Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2017 | Jul. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Entity Registrant Name | Bristow Group Inc. | |
Entity Central Index Key | 73,887 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,327,801 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Gross revenue: | ||
Operating revenue from non-affiliates | $ 322,118 | $ 338,675 |
Operating revenue from affiliates | 17,611 | 17,509 |
Reimbursable revenue from non-affiliates | 12,380 | 13,214 |
Total consolidated gross revenue | 352,109 | 369,398 |
Operating expense: | ||
Direct cost | 285,551 | 289,543 |
Reimbursable expense | 12,226 | 12,614 |
Depreciation and amortization | 31,056 | 34,694 |
General and administrative | 46,707 | 52,595 |
Operating expense | 375,540 | 389,446 |
Loss on impairment | (1,192) | 0 |
Loss on disposal of assets | 699 | (10,017) |
Earnings from unconsolidated affiliates, net of losses | (665) | 3,830 |
Operating income (loss) | (24,589) | (26,235) |
Interest expense, net | (16,021) | (10,886) |
Other income (expense), net | (1,645) | (6,189) |
Income (loss) before provision for income taxes | (42,255) | (43,310) |
Benefit (provision) for income taxes | (13,491) | 2,238 |
Net loss | (55,746) | (41,072) |
Net (income) loss attributable to noncontrolling interests | 471 | 300 |
Net loss attributable to Bristow Group | (55,275) | (40,772) |
Net loss attributable to common stockholders | $ (55,275) | $ (40,772) |
Loss per common share: | ||
Basic | $ (1.57) | $ (1.17) |
Diluted | (1.57) | (1.17) |
Cash dividends declared per common share | $ 0.07 | $ 0.07 |
UNAUDITED CONDENSED CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (55,746) | $ (41,072) |
Other comprehensive income: | ||
Currency translation adjustments | 9,760 | (7,135) |
Total comprehensive income (loss) | (45,986) | (48,207) |
Net (income) loss attributable to noncontrolling interests | 471 | 300 |
Currency translation adjustments attributable to noncontrolling interests | 310 | (4,442) |
Total comprehensive (income) loss attributable to noncontrolling interests | 781 | (4,142) |
Total comprehensive (income) loss attributable to Bristow Group | $ (45,205) | $ (52,349) |
UNAUDITED CONDENSED CONSOLIDAT4
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 78,879 | $ 96,656 |
Accounts receivable from non-affiliates | 218,413 | 198,129 |
Accounts receivable from affiliates | 13,302 | 8,786 |
Inventories | 130,479 | 124,911 |
Assets held for sale | 34,585 | 38,246 |
Prepaid expenses and other current assets | 43,145 | 41,143 |
Total current assets | 518,803 | 507,871 |
Investment in unconsolidated affiliates | 205,174 | 210,162 |
Property and equipment - at cost: | ||
Land and buildings | 235,270 | 231,448 |
Aircraft and equipment | 2,605,978 | 2,622,701 |
Total property and equipment, at cost | 2,841,248 | 2,854,149 |
Less - Accumulated depreciation and amortization | (630,223) | (599,785) |
Total property and equipment, net | 2,211,025 | 2,254,364 |
Goodwill | 19,907 | 19,798 |
Other assets | 115,921 | 121,652 |
Total assets | 3,070,830 | 3,113,847 |
Current liabilities: | ||
Accounts payable | 96,498 | 98,215 |
Accrued wages, benefits and related taxes | 53,288 | 59,077 |
Income taxes payable | 15,802 | 15,145 |
Other accrued taxes | 8,383 | 9,611 |
Deferred revenue | 22,318 | 19,911 |
Accrued maintenance and repairs | 25,628 | 22,914 |
Accrued interest | 5,702 | 12,909 |
Other accrued liabilities | 48,376 | 46,679 |
Deferred taxes | 0 | 830 |
Short-term borrowings and current maturities of long-term debt | 117,817 | 131,063 |
Total current liabilities | 393,812 | 416,354 |
Long-term debt, less current maturities | 1,174,749 | 1,150,956 |
Accrued pension liabilities | 60,057 | 61,647 |
Other liabilities and deferred credits | 25,634 | 28,899 |
Deferred taxes | 159,439 | 154,873 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 6,349 | 6,886 |
Stockholders' investment: | ||
Common stock | 380 | 379 |
Additional paid-in capital | 813,857 | 809,995 |
Retained earnings | 934,166 | 991,906 |
Accumulated other comprehensive loss | (318,207) | (328,277) |
Treasury shares, at cost | (184,796) | (184,796) |
Total Bristow Group stockholders' equity | 1,245,400 | 1,289,207 |
Noncontrolling interests | 5,390 | 5,025 |
Total stockholders' investment | 1,250,790 | 1,294,232 |
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | $ 3,070,830 | $ 3,113,847 |
UNAUDITED CONDENSED CONSOLIDAT5
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (PARANTHETICAL) - $ / shares | Jun. 30, 2017 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares outstanding | 35,303,840 | 35,213,991 |
Treasury stock, shares acquired, par value method | 1,291,441 | 1,291,441 |
Treasury stock, shares acquired, cost method | 2,756,419 | 2,756,419 |
UNAUDITED CONDENSED CONSOLIDAT6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (55,746) | $ (41,072) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 31,056 | 34,694 |
Deferred income taxes | 6,651 | (7,216) |
Discount amortization on long-term debt | 23 | 27 |
Loss on disposal of assets | (699) | 10,017 |
Impairment of inventories | 1,192 | 0 |
Stock-based compensation | 4,136 | 4,200 |
Equity in earnings from unconsolidated affiliates in excess of dividends received | 665 | (3,587) |
Increase (decrease) in cash resulting from changes in: | ||
Accounts receivable | (21,541) | (18,391) |
Inventories | (3,551) | (2,000) |
Prepaid expenses and other assets | 5,106 | (2,390) |
Accounts payable | (3,288) | 5,328 |
Accrued liabilities | (8,807) | 10,904 |
Other liabilities and deferred credits | (6,376) | (5,342) |
Net cash provided by (used in) operating activities | (51,179) | (14,828) |
Cash flows from investing activities: | ||
Capital expenditures | (12,553) | (21,063) |
Proceeds from asset dispositions | 41,975 | 11,500 |
Net cash used in investing activities | 29,422 | (9,563) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 69,018 | 74,408 |
Debt issuance costs | (493) | (2,925) |
Repayment of debt | (66,947) | (18,035) |
Partial prepayment of put/call obligation | (12) | (13) |
Payment of contingent consideration | 0 | (10,000) |
Common stock dividends paid | (2,465) | (2,453) |
Repurchases for tax witholdings on vesting of equity awards | (274) | (570) |
Net cash provided by financing activities | (1,173) | 40,412 |
Effect of exchange rate changes on cash and cash equivalents | 5,153 | 2,380 |
Net increase in cash and cash equivalents | (17,777) | 18,401 |
Cash and cash equivalents at beginning of period | 96,656 | 104,310 |
Cash and cash equivalents at end of period | 78,879 | 122,711 |
Cash paid during the period for: | ||
Interest | 22,093 | 18,114 |
Income taxes | $ 4,543 | $ 4,058 |
UNAUDITED CONDENSED CONSOLIDAT7
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - 3 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Total | Redeemable Noncontrolling Interests | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interests | Total Stockholders' Investment |
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2017 | $ 6,886 | ||||||||
Stockholders' equity, beginning balance at Mar. 31, 2017 | $ 1,294,232 | $ 379 | $ 809,995 | $ 991,906 | $ (328,277) | $ (184,796) | $ 5,025 | $ 1,294,232 | |
Common stock, shares beginning balance at Mar. 31, 2017 | 35,213,991 | 35,213,991 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock, value | 0 | $ 1 | 3,862 | 0 | 0 | 0 | 0 | 3,863 | |
Issuance of common stock, shares | 89,849 | ||||||||
Distributions paid to noncontrolling interests | 0 | $ 0 | 0 | 0 | 0 | 0 | (12) | (12) | |
Common stock dividends | 0 | 0 | 0 | (2,465) | 0 | 0 | 0 | (2,465) | |
Currency translation adjustments | $ 310 | 258 | 0 | 0 | 0 | 0 | 0 | 52 | 52 |
Net income (loss) | (795) | 0 | 0 | (55,275) | 0 | 0 | 325 | (54,950) | |
Other comprehensive income | 0 | 0 | 0 | 0 | 10,070 | 0 | 0 | 10,070 | |
Redeemable noncontrolling interest, ending balance at Jun. 30, 2017 | $ 6,349 | ||||||||
Stockholders' equity, ending balance at Jun. 30, 2017 | $ 1,250,790 | $ 380 | $ 813,857 | $ 934,166 | $ (318,207) | $ (184,796) | $ 5,390 | $ 1,250,790 | |
Common stock, shares ending balance at Jun. 30, 2017 | 35,303,840 | 35,303,840 |
UNAUDITED CONDENSED CONSOLIDAT8
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (PARENTHETICALS) - $ / shares | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends per share | $ 0.07 | $ 0.07 |
BASIS OF PRESENTATION, CONSOLID
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2017 | |
Basis Of Presentation, Consolidation And Summary Of Significant Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities (“Bristow Group”, the “Company”, “we”, “us”, or “our”) after elimination of all significant intercompany accounts and transactions. Our fiscal year ends March 31, and we refer to fiscal years based on the end of such period. Therefore, the fiscal year ending March 31, 2018 is referred to as “fiscal year 2018 ”. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission, the information contained in the following notes to condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and related notes thereto contained in our fiscal year 2017 Annual Report (the “fiscal year 2017 Financial Statements”). Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire fiscal year. The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the consolidated balance sheet of the Company as of June 30, 2017 and the consolidated statements of operations, comprehensive loss and cash flows for the three months ended June 30, 2017 and 2016 . Foreign Currency During the three months ended June 30, 2017 and 2016 , our primary foreign currency exposure was to the British pound sterling, the euro, the Australian dollar, the Norwegian kroner and the Nigerian naira. The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended 2017 2016 One British pound sterling into U.S. dollars High 1.30 1.48 Average 1.28 1.43 Low 1.24 1.31 At period-end 1.30 1.34 One euro into U.S. dollars High 1.14 1.15 Average 1.10 1.13 Low 1.06 1.10 At period-end 1.14 1.11 One Australian dollar into U.S. dollars High 0.77 0.78 Average 0.75 0.75 Low 0.74 0.72 At period-end 0.77 0.74 One Norwegian kroner into U.S. dollars High 0.1199 0.1245 Average 0.1174 0.1212 Low 0.1152 0.1163 At period-end 0.1194 0.1195 One Nigerian naira into U.S. dollars High 0.0033 0.0050 Average 0.0032 0.0048 Low 0.0032 0.0035 At period-end 0.0032 0.0035 _____________ Source: FactSet Other income (expense), net, in our condensed consolidated statements of operations includes foreign currency transaction losses of $1.7 million and $6.3 million for the three months ended June 30, 2017 and 2016 , respectively. Transaction gains and losses represent the revaluation of monetary assets and liabilities from the currency that will ultimately be settled into the functional currency of the legal entity holding the asset or liability. The losses for the three months ended June 30, 2017 and 2016 were primarily driven by a combination of currencies depreciating against the U.S. dollar as presented in the table above while various foreign currency denominated legal entities held U.S. dollar liability positions. Our earnings from unconsolidated affiliates, net of losses, are also affected by the impact of changes in foreign currency exchange rates on the reported results of our unconsolidated affiliates. During the three months ended June 30, 2017 and 2016 , earnings from unconsolidated affiliates, net of losses, decreased $1.1 million and $48,000 , respectively, as a result of the impact of changes in foreign currency exchange rates on the earnings of our unconsolidated affiliates, primarily the impact of changes in the Brazilian real to U.S. dollar exchange rate on earnings for our affiliate in Brazil. The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended 2017 2016 One Brazilian real into U.S. dollars High 0.3233 0.3121 Average 0.3113 0.2849 Low 0.2995 0.2702 At period-end 0.3018 0.3121 _____________ Source: FactSet We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands): Three Months Ended Revenue $ (18,804 ) Operating expense 13,710 Earnings from unconsolidated affiliates, net of losses (1,090 ) Non-operating expense 4,579 Income before provision for income taxes (1,605 ) Provision for income taxes 1,202 Net income (403 ) Cumulative translation adjustment 10,070 Total stockholders’ investment $ 9,667 Revenue Recognition In general, we recognize revenue when it is both realized or realizable and earned. We consider revenue to be realized or realizable and earned when the following conditions exist: there is persuasive evidence of an arrangement (generally a client contract exists); the services or products have been performed or delivered to the client; the sales price is fixed or determinable; and collection has occurred or is probable. Revenue from helicopter services, including search and rescue (“SAR”) services, is recognized based on contractual rates as the related services are performed. The charges under these contracts are generally based on a two-tier rate structure consisting of a daily or monthly fixed fee plus additional fees for each hour flown. These contracts are for varying periods and generally permit the client to cancel the contract before the end of the term. We also provide services to clients on an “ad hoc” basis, which usually entails a shorter contract notice period and duration. The charges for ad hoc services are based on an hourly rate or a daily or monthly fixed fee plus additional fees for each hour flown. In order to offset potential increases in operating costs, our long-term contracts may provide for periodic increases in the contractual rates charged for our services. We recognize the impact of these rate increases when the criteria outlined above have been met. This generally includes written recognition from the clients that they are in agreement with the amount of the rate escalation. Cost reimbursements from clients are recorded as reimbursable revenue with the related reimbursed costs recorded as reimbursable expense on our condensed consolidated statements of operations. Eastern Airways International Limited (“Eastern Airways”) and Capiteq Limited, operating under the name Airnorth, primarily earn revenue through charter and scheduled airline services and provision of airport services (Eastern Airways only). Both chartered and scheduled airline service revenue is recognized net of passenger taxes and discounts. Revenue is recognized at the earlier of the period in which the service is provided or the period in which the right to travel expires, which is determined by the terms and conditions of the ticket. Ticket sales are recorded within deferred revenue in accordance with the above policy. Airport services revenue is recognized when earned. 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. Interest Expense, Net During the three months ended June 30, 2017 and 2016 , interest expense, net consisted of the following (in thousands): Three Months Ended 2017 2016 Interest income $ 214 $ 234 Interest expense (16,235 ) (11,120 ) Interest expense, net $ (16,021 ) $ (10,886 ) Accounts Receivable As of June 30 and March 31, 2017 , the allowance for doubtful accounts for non-affiliates was $3.5 million and $4.5 million , respectively. There were no allowances for doubtful accounts related to accounts receivable due from affiliates as of June 30 and March 31, 2017 . The allowance for doubtful accounts for non-affiliates as of June 30 and March 31, 2017 primarily related to amounts due from a client in Nigeria for which we no longer believe collection is probable. Inventories As of June 30 and March 31, 2017 , inventories were net of allowances of $22.7 million and $21.5 million , respectively. During the three months ended June 30, 2017 , as a result of changes in expected future utilization of aircraft within our training fleet we recorded a $1.2 million charge to impair inventory used on our training fleet, which is included in loss on impairment on our condensed consolidated statement of operations. Prepaid Expenses and Other Current Assets As of June 30 and March 31, 2017 , prepaid expenses and other current assets included the short-term portion of contract acquisition and pre-operating costs totaling $9.8 million and $9.7 million , respectively, related to the SAR contracts in the U.K. and two client contracts in Norway, which are recoverable under the contracts and will be expensed over the terms of the contracts. For the three months ended June 30, 2017 and 2016 , we expensed $2.9 million and $2.2 million , respectively, related to these contracts. Goodwill Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill has an indefinite useful life and is not amortized, but is assessed for impairment annually or when events or changes in circumstances indicate that a potential impairment exists. Goodwill of $19.9 million and $19.8 million as of June 30 and March 31, 2017 , respectively, related to our reporting units were as follows (in thousands): Asia Pacific Total March 31, 2017 $ 19,798 $ 19,798 Foreign currency translation 109 109 June 30, 2017 $ 19,907 $ 19,907 Accumulated goodwill impairment of $50.9 million as of both June 30 and March 31, 2017 related to our reporting units were as follows (in thousands): Europe Caspian Africa Americas Corporate and other Total March 31, 2017 $ (33,883 ) $ (6,179 ) $ (576 ) $ (10,223 ) $ (50,861 ) Impairments — — — — — June 30, 2017 $ (33,883 ) $ (6,179 ) $ (576 ) $ (10,223 ) $ (50,861 ) Other Intangible Assets Other Intangible Assets — Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. Intangible assets by type were as follows (in thousands): Client contracts Client relationships Trade name and trademarks Internally developed software Licenses Total Gross Carrying Amount March 31, 2017 $ 8,169 $ 12,752 $ 4,483 $ 1,062 $ 746 $ 27,212 Foreign currency translation — 13 127 15 2 157 June 30, 2017 $ 8,169 $ 12,765 $ 4,610 $ 1,077 $ 748 $ 27,369 Accumulated Amortization March 31, 2017 $ (8,155 ) $ (11,071 ) $ (908 ) $ (685 ) $ (657 ) $ (21,476 ) Amortization expense (6 ) (71 ) (71 ) (53 ) (14 ) (215 ) June 30, 2017 $ (8,161 ) $ (11,142 ) $ (979 ) $ (738 ) $ (671 ) $ (21,691 ) Weighted average remaining contractual life, in years 0.1 3.6 13.1 1.8 1.6 5.2 Future amortization expense of intangible assets for each of the years ending March 31 is as follows (in thousands): 2018 $ 688 2019 623 2020 383 2021 383 2022 383 Thereafter 3,218 $ 5,678 The Bristow Norway AS and Eastern Airways acquisitions, included in our Europe Caspian region, resulted in intangible assets for client contracts, client relationships, trade names and trademarks, internally developed software and licenses. The Airnorth acquisition, included in our Asia Pacific region, resulted in intangible assets for client contracts, client relationships and trade name and trademarks. Other Assets In addition to the other intangible assets described above, other assets included the long-term portion of contract acquisition and pre-operating costs totaling $52.2 million and $51.1 million , respectively, as of June 30 and March 31, 2017 , related to the SAR contracts in the U.K. and two client contracts in Norway, which are recoverable under the contract and will be expensed over the terms of the contracts. Property and Equipment and Assets Held for Sale During the three months ended June 30, 2017 and 2016 , we made capital expenditures as follows: Three Months Ended 2017 2016 Number of aircraft delivered: Medium 3 — Total aircraft 3 — Capital expenditures (in thousands): Aircraft and equipment (1) $ 10,810 $ 17,487 Land and buildings 1,743 3,576 Total capital expenditures $ 12,553 $ 21,063 _____________ (1) During the three months ended June 30, 2017 and 2016 , we spent $1.3 million and $3.1 million , respectively, on progress payments for aircraft to be delivered in future periods. The following table presents details on the aircraft sold or disposed of and impairments on assets held for sale during the three months ended June 30, 2017 and 2016 : Three Months Ended 2017 2016 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of 6 6 Proceeds from sale or disposal of assets $ 41,975 $ 11,500 Gain from sale or disposal of assets (1) $ 2,263 $ 132 Number of aircraft impaired 2 11 Impairment charges on aircraft held for sale (1) $ 1,564 $ 10,149 _____________ (1) Included in gain (loss) on disposal of assets on our condensed consolidated statements of operations. During the three months ended June 30, 2016 , we recorded accelerated depreciation of $6.9 million on 11 aircraft as our management decided to exit these model types earlier than originally anticipated. Recent Accounting Pronouncements We consider the applicability and impact of all accounting standard updates (“ASUs”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued accounting guidance on revenue recognition for revenue from contracts with customers. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and will replace most existing revenue recognition guidance when it becomes effective. This new standard is effective for annual reporting periods beginning after December 15, 2016. However, in July 2015, the FASB approved the deferral of the effective date of the revenue recognition standard permitting public entities to apply the new revenue standard to annual reporting periods beginning after December 15, 2017. Early application is permitted, but not before the original effective date of December 15, 2016. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the balance sheet. We have not adopted this standard yet but expect to adopt the new revenue standard using the modified retrospective transition method. We are continuing to evaluate the effect this accounting guidance will have on our related disclosures and are still assessing the differences between the new revenue standard and current accounting practices. In November 2015, the FASB issued accounting guidance that changed how deferred taxes are classified on an entity’s balance sheet. The guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is permitted. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods. We adopted this accounting guidance using the prospective adjustment option effective April 1, 2017 and prior periods were not retrospectively adjusted. As of March 31, 2017, we had $0.1 million in current deferred tax assets and $0.8 million in current deferred tax liabilities. As a result of this adoption, as of April 1, 2017 and going forward we will classify all current deferred taxes as non-current. In February 2016, the FASB issued accounting guidance which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. Additionally, this accounting guidance requires a modified retrospective transition approach for all leases existing at, or entered into after the date of initial application, with an option to use certain transition relief. We have not yet adopted this standard and are currently evaluating the effect this standard will have on our financial statements. In March 2016, the FASB issued accounting guidance related to accounting for employee share-based payments. The accounting guidance is intended to simplify several aspects of accounting for share-based payment award transactions including income tax consequences, classification of awards as either equity or liabilities and classification on the statements of cash flows. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is permitted. We adopted this standard effective April 1, 2017. The requirements related to the tax consequences of share-based payments were applied prospectively and resulted in $1.6 million recorded as an increase to the income tax provision during the three months ended June 30, 2017. We elected to record forfeitures of share-based awards based on actual forfeitures which did not have a material effect on our financial statements. The provisions related to the presentation of excess tax benefits on the condensed consolidated statements of cash flows did not impact our financial statements as there was no excess tax benefit recorded for the periods presented. The provisions related to employee taxes paid for withheld shares are presented as a cash flow financing activity required us to revise our prior period condensed consolidated statement of cash flows by $0.6 million as a decrease in net cash used in operating activities and a corresponding decrease in net cash provided by financing activities for the three months ended June 30, 2016. None of the other provisions of the pronouncement had a material effect on our consolidated financial statements. In August 2016, the FASB issued accounting guidance to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted. We adopted this standard on April 1, 2017 and there was no impact on our financial statements. In October 2016, the FASB issued accounting guidance related to current and deferred income taxes for intra-entity transfer of assets other than inventory. This accounting guidance requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and eliminates the exception for an intra-entity transfer of an asset other than inventory. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In October 2016, the FASB issued accounting guidance related to interest held through related parties that are under common control. This accounting guidance affects reporting entities that are required to evaluate whether they should consolidate a variable interest entity in certain situations involving entities under common control. Specifically, the guidance changes the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity by changing how a reporting entity that is a single decision maker of a variable interest entity treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The accounting guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, and early adoption is permitted. We adopted this standard effective April 1, 2017 and there was no impact on our financial statements. In January 2017, the FASB issued accounting guidance which clarifies the definition of a business with the objective of adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The amendment provides criteria for determining when a transaction involves the acquisition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the transaction does not involve the acquisition of a business. If the criteria are not met, then the amendment requires that to be considered a business, the operation must include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The guidance may reduce the number of transactions accounted for as business acquisitions. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted. The amendments should be applied prospectively, and no disclosures are required at the effective date. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In March 2017, the FASB issued accounting guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. The guidance requires employers to disaggregate the service cost component from the other components of net benefit cost and disclose the amount of net benefit cost that is included in the statement of operations or capitalized in assets, by line item. The accounting guidance requires employers to report the service cost component in the same line item(s) as other compensation costs and to report other pension-related costs (which include interest costs, amortization of pension-related costs from prior periods, and the gains or losses on plan assets) separately and exclude them from the subtotal of operating income. The accounting guidance also allows only the service cost component to be eligible for capitalization when applicable. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted as of the first interim period of an annual period for which interim or annual financial statements have not been issued. The guidance requires application on a retrospective basis for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the statement of operations and on a prospective basis for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In May 2017, the FASB issued accounting guidance on determining which changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Jun. 30, 2017 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If we determine that we have operating power and the obligation to absorb losses or receive benefits, we consolidate the VIE as the primary beneficiary, and if not, we do not consolidate. As of June 30, 2017 , we had interests in four VIEs of which we were the primary beneficiary, which are described below, and had no interests in VIEs of which we were not the primary beneficiary. See Note 3 to the fiscal year 2017 Financial Statements for a description of other investments in significant affiliates. Bristow Aviation Holdings Limited — We own 49% of Bristow Aviation Holdings Limited’s (“Bristow Aviation”) common stock and a significant amount of its subordinated debt. Bristow Aviation is incorporated in England and holds all of the outstanding shares in Bristow Helicopters Limited (“Bristow Helicopters”). Bristow Aviation's subsidiaries provide industrial aviation services to clients primarily in the U.K, Norway, Australia, Nigeria and Trinidad and fixed wing services primarily in the U.K and Australia. Bristow Aviation is organized with three different classes of ordinary shares having disproportionate voting rights. The Company, Caledonia Investments plc (“Caledonia”) and a European Union investor (the “E.U. Investor”) own 49% , 46% and 5% , respectively, of Bristow Aviation’s total outstanding ordinary shares, although Caledonia has voting control over the E.U. Investor’s shares. In addition to our ownership of 49% of Bristow Aviation’s outstanding ordinary shares, in May 2004, we acquired eight million shares of deferred stock, essentially a subordinated class of stock with no voting rights, from Bristow Aviation for £1 per share ( $14.4 million in total). We also have £91.0 million ( $118.2 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 $1.9 billion as of June 30, 2017 . The Company, Caledonia, the E.U. Investor and Bristow Aviation have entered into a shareholder agreement respecting, among other things, the composition of the board of directors of Bristow Aviation. On matters coming before Bristow Aviation’s board, Caledonia’s representatives have a total of three votes and the two other directors have one vote each. In addition, Caledonia has the right to nominate two persons to our board of directors and to replace any such directors so nominated. Caledonia, the Company and the E.U. Investor also have entered into a put/call agreement under which, upon giving specified prior notice, we have the right to buy all the Bristow Aviation shares held by Caledonia and the E.U. Investor, who, in turn, each have the right to require us to purchase such shares. Under current English law, we would be required, in order for Bristow Aviation to retain its operating license, to find a qualified E.U. investor to own any Bristow Aviation shares we have the right to acquire under the put/call agreement. The only restriction under the put/call agreement limiting our ability to exercise the put/call option is a requirement to consult with the Civil Aviation Authority (the “CAA”) in the U.K. regarding the suitability of the new holder of the Bristow Aviation shares. The put/call agreement does not contain any provisions should the CAA not approve the new E.U. investor. However, we would work diligently to find an E.U. investor suitable to the CAA. The amount by which we could purchase the shares of the other investors holding 51% of the equity of Bristow Aviation is fixed under the terms of the call option, and we have reflected this amount on our condensed consolidated balance sheets as noncontrolling interest. Furthermore, the call option provides a mechanism whereby the economic risk for the other investors is limited should the financial condition of Bristow Aviation deteriorate. The call option price is the nominal value of the ordinary shares held by the noncontrolling shareholders ( £1.0 million as of June 30, 2017 ) plus an annual guaranteed rate of return less any prepayments of such call option price and any dividends paid on the shares concerned. We can elect to pre-pay the guaranteed return element of the call option price wholly or in part without exercising the call option. No dividends have been paid by Bristow Aviation. We have accrued the annual return due to the other shareholders at a rate of sterling LIBOR plus 3% (prior to May 2004, the rate was fixed at 12% ) by recognizing noncontrolling interest expense on our condensed consolidated statements of operations, with a corresponding increase in noncontrolling interest on our condensed consolidated balance sheets. Prepayments of the guaranteed return element of the call option are reflected as a reduction in noncontrolling interest on our condensed consolidated balance sheets. The other investors have an option to put their shares in Bristow Aviation to us. The put option price is calculated in the same way as the call option price except that the guaranteed rate for the period to April 2004 was 10% per annum. If the put option is exercised, any pre-payments of the call option price are set off against the put option price. Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our condensed consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): June 30, March 31, Assets Cash and cash equivalents $ 71,364 $ 92,409 Accounts receivable 233,627 222,560 Inventories 96,646 90,190 Prepaid expenses and other current assets 42,548 50,016 Total current assets 444,185 455,175 Investment in unconsolidated affiliates 3,531 3,513 Property and equipment, net 315,403 306,831 Goodwill 19,907 19,798 Other assets 207,268 203,228 Total assets $ 990,294 $ 988,545 Liabilities Accounts payable $ 184,308 $ 146,841 Accrued liabilities 129,699 122,130 Accrued interest 1,945,668 1,891,305 Current maturities of long-term debt 18,821 18,578 Total current liabilities 2,278,496 2,178,854 Long-term debt, less current maturities 477,781 501,782 Accrued pension liabilities 60,057 61,647 Other liabilities and deferred credits 8,005 8,138 Deferred taxes 15,767 20,264 Redeemable noncontrolling interest 6,349 6,886 Total liabilities $ 2,846,455 $ 2,777,571 Three Months Ended 2017 2016 Revenue $ 301,970 $ 318,454 Operating loss (19,654 ) (19,743 ) Net loss (79,169 ) (88,543 ) Bristow Helicopters Nigeria Ltd. — Bristow Helicopters Nigeria Ltd. (“BHNL”) is a joint venture in Nigeria in which Bristow Helicopters owned a 48% interest, a Nigerian company owned 100% by Nigerian employees owned a 50% interest and an employee trust fund owned the remaining 2% interest as of June 30, 2017 . BHNL provides industrial aviation services to clients in Nigeria. In order to be able to bid competitively for our services in the Nigerian market, we were required to identify local citizens to participate in the ownership of entities domiciled in the region. However, these owners do not have extensive knowledge of the aviation industry and have historically deferred to our expertise in the overall management and day-to-day operation of BHNL (including the establishment of operating and capital budgets and strategic decisions regarding the potential expansion of BHNL’s operations). We have also historically provided subordinated financial support to BHNL and will need to continue to do so unless and until BHNL acquires sufficient equity to permit itself to finance its activities without that additional support from us. As we have the power to direct the most significant activities affecting the economic performance and ongoing success of BHNL and hold a variable interest in the entity in the form of our equity investment and working capital infusions, we consolidate BHNL as the primary beneficiary. The employee-owned Nigerian entity referenced above purchased a 19% interest in BHNL in December 2013 with proceeds from a loan received from BGI Aviation Technical Services Nigeria Limited (“BATS”). In July 2014, the employee-owned Nigerian entity purchased an additional 29% interest with proceeds from a loan received from Bristow Helicopters (International) Limited (“BHIL”). In April 2015, Bristow Helicopters purchased an additional 8% interest in BHNL and the employee-owned Nigerian entity purchased an additional 2% interest with proceeds from a loan received from BHIL. Both BATS and BHIL are wholly-owned subsidiaries of Bristow Aviation. The employee-owned Nigerian entity is also a VIE that we consolidate as the primary beneficiary and we eliminate the loans discussed above in consolidation. BHNL is an indirect subsidiary of Bristow Aviation; therefore, financial information for this entity is included within the amounts for Bristow Aviation and its subsidiaries presented above. Pan African Airlines Nigeria Ltd. — Pan African Airlines Nigeria Ltd. (“PAAN”) is a joint venture in Nigeria with local partners in which we own a 50.17% interest. PAAN provides industrial aviation services to clients in Nigeria. The activities that most significantly impact PAAN’s economic performance relate to the day-to-day operation of PAAN, setting the operating and capital budgets and strategic decisions regarding the potential expansion of PAAN’s operations. Throughout the history of PAAN, our representation on the board and our secondment to PAAN of its managing director has enabled us to direct the key operational decisions of PAAN (without objection from the other board members). We have also historically provided subordinated financial support to PAAN. As we have the power to direct the most significant activities affecting the economic performance and ongoing success of PAAN and hold a variable interest in the form of our equity investment and working capital infusions, we consolidate PAAN as the primary beneficiary. However, as long as we own a majority interest in PAAN, the separate presentation of financial information in a tabular format for PAAN is not required. |
DEBT
DEBT | 3 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of June 30 and March 31, 2017 consisted of the following (in thousands): June 30, March 31, 6¼% Senior Notes due 2022 $ 401,535 $ 401,535 Term Loan 253,180 261,907 Term Loan Credit Facility 45,900 45,900 Revolving Credit Facility 174,500 139,100 Lombard Debt 202,514 196,832 Macquarie Debt 195,528 200,000 Airnorth Debt 15,826 16,471 Eastern Airways Debt 14,701 15,326 Other Debt — 16,293 Unamortized debt issuance costs (11,118 ) (11,345 ) Total debt 1,292,566 1,282,019 Less short-term borrowings and current maturities of long-term debt (117,817 ) (131,063 ) Total long-term debt $ 1,174,749 $ 1,150,956 Revolving Credit Facility — During the three months ended June 30, 2017 , we had borrowings of $68.8 million and made payments of $33.4 million under our $400 million revolving credit facility (the “Revolving Credit Facility”). As of June 30, 2017 , we had $11.4 million in letters of credit outstanding under the Revolving Credit Facility. Other Debt — Other Debt as of March 31, 2017 primarily included amounts payable relating to the third year earn-out payment of $16.0 million for our investment in Cougar Helicopters Inc. (“Cougar”), which was paid in April 2017. July 2017 Credit Agreement — On July 17, 2017, one of our wholly-owned subsidiaries entered into a multiple advance term loan credit agreement with PK Transportation Finance Ireland Limited and the several banks, other financial institutions and other lenders from time to time party thereto, which provides for commitments in an aggregate amount of up to $230 million to make up to 24 term loans, each of which term loans shall be made in respect of an aircraft to be pledged as collateral for all of the term loans. The term loans also will be secured by a pledge of all shares of the borrower and any other assets of the borrower, and will be guaranteed by the Company. Each term loan will bear interest at an interest rate equal to, at the borrower’s option, a floating rate of one-month LIBOR plus a margin of 5% per annum (the “Margin”), subject to certain costs of funds adjustments, determined two business days before the borrowing date of each term loan, or a fixed rate based on a notional interest rate swap of twelve 30-day months in respect of such term loan with a floating rate of interest based on one-month LIBOR, plus the Margin. The borrower is required to repay each term loan on an annuity basis, payable monthly in arrears starting on the seventh month following the date of the borrowing of such term loan, with a final payment of 53% of the initial amount of such term loan due on the 70th month following the date of the borrowing of such term loan. In connection with the credit agreement, the borrower will guarantee certain of its direct parent’s obligations under existing aircraft operating leases up to a capped amount. The proceeds of the term loans, which are expected to fund on or before August 30, 2017 unless otherwise extended, are expected to be used to, among other things, repay portions of the outstanding term loan indebtedness of the Company and for general corporate purposes. The lenders are not obligated to fund any of the term loans until the satisfaction of certain conditions to funding, as specified in the credit agreement. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 3 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES Assets and liabilities subject to fair value measurement are categorized into one of three different levels depending on the observability of the inputs employed in the measurement, as follows: • Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs that reflect quoted prices for identical assets or liabilities in markets which are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. Non-recurring Fair Value Measurements The majority of our non-financial assets, which include inventories, property and equipment, assets held for sale, goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur such that a non-financial asset is required to be evaluated for impairment and deemed to be impaired, the impaired non-financial asset is recorded at its fair value. The following table summarizes the assets as of June 30, 2017 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Inventories $ — $ 1,252 $ — $ 1,252 $ (1,192 ) Assets held for sale — 34,585 — 34,585 (1,564 ) Total assets $ — $ 35,837 $ — $ 35,837 $ (2,756 ) The following table summarizes the assets as of June 30, 2016 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Assets held for sale $ — $ 40,572 $ — $ 40,572 $ (10,149 ) Total assets $ — $ 40,572 $ — $ 40,572 $ (10,149 ) The fair value of inventories using Level 2 inputs is determined by evaluating the current economic conditions for sale and disposal of spare parts, which includes estimates as to the recoverability of the carrying value of the parts based on historical experience with sales and disposal of similar spare parts, the expected timeframe of sales or disposals, the location of the spare parts to be sold and the condition of the spare parts to be sold or otherwise disposed of. The fair value of assets held for sale using Level 2 inputs is determined through evaluation of expected sales proceeds for aircraft. This analysis includes estimates based on historical experience with sales, recent transactions involving similar assets, quoted market prices for similar assets and condition and location of aircraft to be sold or otherwise disposed of. The loss for the three months ended June 30, 2017 related to 2 aircraft held for sale and the loss for the three months ended June 30, 2016 related to 11 aircraft held for sale. Recurring Fair Value Measurements The following table summarizes the financial instruments we had as of June 30, 2017 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 2,201 $ — $ — $ 2,201 Other assets Total assets $ 2,201 $ — $ — $ 2,201 The following table summarizes the financial instruments we had as of March 31, 2017 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 3,075 $ — $ — $ 3,075 Other assets Total assets $ 3,075 $ — $ — $ 3,075 The rabbi trust investments consist of cash and mutual funds whose fair value are based on quoted prices in active markets for identical assets, and are designated as Level 1 within the valuation hierarchy. The rabbi trust holds investments related to our non-qualified deferred compensation plan for our senior executives. Fair Value of Debt The fair value of our debt has been estimated in accordance with the accounting standard regarding fair value. The fair value of our fixed rate long-term debt is estimated based on quoted market prices. The carrying and fair value of our long-term debt, including the current portion and excluding unamortized debt issuance costs, are as follows (in thousands): June 30, 2017 March 31, 2017 Carrying Value Fair Value Carrying Value Fair Value 6¼% Senior Notes $ 401,535 $ 252,967 $ 401,535 $ 323,236 Term Loan 253,180 253,180 261,907 261,907 Term Loan Credit Facility 45,900 45,900 45,900 45,900 Revolving Credit Facility 174,500 174,500 139,100 139,100 Lombard Debt 202,514 202,514 196,832 196,832 Macquarie Debt 195,528 195,528 200,000 200,000 Airnorth Debt 15,826 15,826 16,471 16,471 Eastern Airways Debt 14,701 14,701 15,326 15,326 Other Debt — — 16,293 16,293 $ 1,303,684 $ 1,155,116 $ 1,293,364 $ 1,215,065 Other The fair values of our cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2017 | |
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 six fiscal years to purchase additional aircraft. As of June 30, 2017 , we had 29 aircraft on order and options to acquire an additional four aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income. Nine Months Ending March 31, 2018 Fiscal Year Ending March 31, 2019 2020 2021 2022 and thereafter (1) Total Commitments as of June 30, 2017: (2) Number of aircraft: Medium 2 — — — — 2 Large — 5 4 4 10 23 U.K. SAR 4 — — — — 4 6 5 4 4 10 29 Related commitment expenditures (in thousands) (3) Medium and large $ 995 $ 94,804 $ 74,118 $ 71,124 $ 128,857 $ 369,898 U.K. SAR 62,889 — — — — 62,889 $ 63,884 $ 94,804 $ 74,118 $ 71,124 $ 128,857 $ 432,787 Options as of June 30, 2017: Number of aircraft: Large — 2 2 — — 4 — 2 2 — — 4 Related option expenditures (in thousands) (3) $ — $ 44,181 $ 31,536 $ — $ — $ 75,717 _____________ (1) Includes $86.0 million for five aircraft orders that can be cancelled prior to delivery dates. As of June 30, 2017, we made non-refundable deposits of $4.5 million related to these aircraft. (2) Signed client contracts are currently in place that will utilize four of these aircraft. (3) Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised. The following chart presents an analysis of our aircraft orders and options during the three months ended June 30, 2017 : Orders Options Beginning of period 32 4 Aircraft delivered (3 ) — End of period 29 4 We periodically purchase aircraft for which we have no orders. Operating Leases — We have non-cancelable operating leases in connection with the lease of certain equipment, land and facilities, including leases for aircraft. Rental expense incurred under all operating leases was $58.7 million and $51.3 million for the three months ended June 30, 2017 and 2016 , respectively, which includes rental expense incurred under operating leases for aircraft of $51.7 million and $44.7 million , respectively. The aircraft leases range from base terms of up to 180 months with renewal options of up to 240 months in some cases, include purchase options upon expiration and some include early purchase options. The leases contain terms customary in transactions of this type, including provisions that allow the lessor to repossess the aircraft and require us to pay a stipulated amount if we default on our obligations under the agreements. The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of June 30, 2017 : End of Lease Term Number of Aircraft Nine months ending March 31, 2018 to fiscal year 2019 29 Fiscal year 2020 to fiscal year 2022 48 Fiscal year 2023 to fiscal year 2024 14 91 We lease six S-92 model aircraft and one AW139 model aircraft from VIH Aviation Group, which is a related party due to common ownership of Cougar; we paid lease fees of $4.5 million for the three months ended June 30, 2017 . Additionally, in July 2016, we began leasing a facility in Galliano, Louisiana from VIH Helicopters USA, Inc., another related party due to common ownership of Cougar; we paid $0.1 million in lease fees during three months ended June 30, 2017 . Employee Agreements — Approximately 53% of our employees are represented by collective bargaining agreements and/or unions with 84% of these employees being represented by collective bargaining agreements and/or unions that have expired or will expire in one year. These agreements generally include annual escalations of up to 3% . Periodically, certain groups of our employees who are not covered by a collective bargaining agreement consider entering into such an agreement. We also have employment agreements with members of senior management. Separation Programs — In March 2015 and May 2016, we offered voluntary separation programs (“VSPs”) to certain employees as part of our ongoing efforts to improve efficiencies and reduce costs. Additionally, beginning in March 2015, we initiated involuntary separation programs (“ISPs”) in certain regions. Also, during June 2017, two named executive officers and the principal operating officer, along with other employees across various regions, departed from the Company as part of an organizational restructuring. In April 2016, one named executive officer, along with other employees across various regions, departed from the Company as part of a previous restructuring. We recognized compensation expense related to the departure of these officers and other employees included in the table below. The expense related to the VSPs and ISPs for the three months ended June 30, 2017 and 2016 is as follows (in thousands): Three Months Ended 2017 2016 VSP: Direct cost $ — $ 855 General and administrative — 23 Total $ — $ 878 ISP: Direct cost $ 1,070 $ 498 General and administrative 7,609 4,030 Total $ 8,679 $ 4,528 Environmental Contingencies — The U.S. Environmental Protection Agency (the “EPA”), has in the past notified us that we are a potential responsible party (“PRP”) at three former waste disposal facilities that are on the National Priorities List of contaminated sites. Under the federal Comprehensive Environmental Response, Compensation and Liability Act, also known as the Superfund law, persons who are identified as PRPs may be subject to strict, joint and several liability for the costs of cleaning up environmental contamination resulting from releases of hazardous substances at National Priorities List sites. Although we have not yet obtained a formal release of liability from the EPA with respect to any of the sites, we believe that our potential liability in connection with the sites is not likely to have a material adverse effect on our business, financial condition or results of operations. Other Purchase Obligations — As of June 30, 2017 , we had $65.2 million of other purchase obligations representing unfilled purchase orders for aircraft parts, commitments associated with upgrading facilities at our bases and non-cancelable power-by-the-hour maintenance commitments. Other Matters — Although infrequent, aircraft accidents have occurred in the past, and the related losses and liability claims have been covered by insurance subject to deductible, self-insured retention and loss sensitive factors. As previously reported, on April 29, 2016, another company’s EC 225LP (also known as a H225LP) model helicopter crashed near Turøy outside of Bergen, Norway. The aircraft was carrying eleven passengers and two crew members at the time of the accident. Thirteen fatalities were reported. The Accident Investigation Board Norway (“AIBN”) issued a report confirming its initial findings that the accident was caused by the fatigue fracture of a component within the aircraft's gearbox. The AIBN continues to investigate. Prior to the accident, we operated a total of 27 H225LP model aircraft (including 16 owned and 11 leased) worldwide as follows: • Five H225LP model aircraft registered in Norway; • Thirteen H225LP model aircraft registered in the United Kingdom; and • Nine H225LP model aircraft registered in Australia. On June 2, 2016, the European Aviation Safety Agency (“EASA”) issued an emergency airworthiness directive, which was subsequently amended on June 3, 2016 and June 9, 2016 (collectively, the “June 2016 EASA Airworthiness Directive”), prohibiting flight of H225LP and AS332L2 model aircraft. The June 2016 EASA Airworthiness Directive by its terms did not apply to military, customs, police, search and rescue, firefighting, coastguard or similar activities or services as those types of services are governed by the member states of EASA directly. On October 7, 2016, EASA subsequently issued a new airworthiness directive effective October 13, 2016 (the “October EASA Airworthiness Directive”) which expressly supersedes the June 2016 Airworthiness Directive and details the mandatory actions necessary to permit a return to service of the H225LP and AS332L2 model aircraft. However, the safety directives issued in June 2016 by the Norway Civil Aviation Agency (“NCAA”) and the U.K. Civil Aviation Authority (“U.K. CAA”) prohibiting commercial operation of the H225LP and AS332L2 model aircraft remained in effect. On July 7, 2017, the U.K. CAA announced its intention and the intention of the NCAA to remove the restrictions on commercial operations of the H225LP and AS332L2 model aircraft and to establish conditions for return to flight of such aircraft model types. The U.K. CAA stated that the manufacturer of such aircraft model types has developed certain specified modifications and enhanced safety measures and that a plan of checks, modifications and inspections will be undertaken before any flights take place. On July 20, 2017, the U.K. CAA and NCAA issued safety and operational directives which detail the conditions to apply for safe return to service of H225LP and AS332L2 model aircraft, where operators wish to do so. We do not currently have any AS332L2 model aircraft in our fleet. We continue not to operate for commercial purposes our sole H225LP model aircraft in Norway, our thirteen H225LP model aircraft in the United Kingdom or our six H225LP model aircraft in Australia, or for search and rescue purposes, including training and missions, any of our other four H225LP model aircraft in Norway or our other three H225LP model aircraft in Australia. Our other aircraft, including SAR, continue to operate globally. We are working with local regulators, Airbus, HeliOffshore and clients, to carefully evaluate next steps and demand for the H225LP model aircraft in our oil and gas and search and rescue operations worldwide. In compliance with the updated safety directives, we are continuing redelivery work on four H225LP aircraft for their planned return to the leasing company over the course of this fiscal year as per the lease redelivery requirements. This redelivery work includes required flight testing as a final part of returning the aircraft to full serviceability. We continue to monitor the situation closely, with the safety of passengers and crews remaining our highest priority. It is too early to determine whether the H225LP accident that occurred in Norway in April 2016 will have a material impact on us as we are in the process of quantifying the impact and investigating potential claims against Airbus. We operate in jurisdictions internationally where we are subject to risks that include government action to obtain additional tax revenue. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact our earnings until such time as a clear court or other ruling exists. We operate in jurisdictions currently where amounts may be due to governmental bodies that we are not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. We believe that payment of amounts in these instances is not probable at this time, but is reasonably possible. A loss contingency is reasonably possible if the contingency has a more than remote but less than probable chance of occurring. Although management believes that there is no clear requirement to pay amounts at this time and that positions exist suggesting that no further amounts are currently due, it is reasonably possible that a loss could occur for which we have estimated a maximum loss at June 30, 2017 to be approximately $4 million to $6 million . We are a defendant in certain claims and litigation arising out of operations in the normal course of business. In the opinion of management, uninsured losses, if any, will not be material to our financial position, results of operations or cash flows. |
TAXES
TAXES | 3 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES In accordance with GAAP, we estimate the full-year effective tax rate from continuing operations and apply this rate to our year-to-date income from continuing operations. In addition, we separately calculate the tax impact of unusual or infrequent items, if any. The tax impacts of such unusual or infrequent items are treated discretely in the quarter in which they occur. Our effective tax rate was (31.9)% and 5.2% during the three months ended June 30, 2017 and 2016 , respectively. The effective tax rate for the three months ended June 30, 2017 and 2016 were both impacted by valuation allowances against future realization of foreign tax credits. Additionally, we continue to value against net operating losses in certain foreign jurisdictions. The relationship between our provision for or benefit from income taxes and our pre-tax book income can vary significantly from period to period considering, among other factors, (a) the overall level of pre-tax book income, (b) changes in the blend of income that is taxed based on gross revenues or at high effective tax rates versus pre-tax book income or at low effective tax rates and (c) our geographical blend of pre-tax book income. Consequently, our income tax expense does not change proportionally with our pre-tax book income. Significant decreases in our pre-tax book income typically result in higher effective tax rates, while significant increases in pre-tax book income can lead to lower effective tax rates, subject to the other factors impacting income tax expense noted above. The increase in our effective tax rate excluding discrete items for the three months ended June 30, 2017 compared to the three months ended June 30, 2016 primarily related to an increase in the blend of earnings taxed in relatively high taxed jurisdictions versus low taxed jurisdictions. Additionally, we increased our valuation allowance by $11.2 million and $13.2 million during the three months ended June 30, 2017 and 2016 , respectively, which also increased our effective tax rate. As of June 30, 2017 , there were $1.3 million of unrecognized tax benefits, all of which would have an impact on our effective tax rate if recognized. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Jun. 30, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension Plans The following table provides a detail of the components of net periodic pension cost (in thousands): Three Months Ended 2017 2016 Service cost for benefits earned during the period $ 154 $ 1,960 Interest cost on pension benefit obligation 3,751 4,782 Expected return on assets (5,309 ) (6,471 ) Amortization of unrecognized losses 1,778 1,961 Net periodic pension cost $ 374 $ 2,232 The current estimates of our cash contributions required for fiscal year 2018 for our pension plans to be paid in fiscal year 2018 are $15.3 million , of which $4.0 million was paid during the three months ended June 30, 2017 . The weighted-average expected long-term rate of return on assets for our U.K. pension plans as of March 31, 2017 was 4.4% . Incentive Compensation Stock-based awards are currently made under the Bristow Group Inc. 2007 Long-Term Incentive Plan (the “2007 Plan”). A maximum of 10,646,729 shares of common stock, par value $0.01 per share (“Common Stock”), are reserved. Awards granted under the 2007 Plan may be in the form of stock options, stock appreciation rights, shares of restricted stock, other stock-based awards (payable in cash or Common Stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants. As of June 30, 2017 , 2,409,092 shares remained available for grant under the 2007 Plan. We have a number of other incentive and stock option plans which are described in Note 9 to our fiscal year 2017 Financial Statements. Total stock-based compensation expense, which includes stock options and restricted stock, totaled $4.1 million and $4.2 million for the three months ended June 30, 2017 and 2016 , respectively. Stock-based compensation expense has been allocated to our various regions. During the three months ended June 30, 2017 , we awarded 457,858 shares of restricted stock at an average grant date fair value of $7.03 per share. Also during the three months ended June 30, 2017 , 1,256,043 stock options were granted. The following table shows the assumptions used to compute the stock-based compensation expense for stock options granted during the three months ended June 30, 2017 : Risk free interest rate 1.78 % Expected life (years) 5 Volatility 56.1 % Dividend yield 3.98 % Weighted average exercise price of options granted $7.03 per option Weighted average grant-date fair value of options granted $2.53 per option During June 2017, we awarded certain members of management phantom restricted stock which will be paid out in cash after three years. We will account for these awards as liability awards. As of June 30, 2017 , we had $0.1 million included in other liabilities and deferred credits on our condensed consolidated balance sheet and recognized $0.1 million in general and administrative expense during the three months ended June 30, 2017 related to these awards. Performance cash awards granted in June 2017 have two components. One half of each performance cash award vest and pay out in cash three years after the date of grant at varying levels depending on our performance in Total Shareholder Return against a peer group of companies. The other half of each performance cash award will be earned based on absolute performance in respect of improved average adjusted earnings per share for the Company over the three-year performance period beginning on April 1, 2017. Performance cash awards granted in June 2015 and June 2016 vest and pay out in cash three years after the date of grant at varying levels depending on our performance in Total Shareholder Return against a peer group of companies. These awards were designed to tie a significant portion of total compensation to performance. One of the effects of this type of compensation is that it requires liability accounting which can result in volatility in earnings. The liability recorded for these awards as of June 30 and March 31, 2017 was $3.2 million and $14.2 million , respectively, and represents an accrual based on the fair value of the awards on those dates. The decrease in the liability during the three months ended June 30, 2017 resulted from the payout in June 2017 of the awards granted in June 2014, partially offset by the value of the new awards granted in June 2017. Any changes in fair value of the awards in future quarters will increase or decrease the liability and impact results in those periods. The effect, either positive or negative, on future period earnings can vary based on factors including changes in our stock price or the stock prices of the peer group companies, as well as changes in other market and company-specific assumptions that are factored into the calculation of fair value of the performance cash awards. Compensation expense related to the performance cash awards recorded during the three months ended June 30, 2017 and 2016 was a reduction in expense of $3.0 million and $1.1 million , respectively, due to the decrease in the fair value of the awards. |
EARNINGS PER SHARE AND ACCUMULA
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Jun. 30, 2017 | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | |
DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME Earnings per Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: Three Months Ended 2017 2016 Options: Outstanding 3,040,278 1,127,883 Weighted average exercise price $ 39.69 $ 44.35 Restricted stock awards: Outstanding 481,451 462,358 Weighted average price $ 23.40 $ 31.43 The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended 2017 2016 Earnings (in thousands): Loss available to common stockholders $ (55,275 ) $ (40,772 ) Shares: Weighted average number of common shares outstanding – basic 35,227,434 34,990,136 Net effect of dilutive stock options and restricted stock awards based on the treasury stock method — — Weighted average number of common shares outstanding – diluted 35,227,434 34,990,136 Basic loss per common share $ (1.57 ) $ (1.17 ) Diluted loss per common share $ (1.57 ) $ (1.17 ) Accumulated Other Comprehensive Income The following table sets forth the changes in the balances of each component of accumulated other comprehensive income: Currency Translation Adjustments Pension Liability Adjustments (1) Total Balance as of March 31, 2017 $ (149,721 ) $ (178,556 ) $ (328,277 ) Other comprehensive income before reclassification 10,070 — 10,070 Reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income 10,070 — 10,070 Foreign exchange rate impact 8,954 (8,954 ) — Balance as of June 30, 2017 $ (130,697 ) $ (187,510 ) $ (318,207 ) _____________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jun. 30, 2017 | |
Segments [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We conduct our business in one segment: industrial aviation services. The industrial aviation services global operations are conducted primarily through four regions as follows: Europe Caspian, Africa, Americas and Asia Pacific. The Europe Caspian region comprises all our operations and affiliates in Europe and Central Asia, including Norway, the U.K. and Turkmenistan. The Africa region comprises all our operations and affiliates on the African continent, including Nigeria and Egypt. The Americas region comprises all our operations and affiliates in North America and South America, including Brazil, Canada, Guyana, Suriname, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all our operations and affiliates in Australia and Southeast Asia, including Malaysia and Sakhalin. Additionally, we operate a training unit, Bristow Academy, which is included in Corporate and other. The following tables show region information for the three months ended June 30, 2017 and 2016 and as of June 30 and March 31, 2017 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended 2017 2016 Region gross revenue from external clients: Europe Caspian $ 191,399 $ 194,824 Africa 50,790 54,262 Americas 55,762 58,197 Asia Pacific 52,446 59,144 Corporate and other 1,712 2,971 Total region gross revenue $ 352,109 $ 369,398 Intra-region gross revenue: Europe Caspian $ 1,036 $ 2,139 Africa — — Americas 2,294 847 Asia Pacific — — Corporate and other 22 245 Total intra-region gross revenue $ 3,352 $ 3,231 Consolidated gross revenue reconciliation: Europe Caspian $ 192,435 $ 196,963 Africa 50,790 54,262 Americas 58,056 59,044 Asia Pacific 52,446 59,144 Corporate and other 1,734 3,216 Intra-region eliminations (3,352 ) (3,231 ) Total consolidated gross revenue $ 352,109 $ 369,398 Three Months Ended 2017 2016 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian $ 30 $ 51 Americas (535 ) 3,863 Corporate and other (160 ) (84 ) Total earnings from unconsolidated affiliates, net of losses – equity method investments $ (665 ) $ 3,830 Consolidated operating income (loss) reconciliation: Europe Caspian $ 4,407 $ 13,030 Africa 10,048 1,571 Americas (1,256 ) 921 Asia Pacific (12,530 ) (5,893 ) Corporate and other (25,957 ) (25,847 ) Gain (loss) on disposal of assets 699 (10,017 ) Total consolidated operating loss $ (24,589 ) $ (26,235 ) Depreciation and amortization: Europe Caspian $ 11,822 $ 11,189 Africa 3,076 5,453 Americas 6,999 11,381 Asia Pacific 5,810 4,236 Corporate and other 3,349 2,435 Total depreciation and amortization (1) $ 31,056 $ 34,694 June 30, March 31, Identifiable assets: Europe Caspian $ 1,041,670 $ 1,091,536 Africa 425,614 325,719 Americas 881,049 809,071 Asia Pacific 343,278 433,614 Corporate and other (2) 379,219 453,907 Total identifiable assets $ 3,070,830 $ 3,113,847 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 315 $ 257 Americas 195,357 200,362 Corporate and other 3,216 3,257 Total investments in unconsolidated affiliates – equity method investments $ 198,888 $ 203,876 _____________ (1) Includes accelerated depreciation expense of $6.9 million during the three months ended June 30, 2016 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in our Europe Caspian, Americas and Africa regions of $0.2 million , $3.9 million and $2.8 million , respectively. For further details, see Note 1. (2) Includes $112.2 million and $199.3 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of June 30 and March 31, 2017 , respectively, which primarily represents progress payments on aircraft to be delivered in future periods. |
SUPPLEMENTAL CONDENSED CONSOLID
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 3 Months Ended |
Jun. 30, 2017 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION In connection with the issuance of the 6 1 / 4 % Senior Notes due 2022 (the “6 1 / 4 % Senior Notes”), certain of our U.S. subsidiaries (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. Supplemental Condensed Consolidating Statement of Operations Three Months Ended June 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 45,775 $ 306,334 $ — $ 352,109 Intercompany revenue — 32,191 — (32,191 ) — — 77,966 306,334 (32,191 ) 352,109 Operating expense: Direct cost and reimbursable expense 6 52,334 245,437 — 297,777 Intercompany expenses — — 32,191 (32,191 ) — Depreciation and amortization 2,917 12,483 15,656 — 31,056 General and administrative 19,107 5,762 21,838 — 46,707 22,030 70,579 315,122 (32,191 ) 375,540 Loss on impairment — (1,192 ) — — (1,192 ) Gain on disposal of assets — 416 283 — 699 Earnings from unconsolidated affiliates, net of losses (20,645 ) — (665 ) 20,645 (665 ) Operating income (loss) (42,675 ) 6,611 (9,170 ) 20,645 (24,589 ) Interest expense, net (9,058 ) (5,780 ) (1,183 ) — (16,021 ) Other income (expense), net (29 ) (357 ) (1,259 ) — (1,645 ) Income (loss) before (provision) benefit for income taxes (51,762 ) 474 (11,612 ) 20,645 (42,255 ) Allocation of consolidated income taxes (3,502 ) (4,160 ) (5,829 ) — (13,491 ) Net loss (55,264 ) (3,686 ) (17,441 ) 20,645 (55,746 ) Net (income) loss attributable to noncontrolling interests (11 ) — 482 — 471 Net loss attributable to Bristow Group $ (55,275 ) $ (3,686 ) $ (16,959 ) $ 20,645 $ (55,275 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended June 30, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 45,313 $ 324,085 $ — $ 369,398 Intercompany revenue — 24,291 — (24,291 ) — — 69,604 324,085 (24,291 ) 369,398 Operating expense: Direct cost and reimbursable expense (257 ) 48,618 253,796 — 302,157 Intercompany expenses — — 24,291 (24,291 ) — Depreciation and amortization 2,093 16,981 15,620 — 34,694 General and administrative 20,259 6,590 25,746 — 52,595 22,095 72,189 319,453 (24,291 ) 389,446 Gain (loss) on disposal of assets — (10,227 ) 210 — (10,017 ) Earnings from unconsolidated affiliates, net of losses (12,776 ) — 3,830 12,776 3,830 Operating income (loss) (34,871 ) (12,812 ) 8,672 12,776 (26,235 ) Interest expense, net (9,885 ) (657 ) (344 ) — (10,886 ) Other income (expense), net 546 1,235 (7,970 ) — (6,189 ) Income (loss) before (provision) benefit for income taxes (44,210 ) (12,234 ) 358 12,776 (43,310 ) Allocation of consolidated income taxes 3,453 (2,222 ) 1,007 — 2,238 Net income (loss) (40,757 ) (14,456 ) 1,365 12,776 (41,072 ) Net (income) loss attributable to noncontrolling interests (15 ) — 315 — 300 Net income (loss) attributable to Bristow Group $ (40,772 ) $ (14,456 ) $ 1,680 $ 12,776 $ (40,772 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended June 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (55,264 ) $ (3,686 ) $ (17,441 ) $ 20,645 $ (55,746 ) Other comprehensive loss: Currency translation adjustments — 338 14,352 (4,930 ) 9,760 Total comprehensive loss (55,264 ) (3,348 ) (3,089 ) 15,715 (45,986 ) Net (income) loss attributable to noncontrolling interests (11 ) — 482 — 471 Currency translation adjustments attributable to noncontrolling interests — — 310 — 310 Total comprehensive (income) loss attributable to noncontrolling interests (11 ) — 792 — 781 Total comprehensive loss attributable to Bristow Group $ (55,275 ) $ (3,348 ) $ (2,297 ) $ 15,715 $ (45,205 ) Supplemental Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (40,757 ) $ (14,456 ) $ 1,365 $ 12,776 $ (41,072 ) Other comprehensive income (loss): Currency translation adjustments — — 217,792 (224,927 ) (7,135 ) Total comprehensive income (loss) (40,757 ) (14,456 ) 219,157 (212,151 ) (48,207 ) Net (income) loss attributable to noncontrolling interests (15 ) — 315 — 300 Currency translation adjustments attributable to noncontrolling interests — — (4,442 ) — (4,442 ) Total comprehensive income attributable to noncontrolling interests (15 ) — (4,127 ) — (4,142 ) Total comprehensive income (loss) attributable to Bristow Group $ (40,772 ) $ (14,456 ) $ 215,030 $ (212,151 ) $ (52,349 ) Supplemental Condensed Consolidating Balance Sheet As of June 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 5,386 $ 1,187 $ 72,306 $ — $ 78,879 Accounts receivable 133,432 336,915 291,635 (530,267 ) 231,715 Inventories — 33,833 96,646 — 130,479 Assets held for sale — 28,601 5,984 — 34,585 Prepaid expenses and other current assets 2,097 6,076 41,901 (6,929 ) 43,145 Total current assets 140,915 406,612 508,472 (537,196 ) 518,803 Intercompany investment 2,486,473 104,435 131,194 (2,722,102 ) — Investment in unconsolidated affiliates — — 205,174 — 205,174 Intercompany notes receivable 271,499 36,358 26,265 (334,122 ) — Property and equipment—at cost: Land and buildings 4,806 62,114 168,350 — 235,270 Aircraft and equipment 155,041 1,212,349 1,238,588 — 2,605,978 159,847 1,274,463 1,406,938 — 2,841,248 Less: Accumulated depreciation and amortization (32,013 ) (270,749 ) (327,461 ) — (630,223 ) 127,834 1,003,714 1,079,477 — 2,211,025 Goodwill — — 19,907 — 19,907 Other assets 10,533 2,242 103,146 — 115,921 Total assets $ 3,037,254 $ 1,553,361 $ 2,073,635 $ (3,593,420 ) $ 3,070,830 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 292,663 $ 136,609 $ 178,101 $ (510,875 ) $ 96,498 Accrued liabilities 53,816 11,141 139,230 (24,690 ) 179,497 Current deferred taxes 457 1,585 (2,042 ) — — Short-term borrowings and current maturities of long-term debt 81,312 17,685 18,820 — 117,817 Total current liabilities 428,248 167,020 334,109 (535,565 ) 393,812 Long-term debt, less current maturities 788,229 283,286 103,234 — 1,174,749 Intercompany notes payable 62,532 216,292 56,400 (335,224 ) — Accrued pension liabilities — — 60,057 — 60,057 Other liabilities and deferred credits 7,771 6,679 11,184 — 25,634 Deferred taxes 107,289 42,512 9,638 — 159,439 Redeemable noncontrolling interest — — 6,349 — 6,349 Stockholders’ investment: Common stock 380 20,028 131,317 (151,345 ) 380 Additional paid-in-capital 813,857 29,387 284,048 (313,435 ) 813,857 Retained earnings 934,166 787,431 803,028 (1,590,459 ) 934,166 Accumulated other comprehensive loss 78,306 726 270,153 (667,392 ) (318,207 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,641,913 837,572 1,488,546 (2,722,631 ) 1,245,400 Noncontrolling interests 1,272 — 4,118 — 5,390 Total stockholders’ investment 1,643,185 837,572 1,492,664 (2,722,631 ) 1,250,790 Total liabilities, redeemable noncontrolling interest and stockholders’ investment $ 3,037,254 $ 1,553,361 $ 2,073,635 $ (3,593,420 ) $ 3,070,830 Supplemental Condensed Consolidating Balance Sheet As of March 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 3,382 $ 299 $ 92,975 $ — $ 96,656 Accounts receivable 76,383 288,235 212,900 (370,603 ) 206,915 Inventories — 34,721 90,190 — 124,911 Assets held for sale — 30,716 7,530 — 38,246 Prepaid expenses and other current assets 3,237 4,501 43,856 (10,451 ) 41,143 Total current assets 83,002 358,472 447,451 (381,054 ) 507,871 Intercompany investment 2,491,631 104,435 126,296 (2,722,362 ) — Investment in unconsolidated affiliates — — 210,162 — 210,162 Intercompany notes receivable 306,641 37,633 39,706 (383,980 ) — Property and equipment—at cost: Land and buildings 4,806 62,114 164,528 — 231,448 Aircraft and equipment 151,005 1,199,073 1,272,623 — 2,622,701 155,811 1,261,187 1,437,151 — 2,854,149 Less: Accumulated depreciation and amortization (29,099 ) (258,225 ) (312,461 ) — (599,785 ) 126,712 1,002,962 1,124,690 — 2,254,364 Goodwill — — 19,798 — 19,798 Other assets 18,770 2,139 100,743 — 121,652 Total assets $ 3,026,756 $ 1,505,641 $ 2,068,846 $ (3,487,396 ) $ 3,113,847 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 231,841 $ 70,434 $ 151,382 $ (355,442 ) $ 98,215 Accrued liabilities 61,791 17,379 132,704 (25,628 ) 186,246 Current deferred taxes (1,272 ) 2,102 — — 830 Short-term borrowings and current maturities of long-term debt 79,053 17,432 34,578 — 131,063 Total current liabilities 371,413 107,347 318,664 (381,070 ) 416,354 Long-term debt, less current maturities 763,325 284,710 102,921 — 1,150,956 Intercompany notes payable 70,689 226,091 87,200 (383,980 ) — Accrued pension liabilities — — 61,647 — 61,647 Other liabilities and deferred credits 11,597 6,229 11,073 — 28,899 Deferred taxes 112,716 40,344 1,813 — 154,873 Redeemable noncontrolling interest — — 6,886 — 6,886 Stockholders’ investment: Common stock 379 20,028 115,317 (135,345 ) 379 Additional paid-in-capital 809,995 29,387 284,048 (313,435 ) 809,995 Retained earnings 991,906 791,117 819,987 (1,611,104 ) 991,906 Accumulated other comprehensive loss 78,306 388 255,491 (662,462 ) (328,277 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,695,790 840,920 1,474,843 (2,722,346 ) 1,289,207 Noncontrolling interests 1,226 — 3,799 — 5,025 Total stockholders’ investment 1,697,016 840,920 1,478,642 (2,722,346 ) 1,294,232 Total liabilities, redeemable noncontrolling interest and stockholders’ investment $ 3,026,756 $ 1,505,641 $ 2,068,846 $ (3,487,396 ) $ 3,113,847 Supplemental Condensed Consolidating Statement of Cash Flows Three Months Ended June 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash used in operating activities $ (37,229 ) $ (7,228 ) $ (6,722 ) $ — $ (51,179 ) Cash flows from investing activities: Capital expenditures (4,036 ) (3,070 ) (5,447 ) — (12,553 ) Proceeds from asset dispositions — 2,473 39,502 — 41,975 Net cash provided by (used in) investing activities (4,036 ) (597 ) 34,055 — 29,422 Cash flows from financing activities: Proceeds from borrowings 68,800 — 218 — 69,018 Debt issuance costs — (466 ) (27 ) — (493 ) Repayment of debt (42,150 ) (5,013 ) (19,784 ) — (66,947 ) Dividends paid (2,465 ) — — — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 19,370 14,192 (33,562 ) — — Partial prepayment of put/call obligation (12 ) — — — (12 ) Repurchases for tax withholdings on vesting of equity awards (274 ) — — — (274 ) Net cash provided by (used in) financing activities 43,269 8,713 (53,155 ) — (1,173 ) Effect of exchange rate changes on cash and cash equivalents — — 5,153 — 5,153 Net increase (decrease) in cash and cash equivalents 2,004 888 (20,669 ) — (17,777 ) Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 5,386 $ 1,187 $ 72,306 $ — $ 78,879 Supplemental Condensed Consolidating Statement of Cash Flows Three Months Ended June 30, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (47,632 ) $ 17,142 $ 15,678 $ (16 ) $ (14,828 ) Cash flows from investing activities: Capital expenditures (7,238 ) (6,380 ) (7,445 ) — (21,063 ) Proceeds from asset dispositions — 9,486 2,014 — 11,500 Net cash provided by (used in) investing activities (7,238 ) 3,106 (5,431 ) — (9,563 ) Cash flows from financing activities: Proceeds from borrowings 71,950 — 2,458 — 74,408 Debt issuance costs (2,925 ) — — — (2,925 ) Repayment of debt (16,000 ) — (2,035 ) — (18,035 ) Dividends paid (2,453 ) — — — (2,453 ) Increases (decreases) in cash related to intercompany advances and debt (30,342 ) (23,641 ) 53,983 — — Partial prepayment of put/call obligation (13 ) — — — (13 ) Payment of contingent consideration — — (10,000 ) — (10,000 ) Repurchases for tax withholdings on vesting of equity awards (570 ) — — — (570 ) Net cash provided by (used in) financing activities 19,647 (23,641 ) 44,406 — 40,412 Effect of exchange rate changes on cash and cash equivalents — — 2,380 — 2,380 Net increase (decrease) in cash and cash equivalents (35,223 ) (3,393 ) 57,033 (16 ) 18,401 Cash and cash equivalents at beginning of period 35,241 3,393 65,676 — 104,310 Cash and cash equivalents at end of period $ 18 $ — $ 122,709 $ (16 ) $ 122,711 |
BASIS OF PRESENTATION, CONSOL19
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Basis Of Presentation, Consolidation And Summary Of Significant Accounting Policies [Abstract] | |
Revenue recognition policy | Revenue Recognition In general, we recognize revenue when it is both realized or realizable and earned. We consider revenue to be realized or realizable and earned when the following conditions exist: there is persuasive evidence of an arrangement (generally a client contract exists); the services or products have been performed or delivered to the client; the sales price is fixed or determinable; and collection has occurred or is probable. Revenue from helicopter services, including search and rescue (“SAR”) services, is recognized based on contractual rates as the related services are performed. The charges under these contracts are generally based on a two-tier rate structure consisting of a daily or monthly fixed fee plus additional fees for each hour flown. These contracts are for varying periods and generally permit the client to cancel the contract before the end of the term. We also provide services to clients on an “ad hoc” basis, which usually entails a shorter contract notice period and duration. The charges for ad hoc services are based on an hourly rate or a daily or monthly fixed fee plus additional fees for each hour flown. In order to offset potential increases in operating costs, our long-term contracts may provide for periodic increases in the contractual rates charged for our services. We recognize the impact of these rate increases when the criteria outlined above have been met. This generally includes written recognition from the clients that they are in agreement with the amount of the rate escalation. Cost reimbursements from clients are recorded as reimbursable revenue with the related reimbursed costs recorded as reimbursable expense on our condensed consolidated statements of operations. Eastern Airways International Limited (“Eastern Airways”) and Capiteq Limited, operating under the name Airnorth, primarily earn revenue through charter and scheduled airline services and provision of airport services (Eastern Airways only). Both chartered and scheduled airline service revenue is recognized net of passenger taxes and discounts. Revenue is recognized at the earlier of the period in which the service is provided or the period in which the right to travel expires, which is determined by the terms and conditions of the ticket. Ticket sales are recorded within deferred revenue in accordance with the above policy. Airport services revenue is recognized when earned. |
Goodwill policy | Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill has an indefinite useful life and is not amortized, but is assessed for impairment annually or when events or changes in circumstances indicate that a potential impairment exists. |
Other intangibles policy | Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. |
BASIS OF PRESENTATION, CONSOL20
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Basis Of Presentation, Consolidation And Summary Of Significant Accounting Policies [Abstract] | |
Schedule of foreign exchange rates | The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended 2017 2016 One British pound sterling into U.S. dollars High 1.30 1.48 Average 1.28 1.43 Low 1.24 1.31 At period-end 1.30 1.34 One euro into U.S. dollars High 1.14 1.15 Average 1.10 1.13 Low 1.06 1.10 At period-end 1.14 1.11 One Australian dollar into U.S. dollars High 0.77 0.78 Average 0.75 0.75 Low 0.74 0.72 At period-end 0.77 0.74 One Norwegian kroner into U.S. dollars High 0.1199 0.1245 Average 0.1174 0.1212 Low 0.1152 0.1163 At period-end 0.1194 0.1195 One Nigerian naira into U.S. dollars High 0.0033 0.0050 Average 0.0032 0.0048 Low 0.0032 0.0035 At period-end 0.0032 0.0035 _____________ Source: FactSet The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended 2017 2016 One Brazilian real into U.S. dollars High 0.3233 0.3121 Average 0.3113 0.2849 Low 0.2995 0.2702 At period-end 0.3018 0.3121 _____________ Source: FactSet |
Schedule of foreign exchange impact | We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands): Three Months Ended Revenue $ (18,804 ) Operating expense 13,710 Earnings from unconsolidated affiliates, net of losses (1,090 ) Non-operating expense 4,579 Income before provision for income taxes (1,605 ) Provision for income taxes 1,202 Net income (403 ) Cumulative translation adjustment 10,070 Total stockholders’ investment $ 9,667 |
Schedule of interest income and interest expense | During the three months ended June 30, 2017 and 2016 , interest expense, net consisted of the following (in thousands): Three Months Ended 2017 2016 Interest income $ 214 $ 234 Interest expense (16,235 ) (11,120 ) Interest expense, net $ (16,021 ) $ (10,886 ) |
Schedule of goodwill | Goodwill of $19.9 million and $19.8 million as of June 30 and March 31, 2017 , respectively, related to our reporting units were as follows (in thousands): Asia Pacific Total March 31, 2017 $ 19,798 $ 19,798 Foreign currency translation 109 109 June 30, 2017 $ 19,907 $ 19,907 Accumulated goodwill impairment of $50.9 million as of both June 30 and March 31, 2017 related to our reporting units were as follows (in thousands): Europe Caspian Africa Americas Corporate and other Total March 31, 2017 $ (33,883 ) $ (6,179 ) $ (576 ) $ (10,223 ) $ (50,861 ) Impairments — — — — — June 30, 2017 $ (33,883 ) $ (6,179 ) $ (576 ) $ (10,223 ) $ (50,861 ) |
Schedule of other intangible assets | Intangible assets by type were as follows (in thousands): Client contracts Client relationships Trade name and trademarks Internally developed software Licenses Total Gross Carrying Amount March 31, 2017 $ 8,169 $ 12,752 $ 4,483 $ 1,062 $ 746 $ 27,212 Foreign currency translation — 13 127 15 2 157 June 30, 2017 $ 8,169 $ 12,765 $ 4,610 $ 1,077 $ 748 $ 27,369 Accumulated Amortization March 31, 2017 $ (8,155 ) $ (11,071 ) $ (908 ) $ (685 ) $ (657 ) $ (21,476 ) Amortization expense (6 ) (71 ) (71 ) (53 ) (14 ) (215 ) June 30, 2017 $ (8,161 ) $ (11,142 ) $ (979 ) $ (738 ) $ (671 ) $ (21,691 ) Weighted average remaining contractual life, in years 0.1 3.6 13.1 1.8 1.6 5.2 |
Schedule of other intangible assets, future amortization expense | Future amortization expense of intangible assets for each of the years ending March 31 is as follows (in thousands): 2018 $ 688 2019 623 2020 383 2021 383 2022 383 Thereafter 3,218 $ 5,678 |
Schedule of capital expenditures | During the three months ended June 30, 2017 and 2016 , we made capital expenditures as follows: Three Months Ended 2017 2016 Number of aircraft delivered: Medium 3 — Total aircraft 3 — Capital expenditures (in thousands): Aircraft and equipment (1) $ 10,810 $ 17,487 Land and buildings 1,743 3,576 Total capital expenditures $ 12,553 $ 21,063 _____________ (1) During the three months ended June 30, 2017 and 2016 , we spent $1.3 million and $3.1 million , respectively, on progress payments for aircraft to be delivered in future periods. |
Schedule of aircraft sales and impairments | The following table presents details on the aircraft sold or disposed of and impairments on assets held for sale during the three months ended June 30, 2017 and 2016 : Three Months Ended 2017 2016 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of 6 6 Proceeds from sale or disposal of assets $ 41,975 $ 11,500 Gain from sale or disposal of assets (1) $ 2,263 $ 132 Number of aircraft impaired 2 11 Impairment charges on aircraft held for sale (1) $ 1,564 $ 10,149 _____________ (1) Included in gain (loss) on disposal of assets on our condensed consolidated statements of operations. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Variable Interest Entities [Abstract] | |
Primary beneficiary variable interest financial statements | Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our condensed consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): June 30, March 31, Assets Cash and cash equivalents $ 71,364 $ 92,409 Accounts receivable 233,627 222,560 Inventories 96,646 90,190 Prepaid expenses and other current assets 42,548 50,016 Total current assets 444,185 455,175 Investment in unconsolidated affiliates 3,531 3,513 Property and equipment, net 315,403 306,831 Goodwill 19,907 19,798 Other assets 207,268 203,228 Total assets $ 990,294 $ 988,545 Liabilities Accounts payable $ 184,308 $ 146,841 Accrued liabilities 129,699 122,130 Accrued interest 1,945,668 1,891,305 Current maturities of long-term debt 18,821 18,578 Total current liabilities 2,278,496 2,178,854 Long-term debt, less current maturities 477,781 501,782 Accrued pension liabilities 60,057 61,647 Other liabilities and deferred credits 8,005 8,138 Deferred taxes 15,767 20,264 Redeemable noncontrolling interest 6,349 6,886 Total liabilities $ 2,846,455 $ 2,777,571 Three Months Ended 2017 2016 Revenue $ 301,970 $ 318,454 Operating loss (19,654 ) (19,743 ) Net loss (79,169 ) (88,543 ) |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt as of June 30 and March 31, 2017 consisted of the following (in thousands): June 30, March 31, 6¼% Senior Notes due 2022 $ 401,535 $ 401,535 Term Loan 253,180 261,907 Term Loan Credit Facility 45,900 45,900 Revolving Credit Facility 174,500 139,100 Lombard Debt 202,514 196,832 Macquarie Debt 195,528 200,000 Airnorth Debt 15,826 16,471 Eastern Airways Debt 14,701 15,326 Other Debt — 16,293 Unamortized debt issuance costs (11,118 ) (11,345 ) Total debt 1,292,566 1,282,019 Less short-term borrowings and current maturities of long-term debt (117,817 ) (131,063 ) Total long-term debt $ 1,174,749 $ 1,150,956 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on non-recurring basis | The following table summarizes the assets as of June 30, 2017 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Inventories $ — $ 1,252 $ — $ 1,252 $ (1,192 ) Assets held for sale — 34,585 — 34,585 (1,564 ) Total assets $ — $ 35,837 $ — $ 35,837 $ (2,756 ) The following table summarizes the assets as of June 30, 2016 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Assets held for sale $ — $ 40,572 $ — $ 40,572 $ (10,149 ) Total assets $ — $ 40,572 $ — $ 40,572 $ (10,149 ) |
Schedule of fair value assets measured on recurring basis | The following table summarizes the financial instruments we had as of June 30, 2017 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 2,201 $ — $ — $ 2,201 Other assets Total assets $ 2,201 $ — $ — $ 2,201 The following table summarizes the financial instruments we had as of March 31, 2017 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 3,075 $ — $ — $ 3,075 Other assets Total assets $ 3,075 $ — $ — $ 3,075 |
Schedule of fair value of debt | The carrying and fair value of our long-term debt, including the current portion and excluding unamortized debt issuance costs, are as follows (in thousands): June 30, 2017 March 31, 2017 Carrying Value Fair Value Carrying Value Fair Value 6¼% Senior Notes $ 401,535 $ 252,967 $ 401,535 $ 323,236 Term Loan 253,180 253,180 261,907 261,907 Term Loan Credit Facility 45,900 45,900 45,900 45,900 Revolving Credit Facility 174,500 174,500 139,100 139,100 Lombard Debt 202,514 202,514 196,832 196,832 Macquarie Debt 195,528 195,528 200,000 200,000 Airnorth Debt 15,826 15,826 16,471 16,471 Eastern Airways Debt 14,701 14,701 15,326 15,326 Other Debt — — 16,293 16,293 $ 1,303,684 $ 1,155,116 $ 1,293,364 $ 1,215,065 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Separation Programs [Table Text Block] | The expense related to the VSPs and ISPs for the three months ended June 30, 2017 and 2016 is as follows (in thousands): Three Months Ended 2017 2016 VSP: Direct cost $ — $ 855 General and administrative — 23 Total $ — $ 878 ISP: Direct cost $ 1,070 $ 498 General and administrative 7,609 4,030 Total $ 8,679 $ 4,528 |
Aircraft purchase contracts table | As shown in the table below, we expect to make additional capital expenditures over the next six fiscal years to purchase additional aircraft. As of June 30, 2017 , we had 29 aircraft on order and options to acquire an additional four aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income. Nine Months Ending March 31, 2018 Fiscal Year Ending March 31, 2019 2020 2021 2022 and thereafter (1) Total Commitments as of June 30, 2017: (2) Number of aircraft: Medium 2 — — — — 2 Large — 5 4 4 10 23 U.K. SAR 4 — — — — 4 6 5 4 4 10 29 Related commitment expenditures (in thousands) (3) Medium and large $ 995 $ 94,804 $ 74,118 $ 71,124 $ 128,857 $ 369,898 U.K. SAR 62,889 — — — — 62,889 $ 63,884 $ 94,804 $ 74,118 $ 71,124 $ 128,857 $ 432,787 Options as of June 30, 2017: Number of aircraft: Large — 2 2 — — 4 — 2 2 — — 4 Related option expenditures (in thousands) (3) $ — $ 44,181 $ 31,536 $ — $ — $ 75,717 _____________ (1) Includes $86.0 million for five aircraft orders that can be cancelled prior to delivery dates. As of June 30, 2017, we made non-refundable deposits of $4.5 million related to these aircraft. (2) Signed client contracts are currently in place that will utilize four of these aircraft. (3) Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised. |
Rollforward schedule of aircraft purchase orders and options | The following chart presents an analysis of our aircraft orders and options during the three months ended June 30, 2017 : Orders Options Beginning of period 32 4 Aircraft delivered (3 ) — End of period 29 4 |
Aircraft lease table | The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of June 30, 2017 : End of Lease Term Number of Aircraft Nine months ending March 31, 2018 to fiscal year 2019 29 Fiscal year 2020 to fiscal year 2022 48 Fiscal year 2023 to fiscal year 2024 14 91 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of components of net periodic pension cost | The following table provides a detail of the components of net periodic pension cost (in thousands): Three Months Ended 2017 2016 Service cost for benefits earned during the period $ 154 $ 1,960 Interest cost on pension benefit obligation 3,751 4,782 Expected return on assets (5,309 ) (6,471 ) Amortization of unrecognized losses 1,778 1,961 Net periodic pension cost $ 374 $ 2,232 |
EARNINGS PER SHARE AND ACCUMU26
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | |
Schedule of antidilutive securities excluded from computation of earnings per share | Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: Three Months Ended 2017 2016 Options: Outstanding 3,040,278 1,127,883 Weighted average exercise price $ 39.69 $ 44.35 Restricted stock awards: Outstanding 481,451 462,358 Weighted average price $ 23.40 $ 31.43 |
Schedule of earnings per share, basic and diluted | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended 2017 2016 Earnings (in thousands): Loss available to common stockholders $ (55,275 ) $ (40,772 ) Shares: Weighted average number of common shares outstanding – basic 35,227,434 34,990,136 Net effect of dilutive stock options and restricted stock awards based on the treasury stock method — — Weighted average number of common shares outstanding – diluted 35,227,434 34,990,136 Basic loss per common share $ (1.57 ) $ (1.17 ) Diluted loss per common share $ (1.57 ) $ (1.17 ) |
Schedule of accumulated other comprehensive income (loss) | The following table sets forth the changes in the balances of each component of accumulated other comprehensive income: Currency Translation Adjustments Pension Liability Adjustments (1) Total Balance as of March 31, 2017 $ (149,721 ) $ (178,556 ) $ (328,277 ) Other comprehensive income before reclassification 10,070 — 10,070 Reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income 10,070 — 10,070 Foreign exchange rate impact 8,954 (8,954 ) — Balance as of June 30, 2017 $ (130,697 ) $ (187,510 ) $ (318,207 ) _____________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Segments [Abstract] | |
Schedule of revenue by segment | The following tables show region information for the three months ended June 30, 2017 and 2016 and as of June 30 and March 31, 2017 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended 2017 2016 Region gross revenue from external clients: Europe Caspian $ 191,399 $ 194,824 Africa 50,790 54,262 Americas 55,762 58,197 Asia Pacific 52,446 59,144 Corporate and other 1,712 2,971 Total region gross revenue $ 352,109 $ 369,398 Intra-region gross revenue: Europe Caspian $ 1,036 $ 2,139 Africa — — Americas 2,294 847 Asia Pacific — — Corporate and other 22 245 Total intra-region gross revenue $ 3,352 $ 3,231 Consolidated gross revenue reconciliation: Europe Caspian $ 192,435 $ 196,963 Africa 50,790 54,262 Americas 58,056 59,044 Asia Pacific 52,446 59,144 Corporate and other 1,734 3,216 Intra-region eliminations (3,352 ) (3,231 ) Total consolidated gross revenue $ 352,109 $ 369,398 |
Schedule of earnings from unconsolidated affiliates - equity method investments | The following shows region information for the three months ended June 30, 2017 and 2016 and as of June 30 and March 31, 2017 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended 2017 2016 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian $ 30 $ 51 Americas (535 ) 3,863 Corporate and other $ (160 ) $ (84 ) Total earnings from unconsolidated affiliates, net of losses – equity method investments $ (665 ) $ 3,830 |
Schedule of consolidated operating income (loss) | The following shows region information for the three months ended June 30, 2017 and 2016 and as of June 30 and March 31, 2017 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended 2017 2016 Consolidated operating income (loss) reconciliation: Europe Caspian $ 4,407 $ 13,030 Africa 10,048 1,571 Americas (1,256 ) 921 Asia Pacific (12,530 ) (5,893 ) Corporate and other (25,957 ) (25,847 ) Loss on disposal of assets 699 (10,017 ) Total consolidated operating income $ (24,589 ) $ (26,235 ) |
Schedule of depreciation and amortization | The following shows region information for the three months ended June 30, 2017 and 2016 and as of June 30 and March 31, 2017 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended 2017 2016 Depreciation and amortization: Europe Caspian $ 11,822 $ 11,189 Africa 3,076 5,453 Americas 6,999 11,381 Asia Pacific 5,810 4,236 Corporate and other 3,349 2,435 Total depreciation and amortization $ 31,056 $ 34,694 _____________ (1) Includes accelerated depreciation expense of $0.0 million during the three months ended June 30, 2017 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in Africa region. Includes accelerated depreciation expense of $6.9 million during the three months ended June 30, 2015 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in our Europe Caspian, Americas and Africa regions of $0.2 million , $3.9 million and $2.8 million , respectively. For further details, see Note 1. |
Schedule of identifiable assets | The following shows region information for the three months ended June 30, 2017 and 2016 and as of June 30 and March 31, 2017 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): June 30, March 31, Identifiable assets: Europe Caspian $ 1,041,670 $ 1,091,536 Africa 425,614 325,719 Americas 881,049 809,071 Asia Pacific 343,278 433,614 Corporate and other (2) 379,219 453,907 Total identifiable assets (2) $ 3,070,830 $ 3,113,847 _____________ (2) Includes $112.2 million and $199.3 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of June 30 and March 31, 2017 , respectively, which primarily represents progress payments on aircraft to be delivered in future periods. |
Schedule of unconsolidated affiliates - equity method investments | The following shows region information for the three months ended June 30, 2017 and 2016 and as of June 30 and March 31, 2017 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): June 30, March 31, Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 315 $ 257 Americas 195,357 200,362 Corporate and other 3,216 3,257 Total investments in unconsolidated affiliates – equity method investments $ 198,888 $ 203,876 |
BASIS OF PRESENTATION, CONSOL28
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | |||
Jun. 30, 2017USD ($)aircraft | Jun. 30, 2016USD ($)aircraft | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($)Customer | |
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Deferred Tax Liabilities, Gross, Current | $ 800,000 | |||
Interest income | $ 214,000 | $ 234,000 | ||
Interest expense | (16,235,000) | (11,120,000) | ||
Interest expense, net | (16,021,000) | (10,886,000) | ||
Allowance for doubtful accounts receivable, current | $ 3,500,000 | 4,500,000 | ||
Inventory allowance | 22,700,000 | 21,500,000 | ||
Inventory Write-down | 1,192,000 | |||
Deferred Set-up Costs, Current | 9,800,000 | 9,700,000 | ||
Amortization of other deferred charges | $ 2,900,000 | $ 2,200,000 | ||
Deferred set-up costs, noncurrent | 52,200,000 | 51,100,000 | ||
Number of aircraft delivered | aircraft | 3 | 0 | ||
Capital expenditures | $ 12,553,000 | $ 21,063,000 | ||
Progress payments for aircraft | $ 1,300,000 | $ 3,100,000 | ||
Number of aircraft sold or disposed of | aircraft | 6 | 6 | ||
Proceeds from asset dispositions | $ 41,975,000 | $ 11,500,000 | ||
Gain (loss) on disposal of assets | $ 699,000 | $ (10,017,000) | ||
Number of aircraft impaired | aircraft | 2 | 11 | ||
Impairment charges on aircraft held for sale | $ 1,564,000 | $ 10,149,000 | ||
Accelerated depreciation | $ 6,900,000 | |||
Number of aircraft in exit plan | aircraft | 11 | |||
Deferred Income Taxes and Other Assets, Current | 100,000 | |||
Unamortized debt issuance cost | 11,118,000 | 11,345,000 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | 19,798,000 | 19,907,000 | 19,798,000 | |
Accumulated goodwill impairment | (50,861,000) | (50,861,000) | (50,861,000) | |
Goodwill - beginning balance | 19,798,000 | |||
Goodwill foreign currency translation | 109,000 | |||
Goodwill - ending balance | 19,907,000 | |||
Accumulated goodwill impairment - beginning balance | (50,861,000) | |||
Goodwill impairments | 0 | |||
Accumulated goodwill impairment - ending balance | (50,861,000) | |||
Intangible assets - beginning balance | 27,212,000 | |||
Foreign currency translation | 157,000 | |||
Intangible assets - ending balance | 27,369,000 | |||
Accumulated amortization of intangible assets - beginning balance | (21,476,000) | |||
Amortization of Intangible Assets | (215,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (21,691,000) | |||
Weighted average remaining contractual life, in years | 5 years 2 months 12 days | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 688,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 623,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 383,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 383,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 383,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 3,218,000 | |||
Finite-Lived Intangible Assets, Net | 5,678,000 | |||
Foreign Currency [abstract] | ||||
Foreign Currency Transaction Gain (Loss), before Tax | $ (1,700,000) | $ (6,300,000) | ||
Impact of Foreign Exchange Rates on Unconsolidated affiliates | (1,138,000) | (48,000) | ||
Revenues | 352,109,000 | 369,398,000 | ||
Operating expense | (375,540,000) | (389,446,000) | ||
Earnings from unconsolidated affiliates, net of losses | (665,000) | 3,830,000 | ||
Income (loss) before provision for income taxes | (42,255,000) | (43,310,000) | ||
Provision for income taxes | (13,491,000) | 2,238,000 | ||
Net income (loss) | (55,746,000) | (41,072,000) | ||
Total stockholders' investment | 1,250,790,000 | 1,294,232,000 | ||
Net cash provided by (used in) operating cash flow | (51,179,000) | (14,828,000) | ||
Adjustments for New Accounting Pronouncement [Member] | ||||
Foreign Currency [abstract] | ||||
Increase (Decrease) in Accrued Taxes Payable | 1,600,000 | |||
Net cash provided by (used in) operating cash flow | 570,000 | |||
Air transportation equipment | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Capital expenditures | 10,810,000 | 17,487,000 | ||
Gain (loss) on disposal of assets | 2,263,000 | 132,000 | ||
Other Capitalized Property | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Capital expenditures | $ 1,743,000 | $ 3,576,000 | ||
Medium aircraft | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Number of aircraft delivered | aircraft | 3 | 0 | ||
Customer contracts | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets - beginning balance | $ 8,169,000 | |||
Foreign currency translation | 0 | |||
Intangible assets - ending balance | 8,169,000 | |||
Accumulated amortization of intangible assets - beginning balance | (8,155,000) | |||
Amortization of Intangible Assets | (6,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (8,161,000) | |||
Weighted average remaining contractual life, in years | 1 month 6 days | |||
Customer relationships | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets - beginning balance | $ 12,752,000 | |||
Foreign currency translation | 13,000 | |||
Intangible assets - ending balance | 12,765,000 | |||
Accumulated amortization of intangible assets - beginning balance | (11,071,000) | |||
Amortization of Intangible Assets | (71,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (11,142,000) | |||
Weighted average remaining contractual life, in years | 3 years 7 months 6 days | |||
Trade name and trademarks | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets - beginning balance | $ 4,483,000 | |||
Foreign currency translation | 127,000 | |||
Intangible assets - ending balance | 4,610,000 | |||
Accumulated amortization of intangible assets - beginning balance | (908,000) | |||
Amortization of Intangible Assets | (71,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (979,000) | |||
Weighted average remaining contractual life, in years | 13 years 1 month 6 days | |||
Internally developed software | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets - beginning balance | $ 1,062,000 | |||
Foreign currency translation | 15,000 | |||
Intangible assets - ending balance | 1,077,000 | |||
Accumulated amortization of intangible assets - beginning balance | (685,000) | |||
Amortization of Intangible Assets | (53,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (738,000) | |||
Weighted average remaining contractual life, in years | 1 year 9 months 18 days | |||
Licenses | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets - beginning balance | $ 746,000 | |||
Foreign currency translation | 2,000 | |||
Intangible assets - ending balance | 748,000 | |||
Accumulated amortization of intangible assets - beginning balance | (657,000) | |||
Amortization of Intangible Assets | (14,000) | |||
Accumulated amortization of intangible assets - ending balance | $ (671,000) | |||
Weighted average remaining contractual life, in years | 1 year 7 months 6 days | |||
Europe Caspian | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Accelerated depreciation | $ 200,000 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Accumulated goodwill impairment | $ (33,883,000) | (33,883,000) | (33,883,000) | |
Accumulated goodwill impairment - beginning balance | (33,883,000) | |||
Goodwill impairments | 0 | |||
Accumulated goodwill impairment - ending balance | (33,883,000) | |||
Foreign Currency [abstract] | ||||
Revenues | 192,435,000 | 196,963,000 | ||
Africa | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Accelerated depreciation | 2,800,000 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Accumulated goodwill impairment | (6,179,000) | (6,179,000) | (6,179,000) | |
Accumulated goodwill impairment - beginning balance | (6,179,000) | |||
Goodwill impairments | 0 | |||
Accumulated goodwill impairment - ending balance | (6,179,000) | |||
Foreign Currency [abstract] | ||||
Revenues | 50,790,000 | 54,262,000 | ||
Americas | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Accelerated depreciation | 3,900,000 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Accumulated goodwill impairment | (576,000) | (576,000) | (576,000) | |
Accumulated goodwill impairment - beginning balance | (576,000) | |||
Goodwill impairments | 0 | |||
Accumulated goodwill impairment - ending balance | (576,000) | |||
Foreign Currency [abstract] | ||||
Revenues | 58,056,000 | 59,044,000 | ||
Asia Pacific | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | 19,798,000 | 19,907,000 | 19,798,000 | |
Goodwill - beginning balance | 19,798,000 | |||
Goodwill foreign currency translation | 109,000 | |||
Goodwill - ending balance | 19,907,000 | |||
Foreign Currency [abstract] | ||||
Revenues | 52,446,000 | 59,144,000 | ||
Corporate and other | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Accumulated goodwill impairment | (10,223,000) | (10,223,000) | $ (10,223,000) | |
Accumulated goodwill impairment - beginning balance | (10,223,000) | |||
Goodwill impairments | 0 | |||
Accumulated goodwill impairment - ending balance | (10,223,000) | |||
Foreign Currency [abstract] | ||||
Revenues | 1,734,000 | $ 3,216,000 | ||
Nigeria | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Number Of Uncollectible Customer | Customer | 2 | |||
Australia | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Number Of Uncollectible Customer | Customer | 1 | |||
Affiliated Entity | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Allowance for doubtful accounts receivable, current | $ 0 | $ 0 | ||
One British Pound Sterling Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.34 | 1.30 | ||
One British Pound Sterling Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.48 | 1.30 | ||
One British Pound Sterling Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.43 | 1.28 | ||
One British Pound Sterling Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.31 | 1.24 | ||
One Euro Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.11 | 1.14 | ||
One Euro Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.15 | 1.14 | ||
One Euro Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.13 | 1.10 | ||
One Euro Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 1.10 | 1.06 | ||
One Australian Dollar Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.74 | 0.77 | ||
One Australian Dollar Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.78 | 0.77 | ||
One Australian Dollar Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.75 | 0.75 | ||
One Australian Dollar Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.72 | 0.74 | ||
One Norwegian Kroner Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.1195 | 0.1194 | ||
One Norwegian Kroner Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.1245 | 0.1199 | ||
One Norwegian Kroner Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.1212 | 0.1174 | ||
One Norwegian Kroner Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.1163 | 0.1152 | ||
One Nigerian Naira Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.0035 | 0.0032 | ||
One Nigerian Naira Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.0050 | 0.0033 | ||
One Nigerian Naira Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.0048 | 0.0032 | ||
One Nigerian Naira Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.0035 | 0.0032 | ||
One Brazilian Real Into Us Dollars | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.3121 | 0.3018 | ||
One Brazilian Real Into Us Dollars | Maximum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.3121 | 0.3233 | ||
One Brazilian Real Into Us Dollars | Weighted Average | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.2849 | 0.3113 | ||
One Brazilian Real Into Us Dollars | Minimum | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Foreign currency exchange rates | 0.2702 | 0.2995 | ||
Impact of Changes in Foreign Currency Exchange Rates | Quarter To Date | ||||
Foreign Currency [abstract] | ||||
Revenues | (18,804,000) | |||
Operating expense | 13,710,000 | |||
Earnings from unconsolidated affiliates, net of losses | (1,090,000) | |||
Non-operating expense | 4,579,000 | |||
Income (loss) before provision for income taxes | (1,605,000) | |||
Provision for income taxes | 1,202,000 | |||
Net income (loss) | (403,000) | |||
Cumulative translation adjustment | $ 10,070,000 | |||
Total stockholders' investment | $ 9,667,000 | |||
Commitments | ||||
Basis of Presentation, Consolidation and Summary of Significan Accounting Policies [Line Items] | ||||
Number Of Aircraft Delivered | aircraft | 3 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) £ / shares in Units, $ in Thousands, £ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Apr. 30, 2015 | Jul. 31, 2014 | Jun. 30, 2017USD ($)AffiliatesNominations | Jun. 30, 2016USD ($) | Dec. 31, 2013 | Jun. 30, 2017GBP (£)Class_Of_Sharesvoting_rights | Jun. 30, 2017USD ($)Class_Of_Sharesvoting_rights | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | May 31, 2004USD ($)shares | May 31, 2004£ / shares | Apr. 30, 2004 | |
Variable Interest Entities [Line Items] | ||||||||||||
Deferred taxes | $ 0 | $ 830 | ||||||||||
Number of variable interest entities | Affiliates | 4 | |||||||||||
Deferred interest expense | 5,702 | 12,909 | ||||||||||
Cash and cash equivalents | $ 122,711 | 78,879 | 96,656 | $ 104,310 | ||||||||
Accounts receivable | 231,715 | 206,915 | ||||||||||
Inventories | 130,479 | 124,911 | ||||||||||
Prepaid expenses and other current assets | 43,145 | 41,143 | ||||||||||
Assets, Current | 518,803 | 507,871 | ||||||||||
Investment in unconsolidated affiliates | 205,174 | 210,162 | ||||||||||
Total property and equipment, net | 2,211,025 | 2,254,364 | ||||||||||
Goodwill | 19,907 | 19,798 | ||||||||||
Other assets | 115,921 | 121,652 | ||||||||||
Total assets | 3,070,830 | 3,113,847 | ||||||||||
Accounts payable | 96,498 | 98,215 | ||||||||||
Accrued liabilities | 179,497 | 186,246 | ||||||||||
Accrued interest | 5,702 | 12,909 | ||||||||||
Current maturities of long-term debt | 117,817 | 131,063 | ||||||||||
Total current liabilities | 393,812 | 416,354 | ||||||||||
Total long-term debt | 1,174,749 | 1,150,956 | ||||||||||
Accrued pension liabilities | 60,057 | 61,647 | ||||||||||
Other liabilities and deferred credits | 25,634 | 28,899 | ||||||||||
Deferred taxes | 159,439 | 154,873 | ||||||||||
Redeemable noncontrolling interest | $ 6,349 | 6,886 | ||||||||||
Revenues | $ 352,109 | 369,398 | ||||||||||
Net income (loss) | $ (55,746) | (41,072) | ||||||||||
Caledonia Investments Plc [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage, Third Party | 46.00% | |||||||||||
European Union [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage, Third Party | 5.00% | |||||||||||
Nigerian Company owned by 100% Nigerian Employees [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage, Third Party | 50.00% | |||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Purchased Percentage From Third Party | 2.00% | 29.00% | 19.00% | |||||||||
Employee Trust Fund [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage, Third Party | 2.00% | |||||||||||
Bristow Aviation Holdings Limited [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Ownership percentage in Variable Interest Entity | 49.00% | |||||||||||
Class Of Shares, Number | Class_Of_Shares | 3 | 3 | ||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage, Third Party | 51.00% | |||||||||||
Purchase of deferred stock shares | shares | 8,000,000 | |||||||||||
Business acquisition share price | £ / shares | £ 1 | |||||||||||
Total Amount Paid For Deferred Shares | $ 14,400 | |||||||||||
Principal amount of subordinated unsecured loan stock | £ 91 | $ 118,200 | ||||||||||
Interest rate on unsecured loan | 13.50% | |||||||||||
Deferred interest expense | $ 1,945,668 | 1,891,305 | ||||||||||
Call option price held by noncontrolling interest | £ | £ 1 | |||||||||||
Call Option Rate Over LIBOR | 3.00% | 3.00% | ||||||||||
Call Option Guaranteed Rate | 12.00% | |||||||||||
Put Option Guaranteed Rate | 10.00% | |||||||||||
Cash and cash equivalents | $ 71,364 | 92,409 | ||||||||||
Accounts receivable | 233,627 | 222,560 | ||||||||||
Inventories | 96,646 | 90,190 | ||||||||||
Prepaid expenses and other current assets | 42,548 | 50,016 | ||||||||||
Assets, Current | 444,185 | 455,175 | ||||||||||
Investment in unconsolidated affiliates | 3,531 | 3,513 | ||||||||||
Total property and equipment, net | 315,403 | 306,831 | ||||||||||
Goodwill | 19,907 | 19,798 | ||||||||||
Other assets | 207,268 | 203,228 | ||||||||||
Total assets | 990,294 | 988,545 | ||||||||||
Accounts payable | 184,308 | 146,841 | ||||||||||
Accrued liabilities | 129,699 | 122,130 | ||||||||||
Accrued interest | 1,945,668 | 1,891,305 | ||||||||||
Current maturities of long-term debt | 18,821 | 18,578 | ||||||||||
Total current liabilities | 2,278,496 | 2,178,854 | ||||||||||
Total long-term debt | 477,781 | 501,782 | ||||||||||
Accrued pension liabilities | 60,057 | 61,647 | ||||||||||
Other liabilities and deferred credits | 8,005 | 8,138 | ||||||||||
Deferred taxes | 15,767 | 20,264 | ||||||||||
Redeemable noncontrolling interest | 6,349 | 6,886 | ||||||||||
Liabilities | $ 2,846,455 | $ 2,777,571 | ||||||||||
Revenues | $ 301,970 | 318,454 | ||||||||||
Operating loss | (19,654) | (19,743) | ||||||||||
Net income (loss) | $ (79,169) | $ (88,543) | ||||||||||
Bristow Aviation Holdings Limited [Member] | Caledonia Investments Plc [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Number Of Voting Rights | voting_rights | 3 | 3 | ||||||||||
Number of Board Of Directors Nomination | Nominations | 2 | |||||||||||
Bristow Aviation Holdings Limited [Member] | Director [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Number Of Voting Rights | voting_rights | 1 | 1 | ||||||||||
Bristow Aviation Holdings Limited [Member] | Director Two [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Number Of Voting Rights | voting_rights | 1 | 1 | ||||||||||
Bristow Helicopters Nigeria Ltd [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Ownership percentage in Variable Interest Entity | 48.00% | |||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Purchased Percentage From Third Party | 8.00% | |||||||||||
Pan African Airlines Nigeria Ltd [Member] | ||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||
Ownership percentage in Variable Interest Entity | 50.17% |
DEBT (Details)
DEBT (Details) - USD ($) $ in Thousands | Jul. 17, 2017 | Feb. 02, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 |
Debt Instrument [Line Items] | |||||
Unamortized debt issuance cost | $ (11,118) | $ (11,345) | |||
Total debt | 1,303,684 | 1,293,364 | |||
Total debt, net | 1,292,566 | 1,282,019 | |||
Less short-term borrowings and current maturities of long-term debt | (117,817) | (131,063) | |||
Total long-term debt | 1,174,749 | 1,150,956 | |||
Proceeds from borrowings | 69,018 | $ 74,408 | |||
Payments For Contingent Consideration | 0 | $ 10,000 | |||
Cougar [Member] | |||||
Debt Instrument [Line Items] | |||||
Payments For Contingent Consideration | 16,000 | ||||
Senior Notes [Member] | Senior Notes Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 401,535 | 401,535 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 253,180 | 261,907 | |||
Term Loan Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt | 45,900 | 45,900 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt | 174,500 | 139,100 | |||
Repayment of debt | 33,400 | ||||
Proceeds from borrowings | 68,800 | ||||
Letters of credit outstanding, amount | 11,400 | ||||
Secured Debt [Member] | Lombard Debt | |||||
Debt Instrument [Line Items] | |||||
Total debt | 202,514 | 196,832 | |||
Secured Debt [Member] | Macquarie Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Total debt | 195,528 | 200,000 | |||
Secured Debt [Member] | GE Commitment Letter | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 230,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||||
Other Debt | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | 16,293 | |||
Other Debt | Airnorth debt | |||||
Debt Instrument [Line Items] | |||||
Total debt | 15,826 | 16,471 | |||
Other Debt | Eastern Airways debt | |||||
Debt Instrument [Line Items] | |||||
Total debt | 14,701 | 15,326 | |||
Other Debt | Other Debt | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 0 | $ 16,293 | |||
Subsequent Event [Member] | Secured Debt [Member] | GE Commitment Letter | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Term | 70 months |
FAIR VALUE DISCLOSURES (Details
FAIR VALUE DISCLOSURES (Details) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2017USD ($)aircraft | Jun. 30, 2016USD ($)aircraft | Mar. 31, 2017USD ($) | |
Fair Value [Line Items] | |||
Inventories | $ 130,479 | $ 124,911 | |
Assets held for sale | 34,585 | 38,246 | |
Impairment charges on aircraft held for sale | (1,564) | $ (10,149) | |
Loss on sale of assets and asset impairment charges | $ (2,756) | $ (10,149) | |
Number of aircraft impaired | aircraft | 2 | 11 | |
Inventory Write-down | $ (1,192) | ||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 1,303,684 | 1,293,364 | |
Fair value of total debt | 1,155,116 | 1,215,065 | |
Senior Notes [Member] | Senior Notes Due 2022 | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 401,535 | 401,535 | |
Fair value of total debt | 252,967 | 323,236 | |
Term Loan [Member] | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 253,180 | 261,907 | |
Fair value of total debt | 253,180 | 261,907 | |
Term Loan Credit Facility [Member] | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 45,900 | 45,900 | |
Fair value of total debt | 45,900 | 45,900 | |
Revolving Credit Facility [Member] | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 174,500 | 139,100 | |
Fair value of total debt | 174,500 | 139,100 | |
Unsecured Debt [Member] | Lombard Debt | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 202,514 | 196,832 | |
Fair value of total debt | 202,514 | 196,832 | |
Unsecured Debt [Member] | Macquarie Credit Agreement | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 195,528 | 200,000 | |
Fair value of total debt | 195,528 | 200,000 | |
Other Debt | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 0 | 16,293 | |
Other Debt | Airnorth debt | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 15,826 | 16,471 | |
Fair value of total debt | 15,826 | 16,471 | |
Other Debt | Eastern Airways debt | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 14,701 | 15,326 | |
Fair value of total debt | 14,701 | 15,326 | |
Other Debt | Other Debt | |||
Debt Instrument, Fair Value Disclosure [Abstract] | |||
Carrying value of total debt | 0 | 16,293 | |
Fair value of total debt | 0 | 16,293 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 2,201 | 3,075 | |
Total Assets Recurring | 2,201 | 3,075 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 2,201 | 3,075 | |
Total Assets Recurring | 2,201 | 3,075 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 0 | 0 | |
Total Assets Recurring | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value [Line Items] | |||
Rabbi Trust investments | 0 | 0 | |
Total Assets Recurring | 0 | $ 0 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value [Line Items] | |||
Inventories | 1,252 | ||
Assets held for sale | 34,585 | $ 40,572 | |
Total Assets Non Recurring | 35,837 | 40,572 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value [Line Items] | |||
Inventories | 0 | ||
Assets held for sale | 0 | 0 | |
Total Assets Non Recurring | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value [Line Items] | |||
Inventories | 1,252 | ||
Assets held for sale | 34,585 | 40,572 | |
Total Assets Non Recurring | 35,837 | 40,572 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value [Line Items] | |||
Inventories | 0 | ||
Assets held for sale | 0 | 0 | |
Total Assets Non Recurring | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES32
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Apr. 29, 2016aircraftPeople | Jun. 30, 2017USD ($)aircraftPeopleFacilityContract | Jun. 30, 2016USD ($) | Apr. 01, 2016People |
Commitments And Contingencies [Line Items] | ||||
Operating leases rental expense | $ | $ 58,700 | $ 51,300 | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 180 months | |||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 240 months | |||
Named executive | People | 2 | 1 | ||
Site Contingency, Number of Locations | Facility | 3 | |||
Number of fatalities | People | 11 | |||
Number of leased aircraft | 91 | |||
Options [Abstract] | ||||
Number of signed client contracts | Contract | 4 | |||
Passenger | ||||
Commitments And Contingencies [Line Items] | ||||
Number of fatalities | People | 13 | |||
Crew | ||||
Commitments And Contingencies [Line Items] | ||||
Number of fatalities | People | 2 | |||
Voluntary Separation Program [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Severance costs | $ | $ 0 | 878 | ||
Involuntary Separation Program [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Severance costs | $ | 8,679 | 4,528 | ||
Direct cost [Member] | Voluntary Separation Program [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Severance costs | $ | 0 | 855 | ||
Direct cost [Member] | Involuntary Separation Program [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Severance costs | $ | 1,070 | 498 | ||
General and administrative expense [Member] | Voluntary Separation Program [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Severance costs | $ | 0 | 23 | ||
General and administrative expense [Member] | Involuntary Separation Program [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Severance costs | $ | $ 7,609 | 4,030 | ||
Unionized Employees Concentration Risk [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Collective bargaining agreements and/or unions | 53.00% | |||
Employee agreement escalation rate | 3.00% | |||
Unionized Employees Concentration Risk [Member] | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Collective bargaining agreements and/or unions | 84.00% | |||
Aircraft | ||||
Commitments And Contingencies [Line Items] | ||||
Operating leases rental expense | $ | $ 51,700 | $ 44,700 | ||
H225 Super Puma | ||||
Commitments And Contingencies [Line Items] | ||||
Number of aircraft operated | 27 | |||
Number of aircraft owned | 16 | |||
Number of leased aircraft | 11 | |||
H225 Super Puma | Norway | ||||
Commitments And Contingencies [Line Items] | ||||
Number of aircraft operated | 5 | |||
H225 Super Puma | Norway | Commercial Type Aircraft [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number Of Aircraft Suspend Operations | 1 | |||
H225 Super Puma | Norway | Search And Rescue Type Aircraft [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number Of Aircraft Suspend Operations | 4 | |||
H225 Super Puma | United Kingdom | ||||
Commitments And Contingencies [Line Items] | ||||
Number of aircraft operated | 13 | |||
H225 Super Puma | United Kingdom | Commercial Type Aircraft [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number Of Aircraft Suspend Operations | 13 | |||
H225 Super Puma | Australia | ||||
Commitments And Contingencies [Line Items] | ||||
Number of aircraft operated | 9 | |||
H225 Super Puma | Australia | Commercial Type Aircraft [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number Of Aircraft Suspend Operations | 6 | |||
H225 Super Puma | Australia | Search And Rescue Type Aircraft [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number Of Aircraft Suspend Operations | 3 | |||
Nine months ending March 31, 2017 to fiscal year 2018 | ||||
Commitments And Contingencies [Line Items] | ||||
Number of leased aircraft | 29 | |||
Fiscal year 2019 to fiscal year 2021 | ||||
Commitments And Contingencies [Line Items] | ||||
Number of leased aircraft | 48 | |||
Fiscal year 2022 to fiscal year 2024 | ||||
Commitments And Contingencies [Line Items] | ||||
Number of leased aircraft | 14 | |||
Cancellable Commitments [Member] | ||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 5 | |||
Purchase Commitments - Total | $ | $ 86,000 | |||
Deposit Assets | $ | $ 4,500 | |||
Commitments | ||||
Analysis Of Aircraft Orders And Options [Line Items] | ||||
Start of period | 32 | |||
Aircraft delivered | (3) | |||
End of period | 29 | |||
Options [Member] | ||||
Analysis Of Aircraft Orders And Options [Line Items] | ||||
Start of period | 4 | |||
Aircraft delivered | 0 | |||
End of period | 4 | |||
Aircraft | ||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due Remainder Of Fiscal Year | 6 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Two | 5 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Three | 4 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Four | 4 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Five And Thereafter | 10 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 29 | |||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ | $ 63,884 | |||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | $ | 94,804 | |||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | $ | 74,118 | |||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | $ | 71,124 | |||
Unrecorded Unconditional Purchase Obligation, Due within Five Years And After | $ | 128,857 | |||
Purchase Commitments - Total | $ | $ 432,787 | |||
Options [Abstract] | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due Remainder Of Fiscal Year | 0 | |||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Two | 2 | |||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Three | 2 | |||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Four | 0 | |||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Five And Thereafter | 0 | |||
Unrecorded Conditional Purchase Obligation Maximum Quantity Required | 4 | |||
Unrecorded Conditional Purchase Obligatio Due In Remainder Of Fiscal Year | $ | $ 0 | |||
Unrecorded Conditional Purchase Obligation Balance On Second Anniversary | $ | 44,181 | |||
Unrecorded Conditional Purchase Obligation Balance On Third Anniversary | $ | 31,536 | |||
Unrecorded Conditional Purchase Obligation Balance On Fourth Anniversary | $ | 0 | |||
Unrecorded Conditional Purchase Obligation Due within Five Years And After | $ | 0 | |||
Aircraft Purchase Options - Total | $ | $ 75,717 | |||
Aircraft | Medium aircraft | ||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due Remainder Of Fiscal Year | 2 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Two | 0 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Three | 0 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Four | 0 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Five And Thereafter | 0 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 2 | |||
Aircraft | Large aircraft | ||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due Remainder Of Fiscal Year | 0 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Two | 5 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Three | 4 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Four | 4 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Five And Thereafter | 10 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 23 | |||
Options [Abstract] | ||||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due Remainder Of Fiscal Year | 0 | |||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Two | 2 | |||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Three | 2 | |||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Four | 0 | |||
Unrecorded Conditional Purchase Obligation, Maximum Quantity Required, Due In Year Five And Thereafter | 0 | |||
Unrecorded Conditional Purchase Obligation Maximum Quantity Required | 4 | |||
Aircraft | Medium and Large | ||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ | $ 995 | |||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | $ | 94,804 | |||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | $ | 74,118 | |||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | $ | 71,124 | |||
Unrecorded Unconditional Purchase Obligation, Due within Five Years And After | $ | 128,857 | |||
Purchase Commitments - Total | $ | $ 369,898 | |||
Aircraft | U.K. SAR | ||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due Remainder Of Fiscal Year | 4 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Two | 0 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Three | 0 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Four | 0 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required, Due In Year Five And Thereafter | 0 | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 4 | |||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ | $ 62,889 | |||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | $ | 0 | |||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | $ | 0 | |||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | $ | 0 | |||
Unrecorded Unconditional Purchase Obligation, Due within Five Years And After | $ | 0 | |||
Purchase Commitments - Total | $ | 62,889 | |||
Other Commitments | ||||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||
Purchase Commitments - Total | $ | 65,200 | |||
Minimum | ||||
Commitments And Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ | 4,000 | |||
Maximum | ||||
Commitments And Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ | 6,000 | |||
VIH Aerospace | ||||
Commitments And Contingencies [Line Items] | ||||
Related Party Transaction, Purchases from Related Party | $ | 4,500 | |||
Costs and Expenses, Related Party | $ | $ 100 | |||
VIH Aerospace | S-92 | ||||
Commitments And Contingencies [Line Items] | ||||
Number of leased aircraft | 6 | |||
VIH Aerospace | AW139 | ||||
Commitments And Contingencies [Line Items] | ||||
Number of leased aircraft | 1 |
TAXES (Details)
TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | (31.90%) | 5.20% |
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 11.2 | $ 13.2 |
Unrecognized Tax Benefits | $ 1.3 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | |
Incentive Compensation [Line Items] | |||
Service cost | $ 154 | $ 1,960 | |
Interest cost | 3,751 | 4,782 | |
Expected return on assets | (5,309) | (6,471) | |
Amortization of unrecognized losses | 1,778 | 1,961 | |
Net periodic pension cost | 374 | 2,232 | |
Cash contributions | 4,000 | ||
Weighted-average expected long-term rate of return on assets | 4.40% | ||
Estimated cash contributions | $ 15,300 | ||
Common stock shares reserved | 10,646,729 | ||
Common stock, par value | $ 0.01 | $ 0.01 | |
Shares available for grant | 2,409,092 | ||
Stock based compensation expense | $ 4,136 | 4,200 | |
Restricted stock grants- shares | 457,858 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.03 | ||
Stock option grants- shares | 1,256,043 | ||
Risk free interest rate | 1.78% | ||
Expected life (years) | 5 years | ||
Volatility | 56.10% | ||
Dividend yield | 3.98% | ||
Weighted average exercise price of options granted | $ 7.03 | ||
Weighted average grant-date fair value of options granted | $ 2.53 | ||
Performance cash compensation liability | $ 3,200 | $ 14,200 | |
Performance cash compensation expense | 3,000 | $ 1,100 | |
Phantom Share Units (PSUs) [Member] | |||
Incentive Compensation [Line Items] | |||
Deferred Compensation Liability, Classified, Noncurrent | 100 | ||
Allocated Share-based Compensation Expense | $ 100 | ||
Performance cash | |||
Incentive Compensation [Line Items] | |||
Award requisite service period | 3 years |
EARNINGS PER SHARE AND ACCUMU35
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Dividends, Share Repurchases, Earnings Per Share and Accumulated Other Comprehensive Income [Line Items] | ||
Cash dividends declared per common share | $ 0.07 | $ 0.07 |
Earnings per share [Abstract] | ||
Loss available to common stockholders - basic | $ (55,275) | $ (40,772) |
Weighted average number of common shares outstanding - basic | 35,227,434 | 34,990,136 |
Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method | 0 | 0 |
Weighted average number of common shares outstanding - diluted | 35,227,434 | 34,990,136 |
Basic earnings (loss) per common share | $ (1.57) | $ (1.17) |
Diluted earnings (loss) per common share | $ (1.57) | $ (1.17) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated other comprehensive income - beginning balance | $ (328,277) | |
Accumulated other comprehensive income - ending balance | (318,207) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated other comprehensive income - beginning balance | (328,277) | |
Other comprehensive income before reclassification | 10,070 | |
Reclassification from accumulated other comprehensive income | 0 | |
Net current period other comprehensive income | 10,070 | |
Foreign exchange rate impact | 0 | |
Accumulated other comprehensive income - ending balance | (318,207) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated other comprehensive income - beginning balance | (149,721) | |
Other comprehensive income before reclassification | 10,070 | |
Reclassification from accumulated other comprehensive income | 0 | |
Net current period other comprehensive income | 10,070 | |
Foreign exchange rate impact | 8,954 | |
Accumulated other comprehensive income - ending balance | (130,697) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated other comprehensive income - beginning balance | (178,556) | |
Other comprehensive income before reclassification | 0 | |
Reclassification from accumulated other comprehensive income | 0 | |
Net current period other comprehensive income | 0 | |
Foreign exchange rate impact | (8,954) | |
Accumulated other comprehensive income - ending balance | $ (187,510) | |
Stock Options [Member] | ||
Earnings per share [Abstract] | ||
Outstanding | 3,040,278 | 1,127,883 |
Restricted Stock Awards [Member] | ||
Earnings per share [Abstract] | ||
Outstanding | 481,451 | 462,358 |
Quarter To Date | Stock Options [Member] | ||
Earnings per share [Abstract] | ||
Weighted average exercise price - antidilutive | $ 39.69 | $ 44.35 |
Quarter To Date | Restricted Stock Awards [Member] | ||
Earnings per share [Abstract] | ||
Weighted average exercise price - antidilutive | $ 23.40 | $ 31.43 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2017USD ($)Regions | Jun. 30, 2016USD ($) | Mar. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | Regions | 1 | ||
Number of reportable segments | Regions | 4 | ||
Revenues | $ 352,109 | $ 369,398 | |
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (665) | 3,830 | |
Loss on disposal of assets | 699 | (10,017) | |
Total consolidated operating income (loss) | (24,589) | (26,235) | |
Total depreciation and amortization | 31,056 | 34,694 | |
Total identifiable assets | 3,070,830 | $ 3,113,847 | |
Total investments in unconsolidated affiliates - equity method | 198,888 | 203,876 | |
Accelerated depreciation | 6,900 | ||
Construction in progress within property and equipment | 112,200 | 199,300 | |
External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 352,109 | 369,398 | |
Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,352 | 3,231 | |
Europe Caspian | |||
Segment Reporting Information [Line Items] | |||
Revenues | 192,435 | 196,963 | |
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 30 | 51 | |
Total business unit operating income | 4,407 | 13,030 | |
Total depreciation and amortization | 11,822 | 11,189 | |
Total identifiable assets | 1,041,670 | 1,091,536 | |
Total investments in unconsolidated affiliates - equity method | 315 | 257 | |
Accelerated depreciation | 200 | ||
Europe Caspian | External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 191,399 | 194,824 | |
Europe Caspian | Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,036 | 2,139 | |
Africa | |||
Segment Reporting Information [Line Items] | |||
Revenues | 50,790 | 54,262 | |
Total business unit operating income | 10,048 | 1,571 | |
Total depreciation and amortization | 3,076 | 5,453 | |
Total identifiable assets | 425,614 | 325,719 | |
Accelerated depreciation | 2,800 | ||
Africa | External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 50,790 | 54,262 | |
Africa | Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Americas | |||
Segment Reporting Information [Line Items] | |||
Revenues | 58,056 | 59,044 | |
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (535) | 3,863 | |
Total business unit operating income | (1,256) | 921 | |
Total depreciation and amortization | 6,999 | 11,381 | |
Total identifiable assets | 881,049 | 809,071 | |
Total investments in unconsolidated affiliates - equity method | 195,357 | 200,362 | |
Accelerated depreciation | 3,900 | ||
Americas | External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 55,762 | 58,197 | |
Americas | Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,294 | 847 | |
Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Revenues | 52,446 | 59,144 | |
Total business unit operating income | (12,530) | (5,893) | |
Total depreciation and amortization | 5,810 | 4,236 | |
Total identifiable assets | 343,278 | 433,614 | |
Asia Pacific | External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 52,446 | 59,144 | |
Asia Pacific | Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,734 | 3,216 | |
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (160) | (84) | |
Total business unit operating income | (25,957) | (25,847) | |
Total depreciation and amortization | 3,349 | 2,435 | |
Total identifiable assets | 379,219 | 453,907 | |
Total investments in unconsolidated affiliates - equity method | 3,216 | $ 3,257 | |
Corporate and other | External Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,712 | 2,971 | |
Corporate and other | Intersegment elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 22 | $ 245 |
SUPPLEMENTAL CONDENSED CONSOL37
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION OPERATIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | $ 352,109 | $ 369,398 |
Direct cost and reimbursable expense | 297,777 | 302,157 |
Intercompany expenses | 0 | 0 |
Depreciation and amortization | 31,056 | 34,694 |
General and administrative | 46,707 | 52,595 |
Operating expense | 375,540 | 389,446 |
Loss on impairment | (1,192) | 0 |
Gain (loss) on disposal of assets | 699 | (10,017) |
Earnings from unconsolidated affiliates, net of losses | (665) | 3,830 |
Operating income (loss) | (24,589) | (26,235) |
Interest expense, net | (16,021) | (10,886) |
Other income (expense), net | (1,645) | (6,189) |
Income (loss) before provision for income taxes | (42,255) | (43,310) |
Benefit (provision) for income taxes | (13,491) | 2,238 |
Net income (loss) | (55,746) | (41,072) |
Net (income) loss attributable to noncontrolling interests | 471 | 300 |
Net loss attributable to Bristow Group | (55,275) | (40,772) |
External Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 352,109 | 369,398 |
Intercompany Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 0 | 0 |
Consolidations, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | (32,191) | (24,291) |
Direct cost and reimbursable expense | 0 | 0 |
Intercompany expenses | (32,191) | (24,291) |
Depreciation and amortization | 0 | 0 |
General and administrative | 0 | 0 |
Operating expense | (32,191) | (24,291) |
Loss on impairment | 0 | |
Gain (loss) on disposal of assets | 0 | 0 |
Earnings from unconsolidated affiliates, net of losses | 20,645 | 12,776 |
Operating income (loss) | 20,645 | 12,776 |
Interest expense, net | 0 | 0 |
Other income (expense), net | 0 | 0 |
Income (loss) before provision for income taxes | 20,645 | 12,776 |
Benefit (provision) for income taxes | 0 | 0 |
Net income (loss) | 20,645 | 12,776 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to Bristow Group | 20,645 | 12,776 |
Consolidations, Eliminations [Member] | External Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 0 | 0 |
Consolidations, Eliminations [Member] | Intercompany Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | (32,191) | (24,291) |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 0 | 0 |
Direct cost and reimbursable expense | 6 | (257) |
Intercompany expenses | 0 | 0 |
Depreciation and amortization | 2,917 | 2,093 |
General and administrative | 19,107 | 20,259 |
Operating expense | 22,030 | 22,095 |
Loss on impairment | 0 | |
Gain (loss) on disposal of assets | 0 | 0 |
Earnings from unconsolidated affiliates, net of losses | (20,645) | (12,776) |
Operating income (loss) | (42,675) | (34,871) |
Interest expense, net | (9,058) | (9,885) |
Other income (expense), net | (29) | 546 |
Income (loss) before provision for income taxes | (51,762) | (44,210) |
Benefit (provision) for income taxes | (3,502) | 3,453 |
Net income (loss) | (55,264) | (40,757) |
Net (income) loss attributable to noncontrolling interests | (11) | (15) |
Net loss attributable to Bristow Group | (55,275) | (40,772) |
Parent Company [Member] | External Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 0 | 0 |
Parent Company [Member] | Intercompany Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 0 | 0 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 77,966 | 69,604 |
Direct cost and reimbursable expense | 52,334 | 48,618 |
Intercompany expenses | 0 | 0 |
Depreciation and amortization | 12,483 | 16,981 |
General and administrative | 5,762 | 6,590 |
Operating expense | 70,579 | 72,189 |
Loss on impairment | (1,192) | |
Gain (loss) on disposal of assets | 416 | (10,227) |
Earnings from unconsolidated affiliates, net of losses | 0 | 0 |
Operating income (loss) | 6,611 | (12,812) |
Interest expense, net | (5,780) | (657) |
Other income (expense), net | (357) | 1,235 |
Income (loss) before provision for income taxes | 474 | (12,234) |
Benefit (provision) for income taxes | (4,160) | (2,222) |
Net income (loss) | (3,686) | (14,456) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to Bristow Group | (3,686) | (14,456) |
Guarantor Subsidiaries [Member] | External Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 45,775 | 45,313 |
Guarantor Subsidiaries [Member] | Intercompany Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 32,191 | 24,291 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 306,334 | 324,085 |
Direct cost and reimbursable expense | 245,437 | 253,796 |
Intercompany expenses | 32,191 | 24,291 |
Depreciation and amortization | 15,656 | 15,620 |
General and administrative | 21,838 | 25,746 |
Operating expense | 315,122 | 319,453 |
Loss on impairment | 0 | |
Gain (loss) on disposal of assets | 283 | 210 |
Earnings from unconsolidated affiliates, net of losses | (665) | 3,830 |
Operating income (loss) | (9,170) | 8,672 |
Interest expense, net | (1,183) | (344) |
Other income (expense), net | (1,259) | (7,970) |
Income (loss) before provision for income taxes | (11,612) | 358 |
Benefit (provision) for income taxes | (5,829) | 1,007 |
Net income (loss) | (17,441) | 1,365 |
Net (income) loss attributable to noncontrolling interests | 482 | 315 |
Net loss attributable to Bristow Group | (16,959) | 1,680 |
Non-Guarantor Subsidiaries [Member] | External Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | 306,334 | 324,085 |
Non-Guarantor Subsidiaries [Member] | Intercompany Customer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total consolidated gross revenue | $ 0 | $ 0 |
SUPPLEMENTAL CONDENSED CONSOL38
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | $ (55,746) | $ (41,072) |
Currency translation adjustments | 9,760 | (7,135) |
Total comprehensive income (loss) | (45,986) | (48,207) |
Net (income) loss attributable to noncontrolling interests | 471 | 300 |
Currency translation adjustments attributable to noncontrolling interests | 310 | (4,442) |
Total comprehensive (income) loss attributable to noncontrolling interests | 781 | (4,142) |
Total comprehensive (income) loss attributable to Bristow Group | (45,205) | (52,349) |
Consolidations, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 20,645 | 12,776 |
Currency translation adjustments | (4,930) | (224,927) |
Total comprehensive income (loss) | 15,715 | (212,151) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Total comprehensive (income) loss attributable to Bristow Group | 15,715 | (212,151) |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | (55,264) | (40,757) |
Currency translation adjustments | 0 | 0 |
Total comprehensive income (loss) | (55,264) | (40,757) |
Net (income) loss attributable to noncontrolling interests | (11) | (15) |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | (11) | (15) |
Total comprehensive (income) loss attributable to Bristow Group | (55,275) | (40,772) |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | (3,686) | (14,456) |
Currency translation adjustments | 338 | 0 |
Total comprehensive income (loss) | (3,348) | (14,456) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Total comprehensive (income) loss attributable to Bristow Group | (3,348) | (14,456) |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | (17,441) | 1,365 |
Currency translation adjustments | 14,352 | 217,792 |
Total comprehensive income (loss) | (3,089) | 219,157 |
Net (income) loss attributable to noncontrolling interests | 482 | 315 |
Currency translation adjustments attributable to noncontrolling interests | 310 | (4,442) |
Total comprehensive (income) loss attributable to noncontrolling interests | 792 | (4,127) |
Total comprehensive (income) loss attributable to Bristow Group | $ (2,297) | $ 215,030 |
SUPPLEMENTAL CONDENSED CONSOL39
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION BS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 78,879 | $ 96,656 | $ 122,711 | $ 104,310 |
Accounts receivable | 231,715 | 206,915 | ||
Inventories | 130,479 | 124,911 | ||
Assets held for sale | 34,585 | 38,246 | ||
Prepaid expenses and other current assets | 43,145 | 41,143 | ||
Total current assets | 518,803 | 507,871 | ||
Intercompany investment | 0 | 0 | ||
Investment in unconsolidated affiliates | 205,174 | 210,162 | ||
Intercompany notes receivable | 0 | 0 | ||
Land and buildings | 235,270 | 231,448 | ||
Aircraft and equipment | 2,605,978 | 2,622,701 | ||
Total property and equipment, at cost | 2,841,248 | 2,854,149 | ||
Less - Accumulated depreciation and amortization | (630,223) | (599,785) | ||
Total property and equipment, net | 2,211,025 | 2,254,364 | ||
Goodwill | 19,907 | 19,798 | ||
Other assets | 115,921 | 121,652 | ||
Total assets | 3,070,830 | 3,113,847 | ||
Accounts payable | 96,498 | 98,215 | ||
Accrued liabilities | 179,497 | 186,246 | ||
Deferred taxes | 0 | 830 | ||
Short-term borrowings and current maturities of long-term debt | 117,817 | 131,063 | ||
Total current liabilities | 393,812 | 416,354 | ||
Long-term debt, less current maturities | 1,174,749 | 1,150,956 | ||
Intercompany notes payable | 0 | 0 | ||
Accrued pension liabilities | 60,057 | 61,647 | ||
Other liabilities and deferred credits | 25,634 | 28,899 | ||
Deferred taxes | 159,439 | 154,873 | ||
Redeemable noncontrolling interest | 6,349 | 6,886 | ||
Common stock | 380 | 379 | ||
Additional paid-in capital | 813,857 | 809,995 | ||
Retained earnings | 934,166 | 991,906 | ||
Accumulated other comprehensive income (loss) | (318,207) | (328,277) | ||
Treasury shares, at cost | (184,796) | (184,796) | ||
Total Bristow Group stockholders' equity | 1,245,400 | 1,289,207 | ||
Noncontrolling interests | 5,390 | 5,025 | ||
Total stockholders' investment | 1,250,790 | 1,294,232 | ||
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | 3,070,830 | 3,113,847 | ||
Consolidations, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | (16) | 0 |
Accounts receivable | (530,267) | (370,603) | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | (6,929) | (10,451) | ||
Total current assets | (537,196) | (381,054) | ||
Intercompany investment | (2,722,102) | (2,722,362) | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | (334,122) | (383,980) | ||
Land and buildings | 0 | 0 | ||
Aircraft and equipment | 0 | 0 | ||
Total property and equipment, at cost | 0 | 0 | ||
Less - Accumulated depreciation and amortization | 0 | 0 | ||
Total property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (3,593,420) | (3,487,396) | ||
Accounts payable | (510,875) | (355,442) | ||
Accrued liabilities | (24,690) | (25,628) | ||
Deferred taxes | 0 | 0 | ||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | (535,565) | (381,070) | ||
Long-term debt, less current maturities | 0 | 0 | ||
Intercompany notes payable | (335,224) | (383,980) | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 0 | 0 | ||
Deferred taxes | 0 | 0 | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | (151,345) | (135,345) | ||
Additional paid-in capital | (313,435) | (313,435) | ||
Retained earnings | (1,590,459) | (1,611,104) | ||
Accumulated other comprehensive income (loss) | (667,392) | (662,462) | ||
Treasury shares, at cost | 0 | 0 | ||
Total Bristow Group stockholders' equity | (2,722,631) | (2,722,346) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' investment | (2,722,631) | (2,722,346) | ||
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | (3,593,420) | (3,487,396) | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 5,386 | 3,382 | 18 | 35,241 |
Accounts receivable | 133,432 | 76,383 | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 2,097 | 3,237 | ||
Total current assets | 140,915 | 83,002 | ||
Intercompany investment | 2,486,473 | 2,491,631 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 271,499 | 306,641 | ||
Land and buildings | 4,806 | 4,806 | ||
Aircraft and equipment | 155,041 | 151,005 | ||
Total property and equipment, at cost | 159,847 | 155,811 | ||
Less - Accumulated depreciation and amortization | (32,013) | (29,099) | ||
Total property and equipment, net | 127,834 | 126,712 | ||
Goodwill | 0 | 0 | ||
Other assets | 10,533 | 18,770 | ||
Total assets | 3,037,254 | 3,026,756 | ||
Accounts payable | 292,663 | 231,841 | ||
Accrued liabilities | 53,816 | 61,791 | ||
Deferred taxes | 457 | (1,272) | ||
Short-term borrowings and current maturities of long-term debt | 81,312 | 79,053 | ||
Total current liabilities | 428,248 | 371,413 | ||
Long-term debt, less current maturities | 788,229 | 763,325 | ||
Intercompany notes payable | 62,532 | 70,689 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 7,771 | 11,597 | ||
Deferred taxes | 107,289 | 112,716 | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | 380 | 379 | ||
Additional paid-in capital | 813,857 | 809,995 | ||
Retained earnings | 934,166 | 991,906 | ||
Accumulated other comprehensive income (loss) | 78,306 | 78,306 | ||
Treasury shares, at cost | (184,796) | (184,796) | ||
Total Bristow Group stockholders' equity | 1,641,913 | 1,695,790 | ||
Noncontrolling interests | 1,272 | 1,226 | ||
Total stockholders' investment | 1,643,185 | 1,697,016 | ||
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | 3,037,254 | 3,026,756 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 1,187 | 299 | 0 | 3,393 |
Accounts receivable | 336,915 | 288,235 | ||
Inventories | 33,833 | 34,721 | ||
Assets held for sale | 28,601 | 30,716 | ||
Prepaid expenses and other current assets | 6,076 | 4,501 | ||
Total current assets | 406,612 | 358,472 | ||
Intercompany investment | 104,435 | 104,435 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 36,358 | 37,633 | ||
Land and buildings | 62,114 | 62,114 | ||
Aircraft and equipment | 1,212,349 | 1,199,073 | ||
Total property and equipment, at cost | 1,274,463 | 1,261,187 | ||
Less - Accumulated depreciation and amortization | (270,749) | (258,225) | ||
Total property and equipment, net | 1,003,714 | 1,002,962 | ||
Goodwill | 0 | 0 | ||
Other assets | 2,242 | 2,139 | ||
Total assets | 1,553,361 | 1,505,641 | ||
Accounts payable | 136,609 | 70,434 | ||
Accrued liabilities | 11,141 | 17,379 | ||
Deferred taxes | 1,585 | 2,102 | ||
Short-term borrowings and current maturities of long-term debt | 17,685 | 17,432 | ||
Total current liabilities | 167,020 | 107,347 | ||
Long-term debt, less current maturities | 283,286 | 284,710 | ||
Intercompany notes payable | 216,292 | 226,091 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 6,679 | 6,229 | ||
Deferred taxes | 42,512 | 40,344 | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | 20,028 | 20,028 | ||
Additional paid-in capital | 29,387 | 29,387 | ||
Retained earnings | 787,431 | 791,117 | ||
Accumulated other comprehensive income (loss) | 726 | 388 | ||
Treasury shares, at cost | 0 | 0 | ||
Total Bristow Group stockholders' equity | 837,572 | 840,920 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' investment | 837,572 | 840,920 | ||
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | 1,553,361 | 1,505,641 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 72,306 | 92,975 | $ 122,709 | $ 65,676 |
Accounts receivable | 291,635 | 212,900 | ||
Inventories | 96,646 | 90,190 | ||
Assets held for sale | 5,984 | 7,530 | ||
Prepaid expenses and other current assets | 41,901 | 43,856 | ||
Total current assets | 508,472 | 447,451 | ||
Intercompany investment | 131,194 | 126,296 | ||
Investment in unconsolidated affiliates | 205,174 | 210,162 | ||
Intercompany notes receivable | 26,265 | 39,706 | ||
Land and buildings | 168,350 | 164,528 | ||
Aircraft and equipment | 1,238,588 | 1,272,623 | ||
Total property and equipment, at cost | 1,406,938 | 1,437,151 | ||
Less - Accumulated depreciation and amortization | (327,461) | (312,461) | ||
Total property and equipment, net | 1,079,477 | 1,124,690 | ||
Goodwill | 19,907 | 19,798 | ||
Other assets | 103,146 | 100,743 | ||
Total assets | 2,073,635 | 2,068,846 | ||
Accounts payable | 178,101 | 151,382 | ||
Accrued liabilities | 139,230 | 132,704 | ||
Deferred taxes | (2,042) | 0 | ||
Short-term borrowings and current maturities of long-term debt | 18,820 | 34,578 | ||
Total current liabilities | 334,109 | 318,664 | ||
Long-term debt, less current maturities | 103,234 | 102,921 | ||
Intercompany notes payable | 56,400 | 87,200 | ||
Accrued pension liabilities | 60,057 | 61,647 | ||
Other liabilities and deferred credits | 11,184 | 11,073 | ||
Deferred taxes | 9,638 | 1,813 | ||
Redeemable noncontrolling interest | 6,349 | 6,886 | ||
Common stock | 131,317 | 115,317 | ||
Additional paid-in capital | 284,048 | 284,048 | ||
Retained earnings | 803,028 | 819,987 | ||
Accumulated other comprehensive income (loss) | 270,153 | 255,491 | ||
Treasury shares, at cost | 0 | 0 | ||
Total Bristow Group stockholders' equity | 1,488,546 | 1,474,843 | ||
Noncontrolling interests | 4,118 | 3,799 | ||
Total stockholders' investment | 1,492,664 | 1,478,642 | ||
Total liabilities, redeemable noncontrolling interests and stockholders’ investment | $ 2,073,635 | $ 2,068,846 |
SUPPLEMENTAL CONDENSED CONSOL40
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION CF (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ (51,179) | $ (14,828) |
Capital expenditures | (12,553) | (21,063) |
Proceeds from asset dispositions | 41,975 | 11,500 |
Net cash used in investing activities | 29,422 | (9,563) |
Proceeds from borrowings | 69,018 | 74,408 |
Debt issuance costs | (493) | (2,925) |
Repayment of debt | (66,947) | (18,035) |
Dividends paid | (2,465) | |
Payments of Ordinary Dividends, Common Stock | 2,465 | 2,453 |
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 |
Partial prepayment of put/call obligation | (12) | (13) |
Payment of contingent consideration | 0 | (10,000) |
Repurchases for tax witholdings on vesting of equity awards | (274) | (570) |
Net cash provided by financing activities | (1,173) | 40,412 |
Effect of exchange rate changes on cash and cash equivalents | 5,153 | 2,380 |
Net increase in cash and cash equivalents | (17,777) | 18,401 |
Cash and cash equivalents at beginning of period | 96,656 | 104,310 |
Cash and cash equivalents at end of period | 78,879 | 122,711 |
Consolidations, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 0 | (16) |
Capital expenditures | 0 | 0 |
Proceeds from asset dispositions | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from borrowings | 0 | 0 |
Debt issuance costs | 0 | 0 |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 |
Partial prepayment of put/call obligation | 0 | 0 |
Payment of contingent consideration | 0 | |
Repurchases for tax witholdings on vesting of equity awards | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | (16) |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | (16) |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (37,229) | (47,632) |
Capital expenditures | (4,036) | (7,238) |
Proceeds from asset dispositions | 0 | 0 |
Net cash used in investing activities | (4,036) | (7,238) |
Proceeds from borrowings | 68,800 | 71,950 |
Debt issuance costs | 0 | (2,925) |
Repayment of debt | (42,150) | (16,000) |
Dividends paid | (2,465) | (2,453) |
Increases (decreases) in cash related to intercompany advances and debt | 19,370 | (30,342) |
Partial prepayment of put/call obligation | (12) | (13) |
Payment of contingent consideration | 0 | |
Repurchases for tax witholdings on vesting of equity awards | (274) | (570) |
Net cash provided by financing activities | 43,269 | 19,647 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 2,004 | (35,223) |
Cash and cash equivalents at beginning of period | 3,382 | 35,241 |
Cash and cash equivalents at end of period | 5,386 | 18 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (7,228) | 17,142 |
Capital expenditures | (3,070) | (6,380) |
Proceeds from asset dispositions | 2,473 | 9,486 |
Net cash used in investing activities | (597) | 3,106 |
Proceeds from borrowings | 0 | 0 |
Debt issuance costs | (466) | 0 |
Repayment of debt | (5,013) | 0 |
Dividends paid | 0 | 0 |
Increases (decreases) in cash related to intercompany advances and debt | 14,192 | (23,641) |
Partial prepayment of put/call obligation | 0 | 0 |
Payment of contingent consideration | 0 | |
Repurchases for tax witholdings on vesting of equity awards | 0 | 0 |
Net cash provided by financing activities | 8,713 | (23,641) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 888 | (3,393) |
Cash and cash equivalents at beginning of period | 299 | 3,393 |
Cash and cash equivalents at end of period | 1,187 | 0 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (6,722) | 15,678 |
Capital expenditures | (5,447) | (7,445) |
Proceeds from asset dispositions | 39,502 | 2,014 |
Net cash used in investing activities | 34,055 | (5,431) |
Proceeds from borrowings | 218 | 2,458 |
Debt issuance costs | (27) | 0 |
Repayment of debt | (19,784) | (2,035) |
Dividends paid | 0 | 0 |
Increases (decreases) in cash related to intercompany advances and debt | (33,562) | 53,983 |
Partial prepayment of put/call obligation | 0 | 0 |
Payment of contingent consideration | (10,000) | |
Repurchases for tax witholdings on vesting of equity awards | 0 | 0 |
Net cash provided by financing activities | (53,155) | 44,406 |
Effect of exchange rate changes on cash and cash equivalents | 5,153 | 2,380 |
Net increase in cash and cash equivalents | (20,669) | 57,033 |
Cash and cash equivalents at beginning of period | 92,975 | 65,676 |
Cash and cash equivalents at end of period | $ 72,306 | $ 122,709 |