23 due to fleet changes that resulted in additional depreciation expense and (c) a decrease of $5.4 million , $3.5 million and $0.10 , respectively, due to impairment charges on inventory. Diluted earnings per share for the fiscal quarter ended June 30, 2015 was impacted by a decrease of $0.18 due to the accretion of redeemable noncontrolling interests. (2) Operating income, net income and diluted earnings per share for the fiscal quarter ended June 30, 2014 included: (a) a decrease of $1.0 million , $0.7 million and $0.02 , respectively, from our North America restructuring and (b) a decrease of $3.7 million , $2.4 million and $0.07 , respectively, for CEO succession. Net income and diluted earnings per share for the fiscal quarter ended June 30, 2014 included a decrease of $0.7 million and $0.02 respectively, in premiums as a result of the repurchase of a portion of the 6¼% Senior Notes (included in extinguishment of debt). (3) Operating income, net income and diluted earnings per share for the fiscal quarter ended September 30, 2015 included: (a) a decrease of $5.7 million , $4.2 million and $0.12 , respectively, from severance expense related to separation programs designed to increase efficiency and reduce costs across the organization, (b) a decrease of $10.5 million , $7.9 million and $0.22 due to fleet changes that resulted in additional depreciation expense and (c) a decrease of $22.3 million , $25.6 million and $0.73 , respectively, due to impairment of goodwill related to our Bristow Norway and Bristow Academy reporting units. Diluted earnings per share for the fiscal quarter ended September 30, 2015 was impacted by an increase of $0.14 due to the accretion of redeemable noncontrolling interests. (4) Operating income, net income and diluted earnings per share for the fiscal quarter ended September 30, 2014 included: (a) a decrease of $0.6 million , $0.4 million and $0.01 , respectively, from North America restructuring, (b) a decrease of $1.8 million , $1.2 million and $0.03 , respectively, for CEO succession and (c) a decrease of $3.4 million , $2.7 million and $0.08 , respectively, for additional inventory allowances related to excess inventory identified for an older large aircraft model we removed from our fleet. Net income and diluted earnings per share for the fiscal quarter ended September 30, 2015 included a decrease of $0.8 million and $0.02 , respectively, in premiums as a result of the repurchase of a portion of the 6 ¼ Senior Notes (included in other income (expense), net). (5) Operating income, net income and diluted earnings per share for the fiscal quarter ended December 31, 2015 included: (a) a decrease of $7.3 million , $5.4 million and $0.15 , respectively, from severance expense related to separation programs designed to increase efficiency and reduce costs across the organization and (b) a decrease of $5.0 million , $3.8 million and $0.11 due to fleet changes that resulted in additional depreciation expense. Net income and diluted earnings per share for the fiscal quarter ended December 31, 2015 included a decrease of $9.5 million and $0.27 , respectively, due to tax valuation allowance. (6) Operating income, net income and diluted earnings per share for the fiscal quarter ended December 31, 2014 included: (a) a decrease of $3.8 million , $3.0 million and $0.09 , respectively, for additional inventory allowances related to excess inventory identified for an older large aircraft model we removed from our fleet, (b) a decrease of $5.3 million , $4.2 million and $0.12 , respectively, for an accounting correction related to improperly capitalizing profit on intercompany technical services billings and (c) an increase of $0.8 million , $0.6 million and $0.02 , respectively, for an accrued maintenance cost reversal. Net income and diluted earnings per share for the fiscal quarter ended December 31, 2015 included: (a) an increase of $2.5 million and $0.07 , respectively, from a gain on sale of HCA and (b) a decrease of $0.6 million and $0.02 , respectively, in premiums as a result of the repurchase of a portion of the 6 ¼ Senior Notes (included in other income (expense), net). (7) Operating income, net income and diluted earnings per share for the fiscal quarter ended March 31, 2016 included: (a) a decrease of $5.9 million , $2.3 million and $0.07 , respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization and (b) a decrease of $3.6 million , $3.2 million and $0.09 due to fleet changes that resulted in additional depreciation expense and (c) a decrease of $27.4 million , $15.7 million and $0.44 , respectively, due to impairment of goodwill related to our Africa region and impairment of goodwill and intangibles for Eastern Airways. Net income and diluted earnings per share for the fiscal quarter ended March 31, 2016 included a decrease of $5.1 million and $0.14 , respectively, due to tax valuation allowance. (8) Operating income, net income and diluted earnings per share for the fiscal quarter ended March 31, 2015 included: (a) a decrease of $10.4 million , $8.0 million and $0.23 , respectively, due to fleet changes that resulted in additional depreciation expense and (b) a decrease of $0.9 million , $0.6 million and $0.02 for severance costs in West Africa. (9) The fiscal quarters ended June 30, September 30 and December 31, 2015 , and March 31, 2016 included $7.7 million , $14.0 million , $2.2 million and $6.8 million , respectively, in loss on disposal of assets included in operating income which also decreased net income by $5.9 million , $10.8 million , $1.7 million and $3.7 million , respectively, and diluted earnings per share by $(0.17) , $(0.31) , $(0.05) and $(0.10) , respectively. The fiscal quarters ended June 30, September 30 and December 31, 2014, and March 31, 2015 included $0.6 million , $0.1 million , $(26.3) million and $(10.3) million , respectively in gain (loss) on disposal of assets included in operating income which also increased (decreased) net income by $0.5 million , $0.1 million , $(21.0) million and $(8.1) million , respectively, and diluted earnings per share by $0.01 , zero , $(0.60) and $(0.23) , respectively. |
SUPPLEMENTAL CONDENSED CONSOL39
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Condensed Income Statement | The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Statement of Operations Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 229,499 $ 1,486,014 $ — $ 1,715,513 Intercompany revenue — 87,673 — (87,673 ) — — 317,172 1,486,014 (87,673 ) 1,715,513 Operating expense: Direct cost and reimbursable expense 320 192,500 1,116,545 — 1,309,365 Intercompany expenses — — 87,673 (87,673 ) — Depreciation and amortization 7,137 60,312 69,363 — 136,812 General and administrative 68,787 27,440 128,418 — 224,645 76,244 280,252 1,401,999 (87,673 ) 1,670,822 Loss on impairment — (7,264 ) (47,840 ) — (55,104 ) Gain (loss) on disposal of assets — (21,579 ) (9,114 ) — (30,693 ) Earnings from unconsolidated affiliates, net of losses 1,271 — 220 (1,230 ) 261 Operating income (loss) (74,973 ) 8,077 27,281 (1,230 ) (40,845 ) Interest expense, net (30,167 ) (3,859 ) (102 ) — (34,128 ) Other income (expense), net 400 499 (5,157 ) — (4,258 ) Income before provision for income taxes (104,740 ) 4,717 22,022 (1,230 ) (79,231 ) Allocation of consolidated income taxes 32,355 (3,546 ) (26,727 ) — 2,082 Net income (loss) (72,385 ) 1,171 (4,705 ) (1,230 ) (77,149 ) Net (income) loss attributable to noncontrolling interests (57 ) — 4,764 — 4,707 Net income (loss) attributable to Bristow Group (72,442 ) 1,171 59 (1,230 ) (72,442 ) Accretion of redeemable noncontrolling interests — — (1,498 ) — (1,498 ) Net income (loss) attributable to common stockholders $ (72,442 ) $ 1,171 $ (1,439 ) $ (1,230 ) $ (73,940 ) Supplemental Condensed Consolidating Statement of Income Fiscal Year Ended March 31, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 300,171 $ 1,558,498 $ — $ 1,858,669 Intercompany revenue 767 91,476 — (92,243 ) — 767 391,647 1,558,498 (92,243 ) 1,858,669 Operating expense: Direct cost and reimbursable expense — 212,216 1,087,341 — 1,299,557 Intercompany expenses — — 92,243 (92,243 ) — Depreciation and amortization 1,834 46,098 66,361 — 114,293 General and administrative 76,453 39,898 137,807 — 254,158 78,287 298,212 1,383,752 (92,243 ) 1,668,008 Loss on impairment — — (7,167 ) — (7,167 ) Gain (loss) on disposal of assets — 269 (36,118 ) — (35,849 ) Earnings from unconsolidated affiliates, net of losses 44,731 — (1,815 ) (44,687 ) (1,771 ) Operating income (32,789 ) 93,704 129,646 (44,687 ) 145,874 Interest income (expense), net 112,336 (4,581 ) (137,109 ) — (29,354 ) Extinguishment of debt (2,591 ) — — — (2,591 ) Gain on sale of consolidated affiliate — — 3,921 — 3,921 Other income (expense), net 323 483 (7,183 ) — (6,377 ) Income (loss) before provision for income taxes 77,279 89,606 (10,725 ) (44,687 ) 111,473 Allocation of consolidated income taxes 7,080 (1,319 ) (28,527 ) — (22,766 ) Net income (loss) 84,359 88,287 (39,252 ) (44,687 ) 88,707 Net income attributable to noncontrolling interests (59 ) — (4,348 ) — (4,407 ) Net income (loss) attributable to Bristow Group $ 84,300 $ 88,287 $ (43,600 ) $ (44,687 ) $ 84,300 Supplemental Condensed Consolidating Statement of Operations Fiscal Year Ended March 31, 2014 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 303,878 $ 1,365,704 $ — $ 1,669,582 Intercompany revenue 14,754 78,576 — (93,330 ) — 14,754 382,454 1,365,704 (93,330 ) 1,669,582 Operating expense: Direct cost and reimbursable expense — 219,873 966,259 — 1,186,132 Intercompany expenses — — 93,330 (93,330 ) — Depreciation and amortization 2,835 43,052 50,090 — 95,977 General and administrative 64,891 33,925 100,998 — 199,814 67,726 296,850 1,210,677 (93,330 ) 1,481,923 Loss on impairment — (6,988 ) (5,681 ) — (12,669 ) Gain (loss) on disposal of assets (45 ) 4,312 (4,989 ) — (722 ) Earnings from unconsolidated affiliates, net of losses 189,209 — 12,666 (189,166 ) 12,709 Operating income 136,192 82,928 157,023 (189,166 ) 186,977 Interest income (expense), net 79,972 (4,785 ) (118,405 ) — (43,218 ) Gain on sale of consolidated affiliate — — 103,924 — 103,924 Other income (expense), net (174 ) (342 ) (2,176 ) — (2,692 ) Income before provision for income taxes 215,990 77,801 140,366 (189,166 ) 244,991 Allocation of consolidated income taxes (29,193 ) (6,292 ) (21,727 ) — (57,212 ) Net income 186,797 71,509 118,639 (189,166 ) 187,779 Net income attributable to noncontrolling interests (60 ) — (982 ) — (1,042 ) Net income attributable to Bristow Group $ 186,737 $ 71,509 $ 117,657 $ (189,166 ) $ 186,737 |
Condensed Statement of Comprehensive Income | The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net income (loss) $ (72,385 ) $ 1,171 $ (4,705 ) $ (1,230 ) $ (77,149 ) Other comprehensive income (loss): Currency translation adjustments 2 — (186,812 ) 165,206 (21,604 ) Pension liability adjustment — — 705 — 705 Total comprehensive income (loss) (72,383 ) 1,171 (190,812 ) 163,976 (98,048 ) Net income attributable to noncontrolling interests (57 ) — 4,764 — 4,707 Currency translation adjustments attributable to noncontrolling interests — — 1,409 — 1,409 Total comprehensive income attributable to noncontrolling interests (57 ) — 6,173 — 6,116 Total comprehensive income (loss) attributable to Bristow Group (72,440 ) 1,171 (184,639 ) 163,976 (91,932 ) Accretion of redeemable noncontrolling interests — — (1,498 ) — (1,498 ) Total comprehensive (income) loss attributable to common stockholders $ (72,440 ) $ 1,171 $ (186,137 ) $ 163,976 $ (93,430 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net income (loss) $ 84,359 $ 88,287 $ (39,252 ) $ (44,687 ) $ 88,707 Other comprehensive income (loss): Currency translation adjustments (25,885 ) — 24,852 (70,584 ) (71,617 ) Pension liability adjustment — — (36,978 ) — (36,978 ) Total comprehensive income (loss) 58,474 88,287 (51,378 ) (115,271 ) (19,888 ) Net income attributable to noncontrolling interests (59 ) — (4,348 ) — (4,407 ) Currency translation adjustment attributable to noncontrolling interest — — (5,228 ) — (5,228 ) Total comprehensive income attributable to noncontrolling interests (59 ) — (9,576 ) — (9,635 ) Total comprehensive income (loss) attributable to Bristow Group $ 58,415 $ 88,287 $ (60,954 ) $ (115,271 ) $ (29,523 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Fiscal Year Ended March 31, 2014 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net income $ 186,797 $ 71,509 $ 118,639 $ (189,166 ) $ 187,779 Other comprehensive income (loss): Currency translation adjustments 8,173 — (40,402 ) 50,958 18,729 Pension liability adjustment — — 23,367 — 23,367 Total comprehensive income 194,970 71,509 101,604 (138,208 ) 229,875 Net income attributable to noncontrolling interests (60 ) — (982 ) — (1,042 ) Currency translation adjustments attributable to noncontrolling interests — — 1,081 — 1,081 Total comprehensive (income) loss attributable to noncontrolling interests (60 ) — 99 — 39 Total comprehensive income attributable to Bristow Group $ 194,910 $ 71,509 $ 101,703 $ (138,208 ) $ 229,914 |
Condensed Balance Sheet | The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Balance Sheet As of March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 35,241 $ 3,393 $ 65,676 $ — $ 104,310 Accounts receivable 768,641 353,729 373,963 (1,247,016 ) 249,317 Inventories — 37,185 105,318 — 142,503 Assets held for sale — 38,771 5,012 — 43,783 Prepaid expenses and other current assets 5,048 (1,843 ) 49,978 — 53,183 Total current assets 808,930 431,235 599,947 (1,247,016 ) 593,096 Intercompany investment 2,207,516 104,435 145,168 (2,457,119 ) — Investment in unconsolidated affiliates — — 194,952 — 194,952 Intercompany notes receivable 153,078 13,787 3,600 (170,465 ) — Property and equipment - at cost: Land and buildings 4,776 63,976 184,346 — 253,098 Aircraft and equipment 137,751 1,142,829 1,289,997 — 2,570,577 142,527 1,206,805 1,474,343 — 2,823,675 Less – Accumulated depreciation and amortization (23,556 ) (238,644 ) (278,223 ) — (540,423 ) 118,971 968,161 1,196,120 — 2,283,252 Goodwill — — 29,990 — 29,990 Other assets 56,562 743 113,267 — 170,572 Total assets $ 3,345,057 $ 1,518,361 $ 2,283,044 $ (3,874,600 ) $ 3,271,862 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 208,230 $ 475,118 $ 296,860 $ (883,242 ) $ 96,966 Accrued liabilities 26,886 31,371 401,031 (257,683 ) 201,605 Deferred taxes 88 1,914 (121 ) — 1,881 Short-term borrowings and current maturities of long-term debt 28,000 — 34,716 — 62,716 Contingent consideration — — 29,522 — 29,522 Total current liabilities 263,204 508,403 762,008 (1,140,925 ) 392,690 Long-term debt, less current maturities 1,053,200 — 24,973 — 1,078,173 Intercompany notes payable — 108,952 81,422 (190,374 ) — Accrued pension liabilities — — 70,107 — 70,107 Other liabilities and deferred credits 12,278 6,935 14,060 — 33,273 Deferred taxes 147,631 3,670 20,953 — 172,254 Redeemable noncontrolling interests — — 15,473 — 15,473 Stockholders’ investment: Common stock 377 4,996 130,348 (135,344 ) 377 Additional paid-in-capital 801,173 9,291 284,048 (293,339 ) 801,173 Retained earnings 1,172,273 876,114 807,131 (1,683,245 ) 1,172,273 Accumulated other comprehensive income (loss) 78,306 — 63,248 (431,373 ) (289,819 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,867,333 890,401 1,284,775 (2,543,301 ) 1,499,208 Noncontrolling interests 1,411 — 9,273 — 10,684 Total stockholders’ investment 1,868,744 890,401 1,294,048 (2,543,301 ) 1,509,892 Total liabilities, redeemable noncontrolling interests and stockholders’ investment $ 3,345,057 $ 1,518,361 $ 2,283,044 $ (3,874,600 ) $ 3,271,862 Supplemental Condensed Consolidating Balance Sheet As of March 31, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 126 $ 884 $ 103,136 $ — $ 104,146 Accounts receivable 377,158 342,239 447,776 (908,555 ) 258,618 Inventories — 44,285 102,884 — 147,169 Assets held for sale — 54,695 3,132 — 57,827 Prepaid expenses and other current assets 4,850 7,035 58,206 — 70,091 Total current assets 382,134 449,138 715,134 (908,555 ) 637,851 Intercompany investment 1,410,347 111,380 — (1,521,727 ) — Investment in unconsolidated affiliates — — 216,376 — 216,376 Intercompany notes receivable 1,184,335 — — (1,184,335 ) — Property and equipment - at cost: Land and buildings 2,830 50,946 118,183 — 171,959 Aircraft and equipment 108,457 1,114,218 1,271,194 — 2,493,869 111,287 1,165,164 1,389,377 — 2,665,828 Less – Accumulated depreciation and amortization (16,431 ) (223,245 ) (269,051 ) — (508,727 ) 94,856 941,919 1,120,326 — 2,157,101 Goodwill — 4,756 70,872 — 75,628 Other assets 43,423 988 99,353 — 143,764 Total assets $ 3,115,095 $ 1,508,181 $ 2,222,061 $ (3,614,617 ) $ 3,230,720 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 203,700 $ 369,854 $ 289,838 $ (779,199 ) $ 84,193 Accrued liabilities 31,805 37,860 172,851 (18,009 ) 224,507 Deferred taxes (3,661 ) 2,503 18,862 — 17,704 Short-term borrowings and current maturities of long-term debt 9,088 — 9,642 — 18,730 Deferred sale leaseback advance — 55,934 — — 55,934 Total current liabilities 240,932 466,151 525,131 (797,208 ) 435,006 Long-term debt, less current maturities 812,536 — 33,156 — 845,692 Intercompany notes payable 100,000 131,075 1,065,918 (1,296,993 ) — Accrued pension liabilities — — 99,576 — 99,576 Other liabilities and deferred credits 17,144 8,379 21,711 (7,452 ) 39,782 Deferred taxes 141,771 6,346 17,538 — 165,655 Redeemable noncontrolling interests — — 26,223 — 26,223 Stockholders’ investment: Common stock 376 4,996 22,876 (27,872 ) 376 Additional paid-in-capital 781,837 9,291 284,048 (293,339 ) 781,837 Retained earnings 1,284,442 881,943 133,559 (1,015,502 ) 1,284,442 Accumulated other comprehensive loss (80,604 ) — (13,474 ) (176,251 ) (270,329 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,801,255 896,230 427,009 (1,512,964 ) 1,611,530 Noncontrolling interests 1,457 — 5,799 — 7,256 Total stockholders’ investment 1,802,712 896,230 432,808 (1,512,964 ) 1,618,786 Total liabilities, redeemable noncontrolling interests and stockholders’ investment $ 3,115,095 $ 1,508,181 $ 2,222,061 $ (3,614,617 ) $ 3,230,720 |
Condensed Cash Flow Statement | The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (96,497 ) $ 104,989 $ 107,534 $ — $ 116,026 Cash flows from investing activities: Capital expenditures (31,223 ) (239,773 ) (101,379 ) — (372,375 ) Proceeds from asset dispositions — 50,780 9,255 — 60,035 Investment in unconsolidated affiliate — — (4,410 ) — (4,410 ) Net cash used in investing activities (31,223 ) (188,993 ) (96,534 ) — (316,750 ) Cash flows from financing activities: Proceeds from borrowings 908,225 — 20,577 — 928,802 Payment of contingent consideration — — (9,453 ) — (9,453 ) Debt issuance costs (5,139 ) — — — (5,139 ) Repayment of debt and debt redemption premiums (649,650 ) — (27,353 ) — (677,003 ) Proceeds from assignment of aircraft purchase agreements — — — — — Partial prepayment of put/call obligation (55 ) — — — (55 ) Acquisition of noncontrolling interests — — (7,309 ) — (7,309 ) Dividends paid to noncontrolling interest — — (153 ) — (153 ) Repurchase of Common Stock — — — — — Dividends paid (38,076 ) — — — (38,076 ) Increases (decreases) in cash related to intercompany advances and debt (52,470 ) 86,513 (34,043 ) — — Issuance of Common Stock — — — — — Tax benefit related to stock-based compensation — — — — — Net cash provided by (used in) financing activities 162,835 86,513 (57,734 ) — 191,614 Effect of exchange rate changes on cash and cash equivalents — — 9,274 — 9,274 Net increase (decrease) in cash and cash equivalents 35,115 2,509 (37,460 ) — 164 Cash and cash equivalents at beginning of period 126 884 103,136 — 104,146 Cash and cash equivalents at end of period $ 35,241 $ 3,393 $ 65,676 $ — $ 104,310 Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2015 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (99,130 ) $ 245,451 $ 106,459 $ 446 $ 253,226 Cash flows from investing activities: Capital expenditures (46,217 ) (286,879 ) (268,738 ) — (601,834 ) Acquisitions, net of cash received — — (20,303 ) — (20,303 ) Proceeds from sale of unconsolidated affiliate — — 4,185 — 4,185 Proceeds from asset dispositions — 211,423 203,436 — 414,859 Net cash used in investing activities (46,217 ) (75,456 ) (81,420 ) — (203,093 ) Cash flows from financing activities: Proceeds from borrowings 453,000 — 1,393 — 454,393 Repayment of debt and debt redemption premiums (448,799 ) — (11,475 ) — (460,274 ) Partial prepayment of put/call obligation (59 ) — — — (59 ) Acquisition of noncontrolling interest — — (3,170 ) — (3,170 ) Repurchase of Common Stock (80,831 ) — — — (80,831 ) Dividends paid (45,078 ) — — — (45,078 ) Increases (decreases) in cash related to intercompany advances and debt 255,878 (169,111 ) (86,767 ) — — Issuance of Common Stock 5,172 — — — 5,172 Tax benefit related to stock-based compensation 1,550 — — — 1,550 Net cash provided by (used in) financing activities 140,833 (169,111 ) (100,019 ) — (128,297 ) Effect of exchange rate changes on cash and cash equivalents — — (22,031 ) — (22,031 ) Net increase (decrease) in cash and cash equivalents (4,514 ) 884 (97,011 ) 446 (100,195 ) Cash and cash equivalents at beginning of period 4,640 — 200,147 (446 ) 204,341 Cash and cash equivalents at end of period $ 126 $ 884 $ 103,136 $ — $ 104,146 Supplemental Condensed Consolidating Statement of Cash Flows Fiscal Year Ended March 31, 2014 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (48,173 ) $ 107,059 $ 173,654 $ (446 ) $ 232,094 Cash flows from investing activities: Capital expenditures (33,197 ) (482,786 ) (246,868 ) 134,238 (628,613 ) Acquisitions, net of cash received — — (39,850 ) — (39,850 ) Proceeds from sale of unconsolidated affiliate — — 112,210 — 112,210 Proceeds from asset dispositions — 284,042 140,147 (134,238 ) 289,951 Net cash used in investing activities (33,197 ) (198,744 ) (34,361 ) — (266,302 ) Cash flows from financing activities: Proceeds from borrowings 528,600 — 4,464 — 533,064 Payment of contingent consideration — — (6,000 ) — (6,000 ) Debt issuance costs (15,523 ) — — — (15,523 ) Repayment of debt and debt redemption premiums (508,060 ) — (4,432 ) — (512,492 ) Proceeds from assignment of aircraft purchase — 106,113 — — 106,113 Partial prepayment of put/call obligation (57 ) — — — (57 ) Acquisition of noncontrolling interest — — (2,078 ) — (2,078 ) Repurchase of Common Stock (77,661 ) — — — (77,661 ) Dividends paid (33,254 ) 34 (3,100 ) — (36,320 ) Increases (decreases) in cash related to intercompany advances and debt 138,991 (19,832 ) (119,159 ) — — Issuance of Common Stock 15,398 — — — 15,398 Tax benefit related to stock-based compensation 5,723 — — — 5,723 Net cash provided by (used in) financing activities 54,157 86,315 (130,305 ) — 10,167 Effect of exchange rate changes on cash and cash equivalents — — 12,759 — 12,759 Net increase (decrease) in cash and cash equivalents (27,213 ) (5,370 ) 21,747 (446 ) (11,282 ) Cash and cash equivalents at beginning of period 31,853 5,370 178,400 — 215,623 Cash and cash equivalents at end of period $ 4,640 $ — $ 200,147 $ (446 ) $ 204,341 |
OPERATIONS, BASIS OF PRESENTA40
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) £ in Millions, AUD in Millions | Jan. 29, 2015USD ($) | Jan. 29, 2015AUD | Nov. 30, 2015USD ($) | Nov. 30, 2015AUD | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2016USD ($)AffiliatesCustomeraircraft | Mar. 31, 2015GBP (£)aircraft | Mar. 31, 2015USD ($)aircraft | Mar. 31, 2014USD ($)aircraft | Mar. 31, 2013USD ($) | Apr. 30, 2015USD ($) | Mar. 31, 2016USD ($) | Nov. 01, 2015 | Sep. 29, 2015USD ($) | Mar. 31, 2015USD ($) | Jan. 29, 2015USD ($) | Mar. 31, 2014USD ($) |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||
Impairment of inventories | $ 5,439,000 | $ 7,167,000 | $ 12,669,000 | |||||||||||||||||||||
Dormant, obsolete and excess inventory | $ 19,400,000 | $ 19,100,000 | $ 50,500,000 | |||||||||||||||||||||
Gain (loss) on disposal of assets | $ (6,800,000) | $ (2,200,000) | $ (14,000,000) | $ (7,700,000) | $ (10,300,000) | $ (26,300,000) | $ 100,000 | $ 600,000 | (30,693,000) | (35,849,000) | (722,000) | |||||||||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||||||||||||||||||||
Impairment of inventories | 5,439,000 | 7,167,000 | 12,669,000 | |||||||||||||||||||||
Property and equipment [Line Items] | ||||||||||||||||||||||||
Impairment charges on assets held for sale | 29,571,000 | 36,057,000 | ||||||||||||||||||||||
Construction in progress within property and equipment | 307,360,000 | 306,012,000 | ||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||
Goodwill | 29,990,000 | 75,628,000 | 75,628,000 | 56,680,000 | 75,628,000 | 56,680,000 | 56,680,000 | 29,990,000 | 75,628,000 | $ 56,680,000 | ||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Goodwill, beginning balance | 75,628,000 | 56,680,000 | 75,628,000 | 56,680,000 | ||||||||||||||||||||
Purchase price adjustments to previously acquired goodwill | (4,161,000) | |||||||||||||||||||||||
Goodwill, translation adjustments | 102,000 | (5,304,000) | ||||||||||||||||||||||
Goodwill, acquired during period | 24,252,000 | |||||||||||||||||||||||
Goodwill, impairment loss | (41,579,000) | 0 | ||||||||||||||||||||||
Goodwill, ending balance | 29,990,000 | 75,628,000 | 29,990,000 | 75,628,000 | 56,680,000 | |||||||||||||||||||
Accumulated goodwill impairment [Rollforward]: | ||||||||||||||||||||||||
Accumulated goodwill impairment loss, beginning balance | (576,000) | (576,000) | (576,000) | (576,000) | ||||||||||||||||||||
Goodwill, impairment loss | (41,579,000) | 0 | ||||||||||||||||||||||
Accumulated goodwill impairment loss, ending balance | (42,155,000) | (576,000) | (42,155,000) | (576,000) | (576,000) | |||||||||||||||||||
Other Intangible Assets [Line Items] | ||||||||||||||||||||||||
Impairments, intangible assets | 8,086,000 | |||||||||||||||||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||||||||||||||||||
Intangible Assets, gross beginning balance | 28,306,000 | 26,628,000 | 28,306,000 | 26,628,000 | ||||||||||||||||||||
Foreign currency translation | (448,000) | (2,085,000) | ||||||||||||||||||||||
Intangible assets acquisition | 3,763,000 | |||||||||||||||||||||||
Intangible Assets, gross ending balance | 27,858,000 | 28,306,000 | 27,858,000 | 28,306,000 | 26,628,000 | |||||||||||||||||||
Accumulated amortization of intangible assets- beginning balance | (10,091,000) | (8,329,000) | (10,091,000) | (8,329,000) | ||||||||||||||||||||
Impairments, intangible assets | (8,086,000) | |||||||||||||||||||||||
Amortization expense | (2,202,000) | (1,762,000) | ||||||||||||||||||||||
Accumulated amortization of intangible assets- ending balance | (20,379,000) | (10,091,000) | $ (20,379,000) | (10,091,000) | (8,329,000) | |||||||||||||||||||
Weighted average remaining contractual life, in years | 6 years 2 months | |||||||||||||||||||||||
2,017 | 999,000 | |||||||||||||||||||||||
2,018 | 936,000 | |||||||||||||||||||||||
2,019 | 806,000 | |||||||||||||||||||||||
2,020 | 503,000 | |||||||||||||||||||||||
2,021 | 503,000 | |||||||||||||||||||||||
Thereafter | 3,732,000 | |||||||||||||||||||||||
Total | 7,479,000 | |||||||||||||||||||||||
Other [Line Items] | ||||||||||||||||||||||||
Number of aircraft operated | aircraft | 463 | |||||||||||||||||||||||
Deferred tax assets, net, noncurrent | 68,000,000 | 50,700,000 | ||||||||||||||||||||||
Deferred contract acquisition cost, non current | 55,100,000 | 42,400,000 | ||||||||||||||||||||||
Foreign currency transaction gain/loss | $ (4,300,000) | (6,500,000) | (3,700,000) | |||||||||||||||||||||
Impact of foreign exchange rates on unconsolidated affiliates | (22,400,000) | (25,700,000) | (3,900,000) | |||||||||||||||||||||
Extinguishment of debt | 0 | (2,591,000) | 0 | |||||||||||||||||||||
Proceeds from sale of unconsolidated affiliates | 0 | 4,185,000 | 112,210,000 | |||||||||||||||||||||
Gain on sale of unconsolidated affiliates | 0 | 3,921,000 | 103,924,000 | |||||||||||||||||||||
Gain on sale of intellectual property | 1,100,000 | |||||||||||||||||||||||
Accretion of redeemable noncontrolling interests | 1,498,000 | 0 | 0 | |||||||||||||||||||||
Impairment of property and equipment | 0 | |||||||||||||||||||||||
Deferred sale leaseback advance total | 55,934,000 | |||||||||||||||||||||||
Proceeds from assignment of aircraft purchase agreements | $ 0 | $ 0 | $ 106,113,000 | |||||||||||||||||||||
Number of aircraft assigned future payments | aircraft | 7 | |||||||||||||||||||||||
Deferred sale leaseback cumulative progress payments | $ 147,400,000 | |||||||||||||||||||||||
Number of aircraft movement into (out of) deferred sale leaseback advance | aircraft | (2) | (5) | (5) | |||||||||||||||||||||
Completion of deferred sale leaseback | $ 75,800,000 | $ 183,700,000 | ||||||||||||||||||||||
Removal of deferred sale leaseback advance | 74,300,000 | 182,600,000 | ||||||||||||||||||||||
Unamortized debt issuance cost | 12,200,000 | 10,000,000 | ||||||||||||||||||||||
All debt excluding Revolving Credit Facility | ||||||||||||||||||||||||
Other [Line Items] | ||||||||||||||||||||||||
Unamortized debt issuance cost | 9,200,000 | 8,300,000 | ||||||||||||||||||||||
Senior Notes | Senior Notes Due 2022 | ||||||||||||||||||||||||
Other [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | 0 | 2,600,000 | ||||||||||||||||||||||
Direct cost | ||||||||||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Purchase price adjustments to previously acquired goodwill | 1,000,000 | |||||||||||||||||||||||
ATP Oil and Gas Corporation | ||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||
Provision for doubtful accounts | $ 4,900,000 | |||||||||||||||||||||||
Allowance for doubtful accounts receivable, recoveries | 4,400,000 | |||||||||||||||||||||||
Allowance for doubtful accounts receivable, write-offs | 500,000 | |||||||||||||||||||||||
UK SAR | ||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||
Deferred set-up costs, current | $ 12,100,000 | 8,900,000 | ||||||||||||||||||||||
Amortization of other deferred charges | 10,000,000 | 2,600,000 | ||||||||||||||||||||||
Affiliated Customer | ||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||
Provision for doubtful accounts | 0 | 0 | ||||||||||||||||||||||
Non-affiliated customer | ||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||
Provision for doubtful accounts | 4,700,000 | |||||||||||||||||||||||
Aircraft | ||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||
Gain (loss) on disposal of assets | (1,122,000) | 208,000 | $ 6,092,000 | |||||||||||||||||||||
Damage from fire, explosion or other hazard | ||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||
Gain (loss) on disposal of assets | 4,900,000 | (11,100,000) | ||||||||||||||||||||||
Insurance recoveries | 16,000,000 | 11,100,000 | ||||||||||||||||||||||
Airnorth | ||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||
Goodwill | $ 24,252,000 | $ 24,252,000 | ||||||||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Goodwill, ending balance | 24,252,000 | |||||||||||||||||||||||
Other [Line Items] | ||||||||||||||||||||||||
Accretion of redeemable noncontrolling interests | 1,498,000 | |||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 15.00% | 85.00% | ||||||||||||||||||||||
Acquisition cost | $ 24,000,000 | AUD 30.3 | $ 5,300,000 | AUD 7.3 | ||||||||||||||||||||
Acquisition of noncontrolling interests | 5,467,000 | |||||||||||||||||||||||
Redeemable non controlling interest, carrying amount, period increase (decrease) | (5,467,000) | |||||||||||||||||||||||
Adjustments to additional paid in capital | $ 2,600,000 | |||||||||||||||||||||||
Lider | ||||||||||||||||||||||||
Other [Line Items] | ||||||||||||||||||||||||
Impairment of unconsolidated affiliate | 0 | |||||||||||||||||||||||
Prepaid expenses and other current assets [Member] | ||||||||||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Purchase price adjustments to previously acquired goodwill | 2,700,000 | |||||||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Purchase price adjustments to previously acquired goodwill | 3,100,000 | |||||||||||||||||||||||
Accrued maintenance | ||||||||||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Purchase price adjustments to previously acquired goodwill | (3,600,000) | |||||||||||||||||||||||
Eastern Airways | ||||||||||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Goodwill, impairment loss | (13,126,000) | |||||||||||||||||||||||
Accumulated goodwill impairment [Rollforward]: | ||||||||||||||||||||||||
Goodwill, impairment loss | (13,126,000) | |||||||||||||||||||||||
Bristow Academy and Norway | ||||||||||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Goodwill, impairment loss | (22,274,000) | |||||||||||||||||||||||
Accumulated goodwill impairment [Rollforward]: | ||||||||||||||||||||||||
Goodwill, impairment loss | $ (22,274,000) | |||||||||||||||||||||||
Airnorth | ||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||
Percentage of fair value in excess of carrying amount | 12.80% | |||||||||||||||||||||||
Maximum | Aircraft | ||||||||||||||||||||||||
Property and equipment [Line Items] | ||||||||||||||||||||||||
Property and equipment useful life | 15 years | |||||||||||||||||||||||
Property and equipment salvage value percentage | 50.00% | |||||||||||||||||||||||
Maximum | Building | ||||||||||||||||||||||||
Property and equipment [Line Items] | ||||||||||||||||||||||||
Property and equipment useful life | 30 years | |||||||||||||||||||||||
Maximum | Other depreciable assets | ||||||||||||||||||||||||
Property and equipment [Line Items] | ||||||||||||||||||||||||
Property and equipment useful life | 15 years | |||||||||||||||||||||||
Minimum | Aircraft | ||||||||||||||||||||||||
Property and equipment [Line Items] | ||||||||||||||||||||||||
Property and equipment useful life | 5 years | |||||||||||||||||||||||
Property and equipment salvage value percentage | 30.00% | |||||||||||||||||||||||
Minimum | Building | ||||||||||||||||||||||||
Property and equipment [Line Items] | ||||||||||||||||||||||||
Property and equipment useful life | 15 years | |||||||||||||||||||||||
Minimum | Other depreciable assets | ||||||||||||||||||||||||
Property and equipment [Line Items] | ||||||||||||||||||||||||
Property and equipment useful life | 3 years | |||||||||||||||||||||||
Unconsolidated affiliates | ||||||||||||||||||||||||
Other [Line Items] | ||||||||||||||||||||||||
Number of aircraft operated | Affiliates | 120 | |||||||||||||||||||||||
Nigeria | ||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||
Number Of Uncollectible Customers | Customer | 2 | |||||||||||||||||||||||
Australia | ||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||
Number Of Uncollectible Customers | Customer | 1 | |||||||||||||||||||||||
Helideck Certification Agency (HCA) | ||||||||||||||||||||||||
Other [Line Items] | ||||||||||||||||||||||||
Equity investment ownership percentage | 50.00% | |||||||||||||||||||||||
Proceeds from sale of unconsolidated affiliates | £ 2.7 | 4,200,000 | ||||||||||||||||||||||
Gain on sale of unconsolidated affiliates | 3,900,000 | |||||||||||||||||||||||
FB Entities | ||||||||||||||||||||||||
Other [Line Items] | ||||||||||||||||||||||||
Equity investment ownership percentage | 50.00% | |||||||||||||||||||||||
Proceeds from sale of unconsolidated affiliates | £ 74 | 112,200,000 | ||||||||||||||||||||||
Gain on sale of unconsolidated affiliates | 103,900,000 | |||||||||||||||||||||||
Allowance for doubtful accounts | ||||||||||||||||||||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||||||||||||||||||||
Balance- beginning of fiscal year | 859,000 | 5,074,000 | $ 859,000 | 5,074,000 | 5,079,000 | |||||||||||||||||||
Additional allowances | 6,638,000 | 1,050,000 | 87,000 | |||||||||||||||||||||
Write-offs | (1,935,000) | (5,265,000) | (92,000) | |||||||||||||||||||||
Balance- end of fiscal year | 5,562,000 | 859,000 | 5,562,000 | 859,000 | 5,074,000 | $ 5,079,000 | ||||||||||||||||||
Inventory valuation | ||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||
Impairment of inventories | 5,439,000 | 7,167,000 | 12,669,000 | |||||||||||||||||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||||||||||||||||||||
Balance- beginning of fiscal year | 45,414,000 | 47,298,000 | 45,414,000 | 47,298,000 | 31,504,000 | |||||||||||||||||||
Impairment of inventories | 5,439,000 | 7,167,000 | 12,669,000 | |||||||||||||||||||||
Additional allowances | 192,000 | 4,867,000 | 6,807,000 | |||||||||||||||||||||
Write-offs | (22,428,000) | (10,125,000) | (6,096,000) | |||||||||||||||||||||
Foreign currency effects | (854,000) | (3,793,000) | 2,414,000 | |||||||||||||||||||||
Balance- end of fiscal year | 27,763,000 | 45,414,000 | 27,763,000 | 45,414,000 | 47,298,000 | $ 31,504,000 | ||||||||||||||||||
Europe Caspian | ||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||
Goodwill | 10,026,000 | 35,701,000 | 35,701,000 | 40,201,000 | 35,701,000 | 40,201,000 | 40,201,000 | $ 10,026,000 | 35,701,000 | $ 40,201,000 | ||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Goodwill, beginning balance | 35,701,000 | 40,201,000 | 35,701,000 | 40,201,000 | ||||||||||||||||||||
Purchase price adjustments to previously acquired goodwill | (170,000) | |||||||||||||||||||||||
Goodwill, translation adjustments | (328,000) | (4,500,000) | ||||||||||||||||||||||
Goodwill, acquired during period | 0 | |||||||||||||||||||||||
Goodwill, impairment loss | (25,177,000) | 0 | ||||||||||||||||||||||
Goodwill, ending balance | 10,026,000 | 35,701,000 | 10,026,000 | 35,701,000 | 40,201,000 | |||||||||||||||||||
Accumulated goodwill impairment [Rollforward]: | ||||||||||||||||||||||||
Accumulated goodwill impairment loss, beginning balance | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Goodwill, impairment loss | (25,177,000) | 0 | ||||||||||||||||||||||
Accumulated goodwill impairment loss, ending balance | (25,177,000) | 0 | (25,177,000) | 0 | 0 | |||||||||||||||||||
Europe Caspian | Norway | ||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||
Goodwill | $ 12,100,000 | |||||||||||||||||||||||
Europe Caspian | Eastern Airways | ||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||
Goodwill | 24,600,000 | |||||||||||||||||||||||
Africa | ||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||
Goodwill | 0 | 5,946,000 | 5,946,000 | 6,177,000 | 5,946,000 | 6,177,000 | 6,177,000 | 0 | 5,900,000 | 5,946,000 | 6,177,000 | |||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Goodwill, beginning balance | 5,946,000 | 6,177,000 | 5,946,000 | 6,177,000 | ||||||||||||||||||||
Purchase price adjustments to previously acquired goodwill | 0 | |||||||||||||||||||||||
Goodwill, translation adjustments | 233,000 | (231,000) | ||||||||||||||||||||||
Goodwill, acquired during period | 0 | |||||||||||||||||||||||
Goodwill, impairment loss | (6,179,000) | (6,179,000) | 0 | |||||||||||||||||||||
Goodwill, ending balance | 0 | 5,946,000 | 0 | 5,946,000 | 6,177,000 | |||||||||||||||||||
Accumulated goodwill impairment [Rollforward]: | ||||||||||||||||||||||||
Accumulated goodwill impairment loss, beginning balance | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Goodwill, impairment loss | (6,179,000) | (6,179,000) | 0 | |||||||||||||||||||||
Accumulated goodwill impairment loss, ending balance | (6,179,000) | 0 | (6,179,000) | 0 | 0 | |||||||||||||||||||
Americas | ||||||||||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Goodwill, impairment loss | 0 | 0 | ||||||||||||||||||||||
Accumulated goodwill impairment [Rollforward]: | ||||||||||||||||||||||||
Accumulated goodwill impairment loss, beginning balance | (576,000) | (576,000) | (576,000) | (576,000) | ||||||||||||||||||||
Goodwill, impairment loss | 0 | 0 | ||||||||||||||||||||||
Accumulated goodwill impairment loss, ending balance | (576,000) | (576,000) | (576,000) | (576,000) | (576,000) | |||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||
Goodwill | 19,964,000 | 23,791,000 | 23,791,000 | 0 | 23,791,000 | 0 | 0 | 19,964,000 | 21,900,000 | 23,791,000 | 0 | |||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Goodwill, beginning balance | 23,791,000 | 0 | 23,791,000 | 0 | ||||||||||||||||||||
Purchase price adjustments to previously acquired goodwill | (3,991,000) | |||||||||||||||||||||||
Goodwill, translation adjustments | 164,000 | (461,000) | ||||||||||||||||||||||
Goodwill, acquired during period | 24,252,000 | |||||||||||||||||||||||
Goodwill, impairment loss | 0 | |||||||||||||||||||||||
Goodwill, ending balance | 19,964,000 | 23,791,000 | 19,964,000 | 23,791,000 | 0 | |||||||||||||||||||
Accumulated goodwill impairment [Rollforward]: | ||||||||||||||||||||||||
Goodwill, impairment loss | 0 | |||||||||||||||||||||||
Corporate and other | ||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||
Goodwill | 0 | 10,190,000 | 10,190,000 | 10,302,000 | 10,190,000 | 10,302,000 | 10,302,000 | $ 0 | $ 10,200,000 | $ 10,190,000 | $ 10,302,000 | |||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||||||||
Goodwill, beginning balance | 10,190,000 | 10,302,000 | 10,190,000 | 10,302,000 | ||||||||||||||||||||
Purchase price adjustments to previously acquired goodwill | 0 | |||||||||||||||||||||||
Goodwill, translation adjustments | 33,000 | (112,000) | ||||||||||||||||||||||
Goodwill, acquired during period | 0 | |||||||||||||||||||||||
Goodwill, impairment loss | (10,223,000) | 0 | ||||||||||||||||||||||
Goodwill, ending balance | 0 | 10,190,000 | 0 | 10,190,000 | 10,302,000 | |||||||||||||||||||
Accumulated goodwill impairment [Rollforward]: | ||||||||||||||||||||||||
Accumulated goodwill impairment loss, beginning balance | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Goodwill, impairment loss | (10,223,000) | 0 | ||||||||||||||||||||||
Accumulated goodwill impairment loss, ending balance | (10,223,000) | 0 | (10,223,000) | 0 | 0 | |||||||||||||||||||
Assets held for sale | ||||||||||||||||||||||||
Property and equipment [Line Items] | ||||||||||||||||||||||||
Impairment charges on assets held for sale | 29,571,000 | 36,057,000 | 6,814,000 | |||||||||||||||||||||
Client contracts | ||||||||||||||||||||||||
Other Intangible Assets [Line Items] | ||||||||||||||||||||||||
Impairments, intangible assets | 0 | |||||||||||||||||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||||||||||||||||||
Intangible Assets, gross beginning balance | 8,165,000 | 7,129,000 | 8,165,000 | 7,129,000 | ||||||||||||||||||||
Foreign currency translation | 5,000 | (76,000) | ||||||||||||||||||||||
Intangible assets acquisition | 1,112,000 | |||||||||||||||||||||||
Intangible Assets, gross ending balance | 8,170,000 | 8,165,000 | 8,170,000 | 8,165,000 | 7,129,000 | |||||||||||||||||||
Accumulated amortization of intangible assets- beginning balance | (7,399,000) | (6,932,000) | (7,399,000) | (6,932,000) | ||||||||||||||||||||
Impairments, intangible assets | 0 | |||||||||||||||||||||||
Amortization expense | (663,000) | (467,000) | ||||||||||||||||||||||
Accumulated amortization of intangible assets- ending balance | (8,062,000) | (7,399,000) | $ (8,062,000) | (7,399,000) | (6,932,000) | |||||||||||||||||||
Weighted average remaining contractual life, in years | 5 months | |||||||||||||||||||||||
Client relationships | ||||||||||||||||||||||||
Other Intangible Assets [Line Items] | ||||||||||||||||||||||||
Impairments, intangible assets | $ 8,086,000 | |||||||||||||||||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||||||||||||||||||
Intangible Assets, gross beginning balance | 13,056,000 | 12,007,000 | 13,056,000 | 12,007,000 | ||||||||||||||||||||
Foreign currency translation | (277,000) | (1,238,000) | ||||||||||||||||||||||
Intangible assets acquisition | 2,287,000 | |||||||||||||||||||||||
Intangible Assets, gross ending balance | 12,779,000 | 13,056,000 | 12,779,000 | 13,056,000 | 12,007,000 | |||||||||||||||||||
Accumulated amortization of intangible assets- beginning balance | (1,583,000) | (928,000) | (1,583,000) | (928,000) | ||||||||||||||||||||
Impairments, intangible assets | (8,086,000) | |||||||||||||||||||||||
Amortization expense | (931,000) | (655,000) | ||||||||||||||||||||||
Accumulated amortization of intangible assets- ending balance | (10,600,000) | (1,583,000) | $ (10,600,000) | (1,583,000) | (928,000) | |||||||||||||||||||
Weighted average remaining contractual life, in years | 7 years | |||||||||||||||||||||||
Trade names and trademarks | ||||||||||||||||||||||||
Other Intangible Assets [Line Items] | ||||||||||||||||||||||||
Impairments, intangible assets | $ 0 | |||||||||||||||||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||||||||||||||||||
Intangible Assets, gross beginning balance | 5,148,000 | 5,326,000 | 5,148,000 | 5,326,000 | ||||||||||||||||||||
Foreign currency translation | (140,000) | (542,000) | ||||||||||||||||||||||
Intangible assets acquisition | 364,000 | |||||||||||||||||||||||
Intangible Assets, gross ending balance | 5,008,000 | 5,148,000 | 5,008,000 | 5,148,000 | 5,326,000 | |||||||||||||||||||
Accumulated amortization of intangible assets- beginning balance | (323,000) | 0 | (323,000) | 0 | ||||||||||||||||||||
Impairments, intangible assets | 0 | |||||||||||||||||||||||
Amortization expense | (313,000) | (323,000) | ||||||||||||||||||||||
Accumulated amortization of intangible assets- ending balance | (636,000) | (323,000) | $ (636,000) | (323,000) | 0 | |||||||||||||||||||
Weighted average remaining contractual life, in years | 14 years | |||||||||||||||||||||||
Internally developed software | ||||||||||||||||||||||||
Other Intangible Assets [Line Items] | ||||||||||||||||||||||||
Impairments, intangible assets | $ 0 | |||||||||||||||||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||||||||||||||||||
Intangible Assets, gross beginning balance | 1,179,000 | 1,339,000 | 1,179,000 | 1,339,000 | ||||||||||||||||||||
Foreign currency translation | (30,000) | (160,000) | ||||||||||||||||||||||
Intangible assets acquisition | 0 | |||||||||||||||||||||||
Intangible Assets, gross ending balance | 1,149,000 | 1,179,000 | 1,149,000 | 1,179,000 | 1,339,000 | |||||||||||||||||||
Accumulated amortization of intangible assets- beginning balance | (244,000) | 0 | (244,000) | 0 | ||||||||||||||||||||
Impairments, intangible assets | 0 | |||||||||||||||||||||||
Amortization expense | (236,000) | (244,000) | ||||||||||||||||||||||
Accumulated amortization of intangible assets- ending balance | (480,000) | (244,000) | $ (480,000) | (244,000) | 0 | |||||||||||||||||||
Weighted average remaining contractual life, in years | 2 years 10 months | |||||||||||||||||||||||
Licenses | ||||||||||||||||||||||||
Other Intangible Assets [Line Items] | ||||||||||||||||||||||||
Impairments, intangible assets | $ 0 | |||||||||||||||||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||||||||||||||||||
Intangible Assets, gross beginning balance | 758,000 | 827,000 | 758,000 | 827,000 | ||||||||||||||||||||
Foreign currency translation | (6,000) | (69,000) | ||||||||||||||||||||||
Intangible assets acquisition | 0 | |||||||||||||||||||||||
Intangible Assets, gross ending balance | 752,000 | 758,000 | 752,000 | 758,000 | 827,000 | |||||||||||||||||||
Accumulated amortization of intangible assets- beginning balance | $ (542,000) | $ (469,000) | (542,000) | (469,000) | ||||||||||||||||||||
Impairments, intangible assets | 0 | |||||||||||||||||||||||
Amortization expense | (59,000) | (73,000) | ||||||||||||||||||||||
Accumulated amortization of intangible assets- ending balance | $ (601,000) | $ (542,000) | $ (601,000) | $ (542,000) | $ (469,000) | |||||||||||||||||||
Weighted average remaining contractual life, in years | 2 years 7 months |
ACQUISITIONS (Details)
ACQUISITIONS (Details) £ in Millions, AUD in Millions | Jan. 29, 2015USD ($) | Jan. 29, 2015AUD | Feb. 06, 2014GBP (£) | Feb. 06, 2014USD ($) | Nov. 30, 2015USD ($) | Nov. 30, 2015AUD | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Mar. 31, 2016USD ($)aircraft | Nov. 01, 2015 | Mar. 31, 2015USD ($) | Jan. 29, 2015USD ($) | Jan. 29, 2015AUD | Mar. 31, 2014USD ($) | Feb. 06, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments of contingent consideration | $ 9,453,000 | $ 0 | $ 6,000,000 | |||||||||||||||||||||
Current assets | $ 593,096,000 | $ 637,851,000 | ||||||||||||||||||||||
Property and equipment, net | 2,283,252,000 | 2,157,101,000 | ||||||||||||||||||||||
Goodwill | 29,990,000 | 75,628,000 | $ 56,680,000 | |||||||||||||||||||||
Prepaid expenses and other assets | 170,572,000 | 143,764,000 | ||||||||||||||||||||||
Total assets | 3,271,862,000 | 3,230,720,000 | ||||||||||||||||||||||
Current liabilities, including debt | (392,690,000) | (435,006,000) | ||||||||||||||||||||||
Long-term debt, less current maturities | (1,078,173,000) | (845,692,000) | ||||||||||||||||||||||
Other long-term liabilities | (33,273,000) | (39,782,000) | ||||||||||||||||||||||
Redeemable noncontrolling interests | $ (15,473,000) | $ (26,223,000) | $ (26,223,000) | (26,223,000) | (26,223,000) | $ (15,473,000) | (26,223,000) | |||||||||||||||||
Revenues | 381,719,000 | $ 419,887,000 | $ 446,911,000 | 466,996,000 | 450,355,000 | $ 460,140,000 | $ 475,636,000 | $ 472,538,000 | 1,715,513,000 | 1,858,669,000 | 1,669,582,000 | |||||||||||||
Redeemable noncontrolling interest, beginning balance | 26,223,000 | 26,223,000 | ||||||||||||||||||||||
Accretion of redeemable noncontrolling interest | 1,498,000 | 0 | 0 | |||||||||||||||||||||
Redeemable noncontrolling interest, ending balance | 15,473,000 | 26,223,000 | 15,473,000 | 26,223,000 | ||||||||||||||||||||
Airnorth | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 15.00% | 85.00% | 85.00% | |||||||||||||||||||||
Acquisition cost | $ 24,000,000 | AUD 30.3 | $ 5,300,000 | AUD 7.3 | ||||||||||||||||||||
Potential earn-out payments | $ 13,000,000 | AUD 17 | ||||||||||||||||||||||
Redeemable non controlling interest, carrying amount, period increase (decrease) | (5,467,000) | |||||||||||||||||||||||
Adjustments to additional paid in capital | $ 2,600,000 | |||||||||||||||||||||||
Business combination contingent consideration arrangement terms | 4 years | 4 years | ||||||||||||||||||||||
Payments of contingent consideration | 1,500,000 | |||||||||||||||||||||||
Number of aircrafts owned | aircraft | 13 | |||||||||||||||||||||||
Current assets | 15,188,000 | |||||||||||||||||||||||
Property and equipment, net | 39,822,000 | |||||||||||||||||||||||
Goodwill | 24,252,000 | |||||||||||||||||||||||
Prepaid expenses and other assets | 4,403,000 | |||||||||||||||||||||||
Total assets | 83,665,000 | |||||||||||||||||||||||
Current liabilities, including debt | (20,104,000) | |||||||||||||||||||||||
Long-term debt, less current maturities | (20,606,000) | |||||||||||||||||||||||
Other long-term liabilities | (9,441,000) | |||||||||||||||||||||||
Total liabilities | (50,151,000) | |||||||||||||||||||||||
Redeemable noncontrolling interests | $ (3,427,000) | 0 | (3,339,000) | (3,339,000) | (3,339,000) | (3,339,000) | $ 0 | (3,339,000) | (3,427,000) | |||||||||||||||
Net assets | $ 30,087,000 | |||||||||||||||||||||||
Revenues | 75,400,000 | 11,400,000 | ||||||||||||||||||||||
Redeemable noncontrolling interest, beginning balance | 3,339,000 | 3,339,000 | ||||||||||||||||||||||
Noncontrolling interest expense | 788,000 | (39,000) | ||||||||||||||||||||||
Accretion of redeemable noncontrolling interest | 1,498,000 | |||||||||||||||||||||||
Acquisition of noncontrolling interest | (5,467,000) | |||||||||||||||||||||||
Currency translation | (158,000) | (49,000) | ||||||||||||||||||||||
Redeemable noncontrolling interest, ending balance | $ 3,427,000 | 0 | 3,339,000 | 0 | 3,339,000 | |||||||||||||||||||
Business acquisition, pro forma gross revenue | 1,927,680,000 | 1,734,911,000 | ||||||||||||||||||||||
Business acquisition, pro forma net income | 87,902,000 | 187,785,000 | ||||||||||||||||||||||
Airnorth | Turboprop | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of aircrafts owned | aircraft | 9 | |||||||||||||||||||||||
Airnorth | Regional Jets | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of aircrafts owned | aircraft | 4 | |||||||||||||||||||||||
Airnorth | Call option | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Option indexed to issuer's equity, period | 6 months | 6 months | ||||||||||||||||||||||
Airnorth | Put option | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Option indexed to issuer's equity, period | 3 years | 3 years | ||||||||||||||||||||||
Eastern Airways | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 60.00% | 60.00% | ||||||||||||||||||||||
Acquisition cost | £ 27 | $ 44,000,000 | ||||||||||||||||||||||
Potential earn-out payments | £ 6 | $ 9,000,000 | ||||||||||||||||||||||
Business combination contingent consideration arrangement terms | 3 years | 3 years | ||||||||||||||||||||||
Current assets | 21,117,000 | |||||||||||||||||||||||
Property and equipment, net | 63,391,000 | |||||||||||||||||||||||
Goodwill | 26,479,000 | |||||||||||||||||||||||
Prepaid expenses and other assets | 20,474,000 | |||||||||||||||||||||||
Total assets | 131,461,000 | |||||||||||||||||||||||
Current liabilities, including debt | (37,644,000) | |||||||||||||||||||||||
Long-term debt, less current maturities | (20,400,000) | |||||||||||||||||||||||
Other long-term liabilities | (8,239,000) | |||||||||||||||||||||||
Total liabilities | (66,283,000) | |||||||||||||||||||||||
Redeemable noncontrolling interests | $ (21,139,000) | (15,473,000) | (22,885,000) | (22,885,000) | (22,283,000) | (22,885,000) | (22,283,000) | (22,283,000) | $ (15,473,000) | $ (22,885,000) | $ (22,283,000) | (21,139,000) | ||||||||||||
Net assets | $ 44,039,000 | |||||||||||||||||||||||
Revenues | 133,500,000 | 144,800,000 | 21,200,000 | |||||||||||||||||||||
Redeemable noncontrolling interest, beginning balance | $ 22,885,000 | $ 22,283,000 | 22,885,000 | 22,283,000 | ||||||||||||||||||||
Noncontrolling interest expense | (6,499,000) | 3,389,000 | 671,000 | |||||||||||||||||||||
Currency translation | (913,000) | (2,787,000) | 473,000 | |||||||||||||||||||||
Redeemable noncontrolling interest, ending balance | $ 21,139,000 | $ 15,473,000 | $ 22,885,000 | $ 15,473,000 | 22,885,000 | $ 22,283,000 | ||||||||||||||||||
Business acquisition, pro forma gross revenue | 1,761,390,000 | |||||||||||||||||||||||
Business acquisition, pro forma net income | $ 188,921,000 | |||||||||||||||||||||||
Eastern Airways | Put option | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Option indexed to issuer's equity, period | 7 years | 7 years |
VARIABLE INTEREST ENTITIES AN42
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES (Details) £ / shares in Units, $ in Thousands, £ in Millions, BRL in Millions | Jul. 31, 2014 | Apr. 30, 2015USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013 | Nov. 30, 2013USD ($) | Mar. 31, 2016USD ($)AffiliatesNominationsaircraft | Mar. 31, 2015GBP (£) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Mar. 31, 2014BRL | Mar. 31, 2013USD ($)Extensions | Apr. 30, 2017USD ($) | Apr. 30, 2016USD ($) | Mar. 31, 2016GBP (£)Class_Of_Sharesaircraftvoting_rights | Mar. 31, 2016USD ($)Class_Of_Sharesaircraftvoting_rights | May. 31, 2004USD ($)shares | May. 31, 2004£ / shares | Apr. 30, 2004 |
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Number of variable interest entities | Affiliates | 4 | ||||||||||||||||||||||||||
Number of joint ventures | Affiliates | 2 | ||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||
Noncontrolling interests- beginning balance | $ 7,256 | $ 7,256 | $ 7,256 | ||||||||||||||||||||||||
Noncontrolling interests expense | (4,707) | $ 4,407 | $ 1,042 | ||||||||||||||||||||||||
Currency translation adjustments | (21,604) | (71,617) | 18,729 | ||||||||||||||||||||||||
Noncontrolling interests- ending balance | $ 10,684 | $ 7,256 | 10,684 | 7,256 | |||||||||||||||||||||||
VIE Financial Information | |||||||||||||||||||||||||||
Cash and cash equivalents | 104,146 | $ 204,341 | 104,146 | 204,341 | $ 215,623 | $ 104,310 | |||||||||||||||||||||
Accounts Receivable Net Current | 258,618 | 258,618 | 249,317 | ||||||||||||||||||||||||
Inventories | 147,169 | 11,100 | 147,169 | 11,100 | 142,503 | ||||||||||||||||||||||
Prepaid expenses and other current assets | 70,091 | 70,091 | 53,183 | ||||||||||||||||||||||||
Total current assets | 637,851 | 637,851 | 593,096 | ||||||||||||||||||||||||
Investment in unconsolidated affiliates | 216,376 | 216,376 | 194,952 | ||||||||||||||||||||||||
Property and equipment, net | 2,157,101 | 2,157,101 | 2,283,252 | ||||||||||||||||||||||||
Goodwill | 75,628 | 56,680 | 75,628 | 56,680 | 29,990 | ||||||||||||||||||||||
Other assets | 143,764 | 143,764 | 170,572 | ||||||||||||||||||||||||
Total assets | 3,230,720 | 3,230,720 | 3,271,862 | ||||||||||||||||||||||||
Accounts payable | 84,193 | 84,193 | 96,966 | ||||||||||||||||||||||||
Accrued liabilities | 224,507 | 224,507 | 201,605 | ||||||||||||||||||||||||
Accrued interest | 12,831 | 12,831 | 11,985 | ||||||||||||||||||||||||
Deferred taxes | 17,704 | 17,704 | 1,881 | ||||||||||||||||||||||||
Current maturities of long-term debt | 18,730 | 18,730 | 62,716 | ||||||||||||||||||||||||
Total current liabilities | 435,006 | 435,006 | 392,690 | ||||||||||||||||||||||||
Long-term debt, less current maturities | 845,692 | 845,692 | 1,078,173 | ||||||||||||||||||||||||
Accrued pension liabilities | 99,576 | 99,576 | 70,107 | ||||||||||||||||||||||||
Other liabilities and deferred credits | 39,782 | 39,782 | 33,273 | ||||||||||||||||||||||||
Deferred taxes | 165,655 | 165,655 | 172,254 | ||||||||||||||||||||||||
Temporary equity | 26,223 | 26,223 | 15,473 | ||||||||||||||||||||||||
Revenues | 381,719 | $ 419,887 | $ 446,911 | 466,996 | 450,355 | $ 460,140 | $ 475,636 | $ 472,538 | 1,715,513 | 1,858,669 | 1,669,582 | ||||||||||||||||
Net loss | (77,149) | 88,707 | 187,779 | ||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Payments of contingent consideration | 9,453 | 0 | 6,000 | ||||||||||||||||||||||||
Proceeds from sale of unconsolidated affiliates | $ 0 | 4,185 | 112,210 | ||||||||||||||||||||||||
Number of aircraft operated | aircraft | 463 | ||||||||||||||||||||||||||
Income taxes paid | $ 28,000 | 34,800 | 59,100 | ||||||||||||||||||||||||
Cost Method Investment Dividends Or Distributions | 2,068 | 2,068 | 4,043 | ||||||||||||||||||||||||
Income (loss) from equity method investments | (1,807) | (3,839) | 8,666 | ||||||||||||||||||||||||
Earnings from unconsolidated affiliates, net of losses | 261 | (1,771) | 12,709 | ||||||||||||||||||||||||
Dividends from Equity Method Investments | 800 | 5,600 | 10,300 | ||||||||||||||||||||||||
Investment in unconsolidated affiliates | 216,376 | 216,376 | 194,952 | ||||||||||||||||||||||||
Gain on sale of unconsolidated affiliates | 0 | 3,921 | 103,924 | ||||||||||||||||||||||||
Summary of Combined Financial Information Equity Method Investments [Abstract] | |||||||||||||||||||||||||||
Current Assets | 200,979 | 200,979 | 269,619 | ||||||||||||||||||||||||
Non-current Assets | 384,438 | 384,438 | 295,416 | ||||||||||||||||||||||||
Total assets | 585,417 | 585,417 | 565,035 | ||||||||||||||||||||||||
Current Liabilities | 189,251 | 189,251 | 146,938 | ||||||||||||||||||||||||
Non-current Liabilities | 255,318 | 255,318 | 266,545 | ||||||||||||||||||||||||
Equity | 140,848 | 140,848 | 151,552 | ||||||||||||||||||||||||
Total liabilities and equity | 585,417 | 585,417 | $ 565,035 | ||||||||||||||||||||||||
Revenue | 368,586 | 499,692 | 632,832 | ||||||||||||||||||||||||
Gross profit | 60,873 | 99,127 | 132,760 | ||||||||||||||||||||||||
Net loss | $ 21,871 | 559 | 21,728 | ||||||||||||||||||||||||
Equity Method Investment Realized Gain Loss On Disposal Net Of Tax | 67,900 | ||||||||||||||||||||||||||
Caledonia Investments Plc | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Ownership percentage in variable interest entity, third party | 46.00% | ||||||||||||||||||||||||||
European Union | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Ownership percentage in variable interest entity, third party | 5.00% | ||||||||||||||||||||||||||
Nigerian Company owned by 100% Nigerian Employees | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Ownership percentage in variable interest entity, third party | 50.00% | ||||||||||||||||||||||||||
VIE, qualitative or quantitative information, purchased percentage from third party | 29.00% | 2.00% | 19.00% | ||||||||||||||||||||||||
Employee Trust Fund | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Ownership percentage in variable interest entity, third party | 2.00% | ||||||||||||||||||||||||||
Bristow Aviation Holdings Limited | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Ownership percentage in VIE | 49.00% | ||||||||||||||||||||||||||
Class of shares, number | Class_Of_Shares | 3 | 3 | |||||||||||||||||||||||||
Ownership percentage in variable interest entity, third party | 51.00% | ||||||||||||||||||||||||||
Purchase of deferred stock shares | shares | 8,000,000 | ||||||||||||||||||||||||||
Business acquisition, share price | £ / shares | £ 1 | ||||||||||||||||||||||||||
Total amount paid for deferred shares | $ 14,400 | ||||||||||||||||||||||||||
Principal amount of subordinated unsecured loan stock | £ 91 | $ 130,800 | |||||||||||||||||||||||||
Interest rate on unsecured loan | 13.50% | ||||||||||||||||||||||||||
Deferred interest cost | $ 1,700,000 | ||||||||||||||||||||||||||
Call option price held by noncontrolling interest | £ | £ 1 | ||||||||||||||||||||||||||
Call option guaranteed rate | 3.00% | 3.00% | 12.00% | ||||||||||||||||||||||||
Put option guaranteed rate | 10.00% | ||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||
Noncontrolling interests- beginning balance | $ 1,457 | $ 1,457 | $ 1,645 | $ 1,492 | 1,457 | 1,645 | 1,492 | ||||||||||||||||||||
Payments to noncontrolling interest shareholders | (55) | (59) | (57) | ||||||||||||||||||||||||
Noncontrolling interests expense | 55 | 58 | 57 | ||||||||||||||||||||||||
Currency translation adjustments | (47) | (187) | 153 | ||||||||||||||||||||||||
Noncontrolling interests- ending balance | $ 1,410 | 1,457 | $ 1,645 | 1,410 | 1,457 | 1,645 | $ 1,492 | ||||||||||||||||||||
VIE Financial Information | |||||||||||||||||||||||||||
Cash and cash equivalents | 91,190 | 91,190 | $ 62,773 | ||||||||||||||||||||||||
Accounts Receivable Net Current | 521,989 | 521,989 | 565,223 | ||||||||||||||||||||||||
Inventories | 100,065 | 100,065 | 102,738 | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 42,659 | 42,659 | 53,776 | ||||||||||||||||||||||||
Total current assets | 755,903 | 755,903 | 784,510 | ||||||||||||||||||||||||
Investment in unconsolidated affiliates | 64 | 64 | 4,676 | ||||||||||||||||||||||||
Property and equipment, net | 243,357 | 243,357 | 251,494 | ||||||||||||||||||||||||
Goodwill | 61,242 | 61,242 | 29,990 | ||||||||||||||||||||||||
Other assets | 78,637 | 78,637 | 82,988 | ||||||||||||||||||||||||
Total assets | 1,139,203 | 1,139,203 | 1,153,658 | ||||||||||||||||||||||||
Accounts payable | 379,357 | 379,357 | 521,563 | ||||||||||||||||||||||||
Accrued liabilities | 154,306 | 154,306 | 141,977 | ||||||||||||||||||||||||
Accrued interest | 1,489,369 | 1,489,369 | 1,698,360 | ||||||||||||||||||||||||
Deferred taxes | 1,128 | 1,128 | 0 | ||||||||||||||||||||||||
Current maturities of long-term debt | 9,643 | 9,643 | 10,322 | ||||||||||||||||||||||||
Total current liabilities | 2,033,803 | 2,033,803 | 2,372,222 | ||||||||||||||||||||||||
Long-term debt, less current maturities | 168,245 | 168,245 | 155,767 | ||||||||||||||||||||||||
Accrued pension liabilities | 99,576 | 99,576 | 70,107 | ||||||||||||||||||||||||
Other liabilities and deferred credits | 11,948 | 11,948 | 7,928 | ||||||||||||||||||||||||
Deferred taxes | 14,457 | 14,457 | 20,330 | ||||||||||||||||||||||||
Temporary equity | 26,223 | 26,223 | 15,473 | ||||||||||||||||||||||||
Total liabilities | 2,354,252 | 2,354,252 | 2,641,827 | ||||||||||||||||||||||||
Revenues | 1,441,834 | 1,512,312 | 1,324,483 | ||||||||||||||||||||||||
Operating income (loss) | (57,780) | 40,524 | 49,061 | ||||||||||||||||||||||||
Net loss | $ (279,309) | (179,757) | (38,274) | ||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Investment in unconsolidated affiliates | 64 | 64 | $ 4,676 | ||||||||||||||||||||||||
Bristow Aviation Holdings Limited | Director one | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Number of voting rights | voting_rights | 1 | 1 | |||||||||||||||||||||||||
Bristow Aviation Holdings Limited | Director two | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Number of voting rights | voting_rights | 1 | 1 | |||||||||||||||||||||||||
Bristow Aviation Holdings Limited | Caledonia Investments Plc | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Number of voting rights | voting_rights | 3 | 3 | |||||||||||||||||||||||||
Number of board of directors nomination | Nominations | 2 | ||||||||||||||||||||||||||
Bristow Helicopters Nigeria Ltd | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Ownership percentage in VIE | 48.00% | ||||||||||||||||||||||||||
VIE, qualitative or quantitative information, purchased percentage from third party | 8.00% | ||||||||||||||||||||||||||
Pan African Airlines Nigeria Ltd | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Ownership percentage in VIE | 50.17% | ||||||||||||||||||||||||||
Aviashelf Aviation | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Ownership percentage in VIE | 48.50% | ||||||||||||||||||||||||||
Option to acquire additional interest in affiliate | 8.50% | ||||||||||||||||||||||||||
Bristow Helicopter Leasing | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Ownership percentage in VIE | 51.00% | ||||||||||||||||||||||||||
Sakhalin Bristow Air Services | |||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||
Ownership percentage in VIE | 51.00% | ||||||||||||||||||||||||||
Cougar | |||||||||||||||||||||||||||
VIE Financial Information | |||||||||||||||||||||||||||
Investment in unconsolidated affiliates | $ 61,015 | $ 61,015 | $ 59,742 | ||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Payments of contingent consideration | $ 8,000 | 6,000 | |||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||||||||||||||
Equity investment ownership percentage | 40.00% | 40.00% | 40.00% | 40.00% | 40.00% | ||||||||||||||||||||||
Potential earn-out payments | $ 40,000 | ||||||||||||||||||||||||||
Business combination contingent consideration arrangement terms | 3 years | ||||||||||||||||||||||||||
Fair value of earn-out | $ 32,500 | $ 32,500 | $ 26,000 | ||||||||||||||||||||||||
Number of aircraft operated | aircraft | 9 | ||||||||||||||||||||||||||
Number of aircraft leased from affiliates | aircraft | 8 | 8 | |||||||||||||||||||||||||
Reporting of unconsolidated affiliate earnings, Time difference | 3 months | ||||||||||||||||||||||||||
Income (loss) from equity method investments | $ (2,001) | (710) | 1,053 | ||||||||||||||||||||||||
Investment in unconsolidated affiliates | 61,015 | 61,015 | $ 59,742 | ||||||||||||||||||||||||
FB Entities | |||||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Equity investment ownership percentage | 50.00% | ||||||||||||||||||||||||||
Proceeds from sale of unconsolidated affiliates | £ 74 | 112,200 | |||||||||||||||||||||||||
Number of renewal extensions | Extensions | 2 | ||||||||||||||||||||||||||
Renewal extension term | 1 year | ||||||||||||||||||||||||||
Income (loss) from equity method investments | 0 | 0 | $ 3,217 | ||||||||||||||||||||||||
Gain on sale of unconsolidated affiliates | 103,900 | ||||||||||||||||||||||||||
Helideck Certification Agency (HCA) | |||||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Equity investment ownership percentage | 50.00% | 50.00% | |||||||||||||||||||||||||
Proceeds from sale of unconsolidated affiliates | £ 2.7 | 4,200 | |||||||||||||||||||||||||
Gain on sale of unconsolidated affiliates | 3,900 | ||||||||||||||||||||||||||
Lider | |||||||||||||||||||||||||||
VIE Financial Information | |||||||||||||||||||||||||||
Investment in unconsolidated affiliates | $ 149,010 | $ 149,010 | $ 124,248 | ||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 20.00% | 20.00% | 20.00% | 20.00% | |||||||||||||||||||||||
Equity investment ownership percentage | 41.90% | 42.50% | 41.90% | 42.50% | 41.90% | 41.90% | |||||||||||||||||||||
Number of aircraft leased from affiliates | aircraft | 5 | 5 | |||||||||||||||||||||||||
Income (loss) from equity method investments | (116) | $ (4,236) | $ 2,898 | ||||||||||||||||||||||||
Investment in unconsolidated affiliates | $ 149,010 | 149,010 | $ 124,248 | ||||||||||||||||||||||||
Lider | Investment in unconsolidated affiliates | |||||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Quantifying misstatement in current year financial statements, amount | 19,200 | ||||||||||||||||||||||||||
Lider | Deferred tax asset | |||||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Quantifying misstatement in current year financial statements, amount | 6,700 | ||||||||||||||||||||||||||
Lider | Accumulated other comprehensive loss | |||||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Quantifying misstatement in current year financial statements, amount | $ 12,500 | ||||||||||||||||||||||||||
Lider | Tax amnesty | |||||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Income taxes paid | 27,000 | BRL 62.7 | |||||||||||||||||||||||||
Tax adjustments, settlements, and unusual provisions | 40,200 | 93.3 | |||||||||||||||||||||||||
Reduction in tax assessment | 13,200 | BRL 30.6 | |||||||||||||||||||||||||
Income (loss) from equity method investments | $ (2,200) | $ (17,100) | (13,600) | ||||||||||||||||||||||||
Proceed from indemnity due to tax assessment | $ 2,500 | ||||||||||||||||||||||||||
Lider | Aircraft | |||||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Number of aircraft operated | aircraft | 50 | ||||||||||||||||||||||||||
Lider | Fixed wing aircraft | |||||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Number of aircraft operated | aircraft | 25 | ||||||||||||||||||||||||||
Petroleum Air Services | |||||||||||||||||||||||||||
VIE Financial Information | |||||||||||||||||||||||||||
Investment in unconsolidated affiliates | $ 6,286 | $ 6,286 | $ 6,286 | ||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Equity investment ownership percentage | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||||||||||||||
Number of aircraft owned | aircraft | 45 | 45 | |||||||||||||||||||||||||
Investment in unconsolidated affiliates | $ 6,286 | $ 6,286 | $ 6,286 | ||||||||||||||||||||||||
Other unconsolidated significant affiliates | |||||||||||||||||||||||||||
VIE Financial Information | |||||||||||||||||||||||||||
Investment in unconsolidated affiliates | 65 | 65 | 4,676 | ||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Income (loss) from equity method investments | $ 310 | 1,107 | $ 1,498 | ||||||||||||||||||||||||
Investment in unconsolidated affiliates | $ 65 | $ 65 | $ 4,676 | ||||||||||||||||||||||||
Subsequent event | Cougar | |||||||||||||||||||||||||||
Unconsolidated affiliates [Abstract] | |||||||||||||||||||||||||||
Potential earn-out payments | $ 16,000 | $ 10,000 |
PROPERTY AND EQUIPMENT AND AS43
PROPERTY AND EQUIPMENT AND ASSETS HELD FOR SALE (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016USD ($)aircraft | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($)aircraft | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2016USD ($)aircraft | Mar. 31, 2015USD ($)aircraft | Mar. 31, 2014USD ($)aircraft | |
Property and equipment [Line Items] | |||||||||||
Number of aircraft delivered | aircraft | 8 | 21 | 21 | ||||||||
Capital expenditures | $ 372,375 | $ 601,834 | $ 628,613 | ||||||||
Number of aircraft sold or disposed of | aircraft | 35 | 44 | 46 | ||||||||
Proceeds from asset dispositions | $ 60,035 | $ 414,859 | $ 289,951 | ||||||||
Gain (loss) on disposal of assets | $ (6,800) | $ (2,200) | $ (14,000) | $ (7,700) | $ (10,300) | $ (26,300) | $ 100 | $ 600 | (30,693) | (35,849) | $ (722) |
Impairment charges on assets held for sale | $ 29,571 | $ 36,057 | |||||||||
Number of aircraft sale leaseback | aircraft | 3 | 14 | 14 | ||||||||
Sale leaseback transaction, gross proceeds | $ 29,200 | $ 380,700 | $ 246,400 | ||||||||
Accelerated depreciation | $ 28,655 | $ 10,379 | |||||||||
Number of aircraft movement into (out of) deferred sale leaseback advance | aircraft | (2) | (5) | |||||||||
Completion of deferred sale leaseback | $ 75,800 | $ 183,700 | |||||||||
Removal of deferred sale leaseback advance | $ 74,300 | 182,600 | |||||||||
Number of aircraft purchased with short-term borrowings | aircraft | 2 | ||||||||||
Aircraft purchases with short-term borrowings | $ 24,394 | 0 | 0 | ||||||||
Inventories | $ 142,503 | $ 147,169 | $ 142,503 | $ 147,169 | 11,100 | ||||||
Number of aircraft transferred to held for sale | aircraft | 35 | 15 | 35 | 15 | |||||||
Property and equipment, gross, period increase (decrease) | $ (83,600) | $ (91,500) | |||||||||
Proceeds from assignment of aircraft purchase agreements | 0 | 0 | $ 106,113 | ||||||||
Number of aircraft assigned future payments | aircraft | 7 | ||||||||||
Deferred sale leaseback advance | 18,285 | 69,680 | $ 60,194 | ||||||||
Assets held for sale | $ 43,783 | $ 57,827 | 43,783 | 57,827 | |||||||
Improper capitalization of profit | Revenue | |||||||||||
Property and equipment [Line Items] | |||||||||||
Quantifying misstatement in current year financial statements, amount | (3,500) | ||||||||||
Improper capitalization of profit | Direct cost | |||||||||||
Property and equipment [Line Items] | |||||||||||
Quantifying misstatement in current year financial statements, amount | 2,000 | ||||||||||
Improper capitalization of profit | Depreciation and amortization | |||||||||||
Property and equipment [Line Items] | |||||||||||
Quantifying misstatement in current year financial statements, amount | (200) | ||||||||||
Improper capitalization of profit | Property, plant and equipment, net | |||||||||||
Property and equipment [Line Items] | |||||||||||
Quantifying misstatement in current year financial statements, amount | (4,400) | ||||||||||
Improper capitalization of profit | Long-term liabilities | |||||||||||
Property and equipment [Line Items] | |||||||||||
Quantifying misstatement in current year financial statements, amount | 900 | ||||||||||
Damage from fire, explosion or other hazard | |||||||||||
Property and equipment [Line Items] | |||||||||||
Number of aircraft sold or disposed of | aircraft | 2 | ||||||||||
Gain (loss) on disposal of assets | 4,900 | $ (11,100) | |||||||||
Insurance recoveries | 16,000 | 11,100 | |||||||||
Africa and Americas | |||||||||||
Property and equipment [Line Items] | |||||||||||
Accelerated depreciation | 4,400 | ||||||||||
Asia Pacific | |||||||||||
Property and equipment [Line Items] | |||||||||||
Capital expenditures | 23,745 | 23,077 | $ 7,058 | ||||||||
Accelerated depreciation | $ 5,300 | $ 6,000 | |||||||||
Number of aircraft in exit plan | aircraft | 4 | ||||||||||
Assets held for sale | |||||||||||
Property and equipment [Line Items] | |||||||||||
Number of aircraft impaired | aircraft | 16 | 27 | 11 | ||||||||
Impairment charges on assets held for sale | $ 29,571 | $ 36,057 | $ 6,814 | ||||||||
Number of aircraft | aircraft | 22 | 12 | |||||||||
Medium aircraft | |||||||||||
Property and equipment [Line Items] | |||||||||||
Number of aircraft delivered | aircraft | 1 | 6 | 8 | ||||||||
Number of aircraft in exit plan | aircraft | 18 | ||||||||||
Medium aircraft | Africa and Americas | |||||||||||
Property and equipment [Line Items] | |||||||||||
Number of aircraft in exit plan | aircraft | 10 | ||||||||||
Large aircraft | |||||||||||
Property and equipment [Line Items] | |||||||||||
Number of aircraft delivered | aircraft | 3 | 10 | 11 | ||||||||
Number of aircraft in exit plan | aircraft | 4 | ||||||||||
SAR aircraft | |||||||||||
Property and equipment [Line Items] | |||||||||||
Number of aircraft delivered | aircraft | 4 | 5 | 2 | ||||||||
Prototype aircraft | |||||||||||
Property and equipment [Line Items] | |||||||||||
Number of aircraft impaired | aircraft | 3 | ||||||||||
Impairment charges on assets held for sale | $ 4,300 | ||||||||||
Fixed wing aircraft | |||||||||||
Property and equipment [Line Items] | |||||||||||
Number of aircraft in exit plan | aircraft | 1 | ||||||||||
Fixed wing aircraft | Africa and Americas | |||||||||||
Property and equipment [Line Items] | |||||||||||
Number of aircraft in exit plan | aircraft | 1 | ||||||||||
Aircraft and related equipment | |||||||||||
Property and equipment [Line Items] | |||||||||||
Capital expenditures | $ 285,530 | $ 476,368 | $ 563,724 | ||||||||
Gain (loss) on disposal of assets | (1,122) | 208 | 6,092 | ||||||||
Other depreciable assets | |||||||||||
Property and equipment [Line Items] | |||||||||||
Capital expenditures | 86,845 | 125,466 | 64,889 | ||||||||
Construction in progress | |||||||||||
Property and equipment [Line Items] | |||||||||||
Capital expenditures | $ 202,700 | $ 440,900 | $ 529,400 |
DEBT (Details)
DEBT (Details) $ / shares in Units, $ in Thousands | Jun. 15, 2035 | Jun. 15, 2030 | Jun. 15, 2025 | Jun. 15, 2020 | May. 23, 2016USD ($)Quarter$ / shares | Jul. 13, 2015USD ($) | Jun. 15, 2015 | Oct. 12, 2012USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Jun. 15, 2038 | Sep. 29, 2015 | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Total debt | $ 1,140,889 | $ 864,422 | ||||||||||||
Less short-term borrowings and current maturities of long-term debt | (62,716) | (18,730) | ||||||||||||
Long-term debt, less current maturities | 1,078,173 | 845,692 | ||||||||||||
Extinguishment of debt | 0 | (2,591) | $ 0 | |||||||||||
Write off of deferred debt issuance cost | 0 | 660 | 12,733 | |||||||||||
Proceeds from borrowings | 928,802 | 454,393 | 533,064 | |||||||||||
Unamortized discount | (300) | |||||||||||||
Amortization of debt discount | 1,000 | 4,323 | 3,708 | |||||||||||
Interest Paid | 41,800 | 38,000 | 38,400 | |||||||||||
Capitalized Interest | 10,600 | 14,600 | $ 14,100 | |||||||||||
Annual Maturities [Abstract] | ||||||||||||||
Year 2,017 | 62,716 | |||||||||||||
Year 2,018 | 243,145 | |||||||||||||
Year 2,019 | 49,298 | |||||||||||||
Year 2,020 | 376,211 | |||||||||||||
Year 2,021 | 2,537 | |||||||||||||
Thereafter | 407,316 | |||||||||||||
Long-term Debt, Gross | $ 1,141,223 | |||||||||||||
Amended And Restated Credit Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 5 years | |||||||||||||
Percentage of domestic capital stock guarantee | 100.00% | |||||||||||||
Percentage of foreign capital stock guarantee | 65.00% | |||||||||||||
Debt instrument required leverage ratio numerator, maximum | 4 | |||||||||||||
Debt instrument required leverage ratio denominator | 1 | |||||||||||||
Debt instrument required coverage ratio numerator, minimum | 2.75 | |||||||||||||
Debt instrument required coverage ratio denominator | 1 | |||||||||||||
Amended And Restated Credit Agreement | Sixth Amendment | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument required leverage ratio numerator, maximum, period one | 4.75 | |||||||||||||
Debt instrument required leverage ratio denominator, period one | 1 | |||||||||||||
Debt instrument required leverage ratio numerator, maximum, period two | 4.5 | |||||||||||||
Debt instrument required leverage ratio denominator, period two | 1 | |||||||||||||
Debt instrument required leverage ratio numerator, maximum, period three | 4.25 | |||||||||||||
Debt instrument required leverage ratio denominator, period three | 1 | |||||||||||||
Debt instrument required leverage ratio numerator, maximum, period four | 4 | |||||||||||||
Debt instrument required leverage ratio denominator, period four | 1 | |||||||||||||
Debt instrument required coverage ratio numerator, minimum, period one | 2 | |||||||||||||
Debt instrument required coverage ratio denominator, period one | 1 | |||||||||||||
Debt instrument required coverage ratio numerator, minimum, period two | 2.25 | |||||||||||||
Debt instrument required coverage ratio denominator, period two | 1 | |||||||||||||
Debt instrument required coverage ratio numerator, minimum, period three | 2.5 | |||||||||||||
Debt instrument required coverage ratio denominator, period three | 1 | |||||||||||||
Debt instrument required coverage ratio numerator, minimum, period four | 2.75 | |||||||||||||
Debt instrument required coverage ratio denominator, period four | 1 | |||||||||||||
Trigger point, maximum leverage ratio numerator amount | 4.25 | |||||||||||||
Trigger point, leverage ratio denominator amount | 1 | |||||||||||||
Amended And Restated Credit Agreement | Eighth Amendment | Subsequent event | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of consecutive quarters under scope, financial ratio | Quarter | 4 | |||||||||||||
Debt Instrument Required Senior Secured Leverage Ratio Numerator, Maximum, Period One | 4.25 | |||||||||||||
Debt Instrument Required Senior Secured Leverage Ratio, Denominator, Period One | 1 | |||||||||||||
Debt Instrument Required Senior Secured Leverage Ratio, Numerator, Maximum, Thereafter | 4 | |||||||||||||
Debt Instrument Required Senior Secured Leverage Ratio, Denominator, Thereafter | 1 | |||||||||||||
Amount To Reduce From Current Assets For Current Ratio | $ 25,000 | |||||||||||||
Debt Instrument Required Current Ratio Numerator, Minimum | 1 | |||||||||||||
Debt Instrument Required Current Ratio, Denominator, Minimum | 1 | |||||||||||||
In Excess Leverage ratio, Minimum, For Allowance Of Additional Indebtedness, Numerator | 4.75 | |||||||||||||
In Excess Leverage ratio, Minimum, For Allowance Of Additional Indebtedness, Denominator | 1 | |||||||||||||
Maximum Additional Debt Amount When Leverage Ratio Is Exceeded | $ 100,000 | |||||||||||||
Debt Agreement, Maximum, Common Stock Dividend Per Share | $ / shares | $ 0.07 | |||||||||||||
Amended And Restated Credit Agreement | Eighth Amendment | Subsequent event | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin rate | 0.50% | |||||||||||||
Amended And Restated Credit Agreement | Eighth Amendment | Subsequent event | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin rate | 3.50% | |||||||||||||
Airnorth Debt | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, remaining term | 3 years | |||||||||||||
Airnorth Debt | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, remaining term | 8 years | |||||||||||||
Senior Notes | Senior Notes Due 2022 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | $ 401,535 | 401,535 | ||||||||||||
Debt instrument, face amount | $ 450,000 | |||||||||||||
Debt issuance costs | $ 7,400 | |||||||||||||
Debt instrument, repurchase amount | 48,500 | |||||||||||||
Total consideration paid | 52,000 | |||||||||||||
Extinguishment of debt | $ 0 | 2,600 | ||||||||||||
Write off of deferred debt issuance cost | $ 700 | |||||||||||||
Debt instrument, interest rate, stated percentage | 6.25% | |||||||||||||
Senior Notes | Senior Notes Due 2022 | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption premium rate | 103.75% | |||||||||||||
Senior Notes | Senior Notes Due 2022 | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption premium rate | 107.75% | |||||||||||||
Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | $ 335,665 | $ 222,179 | ||||||||||||
Proceeds from borrowings | 127,400 | |||||||||||||
Repayment of debt | 14,000 | |||||||||||||
Term Loan | Amended And Restated Credit Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 350,000 | |||||||||||||
Unamortized discount | (300) | |||||||||||||
Annual Maturities [Abstract] | ||||||||||||||
Long-term Debt, Gross | 336,000 | |||||||||||||
Term Loan | Airnorth Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | 19,200 | |||||||||||||
Term Loan Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | 200,000 | 0 | ||||||||||||
Debt instrument, face amount | $ 200,000 | |||||||||||||
Margin rate | 2.00% | |||||||||||||
Percentage of domestic capital stock guarantee | 100.00% | |||||||||||||
Percentage of foreign capital stock guarantee | 65.00% | |||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | $ 144,000 | $ 83,800 | ||||||||||||
Proceeds from borrowings | 580,900 | |||||||||||||
Repayment of debt | $ 520,700 | |||||||||||||
Margin rate | 0.63% | |||||||||||||
Debt instrument, interest rate, effective percentage | 2.69% | 1.93% | ||||||||||||
Revolving Credit Facility | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | |||||||||||||
Margin rate | 0.00% | |||||||||||||
Revolving Credit Facility | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.625% | |||||||||||||
Margin rate | 2.50% | |||||||||||||
Revolving Credit Facility | Amended And Restated Credit Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | $ 144,000 | |||||||||||||
Debt instrument, face amount | 400,000 | |||||||||||||
Other Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | 24,394 | $ 0 | ||||||||||||
Other Debt | Airnorth Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | 19,652 | 23,119 | ||||||||||||
Other Debt | Eastern Airways Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | $ 15,643 | 19,680 | ||||||||||||
Other Debt | Eastern Airways Debt | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin rate | 1.75% | |||||||||||||
Debt instrument, interest rate, effective percentage | 2.228% | |||||||||||||
Other Debt | Aircraft purchase 1 debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, effective percentage | 2.50% | |||||||||||||
Other Debt | Aircraft purchase 2 debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, effective percentage | 3.50% | |||||||||||||
Convertible Notes Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Equity component - net carrying value | $ 14,905 | 14,905 | ||||||||||||
Total debt | 0 | 114,109 | ||||||||||||
Debt instrument, face amount | 0 | $ 115,000 | ||||||||||||
Debt instrument, repurchase amount | $ 1,900 | $ 115,000 | $ 113,100 | |||||||||||
Debt instrument, interest rate, stated percentage | 3.00% | |||||||||||||
Debt instrument, interest rate, effective percentage | 6.90% | 6.90% | 6.90% | |||||||||||
Debt Instrument, Convertible, Repurchase Price, Percentage Of Principal | 100.00% | |||||||||||||
Unamortized discount | $ 0 | $ (891) | ||||||||||||
Contractual coupon interest | 725 | 3,450 | $ 3,450 | |||||||||||
Amortization of debt discount | 891 | 4,205 | 3,708 | |||||||||||
Total interest expense | 1,616 | 7,655 | $ 7,158 | |||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||||||
Debt Component - net carrying value | 0 | $ 114,109 | ||||||||||||
Convertible Notes Payable | Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||||||||
Debt Instrument, Convertible, Repurchase Price, Percentage Of Principal | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||
Letters of Credit | Amended And Restated Credit Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 30,000 | |||||||||||||
Letters of credit outstanding, amount | $ 600 | |||||||||||||
Term Loan, one of three loans | Airnorth Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin rate | 2.85% | |||||||||||||
Term Loan, two of three loans | Airnorth Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 3.10% | |||||||||||||
Margin rate | 2.00% | |||||||||||||
Commercial paper | Airnorth Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | $ 500 | |||||||||||||
Debt instrument, remaining term | 4 years | |||||||||||||
Debt instrument, interest rate, stated percentage | 2.14% |
FAIR VALUE DISCLOSURES (Details
FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value [Line Items] | |||
Goodwill | $ 29,990 | $ 75,628 | $ 56,680 |
Inventories | 142,503 | 147,169 | 11,100 |
Assets held for sale | 43,783 | 57,827 | |
Intangible Assets | 7,479 | ||
Impairment of inventories | (5,439) | (7,167) | (12,669) |
Impairment charges on assets held for sale | (29,571) | (36,057) | |
Goodwill, impairment loss | (41,579) | 0 | |
Intangible Assets, Gross (Excluding Goodwill) | 27,858 | 28,306 | 26,628 |
Impairments, intangible assets | (8,086) | ||
Total loss on sale of assets and asset impairment charges | (84,675) | (43,224) | |
Other accrued liabilities | 48,392 | 48,667 | |
Other liabilities and deferred credits | 33,273 | 39,782 | |
Carrying value of total debt | 1,140,889 | 864,422 | |
Fair value of total debt | 1,016,413 | 845,524 | |
Assets held for sale | |||
Fair Value [Line Items] | |||
Impairment charges on assets held for sale | (29,571) | (36,057) | $ (6,814) |
Senior Notes | Senior Notes Due 2022 | |||
Fair Value [Line Items] | |||
Carrying value of total debt | 401,535 | 401,535 | |
Fair value of total debt | 277,059 | 381,458 | |
Term Loan | |||
Fair Value [Line Items] | |||
Carrying value of total debt | 335,665 | 222,179 | |
Fair value of total debt | 335,665 | 222,179 | |
Term Loan | Airnorth Debt | |||
Fair Value [Line Items] | |||
Carrying value of total debt | 19,200 | ||
Revolving Credit Facility | |||
Fair Value [Line Items] | |||
Carrying value of total debt | 144,000 | 83,800 | |
Fair value of total debt | 144,000 | 83,800 | |
Other Debt | |||
Fair Value [Line Items] | |||
Carrying value of total debt | 24,394 | 0 | |
Fair value of total debt | 24,394 | 0 | |
Other Debt | Airnorth Debt | |||
Fair Value [Line Items] | |||
Carrying value of total debt | 19,652 | 23,119 | |
Fair value of total debt | 19,652 | 23,119 | |
Other Debt | Eastern Airways Debt | |||
Fair Value [Line Items] | |||
Carrying value of total debt | 15,643 | 19,680 | |
Fair value of total debt | 15,643 | 19,680 | |
Term Loan Credit Facility | |||
Fair Value [Line Items] | |||
Carrying value of total debt | 200,000 | 0 | |
Fair value of total debt | 200,000 | 0 | |
Convertible Notes Payable | |||
Fair Value [Line Items] | |||
Carrying value of total debt | 0 | 114,109 | |
Fair value of total debt | 0 | 115,288 | |
Fair value measurements nonrecurring | |||
Fair Value [Line Items] | |||
Goodwill | 29,990 | ||
Inventories | 6,261 | 3,139 | |
Assets held for sale | 43,783 | 54,310 | |
Total assets | 80,034 | 57,449 | |
Intangible Assets, Gross (Excluding Goodwill) | 0 | ||
Fair value, measurements, recurring | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 2,990 | 2,379 | |
Total assets | 2,990 | 2,379 | |
Other accrued liabilities | 29,522 | 33,938 | |
Other liabilities and deferred credits | 3,069 | 4,967 | |
Total liabilities | 32,591 | 38,905 | |
Fair value, inputs, Level 1 | Fair value measurements nonrecurring | |||
Fair Value [Line Items] | |||
Goodwill | 0 | ||
Inventories | 0 | 0 | |
Assets held for sale | 0 | 0 | |
Total assets | 0 | 0 | |
Intangible Assets, Gross (Excluding Goodwill) | 0 | ||
Fair value, inputs, Level 1 | Fair value, measurements, recurring | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 2,990 | 2,379 | |
Total assets | 2,990 | 2,379 | |
Other accrued liabilities | 0 | 0 | |
Other liabilities and deferred credits | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair value, inputs, Level 2 | Fair value measurements nonrecurring | |||
Fair Value [Line Items] | |||
Goodwill | 0 | ||
Inventories | 6,261 | 3,139 | |
Assets held for sale | 43,783 | 54,310 | |
Total assets | 50,044 | 57,449 | |
Intangible Assets, Gross (Excluding Goodwill) | 0 | ||
Fair value, inputs, Level 2 | Fair value, measurements, recurring | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 0 | 0 | |
Total assets | 0 | 0 | |
Other accrued liabilities | 0 | 0 | |
Other liabilities and deferred credits | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair value, inputs, Level 3 | |||
Fair Value [Line Items] | |||
Fair value starting balance | 38,905 | ||
Change in fair value of contingent consideration | 3,139 | ||
Fair value ending balance | 32,591 | 38,905 | |
Fair value, inputs, Level 3 | Fair value measurements nonrecurring | |||
Fair Value [Line Items] | |||
Goodwill | 29,990 | ||
Inventories | 0 | 0 | |
Assets held for sale | 0 | 0 | |
Total assets | 29,990 | 0 | |
Intangible Assets, Gross (Excluding Goodwill) | 0 | ||
Fair value, inputs, Level 3 | Fair value, measurements, recurring | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 0 | 0 | |
Total assets | 0 | 0 | |
Other accrued liabilities | 29,522 | 33,938 | |
Other liabilities and deferred credits | 3,069 | 4,967 | |
Total liabilities | 32,591 | 38,905 | |
Cougar | |||
Fair Value [Line Items] | |||
Fair value starting balance | 32,500 | ||
Fair value ending balance | $ 26,000 | $ 32,500 | |
Fair Value Inputs, Discount Rate | 4.00% | 4.00% | |
Cougar | Fair value, inputs, Level 3 | |||
Fair Value [Line Items] | |||
Earn out payment | $ (8,000) | ||
Airnorth | |||
Fair Value [Line Items] | |||
Fair value starting balance | 6,400 | ||
Fair value ending balance | $ 6,600 | $ 6,400 | |
Fair Value Inputs, Discount Rate | 2.00% | 2.00% | |
Airnorth | Fair value, inputs, Level 3 | |||
Fair Value [Line Items] | |||
Earn out payment | $ (1,453) |
COMMITMENTS AND CONTINGENCIES46
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Apr. 29, 2016aircraftPeople | Feb. 03, 2016aircraftPeople | Nov. 30, 2005USD ($)Affiliates | Mar. 31, 2016USD ($)aircraftFacility | Mar. 31, 2015USD ($)aircraft | Mar. 31, 2014USD ($)aircraft | Aug. 12, 2015People |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||
Unrecorded unconditional purchase obligation | $ | $ 327,300 | ||||||
Number of signed client contracts | 8 | ||||||
Number of aircraft assigned future payments | 7 | ||||||
Proceeds from assignment of aircraft purchase agreements | $ | $ 0 | $ 0 | $ 106,113 | ||||
Number of aircrafts purchased without orders | 1 | 3 | |||||
Operating lease [Line Items] | |||||||
Operating leases rental expense | $ | $ 211,800 | $ 164,800 | $ 105,800 | ||||
Operating leases, future minimum payments, due 2017 | $ | 184,734 | ||||||
Operating leases, future minimum payments, due 2018 | $ | 164,751 | ||||||
Operating leases, future minimum payments, due 2019 | $ | 135,877 | ||||||
Operating leases, future minimum payments, due 2020 | $ | 94,638 | ||||||
Operating leases, future minimum payments, due 2021 | $ | 26,998 | ||||||
Operating leases, future minimum payments, due thereafter | $ | 58,970 | ||||||
Operating leases, future minimum payments, total | $ | $ 665,968 | ||||||
Number of aircraft sale leaseback | 3 | 14 | 14 | ||||
Proceeds from assignment of aircraft purchase agreements | $ | $ 0 | $ 0 | $ 106,113 | ||||
Number of aircraft assigned future payments | 7 | ||||||
Sale leaseback transaction lease terms, maximum | 180 months | ||||||
Sale leaseback transaction lease renewal option terms, maximum | 240 months | ||||||
Sale leaseback transaction, gross proceeds | $ | $ 29,200 | 380,700 | $ 246,400 | ||||
Number of operating lease | 87 | ||||||
Collective bargaining agreements, maximum annual escalation per employee, percent | 6.00% | ||||||
Site contingency, number of locations | Facility | 3 | ||||||
Number of aircraft operated | 463 | ||||||
Loss contingency, range of possible loss, minimum | $ | $ 7,000 | ||||||
Loss contingency, range of possible loss, maximum | $ | $ 10,000 | ||||||
Nigerian litigation | |||||||
Operating lease [Line Items] | |||||||
Number of affiliates | Affiliates | 2 | ||||||
Loss contingency, damages sought, value | $ | $ 16,300 | ||||||
Nigeria fatal accident | |||||||
Operating lease [Line Items] | |||||||
Number of surviving passengers | People | 6 | ||||||
Nigeria fatal accident | Crew | |||||||
Operating lease [Line Items] | |||||||
Number of fatalities | People | 2 | ||||||
Nigeria fatal accident | Passenger | |||||||
Operating lease [Line Items] | |||||||
Number of fatalities | People | 4 | ||||||
Nigeria water landing | |||||||
Operating lease [Line Items] | |||||||
Number of aircraft suspend operations | 16 | ||||||
Nigeria water landing | Crew | |||||||
Operating lease [Line Items] | |||||||
Number of people onboard | People | 2 | ||||||
Nigeria water landing | Passenger | |||||||
Operating lease [Line Items] | |||||||
Number of people onboard | People | 9 | ||||||
Subsequent event | CHC fatal accident | |||||||
Operating lease [Line Items] | |||||||
Number of fatalities | People | 13 | ||||||
Subsequent event | CHC fatal accident | Crew | |||||||
Operating lease [Line Items] | |||||||
Number of fatalities | People | 2 | ||||||
Subsequent event | CHC fatal accident | Passenger | |||||||
Operating lease [Line Items] | |||||||
Number of fatalities | People | 11 | ||||||
Unionized employees concentration risk | |||||||
Operating lease [Line Items] | |||||||
Concentration risk, percentage | 50.00% | ||||||
Unionized employees concentration risk | Workforce subject to collective bargaining arrangements expiring within one year | |||||||
Operating lease [Line Items] | |||||||
Concentration risk, percentage | 84.90% | ||||||
Fiscal year 2017 to fiscal year 2018 | |||||||
Operating lease [Line Items] | |||||||
Number of operating lease | 20 | ||||||
Fiscal year 2019 to fiscal year 2021 | |||||||
Operating lease [Line Items] | |||||||
Number of operating lease | 44 | ||||||
Fiscal year 2022 to fiscal year 2024 | |||||||
Operating lease [Line Items] | |||||||
Number of operating lease | 23 | ||||||
Aircraft operating lease | |||||||
Operating lease [Line Items] | |||||||
Operating leases rental expense | $ | $ 184,000 | $ 138,300 | $ 83,500 | ||||
Operating leases, future minimum payments, due 2017 | $ | 174,349 | ||||||
Operating leases, future minimum payments, due 2018 | $ | 154,156 | ||||||
Operating leases, future minimum payments, due 2019 | $ | 126,003 | ||||||
Operating leases, future minimum payments, due 2020 | $ | 86,449 | ||||||
Operating leases, future minimum payments, due 2021 | $ | 19,614 | ||||||
Operating leases, future minimum payments, due thereafter | $ | 12,663 | ||||||
Operating leases, future minimum payments, total | $ | 573,234 | ||||||
Other operating lease | |||||||
Operating lease [Line Items] | |||||||
Operating leases, future minimum payments, due 2017 | $ | 10,385 | ||||||
Operating leases, future minimum payments, due 2018 | $ | 10,595 | ||||||
Operating leases, future minimum payments, due 2019 | $ | 9,874 | ||||||
Operating leases, future minimum payments, due 2020 | $ | 8,189 | ||||||
Operating leases, future minimum payments, due 2021 | $ | 7,384 | ||||||
Operating leases, future minimum payments, due thereafter | $ | 46,307 | ||||||
Operating leases, future minimum payments, total | $ | $ 92,734 | ||||||
H225 Super Puma | Subsequent event | |||||||
Operating lease [Line Items] | |||||||
Number of aircraft operated | 27 | ||||||
Number of aircrafts owned | 16 | ||||||
Number of leased aircraft | 11 | ||||||
H225 Super Puma | Subsequent event | Norway | |||||||
Operating lease [Line Items] | |||||||
Number of aircraft operated | 5 | ||||||
Number of aircraft continue operations | 4 | ||||||
H225 Super Puma | Subsequent event | United Kingdom | |||||||
Operating lease [Line Items] | |||||||
Number of aircraft operated | 13 | ||||||
H225 Super Puma | Subsequent event | Australia | |||||||
Operating lease [Line Items] | |||||||
Number of aircraft operated | 9 | ||||||
Number of aircraft suspend operations | 6 | ||||||
Number of aircraft continue operations | 3 | ||||||
Commitments | |||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||
Number of aircraft - beginning balance | 45 | 43 | 45 | ||||
Number of aircraft delivered | (8) | (18) | (21) | ||||
Number of aircraft ordered | 0 | 8 | 18 | ||||
New options | 0 | 0 | 0 | ||||
Number of exercised options | (1) | 12 | 8 | ||||
Number of expired options | 0 | 0 | 0 | ||||
Number of orders assigned subject to leaseback | 0 | 0 | (7) | ||||
Number of aircraft - ending balance | 36 | 45 | 43 | ||||
Options | |||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||
Number of aircraft - beginning balance | 30 | 55 | 70 | ||||
Number of aircraft delivered | 0 | 0 | 0 | ||||
Number of aircraft ordered | 0 | 0 | 0 | ||||
New options | 4 | 0 | 0 | ||||
Number of exercised options | 0 | (12) | (8) | ||||
Number of expired options | (20) | (13) | (7) | ||||
Number of orders assigned subject to leaseback | 0 | 0 | 0 | ||||
Number of aircraft - ending balance | 14 | 30 | 55 | ||||
Aircraft | |||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in one year | 14 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year two | 9 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year three | 4 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year four and thereafter | 9 | ||||||
Unrecorded unconditional purchase obligation, minimum quantity required | 36 | ||||||
Unrecorded unconditional purchase obligation, due within one year | $ | $ 105,249 | ||||||
Unrecorded unconditional purchase obligation, due within two years | $ | 124,252 | ||||||
Unrecorded unconditional purchase obligation, due within three years | $ | 60,455 | ||||||
Unrecorded unconditional purchase obligation, due within four years and thereafter | $ | 109,341 | ||||||
Unrecorded unconditional purchase obligation | $ | $ 399,297 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in one year | 0 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in year two | 12 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in year three | 2 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in year four and thereafter | 0 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required | 14 | ||||||
Unrecorded conditional purchase obligation balance on first anniversary | $ | $ 61,629 | ||||||
Unrecorded conditional purchase obligation balance on second anniversary | $ | 179,471 | ||||||
Unrecorded conditional purchase obligation balance on third anniversary | $ | 30,410 | ||||||
Unrecorded conditional purchase obligation balance on fourth anniversary and thereafter | $ | 0 | ||||||
Unrecorded conditional purchase obligation balance sheet amount | $ | 271,510 | ||||||
Aircraft | Medium and large aircraft | |||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||
Unrecorded unconditional purchase obligation, due within one year | $ | 49,746 | ||||||
Unrecorded unconditional purchase obligation, due within two years | $ | 66,044 | ||||||
Unrecorded unconditional purchase obligation, due within three years | $ | 60,455 | ||||||
Unrecorded unconditional purchase obligation, due within four years and thereafter | $ | 109,341 | ||||||
Unrecorded unconditional purchase obligation | $ | $ 285,586 | ||||||
Aircraft | U.K. SAR configured aircraft | |||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in one year | 4 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year two | 4 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year three | 0 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year four and thereafter | 0 | ||||||
Unrecorded unconditional purchase obligation, minimum quantity required | 8 | ||||||
Unrecorded unconditional purchase obligation, due within one year | $ | $ 55,503 | ||||||
Unrecorded unconditional purchase obligation, due within two years | $ | 58,208 | ||||||
Unrecorded unconditional purchase obligation, due within three years | $ | 0 | ||||||
Unrecorded unconditional purchase obligation, due within four years and thereafter | $ | 0 | ||||||
Unrecorded unconditional purchase obligation | $ | $ 113,711 | ||||||
Aircraft | Medium aircraft | |||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in one year | 10 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year two | 0 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year three | 0 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year four and thereafter | 0 | ||||||
Unrecorded unconditional purchase obligation, minimum quantity required | 10 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in one year | 0 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in year two | 6 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in year three | 0 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in year four and thereafter | 0 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required | 6 | ||||||
Aircraft | Large aircraft | |||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in one year | 0 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year two | 5 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year three | 4 | ||||||
Unrecorded unconditional purchase obligation minimum quantity required, due in year four and thereafter | 9 | ||||||
Unrecorded unconditional purchase obligation, minimum quantity required | 18 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in one year | 0 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in year two | 6 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in year three | 2 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required, due in year four and thereafter | 0 | ||||||
Unrecorded conditional purchase obligation, maximum quantity required | 8 |
TAXES (Details)
TAXES (Details) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2016USD ($)aircraft | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Nov. 01, 2015 | Jan. 29, 2015 | Feb. 06, 2014 | |
Components of Deferred Tax Assets and Liabilities [Line Items] | ||||||
Goodwill, Impairment Loss | $ 41,579 | $ 0 | ||||
Foreign tax credit carryback, maximum, period | 1 year | |||||
Foreign tax credit carryforward, maximum, period | 10 years | |||||
Deferred tax assets, valuation allowance | $ 29,373 | 11,700 | ||||
Increase (decrease) in valuation allowance | 17,700 | |||||
Effective Income Tax Rate Reconciliation, Foreign Tax Change In Lieu Of Foreign Tax Credits | $ 2,100 | |||||
UK corporate tax rate benefit | $ 2,900 | |||||
Number of aircraft involved in intercompany leasing transaction | aircraft | 11 | |||||
Remaining useful life of an intercompany leasing transaction | 13 years | |||||
Tax benefit from intercompany leasing transaction | $ 2,800 | 2,900 | 2,900 | |||
Unrecognized tax benefits period increase decrease | 400 | 500 | (1,500) | |||
Interest and penalties | 300 | 400 | 100 | |||
Unremitted foreign earnings reinvested abroad | 832,100 | 805,300 | ||||
Tax benefit attributable to options exercised | 0 | 1,600 | 5,700 | |||
Income taxes paid | 28,000 | 34,800 | 59,100 | |||
Deferred tax assets: | ||||||
Deferred tax assets - foreign tax credits | 41,140 | 31,134 | ||||
Deferred tax assets, net operating loss | 28,695 | 17,487 | ||||
Deferred tax assets - accrued pension liability | 13,266 | 21,657 | ||||
Deferred tax assets - accrued equity compensation | 17,092 | 12,728 | ||||
Deferred tax assets - deferred revenues | 1,749 | 2,156 | ||||
Deferred tax assets - employee award programs | 5,098 | 7,515 | ||||
Deferred tax assets - employee payroll accruals | 5,099 | 5,118 | ||||
Deferred tax assets, inventories | 3,305 | 5,259 | ||||
Deferred tax assets, investment in unconsolidated affiliates | 10,863 | 6,539 | ||||
Deferred tax assets - other | 4,903 | 4,790 | ||||
Deferred tax assets, valuation allowance | (29,373) | (11,700) | ||||
Total deferred tax assets | 101,837 | 102,683 | ||||
Deferred tax liabilities: | ||||||
Deferred tax liabilities- property and equipment | (202,388) | (207,395) | ||||
Deferred tax liabilities- inventories | (799) | (196) | ||||
Deferred tax liabilities- investments in unconsolidated affiliates | (38) | 0 | ||||
Deferred tax liabilities - employee programs | (1,360) | (1,564) | ||||
Deferred tax liabilities- other | (3,390) | (8,378) | ||||
Total deferred tax liabilities | (207,975) | (217,533) | ||||
Net deferred tax liabilities | (106,138) | (114,850) | ||||
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||||
Domestic | (115,277) | (40,602) | (14,357) | |||
Foreign | 36,046 | 152,075 | 259,348 | |||
Income (loss) before provision for income taxes | (79,231) | 111,473 | 244,991 | |||
Effective income tax rate reconciliation, amount | ||||||
Current domestic provision for income taxes | (29,907) | 4 | 36,872 | |||
Current foreign provision for income taxes | 27,317 | 34,822 | 33,939 | |||
Current provision for income taxes total | (2,590) | 34,826 | 70,811 | |||
Deferred domestic provision for income taxes | (4,483) | (11,358) | (6,646) | |||
Deferred foreign provision for income taxes | 4,991 | (702) | (6,953) | |||
Deferred Income Tax Expense (Benefit), Total | 508 | (12,060) | (13,599) | |||
Income Tax Expense (Benefit) | $ (2,082) | $ 22,766 | $ 57,212 | |||
Effective income tax rate reconciliation, tax contingency, percent | ||||||
Statutory rate | 35.00% | 35.00% | 35.00% | |||
Net foreign taxes on non-U.S. earnings | (8.40%) | 26.30% | 11.80% | |||
Benefit of foreign tax deductions in the U.S. | 2.60% | 0.00% | 0.00% | |||
Foreign earnings indefinitely reinvested abroad | 15.90% | (47.00%) | (18.90%) | |||
Change in valuation allowance | (25.30%) | 4.00% | 1.80% | |||
Foreign earnings that are currently taxed in the U.S. | (7.90%) | 8.70% | 4.10% | |||
Effect of reduction in U.K. corporate income tax rate | 1.10% | 0.00% | (1.20%) | |||
Dividend inclusion as a result of internal realignment | 0.00% | 0.00% | 1.10% | |||
Goodwill impairment | (11.80%) | 0.00% | 0.00% | |||
Benefit of current year foreign tax credits | 0.00% | (11.30%) | (5.20%) | |||
Tax reserve release | 0.20% | (0.10%) | (0.70%) | |||
Other, net | 1.20% | 4.80% | (4.40%) | |||
Effective Tax Rate Total | 2.60% | 20.40% | 23.40% | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Unrecognized tax benefits- beginning balance | $ 4,904 | $ 4,380 | ||||
Pre-acquisition tax liability | (4,193) | 0 | ||||
Increase for tax positions taken in prior years | 898 | 591 | ||||
Decreases for tax positions taken in prior years | (188) | 0 | ||||
Decrease related to settlements with authorities | (328) | (67) | ||||
Unrecognized tax benefits- ending balance | $ 1,093 | $ 4,904 | $ 4,380 | |||
United States | ||||||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||||||
Open tax years by jurisdiction | 2,013 | |||||
U.K. | ||||||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||||||
Open tax years by jurisdiction | 2,014 | |||||
Nigeria | ||||||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||||||
Open tax years by jurisdiction | 2,009 | |||||
Trinidad | ||||||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||||||
Open tax years by jurisdiction | 2,005 | |||||
Australia | ||||||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||||||
Open tax years by jurisdiction | 2,012 | |||||
Year 2,021 | ||||||
Deferred tax assets: | ||||||
Deferred tax assets - foreign tax credits | $ 6,600 | |||||
Year 2,022 | ||||||
Deferred tax assets: | ||||||
Deferred tax assets - foreign tax credits | 3,900 | |||||
Year 2,023 | ||||||
Deferred tax assets: | ||||||
Deferred tax assets - foreign tax credits | 200 | |||||
Year 2,024 | ||||||
Deferred tax assets: | ||||||
Deferred tax assets - foreign tax credits | 15,600 | |||||
Year 2,025 | ||||||
Deferred tax assets: | ||||||
Deferred tax assets - foreign tax credits | 14,800 | |||||
Valuation Allowance of Deferred Tax Assets | ||||||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (20,100) | |||||
Valuation Allowance Of Deferred Tax Assets Rate Reduction | ||||||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 900 | |||||
Domestic tax authority | ||||||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||||||
Net operating loss | 127,500 | |||||
Eastern Airways | ||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Business acquisition, percentage of voting interests acquired | 60.00% | |||||
Pre-acquisition tax liability | $ (4,193) | |||||
Airnorth | ||||||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||||||
Additional paid-in capital changes, tax portion | $ 2,400 | |||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Business acquisition, percentage of voting interests acquired | 15.00% | 85.00% |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) | May. 23, 2016USD ($)shares | Mar. 31, 2017USD ($)Employee$ / sharesshares | Mar. 31, 2016USD ($)PlansObjectivesAge$ / sharesshares | Mar. 31, 2015USD ($)Employee$ / sharesshares | Mar. 31, 2014USD ($)Contract$ / shares | May. 14, 2013shares |
Compensation Related Costs [Line Items] | ||||||
Defined contribution pension match | 3.00% | |||||
Defined contribution pension | 3.00% | |||||
Defined contribution amount | $ 22,200,000 | $ 15,200,000 | $ 12,700,000 | |||
Pension plan investment strategy, number of objectives | Objectives | 3 | |||||
Change in benefit obligation: | ||||||
Projected benefit obligation (PBO) at beginning of period | $ 525,053,000 | $ 639,299,000 | 637,641,000 | |||
Service cost for benefits earned during the period | 8,243,000 | 7,878,000 | 7,886,000 | |||
Interest cost on PBO | 20,108,000 | 26,000,000 | 26,861,000 | |||
Actuarial loss (gain) | (17,096,000) | 86,940,000 | ||||
Benefit payments and expenses | (29,836,000) | (28,191,000) | ||||
Curtailments | (12,960,000) | 0 | ||||
Settlements | (65,799,000) | 0 | ||||
Effect of exchange rate changes | (16,906,000) | (90,969,000) | ||||
Projected benefit obligation (PBO) at end of period | 525,053,000 | 639,299,000 | 637,641,000 | |||
Change in plan assets: | ||||||
Market value of assets at beginning of period | $ 454,946,000 | 539,723,000 | 550,818,000 | |||
Actual return on assets | (6,271,000) | 57,691,000 | ||||
Employer contributions | 32,128,000 | 34,633,000 | ||||
Benefit payments and expenses | (29,836,000) | (28,191,000) | ||||
Settlements | (65,799,000) | 0 | ||||
Effect of exchange rate changes | (14,999,000) | (75,228,000) | ||||
Market value of assets at end of period | 454,946,000 | 539,723,000 | 550,818,000 | |||
Reconciliation of funded status: | ||||||
Accumulated benefit obligation (ABO) | 524,540,000 | 615,136,000 | ||||
Net recognized pension liability | 70,107,000 | 99,576,000 | ||||
Amounts recognized in accumulated other comprehensive loss | 235,720,000 | 252,920,000 | ||||
Components of net periodic pension cost | ||||||
Service cost for benefits earned during the period | 8,243,000 | 7,878,000 | 7,886,000 | |||
Interest cost on PBO | 20,108,000 | 26,000,000 | 26,861,000 | |||
Expected return on assets | (27,208,000) | (31,020,000) | (29,282,000) | |||
Amortization of unrecognized losses | 8,246,000 | 6,653,000 | 7,705,000 | |||
Net periodic pension cost | 9,389,000 | $ 9,511,000 | 13,170,000 | |||
Amount in accumulated OCI expected to be recognized in following fiscal year | $ 6,800,000 | |||||
Defined benefit plan, assets, target allocations | ||||||
Target allocation of plan assets | 100.00% | 100.00% | ||||
Actual allocation of plan assets | 100.00% | 100.00% | ||||
Projected benefit payments by year | ||||||
2,017 | $ 22,468,000 | |||||
2,018 | 22,997,000 | |||||
2,019 | 23,572,000 | |||||
2,020 | 24,003,000 | |||||
2,021 | 24,578,000 | |||||
Aggregate 2022 - 2025 | $ 131,082,000 | |||||
Incentive Compensation | ||||||
Common Stock shares reserved | shares | 3,950,524 | |||||
Number of shares available for grant | shares | 1,468,226 | |||||
Stock-based compensation expense | $ 21,181,000 | $ 16,353,000 | 15,433,000 | |||
Options, outstanding, weighted average exercise price, beginning balance | $ / shares | $ 57.74 | $ 57.80 | ||||
Options, grants in period, weighted average exercise price | $ / shares | 57.52 | |||||
Options, exercises in period, weighted average exercise price | $ / shares | 0 | $ 45.31 | ||||
Options, expired or forfeited in period, weighted average exercise price | $ / shares | 54.94 | |||||
Options, outstanding, weighted average exercise price, ending balance | $ / shares | 57.74 | $ 57.80 | ||||
Options, exercisable, weighted average exercise price | $ / shares | $ 53.40 | |||||
Options, outstanding, number, beginning balance | shares | 2,041,442 | 1,336,136 | ||||
Options, grants in period | shares | 740,718 | |||||
Options, exercises in period | shares | 0 | 114,145 | ||||
Options, expired or forfeited in period | shares | 35,412 | |||||
Options, outstanding, number, ending balance | shares | 2,041,442 | 1,336,136 | ||||
Options, exercisable | shares | 1,057,607 | |||||
Options, exercisable, weighted average remaining contractual term | 4 years 10 months 5 days | |||||
Options, outstanding, weighted average remaining contractual term | 6 years 9 months | |||||
Options, outstanding, intrinsic value | $ 0 | |||||
Options, exercisable, intrinsic value | 0 | |||||
Tax benefit attributable to options exercised | $ 0 | $ 1,600,000 | 5,700,000 | |||
Non-vested Restricted Stock, nonvested, number, beginning balance | shares | 440,856 | 419,229 | ||||
Non-vested Restricted Stock, grants in period | shares | 213,349 | |||||
Non-vested Restricted Stock, vested in period | shares | 182,484 | |||||
Non-vested Restricted Stock, forfeited in period | shares | 9,238 | |||||
Non-vested Restricted Stock, nonvested, number, ending balance | shares | 440,856 | 419,229 | ||||
Non-vested Restricted Stock, weighted average grant date fair value, beginning balance | $ / shares | $ 65.24 | $ 62.81 | ||||
Non-vested Restricted Stock, grants in period, weighted average grant date fair value | $ / shares | 56.76 | |||||
Non-vested Restricted Stock, forfeited in period, weighted average grant date fair value | $ / shares | 65.62 | |||||
Non-vested Restricted Stock, vested in period, weighted average grant date fair value | $ / shares | 49.72 | |||||
Non-vested Restricted Stock, weighted average grant date fair value, ending balance | $ / shares | $ 65.24 | $ 62.81 | ||||
Cash Bonus | $ 19,900,000 | 17,200,000 | ||||
Contributions to deferred compensation plan | $ 1,300,000 | 1,500,000 | 900,000 | |||
Americas | ||||||
Incentive Compensation | ||||||
Severance cost | $ 900,000 | 2,900,000 | ||||
Southern North Sea | ||||||
Incentive Compensation | ||||||
Severance cost | $ 2,100,000 | |||||
Number of terminated contracts | Contract | 2 | |||||
Voluntary separation program | ||||||
Incentive Compensation | ||||||
Voluntary separation program, number of employees offered | Employee | 2,888 | |||||
Voluntary separation program, number of employees acceptance | Employee | 137 | |||||
Severance cost | 8,600,000 | |||||
Voluntary separation program | Direct cost | ||||||
Incentive Compensation | ||||||
Severance cost | 7,700,000 | |||||
Voluntary separation program | General administrative expense | ||||||
Incentive Compensation | ||||||
Severance cost | 900,000 | |||||
Involuntary separation program | ||||||
Incentive Compensation | ||||||
Severance cost | 13,900,000 | |||||
Involuntary separation program | Africa | ||||||
Incentive Compensation | ||||||
Severance cost | $ 900,000 | |||||
Involuntary separation program | Direct cost | ||||||
Incentive Compensation | ||||||
Severance cost | 5,100,000 | |||||
Involuntary separation program | General administrative expense | ||||||
Incentive Compensation | ||||||
Severance cost | 8,800,000 | |||||
Fair value, measurements, recurring | ||||||
Incentive Compensation | ||||||
Rabbi Trust investments | $ 2,990,000 | $ 2,379,000 | ||||
Stock options | ||||||
Incentive Compensation | ||||||
Award requisite service period | 3 years | |||||
Fair value assumptions, risk free interest rate | 1.62% | 1.67% | 1.00% | |||
Fair value assumptions, expected life (years) | 5 years | 5 years | 5 years | |||
Fair value assumptions, volatility | 28.10% | 30.10% | 48.70% | |||
Fair value assumptions, dividend yield | 3.14% | 2.06% | 1.60% | |||
Weighted average grant-date fair value of options granted | $ / shares | $ 10.71 | $ 17.17 | $ 23.77 | |||
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 8 months | |||||
Share-based compensation, nonvested awards, number of shares | shares | 983,835 | |||||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 0 | $ 2,400,000 | $ 15,500,000 | |||
Share-based compensation vested awards fair value | 7,400,000 | 8,900,000 | 5,100,000 | |||
Employee service share-based compensation, cash received from exercise of stock options | 0 | 5,200,000 | 15,400,000 | |||
Tax benefit attributable to options exercised | 0 | 600,000 | 5,400,000 | |||
Share-based compensation, nonvested awards, compensation cost can't yet recognized | $ 7,600,000 | |||||
Restricted stock and restricted stock units | ||||||
Incentive Compensation | ||||||
Award requisite service period | 3 years | |||||
Stock-based compensation expense | $ 12,900,000 | 10,100,000 | 9,400,000 | |||
Share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 8 months | |||||
Share-based compensation, nonvested awards, number of shares | shares | 440,856 | |||||
Share-based compensation, nonvested awards, compensation cost can't yet recognized | $ 11,100,000 | |||||
Performance cash | ||||||
Incentive Compensation | ||||||
Award requisite service period | 3 years | |||||
Performance cash max payout | $ 14,000,000 | 13,800,000 | 12,200,000 | |||
Performance cash compensation expense | $ 1,400,000 | $ 14,100,000 | $ 8,700,000 | |||
Performance cash | Maximum | ||||||
Incentive Compensation | ||||||
Performance cash, percentage of target amount | 200.00% | |||||
Performance cash | Minimum | ||||||
Incentive Compensation | ||||||
Performance cash, percentage of target amount | 0.00% | |||||
Plan 2,007 | ||||||
Incentive Compensation | ||||||
Common Stock shares reserved | shares | 5,400,000 | 2,400,000 | ||||
Common Stock award, maximum | shares | 500,000 | |||||
Reduction from a full value share granted, number of shares | shares | 2 | |||||
Reduction from an option and stock appreciation right granted, number of shares | shares | 1 | |||||
Plan 2007 | 2007 Plan Amendment [Member] | Subsequent event | ||||||
Incentive Compensation | ||||||
Common Stock, shares reserved for issuance | shares | 6,400,000 | |||||
Common Stock, full value shares reserved | shares | 3,200,000 | |||||
Common Stock, additional capital shares reserved for future issuance | shares | 5,250,000 | |||||
Common Stock, additional full value shares reserved for future issuance | shares | 2,625,000 | |||||
Common Stock award, maximum | shares | 1,000,000 | |||||
Number of shares considered, stock option and stock appreciation right granted | shares | 1 | |||||
Number of shares considered, stock option and stock appreciation right settled | shares | 2 | |||||
Total compensation expense authorized for non-employee directors | $ 1,125,000 | |||||
Plan 2007 | Stock options | ||||||
Incentive Compensation | ||||||
Stock options, expiration period | 10 years | |||||
Options, grants in period, weighted average exercise price | $ / shares | $ 58.17 | $ 74.37 | $ 62.66 | |||
Plan 2004 | Stock options | ||||||
Incentive Compensation | ||||||
Stock options, expiration period | 10 years | |||||
Original terms | ||||||
Incentive Compensation | ||||||
Retirement terms, years of service | 5 years | |||||
Retirement terms, retirement age | 62 years | |||||
First amendment | ||||||
Incentive Compensation | ||||||
Retirement terms, years of service and retirement age | 80 years | |||||
Share-based compensation award, tranche one | Stock options | ||||||
Incentive Compensation | ||||||
Award vesting rights, percentage | 33.00% | |||||
Share-based compensation award, tranche two | Stock options | ||||||
Incentive Compensation | ||||||
Award vesting rights, percentage | 33.00% | |||||
Share-based compensation award, tranche three | Stock options | ||||||
Incentive Compensation | ||||||
Award vesting rights, percentage | 33.00% | |||||
Fair value, inputs, Level 1 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | $ 14,229,000 | $ 13,657,000 | ||||
Market value of assets at end of period | 14,229,000 | $ 13,657,000 | ||||
Fair value, inputs, Level 1 | Fair value, measurements, recurring | ||||||
Incentive Compensation | ||||||
Rabbi Trust investments | 2,990,000 | 2,379,000 | ||||
Fair value, inputs, Level 2 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 438,233,000 | 470,139,000 | ||||
Market value of assets at end of period | 438,233,000 | 470,139,000 | ||||
Fair value, inputs, Level 2 | Fair value, measurements, recurring | ||||||
Incentive Compensation | ||||||
Rabbi Trust investments | 0 | 0 | ||||
Fair value, inputs, Level 3 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 2,484,000 | 55,927,000 | ||||
Actual return on assets | 3,132,000 | |||||
Net purchases, sales and settlements | (56,859,000) | |||||
Effect of exchange rate changes | 284,000 | |||||
Market value of assets at end of period | 2,484,000 | 55,927,000 | ||||
Fair value, inputs, Level 3 | Fair value, measurements, recurring | ||||||
Incentive Compensation | ||||||
Rabbi Trust investments | $ 0 | $ 0 | ||||
Equity securities | ||||||
Defined benefit plan, assets, target allocations | ||||||
Target allocation of plan assets | 58.30% | 58.30% | ||||
Actual allocation of plan assets | 60.70% | 57.10% | ||||
Debt securities | ||||||
Defined benefit plan, assets, target allocations | ||||||
Target allocation of plan assets | 31.10% | 31.10% | ||||
Actual allocation of plan assets | 35.90% | 35.80% | ||||
Property | ||||||
Defined benefit plan, assets, target allocations | ||||||
Target allocation of plan assets | 0.00% | 0.00% | ||||
Actual allocation of plan assets | 0.10% | 1.60% | ||||
Other assets | ||||||
Defined benefit plan, assets, target allocations | ||||||
Target allocation of plan assets | 10.60% | 10.60% | ||||
Actual allocation of plan assets | 3.30% | 5.50% | ||||
Cash and cash equivalents | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 14,229,000 | $ 13,657,000 | ||||
Market value of assets at end of period | 14,229,000 | $ 13,657,000 | ||||
Cash and cash equivalents | Fair value, inputs, Level 1 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 14,229,000 | 13,657,000 | ||||
Market value of assets at end of period | 14,229,000 | 13,657,000 | ||||
Cash and cash equivalents | Fair value, inputs, Level 2 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Cash and cash equivalents | Fair value, inputs, Level 3 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Equity investments - U.K. | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 61,085,000 | 104,953,000 | ||||
Market value of assets at end of period | 61,085,000 | 104,953,000 | ||||
Equity investments - U.K. | Fair value, inputs, Level 1 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Equity investments - U.K. | Fair value, inputs, Level 2 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 61,085,000 | 104,953,000 | ||||
Market value of assets at end of period | 61,085,000 | 104,953,000 | ||||
Equity investments - U.K. | Fair value, inputs, Level 3 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Equity investments - Non-U.K. | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 117,140,000 | 98,867,000 | ||||
Market value of assets at end of period | 117,140,000 | 98,867,000 | ||||
Equity investments - Non-U.K. | Fair value, inputs, Level 1 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Equity investments - Non-U.K. | Fair value, inputs, Level 2 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 117,140,000 | 98,867,000 | ||||
Market value of assets at end of period | 117,140,000 | 98,867,000 | ||||
Equity investments - Non-U.K. | Fair value, inputs, Level 3 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Diviersified growth (absolute return) funds | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 98,024,000 | 101,242,000 | ||||
Market value of assets at end of period | 98,024,000 | 101,242,000 | ||||
Diviersified growth (absolute return) funds | Fair value, inputs, Level 1 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Diviersified growth (absolute return) funds | Fair value, inputs, Level 2 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 98,024,000 | 101,242,000 | ||||
Market value of assets at end of period | 98,024,000 | 101,242,000 | ||||
Diviersified growth (absolute return) funds | Fair value, inputs, Level 3 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Government debt securities | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 72,728,000 | 71,998,000 | ||||
Market value of assets at end of period | 72,728,000 | 71,998,000 | ||||
Government debt securities | Fair value, inputs, Level 1 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Government debt securities | Fair value, inputs, Level 2 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 72,728,000 | 71,998,000 | ||||
Market value of assets at end of period | 72,728,000 | 71,998,000 | ||||
Government debt securities | Fair value, inputs, Level 3 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Corporate debt securities | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 89,256,000 | 93,079,000 | ||||
Market value of assets at end of period | 89,256,000 | 93,079,000 | ||||
Corporate debt securities | Fair value, inputs, Level 1 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Corporate debt securities | Fair value, inputs, Level 2 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 89,256,000 | 93,079,000 | ||||
Market value of assets at end of period | 89,256,000 | 93,079,000 | ||||
Corporate debt securities | Fair value, inputs, Level 3 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Insurance policies | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 2,484,000 | 55,927,000 | ||||
Market value of assets at end of period | 2,484,000 | 55,927,000 | ||||
Insurance policies | Fair value, inputs, Level 1 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Insurance policies | Fair value, inputs, Level 2 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 0 | 0 | ||||
Market value of assets at end of period | 0 | 0 | ||||
Insurance policies | Fair value, inputs, Level 3 | ||||||
Change in plan assets: | ||||||
Market value of assets at beginning of period | 2,484,000 | 55,927,000 | ||||
Market value of assets at end of period | $ 2,484,000 | 55,927,000 | ||||
Chief Executive Officer | ||||||
Incentive Compensation | ||||||
Severance cost | 5,500,000 | |||||
Officers | ||||||
Incentive Compensation | ||||||
Severance cost | $ 5,500,000 | $ 2,900,000 | ||||
Officers | Subsequent event | ||||||
Incentive Compensation | ||||||
Severance cost | $ 4,000,000 | |||||
Number of other employee departure | Employee | 2 | |||||
Non-employee directors | Plan 2003 | ||||||
Incentive Compensation | ||||||
Common Stock shares reserved | shares | 250,000 | |||||
Stock options, grants in period, net of forfeitures | shares | 5,000 | |||||
Non-employee directors | Plan 2003 | Stock options | ||||||
Incentive Compensation | ||||||
Stock options, expiration period | 10 years | |||||
Award requisite service period | 6 months | |||||
Pension plan | U.K. pension plan | ||||||
Compensation Related Costs [Line Items] | ||||||
Annual rate increase limit | 5.00% | |||||
Number of original closed defined benefit pension plans | Plans | 2 | |||||
Minimum contribution match | 5.00% | |||||
Number of other defined contribution plans | Plans | 3 | |||||
Number of other defined contribution plans closed to new members | Plans | 2 | |||||
Estimated cash contributions | $ 17,800,000 | |||||
Assumptions used | ||||||
Discount rate | 3.30% | 4.40% | 4.40% | |||
Expected return on plan assets | 5.40% | 6.29% | 6.29% | |||
Pension increase rate | 2.80% | 3.10% | 3.30% | |||
Pension plan | U.K. pension plan | Pilot | ||||||
Compensation Related Costs [Line Items] | ||||||
Closed plan maximum contribution | 7.35% | |||||
Pension plan | U.K. pension plan | Other employee | ||||||
Compensation Related Costs [Line Items] | ||||||
Closed plan maximum contribution | 7.00% | |||||
Pension plan | Norway pension plan | ||||||
Assumptions used | ||||||
Discount rate | 2.50% | 4.25% | 4.00% | |||
Rate of compensation increase | 3.50% | 4.00% | 4.25% | |||
Social security increase amount | 3.25% | 3.75% | 4.00% | |||
Expected return on plan assets | 1.50% | 2.75% | 3.25% | |||
Pension increase rate | 0.00% | 1.75% | 1.25% | |||
Pension plan | Norway pension plan | Minimum | ||||||
Compensation Related Costs [Line Items] | ||||||
Years of service for maximum pension | Age | 30 | |||||
Pension plan | Norway pension plan | Pilot | ||||||
Compensation Related Costs [Line Items] | ||||||
Retirement age | Age | 58 | |||||
Pension plan | Norway pension plan | Other employee | ||||||
Compensation Related Costs [Line Items] | ||||||
Retirement age | Age | 62 |
STOCKHOLDERS' INVESTMENT, EAR49
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED COMPREHENSIVE INCOME (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | May. 20, 2016 | Jul. 13, 2015 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||||||||||||||
Common Stock shares reserved | 3,950,524 | 3,950,524 | ||||||||||||||||
Common stock, shares outstanding, beginning balance | 34,976,743 | 34,838,374 | 35,708,469 | 34,838,374 | 35,708,469 | |||||||||||||
Exercise of stock options | 0 | 114,145 | ||||||||||||||||
Issuance of restricted stock | 138,369 | 176,609 | ||||||||||||||||
Repurchases of common stock | (1,160,940) | (1,043,875) | ||||||||||||||||
Other Issuance of Common Stock | 91 | |||||||||||||||||
Common stock, shares outstanding, ending balance | 34,976,743 | 34,838,374 | 35,708,469 | 34,976,743 | 34,838,374 | 35,708,469 | ||||||||||||
Weighted average exercise price of options exercised | $ 0 | $ 45.31 | ||||||||||||||||
Weighted average price per share of issued restricted stock and restricted stock units | $ 45.69 | 73.73 | ||||||||||||||||
Weighted average price per share of treasury stock purchased | $ 69.63 | 69.63 | ||||||||||||||||
Weighted average price per share of other issuances | 67.47 | 67.47 | ||||||||||||||||
Percentage of stock owned by U.S. citizens requirement | 75.00% | |||||||||||||||||
Percentage of stock owned by other than U.S. citizens requirement | 25.00% | |||||||||||||||||
Common shares owned by foreign addresses | 1,512,000 | 1,512,000 | ||||||||||||||||
Percentage of total outstanding common shares owned by foreign addresses | 4.00% | |||||||||||||||||
Cash dividends declared per common share | $ 0.07 | $ 0.34 | $ 0.34 | $ 0.34 | 0.32 | $ 0.32 | $ 0.32 | $ 0.32 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 1.09 | $ 1.28 | $ 1 | |||
Repurchases of common stock, shares | 1,160,940 | 1,043,875 | ||||||||||||||||
Dividends paid | $ 38,076,000 | $ 45,078,000 | $ 36,320,000 | |||||||||||||||
Repurchase of Common Stock | 0 | 80,831,000 | 77,661,000 | |||||||||||||||
Income (loss) available to common stockholders – basic | (73,940,000) | 84,300,000 | 186,737,000 | |||||||||||||||
Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax | 0 | 0 | 0 | |||||||||||||||
Income (loss) available to common stockholders - diluted | $ (73,940,000) | $ 84,300,000 | $ 186,737,000 | |||||||||||||||
Weighted average number of common shares outstanding - basic | 34,893,844 | 35,193,480 | 36,283,853 | |||||||||||||||
Assumed conversion of 3% Convertible Senior Noted outstanding during the period | 0 | 0 | 0 | |||||||||||||||
Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method | 0 | 335,125 | 412,911 | |||||||||||||||
Weighted average number of common shares outstanding - diluted | 34,893,844 | 35,528,605 | 36,696,764 | |||||||||||||||
Basic earnings (loss) per share | (0.72) | 0.09 | (1.21) | (0.27) | 0.43 | (0.03) | 0.74 | 1.24 | $ (2.12) | $ 2.40 | $ 5.15 | |||||||
Diluted earnings (loss) per share | $ (0.72) | $ 0.09 | $ (1.21) | $ (0.27) | $ 0.43 | $ (0.03) | $ 0.73 | $ 1.23 | $ (2.12) | $ 2.37 | $ 5.09 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||
Accumulated other comprehensive loss, beginning balance | $ (289,819,000) | $ (270,329,000) | $ (156,506,000) | $ (199,683,000) | $ (270,329,000) | $ (156,506,000) | $ (199,683,000) | |||||||||||
Other comprehensive income before reclassification | (25,778,000) | (119,146,000) | 36,873,000 | |||||||||||||||
Reclassification from accumulated other comprehensive income | 6,288,000 | 5,323,000 | 6,304,000 | |||||||||||||||
Net current period other comprehensive income | (19,490,000) | (113,823,000) | 43,177,000 | |||||||||||||||
Accumulated other comprehensive income, foreign exchange rate impact | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | ||||||||||||
Accumulated other comprehensive loss, ending balance | (289,819,000) | (270,329,000) | (156,506,000) | (289,819,000) | (270,329,000) | (156,506,000) | ||||||||||||
Currency translation adjustment | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||
Accumulated other comprehensive loss, beginning balance | (67,365,000) | (39,066,000) | 57,812,000 | 14,689,000 | (39,066,000) | 57,812,000 | 14,689,000 | |||||||||||
Other comprehensive income before reclassification | (20,195,000) | (76,845,000) | 19,810,000 | |||||||||||||||
Reclassification from accumulated other comprehensive income | 0 | 0 | 0 | |||||||||||||||
Net current period other comprehensive income | (20,195,000) | (76,845,000) | 19,810,000 | |||||||||||||||
Accumulated other comprehensive income, foreign exchange rate impact | (8,104,000) | (20,033,000) | 23,313,000 | (8,104,000) | (20,033,000) | 23,313,000 | ||||||||||||
Accumulated other comprehensive loss, ending balance | (67,365,000) | (39,066,000) | 57,812,000 | (67,365,000) | (39,066,000) | 57,812,000 | ||||||||||||
Pension liability adjustment | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||
Accumulated other comprehensive loss, beginning balance | $ (222,454,000) | (231,263,000) | $ (214,318,000) | $ (214,372,000) | (231,263,000) | (214,318,000) | (214,372,000) | |||||||||||
Other comprehensive income before reclassification | (5,583,000) | (42,301,000) | 17,063,000 | |||||||||||||||
Reclassification from accumulated other comprehensive income | 6,288,000 | 5,323,000 | 6,304,000 | |||||||||||||||
Net current period other comprehensive income | 705,000 | (36,978,000) | 23,367,000 | |||||||||||||||
Accumulated other comprehensive income, foreign exchange rate impact | 8,104,000 | 20,033,000 | (23,313,000) | 8,104,000 | 20,033,000 | (23,313,000) | ||||||||||||
Accumulated other comprehensive loss, ending balance | (222,454,000) | $ (231,263,000) | $ (214,318,000) | (222,454,000) | $ (231,263,000) | $ (214,318,000) | ||||||||||||
Convertible Notes Payable | ||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||||||||||||||
Debt instrument, repurchase amount | $ 115,000,000 | $ 113,100,000 | 115,000,000 | $ 1,900,000 | ||||||||||||||
Per principal amount of convertible debt | $ 1,000 | |||||||||||||||||
Subsequent event | ||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||||||||||||||
Cash dividends declared per common share | $ 0.07 | |||||||||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 150,000,000 | |||||||||||||||||
Stock options | ||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||||||||||||||
Outstanding | 1,194,783 | 682,800 | 297,595 | |||||||||||||||
Weighted average exercise price | $ 62.11 | $ 69.04 | $ 43.59 | $ 62.11 | $ 69.04 | $ 43.59 | ||||||||||||
Restricted stock awards | ||||||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||||||||||||||
Outstanding | 286,804 | 0 | 7,416 | |||||||||||||||
Weighted average exercise price | $ 37.27 | $ 0 | $ 70.90 | $ 37.27 | $ 0 | $ 70.90 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2016USD ($)Country | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2016USD ($)CustomerSegmentsCountryRegions | Mar. 31, 2015USD ($)Business_Units | Mar. 31, 2014USD ($) | Mar. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||||||||||
Number of operating segments | Segments | 1 | |||||||||||
Number of reportable segments | 4 | 5 | ||||||||||
Revenues | $ 381,719 | $ 419,887 | $ 446,911 | $ 466,996 | $ 450,355 | $ 460,140 | $ 475,636 | $ 472,538 | $ 1,715,513 | $ 1,858,669 | $ 1,669,582 | |
Income (loss) from equity method investments | (1,807) | (3,839) | 8,666 | |||||||||
Operating income (loss) | (37,923) | 22,077 | (29,833) | 4,834 | 27,702 | 8,916 | 44,064 | 65,192 | (40,845) | 145,874 | 186,977 | |
Gain (loss) on disposal of assets | (6,800) | $ (2,200) | $ (14,000) | $ (7,700) | (10,300) | $ (26,300) | $ 100 | $ 600 | (30,693) | (35,849) | (722) | |
Capital expenditures | 372,375 | 601,834 | 628,613 | |||||||||
Total depreciation and amortization | 136,812 | 114,293 | 95,977 | |||||||||
Total identifiable assets | 3,271,862 | 3,230,720 | 3,271,862 | 3,230,720 | ||||||||
Total investments in unconsolidated affiliates - equity method | 188,666 | 210,090 | 188,666 | 210,090 | ||||||||
Long-lived assets | 2,283,252 | 2,157,101 | 2,283,252 | 2,157,101 | ||||||||
Construction in progress payments not allocated | 84,800 | 232,300 | 494,500 | |||||||||
Construction in progress | $ 307,360 | 306,012 | 307,360 | 306,012 | ||||||||
Accelerated depreciation | $ 28,655 | 10,379 | ||||||||||
Number of countries in which entity operates | Country | 20 | 20 | ||||||||||
Customer concentration risk | Sales revenue | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Concentration risk, percentage | 60.00% | |||||||||||
Number of clients over 10% over three comparative years | Customer | 1 | |||||||||||
Number of clients over 10% over one year | Customer | 1 | |||||||||||
U.K. | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 587,493 | 616,191 | 526,149 | |||||||||
Long-lived assets | $ 577,810 | 462,667 | 577,810 | 462,667 | ||||||||
Australia | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 272,407 | 228,774 | 168,424 | |||||||||
Long-lived assets | 305,933 | 241,149 | 305,933 | 241,149 | ||||||||
Nigeria | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 246,449 | 327,164 | 328,793 | |||||||||
Long-lived assets | 184,440 | 235,914 | 184,440 | 235,914 | ||||||||
United States | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 158,901 | 222,661 | 225,650 | |||||||||
Long-lived assets | 292,324 | 235,434 | 292,324 | 235,434 | ||||||||
Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 61,257 | 61,713 | 32,895 | |||||||||
Long-lived assets | 180,665 | 215,245 | 180,665 | 215,245 | ||||||||
Norway | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 225,807 | 266,186 | 253,651 | |||||||||
Long-lived assets | 171,948 | 197,165 | 171,948 | 197,165 | ||||||||
Falkland Islands | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 44,724 | 9,172 | 0 | |||||||||
Trinidad | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 55,423 | 59,073 | 51,770 | |||||||||
Long-lived assets | 113,768 | 109,248 | 113,768 | 109,248 | ||||||||
Brazil | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-lived assets | 56,453 | 80,540 | 56,453 | 80,540 | ||||||||
Tanzania | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-lived assets | 15,670 | 54,845 | 15,670 | 54,845 | ||||||||
Other countries | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 63,052 | 67,735 | 82,250 | |||||||||
Long-lived assets | 76,881 | 18,882 | 76,881 | 18,882 | ||||||||
FB Entities | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Equity investment ownership percentage | 50.00% | |||||||||||
Income (loss) from equity method investments | 0 | 0 | $ 3,217 | |||||||||
Helideck Certification Agency (HCA) | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Equity investment ownership percentage | 50.00% | |||||||||||
Intersegment elimination | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 15,755 | 16,749 | $ 31,906 | |||||||||
External customer | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 1,715,513 | $ 1,858,669 | $ 1,669,582 | |||||||||
Customer 1 | Customer concentration risk | Sales revenue | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Concentration risk, percentage | 11.00% | 12.00% | 13.00% | |||||||||
Europe Caspian | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 863,852 | $ 891,436 | $ 762,717 | |||||||||
Income (loss) from equity method investments | 310 | 1,107 | 4,715 | |||||||||
Operating income (loss) | 50,406 | 128,543 | 122,647 | |||||||||
Capital expenditures | 127,072 | 192,689 | 38,294 | |||||||||
Total depreciation and amortization | 41,509 | 37,830 | 32,918 | |||||||||
Total identifiable assets | 1,068,192 | 972,163 | 1,068,192 | 972,163 | ||||||||
Total investments in unconsolidated affiliates - equity method | 298 | 65 | 298 | 65 | ||||||||
Accelerated depreciation | 600 | |||||||||||
Europe Caspian | Intersegment elimination | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 5,708 | 7,444 | 12,652 | |||||||||
Europe Caspian | External customer | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 858,144 | 883,992 | 750,065 | |||||||||
Africa | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 255,256 | 347,272 | 334,230 | |||||||||
Operating income (loss) | 19,702 | 91,758 | 84,999 | |||||||||
Capital expenditures | 1,386 | 1,330 | 24,324 | |||||||||
Total depreciation and amortization | 29,337 | 17,333 | 14,173 | |||||||||
Total identifiable assets | 304,081 | 484,514 | 304,081 | 484,514 | ||||||||
Accelerated depreciation | 16,800 | 1,900 | ||||||||||
Africa | Intersegment elimination | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2 | 0 | 0 | |||||||||
Africa | External customer | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 255,254 | 347,272 | 334,230 | |||||||||
Americas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 291,399 | 352,088 | 360,183 | |||||||||
Income (loss) from equity method investments | (2,117) | (4,946) | 3,951 | |||||||||
Operating income (loss) | 34,463 | 79,176 | 69,480 | |||||||||
Capital expenditures | 92,418 | 124,854 | 52,563 | |||||||||
Total depreciation and amortization | 36,371 | 34,617 | 33,848 | |||||||||
Total identifiable assets | 884,455 | 966,538 | 884,455 | 966,538 | ||||||||
Total investments in unconsolidated affiliates - equity method | 183,990 | 210,025 | 183,990 | 210,025 | ||||||||
Accelerated depreciation | 6,000 | 2,500 | ||||||||||
Americas | Intersegment elimination | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 7,834 | 6,003 | 17,555 | |||||||||
Americas | External customer | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 283,565 | 346,085 | 342,628 | |||||||||
Asia Pacific | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 296,842 | 257,605 | 212,190 | |||||||||
Operating income (loss) | 4,073 | 12,455 | 18,227 | |||||||||
Capital expenditures | 23,745 | 23,077 | 7,058 | |||||||||
Total depreciation and amortization | 20,526 | 23,450 | 12,351 | |||||||||
Total identifiable assets | 426,677 | 401,973 | 426,677 | 401,973 | ||||||||
Accelerated depreciation | 5,300 | 6,000 | ||||||||||
Asia Pacific | Intersegment elimination | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2 | 254 | 0 | |||||||||
Asia Pacific | External customer | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 296,840 | 257,351 | 212,190 | |||||||||
Corporate and other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 23,919 | 27,017 | 32,168 | |||||||||
Operating income (loss) | (118,796) | (130,209) | (107,654) | |||||||||
Capital expenditures | 127,754 | 259,884 | 506,374 | |||||||||
Total depreciation and amortization | 9,069 | 1,063 | 2,687 | |||||||||
Total identifiable assets | 588,457 | 405,532 | 588,457 | 405,532 | ||||||||
Total investments in unconsolidated affiliates - equity method | $ 4,378 | $ 0 | 4,378 | 0 | ||||||||
Corporate and other | Intersegment elimination | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,209 | 3,048 | 1,699 | |||||||||
Corporate and other | External customer | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 21,710 | $ 23,969 | $ 30,469 |
QUARTERLY FINANCIAL INFORMATI51
QUARTERLY FINANCIAL INFORMATION (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Unusual or Infrequent Item [Line Items] | |||||||||||
Gross revenue | $ 381,719 | $ 419,887 | $ 446,911 | $ 466,996 | $ 450,355 | $ 460,140 | $ 475,636 | $ 472,538 | $ 1,715,513 | $ 1,858,669 | $ 1,669,582 |
Operating income (loss) | (37,923) | 22,077 | (29,833) | 4,834 | 27,702 | 8,916 | 44,064 | 65,192 | (40,845) | 145,874 | 186,977 |
Net income (loss) attributable to Bristow Group | $ (25,255) | $ 3,202 | $ (47,132) | $ (3,257) | $ 15,077 | $ (968) | $ 26,082 | $ 44,109 | $ (72,442) | $ 84,300 | $ 186,737 |
Basic earnings (loss) per share | $ (0.72) | $ 0.09 | $ (1.21) | $ (0.27) | $ 0.43 | $ (0.03) | $ 0.74 | $ 1.24 | $ (2.12) | $ 2.40 | $ 5.15 |
Diluted earnings (loss) per share | $ (0.72) | $ 0.09 | $ (1.21) | $ (0.27) | $ 0.43 | $ (0.03) | $ 0.73 | $ 1.23 | $ (2.12) | $ 2.37 | $ 5.09 |
Gain (loss) on disposal of assets | $ (6,800) | $ (2,200) | $ (14,000) | $ (7,700) | $ (10,300) | $ (26,300) | $ 100 | $ 600 | $ (30,693) | $ (35,849) | $ (722) |
Organizational restructuring | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent item, operating income impact, net | (5,900) | ||||||||||
Unusual or infrequent item, net income impact, net | $ (2,300) | ||||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.07) | ||||||||||
Employee severance | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent item, operating income impact, net | (7,300) | (5,700) | (8,000) | (900) | (1,800) | (3,700) | |||||
Unusual or infrequent item, net income impact, net | $ (5,400) | $ (4,200) | $ (5,600) | $ (600) | $ (1,200) | $ (2,400) | |||||
Unusual or infrequent item, earnings per share impact, net | $ (0.15) | $ (0.12) | $ (0.16) | $ (0.02) | $ (0.03) | $ (0.07) | |||||
Accelerated depreciation | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent item, operating income impact, net | $ (3,600) | $ (5,000) | $ (10,500) | $ (10,500) | |||||||
Unusual or infrequent item, net income impact, net | $ (3,200) | $ (3,800) | $ (7,900) | $ (7,900) | |||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.09) | $ (0.11) | $ (0.22) | $ (0.23) | |||||||
Inventory valuation | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent item, operating income impact, net | $ (5,400) | (3,800) | $ (3,400) | ||||||||
Unusual or infrequent item, net income impact, net | $ (3,500) | $ (3,000) | $ (2,700) | ||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.10) | $ (0.09) | $ (0.08) | ||||||||
Accretion of noncontrolling interest | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or infrequent item, earnings per share impact, net | $ 0.14 | $ (0.18) | |||||||||
North America restructuring | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent item, operating income impact, net | $ (600) | $ (1,000) | |||||||||
Unusual or infrequent item, net income impact, net | $ (400) | $ (700) | |||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.01) | $ (0.02) | |||||||||
Repurchase of debt | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or infrequent item, net income impact, net | $ (600) | $ (800) | $ (700) | ||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.02) | $ (0.02) | $ (0.02) | ||||||||
Impairment of goodwill | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent item, operating income impact, net | $ (27,400) | $ (22,300) | |||||||||
Unusual or infrequent item, net income impact, net | $ (15,700) | $ (25,600) | |||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.44) | $ (0.73) | |||||||||
Tax valuation allowance | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or infrequent item, net income impact, net | $ (5,100) | $ (9,500) | |||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.14) | $ (0.27) | |||||||||
Adjustments for error correction | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent item, operating income impact, net | $ (5,300) | ||||||||||
Unusual or infrequent item, net income impact, net | $ (4,200) | ||||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.12) | ||||||||||
Cost reversal | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent item, operating income impact, net | $ 800 | ||||||||||
Unusual or infrequent item, net income impact, net | $ 600 | ||||||||||
Unusual or infrequent item, earnings per share impact, net | $ 0.02 | ||||||||||
Sale of affiliate | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or infrequent item, net income impact, net | $ 2,500 | ||||||||||
Unusual or infrequent item, earnings per share impact, net | $ 0.07 | ||||||||||
Fleet change | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or Infrequent item, operating income impact, net | $ (10,400) | ||||||||||
Unusual or infrequent item, net income impact, net | $ (8,000) | ||||||||||
Unusual or infrequent item, earnings per share impact, net | $ (0.23) | ||||||||||
Disposal of assets | |||||||||||
Unusual or Infrequent Item [Line Items] | |||||||||||
Unusual or infrequent item, net income impact, net | $ (3,700) | $ (1,700) | $ (10,800) | $ (5,900) | $ (8,100) | $ (21,000) | $ 100 | $ 500 | |||
Unusual or infrequent item, earnings per share impact, net | $ (0.10) | $ (0.05) | $ (0.31) | $ (0.17) | $ (0.23) | $ (0.60) | $ 0 | $ 0.01 |
SUPPLEMENTAL CONDENSED CONSOL52
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details) $ in Billions | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Parent Company Only | Currency translation adjustment | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | $ 0.2 |
Parent Company Only | Investments in unconsolidated affiliates | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | 1.2 |
Parent Company Only | Intercompany notes receivable | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | (1) |
Non-Guarantor Subsidiaries | Intercompany notes payable | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | (1) |
Non-Guarantor Subsidiaries | Stockholder's investment | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | 1 |
Eliminations | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | (1) |
Eliminations | Investments in unconsolidated affiliates | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | 1.2 |
Eliminations | Intercompany notes receivable | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | (1) |
Eliminations | Intercompany notes payable | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | (1) |
Eliminations | Stockholder's investment | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | $ 1.2 |
SUPPLEMENTAL CONDENSED CONSOL53
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION IS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | $ 381,719,000 | $ 419,887,000 | $ 446,911,000 | $ 466,996,000 | $ 450,355,000 | $ 460,140,000 | $ 475,636,000 | $ 472,538,000 | $ 1,715,513,000 | $ 1,858,669,000 | $ 1,669,582,000 |
Direct cost and reimbursable expense | 1,309,365,000 | 1,299,557,000 | 1,186,132,000 | ||||||||
Intercompany expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 136,812,000 | 114,293,000 | 95,977,000 | ||||||||
General and administrative | 224,645,000 | 254,158,000 | 199,814,000 | ||||||||
Total operating expense | 1,670,822,000 | 1,668,008,000 | 1,481,923,000 | ||||||||
Loss on impairment | (55,104,000) | (7,167,000) | (12,669,000) | ||||||||
Gain (loss) on disposal of assets | (6,800,000) | (2,200,000) | (14,000,000) | (7,700,000) | (10,300,000) | (26,300,000) | 100,000 | 600,000 | (30,693,000) | (35,849,000) | (722,000) |
Earnings from unconsolidated affiliates, net of losses | 261,000 | (1,771,000) | 12,709,000 | ||||||||
Operating income (loss) | (37,923,000) | 22,077,000 | (29,833,000) | 4,834,000 | 27,702,000 | 8,916,000 | 44,064,000 | 65,192,000 | (40,845,000) | 145,874,000 | 186,977,000 |
Interest expense, net | (34,128,000) | (29,354,000) | (43,218,000) | ||||||||
Extinguishment of debt | 0 | (2,591,000) | 0 | ||||||||
Gain on sale of unconsolidated affiliate, net of losses | 0 | 3,921,000 | 103,924,000 | ||||||||
Other income (expense), net | (4,258,000) | (6,377,000) | (2,692,000) | ||||||||
Income (loss) before provision for income taxes | (79,231,000) | 111,473,000 | 244,991,000 | ||||||||
Benefit (provision) for income taxes | 2,082,000 | (22,766,000) | (57,212,000) | ||||||||
Net income (loss) | (77,149,000) | 88,707,000 | 187,779,000 | ||||||||
Net (income) loss attributable to noncontrolling interests | 4,707,000 | (4,407,000) | (1,042,000) | ||||||||
Net income (loss) attributable to Bristow Group | $ (25,255,000) | $ 3,202,000 | $ (47,132,000) | $ (3,257,000) | $ 15,077,000 | $ (968,000) | $ 26,082,000 | $ 44,109,000 | (72,442,000) | 84,300,000 | 186,737,000 |
Accretion of redeemable noncontrolling interests | (1,498,000) | 0 | 0 | ||||||||
Net income (loss) available to common stockholders, basic | (73,940,000) | 84,300,000 | 186,737,000 | ||||||||
External customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 1,715,513,000 | 1,858,669,000 | 1,669,582,000 | ||||||||
Intercompany customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 0 | 0 | 0 | ||||||||
Parent Company Only | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 0 | 767,000 | 14,754,000 | ||||||||
Direct cost and reimbursable expense | 320,000 | 0 | 0 | ||||||||
Intercompany expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 7,137,000 | 1,834,000 | 2,835,000 | ||||||||
General and administrative | 68,787,000 | 76,453,000 | 64,891,000 | ||||||||
Total operating expense | 76,244,000 | 78,287,000 | 67,726,000 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Gain (loss) on disposal of assets | 0 | 0 | (45,000) | ||||||||
Earnings from unconsolidated affiliates, net of losses | 1,271,000 | 44,731,000 | 189,209,000 | ||||||||
Operating income (loss) | (74,973,000) | (32,789,000) | 136,192,000 | ||||||||
Interest expense, net | (30,167,000) | 112,336,000 | 79,972,000 | ||||||||
Extinguishment of debt | (2,591,000) | ||||||||||
Gain on sale of unconsolidated affiliate, net of losses | 0 | 0 | |||||||||
Other income (expense), net | 400,000 | 323,000 | (174,000) | ||||||||
Income (loss) before provision for income taxes | (104,740,000) | 77,279,000 | 215,990,000 | ||||||||
Benefit (provision) for income taxes | 32,355,000 | 7,080,000 | (29,193,000) | ||||||||
Net income (loss) | (72,385,000) | 84,359,000 | 186,797,000 | ||||||||
Net (income) loss attributable to noncontrolling interests | (57,000) | (59,000) | (60,000) | ||||||||
Net income (loss) attributable to Bristow Group | (72,442,000) | 84,300,000 | 186,737,000 | ||||||||
Accretion of redeemable noncontrolling interests | 0 | ||||||||||
Net income (loss) available to common stockholders, basic | (72,442,000) | ||||||||||
Parent Company Only | External customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 0 | 0 | 0 | ||||||||
Parent Company Only | Intercompany customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 0 | 767,000 | 14,754,000 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 317,172,000 | 391,647,000 | 382,454,000 | ||||||||
Direct cost and reimbursable expense | 192,500,000 | 212,216,000 | 219,873,000 | ||||||||
Intercompany expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 60,312,000 | 46,098,000 | 43,052,000 | ||||||||
General and administrative | 27,440,000 | 39,898,000 | 33,925,000 | ||||||||
Total operating expense | 280,252,000 | 298,212,000 | 296,850,000 | ||||||||
Loss on impairment | (7,264,000) | 0 | (6,988,000) | ||||||||
Gain (loss) on disposal of assets | (21,579,000) | 269,000 | 4,312,000 | ||||||||
Earnings from unconsolidated affiliates, net of losses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 8,077,000 | 93,704,000 | 82,928,000 | ||||||||
Interest expense, net | (3,859,000) | (4,581,000) | (4,785,000) | ||||||||
Extinguishment of debt | 0 | ||||||||||
Gain on sale of unconsolidated affiliate, net of losses | 0 | 0 | |||||||||
Other income (expense), net | 499,000 | 483,000 | (342,000) | ||||||||
Income (loss) before provision for income taxes | 4,717,000 | 89,606,000 | 77,801,000 | ||||||||
Benefit (provision) for income taxes | (3,546,000) | (1,319,000) | (6,292,000) | ||||||||
Net income (loss) | 1,171,000 | 88,287,000 | 71,509,000 | ||||||||
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Bristow Group | 1,171,000 | 88,287,000 | 71,509,000 | ||||||||
Accretion of redeemable noncontrolling interests | 0 | ||||||||||
Net income (loss) available to common stockholders, basic | 1,171,000 | ||||||||||
Guarantor Subsidiaries | External customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 229,499,000 | 300,171,000 | 303,878,000 | ||||||||
Guarantor Subsidiaries | Intercompany customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 87,673,000 | 91,476,000 | 78,576,000 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 1,486,014,000 | 1,558,498,000 | 1,365,704,000 | ||||||||
Direct cost and reimbursable expense | 1,116,545,000 | 1,087,341,000 | 966,259,000 | ||||||||
Intercompany expenses | 87,673,000 | 92,243,000 | 93,330,000 | ||||||||
Depreciation and amortization | 69,363,000 | 66,361,000 | 50,090,000 | ||||||||
General and administrative | 128,418,000 | 137,807,000 | 100,998,000 | ||||||||
Total operating expense | 1,401,999,000 | 1,383,752,000 | 1,210,677,000 | ||||||||
Loss on impairment | (47,840,000) | (7,167,000) | (5,681,000) | ||||||||
Gain (loss) on disposal of assets | (9,114,000) | (36,118,000) | (4,989,000) | ||||||||
Earnings from unconsolidated affiliates, net of losses | 220,000 | (1,815,000) | 12,666,000 | ||||||||
Operating income (loss) | 27,281,000 | 129,646,000 | 157,023,000 | ||||||||
Interest expense, net | (102,000) | (137,109,000) | (118,405,000) | ||||||||
Extinguishment of debt | 0 | ||||||||||
Gain on sale of unconsolidated affiliate, net of losses | 3,921,000 | 103,924,000 | |||||||||
Other income (expense), net | (5,157,000) | (7,183,000) | (2,176,000) | ||||||||
Income (loss) before provision for income taxes | 22,022,000 | (10,725,000) | 140,366,000 | ||||||||
Benefit (provision) for income taxes | (26,727,000) | (28,527,000) | (21,727,000) | ||||||||
Net income (loss) | (4,705,000) | (39,252,000) | 118,639,000 | ||||||||
Net (income) loss attributable to noncontrolling interests | 4,764,000 | (4,348,000) | (982,000) | ||||||||
Net income (loss) attributable to Bristow Group | 59,000 | (43,600,000) | 117,657,000 | ||||||||
Accretion of redeemable noncontrolling interests | (1,498,000) | ||||||||||
Net income (loss) available to common stockholders, basic | (1,439,000) | ||||||||||
Non-Guarantor Subsidiaries | External customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 1,486,014,000 | 1,558,498,000 | 1,365,704,000 | ||||||||
Non-Guarantor Subsidiaries | Intercompany customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 0 | 0 | 0 | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | (87,673,000) | (92,243,000) | (93,330,000) | ||||||||
Direct cost and reimbursable expense | 0 | 0 | 0 | ||||||||
Intercompany expenses | (87,673,000) | (92,243,000) | (93,330,000) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Total operating expense | (87,673,000) | (92,243,000) | (93,330,000) | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Gain (loss) on disposal of assets | 0 | 0 | 0 | ||||||||
Earnings from unconsolidated affiliates, net of losses | (1,230,000) | (44,687,000) | (189,166,000) | ||||||||
Operating income (loss) | (1,230,000) | (44,687,000) | (189,166,000) | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Extinguishment of debt | 0 | ||||||||||
Gain on sale of unconsolidated affiliate, net of losses | 0 | 0 | |||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||
Income (loss) before provision for income taxes | (1,230,000) | (44,687,000) | (189,166,000) | ||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | (1,230,000) | (44,687,000) | (189,166,000) | ||||||||
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Bristow Group | (1,230,000) | (44,687,000) | (189,166,000) | ||||||||
Accretion of redeemable noncontrolling interests | 0 | ||||||||||
Net income (loss) available to common stockholders, basic | (1,230,000) | ||||||||||
Eliminations | External customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | 0 | 0 | 0 | ||||||||
Eliminations | Intercompany customer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total consolidated gross revenue | $ (87,673,000) | $ (92,243,000) | $ (93,330,000) |
SUPPLEMENTAL CONDENSED CONSOL54
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION OCI (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | $ (77,149,000) | $ 88,707,000 | $ 187,779,000 |
Currency translation adjustments | (21,604,000) | (71,617,000) | 18,729,000 |
Pension liability adjustment | 705,000 | (36,978,000) | 23,367,000 |
Total comprehensive income (loss) | (98,048,000) | (19,888,000) | 229,875,000 |
Net (income) loss attributable to noncontrolling interests | 4,707,000 | (4,407,000) | (1,042,000) |
Currency translation adjustment attributable to noncontrolling interest | 1,409,000 | (5,228,000) | 1,081,000 |
Total comprehensive (income) loss attributable to noncontrolling interests | 6,116,000 | (9,635,000) | 39,000 |
Total comprehensive income (loss) attributable to Bristow Group | (91,932,000) | (29,523,000) | 229,914,000 |
Accretion of redeemable noncontrolling interests | (1,498,000) | 0 | 0 |
Total comprehensive income (loss) attributable to common stockholders | (93,430,000) | (29,523,000) | 229,914,000 |
Parent Company Only | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | (72,385,000) | 84,359,000 | 186,797,000 |
Currency translation adjustments | 2,000 | (25,885,000) | 8,173,000 |
Pension liability adjustment | 0 | 0 | 0 |
Total comprehensive income (loss) | (72,383,000) | 58,474,000 | 194,970,000 |
Net (income) loss attributable to noncontrolling interests | (57,000) | (59,000) | (60,000) |
Currency translation adjustment attributable to noncontrolling interest | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | (57,000) | (59,000) | (60,000) |
Total comprehensive income (loss) attributable to Bristow Group | (72,440,000) | 58,415,000 | 194,910,000 |
Accretion of redeemable noncontrolling interests | 0 | ||
Total comprehensive income (loss) attributable to common stockholders | (72,440,000) | ||
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 1,171,000 | 88,287,000 | 71,509,000 |
Currency translation adjustments | 0 | 0 | 0 |
Pension liability adjustment | 0 | 0 | 0 |
Total comprehensive income (loss) | 1,171,000 | 88,287,000 | 71,509,000 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Currency translation adjustment attributable to noncontrolling interest | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive income (loss) attributable to Bristow Group | 1,171,000 | 88,287,000 | 71,509,000 |
Accretion of redeemable noncontrolling interests | 0 | ||
Total comprehensive income (loss) attributable to common stockholders | 1,171,000 | ||
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | (4,705,000) | (39,252,000) | 118,639,000 |
Currency translation adjustments | (186,812,000) | 24,852,000 | (40,402,000) |
Pension liability adjustment | 705,000 | (36,978,000) | 23,367,000 |
Total comprehensive income (loss) | (190,812,000) | (51,378,000) | 101,604,000 |
Net (income) loss attributable to noncontrolling interests | 4,764,000 | (4,348,000) | (982,000) |
Currency translation adjustment attributable to noncontrolling interest | 1,409,000 | (5,228,000) | 1,081,000 |
Total comprehensive (income) loss attributable to noncontrolling interests | 6,173,000 | (9,576,000) | 99,000 |
Total comprehensive income (loss) attributable to Bristow Group | (184,639,000) | (60,954,000) | 101,703,000 |
Accretion of redeemable noncontrolling interests | (1,498,000) | ||
Total comprehensive income (loss) attributable to common stockholders | (186,137,000) | ||
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | (1,230,000) | (44,687,000) | (189,166,000) |
Currency translation adjustments | 165,206,000 | (70,584,000) | 50,958,000 |
Pension liability adjustment | 0 | 0 | 0 |
Total comprehensive income (loss) | 163,976,000 | (115,271,000) | (138,208,000) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Currency translation adjustment attributable to noncontrolling interest | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive income (loss) attributable to Bristow Group | 163,976,000 | $ (115,271,000) | $ (138,208,000) |
Accretion of redeemable noncontrolling interests | 0 | ||
Total comprehensive income (loss) attributable to common stockholders | $ 163,976,000 |
SUPPLEMENTAL CONDENSED CONSOL55
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION BS (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 104,310 | $ 104,146 | $ 204,341 | $ 215,623 |
Accounts receivable | 249,317 | 258,618 | ||
Inventories | 142,503 | 147,169 | 11,100 | |
Assets held for sale | 43,783 | 57,827 | ||
Prepaid expenses and other current assets | 53,183 | 70,091 | ||
Total current assets | 593,096 | 637,851 | ||
Intercompany investment | 0 | 0 | ||
Investment in unconsolidated affiliates | 194,952 | 216,376 | ||
Intercompany notes receivable | 0 | 0 | ||
Total property and equipment, at cost | 2,823,675 | 2,665,828 | ||
Less - Accumulated depreciation and amortization | (540,423) | (508,727) | ||
Total property and equipment, net | 2,283,252 | 2,157,101 | ||
Goodwill | 29,990 | 75,628 | 56,680 | |
Other assets | 170,572 | 143,764 | ||
Total assets | 3,271,862 | 3,230,720 | ||
Accounts payable | 96,966 | 84,193 | ||
Accrued liabilities | 201,605 | 224,507 | ||
Deferred taxes | 1,881 | 17,704 | ||
Short-term borrowings and current maturities of long-term debt | 62,716 | 18,730 | ||
Contingent consideration | 29,522 | 33,938 | ||
Deferred sale leaseback advance - current | 0 | 55,934 | ||
Total current liabilities | 392,690 | 435,006 | ||
Long-term debt, less current maturities | 1,078,173 | 845,692 | ||
Intercompany notes payable | 0 | 0 | ||
Accrued pension liabilities | 70,107 | 99,576 | ||
Other liabilities and deferred credits | 33,273 | 39,782 | ||
Deferred taxes | 172,254 | 165,655 | ||
Redeemable noncontrolling interests | 15,473 | 26,223 | ||
Common stock | 377 | 376 | ||
Additional paid-in capital | 801,173 | 781,837 | ||
Retained earnings | 1,172,273 | 1,284,442 | ||
Accumulated other comprehensive income (loss) | (289,819) | (270,329) | (156,506) | (199,683) |
Treasury stock | (184,796) | (184,796) | ||
Total Bristow Group stockholders' investment | 1,499,208 | 1,611,530 | ||
Noncontrolling interests | 10,684 | 7,256 | ||
Total stockholders' investment | 1,509,892 | 1,618,786 | ||
Total liabilities, redeemable noncontrolling interests and stockholders' investment | 3,271,862 | 3,230,720 | ||
Land and building | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 253,098 | 171,959 | ||
Aircraft and equipment | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 2,570,577 | 2,493,869 | ||
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 35,241 | 126 | 4,640 | 31,853 |
Accounts receivable | 768,641 | 377,158 | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 5,048 | 4,850 | ||
Total current assets | 808,930 | 382,134 | ||
Intercompany investment | 2,207,516 | 1,410,347 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 153,078 | 1,184,335 | ||
Total property and equipment, at cost | 142,527 | 111,287 | ||
Less - Accumulated depreciation and amortization | (23,556) | (16,431) | ||
Total property and equipment, net | 118,971 | 94,856 | ||
Goodwill | 0 | 0 | ||
Other assets | 56,562 | 43,423 | ||
Total assets | 3,345,057 | 3,115,095 | ||
Accounts payable | 208,230 | 203,700 | ||
Accrued liabilities | 26,886 | 31,805 | ||
Deferred taxes | 88 | (3,661) | ||
Short-term borrowings and current maturities of long-term debt | 28,000 | 9,088 | ||
Contingent consideration | 0 | 0 | ||
Deferred sale leaseback advance - current | 0 | |||
Total current liabilities | 263,204 | 240,932 | ||
Long-term debt, less current maturities | 1,053,200 | 812,536 | ||
Intercompany notes payable | 0 | 100,000 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 12,278 | 17,144 | ||
Deferred taxes | 147,631 | 141,771 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Common stock | 377 | 376 | ||
Additional paid-in capital | 801,173 | 781,837 | ||
Retained earnings | 1,172,273 | 1,284,442 | ||
Accumulated other comprehensive income (loss) | 78,306 | (80,604) | ||
Treasury stock | (184,796) | (184,796) | ||
Total Bristow Group stockholders' investment | 1,867,333 | 1,801,255 | ||
Noncontrolling interests | 1,411 | 1,457 | ||
Total stockholders' investment | 1,868,744 | 1,802,712 | ||
Total liabilities, redeemable noncontrolling interests and stockholders' investment | 3,345,057 | 3,115,095 | ||
Parent Company Only | Land and building | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 4,776 | 2,830 | ||
Parent Company Only | Aircraft and equipment | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 137,751 | 108,457 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 3,393 | 884 | 0 | 5,370 |
Accounts receivable | 353,729 | 342,239 | ||
Inventories | 37,185 | 44,285 | ||
Assets held for sale | 38,771 | 54,695 | ||
Prepaid expenses and other current assets | (1,843) | 7,035 | ||
Total current assets | 431,235 | 449,138 | ||
Intercompany investment | 104,435 | 111,380 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 13,787 | 0 | ||
Total property and equipment, at cost | 1,206,805 | 1,165,164 | ||
Less - Accumulated depreciation and amortization | (238,644) | (223,245) | ||
Total property and equipment, net | 968,161 | 941,919 | ||
Goodwill | 0 | 4,756 | ||
Other assets | 743 | 988 | ||
Total assets | 1,518,361 | 1,508,181 | ||
Accounts payable | 475,118 | 369,854 | ||
Accrued liabilities | 31,371 | 37,860 | ||
Deferred taxes | 1,914 | 2,503 | ||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||
Contingent consideration | 0 | 0 | ||
Deferred sale leaseback advance - current | 55,934 | |||
Total current liabilities | 508,403 | 466,151 | ||
Long-term debt, less current maturities | 0 | 0 | ||
Intercompany notes payable | 108,952 | 131,075 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 6,935 | 8,379 | ||
Deferred taxes | 3,670 | 6,346 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Common stock | 4,996 | 4,996 | ||
Additional paid-in capital | 9,291 | 9,291 | ||
Retained earnings | 876,114 | 881,943 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Treasury stock | 0 | 0 | ||
Total Bristow Group stockholders' investment | 890,401 | 896,230 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' investment | 890,401 | 896,230 | ||
Total liabilities, redeemable noncontrolling interests and stockholders' investment | 1,518,361 | 1,508,181 | ||
Guarantor Subsidiaries | Land and building | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 63,976 | 50,946 | ||
Guarantor Subsidiaries | Aircraft and equipment | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 1,142,829 | 1,114,218 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 65,676 | 103,136 | 200,147 | 178,400 |
Accounts receivable | 373,963 | 447,776 | ||
Inventories | 105,318 | 102,884 | ||
Assets held for sale | 5,012 | 3,132 | ||
Prepaid expenses and other current assets | 49,978 | 58,206 | ||
Total current assets | 599,947 | 715,134 | ||
Intercompany investment | 145,168 | 0 | ||
Investment in unconsolidated affiliates | 194,952 | 216,376 | ||
Intercompany notes receivable | 3,600 | 0 | ||
Total property and equipment, at cost | 1,474,343 | 1,389,377 | ||
Less - Accumulated depreciation and amortization | (278,223) | (269,051) | ||
Total property and equipment, net | 1,196,120 | 1,120,326 | ||
Goodwill | 29,990 | 70,872 | ||
Other assets | 113,267 | 99,353 | ||
Total assets | 2,283,044 | 2,222,061 | ||
Accounts payable | 296,860 | 289,838 | ||
Accrued liabilities | 401,031 | 172,851 | ||
Deferred taxes | (121) | 18,862 | ||
Short-term borrowings and current maturities of long-term debt | 34,716 | 9,642 | ||
Contingent consideration | 29,522 | 33,938 | ||
Deferred sale leaseback advance - current | 0 | |||
Total current liabilities | 762,008 | 525,131 | ||
Long-term debt, less current maturities | 24,973 | 33,156 | ||
Intercompany notes payable | 81,422 | 1,065,918 | ||
Accrued pension liabilities | 70,107 | 99,576 | ||
Other liabilities and deferred credits | 14,060 | 21,711 | ||
Deferred taxes | 20,953 | 17,538 | ||
Redeemable noncontrolling interests | 15,473 | 26,223 | ||
Common stock | 130,348 | 22,876 | ||
Additional paid-in capital | 284,048 | 284,048 | ||
Retained earnings | 807,131 | 133,559 | ||
Accumulated other comprehensive income (loss) | 63,248 | (13,474) | ||
Treasury stock | 0 | 0 | ||
Total Bristow Group stockholders' investment | 1,284,775 | 427,009 | ||
Noncontrolling interests | 9,273 | 5,799 | ||
Total stockholders' investment | 1,294,048 | 432,808 | ||
Total liabilities, redeemable noncontrolling interests and stockholders' investment | 2,283,044 | 2,222,061 | ||
Non-Guarantor Subsidiaries | Land and building | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 184,346 | 118,183 | ||
Non-Guarantor Subsidiaries | Aircraft and equipment | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 1,289,997 | 1,271,194 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ (446) | $ 0 |
Accounts receivable | (1,247,016) | (908,555) | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (1,247,016) | (908,555) | ||
Intercompany investment | (2,457,119) | (1,521,727) | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | (170,465) | (1,184,335) | ||
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 | (3,874,600) | (3,614,617) | ||
Accounts payable | (883,242) | (779,199) | ||
Accrued liabilities | (257,683) | (18,009) | ||
Deferred taxes | 0 | 0 | ||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||
Contingent consideration | 0 | 0 | ||
Deferred sale leaseback advance - current | 0 | |||
Total current liabilities | (1,140,925) | (797,208) | ||
Long-term debt, less current maturities | 0 | 0 | ||
Intercompany notes payable | (190,374) | (1,296,993) | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 0 | (7,452) | ||
Deferred taxes | 0 | 0 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Common stock | (135,344) | (27,872) | ||
Additional paid-in capital | (293,339) | (293,339) | ||
Retained earnings | (1,683,245) | (1,015,502) | ||
Accumulated other comprehensive income (loss) | (431,373) | (176,251) | ||
Treasury stock | 0 | 0 | ||
Total Bristow Group stockholders' investment | (2,543,301) | (1,512,964) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' investment | (2,543,301) | (1,512,964) | ||
Total liabilities, redeemable noncontrolling interests and stockholders' investment | (3,874,600) | (3,614,617) | ||
Eliminations | Land and building | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | 0 | 0 | ||
Eliminations | Aircraft and equipment | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total property and equipment, at cost | $ 0 | $ 0 |
SUPPLEMENTAL CONDENSED CONSOL56
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION CF (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 116,026 | $ 253,226 | $ 232,094 |
Capital expenditures | (372,375) | (601,834) | (628,613) |
Acquisitions, net of cash received | 0 | (20,303) | (39,850) |
Proceeds from sale of unconsolidated affiliate | 0 | 4,185 | 112,210 |
Proceeds from asset dispositions | 60,035 | 414,859 | 289,951 |
Investment in unconsolidated affiliate | (4,410) | 0 | 0 |
Net cash used in investing activities | (316,750) | (203,093) | (266,302) |
Proceeds from borrowings | 928,802 | 454,393 | 533,064 |
Payments of contingent consideration | (9,453) | 0 | (6,000) |
Debt issuance costs | (5,139) | 0 | (15,523) |
Repayment of debt and debt redemption premiums | (677,003) | (460,274) | (512,492) |
Proceeds from assignment of aircraft purchase agreements | 0 | 0 | 106,113 |
Partial prepayment of put/call obligation | (55) | (59) | (57) |
Acquisition of noncontrolling interests | (7,309) | (3,170) | (2,078) |
Dividends paid to noncontrolling interest | (153) | 0 | 0 |
Repurchase of Common Stock | 0 | (80,831) | (77,661) |
Dividends paid | (38,076) | (45,078) | (36,320) |
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | 0 |
Issuance of Common Stock | 0 | 5,172 | 15,398 |
Tax benefit related to stock-based compensation | 0 | 1,550 | 5,723 |
Net cash provided by (used in) financing activities | 191,614 | (128,297) | 10,167 |
Effect of exchange rate changes on cash and cash equivalents | 9,274 | (22,031) | 12,759 |
Net increase (decrease) in cash and cash equivalents | 164 | (100,195) | (11,282) |
Cash and cash equivalents at beginning of period | 104,146 | 204,341 | 215,623 |
Cash and cash equivalents at end of period | 104,310 | 104,146 | 204,341 |
Parent Company Only | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (96,497) | (99,130) | (48,173) |
Capital expenditures | (31,223) | (46,217) | (33,197) |
Acquisitions, net of cash received | 0 | 0 | |
Proceeds from sale of unconsolidated affiliate | 0 | 0 | |
Proceeds from asset dispositions | 0 | 0 | 0 |
Investment in unconsolidated affiliate | 0 | ||
Net cash used in investing activities | (31,223) | (46,217) | (33,197) |
Proceeds from borrowings | 908,225 | 453,000 | 528,600 |
Payments of contingent consideration | 0 | 0 | |
Debt issuance costs | (5,139) | (15,523) | |
Repayment of debt and debt redemption premiums | (649,650) | (448,799) | (508,060) |
Proceeds from assignment of aircraft purchase agreements | 0 | ||
Partial prepayment of put/call obligation | (55) | (59) | (57) |
Acquisition of noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interest | 0 | ||
Repurchase of Common Stock | (80,831) | (77,661) | |
Dividends paid | (38,076) | (45,078) | (33,254) |
Increases (decreases) in cash related to intercompany advances and debt | (52,470) | 255,878 | 138,991 |
Issuance of Common Stock | 5,172 | 15,398 | |
Tax benefit related to stock-based compensation | 1,550 | 5,723 | |
Net cash provided by (used in) financing activities | 162,835 | 140,833 | 54,157 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 35,115 | (4,514) | (27,213) |
Cash and cash equivalents at beginning of period | 126 | 4,640 | 31,853 |
Cash and cash equivalents at end of period | 35,241 | 126 | 4,640 |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 104,989 | 245,451 | 107,059 |
Capital expenditures | (239,773) | (286,879) | (482,786) |
Acquisitions, net of cash received | 0 | 0 | |
Proceeds from sale of unconsolidated affiliate | 0 | 0 | |
Proceeds from asset dispositions | 50,780 | 211,423 | 284,042 |
Investment in unconsolidated affiliate | 0 | ||
Net cash used in investing activities | (188,993) | (75,456) | (198,744) |
Proceeds from borrowings | 0 | 0 | 0 |
Payments of contingent consideration | 0 | 0 | |
Debt issuance costs | 0 | 0 | |
Repayment of debt and debt redemption premiums | 0 | 0 | 0 |
Proceeds from assignment of aircraft purchase agreements | 106,113 | ||
Partial prepayment of put/call obligation | 0 | 0 | 0 |
Acquisition of noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interest | 0 | ||
Repurchase of Common Stock | 0 | 0 | |
Dividends paid | 0 | 0 | 34 |
Increases (decreases) in cash related to intercompany advances and debt | 86,513 | (169,111) | (19,832) |
Issuance of Common Stock | 0 | 0 | |
Tax benefit related to stock-based compensation | 0 | 0 | |
Net cash provided by (used in) financing activities | 86,513 | (169,111) | 86,315 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 2,509 | 884 | (5,370) |
Cash and cash equivalents at beginning of period | 884 | 0 | 5,370 |
Cash and cash equivalents at end of period | 3,393 | 884 | 0 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 107,534 | 106,459 | 173,654 |
Capital expenditures | (101,379) | (268,738) | (246,868) |
Acquisitions, net of cash received | (20,303) | (39,850) | |
Proceeds from sale of unconsolidated affiliate | 4,185 | 112,210 | |
Proceeds from asset dispositions | 9,255 | 203,436 | 140,147 |
Investment in unconsolidated affiliate | (4,410) | ||
Net cash used in investing activities | (96,534) | (81,420) | (34,361) |
Proceeds from borrowings | 20,577 | 1,393 | 4,464 |
Payments of contingent consideration | (9,453) | (6,000) | |
Debt issuance costs | 0 | 0 | |
Repayment of debt and debt redemption premiums | (27,353) | (11,475) | (4,432) |
Proceeds from assignment of aircraft purchase agreements | 0 | ||
Partial prepayment of put/call obligation | 0 | 0 | 0 |
Acquisition of noncontrolling interests | (7,309) | (3,170) | (2,078) |
Dividends paid to noncontrolling interest | (153) | ||
Repurchase of Common Stock | 0 | 0 | |
Dividends paid | 0 | 0 | (3,100) |
Increases (decreases) in cash related to intercompany advances and debt | (34,043) | (86,767) | (119,159) |
Issuance of Common Stock | 0 | 0 | |
Tax benefit related to stock-based compensation | 0 | 0 | |
Net cash provided by (used in) financing activities | (57,734) | (100,019) | (130,305) |
Effect of exchange rate changes on cash and cash equivalents | 9,274 | (22,031) | 12,759 |
Net increase (decrease) in cash and cash equivalents | (37,460) | (97,011) | 21,747 |
Cash and cash equivalents at beginning of period | 103,136 | 200,147 | 178,400 |
Cash and cash equivalents at end of period | 65,676 | 103,136 | 200,147 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 446 | (446) |
Capital expenditures | 0 | 0 | 134,238 |
Acquisitions, net of cash received | 0 | 0 | |
Proceeds from sale of unconsolidated affiliate | 0 | 0 | |
Proceeds from asset dispositions | 0 | 0 | (134,238) |
Investment in unconsolidated affiliate | 0 | ||
Net cash used in investing activities | 0 | 0 | 0 |
Proceeds from borrowings | 0 | 0 | 0 |
Payments of contingent consideration | 0 | 0 | |
Debt issuance costs | 0 | 0 | |
Repayment of debt and debt redemption premiums | 0 | 0 | 0 |
Proceeds from assignment of aircraft purchase agreements | 0 | ||
Partial prepayment of put/call obligation | 0 | 0 | 0 |
Acquisition of noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interest | 0 | ||
Repurchase of Common Stock | 0 | 0 | |
Dividends paid | 0 | 0 | 0 |
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | 0 |
Issuance of Common Stock | 0 | 0 | |
Tax benefit related to stock-based compensation | 0 | 0 | |
Net cash provided by (used in) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 446 | (446) |
Cash and cash equivalents at beginning of period | 0 | (446) | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ (446) |