Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 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 | 35,365,418 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Gross revenue: | ||||
Operating revenue from non-affiliates | $ 340,593 | $ 325,315 | $ 662,711 | $ 663,990 |
Operating revenue from affiliates | 17,399 | 18,347 | 35,010 | 35,856 |
Reimbursable revenue from non-affiliates | 15,684 | 13,805 | 28,064 | 27,019 |
Total consolidated gross revenue | 373,676 | 357,467 | 725,785 | 726,865 |
Operating expense: | ||||
Direct cost | 284,713 | 281,630 | 570,264 | 571,173 |
Reimbursable expense | 15,414 | 13,276 | 27,640 | 25,890 |
Depreciation and amortization | 31,381 | 28,592 | 62,437 | 63,286 |
General and administrative | 48,622 | 51,274 | 95,329 | 103,869 |
Operating expense | 380,130 | 374,772 | 755,670 | 764,218 |
Loss on impairment | 0 | (7,572) | (1,192) | (7,572) |
Loss on disposal of assets | (8,526) | (2,186) | (7,827) | (12,203) |
Earnings from unconsolidated affiliates, net of losses | 2,063 | 181 | 1,398 | 4,011 |
Operating loss | (12,917) | (26,882) | (37,506) | (53,117) |
Interest expense, net | (18,563) | (11,468) | (34,584) | (22,354) |
Other income (expense), net | 2,558 | 3,003 | 913 | (3,186) |
Loss before provision for income taxes | (28,922) | (35,347) | (71,177) | (78,657) |
Benefit (provision) for income taxes | (2,474) | 5,240 | (15,965) | 7,478 |
Net loss | (31,396) | (30,107) | (87,142) | (71,179) |
Net loss attributable to noncontrolling interests | 187 | 310 | 658 | 610 |
Net loss attributable to Bristow Group | $ (31,209) | $ (29,797) | $ (86,484) | $ (70,569) |
Loss per common share: | ||||
Basic (in dollars per share) | $ (0.88) | $ (0.85) | $ (2.45) | $ (2.02) |
Diluted (in dollars per share) | (0.88) | (0.85) | (2.45) | (2.02) |
Cash dividends declared per common share (in dollars per share) | $ 0 | $ 0.07 | $ 0.07 | $ 0.14 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (31,396) | $ (30,107) | $ (87,142) | $ (71,179) |
Other comprehensive loss: | ||||
Currency translation adjustments | 10,691 | (5,439) | 20,451 | (12,574) |
Total comprehensive loss | (20,705) | (35,546) | (66,691) | (83,753) |
Net loss attributable to noncontrolling interests | 187 | 310 | 658 | 610 |
Currency translation adjustments attributable to noncontrolling interests | 237 | (523) | 547 | (4,965) |
Total comprehensive (income) loss attributable to noncontrolling interests | 424 | (213) | 1,205 | (4,355) |
Total comprehensive loss attributable to Bristow Group | $ (20,281) | $ (35,759) | $ (65,486) | $ (88,108) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 97,343 | $ 96,656 |
Accounts receivable from non-affiliates | 225,940 | 198,129 |
Accounts receivable from affiliates | 11,932 | 8,786 |
Inventories | 131,616 | 124,911 |
Assets held for sale | 34,934 | 38,246 |
Prepaid expenses and other current assets | 44,089 | 41,143 |
Total current assets | 545,854 | 507,871 |
Investment in unconsolidated affiliates | 211,499 | 210,162 |
Property and equipment – at cost: | ||
Land and buildings | 243,355 | 231,448 |
Aircraft and equipment | 2,617,835 | 2,622,701 |
Total property and equipment, at cost | 2,861,190 | 2,854,149 |
Less – Accumulated depreciation and amortization | (664,450) | (599,785) |
Total property and equipment, net | 2,196,740 | 2,254,364 |
Goodwill | 20,364 | 19,798 |
Other assets | 114,066 | 121,652 |
Total assets | 3,088,523 | 3,113,847 |
Current liabilities: | ||
Accounts payable | 97,762 | 98,215 |
Accrued wages, benefits and related taxes | 51,390 | 59,077 |
Income taxes payable | 14,064 | 15,145 |
Other accrued taxes | 9,610 | 9,611 |
Deferred revenue | 21,889 | 19,911 |
Accrued maintenance and repairs | 29,651 | 22,914 |
Accrued interest | 12,456 | 12,909 |
Other accrued liabilities | 55,837 | 46,679 |
Deferred taxes | 830 | |
Short-term borrowings and current maturities of long-term debt | 113,519 | 131,063 |
Total current liabilities | 406,178 | 416,354 |
Long-term debt, less current maturities | 1,198,587 | 1,150,956 |
Accrued pension liabilities | 57,928 | 61,647 |
Other liabilities and deferred credits | 31,873 | 28,899 |
Deferred taxes | 154,927 | |
Deferred taxes | 154,873 | |
Commitments and contingencies (Note 5) | ||
Redeemable noncontrolling interest | 6,002 | 6,886 |
Stockholders’ investment: | ||
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,361,536 as of September 30 and 35,213,991 as of March 31 (exclusive of 1,291,441 treasury shares) | 381 | 379 |
Additional paid-in capital | 815,990 | 809,995 |
Retained earnings | 902,957 | 991,906 |
Accumulated other comprehensive loss | (307,279) | (328,277) |
Treasury shares, at cost (2,756,419 shares) | (184,796) | (184,796) |
Total Bristow Group stockholders’ investment | 1,227,253 | 1,289,207 |
Noncontrolling interests | 5,775 | 5,025 |
Total stockholders’ investment | 1,233,028 | 1,294,232 |
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | $ 3,088,523 | $ 3,113,847 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Sep. 30, 2017 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares outstanding | 35,361,536 | 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 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (87,142) | $ (71,179) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 62,437 | 63,286 |
Deferred income taxes | 1,197 | (20,060) |
Write-off of deferred financing fees | 621 | 0 |
Discount amortization on long-term debt | 101 | 989 |
Loss on disposal of assets | 7,827 | 12,203 |
Loss on impairment | 1,192 | 7,572 |
Stock-based compensation | 6,542 | 6,244 |
Equity in earnings from unconsolidated affiliates in excess of dividends received | (1,190) | (3,528) |
Increase (decrease) in cash resulting from changes in: | ||
Accounts receivable | (25,222) | 24,395 |
Inventories | (1,848) | (797) |
Prepaid expenses and other assets | 7,320 | (4,910) |
Accounts payable | (4,581) | 18,169 |
Accrued liabilities | (2,635) | 1,939 |
Other liabilities and deferred credits | 47 | (5,528) |
Net cash provided by (used in) operating activities | (35,334) | 28,795 |
Cash flows from investing activities: | ||
Capital expenditures | (24,317) | (101,866) |
Proceeds from asset dispositions | 42,244 | 11,819 |
Net cash provided by (used in) investing activities | 17,927 | (90,047) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 338,018 | 195,954 |
Debt issuance costs | (6,695) | (2,925) |
Repayment of debt | (318,130) | (120,966) |
Partial prepayment of put/call obligation | (23) | (25) |
Payment of contingent consideration | 0 | (10,000) |
Common stock dividends paid | (2,465) | (4,910) |
Repurchases for tax withholdings on vesting of equity awards | (548) | (757) |
Net cash provided by financing activities | 10,157 | 56,371 |
Effect of exchange rate changes on cash and cash equivalents | 7,937 | 1,239 |
Net increase (decrease) in cash and cash equivalents | 687 | (3,642) |
Cash and cash equivalents at beginning of period | 96,656 | 104,310 |
Cash and cash equivalents at end of period | 97,343 | 100,668 |
Cash paid during the period for: | ||
Interest | 33,669 | 24,240 |
Income taxes | $ 13,237 | $ 8,401 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - 6 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interests |
Redeemable noncontrolling interest, beginning period at Mar. 31, 2017 | $ 6,886 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Currency translation adjustments | 452 | ||||||
Net loss | (1,336) | ||||||
Redeemable noncontrolling interest, ending balance at Sep. 30, 2017 | 6,002 | ||||||
Balance as of March 31, 2017 at Mar. 31, 2017 | $ 1,294,232 | $ 379 | $ 809,995 | $ 991,906 | $ (328,277) | $ (184,796) | $ 5,025 |
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 | $ 5,997 | $ 2 | 5,995 | ||||
Issuance of common stock, shares | 147,545 | ||||||
Distributions paid to noncontrolling interests | (23) | (23) | |||||
Common stock dividends ($0.07 per share) | (2,465) | (2,465) | |||||
Currency translation adjustments | 95 | 95 | |||||
Net loss | (85,806) | (86,484) | 678 | ||||
Other comprehensive income | 20,998 | 20,998 | |||||
Balance as of September 30, 2017 at Sep. 30, 2017 | $ 1,233,028 | $ 381 | $ 815,990 | $ 902,957 | $ (307,279) | $ (184,796) | $ 5,775 |
Common stock, shares ending balance at Sep. 30, 2017 | 35,361,536 | 35,361,536 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (PARENTHETICAL) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends per share | $ 0 | $ 0.07 | $ 0.07 | $ 0.14 |
BASIS OF PRESENTATION, CONSOLID
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities (“Bristow Group”, the “Company”, “we”, “us”, or “our”) after elimination of all significant intercompany accounts and transactions. Our fiscal year ends March 31, and we refer to fiscal years based on the end of such period. Therefore, the fiscal year ending March 31, 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 September 30, 2017 , the consolidated statements of operations and comprehensive loss for the three and six months ended September 30, 2017 and 2016 , the consolidated cash flows for the six months ended September 30, 2017 and 2016 , and the consolidated statements of changes in equity and redeemable noncontrolling interest for the six months ended September 30, 2017 . Foreign Currency During the three and six months ended September 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 Six Months Ended 2017 2016 2017 2016 One British pound sterling into U.S. dollars High 1.36 1.34 1.36 1.48 Average 1.31 1.31 1.29 1.37 Low 1.28 1.29 1.24 1.29 At period-end 1.34 1.30 1.34 1.30 One euro into U.S. dollars High 1.20 1.13 1.20 1.15 Average 1.17 1.12 1.14 1.12 Low 1.13 1.10 1.06 1.10 At period-end 1.18 1.12 1.18 1.12 One Australian dollar into U.S. dollars High 0.81 0.77 0.81 0.78 Average 0.79 0.76 0.77 0.75 Low 0.76 0.74 0.74 0.72 At period-end 0.78 0.77 0.78 0.77 One Norwegian kroner into U.S. dollars High 0.1294 0.1251 0.1294 0.1251 Average 0.1257 0.1201 0.1216 0.1206 Low 0.1190 0.1163 0.1152 0.1163 At period-end 0.1256 0.1251 0.1256 0.1251 One Nigerian naira into U.S. dollars High 0.0032 0.0036 0.0033 0.0050 Average 0.0029 0.0032 0.0031 0.0040 Low 0.0027 0.0029 0.0027 0.0029 At period-end 0.0028 0.0032 0.0028 0.0032 _____________ Source: FactSet Other income (expense), net, in our condensed consolidated statements of operations includes foreign currency transaction gains of $2.5 million and $2.9 million for the three months ended September 30, 2017 and 2016 , respectively, and foreign currency transaction gains of $0.8 million and foreign currency transaction losses of $3.4 million for the six months ended September 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 gains for the three and six months ended September 30, 2017 were primarily driven by U.S. dollar net assets on Nigerian naira legal entities while the naira weakened against the U.S. dollar. The gains recorded for the three months ended September 30, 2016 were primarily driven by amounts owed in British pound sterling on U.S. dollar legal entities while the pound sterling depreciated against the U.S. dollar, which was in excess of U.S. dollar liabilities revalued on pound sterling legal entities. The losses for the six months ended September 30, 2016 were primarily driven by U.S. dollar net liabilities on Nigerian naira legal entities while the naira devalued against the U.S. dollar. 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 September 30, 2017 and 2016 , earnings from unconsolidated affiliates, net of losses, increased $0.3 million and decreased $1.3 million , respectively, and during the six months ended September 30, 2017 and 2016 , earnings from unconsolidated affiliates, net of losses, decreased by $0.9 million and $1.3 million , respectively, as a result of the impact of changes in foreign currency exchange rates on the earnings of our unconsolidated affiliates, primarily the impact of changes in the Brazilian real to U.S. dollar exchange rate on earnings for our affiliate in Brazil. The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended Six Months Ended 2017 2016 2017 2016 One Brazilian real into U.S. dollars High 0.3244 0.3191 0.3244 0.3191 Average 0.3162 0.3083 0.3138 0.2966 Low 0.3009 0.2991 0.2995 0.2702 At period-end 0.3161 0.3078 0.3161 0.3078 _____________ 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 Six Months Ended Revenue $ 3,129 $ (15,675 ) Operating expense (4,090 ) 9,621 Earnings from unconsolidated affiliates, net of losses 1,514 424 Non-operating expense (332 ) 4,247 Income before provision for income taxes 221 (1,383 ) Provision for income taxes 673 1,874 Net income 894 491 Cumulative translation adjustment 10,928 20,998 Total stockholders’ investment $ 11,822 $ 21,489 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 and six months ended September 30, 2017 and 2016 , interest expense, net consisted of the following (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Interest income $ 154 $ 235 $ 368 $ 469 Interest expense (18,717 ) (11,703 ) (34,952 ) (22,823 ) Interest expense, net $ (18,563 ) $ (11,468 ) $ (34,584 ) $ (22,354 ) Accounts Receivable As of both September 30 and March 31, 2017 , the allowance for doubtful accounts for non-affiliates was $4.5 million . There were no allowances for doubtful accounts related to accounts receivable due from affiliates as of September 30 and March 31, 2017 . The allowance for doubtful accounts for non-affiliates as of September 30, 2017 primarily relates to amounts due from clients in Nigeria for which we no longer believe collection is probable. Inventories As of September 30 and March 31, 2017 , inventories were net of allowances of $22.8 million and $21.5 million , respectively. During the six months ended September 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 September 30 and March 31, 2017 , prepaid expenses and other current assets included the short-term portion of contract acquisition and pre-operating costs totaling $11.3 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 September 30, 2017 and 2016 , we expensed $2.8 million and $3.5 million , respectively, and for both the six months ended September 30, 2017 and 2016 , we expensed $5.7 million , 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 $20.4 million and $19.8 million as of September 30 and March 31, 2017 , respectively, related to our Asia Pacific reporting unit was as follows (in thousands): Asia Pacific Total March 31, 2017 $ 19,798 $ 19,798 Foreign currency translation 566 566 September 30, 2017 $ 20,364 $ 20,364 Accumulated goodwill impairment of $50.9 million as of both September 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 — — — — — September 30, 2017 $ (33,883 ) $ (6,179 ) $ (576 ) $ (10,223 ) $ (50,861 ) Other Intangible Assets Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. Intangible assets by type were as follows (in thousands): 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 1 56 245 28 7 337 September 30, 2017 $ 8,170 $ 12,808 $ 4,728 $ 1,090 $ 753 $ 27,549 Accumulated Amortization March 31, 2017 $ (8,155 ) $ (11,071 ) $ (908 ) $ (685 ) $ (657 ) $ (21,476 ) Amortization expense (10 ) (152 ) (146 ) (110 ) (30 ) (448 ) September 30, 2017 $ (8,165 ) $ (11,223 ) $ (1,054 ) $ (795 ) $ (687 ) $ (21,924 ) 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 $ 440 2019 762 2020 467 2021 467 2022 467 Thereafter 3,022 $ 5,625 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 $53.5 million and $51.1 million , respectively, as of September 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 contracts and will be expensed over the terms of the contracts. Property and Equipment and Assets Held for Sale During the three and six months ended September 30, 2017 and 2016 , we made capital expenditures as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Number of aircraft delivered: Medium 2 5 5 5 SAR aircraft — 1 — 1 Total aircraft 2 6 5 6 Capital expenditures (in thousands): Aircraft and equipment (1) $ 5,679 $ 78,087 $ 16,489 $ 95,574 Land and buildings 6,085 2,716 7,828 6,292 Total capital expenditures $ 11,764 $ 80,803 $ 24,317 $ 101,866 _____________ (1) During the three months ended September 30, 2017 and 2016 , we spent $1.0 million and $63.7 million , respectively, and during the six months ended September 30, 2017 and 2016 , we spent $2.3 million and $66.8 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 and six months ended September 30, 2017 and 2016 : Three Months Ended Six Months Ended 2017 2016 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 $ 269 $ 329 $ 42,244 $ 11,819 Gain (loss) from sale or disposal of assets (1) $ (343 ) $ (1,175 ) $ 1,920 $ (1,043 ) Number of aircraft impaired 2 6 4 13 Impairment charges on assets held for sale (1)(2) $ 8,183 $ 1,011 $ 9,747 $ 11,160 _____________ (1) Included in gain (loss) on disposal of assets on our condensed consolidated statements of operations. (2) Includes a $6.5 million impairment of the Bristow Academy disposal group for the three and six months ended September 30, 2017. On November 1, 2017, we sold our 100% interest in Bristow Academy. As of September 30, 2017, we concluded the disposal group, comprised of the Bristow Academy, assets and liabilities met the assets held for sale criteria under ASC 360, but did not meet the requirements for classification as discontinued operations. We evaluated the carrying value of the Bristow Academy disposal group and determined an impairment of $6.5 million , recorded within loss on disposal of assets on our condensed consolidated statement of operations, was necessary to record the disposal group at fair value based on the terms of the sale. The condensed consolidated balance sheet as of September 30, 2017 , includes amounts attributable to the Bristow Academy disposal group of current assets of $1.4 million , $1.2 million and $0.3 million included within Accounts Receivable from non-affiliates, Inventories, and Prepaid expenses and other current assets, respectively, and $1.4 million and $0.4 million included within Other accrued liabilities and Accounts payable, respectively. The Bristow Academy disposal group is included in Corporate and other in Note 9 - Segment Information. During the three and six months ended September 30, 2016 , we recorded accelerated depreciation of $1.3 million and $8.2 million on six and 11 aircraft, respectively, 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 accounting 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 approach. We are continuing to evaluate the effect this accounting guidance will have on our financial statements and 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 accounting guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is permitted. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods. We adopted this accounting guidance using the prospective adjustment option effective April 1, 2017 and prior periods were not retrospectively adjusted. As of March 31, 2017, we had $0.1 million in current deferred 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 $2.2 million recorded as an increase to the income tax provision during the six months ended September 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 $0.8 million as a decrease in net cash used in operating activities and a corresponding decrease in net cash provided by financing activities for the six months ended September 30, 2016 . None of the other provisions of the pronouncement had a material effect on our consolidated 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 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 accounting guidance requires employers to disaggregate the service cost component from the other components of net benefit cost and disclose the amount of net benefit cost that is included in the statement of operations or capitalized in assets, by line item. The accounting guidance requires employers to report the service cost component in the same line item(s) as other compensation costs and to report other pension-related costs (which include interest costs, amortization of pension-related costs from prior periods, and the gains or losses on plan assets) separately and exclude them from the subtotal of operating income. The accounting guidance also allows only the service cost component to be eligible for capitalization when applicable. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted as of the first interim period of an annual period for which interim or annual financial statements have not been issued. The accounting guidance requires application on a retrospective basis for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the statement of operations and on a prospective basis for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In May 2017, the FASB issued accounting guidance on determining which changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting. This pronouncement is effective for fiscal years, and for interim periods within those 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. In August 2017, the FASB issued new accounting guidance on derivatives and hedging, which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. This accounting guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and earlier 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. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended |
Sep. 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 September 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 ( $122.1 million ) principal amount of subordinated unsecured loan stock (debt) of Bristow Aviation bearing interest at an annual rate of 13.5% and payable semi-annually. Payment of interest on such debt has been deferred since its incurrence in 1996. Deferred interest accrues at an annual rate of 13.5% and aggregated $2.0 billion as of September 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 September 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): September 30, March 31, Assets Cash and cash equivalents $ 94,068 $ 92,409 Accounts receivable 296,145 222,560 Inventories 98,460 90,190 Prepaid expenses and other current assets 57,008 50,016 Total current assets 545,681 455,175 Investment in unconsolidated affiliates 3,476 3,513 Property and equipment, net 316,980 306,831 Goodwill 20,364 19,798 Other assets 205,483 203,228 Total assets $ 1,091,984 $ 988,545 Liabilities Accounts payable $ 275,440 $ 146,841 Accrued liabilities 137,719 122,130 Accrued interest 2,004,408 1,891,305 Current maturities of long-term debt 20,296 18,578 Total current liabilities 2,437,863 2,178,854 Long-term debt, less current maturities 480,835 501,782 Accrued pension liabilities 57,928 61,647 Other liabilities and deferred credits 7,907 8,138 Deferred taxes 14,195 20,264 Redeemable noncontrolling interest 6,002 6,886 Total liabilities $ 3,004,730 $ 2,777,571 Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenue $ 321,956 $ 310,325 $ 623,926 $ 628,779 Operating loss (2,978 ) (20,773 ) (22,632 ) (40,516 ) Net loss (62,081 ) (80,794 ) (141,250 ) (169,337 ) 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 September 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 | 6 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of September 30 and March 31, 2017 consisted of the following (in thousands): September 30, March 31, 6¼% Senior Notes due 2022 $ 401,535 $ 401,535 Term Loan 150,835 261,907 Term Loan Credit Facility 28,929 45,900 Revolving Credit Facility 89,100 139,100 Lombard Debt 207,153 196,832 Macquarie Debt 192,028 200,000 PK Air Debt 230,000 — Airnorth Debt 15,193 16,471 Eastern Airways Debt 14,597 15,326 Other Debt — 16,293 Unamortized debt issuance costs (17,264 ) (11,345 ) Total debt 1,312,106 1,282,019 Less short-term borrowings and current maturities of long-term debt (113,519 ) (131,063 ) Total long-term debt $ 1,198,587 $ 1,150,956 Term Loan and Revolving Credit Facility — During the six months ended September 30, 2017 , we had borrowings of $107.8 million and made payments of $157.8 million under our $400 million revolving credit facility (the “Revolving Credit Facility”). Additionally, we paid $111.2 million to reduce our borrowings under the $350 million term loan (the “Term Loan”). As of September 30, 2017 , we had $18.9 million in letters of credit outstanding under the Revolving Credit Facility. Term Loan Credit Facility — During the six months ended September 30, 2017 , we paid $17.0 million under our $200 million of term loan commitments (the “Term Loan Credit Facility”). Additionally, in October 2017, we paid off the remaining $28.9 million of the Term Loan Credit Facility and terminated the facility. PK Air Debt — On July 17, 2017, a wholly-owned subsidiary entered into a term loan credit agreement with PK AirFinance S.à r.l., as agent, and PK Transportation Finance Ireland Limited, as lender, and other lenders from time to time party thereto, which provided for commitments in an aggregate amount of up to $230 million to make up to 24 term loans, each of which shall be made in respect of an aircraft to be pledged as collateral for all of the term loans. The term loans are also secured by a pledge of all shares of the borrower and any other assets of the borrower, and will be guaranteed by the Company. The financing funded in two tranches in September 2017 and proceeds were used to repay $17.0 million of the Term Loan Credit Facility, $93.7 million of the Term Loan and $103.0 million of the Revolving Credit Facility. Each term loan bears interest at an interest rate equal to, at the borrower’s option, a floating rate of one-month LIBOR plus a margin of 5% per annum (the “Margin”), subject to certain costs of funds adjustments, determined two business days before the borrowing date of each term loan, or a fixed rate based on a notional interest rate swap of 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 seven th month following the date of the borrowing of such term loan, with a final payment of 53% of the initial amount of such term loan due on the 70 th month following the date of the borrowing of such term loan. In connection with the credit agreement, the borrower will guarantee certain of its direct parent’s obligations under existing aircraft operating leases up to a capped amount. 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. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 6 Months Ended |
Sep. 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 September 30, 2017 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Total Inventories $ — $ 1,218 $ — $ 1,218 $ — $ (1,192 ) Assets held for sale — 36,167 — 36,167 (8,183 ) (9,747 ) Total assets $ — $ 37,385 $ — $ 37,385 $ (8,183 ) $ (10,939 ) The following table summarizes the assets as of September 30, 2016 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Total Inventories $ — $ 56,355 $ — $ 56,355 $ (7,572 ) $ (7,572 ) Assets held for sale — 40,338 — 40,338 (1,011 ) (11,160 ) Total assets $ — $ 96,693 $ — $ 96,693 $ (8,583 ) $ (18,732 ) 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 time frame of sales or disposals, the location of the spare parts to be sold and the condition of the spare parts to be sold or otherwise disposed of. The fair value of 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 and six months ended September 30, 2017 related to two and four aircraft held for sale, respectively, and the loss for the three and six months ended September 30, 2016 related to six and 13 aircraft held for sale, respectively. Additionally, the loss for the three and six months ended September 30, 2017 includes a $6.5 million impairment relating to the Bristow Academy disposal group. For further details on Bristow Academy disposal group, see Note 1. Recurring Fair Value Measurements The following table summarizes the financial instruments we had as of September 30, 2017 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 2,695 $ — $ — $ 2,695 Other assets Total assets $ 2,695 $ — $ — $ 2,695 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): September 30, 2017 March 31, 2017 Carrying Value Fair Value Carrying Value Fair Value 6¼% Senior Notes $ 401,535 $ 281,075 $ 401,535 $ 323,236 Term Loan 150,835 150,835 261,907 261,907 Term Loan Credit Facility 28,929 28,929 45,900 45,900 Revolving Credit Facility 89,100 89,100 139,100 139,100 Lombard Debt 207,153 207,153 196,832 196,832 Macquarie Debt 192,028 192,028 200,000 200,000 PK Air Debt 230,000 230,000 — — Airnorth Debt 15,193 15,193 16,471 16,471 Eastern Airways Debt 14,597 14,597 15,326 15,326 Other Debt — — 16,293 16,293 $ 1,329,370 $ 1,208,910 $ 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 | 6 Months Ended |
Sep. 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 seven fiscal years to purchase additional aircraft. As of November 8, 2017, we had 27 aircraft on order and options to acquire an additional four aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income. Six Months Ending March 31, 2018 Fiscal Year Ending March 31, 2019 2020 2021 2022 and thereafter (1) Total Commitments as of November 8, 2017: (2) Number of aircraft: Large — 1 — 4 18 23 U.K. SAR — — 4 — — 4 — 1 4 4 18 27 Related commitment expenditures (in thousands) (2)(3) Medium and large $ — $ 19,820 $ 25,140 $ 77,507 $ 280,876 $ 403,343 U.K. SAR 3,192 — 61,994 — — 65,186 $ 3,192 $ 19,820 $ 87,134 $ 77,507 $ 280,876 $ 468,529 Options as of November 8, 2017: (2) 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 September 30, 2017 , we made non-refundable deposits of $4.5 million related to these aircraft. (2) In October and November 2017, through discussions with helicopter manufacturers we: (i) reached an agreement to defer payments of approximately $130 million in capital expenditures out of fiscal years 2019 and 2020 and into future periods and (ii) have a non-binding letter of understanding to defer payment of approximately $62 million in capital expenditures out of fiscal year 2018 and into future periods. These agreements are reflected in the table above. (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 fiscal year 2018 : Three Months Ended September 30, 2017 June 30, 2017 Orders Options Orders Options Beginning of period 29 4 32 4 Aircraft delivered (2 ) — (3 ) — End of period 27 4 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, including leases for aircraft, and land and facilities. Rent expense incurred under all operating leases was $57.2 million and $51.9 million for the three months ended September 30, 2017 and 2016 , respectively, and $115.9 million and $103.2 million for the six months ended September 30, 2017 and 2016 , respectively. Rent expense incurred under operating leases for aircraft was $49.7 million and $46.1 million for the three months ended September 30, 2017 and 2016 , respectively, and $101.4 million and $90.8 million for the six months ended September 30, 2017 and 2016 , 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 September 30, 2017 : End of Lease Term Number of Aircraft Six months ending March 31, 2018 to fiscal year 2019 26 Fiscal year 2020 to fiscal year 2022 48 Fiscal year 2023 to fiscal year 2024 17 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 $5.2 million and $9.7 million during the three and six months ended September 30, 2017 , respectively. 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 the six months ended September 30, 2017 . Employee Agreements — Approximately 51% of our employees are represented by collective bargaining agreements and/or unions with 85% 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, and during fiscal year 2018 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 and six months ended September 30, 2017 and 2016 is as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 VSP: Direct cost $ — $ 590 $ — $ 1,445 General and administrative — — — 23 Total $ — $ 590 $ — $ 1,468 ISP: Direct cost $ 1,477 $ 4,398 $ 2,547 $ 4,896 General and administrative 933 4,565 8,542 8,595 Total $ 2,410 $ 8,963 $ 11,089 $ 13,491 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 September 30, 2017 , we had $41.1 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 resulting in the European Aviation Safety Agency (“EASA”) issuing airworthiness directives prohibiting flight of H225LP and AS332L2 model aircraft. On July 20, 2017, the U.K. CAA and 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 continue not to operate for commercial purposes our sole H225LP model aircraft in Norway, our thirteen H225LP model aircraft in the U.K. 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. We are carefully evaluating next steps and demand for the H225LP model aircraft in our oil and gas and search and rescue operations worldwide, with the safety of passengers and crews remaining our highest priority. Separately, our efforts to successfully integrate AW189 aircraft into service for the U.K. SAR contract have been delayed due to a product improvement plan with the aircraft. As a result, the delivery of four AW189 aircraft will be pushed to later dates. We continue to meet our contractual obligations under the U.K. SAR contract through the utilization of other aircraft. Subsequent to September 30, 2017, we reached agreement with an original equipment manufacturer and have a non-binding letter of understanding with another to recover $130 million during the second half of fiscal year 2018 related to ongoing aircraft issues mentioned above. 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 September 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 | 6 Months Ended |
Sep. 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. During the three months ended September 30, 2017 and 2016 , our effective tax rate was (8.6)% and 14.8% , respectively, and (22.4)% and 9.5% during the six months ended September 30, 2017 and 2016 , respectively. The effective tax rate for the three and six months ended September 30, 2017 and 2016 were both impacted by valuation allowances against future realization of foreign tax credits. For the three and six months ended September 30, 2017 , our effective tax rate also includes the impact of $4.7 million of unrecognized tax benefits in certain foreign jurisdictions. 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 September 30, 2017 compared to the three months ended September 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 $0.2 million and $2.5 million for the three months ended September 30, 2017 and 2016 , respectively, and $11.3 million and $15.7 million for the six months ended September 30, 2017 and 2016 , respectively, which also increased our effective tax rate. As of September 30, 2017 , there were $6.0 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 | 6 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Plan [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 Six Months Ended 2017 2016 2017 2016 Service cost for benefits earned during the period $ 157 $ 1,794 $ 311 $ 3,754 Interest cost on pension benefit obligation 3,838 4,377 7,589 9,158 Expected return on assets (5,432 ) (5,920 ) (10,741 ) (12,391 ) Amortization of unrecognized losses 1,819 1,793 3,597 3,755 Net periodic pension cost $ 382 $ 2,044 $ 756 $ 4,276 The current estimates of our cash contributions to our defined benefit pension plans to be paid in fiscal year 2018 are $15.3 million , of which $8.2 million was paid during the six months ended September 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 September 30, 2017 , 2,309,469 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 $2.4 million and $2.0 million for the three months ended September 30, 2017 and 2016 , respectively, and $6.5 million and $6.2 million for the six months ended September 30, 2017 and 2016 . Stock-based compensation expense has been allocated to our various regions. During the six months ended September 30, 2017 , we awarded 600,618 shares of restricted stock at an average grant date fair value of $7.15 per share. Also during the six months ended September 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 six months ended September 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 account for these awards as liability awards. As of September 30, 2017 , we had $0.4 million included in other liabilities and deferred credits on our condensed consolidated balance sheet and recognized $0.4 million in general and administrative expense on our condensed consolidated statement of operations during the six months ended September 30, 2017 related to these awards. Performance cash awards granted in June 2017 have two components. One half of each performance cash award will vest and pay out in cash three years after the date of grant at varying levels depending on our performance in Total Shareholder Return against a peer group of companies. The other half of each performance cash award will be earned based on absolute performance in respect of improved average adjusted earnings per share for the Company over the three-year performance period beginning on April 1, 2017. Performance cash awards granted in June 2015 and June 2016 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 September 30 and March 31, 2017 was $7.7 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 six months ended September 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 September 30, 2017 and 2016 was $4.4 million and $3.6 million , respectively, and during the six months ended September 30, 2017 and 2016 was $1.4 million and $2.5 million , respectively. |
EARNINGS PER SHARE AND ACCUMULA
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Sep. 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 Six Months Ended 2017 2016 2017 2016 Options: Outstanding 3,761,830 1,950,289 2,688,049 1,522,304 Weighted average exercise price $ 29.89 $ 30.07 $ 41.27 $ 36.23 Restricted stock awards: Outstanding 735,648 442,217 567,396 577,737 Weighted average price $ 15.07 $ 26.81 $ 18.88 $ 24.59 The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2017 2016 2017 2016 Earnings (in thousands): Loss available to common stockholders $ (31,209 ) $ (29,797 ) $ (86,484 ) $ (70,569 ) Shares: Weighted average number of common shares outstanding – basic 35,317,935 35,070,047 35,253,688 35,012,014 Net effect of dilutive stock options and restricted stock awards based on the treasury stock method — — — — Weighted average number of common shares outstanding – diluted 35,317,935 35,070,047 35,253,688 35,012,014 Basic loss per common share $ (0.88 ) $ (0.85 ) $ (2.45 ) $ (2.02 ) Diluted loss per common share $ (0.88 ) $ (0.85 ) $ (2.45 ) $ (2.02 ) 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 20,998 — 20,998 Reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income 20,998 — 20,998 Foreign exchange rate impact 16,431 (16,431 ) — Balance as of September 30, 2017 $ (112,292 ) $ (194,987 ) $ (307,279 ) _____________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We conduct our business in one segment: industrial aviation services. The industrial aviation services global operations are conducted primarily through two hubs that include four regions as follows: Europe Caspian, Africa, Americas and Asia Pacific. The Europe Caspian region comprises all our operations and affiliates in Europe and Central Asia, including Norway, the U.K. and Turkmenistan. The Africa region comprises all our operations and affiliates on the African continent, including Nigeria and Egypt. The Americas region comprises all our operations and affiliates in North America and South America, including Brazil, Canada, Guyana, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all our operations and affiliates in Australia and Southeast Asia, including Malaysia and Sakhalin. Additionally, as of September 30, 2017, we operated a training unit, Bristow Academy, which is included in Corporate and other. The following tables show region information for the three and six months ended September 30, 2017 and 2016 and as of September 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 Six Months Ended 2017 2016 2017 2016 Region gross revenue from external clients: Europe Caspian $ 203,923 $ 191,834 $ 395,322 $ 386,658 Africa 49,787 51,644 100,577 105,906 Americas 59,201 56,092 114,963 114,289 Asia Pacific 59,284 55,255 111,730 114,399 Corporate and other 1,481 2,642 3,193 5,613 Total region gross revenue $ 373,676 $ 357,467 $ 725,785 $ 726,865 Intra-region gross revenue: Europe Caspian $ 1,483 $ 1,891 $ 2,519 $ 4,030 Africa — — — — Americas 1,950 1,115 4,244 1,962 Asia Pacific — 1 — 1 Corporate and other — 34 22 279 Total intra-region gross revenue $ 3,433 $ 3,041 $ 6,785 $ 6,272 Consolidated gross revenue: Europe Caspian $ 205,406 $ 193,725 $ 397,841 $ 390,688 Africa 49,787 51,644 100,577 105,906 Americas 61,151 57,207 119,207 116,251 Asia Pacific 59,284 55,256 111,730 114,400 Corporate and other 1,481 2,676 3,215 5,892 Intra-region eliminations (3,433 ) (3,041 ) (6,785 ) (6,272 ) Total consolidated gross revenue $ 373,676 $ 357,467 $ 725,785 $ 726,865 Three Months Ended Six Months Ended 2017 2016 2017 2016 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian $ 61 $ 65 $ 91 $ 116 Americas 2,150 260 1,615 4,123 Corporate and other (148 ) (187 ) (308 ) (271 ) Total earnings from unconsolidated affiliates, net of losses – equity method investments $ 2,063 $ 138 $ 1,398 $ 3,968 Consolidated operating loss: Europe Caspian $ 9,891 $ 5,741 $ 14,298 $ 18,771 Africa 7,835 7,942 17,883 9,513 Americas 7,483 2,643 6,227 3,564 Asia Pacific (5,903 ) (9,575 ) (18,433 ) (15,468 ) Corporate and other (23,697 ) (31,447 ) (49,654 ) (57,294 ) Loss on disposal of assets (8,526 ) (2,186 ) (7,827 ) (12,203 ) Total consolidated operating loss $ (12,917 ) $ (26,882 ) $ (37,506 ) $ (53,117 ) Depreciation and amortization: Europe Caspian $ 12,196 $ 11,220 $ 24,018 $ 22,409 Africa 3,590 3,220 6,666 8,673 Americas 6,998 7,228 13,997 18,609 Asia Pacific 5,058 4,377 10,868 8,613 Corporate and other 3,539 2,547 6,888 4,982 Total depreciation and amortization (1) $ 31,381 $ 28,592 $ 62,437 $ 63,286 September 30, March 31, Identifiable assets: Europe Caspian $ 1,060,635 $ 1,091,536 Africa 431,588 325,719 Americas 869,584 809,071 Asia Pacific 360,157 433,614 Corporate and other (2) 366,559 453,907 Total identifiable assets $ 3,088,523 $ 3,113,847 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 309 $ 257 Americas 201,737 200,362 Corporate and other 3,167 3,257 Total investments in unconsolidated affiliates – equity method investments $ 205,213 $ 203,876 _____________ (1) Includes accelerated depreciation expense of $1.3 million during the three months ended September 30, 2016 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in our Europe Caspian and Africa regions of $0.2 million and $1.1 million , respectively. Includes accelerated depreciation expense of $8.2 million during the six months ended September 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 $0.4 million , $3.9 million and $3.9 million , respectively. For further details, see Note 1. (2) Includes $68.4 million and $199.3 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of September 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 | 6 Months Ended |
Sep. 30, 2017 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Financial Information | 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 September 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 46,952 $ 326,724 $ — $ 373,676 Intercompany revenue — 31,719 — (31,719 ) — — 78,671 326,724 (31,719 ) 373,676 Operating expense: Direct cost and reimbursable expense 3,263 45,955 250,909 — 300,127 Intercompany expenses — — 31,719 (31,719 ) — Depreciation and amortization 3,016 13,237 15,128 — 31,381 General and administrative 17,880 5,623 25,119 — 48,622 24,159 64,815 322,875 (31,719 ) 380,130 Gain (loss) on disposal of assets — 10,597 (19,123 ) — (8,526 ) Earnings from unconsolidated affiliates, net of losses 9,642 — 2,063 (9,642 ) 2,063 Operating income (loss) (14,517 ) 24,453 (13,211 ) (9,642 ) (12,917 ) Interest expense, net (10,636 ) (6,023 ) (1,904 ) — (18,563 ) Other income (expense), net (97 ) (399 ) 3,054 — 2,558 Income (loss) before (provision) benefit for income taxes (25,250 ) 18,031 (12,061 ) (9,642 ) (28,922 ) Allocation of consolidated income taxes (5,946 ) (1,945 ) 5,417 — (2,474 ) Net income (loss) (31,196 ) 16,086 (6,644 ) (9,642 ) (31,396 ) Net (income) loss attributable to noncontrolling interests (13 ) — 200 — 187 Net income (loss) attributable to Bristow Group $ (31,209 ) $ 16,086 $ (6,444 ) $ (9,642 ) $ (31,209 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended September 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 42,543 $ 314,924 $ — $ 357,467 Intercompany revenue — 24,323 — (24,323 ) — — 66,866 314,924 (24,323 ) 357,467 Operating expense: Direct cost and reimbursable expense (374 ) 47,858 247,422 — 294,906 Intercompany expenses — — 24,323 (24,323 ) — Depreciation and amortization 2,223 10,805 15,564 — 28,592 General and administrative 17,487 6,490 27,297 — 51,274 19,336 65,153 314,606 (24,323 ) 374,772 Loss on impairment — (4,761 ) (2,811 ) — (7,572 ) Loss on disposal of assets — (1,348 ) (838 ) — (2,186 ) Earnings from unconsolidated affiliates, net of losses (9,647 ) — 138 9,690 181 Operating loss (28,983 ) (4,396 ) (3,193 ) 9,690 (26,882 ) Interest expense, net (10,347 ) (371 ) (750 ) — (11,468 ) Other income (expense), net 206 411 2,386 — 3,003 Loss before (provision) benefit for income taxes (39,124 ) (4,356 ) (1,557 ) 9,690 (35,347 ) Allocation of consolidated income taxes 9,339 (1,510 ) (2,589 ) — 5,240 Net loss (29,785 ) (5,866 ) (4,146 ) 9,690 (30,107 ) Net (income) loss attributable to noncontrolling interests (12 ) — 322 — 310 Net loss attributable to Bristow Group $ (29,797 ) $ (5,866 ) $ (3,824 ) $ 9,690 $ (29,797 ) Supplemental Condensed Consolidating Statement of Operations Six Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 92,727 $ 633,058 $ — $ 725,785 Intercompany revenue — 63,910 — (63,910 ) — — 156,637 633,058 (63,910 ) 725,785 Operating expense: Direct cost and reimbursable expense 3,269 98,289 496,346 — 597,904 Intercompany expenses — — 63,910 (63,910 ) — Depreciation and amortization 5,933 25,720 30,784 — 62,437 General and administrative 36,987 11,385 46,957 — 95,329 46,189 135,394 637,997 (63,910 ) 755,670 Loss on impairment — (1,192 ) — — (1,192 ) Gain (loss) on disposal of assets — 11,013 (18,840 ) — (7,827 ) Earnings from unconsolidated affiliates, net of losses (11,003 ) — 1,398 11,003 1,398 Operating income (loss) (57,192 ) 31,064 (22,381 ) 11,003 (37,506 ) Interest expense, net (19,694 ) (11,803 ) (3,087 ) — (34,584 ) Other income (expense), net (126 ) (756 ) 1,795 — 913 Income (loss) before (provision) benefit for income taxes (77,012 ) 18,505 (23,673 ) 11,003 (71,177 ) Allocation of consolidated income taxes (9,448 ) (6,105 ) (412 ) — (15,965 ) Net income (loss) (86,460 ) 12,400 (24,085 ) 11,003 (87,142 ) Net (income) loss attributable to noncontrolling interests (24 ) — 682 — 658 Net income (loss) attributable to Bristow Group $ (86,484 ) $ 12,400 $ (23,403 ) $ 11,003 $ (86,484 ) Supplemental Condensed Consolidating Statement of Operations Six Months Ended September 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 87,856 $ 639,009 $ — $ 726,865 Intercompany revenue — 48,614 — (48,614 ) — — 136,470 639,009 (48,614 ) 726,865 Operating expense: Direct cost and reimbursable expense (631 ) 96,476 501,218 — 597,063 Intercompany expenses — — 48,614 (48,614 ) — Depreciation and amortization 4,316 27,786 31,184 — 63,286 General and administrative 37,746 13,080 53,043 — 103,869 41,431 137,342 634,059 (48,614 ) 764,218 Loss on impairment — (4,761 ) (2,811 ) — (7,572 ) Loss on disposal of assets — (11,575 ) (628 ) — (12,203 ) Earnings from unconsolidated affiliates, net of losses (22,423 ) — 3,968 22,466 4,011 Operating income (loss) (63,854 ) (17,208 ) 5,479 22,466 (53,117 ) Interest expense, net (20,232 ) (1,028 ) (1,094 ) — (22,354 ) Other income (expense), net 752 1,646 (5,584 ) — (3,186 ) Loss before (provision) benefit for income taxes (83,334 ) (16,590 ) (1,199 ) 22,466 (78,657 ) Allocation of consolidated income taxes 12,792 (3,732 ) (1,582 ) — 7,478 Net loss (70,542 ) (20,322 ) (2,781 ) 22,466 (71,179 ) Net (income) loss attributable to noncontrolling interests (27 ) — 637 — 610 Net loss attributable to Bristow Group $ (70,569 ) $ (20,322 ) $ (2,144 ) $ 22,466 $ (70,569 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (31,196 ) $ 16,086 $ (6,644 ) $ (9,642 ) $ (31,396 ) Other comprehensive loss: Currency translation adjustments — 306 14,218 (3,833 ) 10,691 Total comprehensive loss (31,196 ) 16,392 7,574 (13,475 ) (20,705 ) Net (income) loss attributable to noncontrolling interests (13 ) — 200 — 187 Currency translation adjustments attributable to noncontrolling interests — — 237 — 237 Total comprehensive (income) loss attributable to noncontrolling interests (13 ) — 437 — 424 Total comprehensive loss attributable to Bristow Group $ (31,209 ) $ 16,392 $ 8,011 $ (13,475 ) $ (20,281 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (29,785 ) $ (5,866 ) $ (4,146 ) $ 9,690 $ (30,107 ) Other comprehensive loss: Currency translation adjustments — — (9,558 ) 4,119 (5,439 ) Total comprehensive loss (29,785 ) (5,866 ) (13,704 ) 13,809 (35,546 ) Net (income) loss attributable to noncontrolling interests (12 ) — 322 — 310 Currency translation adjustments attributable to noncontrolling interests — — (523 ) — (523 ) Total comprehensive income attributable to noncontrolling interests (12 ) — (201 ) — (213 ) Total comprehensive loss attributable to Bristow Group $ (29,797 ) $ (5,866 ) $ (13,905 ) $ 13,809 $ (35,759 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (86,460 ) $ 12,400 $ (24,085 ) $ 11,003 $ (87,142 ) Other comprehensive loss: Currency translation adjustments — 644 28,570 (8,763 ) 20,451 Total comprehensive loss (86,460 ) 13,044 4,485 2,240 (66,691 ) Net (income) loss attributable to noncontrolling interests (24 ) — 682 — 658 Currency translation adjustments attributable to noncontrolling interests — — 547 — 547 Total comprehensive (income) loss attributable to noncontrolling interests (24 ) — 1,229 — 1,205 Total comprehensive loss attributable to Bristow Group $ (86,484 ) $ 13,044 $ 5,714 $ 2,240 $ (65,486 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended September 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (70,542 ) $ (20,322 ) $ (2,781 ) $ 22,466 $ (71,179 ) Other comprehensive income (loss): Currency translation adjustments — — 208,234 (220,808 ) (12,574 ) Total comprehensive income (loss) (70,542 ) (20,322 ) 205,453 (198,342 ) (83,753 ) Net (income) loss attributable to noncontrolling interests (27 ) — 637 — 610 Currency translation adjustments attributable to noncontrolling interests — — (4,965 ) — (4,965 ) Total comprehensive income attributable to noncontrolling interests (27 ) — (4,328 ) — (4,355 ) Total comprehensive income (loss) attributable to Bristow Group $ (70,569 ) $ (20,322 ) $ 201,125 $ (198,342 ) $ (88,108 ) Supplemental Condensed Consolidating Balance Sheet As of September 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 591 $ 771 $ 95,981 $ — $ 97,343 Accounts receivable 159,210 457,131 367,921 (746,390 ) 237,872 Inventories — 33,156 98,460 — 131,616 Assets held for sale — 29,692 5,242 — 34,934 Prepaid expenses and other current assets 2,248 5,827 39,422 (3,408 ) 44,089 Total current assets 162,049 526,577 607,026 (749,798 ) 545,854 Intercompany investment 2,399,726 104,435 135,507 (2,639,668 ) — Investment in unconsolidated affiliates — — 211,499 — 211,499 Intercompany notes receivable 263,032 36,358 26,265 (325,655 ) — Property and equipment—at cost: Land and buildings 4,806 62,128 176,421 — 243,355 Aircraft and equipment 157,311 1,138,701 1,321,823 — 2,617,835 162,117 1,200,829 1,498,244 — 2,861,190 Less: Accumulated depreciation and amortization (35,027 ) (256,871 ) (372,552 ) — (664,450 ) 127,090 943,958 1,125,692 — 2,196,740 Goodwill — — 20,364 — 20,364 Other assets 8,584 2,147 103,356 (21 ) 114,066 Total assets $ 2,960,481 $ 1,613,475 $ 2,229,709 $ (3,715,142 ) $ 3,088,523 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 440,137 $ 163,449 $ 219,558 $ (725,382 ) $ 97,762 Accrued liabilities 52,547 17,534 147,947 (23,131 ) 194,897 Short-term borrowings and current maturities of long-term debt 66,973 19,050 27,496 — 113,519 Total current liabilities 559,657 200,033 395,001 (748,513 ) 406,178 Long-term debt, less current maturities 599,973 281,587 317,027 — 1,198,587 Intercompany notes payable 62,532 209,840 54,385 (326,757 ) — Accrued pension liabilities — — 57,928 — 57,928 Other liabilities and deferred credits 13,272 7,156 11,445 — 31,873 Deferred taxes 110,900 44,048 — (21 ) 154,927 Redeemable noncontrolling interest — — 6,002 — 6,002 Stockholders’ investment: Common stock 381 20,028 131,317 (151,345 ) 381 Additional paid-in-capital 815,990 46,234 284,048 (330,282 ) 815,990 Retained earnings 902,957 803,517 683,482 (1,486,999 ) 902,957 Accumulated other comprehensive loss 78,306 1,032 284,608 (671,225 ) (307,279 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,612,838 870,811 1,383,455 (2,639,851 ) 1,227,253 Noncontrolling interests 1,309 — 4,466 — 5,775 Total stockholders’ investment 1,614,147 870,811 1,387,921 (2,639,851 ) 1,233,028 Total liabilities, redeemable noncontrolling interest and stockholders’ investment $ 2,960,481 $ 1,613,475 $ 2,229,709 $ (3,715,142 ) $ 3,088,523 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 Six Months Ended September 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (78,756 ) $ 32,581 $ 10,841 $ — $ (35,334 ) Cash flows from investing activities: Capital expenditures (6,306 ) (5,814 ) (89,677 ) 77,480 (24,317 ) Proceeds from asset dispositions — 80,210 39,514 (77,480 ) 42,244 Net cash provided by (used in) investing activities (6,306 ) 74,396 (50,163 ) — 17,927 Cash flows from financing activities: Proceeds from borrowings 107,800 — 230,218 — 338,018 Debt issuance costs — (552 ) (6,143 ) — (6,695 ) Repayment of debt (285,946 ) (9,073 ) (23,111 ) — (318,130 ) Dividends paid 110,637 — (113,102 ) — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 150,351 (96,880 ) (53,471 ) — — Partial prepayment of put/call obligation (23 ) — — — (23 ) Repurchases for tax withholdings on vesting of equity awards (548 ) — — — (548 ) Net cash provided by (used in) financing activities 82,271 (106,505 ) 34,391 — 10,157 Effect of exchange rate changes on cash and cash equivalents — — 7,937 — 7,937 Net increase (decrease) in cash and cash equivalents (2,791 ) 472 3,006 — 687 Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 591 $ 771 $ 95,981 $ — $ 97,343 Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended September 30, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (35,861 ) $ 56,788 $ 8,499 $ (631 ) $ 28,795 Cash flows from investing activities: Capital expenditures (11,958 ) (20,411 ) (69,497 ) — (101,866 ) Proceeds from asset dispositions — 10,374 1,445 — 11,819 Net cash used in investing activities (11,958 ) (10,037 ) (68,052 ) — (90,047 ) Cash flows from financing activities: Proceeds from borrowings 191,501 — 4,453 — 195,954 Debt issuance costs (2,925 ) — — — (2,925 ) Repayment of debt (116,051 ) — (4,915 ) — (120,966 ) Dividends paid (4,554 ) 4 (360 ) — (4,910 ) Increases (decreases) in cash related to intercompany advances and debt (54,611 ) (49,136 ) 103,747 — — Partial prepayment of put/call obligation (25 ) — — — (25 ) Payment of contingent consideration — — (10,000 ) — (10,000 ) Repurchases for tax withholdings on vesting of equity awards (757 ) — — — (757 ) Net cash provided by (used in) financing activities 12,578 (49,132 ) 92,925 — 56,371 Effect of exchange rate changes on cash and cash equivalents — — 1,239 — 1,239 Net increase (decrease) in cash and cash equivalents (35,241 ) (2,381 ) 34,611 (631 ) (3,642 ) Cash and cash equivalents at beginning of period 35,241 3,393 65,676 — 104,310 Cash and cash equivalents at end of period $ — $ 1,012 $ 100,287 $ (631 ) $ 100,668 |
BASIS OF PRESENTATION, CONSOL19
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue Recognition | 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. |
Goodwill | Goodwill Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill has an indefinite useful life and is not amortized, but is assessed for impairment annually or when events or changes in circumstances indicate that a potential impairment exists. |
Other Intangible Assets | Other Intangible Assets Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We consider the applicability and impact of all accounting standard updates (“ASUs”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued accounting guidance on revenue recognition for revenue from contracts with customers. This accounting 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 approach. We are continuing to evaluate the effect this accounting guidance will have on our financial statements and 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 accounting guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is permitted. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods. We adopted this accounting guidance using the prospective adjustment option effective April 1, 2017 and prior periods were not retrospectively adjusted. As of March 31, 2017, we had $0.1 million in current deferred 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 $2.2 million recorded as an increase to the income tax provision during the six months ended September 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 $0.8 million as a decrease in net cash used in operating activities and a corresponding decrease in net cash provided by financing activities for the six months ended September 30, 2016 . None of the other provisions of the pronouncement had a material effect on our consolidated 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 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 accounting guidance requires employers to disaggregate the service cost component from the other components of net benefit cost and disclose the amount of net benefit cost that is included in the statement of operations or capitalized in assets, by line item. The accounting guidance requires employers to report the service cost component in the same line item(s) as other compensation costs and to report other pension-related costs (which include interest costs, amortization of pension-related costs from prior periods, and the gains or losses on plan assets) separately and exclude them from the subtotal of operating income. The accounting guidance also allows only the service cost component to be eligible for capitalization when applicable. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted as of the first interim period of an annual period for which interim or annual financial statements have not been issued. The accounting guidance requires application on a retrospective basis for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the statement of operations and on a prospective basis for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In May 2017, the FASB issued accounting guidance on determining which changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting. This pronouncement is effective for fiscal years, and for interim periods within those 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. In August 2017, the FASB issued new accounting guidance on derivatives and hedging, which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. This accounting guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and earlier 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. |
BASIS OF PRESENTATION, CONSOL20
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [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 Six Months Ended 2017 2016 2017 2016 One British pound sterling into U.S. dollars High 1.36 1.34 1.36 1.48 Average 1.31 1.31 1.29 1.37 Low 1.28 1.29 1.24 1.29 At period-end 1.34 1.30 1.34 1.30 One euro into U.S. dollars High 1.20 1.13 1.20 1.15 Average 1.17 1.12 1.14 1.12 Low 1.13 1.10 1.06 1.10 At period-end 1.18 1.12 1.18 1.12 One Australian dollar into U.S. dollars High 0.81 0.77 0.81 0.78 Average 0.79 0.76 0.77 0.75 Low 0.76 0.74 0.74 0.72 At period-end 0.78 0.77 0.78 0.77 One Norwegian kroner into U.S. dollars High 0.1294 0.1251 0.1294 0.1251 Average 0.1257 0.1201 0.1216 0.1206 Low 0.1190 0.1163 0.1152 0.1163 At period-end 0.1256 0.1251 0.1256 0.1251 One Nigerian naira into U.S. dollars High 0.0032 0.0036 0.0033 0.0050 Average 0.0029 0.0032 0.0031 0.0040 Low 0.0027 0.0029 0.0027 0.0029 At period-end 0.0028 0.0032 0.0028 0.0032 _____________ 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 Six Months Ended 2017 2016 2017 2016 One Brazilian real into U.S. dollars High 0.3244 0.3191 0.3244 0.3191 Average 0.3162 0.3083 0.3138 0.2966 Low 0.3009 0.2991 0.2995 0.2702 At period-end 0.3161 0.3078 0.3161 0.3078 _____________ 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 Six Months Ended Revenue $ 3,129 $ (15,675 ) Operating expense (4,090 ) 9,621 Earnings from unconsolidated affiliates, net of losses 1,514 424 Non-operating expense (332 ) 4,247 Income before provision for income taxes 221 (1,383 ) Provision for income taxes 673 1,874 Net income 894 491 Cumulative translation adjustment 10,928 20,998 Total stockholders’ investment $ 11,822 $ 21,489 |
Schedule of interest income and interest expense | During the three and six months ended September 30, 2017 and 2016 , interest expense, net consisted of the following (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Interest income $ 154 $ 235 $ 368 $ 469 Interest expense (18,717 ) (11,703 ) (34,952 ) (22,823 ) Interest expense, net $ (18,563 ) $ (11,468 ) $ (34,584 ) $ (22,354 ) |
Schedule of goodwill | Goodwill of $20.4 million and $19.8 million as of September 30 and March 31, 2017 , respectively, related to our Asia Pacific reporting unit was as follows (in thousands): Asia Pacific Total March 31, 2017 $ 19,798 $ 19,798 Foreign currency translation 566 566 September 30, 2017 $ 20,364 $ 20,364 Accumulated goodwill impairment of $50.9 million as of both September 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 — — — — — September 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 1 56 245 28 7 337 September 30, 2017 $ 8,170 $ 12,808 $ 4,728 $ 1,090 $ 753 $ 27,549 Accumulated Amortization March 31, 2017 $ (8,155 ) $ (11,071 ) $ (908 ) $ (685 ) $ (657 ) $ (21,476 ) Amortization expense (10 ) (152 ) (146 ) (110 ) (30 ) (448 ) September 30, 2017 $ (8,165 ) $ (11,223 ) $ (1,054 ) $ (795 ) $ (687 ) $ (21,924 ) 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 $ 440 2019 762 2020 467 2021 467 2022 467 Thereafter 3,022 $ 5,625 |
Schedule of capital expenditures | During the three and six months ended September 30, 2017 and 2016 , we made capital expenditures as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Number of aircraft delivered: Medium 2 5 5 5 SAR aircraft — 1 — 1 Total aircraft 2 6 5 6 Capital expenditures (in thousands): Aircraft and equipment (1) $ 5,679 $ 78,087 $ 16,489 $ 95,574 Land and buildings 6,085 2,716 7,828 6,292 Total capital expenditures $ 11,764 $ 80,803 $ 24,317 $ 101,866 _____________ (1) During the three months ended September 30, 2017 and 2016 , we spent $1.0 million and $63.7 million , respectively, and during the six months ended September 30, 2017 and 2016 , we spent $2.3 million and $66.8 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 and six months ended September 30, 2017 and 2016 : Three Months Ended Six Months Ended 2017 2016 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 $ 269 $ 329 $ 42,244 $ 11,819 Gain (loss) from sale or disposal of assets (1) $ (343 ) $ (1,175 ) $ 1,920 $ (1,043 ) Number of aircraft impaired 2 6 4 13 Impairment charges on assets held for sale (1)(2) $ 8,183 $ 1,011 $ 9,747 $ 11,160 _____________ (1) Included in gain (loss) on disposal of assets on our condensed consolidated statements of operations. (2) Includes a $6.5 million impairment of the Bristow Academy disposal group for the three and six months ended September 30, 2017. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Sep. 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): September 30, March 31, Assets Cash and cash equivalents $ 94,068 $ 92,409 Accounts receivable 296,145 222,560 Inventories 98,460 90,190 Prepaid expenses and other current assets 57,008 50,016 Total current assets 545,681 455,175 Investment in unconsolidated affiliates 3,476 3,513 Property and equipment, net 316,980 306,831 Goodwill 20,364 19,798 Other assets 205,483 203,228 Total assets $ 1,091,984 $ 988,545 Liabilities Accounts payable $ 275,440 $ 146,841 Accrued liabilities 137,719 122,130 Accrued interest 2,004,408 1,891,305 Current maturities of long-term debt 20,296 18,578 Total current liabilities 2,437,863 2,178,854 Long-term debt, less current maturities 480,835 501,782 Accrued pension liabilities 57,928 61,647 Other liabilities and deferred credits 7,907 8,138 Deferred taxes 14,195 20,264 Redeemable noncontrolling interest 6,002 6,886 Total liabilities $ 3,004,730 $ 2,777,571 Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenue $ 321,956 $ 310,325 $ 623,926 $ 628,779 Operating loss (2,978 ) (20,773 ) (22,632 ) (40,516 ) Net loss (62,081 ) (80,794 ) (141,250 ) (169,337 ) |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt as of September 30 and March 31, 2017 consisted of the following (in thousands): September 30, March 31, 6¼% Senior Notes due 2022 $ 401,535 $ 401,535 Term Loan 150,835 261,907 Term Loan Credit Facility 28,929 45,900 Revolving Credit Facility 89,100 139,100 Lombard Debt 207,153 196,832 Macquarie Debt 192,028 200,000 PK Air Debt 230,000 — Airnorth Debt 15,193 16,471 Eastern Airways Debt 14,597 15,326 Other Debt — 16,293 Unamortized debt issuance costs (17,264 ) (11,345 ) Total debt 1,312,106 1,282,019 Less short-term borrowings and current maturities of long-term debt (113,519 ) (131,063 ) Total long-term debt $ 1,198,587 $ 1,150,956 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on non-recurring basis | The following table summarizes the assets as of September 30, 2017 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Total Inventories $ — $ 1,218 $ — $ 1,218 $ — $ (1,192 ) Assets held for sale — 36,167 — 36,167 (8,183 ) (9,747 ) Total assets $ — $ 37,385 $ — $ 37,385 $ (8,183 ) $ (10,939 ) The following table summarizes the assets as of September 30, 2016 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Total Inventories $ — $ 56,355 $ — $ 56,355 $ (7,572 ) $ (7,572 ) Assets held for sale — 40,338 — 40,338 (1,011 ) (11,160 ) Total assets $ — $ 96,693 $ — $ 96,693 $ (8,583 ) $ (18,732 ) |
Schedule of fair value assets measured on recurring basis | The following table summarizes the financial instruments we had as of September 30, 2017 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 2,695 $ — $ — $ 2,695 Other assets Total assets $ 2,695 $ — $ — $ 2,695 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): September 30, 2017 March 31, 2017 Carrying Value Fair Value Carrying Value Fair Value 6¼% Senior Notes $ 401,535 $ 281,075 $ 401,535 $ 323,236 Term Loan 150,835 150,835 261,907 261,907 Term Loan Credit Facility 28,929 28,929 45,900 45,900 Revolving Credit Facility 89,100 89,100 139,100 139,100 Lombard Debt 207,153 207,153 196,832 196,832 Macquarie Debt 192,028 192,028 200,000 200,000 PK Air Debt 230,000 230,000 — — Airnorth Debt 15,193 15,193 16,471 16,471 Eastern Airways Debt 14,597 14,597 15,326 15,326 Other Debt — — 16,293 16,293 $ 1,329,370 $ 1,208,910 $ 1,293,364 $ 1,215,065 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aircraft purchase contracts table | As shown in the table below, we expect to make additional capital expenditures over the next seven fiscal years to purchase additional aircraft. As of November 8, 2017, we had 27 aircraft on order and options to acquire an additional four aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income. Six Months Ending March 31, 2018 Fiscal Year Ending March 31, 2019 2020 2021 2022 and thereafter (1) Total Commitments as of November 8, 2017: (2) Number of aircraft: Large — 1 — 4 18 23 U.K. SAR — — 4 — — 4 — 1 4 4 18 27 Related commitment expenditures (in thousands) (2)(3) Medium and large $ — $ 19,820 $ 25,140 $ 77,507 $ 280,876 $ 403,343 U.K. SAR 3,192 — 61,994 — — 65,186 $ 3,192 $ 19,820 $ 87,134 $ 77,507 $ 280,876 $ 468,529 Options as of November 8, 2017: (2) 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 September 30, 2017 , we made non-refundable deposits of $4.5 million related to these aircraft. (2) In October and November 2017, through discussions with helicopter manufacturers we: (i) reached an agreement to defer payments of approximately $130 million in capital expenditures out of fiscal years 2019 and 2020 and into future periods and (ii) have a non-binding letter of understanding to defer payment of approximately $62 million in capital expenditures out of fiscal year 2018 and into future periods. These agreements are reflected in the table above. (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 fiscal year 2018 : Three Months Ended September 30, 2017 June 30, 2017 Orders Options Orders Options Beginning of period 29 4 32 4 Aircraft delivered (2 ) — (3 ) — End of period 27 4 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 September 30, 2017 : End of Lease Term Number of Aircraft Six months ending March 31, 2018 to fiscal year 2019 26 Fiscal year 2020 to fiscal year 2022 48 Fiscal year 2023 to fiscal year 2024 17 91 |
Schedule of separation programs | The expense related to the VSPs and ISPs for the three and six months ended September 30, 2017 and 2016 is as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 VSP: Direct cost $ — $ 590 $ — $ 1,445 General and administrative — — — 23 Total $ — $ 590 $ — $ 1,468 ISP: Direct cost $ 1,477 $ 4,398 $ 2,547 $ 4,896 General and administrative 933 4,565 8,542 8,595 Total $ 2,410 $ 8,963 $ 11,089 $ 13,491 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Plan [Abstract] | |
Schedule of components of net periodic pension cost | The following table provides a detail of the components of net periodic pension cost (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Service cost for benefits earned during the period $ 157 $ 1,794 $ 311 $ 3,754 Interest cost on pension benefit obligation 3,838 4,377 7,589 9,158 Expected return on assets (5,432 ) (5,920 ) (10,741 ) (12,391 ) Amortization of unrecognized losses 1,819 1,793 3,597 3,755 Net periodic pension cost $ 382 $ 2,044 $ 756 $ 4,276 |
Assumptions used for stock options granted | The following table shows the assumptions used to compute the stock-based compensation expense for stock options granted during the six months ended September 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 |
EARNINGS PER SHARE AND ACCUMU26
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Sep. 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 Six Months Ended 2017 2016 2017 2016 Options: Outstanding 3,761,830 1,950,289 2,688,049 1,522,304 Weighted average exercise price $ 29.89 $ 30.07 $ 41.27 $ 36.23 Restricted stock awards: Outstanding 735,648 442,217 567,396 577,737 Weighted average price $ 15.07 $ 26.81 $ 18.88 $ 24.59 |
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 Six Months Ended 2017 2016 2017 2016 Earnings (in thousands): Loss available to common stockholders $ (31,209 ) $ (29,797 ) $ (86,484 ) $ (70,569 ) Shares: Weighted average number of common shares outstanding – basic 35,317,935 35,070,047 35,253,688 35,012,014 Net effect of dilutive stock options and restricted stock awards based on the treasury stock method — — — — Weighted average number of common shares outstanding – diluted 35,317,935 35,070,047 35,253,688 35,012,014 Basic loss per common share $ (0.88 ) $ (0.85 ) $ (2.45 ) $ (2.02 ) Diluted loss per common share $ (0.88 ) $ (0.85 ) $ (2.45 ) $ (2.02 ) |
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 20,998 — 20,998 Reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income 20,998 — 20,998 Foreign exchange rate impact 16,431 (16,431 ) — Balance as of September 30, 2017 $ (112,292 ) $ (194,987 ) $ (307,279 ) _____________ (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) | 6 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of revenue by segment | The following tables show region information for the three and six months ended September 30, 2017 and 2016 and as of September 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 Six Months Ended 2017 2016 2017 2016 Region gross revenue from external clients: Europe Caspian $ 203,923 $ 191,834 $ 395,322 $ 386,658 Africa 49,787 51,644 100,577 105,906 Americas 59,201 56,092 114,963 114,289 Asia Pacific 59,284 55,255 111,730 114,399 Corporate and other 1,481 2,642 3,193 5,613 Total region gross revenue $ 373,676 $ 357,467 $ 725,785 $ 726,865 Intra-region gross revenue: Europe Caspian $ 1,483 $ 1,891 $ 2,519 $ 4,030 Africa — — — — Americas 1,950 1,115 4,244 1,962 Asia Pacific — 1 — 1 Corporate and other — 34 22 279 Total intra-region gross revenue $ 3,433 $ 3,041 $ 6,785 $ 6,272 Consolidated gross revenue: Europe Caspian $ 205,406 $ 193,725 $ 397,841 $ 390,688 Africa 49,787 51,644 100,577 105,906 Americas 61,151 57,207 119,207 116,251 Asia Pacific 59,284 55,256 111,730 114,400 Corporate and other 1,481 2,676 3,215 5,892 Intra-region eliminations (3,433 ) (3,041 ) (6,785 ) (6,272 ) Total consolidated gross revenue $ 373,676 $ 357,467 $ 725,785 $ 726,865 |
Operating Performance and Total Assets by Segment | Three Months Ended Six Months Ended 2017 2016 2017 2016 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian $ 61 $ 65 $ 91 $ 116 Americas 2,150 260 1,615 4,123 Corporate and other (148 ) (187 ) (308 ) (271 ) Total earnings from unconsolidated affiliates, net of losses – equity method investments $ 2,063 $ 138 $ 1,398 $ 3,968 Consolidated operating loss: Europe Caspian $ 9,891 $ 5,741 $ 14,298 $ 18,771 Africa 7,835 7,942 17,883 9,513 Americas 7,483 2,643 6,227 3,564 Asia Pacific (5,903 ) (9,575 ) (18,433 ) (15,468 ) Corporate and other (23,697 ) (31,447 ) (49,654 ) (57,294 ) Loss on disposal of assets (8,526 ) (2,186 ) (7,827 ) (12,203 ) Total consolidated operating loss $ (12,917 ) $ (26,882 ) $ (37,506 ) $ (53,117 ) Depreciation and amortization: Europe Caspian $ 12,196 $ 11,220 $ 24,018 $ 22,409 Africa 3,590 3,220 6,666 8,673 Americas 6,998 7,228 13,997 18,609 Asia Pacific 5,058 4,377 10,868 8,613 Corporate and other 3,539 2,547 6,888 4,982 Total depreciation and amortization (1) $ 31,381 $ 28,592 $ 62,437 $ 63,286 September 30, March 31, Identifiable assets: Europe Caspian $ 1,060,635 $ 1,091,536 Africa 431,588 325,719 Americas 869,584 809,071 Asia Pacific 360,157 433,614 Corporate and other (2) 366,559 453,907 Total identifiable assets $ 3,088,523 $ 3,113,847 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 309 $ 257 Americas 201,737 200,362 Corporate and other 3,167 3,257 Total investments in unconsolidated affiliates – equity method investments $ 205,213 $ 203,876 _____________ (1) Includes accelerated depreciation expense of $1.3 million during the three months ended September 30, 2016 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in our Europe Caspian and Africa regions of $0.2 million and $1.1 million , respectively. Includes accelerated depreciation expense of $8.2 million during the six months ended September 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 $0.4 million , $3.9 million and $3.9 million , respectively. For further details, see Note 1. (2) Includes $68.4 million and $199.3 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of September 30 and March 31, 2017 , respectively, which primarily represents progress payments on aircraft to be delivered in future periods. |
SUPPLEMENTAL CONDENSED CONSOL28
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Statement of Operations | Supplemental Condensed Consolidating Statement of Operations Three Months Ended September 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 46,952 $ 326,724 $ — $ 373,676 Intercompany revenue — 31,719 — (31,719 ) — — 78,671 326,724 (31,719 ) 373,676 Operating expense: Direct cost and reimbursable expense 3,263 45,955 250,909 — 300,127 Intercompany expenses — — 31,719 (31,719 ) — Depreciation and amortization 3,016 13,237 15,128 — 31,381 General and administrative 17,880 5,623 25,119 — 48,622 24,159 64,815 322,875 (31,719 ) 380,130 Gain (loss) on disposal of assets — 10,597 (19,123 ) — (8,526 ) Earnings from unconsolidated affiliates, net of losses 9,642 — 2,063 (9,642 ) 2,063 Operating income (loss) (14,517 ) 24,453 (13,211 ) (9,642 ) (12,917 ) Interest expense, net (10,636 ) (6,023 ) (1,904 ) — (18,563 ) Other income (expense), net (97 ) (399 ) 3,054 — 2,558 Income (loss) before (provision) benefit for income taxes (25,250 ) 18,031 (12,061 ) (9,642 ) (28,922 ) Allocation of consolidated income taxes (5,946 ) (1,945 ) 5,417 — (2,474 ) Net income (loss) (31,196 ) 16,086 (6,644 ) (9,642 ) (31,396 ) Net (income) loss attributable to noncontrolling interests (13 ) — 200 — 187 Net income (loss) attributable to Bristow Group $ (31,209 ) $ 16,086 $ (6,444 ) $ (9,642 ) $ (31,209 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended September 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 42,543 $ 314,924 $ — $ 357,467 Intercompany revenue — 24,323 — (24,323 ) — — 66,866 314,924 (24,323 ) 357,467 Operating expense: Direct cost and reimbursable expense (374 ) 47,858 247,422 — 294,906 Intercompany expenses — — 24,323 (24,323 ) — Depreciation and amortization 2,223 10,805 15,564 — 28,592 General and administrative 17,487 6,490 27,297 — 51,274 19,336 65,153 314,606 (24,323 ) 374,772 Loss on impairment — (4,761 ) (2,811 ) — (7,572 ) Loss on disposal of assets — (1,348 ) (838 ) — (2,186 ) Earnings from unconsolidated affiliates, net of losses (9,647 ) — 138 9,690 181 Operating loss (28,983 ) (4,396 ) (3,193 ) 9,690 (26,882 ) Interest expense, net (10,347 ) (371 ) (750 ) — (11,468 ) Other income (expense), net 206 411 2,386 — 3,003 Loss before (provision) benefit for income taxes (39,124 ) (4,356 ) (1,557 ) 9,690 (35,347 ) Allocation of consolidated income taxes 9,339 (1,510 ) (2,589 ) — 5,240 Net loss (29,785 ) (5,866 ) (4,146 ) 9,690 (30,107 ) Net (income) loss attributable to noncontrolling interests (12 ) — 322 — 310 Net loss attributable to Bristow Group $ (29,797 ) $ (5,866 ) $ (3,824 ) $ 9,690 $ (29,797 ) Supplemental Condensed Consolidating Statement of Operations Six Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 92,727 $ 633,058 $ — $ 725,785 Intercompany revenue — 63,910 — (63,910 ) — — 156,637 633,058 (63,910 ) 725,785 Operating expense: Direct cost and reimbursable expense 3,269 98,289 496,346 — 597,904 Intercompany expenses — — 63,910 (63,910 ) — Depreciation and amortization 5,933 25,720 30,784 — 62,437 General and administrative 36,987 11,385 46,957 — 95,329 46,189 135,394 637,997 (63,910 ) 755,670 Loss on impairment — (1,192 ) — — (1,192 ) Gain (loss) on disposal of assets — 11,013 (18,840 ) — (7,827 ) Earnings from unconsolidated affiliates, net of losses (11,003 ) — 1,398 11,003 1,398 Operating income (loss) (57,192 ) 31,064 (22,381 ) 11,003 (37,506 ) Interest expense, net (19,694 ) (11,803 ) (3,087 ) — (34,584 ) Other income (expense), net (126 ) (756 ) 1,795 — 913 Income (loss) before (provision) benefit for income taxes (77,012 ) 18,505 (23,673 ) 11,003 (71,177 ) Allocation of consolidated income taxes (9,448 ) (6,105 ) (412 ) — (15,965 ) Net income (loss) (86,460 ) 12,400 (24,085 ) 11,003 (87,142 ) Net (income) loss attributable to noncontrolling interests (24 ) — 682 — 658 Net income (loss) attributable to Bristow Group $ (86,484 ) $ 12,400 $ (23,403 ) $ 11,003 $ (86,484 ) Supplemental Condensed Consolidating Statement of Operations Six Months Ended September 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 87,856 $ 639,009 $ — $ 726,865 Intercompany revenue — 48,614 — (48,614 ) — — 136,470 639,009 (48,614 ) 726,865 Operating expense: Direct cost and reimbursable expense (631 ) 96,476 501,218 — 597,063 Intercompany expenses — — 48,614 (48,614 ) — Depreciation and amortization 4,316 27,786 31,184 — 63,286 General and administrative 37,746 13,080 53,043 — 103,869 41,431 137,342 634,059 (48,614 ) 764,218 Loss on impairment — (4,761 ) (2,811 ) — (7,572 ) Loss on disposal of assets — (11,575 ) (628 ) — (12,203 ) Earnings from unconsolidated affiliates, net of losses (22,423 ) — 3,968 22,466 4,011 Operating income (loss) (63,854 ) (17,208 ) 5,479 22,466 (53,117 ) Interest expense, net (20,232 ) (1,028 ) (1,094 ) — (22,354 ) Other income (expense), net 752 1,646 (5,584 ) — (3,186 ) Loss before (provision) benefit for income taxes (83,334 ) (16,590 ) (1,199 ) 22,466 (78,657 ) Allocation of consolidated income taxes 12,792 (3,732 ) (1,582 ) — 7,478 Net loss (70,542 ) (20,322 ) (2,781 ) 22,466 (71,179 ) Net (income) loss attributable to noncontrolling interests (27 ) — 637 — 610 Net loss attributable to Bristow Group $ (70,569 ) $ (20,322 ) $ (2,144 ) $ 22,466 $ (70,569 ) |
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) | Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (31,196 ) $ 16,086 $ (6,644 ) $ (9,642 ) $ (31,396 ) Other comprehensive loss: Currency translation adjustments — 306 14,218 (3,833 ) 10,691 Total comprehensive loss (31,196 ) 16,392 7,574 (13,475 ) (20,705 ) Net (income) loss attributable to noncontrolling interests (13 ) — 200 — 187 Currency translation adjustments attributable to noncontrolling interests — — 237 — 237 Total comprehensive (income) loss attributable to noncontrolling interests (13 ) — 437 — 424 Total comprehensive loss attributable to Bristow Group $ (31,209 ) $ 16,392 $ 8,011 $ (13,475 ) $ (20,281 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (29,785 ) $ (5,866 ) $ (4,146 ) $ 9,690 $ (30,107 ) Other comprehensive loss: Currency translation adjustments — — (9,558 ) 4,119 (5,439 ) Total comprehensive loss (29,785 ) (5,866 ) (13,704 ) 13,809 (35,546 ) Net (income) loss attributable to noncontrolling interests (12 ) — 322 — 310 Currency translation adjustments attributable to noncontrolling interests — — (523 ) — (523 ) Total comprehensive income attributable to noncontrolling interests (12 ) — (201 ) — (213 ) Total comprehensive loss attributable to Bristow Group $ (29,797 ) $ (5,866 ) $ (13,905 ) $ 13,809 $ (35,759 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (86,460 ) $ 12,400 $ (24,085 ) $ 11,003 $ (87,142 ) Other comprehensive loss: Currency translation adjustments — 644 28,570 (8,763 ) 20,451 Total comprehensive loss (86,460 ) 13,044 4,485 2,240 (66,691 ) Net (income) loss attributable to noncontrolling interests (24 ) — 682 — 658 Currency translation adjustments attributable to noncontrolling interests — — 547 — 547 Total comprehensive (income) loss attributable to noncontrolling interests (24 ) — 1,229 — 1,205 Total comprehensive loss attributable to Bristow Group $ (86,484 ) $ 13,044 $ 5,714 $ 2,240 $ (65,486 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended September 30, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (70,542 ) $ (20,322 ) $ (2,781 ) $ 22,466 $ (71,179 ) Other comprehensive income (loss): Currency translation adjustments — — 208,234 (220,808 ) (12,574 ) Total comprehensive income (loss) (70,542 ) (20,322 ) 205,453 (198,342 ) (83,753 ) Net (income) loss attributable to noncontrolling interests (27 ) — 637 — 610 Currency translation adjustments attributable to noncontrolling interests — — (4,965 ) — (4,965 ) Total comprehensive income attributable to noncontrolling interests (27 ) — (4,328 ) — (4,355 ) Total comprehensive income (loss) attributable to Bristow Group $ (70,569 ) $ (20,322 ) $ 201,125 $ (198,342 ) $ (88,108 ) |
Supplemental Condensed Consolidating Balance Sheet | Supplemental Condensed Consolidating Balance Sheet As of September 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 591 $ 771 $ 95,981 $ — $ 97,343 Accounts receivable 159,210 457,131 367,921 (746,390 ) 237,872 Inventories — 33,156 98,460 — 131,616 Assets held for sale — 29,692 5,242 — 34,934 Prepaid expenses and other current assets 2,248 5,827 39,422 (3,408 ) 44,089 Total current assets 162,049 526,577 607,026 (749,798 ) 545,854 Intercompany investment 2,399,726 104,435 135,507 (2,639,668 ) — Investment in unconsolidated affiliates — — 211,499 — 211,499 Intercompany notes receivable 263,032 36,358 26,265 (325,655 ) — Property and equipment—at cost: Land and buildings 4,806 62,128 176,421 — 243,355 Aircraft and equipment 157,311 1,138,701 1,321,823 — 2,617,835 162,117 1,200,829 1,498,244 — 2,861,190 Less: Accumulated depreciation and amortization (35,027 ) (256,871 ) (372,552 ) — (664,450 ) 127,090 943,958 1,125,692 — 2,196,740 Goodwill — — 20,364 — 20,364 Other assets 8,584 2,147 103,356 (21 ) 114,066 Total assets $ 2,960,481 $ 1,613,475 $ 2,229,709 $ (3,715,142 ) $ 3,088,523 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 440,137 $ 163,449 $ 219,558 $ (725,382 ) $ 97,762 Accrued liabilities 52,547 17,534 147,947 (23,131 ) 194,897 Short-term borrowings and current maturities of long-term debt 66,973 19,050 27,496 — 113,519 Total current liabilities 559,657 200,033 395,001 (748,513 ) 406,178 Long-term debt, less current maturities 599,973 281,587 317,027 — 1,198,587 Intercompany notes payable 62,532 209,840 54,385 (326,757 ) — Accrued pension liabilities — — 57,928 — 57,928 Other liabilities and deferred credits 13,272 7,156 11,445 — 31,873 Deferred taxes 110,900 44,048 — (21 ) 154,927 Redeemable noncontrolling interest — — 6,002 — 6,002 Stockholders’ investment: Common stock 381 20,028 131,317 (151,345 ) 381 Additional paid-in-capital 815,990 46,234 284,048 (330,282 ) 815,990 Retained earnings 902,957 803,517 683,482 (1,486,999 ) 902,957 Accumulated other comprehensive loss 78,306 1,032 284,608 (671,225 ) (307,279 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,612,838 870,811 1,383,455 (2,639,851 ) 1,227,253 Noncontrolling interests 1,309 — 4,466 — 5,775 Total stockholders’ investment 1,614,147 870,811 1,387,921 (2,639,851 ) 1,233,028 Total liabilities, redeemable noncontrolling interest and stockholders’ investment $ 2,960,481 $ 1,613,475 $ 2,229,709 $ (3,715,142 ) $ 3,088,523 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 | Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended September 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (78,756 ) $ 32,581 $ 10,841 $ — $ (35,334 ) Cash flows from investing activities: Capital expenditures (6,306 ) (5,814 ) (89,677 ) 77,480 (24,317 ) Proceeds from asset dispositions — 80,210 39,514 (77,480 ) 42,244 Net cash provided by (used in) investing activities (6,306 ) 74,396 (50,163 ) — 17,927 Cash flows from financing activities: Proceeds from borrowings 107,800 — 230,218 — 338,018 Debt issuance costs — (552 ) (6,143 ) — (6,695 ) Repayment of debt (285,946 ) (9,073 ) (23,111 ) — (318,130 ) Dividends paid 110,637 — (113,102 ) — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 150,351 (96,880 ) (53,471 ) — — Partial prepayment of put/call obligation (23 ) — — — (23 ) Repurchases for tax withholdings on vesting of equity awards (548 ) — — — (548 ) Net cash provided by (used in) financing activities 82,271 (106,505 ) 34,391 — 10,157 Effect of exchange rate changes on cash and cash equivalents — — 7,937 — 7,937 Net increase (decrease) in cash and cash equivalents (2,791 ) 472 3,006 — 687 Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 591 $ 771 $ 95,981 $ — $ 97,343 Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended September 30, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (35,861 ) $ 56,788 $ 8,499 $ (631 ) $ 28,795 Cash flows from investing activities: Capital expenditures (11,958 ) (20,411 ) (69,497 ) — (101,866 ) Proceeds from asset dispositions — 10,374 1,445 — 11,819 Net cash used in investing activities (11,958 ) (10,037 ) (68,052 ) — (90,047 ) Cash flows from financing activities: Proceeds from borrowings 191,501 — 4,453 — 195,954 Debt issuance costs (2,925 ) — — — (2,925 ) Repayment of debt (116,051 ) — (4,915 ) — (120,966 ) Dividends paid (4,554 ) 4 (360 ) — (4,910 ) Increases (decreases) in cash related to intercompany advances and debt (54,611 ) (49,136 ) 103,747 — — Partial prepayment of put/call obligation (25 ) — — — (25 ) Payment of contingent consideration — — (10,000 ) — (10,000 ) Repurchases for tax withholdings on vesting of equity awards (757 ) — — — (757 ) Net cash provided by (used in) financing activities 12,578 (49,132 ) 92,925 — 56,371 Effect of exchange rate changes on cash and cash equivalents — — 1,239 — 1,239 Net increase (decrease) in cash and cash equivalents (35,241 ) (2,381 ) 34,611 (631 ) (3,642 ) Cash and cash equivalents at beginning of period 35,241 3,393 65,676 — 104,310 Cash and cash equivalents at end of period $ — $ 1,012 $ 100,287 $ (631 ) $ 100,668 |
BASIS OF PRESENTATION, CONSOL29
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Exposure (Details) | Sep. 30, 2017 | Sep. 30, 2016 |
One British pound sterling into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.34 | 1.30 |
One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.34 | 1.30 |
One euro into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.18 | 1.12 |
One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.18 | 1.12 |
One Australian dollar into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.78 | 0.77 |
One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.78 | 0.77 |
One Norwegian kroner into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1256 | 0.1251 |
One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1256 | 0.1251 |
One Nigerian naira into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0032 |
One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0032 |
High | One British pound sterling into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.36 | 1.34 |
High | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.36 | 1.48 |
High | One euro into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.20 | 1.13 |
High | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.20 | 1.15 |
High | One Australian dollar into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.81 | 0.77 |
High | One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.81 | 0.78 |
High | One Norwegian kroner into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1294 | 0.1251 |
High | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1294 | 0.1251 |
High | One Nigerian naira into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0032 | 0.0036 |
High | One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0033 | 0.0050 |
Average | One British pound sterling into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.31 | 1.31 |
Average | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.29 | 1.37 |
Average | One euro into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.17 | 1.12 |
Average | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.14 | 1.12 |
Average | One Australian dollar into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.79 | 0.76 |
Average | One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.77 | 0.75 |
Average | One Norwegian kroner into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1257 | 0.1201 |
Average | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1216 | 0.1206 |
Average | One Nigerian naira into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0029 | 0.0032 |
Average | One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0031 | 0.0040 |
Low | One British pound sterling into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.28 | 1.29 |
Low | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.24 | 1.29 |
Low | One euro into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.13 | 1.10 |
Low | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.06 | 1.10 |
Low | One Australian dollar into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.76 | 0.74 |
Low | One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.74 | 0.72 |
Low | One Norwegian kroner into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1190 | 0.1163 |
Low | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1152 | 0.1163 |
Low | One Nigerian naira into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0027 | 0.0029 |
Low | One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0027 | 0.0029 |
BASIS OF PRESENTATION, CONSOL30
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Foreign currency transaction gains (losses) | $ 2.5 | $ 2.9 | $ 0.8 | $ (3.4) |
Impact of foreign exchange rates on unconsolidated affiliates | $ 0.3 | $ (1.3) | $ (0.9) | $ (1.3) |
BASIS OF PRESENTATION, CONSOL31
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of Brazilian Real to U.S. Dollar Exchange Rate (Details) - One Brazilian real into U.S. dollars | Sep. 30, 2017 | Sep. 30, 2016 |
Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3161 | 0.3078 |
Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3161 | 0.3078 |
High | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3244 | 0.3191 |
High | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3244 | 0.3191 |
Average | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3162 | 0.3083 |
Average | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3138 | 0.2966 |
Low | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3009 | 0.2991 |
Low | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2995 | 0.2702 |
BASIS OF PRESENTATION, CONSOL32
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of Changes in Foreign Currency Exchange Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | |
Schedule of Foreign Currency [Line Items] | |||||
Revenue | $ 373,676 | $ 357,467 | $ 725,785 | $ 726,865 | |
Operating expense | (380,130) | (374,772) | (755,670) | (764,218) | |
Earnings from unconsolidated affiliates, net of losses | 2,063 | 181 | 1,398 | 4,011 | |
Loss before provision for income taxes | (28,922) | (35,347) | (71,177) | (78,657) | |
Provision for income taxes | (2,474) | 5,240 | (15,965) | 7,478 | |
Net income (loss) | (31,396) | $ (30,107) | (87,142) | $ (71,179) | |
Total stockholders’ investment | 1,233,028 | 1,233,028 | $ 1,294,232 | ||
Quarter To Date | Impact of Changes in Foreign Currency Exchange Rates | |||||
Schedule of Foreign Currency [Line Items] | |||||
Revenue | 3,129 | ||||
Operating expense | (4,090) | ||||
Earnings from unconsolidated affiliates, net of losses | 1,514 | ||||
Non-operating expense | (332) | ||||
Loss before provision for income taxes | 221 | ||||
Provision for income taxes | 673 | ||||
Net income (loss) | 894 | ||||
Cumulative translation adjustment | 10,928 | ||||
Total stockholders’ investment | 11,822 | 11,822 | |||
Year To Date | Impact of Changes in Foreign Currency Exchange Rates | |||||
Schedule of Foreign Currency [Line Items] | |||||
Revenue | (15,675) | ||||
Operating expense | 9,621 | ||||
Earnings from unconsolidated affiliates, net of losses | 424 | ||||
Non-operating expense | 4,247 | ||||
Loss before provision for income taxes | (1,383) | ||||
Provision for income taxes | 1,874 | ||||
Net income (loss) | 491 | ||||
Cumulative translation adjustment | 20,998 | ||||
Total stockholders’ investment | $ 21,489 | $ 21,489 |
BASIS OF PRESENTATION, CONSOL33
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Interest income | $ 154 | $ 235 | $ 368 | $ 469 |
Interest expense | (18,717) | (11,703) | (34,952) | (22,823) |
Interest expense, net | $ (18,563) | $ (11,468) | $ (34,584) | $ (22,354) |
BASIS OF PRESENTATION, CONSOL34
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)aircraft | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)aircraft | Mar. 31, 2017USD ($) | |
Item Effected [Line Items] | |||||
Allowance for doubtful accounts receivable | $ 4,500,000 | $ 4,500,000 | $ 4,500,000 | ||
Inventory allowance | 22,800,000 | 22,800,000 | 21,500,000 | ||
Inventory write-down | 0 | $ 7,572,000 | 1,192,000 | $ 7,572,000 | |
Short-term portion of contract acquisition and pre-operating costs | 11,300,000 | 11,300,000 | 9,700,000 | ||
Amortization of other deferred charges | 2,800,000 | 3,500,000 | 5,700,000 | 5,700,000 | |
Goodwill | 20,364,000 | 20,364,000 | 19,798,000 | ||
Goodwill impairment loss | (50,861,000) | (50,861,000) | (50,861,000) | ||
Long-term portion of contract acquisition and pre-operating costs | 53,500,000 | 53,500,000 | 51,100,000 | ||
Accelerated depreciation | $ 1,300,000 | $ 8,200,000 | |||
Number of aircraft in exit plan | aircraft | 6 | 11 | |||
Impairment charges on aircraft held for sale | 8,183,000 | $ 1,011,000 | 9,747,000 | $ 11,160,000 | |
Accounts receivable from non-affiliates | 225,940,000 | 225,940,000 | 198,129,000 | ||
Inventories | 131,616,000 | 131,616,000 | 124,911,000 | ||
Prepaid expenses and other current assets | 44,089,000 | 44,089,000 | 41,143,000 | ||
Other accrued liabilities | 55,837,000 | 55,837,000 | 46,679,000 | ||
Accounts payable | 97,762,000 | 97,762,000 | 98,215,000 | ||
Net cash provided by (used in) operating cash flow | (35,334,000) | 28,795,000 | |||
Current deferred tax assets | 100,000 | ||||
Current deferred tax liabilities | 800,000 | ||||
Adjustments for new accounting pronouncement | |||||
Item Effected [Line Items] | |||||
Net cash provided by (used in) operating cash flow | $ 800,000 | ||||
Increase to income tax provision | 2,200,000 | ||||
Affiliated entity | |||||
Item Effected [Line Items] | |||||
Allowance for doubtful accounts receivable | 0 | 0 | $ 0 | ||
Held-for-sale | Bristow Academy | |||||
Item Effected [Line Items] | |||||
Impairment charges on aircraft held for sale | $ 6,500,000 | $ 6,500,000 | |||
Percentage ownership disposed | 100.00% | 100.00% | |||
Accounts receivable from non-affiliates | $ 1,400,000 | $ 1,400,000 | |||
Inventories | 1,200,000 | 1,200,000 | |||
Prepaid expenses and other current assets | 300,000 | 300,000 | |||
Other accrued liabilities | 1,400,000 | 1,400,000 | |||
Accounts payable | $ 400,000 | $ 400,000 |
BASIS OF PRESENTATION, CONSOL35
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Goodwill (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
March 31, 2017 | $ 19,798 |
Foreign currency translation | 566 |
September 30, 2017 | 20,364 |
Asia Pacific | |
Goodwill [Roll Forward] | |
March 31, 2017 | 19,798 |
Foreign currency translation | 566 |
September 30, 2017 | $ 20,364 |
BASIS OF PRESENTATION, CONSOL36
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accumulated Goodwill Impairment (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill, Impaired, Accumulated Impairment Loss [Roll Forward] | |
March 31, 2017 | $ (50,861) |
Goodwill, Impairment Loss | 0 |
September 30, 2017 | (50,861) |
Europe Caspian | |
Goodwill, Impaired, Accumulated Impairment Loss [Roll Forward] | |
March 31, 2017 | (33,883) |
Goodwill, Impairment Loss | 0 |
September 30, 2017 | (33,883) |
Africa | |
Goodwill, Impaired, Accumulated Impairment Loss [Roll Forward] | |
March 31, 2017 | (6,179) |
Goodwill, Impairment Loss | 0 |
September 30, 2017 | (6,179) |
Americas | |
Goodwill, Impaired, Accumulated Impairment Loss [Roll Forward] | |
March 31, 2017 | (576) |
Goodwill, Impairment Loss | 0 |
September 30, 2017 | (576) |
Corporate and other | |
Goodwill, Impaired, Accumulated Impairment Loss [Roll Forward] | |
March 31, 2017 | (10,223) |
Goodwill, Impairment Loss | 0 |
September 30, 2017 | $ (10,223) |
BASIS OF PRESENTATION, CONSOL37
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Intangible Assets (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2017USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible assets - beginning balance | $ 27,212 |
Foreign currency translation | 337 |
Intangible assets - ending balance | 27,549 |
Accumulated amortization of intangible assets - beginning balance | (21,476) |
Amortization expense | (448) |
Accumulated amortization of intangible assets - ending balance | $ (21,924) |
Weighted average remaining contractual life, in years | 5 years 2 months |
Client contracts | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible assets - beginning balance | $ 8,169 |
Foreign currency translation | 1 |
Intangible assets - ending balance | 8,170 |
Accumulated amortization of intangible assets - beginning balance | (8,155) |
Amortization expense | (10) |
Accumulated amortization of intangible assets - ending balance | $ (8,165) |
Weighted average remaining contractual life, in years | 1 month |
Client relationships | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible assets - beginning balance | $ 12,752 |
Foreign currency translation | 56 |
Intangible assets - ending balance | 12,808 |
Accumulated amortization of intangible assets - beginning balance | (11,071) |
Amortization expense | (152) |
Accumulated amortization of intangible assets - ending balance | $ (11,223) |
Weighted average remaining contractual life, in years | 3 years 7 months |
Trade name and trademarks | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible assets - beginning balance | $ 4,483 |
Foreign currency translation | 245 |
Intangible assets - ending balance | 4,728 |
Accumulated amortization of intangible assets - beginning balance | (908) |
Amortization expense | (146) |
Accumulated amortization of intangible assets - ending balance | $ (1,054) |
Weighted average remaining contractual life, in years | 13 years 1 month |
Internally developed software | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible assets - beginning balance | $ 1,062 |
Foreign currency translation | 28 |
Intangible assets - ending balance | 1,090 |
Accumulated amortization of intangible assets - beginning balance | (685) |
Amortization expense | (110) |
Accumulated amortization of intangible assets - ending balance | $ (795) |
Weighted average remaining contractual life, in years | 1 year 9 months |
Licenses | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible assets - beginning balance | $ 746 |
Foreign currency translation | 7 |
Intangible assets - ending balance | 753 |
Accumulated amortization of intangible assets - beginning balance | (657) |
Amortization expense | (30) |
Accumulated amortization of intangible assets - ending balance | $ (687) |
Weighted average remaining contractual life, in years | 1 year 7 months |
BASIS OF PRESENTATION, CONSOL38
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
2,018 | $ 440 |
2,019 | 762 |
2,020 | 467 |
2,021 | 467 |
2,022 | 467 |
Thereafter | 3,022 |
Future intangible assets amortization expense | $ 5,625 |
BASIS OF PRESENTATION, CONSOL39
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017USD ($)aircraft | Sep. 30, 2016USD ($)aircraft | Sep. 30, 2017USD ($)aircraft | Sep. 30, 2016USD ($)aircraft | |
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft delivered | aircraft | 2 | 6 | 5 | 6 |
Capital expenditures | $ 11,764 | $ 80,803 | $ 24,317 | $ 101,866 |
Progress payments for aircraft | $ 1,000 | $ 63,700 | $ 2,300 | $ 66,800 |
Medium | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft delivered | aircraft | 2 | 5 | 5 | 5 |
SAR aircraft | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft delivered | aircraft | 0 | 1 | 0 | 1 |
Aircraft and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $ 5,679 | $ 78,087 | $ 16,489 | $ 95,574 |
Land and buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $ 6,085 | $ 2,716 | $ 7,828 | $ 6,292 |
BASIS OF PRESENTATION, CONSOL40
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment Disposed of and Impairments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017USD ($)aircraft | Sep. 30, 2016USD ($)aircraft | Sep. 30, 2017USD ($)aircraft | Sep. 30, 2016USD ($)aircraft | |
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft sold or disposed of | aircraft | 0 | 0 | 6 | 6 |
Proceeds from asset dispositions | $ 269 | $ 329 | $ 42,244 | $ 11,819 |
Loss on disposal of assets | $ (8,526) | $ (2,186) | $ (7,827) | $ (12,203) |
Number of aircraft impaired | aircraft | 2 | 6 | 4 | 13 |
Impairment charges on aircraft held for sale | $ 8,183 | $ 1,011 | $ 9,747 | $ 11,160 |
Air transportation equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Loss on disposal of assets | (343) | $ (1,175) | 1,920 | $ (1,043) |
Bristow Academy | Held-for-sale | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charges on aircraft held for sale | $ 6,500 | $ 6,500 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) £ / shares in Units, $ in Thousands, £ in Millions | 1 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Apr. 30, 2015 | Jul. 31, 2014 | Sep. 30, 2017GBP (£)AffiliatesClass_Of_SharesNominationsvoting_rights | Dec. 31, 2013 | Sep. 30, 2017USD ($)Class_Of_Sharesvoting_rights | Mar. 31, 2017USD ($) | May 31, 2004USD ($)shares | May 31, 2004£ / shares | Apr. 30, 2004 | |
Variable Interest Entity [Line Items] | |||||||||
Number of variable interest entities | Affiliates | 4 | ||||||||
Deferred interest accrued | $ | $ 12,456 | $ 12,909 | |||||||
Caledonia Investments Plc | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage by third party | 46.00% | ||||||||
European Union | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage by third party | 5.00% | ||||||||
Nigerian Company owned by 100% Nigerian Employees | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage by third party | 50.00% | ||||||||
Purchased percentage from third party | 2.00% | 29.00% | 19.00% | ||||||
Employee Trust Fund | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage by third party | 2.00% | ||||||||
Bristow Aviation Holdings Limited | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage in Variable Interest Entity | 49.00% | ||||||||
Number of class of shares | Class_Of_Shares | 3 | 3 | |||||||
Ownership percentage by third party | 51.00% | ||||||||
Purchase of deferred stock shares | shares | 8,000,000 | ||||||||
Business acquisition share price | £ / shares | £ 1 | ||||||||
Total amount paid for deferred shares | $ | $ 14,400 | ||||||||
Principal amount of subordinated unsecured loan stock | £ 91 | $ 122,100 | |||||||
Interest rate on unsecured loan | 13.50% | ||||||||
Deferred interest accrued | $ | $ 2,004,408 | $ 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% | ||||||||
Bristow Aviation Holdings Limited | Caledonia Investments Plc | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number Of Voting Rights | voting_rights | 3 | 3 | |||||||
Number of Board Of Directors Nomination | Nominations | 2 | ||||||||
Bristow Aviation Holdings Limited | Director | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number Of Voting Rights | voting_rights | 1 | 1 | |||||||
Bristow Aviation Holdings Limited | Director Two | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number Of Voting Rights | voting_rights | 1 | 1 | |||||||
Bristow Helicopters Nigeria Ltd | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage in Variable Interest Entity | 48.00% | ||||||||
Purchased percentage from third party | 8.00% | ||||||||
Pan African Airlines Nigeria Ltd | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage in Variable Interest Entity | 50.17% |
VARIABLE INTEREST ENTITIES - Ba
VARIABLE INTEREST ENTITIES - Balance Sheets of VIEs (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 97,343 | $ 96,656 | $ 100,668 | $ 104,310 |
Accounts receivable | 237,872 | 206,915 | ||
Inventories | 131,616 | 124,911 | ||
Prepaid expenses and other current assets | 44,089 | 41,143 | ||
Total current assets | 545,854 | 507,871 | ||
Investment in unconsolidated affiliates | 211,499 | 210,162 | ||
Property and equipment, net | 2,196,740 | 2,254,364 | ||
Goodwill | 20,364 | 19,798 | ||
Other assets | 114,066 | 121,652 | ||
Total assets | 3,088,523 | 3,113,847 | ||
Accounts payable | 97,762 | 98,215 | ||
Accrued liabilities | 194,897 | 186,246 | ||
Accrued interest | 12,456 | 12,909 | ||
Short-term borrowings and current maturities of long-term debt | 113,519 | 131,063 | ||
Total current liabilities | 406,178 | 416,354 | ||
Long-term debt, less current maturities | 1,198,587 | 1,150,956 | ||
Accrued pension liabilities | 57,928 | 61,647 | ||
Other liabilities and deferred credits | 31,873 | 28,899 | ||
Deferred taxes | 154,927 | |||
Deferred taxes | 154,873 | |||
Redeemable noncontrolling interest | 6,002 | 6,886 | ||
Bristow Aviation Holdings Limited | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 94,068 | 92,409 | ||
Accounts receivable | 296,145 | 222,560 | ||
Inventories | 98,460 | 90,190 | ||
Prepaid expenses and other current assets | 57,008 | 50,016 | ||
Total current assets | 545,681 | 455,175 | ||
Investment in unconsolidated affiliates | 3,476 | 3,513 | ||
Property and equipment, net | 316,980 | 306,831 | ||
Goodwill | 20,364 | 19,798 | ||
Other assets | 205,483 | 203,228 | ||
Total assets | 1,091,984 | 988,545 | ||
Accounts payable | 275,440 | 146,841 | ||
Accrued liabilities | 137,719 | 122,130 | ||
Accrued interest | 2,004,408 | 1,891,305 | ||
Short-term borrowings and current maturities of long-term debt | 20,296 | 18,578 | ||
Total current liabilities | 2,437,863 | 2,178,854 | ||
Long-term debt, less current maturities | 480,835 | 501,782 | ||
Accrued pension liabilities | 57,928 | 61,647 | ||
Other liabilities and deferred credits | 7,907 | 8,138 | ||
Deferred taxes | 14,195 | |||
Deferred taxes | 20,264 | |||
Redeemable noncontrolling interest | 6,002 | 6,886 | ||
Liabilities | $ 3,004,730 | $ 2,777,571 |
VARIABLE INTEREST ENTITIES - St
VARIABLE INTEREST ENTITIES - Statements of Operations of VIEs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Variable Interest Entity [Line Items] | ||||
Revenue | $ 373,676 | $ 357,467 | $ 725,785 | $ 726,865 |
Net loss | (31,396) | (30,107) | (87,142) | (71,179) |
Bristow Aviation Holdings Limited | ||||
Variable Interest Entity [Line Items] | ||||
Revenue | 321,956 | 310,325 | 623,926 | 628,779 |
Operating loss | (2,978) | (20,773) | (22,632) | (40,516) |
Net loss | $ (62,081) | $ (80,794) | $ (141,250) | $ (169,337) |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,329,370 | $ 1,293,364 |
Unamortized debt issuance cost | (17,264) | (11,345) |
Total debt, net | 1,312,106 | 1,282,019 |
Less short-term borrowings and current maturities of long-term debt | (113,519) | (131,063) |
Total long-term debt | 1,198,587 | 1,150,956 |
6¼% Senior Notes due 2022 | Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 401,535 | 401,535 |
Interest rate on debt | 6.25% | |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | $ 150,835 | 261,907 |
Term Loan Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 28,929 | 45,900 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 89,100 | 139,100 |
Secured Debt | Lombard Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 207,153 | 196,832 |
Secured Debt | Macquarie Credit Agreement | ||
Debt Instrument [Line Items] | ||
Total debt | 192,028 | 200,000 |
Secured Debt | PK Air Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 230,000 | 0 |
Other Debt | Airnorth debt | ||
Debt Instrument [Line Items] | ||
Total debt | 15,193 | 16,471 |
Other Debt | Eastern Airways debt | ||
Debt Instrument [Line Items] | ||
Total debt | 14,597 | 15,326 |
Other Debt | Other Debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 16,293 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | Jul. 17, 2017USD ($)trancheMonthsDaysLoan | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Apr. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Debt Instrument [Line Items] | ||||||
Proceeds from borrowings | $ 338,018,000 | $ 195,954,000 | ||||
Payment of contingent consideration | 0 | $ 10,000,000 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from borrowings | 107,800,000 | |||||
Repayment of debt | $ 103,000,000 | 157,800,000 | ||||
Maximum borrowing capacity | 400,000,000 | 400,000,000 | ||||
Letters of credit outstanding, amount | 18,900,000 | 18,900,000 | ||||
Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of debt | 93,700,000 | 111,200,000 | ||||
Face amount of debt | 350,000,000 | $ 350,000,000 | ||||
Other Debt | Other Debt | ||||||
Debt Instrument [Line Items] | ||||||
Contingent consideration, period, payment | 3 years | |||||
Payment of contingent consideration | $ 16,000,000 | |||||
Secured Debt | PK Air Debt | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of debt | $ 230,000,000 | |||||
Number of term loans | Loan | 24 | |||||
Number of tranches | tranche | 2 | |||||
Payment starts date - number of months following borrowing date | 7 months | |||||
Final payment amount as a percentage of face amount | 53.00% | |||||
Terms of debt instruments | 70 months | |||||
Secured Debt | One-Month LIBOR | PK Air Debt | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 5.00% | |||||
Variable In Determining Interest Rate, Number of Days | Days | 2 | |||||
Fix rate option, number of 30-day months on a notional interest rate swap | Months | 12 | |||||
Term Loan Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of debt | 17,000,000 | $ 17,000,000 | ||||
Face amount of debt | $ 200,000,000 | $ 200,000,000 | ||||
Subsequent Event | Term Loan Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of debt | $ 28,900,000 |
FAIR VALUE DISCLOSURES - Assets
FAIR VALUE DISCLOSURES - Assets at Fair Value On A Non-recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | $ 131,616 | $ 131,616 | $ 124,911 | ||
Assets held for sale | 34,934 | 34,934 | $ 38,246 | ||
Inventory write-down | 0 | $ (7,572) | (1,192) | $ (7,572) | |
Impairment charges on aircraft held for sale | (8,183) | (1,011) | (9,747) | (11,160) | |
Loss on sale of assets and asset impairment charges | (8,183) | (8,583) | (10,939) | (18,732) | |
Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 1,218 | 56,355 | 1,218 | 56,355 | |
Assets held for sale | 36,167 | 40,338 | 36,167 | 40,338 | |
Total assets | 37,385 | 96,693 | 37,385 | 96,693 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 0 | 0 | 0 | 0 | |
Assets held for sale | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 1,218 | 56,355 | 1,218 | 56,355 | |
Assets held for sale | 36,167 | 40,338 | 36,167 | 40,338 | |
Total assets | 37,385 | 96,693 | 37,385 | 96,693 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 0 | 0 | 0 | 0 | |
Assets held for sale | 0 | 0 | 0 | 0 | |
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Narrat
FAIR VALUE DISCLOSURES - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017USD ($)aircraft | Sep. 30, 2016USD ($)aircraft | Sep. 30, 2017USD ($)aircraft | Sep. 30, 2016USD ($)aircraft | |
Fair Value Disclosures [Abstract] | ||||
Number of aircraft impaired | aircraft | 2 | 6 | 4 | 13 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charges on aircraft held for sale | $ 8,183 | $ 1,011 | $ 9,747 | $ 11,160 |
Bristow Academy | Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charges on aircraft held for sale | $ 6,500 | $ 6,500 |
FAIR VALUE DISCLOSURES - Asse48
FAIR VALUE DISCLOSURES - Assets At Fair Value On A Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trust investments | $ 2,695 | $ 3,075 |
Total Assets Recurring | 2,695 | 3,075 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trust investments | 2,695 | 3,075 |
Total Assets Recurring | 2,695 | 3,075 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trust investments | 0 | 0 |
Total Assets Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trust investments | 0 | 0 |
Total Assets Recurring | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Fair V
FAIR VALUE DISCLOSURES - Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | $ 1,329,370 | $ 1,293,364 |
Fair value of total debt | 1,208,910 | 1,215,065 |
6¼% Senior Notes due 2022 | Senior Notes Due 2022 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | 401,535 | 401,535 |
Fair value of total debt | 281,075 | 323,236 |
Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | 150,835 | 261,907 |
Fair value of total debt | 150,835 | 261,907 |
Term Loan Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | 28,929 | 45,900 |
Fair value of total debt | 28,929 | 45,900 |
Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | 89,100 | 139,100 |
Fair value of total debt | 89,100 | 139,100 |
Secured Debt | Lombard Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | 207,153 | 196,832 |
Fair value of total debt | 207,153 | 196,832 |
Secured Debt | Macquarie Credit Agreement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | 192,028 | 200,000 |
Fair value of total debt | 192,028 | 200,000 |
Secured Debt | PK Air Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | 230,000 | 0 |
Fair value of total debt | 230,000 | 0 |
Other Debt | Airnorth debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | 15,193 | 16,471 |
Fair value of total debt | 15,193 | 16,471 |
Other Debt | Eastern Airways debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | 14,597 | 15,326 |
Fair value of total debt | 14,597 | 15,326 |
Other Debt | Other Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of total debt | 0 | 16,293 |
Fair value of total debt | $ 0 | $ 16,293 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Purchase Commitment and Commitment Expenditures (Details) $ in Thousands | Nov. 08, 2017USD ($)aircraft | Sep. 30, 2017USD ($) |
Aircraft | Subsequent Event | ||
Number of Aircraft Unconditional Commitments | ||
Six Months Ending March 31, 2018 | 0 | |
2,019 | 1 | |
2,020 | 4 | |
2,021 | 4 | |
2022 and thereafter | 18 | |
Purchase Commitment - Total Aircrafts | 27 | |
Commitment Expenditures | ||
Six Months Ending March 31, 2018 | $ | $ 3,192 | |
2019 | $ | 19,820 | |
2020 | $ | 87,134 | |
2021 | $ | 77,507 | |
2022 and thereafter | $ | 280,876 | |
Purchase Commitments - Total | $ | $ 468,529 | |
Number of Aircraft Conditional Commitments | ||
Six Months Ending March 31, 2018 | 0 | |
2,019 | 2 | |
2,020 | 2 | |
2,021 | 0 | |
2022 and thereafter | 0 | |
Aircraft Purchase Options - Total Aircrafts | 4 | |
Related Option Expenditures | ||
Six Months Ending March 31, 2018 | $ | $ 0 | |
2019 | $ | 44,181 | |
2020 | $ | 31,536 | |
2021 | $ | 0 | |
2022 and thereafter | $ | 0 | |
Aircraft Purchase Options - Total | $ | 75,717 | |
Unrecorded Unconditional Purchase Obligation Due Within Two and Three Years, Deferred Payment | $ | 130,000 | |
Unrecorded Unconditional Purchase Obligation Deferral Due in Remainder of Fiscal Year | $ | $ 62,000 | |
Cancellable Commitments | ||
Related Option Expenditures | ||
Deposit assets | $ | $ 4,500 | |
Cancellable Commitments | Subsequent Event | ||
Number of Aircraft Unconditional Commitments | ||
Purchase Commitment - Total Aircrafts | 5 | |
Commitment Expenditures | ||
Purchase Commitments - Total | $ | $ 86,000 | |
Large | Aircraft | Subsequent Event | ||
Number of Aircraft Unconditional Commitments | ||
Six Months Ending March 31, 2018 | 0 | |
2,019 | 1 | |
2,020 | 0 | |
2,021 | 4 | |
2022 and thereafter | 18 | |
Purchase Commitment - Total Aircrafts | 23 | |
Number of Aircraft Conditional Commitments | ||
Six Months Ending March 31, 2018 | 0 | |
2,019 | 2 | |
2,020 | 2 | |
2,021 | 0 | |
2022 and thereafter | 0 | |
Aircraft Purchase Options - Total Aircrafts | 4 | |
U.K. SAR | Aircraft | Subsequent Event | ||
Number of Aircraft Unconditional Commitments | ||
Six Months Ending March 31, 2018 | 0 | |
2,019 | 0 | |
2,020 | 4 | |
2,021 | 0 | |
2022 and thereafter | 0 | |
Purchase Commitment - Total Aircrafts | 4 | |
Commitment Expenditures | ||
Six Months Ending March 31, 2018 | $ | $ 3,192 | |
2019 | $ | 0 | |
2020 | $ | 61,994 | |
2021 | $ | 0 | |
2022 and thereafter | $ | 0 | |
Purchase Commitments - Total | $ | 65,186 | |
Medium and large | Aircraft | Subsequent Event | ||
Commitment Expenditures | ||
Six Months Ending March 31, 2018 | $ | 0 | |
2019 | $ | 19,820 | |
2020 | $ | 25,140 | |
2021 | $ | 77,507 | |
2022 and thereafter | $ | 280,876 | |
Purchase Commitments - Total | $ | $ 403,343 |
COMMITMENTS AND CONTINGENCIES51
COMMITMENTS AND CONTINGENCIES - Schedule of Aircraft Orders and Options (Details) - aircraft | 3 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | |
Commitments | ||
AnalysisOfAircraftOrdersAndOptions [Roll Forward] | ||
Beginning of period | 29 | 32 |
Aircraft delivered | (2) | (3) |
End of period | 27 | 29 |
Options | ||
AnalysisOfAircraftOrdersAndOptions [Roll Forward] | ||
Beginning of period | 4 | 4 |
Aircraft delivered | 0 | 0 |
End of period | 4 | 4 |
COMMITMENTS AND CONTINGENCIES52
COMMITMENTS AND CONTINGENCIES - Operating Leases (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017USD ($)aircraft | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)aircraft | Sep. 30, 2016USD ($) | |
Operating Leased Assets [Line Items] | ||||
Operating leases rental expense | $ | $ 57.2 | $ 51.9 | $ 115.9 | $ 103.2 |
Term of leasing contract | 180 months | |||
Operating lease term renewal options | 240 months | |||
Number of leased aircraft | 91 | 91 | ||
Aircraft | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases rental expense | $ | $ 49.7 | $ 46.1 | $ 101.4 | $ 90.8 |
VIH Aviation Group | Leasing From Related Party [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Related party transaction, expenses from transactions with related party | $ | $ 5.2 | $ 9.7 | ||
VIH Aviation Group | Leasing From Related Party [Member] | S-92 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 6 | 6 | ||
VIH Aviation Group | Leasing From Related Party [Member] | AW139 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 1 | 1 | ||
VIH Helicopters USA, Inc | Leasing From Related Party [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Related party transaction, expenses from transactions with related party | $ | $ 0.1 | |||
Six months ending March 31, 2018 to fiscal year 2019 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 26 | 26 | ||
Fiscal year 2020 to fiscal year 2022 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 48 | 48 | ||
Fiscal year 2023 to fiscal year 2024 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 17 | 17 |
COMMITMENTS AND CONTINGENCIES53
COMMITMENTS AND CONTINGENCIES - Employee Agreements (Details) - Unionized employees concentration risk | 6 Months Ended |
Sep. 30, 2017 | |
Workforce subject to collective bargaining arrangements | |
Concentration Risk [Line Items] | |
Collective bargaining agreements and/or unions | 51.00% |
Employee agreement escalation rate | 3.00% |
Workforce subject to collective bargaining arrangements expiring within one year | |
Concentration Risk [Line Items] | |
Collective bargaining agreements and/or unions | 85.00% |
COMMITMENTS AND CONTINGENCIES54
COMMITMENTS AND CONTINGENCIES - Separation Programs (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2017Employee | Apr. 01, 2016Employee | |
Restructuring Cost and Reserve [Line Items] | ||||||
Named executive | Employee | 2 | 1 | ||||
Voluntary separation program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | $ 0 | $ 590 | $ 0 | $ 1,468 | ||
Involuntary separation program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | 2,410 | 8,963 | 11,089 | 13,491 | ||
Direct cost | Voluntary separation program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | 0 | 590 | 0 | 1,445 | ||
Direct cost | Involuntary separation program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | 1,477 | 4,398 | 2,547 | 4,896 | ||
General and administrative | Voluntary separation program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | 0 | 0 | 0 | 23 | ||
General and administrative | Involuntary separation program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | $ 933 | $ 4,565 | $ 8,542 | $ 8,595 |
COMMITMENTS AND CONTINGENCIES55
COMMITMENTS AND CONTINGENCIES - Environmental Contingencies, Other Purchase Obligations and Other Matters (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($)aircraftFacility | |
Other Commitments [Line Items] | ||
Number of former waste disposal facilities | Facility | 3 | |
Low | ||
Other Commitments [Line Items] | ||
Estimate of possible loss | $ | $ 4 | |
High | ||
Other Commitments [Line Items] | ||
Estimate of possible loss | $ | $ 6 | |
H225 Super Puma | NORWAY | Commercial Type Aircraft | ||
Other Commitments [Line Items] | ||
Number of aircraft suspend operations | 1 | |
H225 Super Puma | NORWAY | Search And Rescue Type Aircraft | ||
Other Commitments [Line Items] | ||
Number of aircraft suspend operations | 4 | |
H225 Super Puma | UNITED KINGDOM | Commercial Type Aircraft | ||
Other Commitments [Line Items] | ||
Number of aircraft suspend operations | 13 | |
H225 Super Puma | AUSTRALIA | Commercial Type Aircraft | ||
Other Commitments [Line Items] | ||
Number of aircraft suspend operations | 6 | |
H225 Super Puma | AUSTRALIA | Search And Rescue Type Aircraft | ||
Other Commitments [Line Items] | ||
Number of aircraft suspend operations | 3 | |
AW189 | ||
Other Commitments [Line Items] | ||
Number of aircraft delivery delayed | 4 | |
Other Commitments | ||
Other Commitments [Line Items] | ||
Purchase obligations | $ | $ 41.1 | |
Recovery From Equipment Manufacturer | Forecast | H225 and AW189 | ||
Other Commitments [Line Items] | ||
Expect recovery cost from manufacturer | $ | $ 130 |
TAXES (Details)
TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | (8.60%) | 14.80% | (22.40%) | 9.50% |
Impact on effective income tax rate due to unrecognized tax benefits in foreign jurisdictions | $ 4.7 | $ 4.7 | ||
Valuation allowance, deferred tax asset, increase (decrease), amount | 0.2 | $ 2.5 | 11.3 | $ 15.7 |
Unrecognized Tax Benefits | $ 6 | $ 6 |
EMPLOYEE BENEFIT PLANS - Compon
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan [Abstract] | ||||
Service cost for benefits earned during the period | $ 157 | $ 1,794 | $ 311 | $ 3,754 |
Interest cost on pension benefit obligation | 3,838 | 4,377 | 7,589 | 9,158 |
Expected return on assets | (5,432) | (5,920) | (10,741) | (12,391) |
Amortization of unrecognized losses | 1,819 | 1,793 | 3,597 | 3,755 |
Net periodic pension cost | $ 382 | $ 2,044 | $ 756 | $ 4,276 |
EMPLOYEE BENEFIT PLANS - Pensio
EMPLOYEE BENEFIT PLANS - Pension Plans Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Mar. 31, 2017 | |
Defined Benefit Plan [Abstract] | ||
Estimated cash contributions | $ 15.3 | |
Cash contributions | $ 8.2 | |
Weighted-average expected long-term rate of return on assets | 4.40% |
EMPLOYEE BENEFIT PLANS - Incent
EMPLOYEE BENEFIT PLANS - Incentive Compensations Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock shares reserved | 10,646,729 | 10,646,729 | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Shares available for grant | 2,309,469 | 2,309,469 | ||||
Stock based compensation expense | $ 2,400 | $ 2,000 | $ 6,542 | $ 6,244 | ||
Restricted stock grants- shares | 600,618 | |||||
Weighted average grant date fair value (in dollars per share) | $ 7.15 | |||||
Stock option grants- shares | 1,256,043 | |||||
Phantom Share Units (PSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation payout period | 3 years | |||||
Noncurrent deferred compensation liability | 400 | $ 400 | ||||
Share-based compensation expense | $ 400 | |||||
Performance cash | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award requisite service period | 3 years | |||||
Performance cash compensation liability | 7,700 | $ 7,700 | $ 14,200 | |||
Performance cash compensation expense | $ 4,400 | $ 3,600 | $ 1,400 | $ 2,500 |
EMPLOYEE BENEFIT PLANS - Assump
EMPLOYEE BENEFIT PLANS - Assumptions Used for Stock Options Granted (Details) | 6 Months Ended |
Sep. 30, 2017$ / shares | |
Defined Benefit Plan [Abstract] | |
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 |
EARNINGS PER SHARE AND ACCUMU61
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Antidilutive Securities Excluded from EPS Calculation (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding shares | 3,761,830 | 1,950,289 | 2,688,049 | 1,522,304 |
Weighted average exercise price - antidilutive | $ 29.89 | $ 30.07 | $ 41.27 | $ 36.23 |
Restricted Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding shares | 735,648 | 442,217 | 567,396 | 577,737 |
Weighted average exercise price - antidilutive | $ 15.07 | $ 26.81 | $ 18.88 | $ 24.59 |
EARNINGS PER SHARE AND ACCUMU62
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | ||||
Loss available to common stockholders | $ (31,209) | $ (29,797) | $ (86,484) | $ (70,569) |
Weighted average number of common shares outstanding – basic | 35,317,935 | 35,070,047 | 35,253,688 | 35,012,014 |
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method | 0 | 0 | 0 | 0 |
Weighted average number of common shares outstanding – diluted | 35,317,935 | 35,070,047 | 35,253,688 | 35,012,014 |
Basic loss per common share (in dollars per share) | $ (0.88) | $ (0.85) | $ (2.45) | $ (2.02) |
Diluted loss per common share (in dollars per share) | $ (0.88) | $ (0.85) | $ (2.45) | $ (2.02) |
EARNINGS PER SHARE AND ACCUMU63
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2017USD ($) | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance as of March 31, 2017 | $ 1,294,232 |
Net current period other comprehensive income | 20,998 |
Balance as of September 30, 2017 | 1,233,028 |
Currency Translation Adjustments | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance as of March 31, 2017 | (149,721) |
Other comprehensive income before reclassification | 20,998 |
Reclassified from accumulated other comprehensive income | 0 |
Net current period other comprehensive income | 20,998 |
Foreign exchange rate impact | 16,431 |
Balance as of September 30, 2017 | (112,292) |
Pension Liability Adjustments | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance as of March 31, 2017 | (178,556) |
Other comprehensive income before reclassification | 0 |
Reclassified from accumulated other comprehensive income | 0 |
Net current period other comprehensive income | 0 |
Foreign exchange rate impact | (16,431) |
Balance as of September 30, 2017 | (194,987) |
Total | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance as of March 31, 2017 | (328,277) |
Other comprehensive income before reclassification | 20,998 |
Reclassified from accumulated other comprehensive income | 0 |
Net current period other comprehensive income | 20,998 |
Foreign exchange rate impact | 0 |
Balance as of September 30, 2017 | $ (307,279) |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 6 Months Ended |
Sep. 30, 2017RegionsSegmentshub | |
Segment Reporting [Abstract] | |
Number of operating segments | Segments | 1 |
Number of aircraft hubs | hub | 2 |
Number of reportable segments | Regions | 4 |
SEGMENT INFORMATION - Revenue b
SEGMENT INFORMATION - Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 373,676 | $ 357,467 | $ 725,785 | $ 726,865 |
Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 205,406 | 193,725 | 397,841 | 390,688 |
Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 49,787 | 51,644 | 100,577 | 105,906 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 61,151 | 57,207 | 119,207 | 116,251 |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 59,284 | 55,256 | 111,730 | 114,400 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,481 | 2,676 | 3,215 | 5,892 |
External Customer | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 373,676 | 357,467 | 725,785 | 726,865 |
External Customer | Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 203,923 | 191,834 | 395,322 | 386,658 |
External Customer | Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 49,787 | 51,644 | 100,577 | 105,906 |
External Customer | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 59,201 | 56,092 | 114,963 | 114,289 |
External Customer | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 59,284 | 55,255 | 111,730 | 114,399 |
External Customer | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,481 | 2,642 | 3,193 | 5,613 |
Intersegment elimination | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,433 | 3,041 | 6,785 | 6,272 |
Intersegment elimination | Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,483 | 1,891 | 2,519 | 4,030 |
Intersegment elimination | Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment elimination | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,950 | 1,115 | 4,244 | 1,962 |
Intersegment elimination | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 1 | 0 | 1 |
Intersegment elimination | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 34 | $ 22 | $ 279 |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Performance and Total Assets by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Assets | $ 3,088,523 | $ 3,088,523 | $ 3,113,847 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 2,063 | $ 138 | 1,398 | $ 3,968 | |
Loss on disposal of assets | (8,526) | (2,186) | (7,827) | (12,203) | |
Operating loss | (12,917) | (26,882) | (37,506) | (53,117) | |
Depreciation and amortization | 31,381 | 28,592 | 62,437 | 63,286 | |
Total investments in unconsolidated affiliates - equity method | 205,213 | 205,213 | 203,876 | ||
Accelerated depreciation | 1,300 | 8,200 | |||
Construction in progress within property and equipment | 68,400 | 68,400 | 199,300 | ||
Europe Caspian | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,060,635 | 1,060,635 | 1,091,536 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 61 | 65 | 91 | 116 | |
Total business unit operating income | 9,891 | 5,741 | 14,298 | 18,771 | |
Depreciation and amortization | 12,196 | 11,220 | 24,018 | 22,409 | |
Total investments in unconsolidated affiliates - equity method | 309 | 309 | 257 | ||
Accelerated depreciation | 200 | 400 | |||
Africa | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 431,588 | 431,588 | 325,719 | ||
Total business unit operating income | 7,835 | 7,942 | 17,883 | 9,513 | |
Depreciation and amortization | 3,590 | 3,220 | 6,666 | 8,673 | |
Accelerated depreciation | 1,100 | 3,900 | |||
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 869,584 | 869,584 | 809,071 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 2,150 | 260 | 1,615 | 4,123 | |
Total business unit operating income | 7,483 | 2,643 | 6,227 | 3,564 | |
Depreciation and amortization | 6,998 | 7,228 | 13,997 | 18,609 | |
Total investments in unconsolidated affiliates - equity method | 201,737 | 201,737 | 200,362 | ||
Accelerated depreciation | 3,900 | ||||
Asia Pacific | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 360,157 | 360,157 | 433,614 | ||
Total business unit operating income | (5,903) | (9,575) | (18,433) | (15,468) | |
Depreciation and amortization | 5,058 | 4,377 | 10,868 | 8,613 | |
Corporate and other | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 366,559 | 366,559 | 453,907 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (148) | (187) | (308) | (271) | |
Total business unit operating income | (23,697) | (31,447) | (49,654) | (57,294) | |
Depreciation and amortization | 3,539 | $ 2,547 | 6,888 | $ 4,982 | |
Total investments in unconsolidated affiliates - equity method | $ 3,167 | $ 3,167 | $ 3,257 |
SUPPLEMENTAL CONDENSED CONSOL67
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $ 373,676 | $ 357,467 | $ 725,785 | $ 726,865 |
Direct cost and reimbursable expense | 300,127 | 294,906 | 597,904 | 597,063 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 31,381 | 28,592 | 62,437 | 63,286 |
General and administrative | 48,622 | 51,274 | 95,329 | 103,869 |
Operating expense | 380,130 | 374,772 | 755,670 | 764,218 |
Loss on impairment | 0 | (7,572) | (1,192) | (7,572) |
Gain (loss) on disposal of assets | (8,526) | (2,186) | (7,827) | (12,203) |
Earnings from unconsolidated affiliates, net of losses | 2,063 | 181 | 1,398 | 4,011 |
Operating loss | (12,917) | (26,882) | (37,506) | (53,117) |
Interest expense, net | (18,563) | (11,468) | (34,584) | (22,354) |
Other income (expense), net | 2,558 | 3,003 | 913 | (3,186) |
Income (loss) before (provision) benefit for income taxes | (28,922) | (35,347) | (71,177) | (78,657) |
Benefit (provision) for income taxes | (2,474) | 5,240 | (15,965) | 7,478 |
Net loss | (31,396) | (30,107) | (87,142) | (71,179) |
Net (income) loss attributable to noncontrolling interests | 187 | 310 | 658 | 610 |
Net loss attributable to Bristow Group | (31,209) | (29,797) | (86,484) | (70,569) |
External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 373,676 | 357,467 | 725,785 | 726,865 |
Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | (31,719) | (24,323) | (63,910) | (48,614) |
Direct cost and reimbursable expense | 0 | 0 | 0 | 0 |
Intercompany expenses | (31,719) | (24,323) | (63,910) | (48,614) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Operating expense | (31,719) | (24,323) | (63,910) | (48,614) |
Loss on impairment | 0 | 0 | 0 | |
Gain (loss) on disposal of assets | 0 | 0 | 0 | 0 |
Earnings from unconsolidated affiliates, net of losses | (9,642) | 9,690 | 11,003 | 22,466 |
Operating loss | (9,642) | 9,690 | 11,003 | 22,466 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) before (provision) benefit for income taxes | (9,642) | 9,690 | 11,003 | 22,466 |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Net loss | (9,642) | 9,690 | 11,003 | 22,466 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Bristow Group | (9,642) | 9,690 | 11,003 | 22,466 |
Eliminations | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Eliminations | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | (31,719) | (24,323) | (63,910) | (48,614) |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Direct cost and reimbursable expense | 3,263 | (374) | 3,269 | (631) |
Intercompany expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 3,016 | 2,223 | 5,933 | 4,316 |
General and administrative | 17,880 | 17,487 | 36,987 | 37,746 |
Operating expense | 24,159 | 19,336 | 46,189 | 41,431 |
Loss on impairment | 0 | 0 | 0 | |
Gain (loss) on disposal of assets | 0 | 0 | 0 | 0 |
Earnings from unconsolidated affiliates, net of losses | 9,642 | (9,647) | (11,003) | (22,423) |
Operating loss | (14,517) | (28,983) | (57,192) | (63,854) |
Interest expense, net | (10,636) | (10,347) | (19,694) | (20,232) |
Other income (expense), net | (97) | 206 | (126) | 752 |
Income (loss) before (provision) benefit for income taxes | (25,250) | (39,124) | (77,012) | (83,334) |
Benefit (provision) for income taxes | (5,946) | 9,339 | (9,448) | 12,792 |
Net loss | (31,196) | (29,785) | (86,460) | (70,542) |
Net (income) loss attributable to noncontrolling interests | (13) | (12) | (24) | (27) |
Net loss attributable to Bristow Group | (31,209) | (29,797) | (86,484) | (70,569) |
Parent Company Only | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Parent Company Only | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 78,671 | 66,866 | 156,637 | 136,470 |
Direct cost and reimbursable expense | 45,955 | 47,858 | 98,289 | 96,476 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 13,237 | 10,805 | 25,720 | 27,786 |
General and administrative | 5,623 | 6,490 | 11,385 | 13,080 |
Operating expense | 64,815 | 65,153 | 135,394 | 137,342 |
Loss on impairment | (4,761) | (1,192) | (4,761) | |
Gain (loss) on disposal of assets | 10,597 | (1,348) | 11,013 | (11,575) |
Earnings from unconsolidated affiliates, net of losses | 0 | 0 | 0 | 0 |
Operating loss | 24,453 | (4,396) | 31,064 | (17,208) |
Interest expense, net | (6,023) | (371) | (11,803) | (1,028) |
Other income (expense), net | (399) | 411 | (756) | 1,646 |
Income (loss) before (provision) benefit for income taxes | 18,031 | (4,356) | 18,505 | (16,590) |
Benefit (provision) for income taxes | (1,945) | (1,510) | (6,105) | (3,732) |
Net loss | 16,086 | (5,866) | 12,400 | (20,322) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Bristow Group | 16,086 | (5,866) | 12,400 | (20,322) |
Guarantor Subsidiaries | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 46,952 | 42,543 | 92,727 | 87,856 |
Guarantor Subsidiaries | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 31,719 | 24,323 | 63,910 | 48,614 |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 326,724 | 314,924 | 633,058 | 639,009 |
Direct cost and reimbursable expense | 250,909 | 247,422 | 496,346 | 501,218 |
Intercompany expenses | 31,719 | 24,323 | 63,910 | 48,614 |
Depreciation and amortization | 15,128 | 15,564 | 30,784 | 31,184 |
General and administrative | 25,119 | 27,297 | 46,957 | 53,043 |
Operating expense | 322,875 | 314,606 | 637,997 | 634,059 |
Loss on impairment | (2,811) | 0 | (2,811) | |
Gain (loss) on disposal of assets | (19,123) | (838) | (18,840) | (628) |
Earnings from unconsolidated affiliates, net of losses | 2,063 | 138 | 1,398 | 3,968 |
Operating loss | (13,211) | (3,193) | (22,381) | 5,479 |
Interest expense, net | (1,904) | (750) | (3,087) | (1,094) |
Other income (expense), net | 3,054 | 2,386 | 1,795 | (5,584) |
Income (loss) before (provision) benefit for income taxes | (12,061) | (1,557) | (23,673) | (1,199) |
Benefit (provision) for income taxes | 5,417 | (2,589) | (412) | (1,582) |
Net loss | (6,644) | (4,146) | (24,085) | (2,781) |
Net (income) loss attributable to noncontrolling interests | 200 | 322 | 682 | 637 |
Net loss attributable to Bristow Group | (6,444) | (3,824) | (23,403) | (2,144) |
Non- Guarantor Subsidiaries | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 326,724 | 314,924 | 633,058 | 639,009 |
Non- Guarantor Subsidiaries | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
SUPPLEMENTAL CONDENSED CONSOL68
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ (31,396) | $ (30,107) | $ (87,142) | $ (71,179) |
Currency translation adjustments | 10,691 | (5,439) | 20,451 | (12,574) |
Total comprehensive loss | (20,705) | (35,546) | (66,691) | (83,753) |
Net loss attributable to noncontrolling interests | 187 | 310 | 658 | 610 |
Currency translation adjustments attributable to noncontrolling interests | 237 | (523) | 547 | (4,965) |
Total comprehensive (income) loss attributable to noncontrolling interests | 424 | (213) | 1,205 | (4,355) |
Total comprehensive loss attributable to Bristow Group | (20,281) | (35,759) | (65,486) | (88,108) |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (9,642) | 9,690 | 11,003 | 22,466 |
Currency translation adjustments | (3,833) | 4,119 | (8,763) | (220,808) |
Total comprehensive loss | (13,475) | 13,809 | 2,240 | (198,342) |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive loss attributable to Bristow Group | (13,475) | 13,809 | 2,240 | (198,342) |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (31,196) | (29,785) | (86,460) | (70,542) |
Currency translation adjustments | 0 | 0 | 0 | 0 |
Total comprehensive loss | (31,196) | (29,785) | (86,460) | (70,542) |
Net loss attributable to noncontrolling interests | (13) | (12) | (24) | (27) |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | (13) | (12) | (24) | (27) |
Total comprehensive loss attributable to Bristow Group | (31,209) | (29,797) | (86,484) | (70,569) |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 16,086 | (5,866) | 12,400 | (20,322) |
Currency translation adjustments | 306 | 0 | 644 | 0 |
Total comprehensive loss | 16,392 | (5,866) | 13,044 | (20,322) |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive loss attributable to Bristow Group | 16,392 | (5,866) | 13,044 | (20,322) |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (6,644) | (4,146) | (24,085) | (2,781) |
Currency translation adjustments | 14,218 | (9,558) | 28,570 | 208,234 |
Total comprehensive loss | 7,574 | (13,704) | 4,485 | 205,453 |
Net loss attributable to noncontrolling interests | 200 | 322 | 682 | 637 |
Currency translation adjustments attributable to noncontrolling interests | 237 | (523) | 547 | (4,965) |
Total comprehensive (income) loss attributable to noncontrolling interests | 437 | (201) | 1,229 | (4,328) |
Total comprehensive loss attributable to Bristow Group | $ 8,011 | $ (13,905) | $ 5,714 | $ 201,125 |
SUPPLEMENTAL CONDENSED CONSOL69
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 97,343 | $ 96,656 | $ 100,668 | $ 104,310 |
Accounts receivable | 237,872 | 206,915 | ||
Inventories | 131,616 | 124,911 | ||
Assets held for sale | 34,934 | 38,246 | ||
Prepaid expenses and other current assets | 44,089 | 41,143 | ||
Total current assets | 545,854 | 507,871 | ||
Intercompany investment | 0 | 0 | ||
Investment in unconsolidated affiliates | 211,499 | 210,162 | ||
Intercompany notes receivable | 0 | 0 | ||
Land and buildings | 243,355 | 231,448 | ||
Aircraft and equipment | 2,617,835 | 2,622,701 | ||
Total property and equipment, at cost | 2,861,190 | 2,854,149 | ||
Less – Accumulated depreciation and amortization | (664,450) | (599,785) | ||
Total property and equipment, net | 2,196,740 | 2,254,364 | ||
Goodwill | 20,364 | 19,798 | ||
Other assets | 114,066 | 121,652 | ||
Total assets | 3,088,523 | 3,113,847 | ||
Accounts payable | 97,762 | 98,215 | ||
Accrued liabilities | 194,897 | 186,246 | ||
Deferred taxes | 830 | |||
Short-term borrowings and current maturities of long-term debt | 113,519 | 131,063 | ||
Total current liabilities | 406,178 | 416,354 | ||
Long-term debt, less current maturities | 1,198,587 | 1,150,956 | ||
Intercompany notes payable | 0 | 0 | ||
Accrued pension liabilities | 57,928 | 61,647 | ||
Other liabilities and deferred credits | 31,873 | 28,899 | ||
Deferred taxes | 154,873 | |||
Deferred taxes | 154,927 | |||
Redeemable noncontrolling interest | 6,002 | 6,886 | ||
Common stock | 381 | 379 | ||
Additional paid-in capital | 815,990 | 809,995 | ||
Retained earnings | 902,957 | 991,906 | ||
Accumulated other comprehensive income (loss) | (307,279) | (328,277) | ||
Treasury shares | (184,796) | (184,796) | ||
Total Bristow Group stockholders’ investment | 1,227,253 | 1,289,207 | ||
Noncontrolling interests | 5,775 | 5,025 | ||
Total stockholders’ investment | 1,233,028 | 1,294,232 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | 3,088,523 | 3,113,847 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | (631) | 0 |
Accounts receivable | (746,390) | (370,603) | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | (3,408) | (10,451) | ||
Total current assets | (749,798) | (381,054) | ||
Intercompany investment | (2,639,668) | (2,722,362) | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | (325,655) | (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 | (21) | 0 | ||
Total assets | (3,715,142) | (3,487,396) | ||
Accounts payable | (725,382) | (355,442) | ||
Accrued liabilities | (23,131) | (25,628) | ||
Deferred taxes | 0 | |||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | (748,513) | (381,070) | ||
Long-term debt, less current maturities | 0 | 0 | ||
Intercompany notes payable | (326,757) | (383,980) | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 0 | 0 | ||
Deferred taxes | 0 | |||
Deferred taxes | (21) | |||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | (151,345) | (135,345) | ||
Additional paid-in capital | (330,282) | (313,435) | ||
Retained earnings | (1,486,999) | (1,611,104) | ||
Accumulated other comprehensive income (loss) | (671,225) | (662,462) | ||
Treasury shares | 0 | 0 | ||
Total Bristow Group stockholders’ investment | (2,639,851) | (2,722,346) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ investment | (2,639,851) | (2,722,346) | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | (3,715,142) | (3,487,396) | ||
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 591 | 3,382 | 0 | 35,241 |
Accounts receivable | 159,210 | 76,383 | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 2,248 | 3,237 | ||
Total current assets | 162,049 | 83,002 | ||
Intercompany investment | 2,399,726 | 2,491,631 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 263,032 | 306,641 | ||
Land and buildings | 4,806 | 4,806 | ||
Aircraft and equipment | 157,311 | 151,005 | ||
Total property and equipment, at cost | 162,117 | 155,811 | ||
Less – Accumulated depreciation and amortization | (35,027) | (29,099) | ||
Total property and equipment, net | 127,090 | 126,712 | ||
Goodwill | 0 | 0 | ||
Other assets | 8,584 | 18,770 | ||
Total assets | 2,960,481 | 3,026,756 | ||
Accounts payable | 440,137 | 231,841 | ||
Accrued liabilities | 52,547 | 61,791 | ||
Deferred taxes | (1,272) | |||
Short-term borrowings and current maturities of long-term debt | 66,973 | 79,053 | ||
Total current liabilities | 559,657 | 371,413 | ||
Long-term debt, less current maturities | 599,973 | 763,325 | ||
Intercompany notes payable | 62,532 | 70,689 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 13,272 | 11,597 | ||
Deferred taxes | 112,716 | |||
Deferred taxes | 110,900 | |||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | 381 | 379 | ||
Additional paid-in capital | 815,990 | 809,995 | ||
Retained earnings | 902,957 | 991,906 | ||
Accumulated other comprehensive income (loss) | 78,306 | 78,306 | ||
Treasury shares | (184,796) | (184,796) | ||
Total Bristow Group stockholders’ investment | 1,612,838 | 1,695,790 | ||
Noncontrolling interests | 1,309 | 1,226 | ||
Total stockholders’ investment | 1,614,147 | 1,697,016 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | 2,960,481 | 3,026,756 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 771 | 299 | 1,012 | 3,393 |
Accounts receivable | 457,131 | 288,235 | ||
Inventories | 33,156 | 34,721 | ||
Assets held for sale | 29,692 | 30,716 | ||
Prepaid expenses and other current assets | 5,827 | 4,501 | ||
Total current assets | 526,577 | 358,472 | ||
Intercompany investment | 104,435 | 104,435 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 36,358 | 37,633 | ||
Land and buildings | 62,128 | 62,114 | ||
Aircraft and equipment | 1,138,701 | 1,199,073 | ||
Total property and equipment, at cost | 1,200,829 | 1,261,187 | ||
Less – Accumulated depreciation and amortization | (256,871) | (258,225) | ||
Total property and equipment, net | 943,958 | 1,002,962 | ||
Goodwill | 0 | 0 | ||
Other assets | 2,147 | 2,139 | ||
Total assets | 1,613,475 | 1,505,641 | ||
Accounts payable | 163,449 | 70,434 | ||
Accrued liabilities | 17,534 | 17,379 | ||
Deferred taxes | 2,102 | |||
Short-term borrowings and current maturities of long-term debt | 19,050 | 17,432 | ||
Total current liabilities | 200,033 | 107,347 | ||
Long-term debt, less current maturities | 281,587 | 284,710 | ||
Intercompany notes payable | 209,840 | 226,091 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 7,156 | 6,229 | ||
Deferred taxes | 40,344 | |||
Deferred taxes | 44,048 | |||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | 20,028 | 20,028 | ||
Additional paid-in capital | 46,234 | 29,387 | ||
Retained earnings | 803,517 | 791,117 | ||
Accumulated other comprehensive income (loss) | 1,032 | 388 | ||
Treasury shares | 0 | 0 | ||
Total Bristow Group stockholders’ investment | 870,811 | 840,920 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ investment | 870,811 | 840,920 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | 1,613,475 | 1,505,641 | ||
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 95,981 | 92,975 | $ 100,287 | $ 65,676 |
Accounts receivable | 367,921 | 212,900 | ||
Inventories | 98,460 | 90,190 | ||
Assets held for sale | 5,242 | 7,530 | ||
Prepaid expenses and other current assets | 39,422 | 43,856 | ||
Total current assets | 607,026 | 447,451 | ||
Intercompany investment | 135,507 | 126,296 | ||
Investment in unconsolidated affiliates | 211,499 | 210,162 | ||
Intercompany notes receivable | 26,265 | 39,706 | ||
Land and buildings | 176,421 | 164,528 | ||
Aircraft and equipment | 1,321,823 | 1,272,623 | ||
Total property and equipment, at cost | 1,498,244 | 1,437,151 | ||
Less – Accumulated depreciation and amortization | (372,552) | (312,461) | ||
Total property and equipment, net | 1,125,692 | 1,124,690 | ||
Goodwill | 20,364 | 19,798 | ||
Other assets | 103,356 | 100,743 | ||
Total assets | 2,229,709 | 2,068,846 | ||
Accounts payable | 219,558 | 151,382 | ||
Accrued liabilities | 147,947 | 132,704 | ||
Deferred taxes | 0 | |||
Short-term borrowings and current maturities of long-term debt | 27,496 | 34,578 | ||
Total current liabilities | 395,001 | 318,664 | ||
Long-term debt, less current maturities | 317,027 | 102,921 | ||
Intercompany notes payable | 54,385 | 87,200 | ||
Accrued pension liabilities | 57,928 | 61,647 | ||
Other liabilities and deferred credits | 11,445 | 11,073 | ||
Deferred taxes | 1,813 | |||
Deferred taxes | 0 | |||
Redeemable noncontrolling interest | 6,002 | 6,886 | ||
Common stock | 131,317 | 115,317 | ||
Additional paid-in capital | 284,048 | 284,048 | ||
Retained earnings | 683,482 | 819,987 | ||
Accumulated other comprehensive income (loss) | 284,608 | 255,491 | ||
Treasury shares | 0 | 0 | ||
Total Bristow Group stockholders’ investment | 1,383,455 | 1,474,843 | ||
Noncontrolling interests | 4,466 | 3,799 | ||
Total stockholders’ investment | 1,387,921 | 1,478,642 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | $ 2,229,709 | $ 2,068,846 |
SUPPLEMENTAL CONDENSED CONSOL70
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | $ (35,334) | $ 28,795 | ||
Capital expenditures | $ (11,764) | $ (80,803) | (24,317) | (101,866) |
Proceeds from asset dispositions | 269 | 329 | 42,244 | 11,819 |
Net cash provided by (used in) investing activities | 17,927 | (90,047) | ||
Proceeds from borrowings | 338,018 | 195,954 | ||
Debt issuance costs | (6,695) | (2,925) | ||
Repayment of debt | (318,130) | (120,966) | ||
Dividends paid | (2,465) | (4,910) | ||
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | ||
Partial prepayment of put/call obligation | (23) | (25) | ||
Payment of contingent consideration | 0 | (10,000) | ||
Repurchases for tax withholdings on vesting of equity awards | (548) | (757) | ||
Net cash provided by financing activities | 10,157 | 56,371 | ||
Effect of exchange rate changes on cash and cash equivalents | 7,937 | 1,239 | ||
Net increase (decrease) in cash and cash equivalents | 687 | (3,642) | ||
Cash and cash equivalents at beginning of period | 96,656 | 104,310 | ||
Cash and cash equivalents at end of period | 97,343 | 100,668 | 97,343 | 100,668 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 0 | (631) | ||
Capital expenditures | 77,480 | 0 | ||
Proceeds from asset dispositions | (77,480) | 0 | ||
Net cash provided by (used in) investing activities | 0 | 0 | ||
Proceeds from borrowings | 0 | 0 | ||
Debt issuance costs | 0 | 0 | ||
Repayment of debt | 0 | 0 | ||
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 withholdings 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 (decrease) in cash and cash equivalents | 0 | (631) | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | (631) | 0 | (631) |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (78,756) | (35,861) | ||
Capital expenditures | (6,306) | (11,958) | ||
Proceeds from asset dispositions | 0 | 0 | ||
Net cash provided by (used in) investing activities | (6,306) | (11,958) | ||
Proceeds from borrowings | 107,800 | 191,501 | ||
Debt issuance costs | 0 | (2,925) | ||
Repayment of debt | (285,946) | (116,051) | ||
Dividends paid | 110,637 | (4,554) | ||
Increases (decreases) in cash related to intercompany advances and debt | 150,351 | (54,611) | ||
Partial prepayment of put/call obligation | (23) | (25) | ||
Payment of contingent consideration | 0 | |||
Repurchases for tax withholdings on vesting of equity awards | (548) | (757) | ||
Net cash provided by financing activities | 82,271 | 12,578 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | (2,791) | (35,241) | ||
Cash and cash equivalents at beginning of period | 3,382 | 35,241 | ||
Cash and cash equivalents at end of period | 591 | 0 | 591 | 0 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 32,581 | 56,788 | ||
Capital expenditures | (5,814) | (20,411) | ||
Proceeds from asset dispositions | 80,210 | 10,374 | ||
Net cash provided by (used in) investing activities | 74,396 | (10,037) | ||
Proceeds from borrowings | 0 | 0 | ||
Debt issuance costs | (552) | 0 | ||
Repayment of debt | (9,073) | 0 | ||
Dividends paid | 0 | 4 | ||
Increases (decreases) in cash related to intercompany advances and debt | (96,880) | (49,136) | ||
Partial prepayment of put/call obligation | 0 | 0 | ||
Payment of contingent consideration | 0 | |||
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | ||
Net cash provided by financing activities | (106,505) | (49,132) | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 472 | (2,381) | ||
Cash and cash equivalents at beginning of period | 299 | 3,393 | ||
Cash and cash equivalents at end of period | 771 | 1,012 | 771 | 1,012 |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 10,841 | 8,499 | ||
Capital expenditures | (89,677) | (69,497) | ||
Proceeds from asset dispositions | 39,514 | 1,445 | ||
Net cash provided by (used in) investing activities | (50,163) | (68,052) | ||
Proceeds from borrowings | 230,218 | 4,453 | ||
Debt issuance costs | (6,143) | 0 | ||
Repayment of debt | (23,111) | (4,915) | ||
Dividends paid | (113,102) | (360) | ||
Increases (decreases) in cash related to intercompany advances and debt | (53,471) | 103,747 | ||
Partial prepayment of put/call obligation | 0 | 0 | ||
Payment of contingent consideration | (10,000) | |||
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | ||
Net cash provided by financing activities | 34,391 | 92,925 | ||
Effect of exchange rate changes on cash and cash equivalents | 7,937 | 1,239 | ||
Net increase (decrease) in cash and cash equivalents | 3,006 | 34,611 | ||
Cash and cash equivalents at beginning of period | 92,975 | 65,676 | ||
Cash and cash equivalents at end of period | $ 95,981 | $ 100,287 | $ 95,981 | $ 100,287 |