Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2017 | Feb. 02, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 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 | 35,377,044 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gross revenue: | ||||
Operating revenue from non-affiliates | $ 328,944 | $ 305,789 | $ 991,655 | $ 969,779 |
Operating revenue from affiliates | 16,584 | 18,564 | 51,594 | 54,420 |
Reimbursable revenue from non-affiliates | 15,207 | 13,090 | 43,271 | 40,109 |
Total consolidated gross revenue | 360,735 | 337,443 | 1,086,520 | 1,064,308 |
Operating expense: | ||||
Direct cost | 271,864 | 260,343 | 842,128 | 831,516 |
Reimbursable expense | 14,725 | 12,206 | 42,365 | 38,096 |
Depreciation and amortization | 31,682 | 29,768 | 94,119 | 93,054 |
General and administrative | 43,366 | 45,409 | 138,695 | 149,278 |
Operating expense | 361,637 | 347,726 | 1,117,307 | 1,111,944 |
Loss on impairment | 0 | (8,706) | (1,192) | (16,278) |
Loss on disposal of assets | (4,591) | (874) | (12,418) | (13,077) |
Earnings from unconsolidated affiliates, net of losses | 1,996 | 766 | 3,394 | 4,777 |
Operating loss | (3,497) | (19,097) | (41,003) | (72,214) |
Interest expense, net | (19,093) | (12,179) | (53,677) | (34,533) |
Other income (expense), net | (766) | 1,668 | 147 | (1,518) |
Loss before benefit for income taxes | (23,356) | (29,608) | (94,533) | (108,265) |
Benefit (provision) for income taxes | 13,419 | 3,560 | (2,546) | 11,038 |
Net loss | (9,937) | (26,048) | (97,079) | (97,227) |
Net loss attributable to noncontrolling interests | 1,664 | 4,121 | 2,322 | 4,731 |
Net loss attributable to Bristow Group | $ (8,273) | $ (21,927) | $ (94,757) | $ (92,496) |
Loss per common share: | ||||
Basic (in dollars per share) | $ (0.23) | $ (0.62) | $ (2.69) | $ (2.64) |
Diluted (in dollars per share) | (0.23) | (0.62) | (2.69) | (2.64) |
Cash dividends declared per common share (in dollars per share) | $ 0 | $ 0.07 | $ 0.07 | $ 0.21 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (9,937) | $ (26,048) | $ (97,079) | $ (97,227) |
Other comprehensive loss: | ||||
Currency translation adjustments | (57) | (18,896) | 20,394 | (31,470) |
Total comprehensive loss | (9,994) | (44,944) | (76,685) | (128,697) |
Net loss attributable to noncontrolling interests | 1,664 | 4,121 | 2,322 | 4,731 |
Currency translation adjustments attributable to noncontrolling interests | (17) | (687) | 530 | (5,652) |
Total comprehensive (income) loss attributable to noncontrolling interests | 1,647 | 3,434 | 2,852 | (921) |
Total comprehensive loss attributable to Bristow Group | $ (8,347) | $ (41,510) | $ (73,833) | $ (129,618) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 117,848 | $ 96,656 |
Accounts receivable from non-affiliates | 202,141 | 198,129 |
Accounts receivable from affiliates | 12,638 | 8,786 |
Inventories | 133,993 | 124,911 |
Assets held for sale | 31,038 | 38,246 |
Prepaid expenses and other current assets | 43,668 | 41,143 |
Total current assets | 541,326 | 507,871 |
Investment in unconsolidated affiliates | 211,115 | 210,162 |
Property and equipment – at cost: | ||
Land and buildings | 241,792 | 231,448 |
Aircraft and equipment | 2,511,322 | 2,622,701 |
Total property and equipment, at cost | 2,753,114 | 2,854,149 |
Less – Accumulated depreciation and amortization | (673,930) | (599,785) |
Total property and equipment, net | 2,079,184 | 2,254,364 |
Goodwill | 20,299 | 19,798 |
Other assets | 115,233 | 121,652 |
Total assets | 2,967,157 | 3,113,847 |
Current liabilities: | ||
Accounts payable | 87,428 | 98,215 |
Accrued wages, benefits and related taxes | 55,652 | 59,077 |
Income taxes payable | 5,320 | 15,145 |
Other accrued taxes | 6,095 | 9,611 |
Deferred revenue | 17,922 | 19,911 |
Accrued maintenance and repairs | 28,468 | 22,914 |
Accrued interest | 6,292 | 12,909 |
Other accrued liabilities | 72,292 | 46,679 |
Deferred taxes | 830 | |
Short-term borrowings and current maturities of long-term debt | 93,136 | 131,063 |
Total current liabilities | 372,605 | 416,354 |
Long-term debt, less current maturities | 1,102,765 | 1,150,956 |
Accrued pension liabilities | 54,291 | 61,647 |
Other liabilities and deferred credits | 37,768 | 28,899 |
Deferred taxes | 141,904 | |
Deferred taxes | 154,873 | |
Commitments and contingencies (Note 5) | ||
Redeemable noncontrolling interest | 3,859 | 6,886 |
Stockholders’ investment: | ||
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,375,380 as of December 31 and 35,213,991 as of March 31 (exclusive of 1,291,441 treasury shares) | 381 | 379 |
Additional paid-in capital | 844,825 | 809,995 |
Retained earnings | 894,684 | 991,906 |
Accumulated other comprehensive loss | (307,353) | (328,277) |
Treasury shares, at cost (2,756,419 shares) | (184,796) | (184,796) |
Total Bristow Group stockholders’ investment | 1,247,741 | 1,289,207 |
Noncontrolling interests | 6,224 | 5,025 |
Total stockholders’ investment | 1,253,965 | 1,294,232 |
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | $ 2,967,157 | $ 3,113,847 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Dec. 31, 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 | 35,375,380 | 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 | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (97,079) | $ (97,227) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 94,119 | 93,054 |
Deferred income taxes | (14,665) | (20,991) |
Write-off of deferred financing fees | 1,138 | 0 |
Discount amortization on long-term debt | 343 | 1,314 |
Loss on disposal of assets | 12,418 | 13,077 |
Loss on impairment | 1,192 | 16,278 |
Deferral of lease payments | 2,423 | 0 |
Stock-based compensation | 8,776 | 9,508 |
Equity in earnings from unconsolidated affiliates in excess of dividends received | (3,185) | (4,294) |
Increase (decrease) in cash resulting from changes in: | ||
Accounts receivable | (3,785) | 15,787 |
Inventories | (4,618) | (2,912) |
Prepaid expenses and other assets | 10,250 | (4,359) |
Accounts payable | (14,540) | (7,395) |
Accrued liabilities | (5,528) | (19,891) |
Other liabilities and deferred credits | 3,434 | (6,047) |
Net cash used in operating activities | (9,307) | (14,098) |
Cash flows from investing activities: | ||
Capital expenditures | (36,441) | (119,726) |
Proceeds from asset dispositions | 48,547 | 14,344 |
Proceeds from OEM cost recoveries | 94,463 | 0 |
Deposits received on aircraft held for sale | 0 | 290 |
Net cash provided by (used in) investing activities | 106,569 | (105,092) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 548,768 | 360,240 |
Debt issuance costs | (11,653) | (3,883) |
Repayment of debt | (609,667) | (243,677) |
Purchase of 4½% Convertible Senior Notes call option | (40,393) | 0 |
Proceeds from issuance of warrants | 30,259 | 0 |
Partial prepayment of put/call obligation | (36) | (38) |
Dividends paid to noncontrolling interest | 0 | (2,533) |
Payment of contingent consideration | 0 | (10,000) |
Common stock dividends paid | (2,465) | (7,366) |
Repurchases for tax withholdings on vesting of equity awards | (591) | (762) |
Net cash provided by (used in) financing activities | (85,778) | 91,981 |
Effect of exchange rate changes on cash and cash equivalents | 9,708 | (5,942) |
Net increase (decrease) in cash and cash equivalents | 21,192 | (33,151) |
Cash and cash equivalents at beginning of period | 96,656 | 104,310 |
Cash and cash equivalents at end of period | 117,848 | 71,159 |
Cash paid during the period for: | ||
Interest | 69,896 | 43,965 |
Income taxes | $ 20,440 | $ 23,550 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - 9 months ended Dec. 31, 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 | 489 | ||||||
Net loss | (3,516) | ||||||
Redeemable noncontrolling interest, ending balance at Dec. 31, 2017 | 3,859 | ||||||
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 | $ 8,188 | $ 2 | 8,186 | ||||
Issuance of common stock, shares | 161,389 | ||||||
Equity component of 4½% Convertible Senior Notes issued | 36,778 | 36,778 | |||||
Purchase of 4½% Convertible Senior Notes call option | (40,393) | (40,393) | |||||
Proceeds from issuance of warrants | 30,259 | 30,259 | |||||
Distributions paid to noncontrolling interests | (36) | (36) | |||||
Common stock dividends ($0.07 per share) | (2,465) | (2,465) | |||||
Currency translation adjustments | 41 | 41 | |||||
Net loss | (93,563) | (94,757) | 1,194 | ||||
Other comprehensive income | 20,924 | 20,924 | |||||
Balance as of December 31, 2017 at Dec. 31, 2017 | $ 1,253,965 | $ 381 | $ 844,825 | $ 894,684 | $ (307,353) | $ (184,796) | $ 6,224 |
Common stock, shares ending balance at Dec. 31, 2017 | 35,375,380 | 35,375,380 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (PARENTHETICAL) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends per share | $ 0 | $ 0.07 | $ 0.07 | $ 0.21 |
BASIS OF PRESENTATION, CONSOLID
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 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 December 31, 2017 , the consolidated statements of operations and comprehensive loss for the three and nine months ended December 31, 2017 and 2016 , the consolidated cash flows for the nine months ended December 31, 2017 and 2016 , and the consolidated statements of changes in equity and redeemable noncontrolling interest for the nine months ended December 31, 2017 . Foreign Currency During the three and nine months ended December 31, 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 Nine Months Ended 2017 2016 2017 2016 One British pound sterling into U.S. dollars High 1.35 1.30 1.36 1.48 Average 1.33 1.24 1.31 1.33 Low 1.31 1.21 1.24 1.21 At period-end 1.35 1.24 1.35 1.24 One euro into U.S. dollars High 1.20 1.12 1.20 1.15 Average 1.18 1.08 1.15 1.11 Low 1.16 1.04 1.06 1.04 At period-end 1.20 1.05 1.20 1.05 One Australian dollar into U.S. dollars High 0.79 0.77 0.81 0.78 Average 0.77 0.75 0.77 0.75 Low 0.75 0.72 0.74 0.72 At period-end 0.78 0.72 0.78 0.72 One Norwegian kroner into U.S. dollars High 0.1269 0.1253 0.1294 0.1253 Average 0.1225 0.1193 0.1219 0.1202 Low 0.1193 0.1145 0.1152 0.1145 At period-end 0.1223 0.1162 0.1223 0.1162 One Nigerian naira into U.S. dollars High 0.0028 0.0032 0.0033 0.0050 Average 0.0028 0.0032 0.0030 0.0037 Low 0.0028 0.0031 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 $0.4 million and $1.6 million for the three months ended December 31, 2017 and 2016 , respectively, and foreign currency transaction gains of $1.2 million and foreign currency transaction losses of $1.8 million for the nine months ended December 31, 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 most significant items revalued are denominated in U.S. dollars on entities with British pound sterling and Nigerian naira functional currencies and denominated in British pound sterling on entities with U.S. dollar functional currencies with transaction gains or losses primarily resulting from the strengthening or weakening of the U.S. dollar versus those other currencies. Our earnings 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 December 31, 2017 and 2016 , earnings from unconsolidated affiliates, net of losses, decreased by $0.8 million and $1.2 million , respectively, and during the nine months ended December 31, 2017 and 2016 , earnings from unconsolidated affiliates, net of losses, decreased by $1.6 million and $2.5 million , respectively, as a result of the impact of changes in foreign currency exchange rates on the earnings of our unconsolidated affiliates, primarily the impact of changes in the Brazilian real to U.S. dollar exchange rate on earnings for our affiliate in Brazil. The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended Nine Months Ended 2017 2016 2017 2016 One Brazilian real into U.S. dollars High 0.3198 0.3207 0.3244 0.3207 Average 0.3076 0.3032 0.3117 0.2988 Low 0.3004 0.2866 0.2995 0.2702 At period-end 0.3015 0.3073 0.3015 0.3073 _____________ Source: FactSet We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands): Three Months Ended Nine Months Ended Revenue $ 10,826 $ (4,850 ) Operating expense (9,028 ) 593 Earnings from unconsolidated affiliates, net of losses 484 908 Non-operating expense (1,270 ) 2,977 Income before provision for income taxes 1,012 (372 ) Provision for income taxes 1,057 2,933 Net income 2,069 2,561 Cumulative translation adjustment (74 ) 20,924 Total stockholders’ investment $ 1,995 $ 23,485 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. Prior to the sale of our 100% interest in Bristow Academy, Inc. (“Bristow Academy”) on November 1, 2017, Bristow Academy, our helicopter training unit, primarily earned revenue from military training, flight training provided to individual students and ground school courses. We recognized revenue from these sources using the same revenue recognition principles described above as services are provided. Interest Expense, Net During the three and nine months ended December 31, 2017 and 2016 , interest expense, net consisted of the following (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Interest income $ 144 $ 168 $ 512 $ 637 Interest expense (19,237 ) (12,347 ) (54,189 ) (35,170 ) Interest expense, net $ (19,093 ) $ (12,179 ) $ (53,677 ) $ (34,533 ) Accounts Receivable As of December 31 and March 31, 2017 , the allowance for doubtful accounts for non-affiliates was $3.8 million and $4.5 million , respectively. There were no allowances for doubtful accounts related to accounts receivable due from affiliates as of December 31 and March 31, 2017 . The allowance for doubtful accounts for non-affiliates as of December 31, 2017 primarily relates to amounts due from clients in Nigeria for which we no longer believe collection is probable. Inventories As of December 31 and March 31, 2017 , inventories were net of allowances of $22.1 million and $21.5 million , respectively. During the nine months ended December 31, 2017 , as a result of changes in expected future utilization of aircraft within our training fleet we recorded a $1.2 million charge to impair inventory used on our training fleet, which is included in loss on impairment on our condensed consolidated statement of operations. Prepaid Expenses and Other Current Assets As of December 31 and March 31, 2017 , prepaid expenses and other current assets included the short-term portion of contract acquisition and pre-operating costs totaling $10.7 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 December 31, 2017 and 2016 , we expensed $2.8 million and $2.5 million , respectively, and for the nine months ended December 31, 2017 and 2016 , we expensed $8.5 million and $8.2 million , respectively, related to these contracts. Loss on Impairment Loss on impairment included goodwill impairment charges of $8.7 million for the three and nine months ended December 31, 2016 , and impairment charges for inventory of $1.2 million and $7.6 million for the nine months ended December 31, 2017 and December 31, 2016 , respectively. The goodwill impairment charges related to Eastern Airways and resulted from an overall reduction in expected operating results due to the downturn in the oil and gas market driven by reduced crude oil prices (see discussion under “Goodwill” below). The inventory impairment for the nine months ended December 31, 2017 resulted from changes in expected future utilization of aircraft within our training fleet as discussed under “ Inventories ” above. The inventory impairment for the nine months ended December 31, 2016 resulted from a change in estimated consumption and the continued decline in the secondary market for certain inventory related to the decision to cease operating certain older model aircraft within our fleet in fiscal year 2018. 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 $20.3 million and $19.8 million as of December 31 and March 31, 2017 , respectively, related to our Asia Pacific reporting unit was as follows (in thousands): March 31, 2017 $ 19,798 Foreign currency translation 501 December 31, 2017 $ 20,299 Accumulated goodwill impairment of $50.9 million as of both December 31 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 — — — — — December 31, 2017 $ (33,883 ) $ (6,179 ) $ (576 ) $ (10,223 ) $ (50,861 ) We test goodwill for impairment on an annual basis as of March 31 or when events or changes in circumstances indicate that a potential impairment exists. For the purposes of performing an analysis of goodwill, we evaluate whether there are reporting units below the reporting segment we disclose for segment reporting purposes by assessing whether our regional management typically reviews results and whether discrete financial information exists at a lower level. During the three months ended December 31, 2016, we noted an overall reduction in expected operating results for Eastern Airways from the downturn in the oil and gas market driven by reduced crude oil prices and performed an interim impairment test of goodwill for Eastern Airways. Based on this factor, we concluded that the fair value of our goodwill for Eastern Airways could have fallen below its carrying value and that an interim period analysis of goodwill was required. We performed the interim impairment test of goodwill for Eastern Airways as of December 31, 2016, noting that the estimated fair value of Eastern Airways was below its carrying value, resulting in an impairment of all of the remaining goodwill related to Eastern Airways and an impairment charge of $8.7 million reflected in our results for the three and nine months ended December 31, 2016. We estimated the implied fair value of Eastern Airways using a variety of valuation methods, including the income and market approaches. The determination of estimated fair value required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to the future performance of the reporting units, such as projected demand for our services and rates. The income approach was based on a discounted cash flow model, which utilized present values of cash flows to estimate fair value. The future cash flows were projected based on our estimates of future rates for our services, utilization, operating costs, capital requirements, growth rates and terminal values. Forecasted rates and utilization take into account current market conditions and our anticipated business outlook, both of which have been impacted by the adverse changes in the offshore energy business environment from the downturn. Operating costs were forecasted using a combination of our historical average operating costs and expected future costs, including cost reduction initiatives. Capital requirements in the discounted cash flow model were based on management’s estimates of future capital costs driven by expected market demand in future periods. The estimated capital requirements included cash outflows for new aircraft, infrastructure and improvements. A terminal period was used to reflect our estimate of stable, perpetual growth. The future cash flows were discounted using a market-participant risk-adjusted weighted average cost of capital for each of the reporting units individually and in the aggregate. These assumptions were derived from unobservable inputs and reflect management’s judgments and assumptions. The market approach was based upon the application of price-to-earnings multiples to management’s estimates of future earnings adjusted for a control premium. Management’s earnings estimates were derived from unobservable inputs that require significant estimates, judgments and assumptions as described in the income approach. For purposes of the goodwill impairment test, we calculated Eastern Airways’ estimated fair value as the average of the values calculated under the income approach and the market approach. 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 46 272 32 4 355 December 31, 2017 $ 8,170 $ 12,798 $ 4,755 $ 1,094 $ 750 $ 27,567 Accumulated Amortization March 31, 2017 $ (8,155 ) $ (11,071 ) $ (908 ) $ (685 ) $ (657 ) $ (21,476 ) Amortization expense (13 ) (224 ) (221 ) (167 ) (44 ) (669 ) December 31, 2017 $ (8,168 ) $ (11,295 ) $ (1,129 ) $ (852 ) $ (701 ) $ (22,145 ) 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 $ 220 2019 760 2020 469 2021 469 2022 470 Thereafter 3,034 $ 5,422 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 $51.2 million and $51.1 million , respectively, as of December 31 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 nine months ended December 31, 2017 and 2016 , we took delivery of aircraft and made capital expenditures as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Number of aircraft delivered: Medium — — 5 5 SAR aircraft — 1 — 2 Total aircraft — 1 5 7 Capital expenditures (in thousands): Aircraft and equipment (1) $ 10,311 $ 17,196 $ 26,800 $ 112,770 Land and buildings 1,813 664 9,641 6,956 Total capital expenditures $ 12,124 $ 17,860 $ 36,441 $ 119,726 _____________ (1) During the nine months ended December 31, 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 nine months ended December 31, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of 5 3 11 9 Proceeds from sale or disposal of assets $ 6,303 $ 2,525 $ 48,547 $ 14,344 Loss from sale or disposal of assets (1) $ 3,031 $ 674 $ 1,111 $ 1,717 Number of aircraft impaired 1 1 5 13 Impairment charges on assets held for sale (1)(2) $ 1,560 $ 200 $ 11,307 $ 11,360 _____________ (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 nine months ended December 31, 2017. On November 1, 2017, we sold our 100% interest in Bristow Academy, including all of its aircraft, for a minimum of $1.5 million to be received over a maximum of four years with potential additional consideration based on Bristow Academy’s financial performance. As of September 30, 2017, we concluded the disposal group, comprised of the Bristow Academy assets and liabilities met the held for sale criteria under accounting standards, but did not meet the requirements for classification as discontinued operations. We evaluated the carrying value of the Bristow Academy disposal group and recorded an impairment of $6.5 million during the three months ended September 30, 2017, within loss on disposal of assets on our condensed consolidated statement of operations, to record the disposal group at fair value based on the terms of the sale. During the three months ended December 31, 2017 , we recorded an additional loss on disposal of $0.7 million within loss on disposal of assets on our condensed consolidated statement of operations. The Bristow Academy disposal group is included in Corporate and other in Note 9 – Segment Information. During the three and nine months ended December 31, 2016 , we recorded accelerated depreciation of $1.1 million and $9.3 million on five and 11 aircraft, respectively, as our management decided to exit these model types earlier than originally anticipated. During fiscal year 2018, we reached agreements with original equipment manufacturers (“OEM”) to recover approximately $130.0 million related to ongoing aircraft issues, of which $125.0 million was realized during the three months ended December 31, 2017 and resulted in an increase in cash. To reflect the amount realized from these OEM cost recoveries during the three months ended December 31, 2017 , we recorded a $94.5 million decrease in the carrying value of certain aircraft in our fleet through a decrease in property and equipment – at cost, reduced rent expense by $12.0 million and recorded a deferred liability of $18.5 million , included in other accrued liabilities and other liabilities and deferred credits, related to a reduction in rent expense to be recorded in future periods, of which $1.1 million was recognized in December 2017. We determined the realized portion of the cost recoveries related to a long-term performance issue with the aircraft, requiring a reduction of carrying value for owned aircraft and a reduction in rent expense for leased aircraft. For the owned aircraft, we have allocated the $94.5 million as a reduction in carrying value by reducing the historical acquisition value of each affected aircraft on a pro-rata basis utilizing the historical acquisition value of the aircraft. We revised our salvage values for each affected aircraft by reducing the historical acquisition value by the applicable amount and applying our stated salvage value percentage for owned aircraft of 50% . In accordance with accounting standards, we will recognize the change in depreciation due to the reduction in carrying value and revision of salvage values on a prospective basis over the remaining life of the aircraft. This will result in a reduction of depreciation expense of $2.1 million during the remainder of fiscal year 2018, $8.5 million during fiscal year 2019, $8.4 million during fiscal year 2020, $5.6 million during fiscal year 2021 and $21.3 million during fiscal year 2022 and beyond. For the leased aircraft, we will recognize the remaining deferred liability of $17.4 million as a reduction in rent expense prospectively on a straight-line basis over the remaining lease terms. This will result in a reduction to rent expense of $3.5 million during the remainder of fiscal year 2018, $7.9 million during fiscal year 2019, $4.0 million during fiscal year 2020 and $2.0 million during fiscal year 2021. For certain leased aircraft, the leases expired prior to the realization of the settlements to which they were related recognized by the immediate reduction to rent expense of $12.0 million during the three and nine months ended December 31, 2017. Other Accrued Liabilities Other accrued liabilities of $72.3 million and $46.7 million as of December 31 and March 31, 2017 , respectively, includes the following: December 31, March 31, (In thousands) Accrued lease costs $ 12,189 $ 5,601 Deferred OEM cost recovery 10,413 — Eastern overdraft liability 9,486 5,829 Accrued property and equipment 5,158 3,546 Deferred gain on sale leasebacks 1,305 1,655 Other operating accruals 33,741 30,048 $ 72,292 $ 46,679 Redeemable Noncontrolling Interest In January 2018, we acquired the remaining 40% of the outstanding shares of Eastern Airways for no consideration. 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 $2.3 million recorded as an increase to the income tax provision during the nine months ended December 31, 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 nine months ended December 31, 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 loss |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Dec. 31, 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 December 31, 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 ( $123.1 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 $2.1 billion as of December 31, 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 December 31, 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): December 31, March 31, Assets Cash and cash equivalents $ 84,236 $ 92,409 Accounts receivable 271,053 222,560 Inventories 102,370 90,190 Prepaid expenses and other current assets 48,016 50,016 Total current assets 505,675 455,175 Investment in unconsolidated affiliates 3,407 3,513 Property and equipment, net 318,879 306,831 Goodwill 20,299 19,798 Other assets 208,390 203,228 Total assets $ 1,056,650 $ 988,545 Liabilities Accounts payable $ 276,997 $ 146,841 Accrued liabilities 142,180 122,130 Accrued interest 2,065,246 1,891,305 Current maturities of long-term debt 20,993 18,578 Total current liabilities 2,505,416 2,178,854 Long-term debt, less current maturities 465,699 501,782 Accrued pension liabilities 54,291 61,647 Other liabilities and deferred credits 2,495 8,138 Deferred taxes 16,777 20,264 Redeemable noncontrolling interest 3,859 6,886 Total liabilities $ 3,048,537 $ 2,777,571 Three Months Ended Nine Months Ended 2017 2016 2017 2016 Revenue $ 309,461 $ 291,808 $ 933,387 $ 920,587 Operating loss (17,463 ) (28,287 ) (40,095 ) (68,803 ) Net loss (79,789 ) (44,999 ) (221,039 ) (214,336 ) 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 December 31, 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 | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of December 31 and March 31, 2017 consisted of the following (in thousands): December 31, March 31, 6¼% Senior Notes due 2022 $ 401,535 $ 401,535 4½% Convertible Senior Notes due 2023 106,124 — Term Loan 52,546 261,907 Term Loan Credit Facility — 45,900 Revolving Credit Facility — 139,100 Lombard Debt 206,831 196,832 Macquarie Debt 188,528 200,000 PK Air Debt 230,000 — Airnorth Debt 14,507 16,471 Eastern Airways Debt 12,772 15,326 Other Debt 2,423 16,293 Unamortized debt issuance costs (19,365 ) (11,345 ) Total debt 1,195,901 1,282,019 Less short-term borrowings and current maturities of long-term debt (93,136 ) (131,063 ) Total long-term debt $ 1,102,765 $ 1,150,956 4½% Convertible Senior Notes due 2023 — On December 18, 2017, we issued and sold $143.8 million of 4½% Convertible Senior Notes due 2023 (the “4½% Convertible Senior Notes”). The 4½% Convertible Senior Notes bear interest at a rate of 4.50% per year and interest is payable on June 1 and December 1 of each year, beginning on June 1, 2018. The 4½% Convertible Senior Notes mature on June 1, 2023 and may not be redeemed by us prior to maturity. The 4½% Convertible Senior Notes were issued pursuant to an indenture dated as of June 17, 2008 (the “Base Indenture”), among the Company, the subsidiary guarantors named therein (the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the sixth supplemental indenture thereto dated as of December 18, 2017 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) among us, the Guarantors and the Trustee. The 4½% Convertible Senior Notes are convertible into cash, shares of our common stock or a combination of cash and shares of the our common stock, at our election. We have initially elected combination settlement. The initial conversion price of the 4½% Convertible Senior Notes is approximately $15.64 (subject to adjustment in certain circumstances), based on the initial conversion rate of 63.9488 Common Shares per $1,000 principal amount of 4½% Convertible Senior Notes. Prior to December 1, 2022, the 4½% Convertible Senior Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, until the close of business on the second scheduled trading day immediately preceding the maturity date. The 4½% Convertible Senior Notes are our senior unsecured obligations. As of December 31, 2017, the if-converted value of the 4½% Convertible Senior Notes did not exceed the principal balance. The proceeds were used to repay $89.6 million of the $350 million term loan (the “Term Loan”) as discussed below and to pay the $10.1 million cost of the convertible note hedge transaction described below, with the remainder available for general corporate purposes. Accounting standards require that convertible debt which may be settled in cash upon conversion (including partial cash settlement) be accounted for with a liability component based on the fair value of similar nonconvertible debt and an equity component based on the excess of the initial proceeds from the convertible debt over the liability component. Such excess represents proceeds related to the conversion option and is recorded as additional paid-in capital. The liability is recorded at a discount, which is then amortized as additional non-cash interest expense over the term of the 4½% Convertible Senior Notes. The balances of the debt and equity components of the 4½% Convertible Senior Notes as of December 31, 2017 is as follows (in thousands): Equity component - net carrying value (1) $ 36,778 Debt component: Face amount due at maturity $ 143,750 Unamortized discount (37,626 ) Debt component - net carrying value $ 106,124 _____________ (1) Net of equity issuance costs of $1.0 million . The remaining debt discount is being amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three and nine months ended December 31, 2017 was 11.0% . Interest expense related to our 4½% Convertible Senior Notes for the three and nine months ended December 31, 2017 was as follows (in thousands): Contractual coupon interest $ 234 Amortization of debt discount 181 Total interest expense $ 415 Convertible Note Call Spread Overlay — Concurrent with the issuance of the 4½% Convertible Senior Notes, we entered into privately negotiated convertible note hedge transactions (the “Note Hedge Transactions”) and warrant transactions (the “Warrant Transactions”) with each of Credit Suisse Capital LLC, Barclays Bank PLC, Citibank, N.A. and JP Morgan Chase Bank, National Association (the “Option Counterparties”). These transactions represent a Call Spread Overlay, whereby the cost of the Note Hedge Transactions we purchased to cover the cash outlay upon conversion of the 4½% Convertible Senior Notes was reduced by the sales price of the Warrant Transactions. Each of these transactions is described below. The Note Hedge Transactions cost an aggregate $40.4 million and are expected generally to reduce the potential dilution and/or offset the cash payments we are required to make in excess of the principal amount upon conversion of the 4½% Convertible Senior Notes in the event that the market price of our common stock is greater than the strike price of the Note Hedge Transactions, which is initially $15.64 (subject to adjustment), corresponding approximately to the initial conversion price of the 4½% Convertible Senior Notes. The Note Hedge Transactions have been accounted for by recording the cost as a reduction to additional paid-in capital. We received proceeds of $30.3 million for the Warrant Transactions, in which we sold net-share-settled warrants to the Option Counterparties in an amount equal to the number of shares of the our common stock initially underlying the 4½% Convertible Senior Notes, subject to customary anti-dilution adjustments. The strike price of the warrants is $20.02 per share (subject to adjustment), which is 60% above the last reported sale price of our common stock on the New York Stock Exchange on December 13, 2017. The Warrant Transactions could have a dilutive effect to our stockholders to the extent the market price per share of our common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants. The Warrant Transactions have been accounted for by recording the proceeds received as additional paid-in capital. The Note Hedge Transactions and the Warrant Transactions are separate transactions, in each case entered into by us with the Option Counterparties, and are not part of the terms of the 4½% Convertible Senior Notes and will not affect any holder’s rights under the 4½% Convertible Senior Notes. Term Loan and Revolving Credit Facility — During the nine months ended December 31, 2017 , we had borrowings of $174.8 million and made payments of $313.9 million under our $400 million revolving credit facility (the “Revolving Credit Facility”). Additionally, we paid $209.5 million to reduce our borrowings under the Term Loan. As of December 31, 2017 , we had $12.4 million in letters of credit outstanding under the Revolving Credit Facility. Term Loan Credit Facility — During the nine months ended December 31, 2017 , we paid $45.9 million under our $200 million of term loan commitments (the “Term Loan Credit Facility”) and terminated the facility in October 2017. 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 | 9 Months Ended |
Dec. 31, 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 December 31, 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 $ — $ — $ — $ — $ — $ (1,192 ) Assets held for sale — — 31,038 31,038 (1,560 ) (11,307 ) Total assets $ — $ — $ 31,038 $ 31,038 $ (1,560 ) $ (12,499 ) The following table summarizes the assets as of December 31, 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 $ — $ 46,654 $ — $ 46,654 $ — $ (7,572 ) Assets held for sale — 37,635 — 37,635 (200 ) (11,360 ) Goodwill — — 18,793 18,793 (8,706 ) (8,706 ) Total assets $ — $ 84,289 $ 18,793 $ 103,082 $ (8,906 ) $ (27,638 ) 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 nine months ended December 31, 2017 related to one and five aircraft held for sale, respectively, and the loss for the three and nine months ended December 31, 2016 related to one and 13 aircraft held for sale, respectively. Additionally, the loss for the nine months ended December 31, 2017 includes $6.5 million of impairment relating to the Bristow Academy disposal group. For further details on Bristow Academy disposal group, see Note 1. The fair value of goodwill is estimated using a variety of valuation methods, including the income and market approaches. These estimates of fair value include unobservable inputs, representative of Level 3 fair value measurement, including assumptions related to future performance, such as projected demand for our services and rates. For further details on our goodwill, see Note 1. Recurring Fair Value Measurements The following table summarizes the financial instruments we had as of December 31, 2017 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 2,847 $ — $ — $ 2,847 Other assets Total assets $ 2,847 $ — $ — $ 2,847 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): December 31, 2017 March 31, 2017 Carrying Value Fair Value Carrying Value Fair Value 6¼% Senior Notes $ 401,535 $ 328,777 $ 401,535 $ 323,236 4½% Convertible Senior Notes (1) 106,124 158,571 — — Term Loan 52,546 52,546 261,907 261,907 Term Loan Credit Facility — — 45,900 45,900 Revolving Credit Facility — — 139,100 139,100 Lombard Debt 206,831 206,831 196,832 196,832 Macquarie Debt 188,528 188,528 200,000 200,000 PK Air Debt 230,000 230,000 — — Airnorth Debt 14,507 14,507 16,471 16,471 Eastern Airways Debt 12,772 12,772 15,326 15,326 Other Debt 2,423 2,423 16,293 16,293 $ 1,215,266 $ 1,194,955 $ 1,293,364 $ 1,215,065 _____________ (1) Carrying value of the 4½% Convertible Senior Notes includes unamortized discount of $37.6 million as of December 31, 2017 . 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 | 9 Months Ended |
Dec. 31, 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 February 8, 2018 , we had 27 aircraft on order and options to acquire an additional four aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income. Three Months Ending March 31, 2018 Fiscal Year Ending March 31, 2019 2020 2021 2022 and thereafter (1) Total Commitments as of February 8, 2018: (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 $ — $ 19,856 $ 25,536 $ 78,726 $ 285,295 $ 409,413 U.K. SAR 3,242 — 62,970 — — 66,212 $ 3,242 $ 19,856 $ 88,506 $ 78,726 $ 285,295 $ 475,625 Options as of February 8, 2018: Number of aircraft: Large — 2 2 — — 4 — 2 2 — — 4 Related option expenditures (in thousands) (3) $ — $ 44,181 $ 31,536 $ — $ — $ 75,717 _____________ (1) Includes $96.0 million for five aircraft orders that can be cancelled prior to delivery dates. We made non-refundable deposits of $4.5 million related to these aircraft. (2) We have an agreement to defer payment of approximately $63.0 million in capital expenditures out of fiscal year 2018 and into future periods which is 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 December 31, 2017 September 30, 2017 June 30, 2017 Orders Options Orders Options Orders Options Beginning of period 27 4 29 4 32 4 Aircraft delivered — — (2 ) — (3 ) — End of period 27 4 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 $42.6 million and $53.7 million for the three months ended December 31, 2017 and 2016 , respectively, and $158.5 million and $156.9 million for the nine months ended December 31, 2017 and 2016 , respectively. Rent expense incurred under operating leases for aircraft was $36.5 million and $47.9 million for the three months ended December 31, 2017 and 2016 , respectively, and $137.9 million and $138.7 million for the nine months ended December 31, 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 December 31, 2017 : End of Lease Term Number of Aircraft Three months ending March 31, 2018 to fiscal year 2019 25 Fiscal year 2020 to fiscal year 2022 48 Fiscal year 2023 to fiscal year 2024 17 90 We lease six S-92 model aircraft and one AW139 model aircraft from VIH Aviation Group, which is a related party due to common ownership of Cougar; we paid lease fees of $4.7 million and $14.4 million during the three and nine months ended December 31, 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 nine months ended December 31, 2017 . Employee Agreements — Approximately 53% of our employees are represented by collective bargaining agreements and/or unions with 90% 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 4% . 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 nine months ended December 31, 2017 and 2016 is as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 VSP: Direct cost $ — $ 179 $ — $ 1,624 General and administrative — — — 23 Total $ — $ 179 $ — $ 1,647 ISP: Direct cost $ 2,661 $ 464 $ 5,208 $ 5,360 General and administrative 120 102 8,662 8,697 Total $ 2,781 $ 566 $ 13,870 $ 14,057 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 December 31, 2017 , we had $28.4 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. During the three months ended December 31, 2017, we returned three of these H225LP models to the lessor; two were previously operating in Australia and one was previously operating in the U.K. During February 2018, we returned one H225LP model to the lessor that was previously operating in the U.K. Separately, our efforts to successfully integrate AW189 aircraft into service for the U.K. SAR contract have been delayed due to a product improvement plan with the aircraft. As a result, the acceptance of four AW189 aircraft will be pushed to later dates. We continue to meet our contractual obligations under the U.K. SAR contract through the utilization of other aircraft. During fiscal year 2018, we reached agreements with OEMs to recover approximately $130.0 million related to ongoing aircraft issues mentioned above, of which $125.0 million was recovered during the three months ended December 31, 2017 . For further details on the accounting treatment, see Note 1 — Basis of Presentation, Consolidation and Summary of Significant Accounting Policies — Property and Equipment and Assets Held for Sale . We operate in jurisdictions internationally where we are subject to risks that include government action to obtain additional tax revenue. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact our earnings until such time as a clear court or other ruling exists. We operate in jurisdictions currently where amounts may be due to governmental bodies that we are not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. We believe that payment of amounts in these instances is not probable at this time, but is reasonably possible. A loss contingency is reasonably possible if the contingency has a more than remote but less than probable chance of occurring. Although management believes that there is no clear requirement to pay amounts at this time and that positions exist suggesting that no further amounts are currently due, it is reasonably possible that a loss could occur for which we have estimated a maximum loss at December 31, 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 | 9 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES We estimate the full-year effective tax rate from continuing operations and apply this rate to our year-to-date income from continuing operations. In addition, we separately calculate the tax impact of unusual or infrequent items, if any. The tax impacts of such unusual or infrequent items are treated discretely in the quarter in which they occur. During the three months ended December 31, 2017 and 2016 , our effective tax rate was 57.5% and 12.0% , and during the nine months ended December 31, 2017 and 2016 , our effective tax rate was (2.7)% and 10.2% , respectively. The effective tax rate for the three and nine months ended December 31, 2017 and 2016 were impacted by valuation allowances against future realization of foreign tax credits and net operating losses in certain foreign jurisdictions. For the three and nine months ended December 31, 2017 , our effective tax rate also includes the impact of $4.7 million of unrecognized tax benefits in certain foreign jurisdictions. Additionally, for the three and nine months ended December 31, 2017 , we reported a one-time tax benefit of $14.1 million as a result of the enactment of the Tax Cuts and Jobs Act (the “Act”). The relationship between our provision for or benefit from income taxes and our pre-tax book income can vary significantly from period to period considering, among other factors, (a) the overall level of pre-tax book income, (b) changes in the blend of income that is taxed based on gross revenues or at high effective tax rates versus pre-tax book income or at low effective tax rates and (c) our geographical blend of pre-tax book income. Consequently, our income tax expense or benefit does not change proportionally with our pre-tax book income or loss. Significant decreases in our pre-tax book income typically result in higher effective tax rates, while significant increases in pre-tax book income can lead to lower effective tax rates, subject to the other factors impacting income tax expense noted above. The increase in our effective tax rate excluding discrete items for the three months ended December 31, 2017 compared to the three months ended December 31, 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 $2.1 million and $3.7 million for the three months ended December 31, 2017 and 2016 , respectively, and $13.4 million and $19.3 million for the nine months ended December 31, 2017 and 2016 , respectively, which also increased our effective tax rate. As of December 31, 2017 , there were $6.2 million of unrecognized tax benefits, all of which would have an impact on our effective tax rate if recognized. On December 22, 2017, the United States Congress enacted the Act. The Act includes numerous changes in existing U.S. tax law, including a permanent reduction in the U.S. federal corporate income tax rate from 35% to 21% . The rate reduction takes effect on January 1, 2018. Further, the Act provides for a one-time “deemed repatriation” of accumulated foreign earnings of certain foreign corporations. Under U.S. generally accepted accounting principles, our net deferred tax liabilities are required to be revalued during the period in which the new tax legislation is enacted. We have made reasonable estimates for the change in the U.S. federal corporate income tax rate and one-time “deemed repatriation” of accumulated foreign earnings. We estimate the revaluation of U.S. net deferred tax liabilities will result in a one-time tax benefit of approximately $75.6 million offset by an estimated $61.5 million in tax expense as a result of the “deemed repatriation” of foreign earnings. We are still analyzing certain aspects of the Act and refining our calculations. Because of the complexity, we are continuing to evaluate certain provisions of the Act which may have an impact on our income taxes beginning after fiscal year 2018. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2017 2016 2017 2016 Service cost for benefits earned during the period $ 159 $ 1,696 $ 470 $ 5,450 Interest cost on pension benefit obligation 3,893 4,139 11,482 13,297 Expected return on assets (5,509 ) (5,601 ) (16,250 ) (17,992 ) Amortization of unrecognized losses 1,844 1,699 5,441 5,454 Net periodic pension cost $ 387 $ 1,933 $ 1,143 $ 6,209 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 $12.0 million was paid during the nine months ended December 31, 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 are reserved. Awards granted under the 2007 Plan may be in the form of stock options, stock appreciation rights, shares of restricted stock, other stock-based awards (payable in cash or common stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants. As of December 31, 2017 , 2,385,248 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 $2.2 million and $3.3 million for the three months ended December 31, 2017 and 2016 , respectively, and $8.8 million and $9.5 million for the nine months ended December 31, 2017 and 2016 . Stock-based compensation expense has been allocated to our various regions. During the nine months ended December 31, 2017 , we awarded 600,618 shares of restricted stock at an average grant date fair value of $7.15 per share. Also during the nine months ended December 31, 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 nine months ended December 31, 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 December 31, 2017 , we had $0.9 million included in other liabilities and deferred credits on our condensed consolidated balance sheet and recognized $0.9 million in general and administrative expense on our condensed consolidated statement of operations during the nine months ended December 31, 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 December 31 and March 31, 2017 was $6.8 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 nine months ended December 31, 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. Changes in the fair values of performance cash awards reduced compensation expense by $0.8 million during the three months ended December 31, 2017 and increased compensation expense by $3.1 million , $0.6 million and $5.6 million during the three months ended December 31, 2016 and nine months ended December 31, 2017 and 2016 , respectively. |
EARNINGS PER SHARE AND ACCUMULA
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2017 2016 2017 2016 Options: Outstanding 2,729,888 2,150,235 2,791,193 1,720,164 Weighted average exercise price $ 38.12 $ 28.51 $ 39.88 $ 32.90 Restricted stock awards: Outstanding 681,571 404,772 432,596 486,340 Weighted average price $ 8.67 $ 15.06 $ 23.25 $ 27.92 The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Loss (in thousands): Loss available to common stockholders – basic $ (8,273 ) $ (21,927 ) $ (94,757 ) $ (92,496 ) Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) — — — — Loss available to common stockholders – diluted (8,273 ) (21,927 ) (94,757 ) (92,496 ) Shares: Weighted average number of common shares outstanding – basic 35,368,212 35,095,240 35,260,746 35,021,463 Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1) — — — — Net effect of dilutive stock options and restricted stock awards based on the treasury stock method — — — — Weighted average number of common shares outstanding – diluted (2) 35,368,212 35,095,240 35,260,746 35,021,463 Basic loss per common share $ (0.23 ) $ (0.62 ) $ (2.69 ) $ (2.64 ) Diluted loss per common share $ (0.23 ) $ (0.62 ) $ (2.69 ) $ (2.64 ) _____________ (1) Diluted earnings per common share for three and nine months ended December 31, 2017 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 4½% Convertible Senior Notes. The 4½% Convertible Senior Notes will be convertible, under certain circumstances, into cash, shares of our common stock or a combination of cash and our common stock, at our election. We have initially elected combination settlement. As of December 31, 2017 , the base conversion price of the notes was approximately $15.64 , based on the base conversion rate of 63.9488 shares of common stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances). In general, upon conversion of a note, the holder will receive cash equal to the principal amount of the note and common stock to the extent of the note’s conversion value in excess of such principal amount. Such shares did not impact our calculation of diluted earnings per share for the three and nine months ended December 31, 2017 as our average stock price during these periods did not meet or exceed the conversion requirements. (2) Potentially dilutive shares issuable pursuant to our Warrant Transactions were not included in the computation of diluted income per share for the three and nine months ended December 31, 2017 , because to do so would have been anti-dilutive. For further details on the Warrant Transactions, see Note 3. 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 20,924 — 20,924 Reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income 20,924 — 20,924 Foreign exchange rate impact 18,885 (18,885 ) — Balance as of December 31, 2017 $ (109,912 ) $ (197,441 ) $ (307,353 ) _____________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Dec. 31, 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. Prior to the sale of Bristow Academy on November 1, 2017, we operated a training unit, Bristow Academy, which was previously included in Corporate and other. The following tables show region information for the three and nine months ended December 31, 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 Nine Months Ended 2017 2016 2017 2016 Region gross revenue from external clients: Europe Caspian $ 196,958 $ 179,632 $ 592,280 $ 566,290 Africa 48,712 50,516 149,289 156,422 Americas 58,468 52,362 173,431 166,651 Asia Pacific 55,691 52,857 167,421 167,256 Corporate and other 906 2,076 4,099 7,689 Total region gross revenue $ 360,735 $ 337,443 $ 1,086,520 $ 1,064,308 Intra-region gross revenue: Europe Caspian $ 1,481 $ 1,278 $ 4,000 $ 5,308 Africa — — — — Americas 2,147 977 6,391 2,939 Asia Pacific — — — 1 Corporate and other 5 38 27 317 Total intra-region gross revenue $ 3,633 $ 2,293 $ 10,418 $ 8,565 Consolidated gross revenue: Europe Caspian $ 198,439 $ 180,910 $ 596,280 $ 571,598 Africa 48,712 50,516 149,289 156,422 Americas 60,615 53,339 179,822 169,590 Asia Pacific 55,691 52,857 167,421 167,257 Corporate and other 911 2,114 4,126 8,006 Intra-region eliminations (3,633 ) (2,293 ) (10,418 ) (8,565 ) Total consolidated gross revenue $ 360,735 $ 337,443 $ 1,086,520 $ 1,064,308 Three Months Ended Nine Months Ended 2017 2016 2017 2016 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian $ 34 $ 125 $ 125 $ 241 Americas 2,097 831 3,712 4,954 Corporate and other (135 ) (190 ) (443 ) (461 ) Total earnings from unconsolidated affiliates, net of losses – equity method investments $ 1,996 $ 766 $ 3,394 $ 4,734 Consolidated operating loss: Europe Caspian $ 5,312 $ (303 ) $ 19,610 $ 18,468 Africa 10,470 10,441 28,353 19,954 Americas 5,308 2,226 11,535 5,790 Asia Pacific (941 ) (9,012 ) (19,374 ) (24,480 ) Corporate and other (19,055 ) (21,575 ) (68,709 ) (78,869 ) Loss on disposal of assets (4,591 ) (874 ) (12,418 ) (13,077 ) Total consolidated operating loss (1) $ (3,497 ) $ (19,097 ) $ (41,003 ) $ (72,214 ) Depreciation and amortization: Europe Caspian $ 12,771 $ 11,185 $ 36,789 $ 33,594 Africa 3,664 4,007 10,330 12,680 Americas 6,909 7,060 20,906 25,669 Asia Pacific 4,479 4,973 15,347 13,586 Corporate and other 3,859 2,543 10,747 7,525 Total depreciation and amortization (2) $ 31,682 $ 29,768 $ 94,119 $ 93,054 December 31, March 31, Identifiable assets: Europe Caspian $ 955,122 $ 1,091,536 Africa 414,162 325,719 Americas 857,463 809,071 Asia Pacific 330,210 433,614 Corporate and other (3) 410,200 453,907 Total identifiable assets $ 2,967,157 $ 3,113,847 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 350 $ 257 Americas 201,422 200,362 Corporate and other 3,057 3,257 Total investments in unconsolidated affiliates – equity method investments $ 204,829 $ 203,876 _____________ (1) Results for the three and nine months ended December 31, 2017, were positively impacted by a reduction to rent expense of $13.1 million (included in direct costs) impacting Europe Caspian and Asia Pacific regions by $7.1 million and $6.0 million , respectively, related to OEM cost recoveries for ongoing aircraft issues. For further details, see Note 1. (2) Includes accelerated depreciation expense of $1.1 million during the three months ended December 31, 2016 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in our Africa region. Includes accelerated depreciation expense of $9.3 million during the nine months ended December 31, 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 $5.0 million , respectively. For further details, see Note 1. (3) Includes $69.1 million and $199.3 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of December 31 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 | 9 Months Ended |
Dec. 31, 2017 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Financial Information | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION In connection with the issuance of the 6¼% Senior Notes due 2022 (the “6¼% Senior Notes”) and the 4½% Convertible Senior Notes, 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 December 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ 188 $ 47,377 $ 313,170 $ — $ 360,735 Intercompany revenue — 28,608 — (28,608 ) — 188 75,985 313,170 (28,608 ) 360,735 Operating expense: Direct cost and reimbursable expense 81 49,540 236,968 — 286,589 Intercompany expenses — — 28,608 (28,608 ) — Depreciation and amortization 3,048 12,489 16,145 — 31,682 General and administrative 13,937 6,514 22,915 — 43,366 17,066 68,543 304,636 (28,608 ) 361,637 Gain (loss) on disposal of assets (1,757 ) (3,657 ) 823 — (4,591 ) Earnings from unconsolidated affiliates, net of losses (11,503 ) — 1,996 11,503 1,996 Operating income (loss) (30,138 ) 3,785 11,353 11,503 (3,497 ) Interest expense, net (9,480 ) (5,008 ) (4,605 ) — (19,093 ) Other income (expense), net (16 ) 227 (977 ) — (766 ) Income (loss) before (provision) benefit for income taxes (39,634 ) (996 ) 5,771 11,503 (23,356 ) Allocation of consolidated income taxes 31,373 (1,791 ) (16,163 ) — 13,419 Net loss (8,261 ) (2,787 ) (10,392 ) 11,503 (9,937 ) Net (income) loss attributable to noncontrolling interests (12 ) — 1,676 — 1,664 Net loss attributable to Bristow Group $ (8,273 ) $ (2,787 ) $ (8,716 ) $ 11,503 $ (8,273 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 39,558 $ 297,885 $ — $ 337,443 Intercompany revenue — 29,799 — (29,799 ) — — 69,357 297,885 (29,799 ) 337,443 Operating expense: Direct cost and reimbursable expense 703 45,794 226,052 — 272,549 Intercompany expenses — — 29,799 (29,799 ) — Depreciation and amortization 2,233 10,942 16,593 — 29,768 General and administrative 13,897 5,841 25,671 — 45,409 16,833 62,577 298,115 (29,799 ) 347,726 Loss on impairment — — (8,706 ) — (8,706 ) Loss on disposal of assets — (361 ) (513 ) — (874 ) Earnings from unconsolidated affiliates, net of losses 4,562 — 765 (4,561 ) 766 Operating income (loss) (12,271 ) 6,419 (8,684 ) (4,561 ) (19,097 ) Interest expense, net (11,525 ) (42 ) (612 ) — (12,179 ) Other income (expense), net 497 1,666 (495 ) — 1,668 Income (loss) before (provision) benefit for income taxes (23,299 ) 8,043 (9,791 ) (4,561 ) (29,608 ) Allocation of consolidated income taxes 1,386 (1,138 ) 3,312 — 3,560 Net income (loss) (21,913 ) 6,905 (6,479 ) (4,561 ) (26,048 ) Net (income) loss attributable to noncontrolling interests (13 ) — 4,134 — 4,121 Net income (loss) attributable to Bristow Group $ (21,926 ) $ 6,905 $ (2,345 ) $ (4,561 ) $ (21,927 ) Supplemental Condensed Consolidating Statement of Operations Nine Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ 188 $ 140,104 $ 946,228 $ — $ 1,086,520 Intercompany revenue — 92,518 — (92,518 ) — 188 232,622 946,228 (92,518 ) 1,086,520 Operating expense: Direct cost and reimbursable expense 3,350 147,829 733,314 — 884,493 Intercompany expenses — — 92,518 (92,518 ) — Depreciation and amortization 8,981 38,209 46,929 — 94,119 General and administrative 50,924 17,899 69,872 — 138,695 63,255 203,937 942,633 (92,518 ) 1,117,307 Loss on impairment — (1,192 ) — — (1,192 ) Gain (loss) on disposal of assets (1,757 ) 7,356 (18,017 ) — (12,418 ) Earnings from unconsolidated affiliates, net of losses (22,506 ) — 3,394 22,506 3,394 Operating income (loss) (87,330 ) 34,849 (11,028 ) 22,506 (41,003 ) Interest expense, net (29,174 ) (16,811 ) (7,692 ) — (53,677 ) Other income (expense), net (142 ) (529 ) 818 — 147 Income (loss) before (provision) benefit for income taxes (116,646 ) 17,509 (17,902 ) 22,506 (94,533 ) Allocation of consolidated income taxes 21,925 (7,896 ) (16,575 ) — (2,546 ) Net income (loss) (94,721 ) 9,613 (34,477 ) 22,506 (97,079 ) Net (income) loss attributable to noncontrolling interests (36 ) — 2,358 — 2,322 Net income (loss) attributable to Bristow Group $ (94,757 ) $ 9,613 $ (32,119 ) $ 22,506 $ (94,757 ) Supplemental Condensed Consolidating Statement of Operations Nine Months Ended December 31, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 127,414 $ 936,894 $ — $ 1,064,308 Intercompany revenue — 78,413 — (78,413 ) — — 205,827 936,894 (78,413 ) 1,064,308 Operating expense: Direct cost and reimbursable expense 72 142,270 727,270 — 869,612 Intercompany expenses — — 78,413 (78,413 ) — Depreciation and amortization 6,549 38,728 47,777 — 93,054 General and administrative 51,643 18,921 78,714 — 149,278 58,264 199,919 932,174 (78,413 ) 1,111,944 Loss on impairment — (4,761 ) (11,517 ) — (16,278 ) Loss on disposal of assets — (11,936 ) (1,141 ) — (13,077 ) Earnings from unconsolidated affiliates, net of losses (17,861 ) — 4,733 17,905 4,777 Operating income (loss) (76,125 ) (10,789 ) (3,205 ) 17,905 (72,214 ) Interest expense, net (31,757 ) (1,070 ) (1,706 ) — (34,533 ) Other income (expense), net 1,249 3,312 (6,079 ) — (1,518 ) Loss before (provision) benefit for income taxes (106,633 ) (8,547 ) (10,990 ) 17,905 (108,265 ) Allocation of consolidated income taxes 14,178 (4,870 ) 1,730 — 11,038 Net loss (92,455 ) (13,417 ) (9,260 ) 17,905 (97,227 ) Net (income) loss attributable to noncontrolling interests (40 ) — 4,771 — 4,731 Net loss attributable to Bristow Group $ (92,495 ) $ (13,417 ) $ (4,489 ) $ 17,905 $ (92,496 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (8,261 ) $ (2,787 ) $ (10,392 ) $ 11,503 $ (9,937 ) Other comprehensive loss: Currency translation adjustments — (18 ) 1,116 (1,155 ) (57 ) Total comprehensive loss (8,261 ) (2,805 ) (9,276 ) 10,348 (9,994 ) Net (income) loss attributable to noncontrolling interests (12 ) — 1,676 — 1,664 Currency translation adjustments attributable to noncontrolling interests — — (17 ) — (17 ) Total comprehensive (income) loss attributable to noncontrolling interests (12 ) — 1,659 — 1,647 Total comprehensive loss attributable to Bristow Group $ (8,273 ) $ (2,805 ) $ (7,617 ) $ 10,348 $ (8,347 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended December 31, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (21,913 ) $ 6,905 $ (6,479 ) $ (4,561 ) $ (26,048 ) Other comprehensive loss: Currency translation adjustments — — (11,792 ) (7,104 ) (18,896 ) Total comprehensive income (loss) (21,913 ) 6,905 (18,271 ) (11,665 ) (44,944 ) Net (income) loss attributable to noncontrolling interests (13 ) — 4,134 — 4,121 Currency translation adjustments attributable to noncontrolling interests — — (687 ) — (687 ) Total comprehensive (income) loss attributable to noncontrolling interests (13 ) — 3,447 — 3,434 Total comprehensive income (loss) attributable to Bristow Group $ (21,926 ) $ 6,905 $ (14,824 ) $ (11,665 ) $ (41,510 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (94,721 ) $ 9,613 $ (34,477 ) $ 22,506 $ (97,079 ) Other comprehensive income (loss): Currency translation adjustments — 626 29,686 (9,918 ) 20,394 Total comprehensive income (loss) (94,721 ) 10,239 (4,791 ) 12,588 (76,685 ) Net (income) loss attributable to noncontrolling interests (36 ) — 2,358 — 2,322 Currency translation adjustments attributable to noncontrolling interests — — 530 — 530 Total comprehensive (income) loss attributable to noncontrolling interests (36 ) — 2,888 — 2,852 Total comprehensive income (loss) attributable to Bristow Group $ (94,757 ) $ 10,239 $ (1,903 ) $ 12,588 $ (73,833 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended December 31, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (92,455 ) $ (13,417 ) $ (9,260 ) $ 17,905 $ (97,227 ) Other comprehensive income (loss): Currency translation adjustments — — 196,442 (227,912 ) (31,470 ) Total comprehensive income (loss) (92,455 ) (13,417 ) 187,182 (210,007 ) (128,697 ) Net (income) loss attributable to noncontrolling interests (40 ) — 4,771 — 4,731 Currency translation adjustments attributable to noncontrolling interests — — (5,652 ) — (5,652 ) Total comprehensive income attributable to noncontrolling interests (40 ) — (881 ) — (921 ) Total comprehensive income (loss) attributable to Bristow Group $ (92,495 ) $ (13,417 ) $ 186,301 $ (210,007 ) $ (129,618 ) Supplemental Condensed Consolidating Balance Sheet As of December 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 27,895 $ — $ 90,875 $ (922 ) $ 117,848 Accounts receivable 148,115 419,838 320,897 (674,071 ) 214,779 Inventories — 31,623 102,370 — 133,993 Assets held for sale — 25,265 5,773 — 31,038 Prepaid expenses and other current assets 2,427 5,234 36,007 — 43,668 Total current assets 178,437 481,960 555,922 (674,993 ) 541,326 Intercompany investment 2,387,382 104,435 136,627 (2,628,444 ) — Investment in unconsolidated affiliates — — 211,115 — 211,115 Intercompany notes receivable 166,341 36,358 157,575 (360,274 ) — Property and equipment—at cost: Land and buildings 4,806 58,252 178,734 — 241,792 Aircraft and equipment 157,421 1,135,071 1,218,830 — 2,511,322 162,227 1,193,323 1,397,564 — 2,753,114 Less: Accumulated depreciation and amortization (38,062 ) (257,033 ) (378,835 ) — (673,930 ) 124,165 936,290 1,018,729 — 2,079,184 Goodwill — — 20,299 — 20,299 Other assets 9,471 1,961 103,822 (21 ) 115,233 Total assets $ 2,865,796 $ 1,561,004 $ 2,204,089 $ (3,663,732 ) $ 2,967,157 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 348,871 $ 203,517 $ 190,827 $ (655,787 ) $ 87,428 Accrued liabilities 48,284 4,391 157,341 (17,975 ) 192,041 Short-term borrowings and current maturities of long-term debt 40,087 20,335 32,714 — 93,136 Total current liabilities 437,242 228,243 380,882 (673,762 ) 372,605 Long-term debt, less current maturities 513,801 277,442 311,522 — 1,102,765 Intercompany notes payable 187,531 133,087 40,757 (361,375 ) — Accrued pension liabilities — — 54,291 — 54,291 Other liabilities and deferred credits 13,570 7,660 16,538 — 37,768 Deferred taxes 78,937 47,494 15,494 (21 ) 141,904 Redeemable noncontrolling interest — — 3,859 — 3,859 Stockholders’ investment: Common stock 381 20,028 131,317 (151,345 ) 381 Additional paid-in-capital 844,825 45,306 284,048 (329,354 ) 844,825 Retained earnings 894,684 800,730 674,765 (1,475,495 ) 894,684 Accumulated other comprehensive loss 78,306 1,014 285,707 (672,380 ) (307,353 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,633,400 867,078 1,375,837 (2,628,574 ) 1,247,741 Noncontrolling interests 1,315 — 4,909 — 6,224 Total stockholders’ investment 1,634,715 867,078 1,380,746 (2,628,574 ) 1,253,965 Total liabilities, redeemable noncontrolling interest and stockholders’ investment $ 2,865,796 $ 1,561,004 $ 2,204,089 $ (3,663,732 ) $ 2,967,157 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 Nine Months Ended December 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (105,817 ) $ 34,995 $ 62,437 $ (922 ) $ (9,307 ) Cash flows from investing activities: Capital expenditures (8,182 ) (7,755 ) (97,984 ) 77,480 (36,441 ) Proceeds from asset dispositions — 85,760 40,267 (77,480 ) 48,547 Proceeds from OEM cost recoveries — — 94,463 — 94,463 Net cash provided by (used in) investing activities (8,182 ) 78,005 36,746 — 106,569 Cash flows from financing activities: Proceeds from borrowings 318,550 — 230,218 — 548,768 Debt issuance costs (2,558 ) (552 ) (8,543 ) — (11,653 ) Repayment of debt (569,325 ) (13,137 ) (27,205 ) — (609,667 ) Purchase of 4½% Convertible Senior Notes call option (40,393 ) — — — (40,393 ) Proceeds from issuance of warrants 30,259 — — — 30,259 Dividends paid 110,637 — (113,102 ) — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 291,969 (99,610 ) (192,359 ) — — Partial prepayment of put/call obligation (36 ) — — — (36 ) Repurchases for tax withholdings on vesting of equity awards (591 ) — — — (591 ) Net cash provided by (used in) financing activities 138,512 (113,299 ) (110,991 ) — (85,778 ) Effect of exchange rate changes on cash and cash equivalents — — 9,708 — 9,708 Net increase (decrease) in cash and cash equivalents 24,513 (299 ) (2,100 ) (922 ) 21,192 Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 27,895 $ — $ 90,875 $ (922 ) $ 117,848 Supplemental Condensed Consolidating Statement of Cash Flows Nine Months Ended December 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (87,634 ) $ 39,771 $ 36,712 $ (2,947 ) $ (14,098 ) Cash flows from investing activities: Capital expenditures (15,385 ) (21,093 ) (83,248 ) — (119,726 ) Proceeds from asset dispositions — 12,894 1,450 — 14,344 Investment in unconsolidated affiliate — 290 — — 290 Net cash used in investing activities (15,385 ) (7,909 ) (81,798 ) — (105,092 ) Cash flows from financing activities: Proceeds from borrowings 243,900 109,890 6,450 — 360,240 Debt issuance costs (2,925 ) — (958 ) — (3,883 ) Repayment of debt (218,900 ) (4,494 ) (20,283 ) — (243,677 ) Dividends paid (7,010 ) 4 (360 ) — (7,366 ) Increases (decreases) in cash related to intercompany advances and debt 55,910 (140,655 ) 84,745 — — Partial prepayment of put/call obligation (38 ) — — — (38 ) Dividends paid to noncontrolling interest — — (2,533 ) — (2,533 ) Payment of contingent consideration — — (10,000 ) — (10,000 ) Repurchases for tax withholdings on vesting of equity awards (762 ) — — — (762 ) Net cash provided by (used in) financing activities 70,175 (35,255 ) 57,061 — 91,981 Effect of exchange rate changes on cash and cash equivalents — — (5,942 ) — (5,942 ) Net increase (decrease) in cash and cash equivalents (32,844 ) (3,393 ) 6,033 (2,947 ) (33,151 ) Cash and cash equivalents at beginning of period 35,241 3,393 65,676 — 104,310 Cash and cash equivalents at end of period $ 2,397 $ — $ 71,709 $ (2,947 ) $ 71,159 |
BASIS OF PRESENTATION, CONSOL19
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 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. Prior to the sale of our 100% interest in Bristow Academy, Inc. (“Bristow Academy”) on November 1, 2017, Bristow Academy, our helicopter training unit, primarily earned revenue from military training, flight training provided to individual students and ground school courses. We recognized revenue from these sources using the same revenue recognition principles described above as services 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 $2.3 million recorded as an increase to the income tax provision during the nine months ended December 31, 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 nine months ended December 31, 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) | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2017 2016 2017 2016 One British pound sterling into U.S. dollars High 1.35 1.30 1.36 1.48 Average 1.33 1.24 1.31 1.33 Low 1.31 1.21 1.24 1.21 At period-end 1.35 1.24 1.35 1.24 One euro into U.S. dollars High 1.20 1.12 1.20 1.15 Average 1.18 1.08 1.15 1.11 Low 1.16 1.04 1.06 1.04 At period-end 1.20 1.05 1.20 1.05 One Australian dollar into U.S. dollars High 0.79 0.77 0.81 0.78 Average 0.77 0.75 0.77 0.75 Low 0.75 0.72 0.74 0.72 At period-end 0.78 0.72 0.78 0.72 One Norwegian kroner into U.S. dollars High 0.1269 0.1253 0.1294 0.1253 Average 0.1225 0.1193 0.1219 0.1202 Low 0.1193 0.1145 0.1152 0.1145 At period-end 0.1223 0.1162 0.1223 0.1162 One Nigerian naira into U.S. dollars High 0.0028 0.0032 0.0033 0.0050 Average 0.0028 0.0032 0.0030 0.0037 Low 0.0028 0.0031 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 Nine Months Ended 2017 2016 2017 2016 One Brazilian real into U.S. dollars High 0.3198 0.3207 0.3244 0.3207 Average 0.3076 0.3032 0.3117 0.2988 Low 0.3004 0.2866 0.2995 0.2702 At period-end 0.3015 0.3073 0.3015 0.3073 _____________ Source: FactSet |
Schedule of foreign exchange impact | We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands): Three Months Ended Nine Months Ended Revenue $ 10,826 $ (4,850 ) Operating expense (9,028 ) 593 Earnings from unconsolidated affiliates, net of losses 484 908 Non-operating expense (1,270 ) 2,977 Income before provision for income taxes 1,012 (372 ) Provision for income taxes 1,057 2,933 Net income 2,069 2,561 Cumulative translation adjustment (74 ) 20,924 Total stockholders’ investment $ 1,995 $ 23,485 |
Schedule of interest income and interest expense | During the three and nine months ended December 31, 2017 and 2016 , interest expense, net consisted of the following (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Interest income $ 144 $ 168 $ 512 $ 637 Interest expense (19,237 ) (12,347 ) (54,189 ) (35,170 ) Interest expense, net $ (19,093 ) $ (12,179 ) $ (53,677 ) $ (34,533 ) |
Schedule of goodwill | Goodwill of $20.3 million and $19.8 million as of December 31 and March 31, 2017 , respectively, related to our Asia Pacific reporting unit was as follows (in thousands): March 31, 2017 $ 19,798 Foreign currency translation 501 December 31, 2017 $ 20,299 Accumulated goodwill impairment of $50.9 million as of both December 31 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 — — — — — December 31, 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 46 272 32 4 355 December 31, 2017 $ 8,170 $ 12,798 $ 4,755 $ 1,094 $ 750 $ 27,567 Accumulated Amortization March 31, 2017 $ (8,155 ) $ (11,071 ) $ (908 ) $ (685 ) $ (657 ) $ (21,476 ) Amortization expense (13 ) (224 ) (221 ) (167 ) (44 ) (669 ) December 31, 2017 $ (8,168 ) $ (11,295 ) $ (1,129 ) $ (852 ) $ (701 ) $ (22,145 ) 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 $ 220 2019 760 2020 469 2021 469 2022 470 Thereafter 3,034 $ 5,422 |
Schedule of capital expenditures | During the three and nine months ended December 31, 2017 and 2016 , we took delivery of aircraft and made capital expenditures as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Number of aircraft delivered: Medium — — 5 5 SAR aircraft — 1 — 2 Total aircraft — 1 5 7 Capital expenditures (in thousands): Aircraft and equipment (1) $ 10,311 $ 17,196 $ 26,800 $ 112,770 Land and buildings 1,813 664 9,641 6,956 Total capital expenditures $ 12,124 $ 17,860 $ 36,441 $ 119,726 _____________ (1) During the nine months ended December 31, 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 nine months ended December 31, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of 5 3 11 9 Proceeds from sale or disposal of assets $ 6,303 $ 2,525 $ 48,547 $ 14,344 Loss from sale or disposal of assets (1) $ 3,031 $ 674 $ 1,111 $ 1,717 Number of aircraft impaired 1 1 5 13 Impairment charges on assets held for sale (1)(2) $ 1,560 $ 200 $ 11,307 $ 11,360 _____________ (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 nine months ended December 31, 2017. |
Schedule of other accrued liabilities | Other accrued liabilities of $72.3 million and $46.7 million as of December 31 and March 31, 2017 , respectively, includes the following: December 31, March 31, (In thousands) Accrued lease costs $ 12,189 $ 5,601 Deferred OEM cost recovery 10,413 — Eastern overdraft liability 9,486 5,829 Accrued property and equipment 5,158 3,546 Deferred gain on sale leasebacks 1,305 1,655 Other operating accruals 33,741 30,048 $ 72,292 $ 46,679 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Dec. 31, 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): December 31, March 31, Assets Cash and cash equivalents $ 84,236 $ 92,409 Accounts receivable 271,053 222,560 Inventories 102,370 90,190 Prepaid expenses and other current assets 48,016 50,016 Total current assets 505,675 455,175 Investment in unconsolidated affiliates 3,407 3,513 Property and equipment, net 318,879 306,831 Goodwill 20,299 19,798 Other assets 208,390 203,228 Total assets $ 1,056,650 $ 988,545 Liabilities Accounts payable $ 276,997 $ 146,841 Accrued liabilities 142,180 122,130 Accrued interest 2,065,246 1,891,305 Current maturities of long-term debt 20,993 18,578 Total current liabilities 2,505,416 2,178,854 Long-term debt, less current maturities 465,699 501,782 Accrued pension liabilities 54,291 61,647 Other liabilities and deferred credits 2,495 8,138 Deferred taxes 16,777 20,264 Redeemable noncontrolling interest 3,859 6,886 Total liabilities $ 3,048,537 $ 2,777,571 Three Months Ended Nine Months Ended 2017 2016 2017 2016 Revenue $ 309,461 $ 291,808 $ 933,387 $ 920,587 Operating loss (17,463 ) (28,287 ) (40,095 ) (68,803 ) Net loss (79,789 ) (44,999 ) (221,039 ) (214,336 ) |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt as of December 31 and March 31, 2017 consisted of the following (in thousands): December 31, March 31, 6¼% Senior Notes due 2022 $ 401,535 $ 401,535 4½% Convertible Senior Notes due 2023 106,124 — Term Loan 52,546 261,907 Term Loan Credit Facility — 45,900 Revolving Credit Facility — 139,100 Lombard Debt 206,831 196,832 Macquarie Debt 188,528 200,000 PK Air Debt 230,000 — Airnorth Debt 14,507 16,471 Eastern Airways Debt 12,772 15,326 Other Debt 2,423 16,293 Unamortized debt issuance costs (19,365 ) (11,345 ) Total debt 1,195,901 1,282,019 Less short-term borrowings and current maturities of long-term debt (93,136 ) (131,063 ) Total long-term debt $ 1,102,765 $ 1,150,956 |
Schedule of convertible debt | Accounting standards require that convertible debt which may be settled in cash upon conversion (including partial cash settlement) be accounted for with a liability component based on the fair value of similar nonconvertible debt and an equity component based on the excess of the initial proceeds from the convertible debt over the liability component. Such excess represents proceeds related to the conversion option and is recorded as additional paid-in capital. The liability is recorded at a discount, which is then amortized as additional non-cash interest expense over the term of the 4½% Convertible Senior Notes. The balances of the debt and equity components of the 4½% Convertible Senior Notes as of December 31, 2017 is as follows (in thousands): Equity component - net carrying value (1) $ 36,778 Debt component: Face amount due at maturity $ 143,750 Unamortized discount (37,626 ) Debt component - net carrying value $ 106,124 _____________ (1) Net of equity issuance costs of $1.0 million . The remaining debt discount is being amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three and nine months ended December 31, 2017 was 11.0% . Interest expense related to our 4½% Convertible Senior Notes for the three and nine months ended December 31, 2017 was as follows (in thousands): Contractual coupon interest $ 234 Amortization of debt discount 181 Total interest expense $ 415 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on non-recurring basis | The following table summarizes the assets as of December 31, 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 $ — $ — $ — $ — $ — $ (1,192 ) Assets held for sale — — 31,038 31,038 (1,560 ) (11,307 ) Total assets $ — $ — $ 31,038 $ 31,038 $ (1,560 ) $ (12,499 ) The following table summarizes the assets as of December 31, 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 $ — $ 46,654 $ — $ 46,654 $ — $ (7,572 ) Assets held for sale — 37,635 — 37,635 (200 ) (11,360 ) Goodwill — — 18,793 18,793 (8,706 ) (8,706 ) Total assets $ — $ 84,289 $ 18,793 $ 103,082 $ (8,906 ) $ (27,638 ) |
Schedule of fair value assets measured on recurring basis | The following table summarizes the financial instruments we had as of December 31, 2017 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Rabbi Trust investments $ 2,847 $ — $ — $ 2,847 Other assets Total assets $ 2,847 $ — $ — $ 2,847 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): December 31, 2017 March 31, 2017 Carrying Value Fair Value Carrying Value Fair Value 6¼% Senior Notes $ 401,535 $ 328,777 $ 401,535 $ 323,236 4½% Convertible Senior Notes (1) 106,124 158,571 — — Term Loan 52,546 52,546 261,907 261,907 Term Loan Credit Facility — — 45,900 45,900 Revolving Credit Facility — — 139,100 139,100 Lombard Debt 206,831 206,831 196,832 196,832 Macquarie Debt 188,528 188,528 200,000 200,000 PK Air Debt 230,000 230,000 — — Airnorth Debt 14,507 14,507 16,471 16,471 Eastern Airways Debt 12,772 12,772 15,326 15,326 Other Debt 2,423 2,423 16,293 16,293 $ 1,215,266 $ 1,194,955 $ 1,293,364 $ 1,215,065 _____________ (1) Carrying value of the 4½% Convertible Senior Notes includes unamortized discount of $37.6 million as of December 31, 2017 . |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Dec. 31, 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 February 8, 2018 , we had 27 aircraft on order and options to acquire an additional four aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income. Three Months Ending March 31, 2018 Fiscal Year Ending March 31, 2019 2020 2021 2022 and thereafter (1) Total Commitments as of February 8, 2018: (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 $ — $ 19,856 $ 25,536 $ 78,726 $ 285,295 $ 409,413 U.K. SAR 3,242 — 62,970 — — 66,212 $ 3,242 $ 19,856 $ 88,506 $ 78,726 $ 285,295 $ 475,625 Options as of February 8, 2018: Number of aircraft: Large — 2 2 — — 4 — 2 2 — — 4 Related option expenditures (in thousands) (3) $ — $ 44,181 $ 31,536 $ — $ — $ 75,717 _____________ (1) Includes $96.0 million for five aircraft orders that can be cancelled prior to delivery dates. We made non-refundable deposits of $4.5 million related to these aircraft. (2) We have an agreement to defer payment of approximately $63.0 million in capital expenditures out of fiscal year 2018 and into future periods which is 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 December 31, 2017 September 30, 2017 June 30, 2017 Orders Options Orders Options Orders Options Beginning of period 27 4 29 4 32 4 Aircraft delivered — — (2 ) — (3 ) — End of period 27 4 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 December 31, 2017 : End of Lease Term Number of Aircraft Three months ending March 31, 2018 to fiscal year 2019 25 Fiscal year 2020 to fiscal year 2022 48 Fiscal year 2023 to fiscal year 2024 17 90 |
Schedule of separation programs | The expense related to the VSPs and ISPs for the three and nine months ended December 31, 2017 and 2016 is as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 VSP: Direct cost $ — $ 179 $ — $ 1,624 General and administrative — — — 23 Total $ — $ 179 $ — $ 1,647 ISP: Direct cost $ 2,661 $ 464 $ 5,208 $ 5,360 General and administrative 120 102 8,662 8,697 Total $ 2,781 $ 566 $ 13,870 $ 14,057 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2017 2016 2017 2016 Service cost for benefits earned during the period $ 159 $ 1,696 $ 470 $ 5,450 Interest cost on pension benefit obligation 3,893 4,139 11,482 13,297 Expected return on assets (5,509 ) (5,601 ) (16,250 ) (17,992 ) Amortization of unrecognized losses 1,844 1,699 5,441 5,454 Net periodic pension cost $ 387 $ 1,933 $ 1,143 $ 6,209 |
Assumptions used for stock options granted | The following table shows the assumptions used to compute the stock-based compensation expense for stock options granted during the nine months ended December 31, 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) | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2017 2016 2017 2016 Options: Outstanding 2,729,888 2,150,235 2,791,193 1,720,164 Weighted average exercise price $ 38.12 $ 28.51 $ 39.88 $ 32.90 Restricted stock awards: Outstanding 681,571 404,772 432,596 486,340 Weighted average price $ 8.67 $ 15.06 $ 23.25 $ 27.92 |
Schedule of earnings per share, basic and diluted | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Loss (in thousands): Loss available to common stockholders – basic $ (8,273 ) $ (21,927 ) $ (94,757 ) $ (92,496 ) Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) — — — — Loss available to common stockholders – diluted (8,273 ) (21,927 ) (94,757 ) (92,496 ) Shares: Weighted average number of common shares outstanding – basic 35,368,212 35,095,240 35,260,746 35,021,463 Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1) — — — — Net effect of dilutive stock options and restricted stock awards based on the treasury stock method — — — — Weighted average number of common shares outstanding – diluted (2) 35,368,212 35,095,240 35,260,746 35,021,463 Basic loss per common share $ (0.23 ) $ (0.62 ) $ (2.69 ) $ (2.64 ) Diluted loss per common share $ (0.23 ) $ (0.62 ) $ (2.69 ) $ (2.64 ) _____________ (1) Diluted earnings per common share for three and nine months ended December 31, 2017 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 4½% Convertible Senior Notes. The 4½% Convertible Senior Notes will be convertible, under certain circumstances, into cash, shares of our common stock or a combination of cash and our common stock, at our election. We have initially elected combination settlement. As of December 31, 2017 , the base conversion price of the notes was approximately $15.64 , based on the base conversion rate of 63.9488 shares of common stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances). In general, upon conversion of a note, the holder will receive cash equal to the principal amount of the note and common stock to the extent of the note’s conversion value in excess of such principal amount. Such shares did not impact our calculation of diluted earnings per share for the three and nine months ended December 31, 2017 as our average stock price during these periods did not meet or exceed the conversion requirements. (2) Potentially dilutive shares issuable pursuant to our Warrant Transactions were not included in the computation of diluted income per share for the three and nine months ended December 31, 2017 , because to do so would have been anti-dilutive. For further details on the Warrant Transactions, see Note 3. |
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 20,924 — 20,924 Reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income 20,924 — 20,924 Foreign exchange rate impact 18,885 (18,885 ) — Balance as of December 31, 2017 $ (109,912 ) $ (197,441 ) $ (307,353 ) _____________ (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) | 9 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of revenue by segment | The following tables show region information for the three and nine months ended December 31, 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 Nine Months Ended 2017 2016 2017 2016 Region gross revenue from external clients: Europe Caspian $ 196,958 $ 179,632 $ 592,280 $ 566,290 Africa 48,712 50,516 149,289 156,422 Americas 58,468 52,362 173,431 166,651 Asia Pacific 55,691 52,857 167,421 167,256 Corporate and other 906 2,076 4,099 7,689 Total region gross revenue $ 360,735 $ 337,443 $ 1,086,520 $ 1,064,308 Intra-region gross revenue: Europe Caspian $ 1,481 $ 1,278 $ 4,000 $ 5,308 Africa — — — — Americas 2,147 977 6,391 2,939 Asia Pacific — — — 1 Corporate and other 5 38 27 317 Total intra-region gross revenue $ 3,633 $ 2,293 $ 10,418 $ 8,565 Consolidated gross revenue: Europe Caspian $ 198,439 $ 180,910 $ 596,280 $ 571,598 Africa 48,712 50,516 149,289 156,422 Americas 60,615 53,339 179,822 169,590 Asia Pacific 55,691 52,857 167,421 167,257 Corporate and other 911 2,114 4,126 8,006 Intra-region eliminations (3,633 ) (2,293 ) (10,418 ) (8,565 ) Total consolidated gross revenue $ 360,735 $ 337,443 $ 1,086,520 $ 1,064,308 |
Operating Performance and Total Assets by Segment | Three Months Ended Nine Months Ended 2017 2016 2017 2016 Earnings from unconsolidated affiliates, net of losses – equity method investments: Europe Caspian $ 34 $ 125 $ 125 $ 241 Americas 2,097 831 3,712 4,954 Corporate and other (135 ) (190 ) (443 ) (461 ) Total earnings from unconsolidated affiliates, net of losses – equity method investments $ 1,996 $ 766 $ 3,394 $ 4,734 Consolidated operating loss: Europe Caspian $ 5,312 $ (303 ) $ 19,610 $ 18,468 Africa 10,470 10,441 28,353 19,954 Americas 5,308 2,226 11,535 5,790 Asia Pacific (941 ) (9,012 ) (19,374 ) (24,480 ) Corporate and other (19,055 ) (21,575 ) (68,709 ) (78,869 ) Loss on disposal of assets (4,591 ) (874 ) (12,418 ) (13,077 ) Total consolidated operating loss (1) $ (3,497 ) $ (19,097 ) $ (41,003 ) $ (72,214 ) Depreciation and amortization: Europe Caspian $ 12,771 $ 11,185 $ 36,789 $ 33,594 Africa 3,664 4,007 10,330 12,680 Americas 6,909 7,060 20,906 25,669 Asia Pacific 4,479 4,973 15,347 13,586 Corporate and other 3,859 2,543 10,747 7,525 Total depreciation and amortization (2) $ 31,682 $ 29,768 $ 94,119 $ 93,054 December 31, March 31, Identifiable assets: Europe Caspian $ 955,122 $ 1,091,536 Africa 414,162 325,719 Americas 857,463 809,071 Asia Pacific 330,210 433,614 Corporate and other (3) 410,200 453,907 Total identifiable assets $ 2,967,157 $ 3,113,847 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 350 $ 257 Americas 201,422 200,362 Corporate and other 3,057 3,257 Total investments in unconsolidated affiliates – equity method investments $ 204,829 $ 203,876 _____________ (1) Results for the three and nine months ended December 31, 2017, were positively impacted by a reduction to rent expense of $13.1 million (included in direct costs) impacting Europe Caspian and Asia Pacific regions by $7.1 million and $6.0 million , respectively, related to OEM cost recoveries for ongoing aircraft issues. For further details, see Note 1. (2) Includes accelerated depreciation expense of $1.1 million during the three months ended December 31, 2016 related to aircraft where management made the decision to exit these model types earlier than originally anticipated in our Africa region. Includes accelerated depreciation expense of $9.3 million during the nine months ended December 31, 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 $5.0 million , respectively. For further details, see Note 1. (3) Includes $69.1 million and $199.3 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of December 31 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) | 9 Months Ended |
Dec. 31, 2017 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Statement of Operations | Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ 188 $ 47,377 $ 313,170 $ — $ 360,735 Intercompany revenue — 28,608 — (28,608 ) — 188 75,985 313,170 (28,608 ) 360,735 Operating expense: Direct cost and reimbursable expense 81 49,540 236,968 — 286,589 Intercompany expenses — — 28,608 (28,608 ) — Depreciation and amortization 3,048 12,489 16,145 — 31,682 General and administrative 13,937 6,514 22,915 — 43,366 17,066 68,543 304,636 (28,608 ) 361,637 Gain (loss) on disposal of assets (1,757 ) (3,657 ) 823 — (4,591 ) Earnings from unconsolidated affiliates, net of losses (11,503 ) — 1,996 11,503 1,996 Operating income (loss) (30,138 ) 3,785 11,353 11,503 (3,497 ) Interest expense, net (9,480 ) (5,008 ) (4,605 ) — (19,093 ) Other income (expense), net (16 ) 227 (977 ) — (766 ) Income (loss) before (provision) benefit for income taxes (39,634 ) (996 ) 5,771 11,503 (23,356 ) Allocation of consolidated income taxes 31,373 (1,791 ) (16,163 ) — 13,419 Net loss (8,261 ) (2,787 ) (10,392 ) 11,503 (9,937 ) Net (income) loss attributable to noncontrolling interests (12 ) — 1,676 — 1,664 Net loss attributable to Bristow Group $ (8,273 ) $ (2,787 ) $ (8,716 ) $ 11,503 $ (8,273 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 39,558 $ 297,885 $ — $ 337,443 Intercompany revenue — 29,799 — (29,799 ) — — 69,357 297,885 (29,799 ) 337,443 Operating expense: Direct cost and reimbursable expense 703 45,794 226,052 — 272,549 Intercompany expenses — — 29,799 (29,799 ) — Depreciation and amortization 2,233 10,942 16,593 — 29,768 General and administrative 13,897 5,841 25,671 — 45,409 16,833 62,577 298,115 (29,799 ) 347,726 Loss on impairment — — (8,706 ) — (8,706 ) Loss on disposal of assets — (361 ) (513 ) — (874 ) Earnings from unconsolidated affiliates, net of losses 4,562 — 765 (4,561 ) 766 Operating income (loss) (12,271 ) 6,419 (8,684 ) (4,561 ) (19,097 ) Interest expense, net (11,525 ) (42 ) (612 ) — (12,179 ) Other income (expense), net 497 1,666 (495 ) — 1,668 Income (loss) before (provision) benefit for income taxes (23,299 ) 8,043 (9,791 ) (4,561 ) (29,608 ) Allocation of consolidated income taxes 1,386 (1,138 ) 3,312 — 3,560 Net income (loss) (21,913 ) 6,905 (6,479 ) (4,561 ) (26,048 ) Net (income) loss attributable to noncontrolling interests (13 ) — 4,134 — 4,121 Net income (loss) attributable to Bristow Group $ (21,926 ) $ 6,905 $ (2,345 ) $ (4,561 ) $ (21,927 ) Supplemental Condensed Consolidating Statement of Operations Nine Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ 188 $ 140,104 $ 946,228 $ — $ 1,086,520 Intercompany revenue — 92,518 — (92,518 ) — 188 232,622 946,228 (92,518 ) 1,086,520 Operating expense: Direct cost and reimbursable expense 3,350 147,829 733,314 — 884,493 Intercompany expenses — — 92,518 (92,518 ) — Depreciation and amortization 8,981 38,209 46,929 — 94,119 General and administrative 50,924 17,899 69,872 — 138,695 63,255 203,937 942,633 (92,518 ) 1,117,307 Loss on impairment — (1,192 ) — — (1,192 ) Gain (loss) on disposal of assets (1,757 ) 7,356 (18,017 ) — (12,418 ) Earnings from unconsolidated affiliates, net of losses (22,506 ) — 3,394 22,506 3,394 Operating income (loss) (87,330 ) 34,849 (11,028 ) 22,506 (41,003 ) Interest expense, net (29,174 ) (16,811 ) (7,692 ) — (53,677 ) Other income (expense), net (142 ) (529 ) 818 — 147 Income (loss) before (provision) benefit for income taxes (116,646 ) 17,509 (17,902 ) 22,506 (94,533 ) Allocation of consolidated income taxes 21,925 (7,896 ) (16,575 ) — (2,546 ) Net income (loss) (94,721 ) 9,613 (34,477 ) 22,506 (97,079 ) Net (income) loss attributable to noncontrolling interests (36 ) — 2,358 — 2,322 Net income (loss) attributable to Bristow Group $ (94,757 ) $ 9,613 $ (32,119 ) $ 22,506 $ (94,757 ) Supplemental Condensed Consolidating Statement of Operations Nine Months Ended December 31, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 127,414 $ 936,894 $ — $ 1,064,308 Intercompany revenue — 78,413 — (78,413 ) — — 205,827 936,894 (78,413 ) 1,064,308 Operating expense: Direct cost and reimbursable expense 72 142,270 727,270 — 869,612 Intercompany expenses — — 78,413 (78,413 ) — Depreciation and amortization 6,549 38,728 47,777 — 93,054 General and administrative 51,643 18,921 78,714 — 149,278 58,264 199,919 932,174 (78,413 ) 1,111,944 Loss on impairment — (4,761 ) (11,517 ) — (16,278 ) Loss on disposal of assets — (11,936 ) (1,141 ) — (13,077 ) Earnings from unconsolidated affiliates, net of losses (17,861 ) — 4,733 17,905 4,777 Operating income (loss) (76,125 ) (10,789 ) (3,205 ) 17,905 (72,214 ) Interest expense, net (31,757 ) (1,070 ) (1,706 ) — (34,533 ) Other income (expense), net 1,249 3,312 (6,079 ) — (1,518 ) Loss before (provision) benefit for income taxes (106,633 ) (8,547 ) (10,990 ) 17,905 (108,265 ) Allocation of consolidated income taxes 14,178 (4,870 ) 1,730 — 11,038 Net loss (92,455 ) (13,417 ) (9,260 ) 17,905 (97,227 ) Net (income) loss attributable to noncontrolling interests (40 ) — 4,771 — 4,731 Net loss attributable to Bristow Group $ (92,495 ) $ (13,417 ) $ (4,489 ) $ 17,905 $ (92,496 ) |
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) | Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (8,261 ) $ (2,787 ) $ (10,392 ) $ 11,503 $ (9,937 ) Other comprehensive loss: Currency translation adjustments — (18 ) 1,116 (1,155 ) (57 ) Total comprehensive loss (8,261 ) (2,805 ) (9,276 ) 10,348 (9,994 ) Net (income) loss attributable to noncontrolling interests (12 ) — 1,676 — 1,664 Currency translation adjustments attributable to noncontrolling interests — — (17 ) — (17 ) Total comprehensive (income) loss attributable to noncontrolling interests (12 ) — 1,659 — 1,647 Total comprehensive loss attributable to Bristow Group $ (8,273 ) $ (2,805 ) $ (7,617 ) $ 10,348 $ (8,347 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended December 31, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (21,913 ) $ 6,905 $ (6,479 ) $ (4,561 ) $ (26,048 ) Other comprehensive loss: Currency translation adjustments — — (11,792 ) (7,104 ) (18,896 ) Total comprehensive income (loss) (21,913 ) 6,905 (18,271 ) (11,665 ) (44,944 ) Net (income) loss attributable to noncontrolling interests (13 ) — 4,134 — 4,121 Currency translation adjustments attributable to noncontrolling interests — — (687 ) — (687 ) Total comprehensive (income) loss attributable to noncontrolling interests (13 ) — 3,447 — 3,434 Total comprehensive income (loss) attributable to Bristow Group $ (21,926 ) $ 6,905 $ (14,824 ) $ (11,665 ) $ (41,510 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended December 31, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (94,721 ) $ 9,613 $ (34,477 ) $ 22,506 $ (97,079 ) Other comprehensive income (loss): Currency translation adjustments — 626 29,686 (9,918 ) 20,394 Total comprehensive income (loss) (94,721 ) 10,239 (4,791 ) 12,588 (76,685 ) Net (income) loss attributable to noncontrolling interests (36 ) — 2,358 — 2,322 Currency translation adjustments attributable to noncontrolling interests — — 530 — 530 Total comprehensive (income) loss attributable to noncontrolling interests (36 ) — 2,888 — 2,852 Total comprehensive income (loss) attributable to Bristow Group $ (94,757 ) $ 10,239 $ (1,903 ) $ 12,588 $ (73,833 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended December 31, 2016 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (92,455 ) $ (13,417 ) $ (9,260 ) $ 17,905 $ (97,227 ) Other comprehensive income (loss): Currency translation adjustments — — 196,442 (227,912 ) (31,470 ) Total comprehensive income (loss) (92,455 ) (13,417 ) 187,182 (210,007 ) (128,697 ) Net (income) loss attributable to noncontrolling interests (40 ) — 4,771 — 4,731 Currency translation adjustments attributable to noncontrolling interests — — (5,652 ) — (5,652 ) Total comprehensive income attributable to noncontrolling interests (40 ) — (881 ) — (921 ) Total comprehensive income (loss) attributable to Bristow Group $ (92,495 ) $ (13,417 ) $ 186,301 $ (210,007 ) $ (129,618 ) |
Supplemental Condensed Consolidating Balance Sheet | Supplemental Condensed Consolidating Balance Sheet As of December 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 27,895 $ — $ 90,875 $ (922 ) $ 117,848 Accounts receivable 148,115 419,838 320,897 (674,071 ) 214,779 Inventories — 31,623 102,370 — 133,993 Assets held for sale — 25,265 5,773 — 31,038 Prepaid expenses and other current assets 2,427 5,234 36,007 — 43,668 Total current assets 178,437 481,960 555,922 (674,993 ) 541,326 Intercompany investment 2,387,382 104,435 136,627 (2,628,444 ) — Investment in unconsolidated affiliates — — 211,115 — 211,115 Intercompany notes receivable 166,341 36,358 157,575 (360,274 ) — Property and equipment—at cost: Land and buildings 4,806 58,252 178,734 — 241,792 Aircraft and equipment 157,421 1,135,071 1,218,830 — 2,511,322 162,227 1,193,323 1,397,564 — 2,753,114 Less: Accumulated depreciation and amortization (38,062 ) (257,033 ) (378,835 ) — (673,930 ) 124,165 936,290 1,018,729 — 2,079,184 Goodwill — — 20,299 — 20,299 Other assets 9,471 1,961 103,822 (21 ) 115,233 Total assets $ 2,865,796 $ 1,561,004 $ 2,204,089 $ (3,663,732 ) $ 2,967,157 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 348,871 $ 203,517 $ 190,827 $ (655,787 ) $ 87,428 Accrued liabilities 48,284 4,391 157,341 (17,975 ) 192,041 Short-term borrowings and current maturities of long-term debt 40,087 20,335 32,714 — 93,136 Total current liabilities 437,242 228,243 380,882 (673,762 ) 372,605 Long-term debt, less current maturities 513,801 277,442 311,522 — 1,102,765 Intercompany notes payable 187,531 133,087 40,757 (361,375 ) — Accrued pension liabilities — — 54,291 — 54,291 Other liabilities and deferred credits 13,570 7,660 16,538 — 37,768 Deferred taxes 78,937 47,494 15,494 (21 ) 141,904 Redeemable noncontrolling interest — — 3,859 — 3,859 Stockholders’ investment: Common stock 381 20,028 131,317 (151,345 ) 381 Additional paid-in-capital 844,825 45,306 284,048 (329,354 ) 844,825 Retained earnings 894,684 800,730 674,765 (1,475,495 ) 894,684 Accumulated other comprehensive loss 78,306 1,014 285,707 (672,380 ) (307,353 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,633,400 867,078 1,375,837 (2,628,574 ) 1,247,741 Noncontrolling interests 1,315 — 4,909 — 6,224 Total stockholders’ investment 1,634,715 867,078 1,380,746 (2,628,574 ) 1,253,965 Total liabilities, redeemable noncontrolling interest and stockholders’ investment $ 2,865,796 $ 1,561,004 $ 2,204,089 $ (3,663,732 ) $ 2,967,157 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 Nine Months Ended December 31, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (105,817 ) $ 34,995 $ 62,437 $ (922 ) $ (9,307 ) Cash flows from investing activities: Capital expenditures (8,182 ) (7,755 ) (97,984 ) 77,480 (36,441 ) Proceeds from asset dispositions — 85,760 40,267 (77,480 ) 48,547 Proceeds from OEM cost recoveries — — 94,463 — 94,463 Net cash provided by (used in) investing activities (8,182 ) 78,005 36,746 — 106,569 Cash flows from financing activities: Proceeds from borrowings 318,550 — 230,218 — 548,768 Debt issuance costs (2,558 ) (552 ) (8,543 ) — (11,653 ) Repayment of debt (569,325 ) (13,137 ) (27,205 ) — (609,667 ) Purchase of 4½% Convertible Senior Notes call option (40,393 ) — — — (40,393 ) Proceeds from issuance of warrants 30,259 — — — 30,259 Dividends paid 110,637 — (113,102 ) — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 291,969 (99,610 ) (192,359 ) — — Partial prepayment of put/call obligation (36 ) — — — (36 ) Repurchases for tax withholdings on vesting of equity awards (591 ) — — — (591 ) Net cash provided by (used in) financing activities 138,512 (113,299 ) (110,991 ) — (85,778 ) Effect of exchange rate changes on cash and cash equivalents — — 9,708 — 9,708 Net increase (decrease) in cash and cash equivalents 24,513 (299 ) (2,100 ) (922 ) 21,192 Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 27,895 $ — $ 90,875 $ (922 ) $ 117,848 Supplemental Condensed Consolidating Statement of Cash Flows Nine Months Ended December 31, 2016 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (87,634 ) $ 39,771 $ 36,712 $ (2,947 ) $ (14,098 ) Cash flows from investing activities: Capital expenditures (15,385 ) (21,093 ) (83,248 ) — (119,726 ) Proceeds from asset dispositions — 12,894 1,450 — 14,344 Investment in unconsolidated affiliate — 290 — — 290 Net cash used in investing activities (15,385 ) (7,909 ) (81,798 ) — (105,092 ) Cash flows from financing activities: Proceeds from borrowings 243,900 109,890 6,450 — 360,240 Debt issuance costs (2,925 ) — (958 ) — (3,883 ) Repayment of debt (218,900 ) (4,494 ) (20,283 ) — (243,677 ) Dividends paid (7,010 ) 4 (360 ) — (7,366 ) Increases (decreases) in cash related to intercompany advances and debt 55,910 (140,655 ) 84,745 — — Partial prepayment of put/call obligation (38 ) — — — (38 ) Dividends paid to noncontrolling interest — — (2,533 ) — (2,533 ) Payment of contingent consideration — — (10,000 ) — (10,000 ) Repurchases for tax withholdings on vesting of equity awards (762 ) — — — (762 ) Net cash provided by (used in) financing activities 70,175 (35,255 ) 57,061 — 91,981 Effect of exchange rate changes on cash and cash equivalents — — (5,942 ) — (5,942 ) Net increase (decrease) in cash and cash equivalents (32,844 ) (3,393 ) 6,033 (2,947 ) (33,151 ) Cash and cash equivalents at beginning of period 35,241 3,393 65,676 — 104,310 Cash and cash equivalents at end of period $ 2,397 $ — $ 71,709 $ (2,947 ) $ 71,159 |
BASIS OF PRESENTATION, CONSOL29
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Exposure (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
One British pound sterling into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.35 | 1.24 |
One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.35 | 1.24 |
One euro into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.20 | 1.05 |
One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.20 | 1.05 |
One Australian dollar into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.78 | 0.72 |
One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.78 | 0.72 |
One Norwegian kroner into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1223 | 0.1162 |
One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1223 | 0.1162 |
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 | 1.35 | 1.30 |
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 | 1.12 |
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 | 0.79 | 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 | 0.1269 | 0.1253 |
High | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1294 | 0.1253 |
High | One Nigerian naira into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0032 |
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 | 1.33 | 1.24 |
Average | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.31 | 1.33 |
Average | One euro into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.18 | 1.08 |
Average | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.15 | 1.11 |
Average | One Australian dollar into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.77 | 0.75 |
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 | 0.1225 | 0.1193 |
Average | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1219 | 0.1202 |
Average | One Nigerian naira into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0032 |
Average | One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0030 | 0.0037 |
Low | One British pound sterling into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.31 | 1.21 |
Low | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.24 | 1.21 |
Low | One euro into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.16 | 1.04 |
Low | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.06 | 1.04 |
Low | One Australian dollar into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.75 | 0.72 |
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 | 0.1193 | 0.1145 |
Low | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1152 | 0.1145 |
Low | One Nigerian naira into U.S. dollars | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0031 |
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 | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Foreign currency transaction gains (losses) | $ 0.4 | $ 1.6 | $ 1.2 | $ (1.8) |
Impact of foreign exchange rates on unconsolidated affiliates | $ (0.8) | $ (1.2) | $ (1.6) | $ (2.5) |
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 | Dec. 31, 2017 | Dec. 31, 2016 |
Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3015 | 0.3073 |
Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3015 | 0.3073 |
High | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3198 | 0.3207 |
High | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3244 | 0.3207 |
Average | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3076 | 0.3032 |
Average | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3117 | 0.2988 |
Low | Quarter To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3004 | 0.2866 |
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 | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Schedule of Foreign Currency [Line Items] | |||||
Revenue | $ 360,735 | $ 337,443 | $ 1,086,520 | $ 1,064,308 | |
Operating expense | (361,637) | (347,726) | (1,117,307) | (1,111,944) | |
Earnings from unconsolidated affiliates, net of losses | 1,996 | 766 | 3,394 | 4,777 | |
Loss before benefit for income taxes | (23,356) | (29,608) | (94,533) | (108,265) | |
Provision for income taxes | 13,419 | 3,560 | (2,546) | 11,038 | |
Net income (loss) | (9,937) | $ (26,048) | (97,079) | $ (97,227) | |
Total stockholders’ investment | 1,253,965 | 1,253,965 | $ 1,294,232 | ||
Quarter To Date | Impact of Changes in Foreign Currency Exchange Rates | |||||
Schedule of Foreign Currency [Line Items] | |||||
Revenue | 10,826 | ||||
Operating expense | (9,028) | ||||
Earnings from unconsolidated affiliates, net of losses | 484 | ||||
Non-operating expense | (1,270) | ||||
Loss before benefit for income taxes | 1,012 | ||||
Provision for income taxes | 1,057 | ||||
Net income (loss) | 2,069 | ||||
Cumulative translation adjustment | (74) | ||||
Total stockholders’ investment | 1,995 | 1,995 | |||
Year To Date | Impact of Changes in Foreign Currency Exchange Rates | |||||
Schedule of Foreign Currency [Line Items] | |||||
Revenue | (4,850) | ||||
Operating expense | 593 | ||||
Earnings from unconsolidated affiliates, net of losses | 908 | ||||
Non-operating expense | 2,977 | ||||
Loss before benefit for income taxes | (372) | ||||
Provision for income taxes | 2,933 | ||||
Net income (loss) | 2,561 | ||||
Cumulative translation adjustment | 20,924 | ||||
Total stockholders’ investment | $ 23,485 | $ 23,485 |
BASIS OF PRESENTATION, CONSOL33
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Interest income | $ 144 | $ 168 | $ 512 | $ 637 |
Interest expense | (19,237) | (12,347) | (54,189) | (35,170) |
Interest expense, net | $ (19,093) | $ (12,179) | $ (53,677) | $ (34,533) |
BASIS OF PRESENTATION, CONSOL34
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($)aircraft | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)aircraft | Mar. 31, 2017USD ($) | |
Item Affected [Line Items] | |||||||||
Allowance for doubtful accounts receivable | $ 3,800,000 | $ 3,800,000 | $ 3,800,000 | $ 4,500,000 | |||||
Inventory allowance | 22,100,000 | 22,100,000 | 22,100,000 | 21,500,000 | |||||
Inventory write-down | 0 | $ 0 | 1,192,000 | $ 7,572,000 | |||||
Short-term portion of contract acquisition and pre-operating costs | 10,700,000 | 10,700,000 | 10,700,000 | 9,700,000 | |||||
Amortization of other deferred charges | 2,800,000 | 2,500,000 | 8,500,000 | 8,200,000 | |||||
Goodwill, Impairment Loss | 8,706,000 | 0 | 8,706,000 | ||||||
Goodwill | 20,299,000 | 20,299,000 | 20,299,000 | 19,798,000 | |||||
Accumulated goodwill impairment | 50,861,000 | 50,861,000 | 50,861,000 | 50,861,000 | |||||
Long-term portion of contract acquisition and pre-operating costs | 51,200,000 | 51,200,000 | 51,200,000 | 51,100,000 | |||||
Impairment charges on aircraft held for sale | 1,560,000 | 200,000 | 11,307,000 | 11,360,000 | |||||
Accelerated depreciation | $ 1,100,000 | $ 9,300,000 | |||||||
Number of aircraft in exit plan | aircraft | 5 | 11 | |||||||
Deferred OEM cost recovery | $ 10,413,000 | $ 10,413,000 | $ 10,413,000 | 0 | |||||
Property, Plant and Equipment, Salvage Value, Percentage | 50.00% | 50.00% | 50.00% | ||||||
Other accrued liabilities | $ 72,292,000 | $ 72,292,000 | $ 72,292,000 | 46,679,000 | |||||
Current deferred tax assets | 100,000 | ||||||||
Current deferred tax liabilities | 800,000 | ||||||||
Payments Related to Tax Withholding for Share-based Compensation | 591,000 | $ 762,000 | |||||||
Adjustments for new accounting pronouncement | |||||||||
Item Affected [Line Items] | |||||||||
Increase to income tax provision | 2,300,000 | ||||||||
OEM Cost recoveries | |||||||||
Item Affected [Line Items] | |||||||||
Original Equipment Manufacturer, Recoveries Sought | 130,000,000 | 130,000,000 | |||||||
Original Equipment Manufacturer, Amount Received | 125,000,000 | 125,000,000 | |||||||
Accumulated Depreciation, Period Increase (Decrease) | $ 94,500,000 | 94,500,000 | |||||||
Deferred OEM cost recovery | 17,400,000 | 18,500,000 | 17,400,000 | 17,400,000 | |||||
OEM Cost recoveries | Depreciation Expense [Member] | |||||||||
Item Affected [Line Items] | |||||||||
Offset Amount, Expense, Remainder of Fiscal Year | 2,100,000 | 2,100,000 | 2,100,000 | ||||||
Offset Amount, Expense, Rolling Year Two | 8,500,000 | 8,500,000 | 8,500,000 | ||||||
Offset Amount, Expense, Rolling Year Three | 8,400,000 | 8,400,000 | 8,400,000 | ||||||
Offset Amount, Expense, Rolling Year Four | 5,600,000 | 5,600,000 | 5,600,000 | ||||||
Offset Amount, Expense, Rolling Year Five and Thereafter | 21,300,000 | 21,300,000 | 21,300,000 | ||||||
OEM Cost recoveries | Rent Expense | |||||||||
Item Affected [Line Items] | |||||||||
Offset Amount, Expense | 1,100,000 | $ 12,000,000 | 13,100,000 | 13,100,000 | |||||
Offset Amount, Expense, Remainder of Fiscal Year | 3,500,000 | 3,500,000 | 3,500,000 | ||||||
Offset Amount, Expense, Rolling Year Two | 7,900,000 | 7,900,000 | 7,900,000 | ||||||
Offset Amount, Expense, Rolling Year Three | 4,000,000 | 4,000,000 | 4,000,000 | ||||||
Offset Amount, Expense, Rolling Year Four | 2,000,000 | 2,000,000 | 2,000,000 | ||||||
Affiliated entity | |||||||||
Item Affected [Line Items] | |||||||||
Allowance for doubtful accounts receivable | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Eastern Airways | Subsequent Event | |||||||||
Item Affected [Line Items] | |||||||||
Consolidation, Additional Percentage Purchased Subsidiary | 40.00% | ||||||||
Changes in purchase of interest by parent | $ 0 | ||||||||
Held-for-sale | Bristow Academy | |||||||||
Item Affected [Line Items] | |||||||||
Percentage ownership disposed | 100.00% | 100.00% | 100.00% | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||||||
Disposal Group, Consideration Term | 4 years | ||||||||
Impairment charges on aircraft held for sale | $ 6,500,000 | $ 6,500,000 | |||||||
Disposal group, not discontinued operation, loss on disposal | $ 700,000 |
BASIS OF PRESENTATION, CONSOL35
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Goodwill (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
March 31, 2017 | $ 19,798 |
Foreign currency translation | 501 |
December 31, 2017 | $ 20,299 |
BASIS OF PRESENTATION, CONSOL36
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accumulated Goodwill Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill, Impaired, Accumulated Impairment Loss [Roll Forward] | |||
March 31, 2017 | $ (50,861) | ||
Goodwill, Impairment Loss | $ (8,706) | 0 | $ (8,706) |
December 31, 2017 | (50,861) | ||
Europe Caspian | |||
Goodwill, Impaired, Accumulated Impairment Loss [Roll Forward] | |||
March 31, 2017 | (33,883) | ||
Goodwill, Impairment Loss | 0 | ||
December 31, 2017 | (33,883) | ||
Africa | |||
Goodwill, Impaired, Accumulated Impairment Loss [Roll Forward] | |||
March 31, 2017 | (6,179) | ||
Goodwill, Impairment Loss | 0 | ||
December 31, 2017 | (6,179) | ||
Americas | |||
Goodwill, Impaired, Accumulated Impairment Loss [Roll Forward] | |||
March 31, 2017 | (576) | ||
Goodwill, Impairment Loss | 0 | ||
December 31, 2017 | (576) | ||
Corporate and other | |||
Goodwill, Impaired, Accumulated Impairment Loss [Roll Forward] | |||
March 31, 2017 | (10,223) | ||
Goodwill, Impairment Loss | 0 | ||
December 31, 2017 | $ (10,223) |
BASIS OF PRESENTATION, CONSOL37
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Intangible Assets (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible assets - beginning balance | $ 27,212 |
Foreign currency translation | 355 |
Intangible assets - ending balance | 27,567 |
Accumulated amortization of intangible assets - beginning balance | (21,476) |
Amortization expense | (669) |
Accumulated amortization of intangible assets - ending balance | $ (22,145) |
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 | (13) |
Accumulated amortization of intangible assets - ending balance | $ (8,168) |
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 | 46 |
Intangible assets - ending balance | 12,798 |
Accumulated amortization of intangible assets - beginning balance | (11,071) |
Amortization expense | (224) |
Accumulated amortization of intangible assets - ending balance | $ (11,295) |
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 | 272 |
Intangible assets - ending balance | 4,755 |
Accumulated amortization of intangible assets - beginning balance | (908) |
Amortization expense | (221) |
Accumulated amortization of intangible assets - ending balance | $ (1,129) |
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 | 32 |
Intangible assets - ending balance | 1,094 |
Accumulated amortization of intangible assets - beginning balance | (685) |
Amortization expense | (167) |
Accumulated amortization of intangible assets - ending balance | $ (852) |
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 | 4 |
Intangible assets - ending balance | 750 |
Accumulated amortization of intangible assets - beginning balance | (657) |
Amortization expense | (44) |
Accumulated amortization of intangible assets - ending balance | $ (701) |
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 | Dec. 31, 2017USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
2,018 | $ 220 |
2,019 | 760 |
2,020 | 469 |
2,021 | 469 |
2,022 | 470 |
Thereafter | 3,034 |
Future intangible assets amortization expense | $ 5,422 |
BASIS OF PRESENTATION, CONSOL39
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017USD ($)aircraft | Dec. 31, 2016USD ($)aircraft | Dec. 31, 2017USD ($)aircraft | Dec. 31, 2016USD ($)aircraft | |
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft delivered | aircraft | 0 | 1 | 5 | 7 |
Capital expenditures | $ 12,124 | $ 17,860 | $ 36,441 | $ 119,726 |
Progress payments for aircraft | $ 2,300 | $ 66,800 | ||
Medium | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft delivered | aircraft | 0 | 0 | 5 | 5 |
SAR aircraft | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft delivered | aircraft | 0 | 1 | 0 | 2 |
Aircraft and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $ 10,311 | $ 17,196 | $ 26,800 | $ 112,770 |
Land and buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $ 1,813 | $ 664 | $ 9,641 | $ 6,956 |
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 | 9 Months Ended | |||
Dec. 31, 2017USD ($)aircraft | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($)aircraft | Dec. 31, 2017USD ($)aircraft | Dec. 31, 2016USD ($)aircraft | |
Property, Plant and Equipment [Line Items] | |||||
Number of aircraft sold or disposed of | aircraft | 5 | 3 | 11 | 9 | |
Proceeds from asset dispositions | $ 6,303 | $ 2,525 | $ 48,547 | $ 14,344 | |
Loss on disposal of assets | $ 4,591 | $ 874 | $ 12,418 | $ 13,077 | |
Number of aircraft impaired | aircraft | 1 | 1 | 5 | 13 | |
Impairment charges on aircraft held for sale | $ 1,560 | $ 200 | $ 11,307 | $ 11,360 | |
Air transportation equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Loss on disposal of assets | $ 3,031 | $ 674 | 1,111 | $ 1,717 | |
Bristow Academy | Held-for-sale | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment charges on aircraft held for sale | $ 6,500 | $ 6,500 |
BASIS OF PRESENTATION, CONSOL41
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Other accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued lease costs | $ 12,189 | $ 5,601 |
Deferred OEM cost recovery | 10,413 | 0 |
Eastern overdraft liability | 9,486 | 5,829 |
Accrued property and equipment | 5,158 | 3,546 |
Deferred gain on sale leasebacks | 1,305 | 1,655 |
Other operating accruals | 33,741 | 30,048 |
Other accrued liabilities | $ 72,292 | $ 46,679 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) £ / shares in Units, $ in Thousands, £ in Millions | 1 Months Ended | 9 Months Ended | |||||||
Apr. 30, 2015 | Jul. 31, 2014 | Dec. 31, 2017GBP (£)AffiliatesClass_Of_SharesNominationsvoting_rights | Dec. 31, 2013 | Dec. 31, 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 | $ | $ 6,292 | $ 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 | $ 123,100 | |||||||
Interest rate on unsecured loan | 13.50% | ||||||||
Deferred interest accrued | $ | $ 2,065,246 | $ 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 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 117,848 | $ 96,656 | $ 71,159 | $ 104,310 |
Accounts receivable | 214,779 | 206,915 | ||
Inventories | 133,993 | 124,911 | ||
Prepaid expenses and other current assets | 43,668 | 41,143 | ||
Total current assets | 541,326 | 507,871 | ||
Investment in unconsolidated affiliates | 211,115 | 210,162 | ||
Property and equipment, net | 2,079,184 | 2,254,364 | ||
Goodwill | 20,299 | 19,798 | ||
Other assets | 115,233 | 121,652 | ||
Total assets | 2,967,157 | 3,113,847 | ||
Accounts payable | 87,428 | 98,215 | ||
Accrued liabilities | 192,041 | 186,246 | ||
Accrued interest | 6,292 | 12,909 | ||
Short-term borrowings and current maturities of long-term debt | 93,136 | 131,063 | ||
Total current liabilities | 372,605 | 416,354 | ||
Long-term debt, less current maturities | 1,102,765 | 1,150,956 | ||
Accrued pension liabilities | 54,291 | 61,647 | ||
Other liabilities and deferred credits | 37,768 | 28,899 | ||
Deferred taxes | 141,904 | |||
Deferred taxes | 154,873 | |||
Redeemable noncontrolling interest | 3,859 | 6,886 | ||
Bristow Aviation Holdings Limited | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 84,236 | 92,409 | ||
Accounts receivable | 271,053 | 222,560 | ||
Inventories | 102,370 | 90,190 | ||
Prepaid expenses and other current assets | 48,016 | 50,016 | ||
Total current assets | 505,675 | 455,175 | ||
Investment in unconsolidated affiliates | 3,407 | 3,513 | ||
Property and equipment, net | 318,879 | 306,831 | ||
Goodwill | 20,299 | 19,798 | ||
Other assets | 208,390 | 203,228 | ||
Total assets | 1,056,650 | 988,545 | ||
Accounts payable | 276,997 | 146,841 | ||
Accrued liabilities | 142,180 | 122,130 | ||
Accrued interest | 2,065,246 | 1,891,305 | ||
Short-term borrowings and current maturities of long-term debt | 20,993 | 18,578 | ||
Total current liabilities | 2,505,416 | 2,178,854 | ||
Long-term debt, less current maturities | 465,699 | 501,782 | ||
Accrued pension liabilities | 54,291 | 61,647 | ||
Other liabilities and deferred credits | 2,495 | 8,138 | ||
Deferred taxes | 16,777 | |||
Deferred taxes | 20,264 | |||
Redeemable noncontrolling interest | 3,859 | 6,886 | ||
Liabilities | $ 3,048,537 | $ 2,777,571 |
VARIABLE INTEREST ENTITIES - St
VARIABLE INTEREST ENTITIES - Statements of Operations of VIEs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | ||||
Revenue | $ 360,735 | $ 337,443 | $ 1,086,520 | $ 1,064,308 |
Net loss | (9,937) | (26,048) | (97,079) | (97,227) |
Bristow Aviation Holdings Limited | ||||
Variable Interest Entity [Line Items] | ||||
Revenue | 309,461 | 291,808 | 933,387 | 920,587 |
Operating loss | (17,463) | (28,287) | (40,095) | (68,803) |
Net loss | $ (79,789) | $ (44,999) | $ (221,039) | $ (214,336) |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,215,266 | $ 1,293,364 |
Unamortized debt issuance cost | (19,365) | (11,345) |
Total debt, net | 1,195,901 | 1,282,019 |
Less short-term borrowings and current maturities of long-term debt | (93,136) | (131,063) |
Total long-term debt | 1,102,765 | 1,150,956 |
Senior Notes | 6¼% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 401,535 | 401,535 |
Stated interest rate | 6.25% | |
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 106,124 | 0 |
Stated interest rate | 4.50% | |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | $ 52,546 | 261,907 |
Term Loan Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 45,900 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 139,100 |
Secured Debt | Lombard Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 206,831 | 196,832 |
Secured Debt | Macquarie Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 188,528 | 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 | 14,507 | 16,471 |
Other Debt | Eastern Airways Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 12,772 | 15,326 |
Other Debt | Other Debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 2,423 | $ 16,293 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | Dec. 18, 2017USD ($) | Jul. 17, 2017USD ($)DaystrancheMonthsLoan | Sep. 30, 2017USD ($) | Apr. 30, 2017USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Dec. 13, 2017 |
Debt Instrument [Line Items] | |||||||
Proceeds from borrowings | $ 548,768,000 | $ 360,240,000 | |||||
Cost of Hedge Net of Cash Received | $ 10,100,000 | ||||||
Purchase of 4½% Convertible Senior Notes call option | 40,393,000 | 0 | |||||
Proceeds from Issuance of Warrants | $ 30,259,000 | 0 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 20.02 | ||||||
Strike Price, Percentage Difference from Specific Date | 60.00% | ||||||
Payment of contingent consideration | $ 0 | $ 10,000,000 | |||||
Convertible Debt | 4½% Convertible Senior Notes due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of debt | $ 143,750,000 | ||||||
Stated interest rate | 4.50% | ||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 15.64 | ||||||
Debt Instrument, Convertible, Conversion Ratio | 63.9488 | ||||||
Debt Instrument, Convertible, Conversion Per Principal Amount | $ 1,000 | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from borrowings | 174,800,000 | ||||||
Repayment of debt | $ 103,000,000 | 313,900,000 | |||||
Maximum borrowing capacity | 400,000,000 | ||||||
Letters of credit outstanding, amount | 12,400,000 | ||||||
Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of debt | 350,000,000 | ||||||
Repayment of debt | $ 89,600,000 | 93,700,000 | 209,500,000 | ||||
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] | |||||||
Face amount of debt | 200,000,000 | ||||||
Repayment of debt | $ 17,000,000 | $ 45,900,000 | |||||
Other Debt | Other Debt | |||||||
Debt Instrument [Line Items] | |||||||
Contingent consideration, period, payment | 3 years | ||||||
Payment of contingent consideration | $ 16,000,000 |
DEBT Schedules of convertible d
DEBT Schedules of convertible debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Debt component - net carrying value | $ 1,215,266 | $ 1,215,266 | $ 1,293,364 | |
Debt Instrument, Interest Rate, Effective Percentage | 11.00% | 11.00% | ||
Amortization of debt discount | $ 343 | $ 1,314 | ||
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Equity component - net carrying value (1) | $ 36,778 | 36,778 | ||
Face amount due at maturity | 143,750 | 143,750 | ||
Unamortized discount | (37,626) | (37,626) | ||
Debt component - net carrying value | 106,124 | 106,124 | $ 0 | |
Contractual coupon interest | 234 | 234 | ||
Amortization of debt discount | 181 | 181 | ||
Total interest expense | 415 | 415 | ||
Convertible Debt | 4½% Convertible Senior Notes due 2023 | Debt Issuance Cost [Member] | ||||
Debt Instrument [Line Items] | ||||
Equity component - net carrying value (1) | $ 1,000 | $ 1,000 |
FAIR VALUE DISCLOSURES - Assets
FAIR VALUE DISCLOSURES - Assets at Fair Value On A Non-recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | $ 133,993 | $ 133,993 | $ 124,911 | ||
Assets held for sale | 31,038 | 31,038 | 38,246 | ||
Goodwill | 20,299 | 20,299 | $ 19,798 | ||
Inventory write-down | 0 | $ 0 | (1,192) | $ (7,572) | |
Impairment charges on aircraft held for sale | (1,560) | (200) | (11,307) | (11,360) | |
Goodwill, Impairment Loss | (8,706) | 0 | (8,706) | ||
Loss on sale of assets and asset impairment charges | (1,560) | (8,906) | (12,499) | (27,638) | |
Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 0 | 46,654 | 0 | 46,654 | |
Assets held for sale | 31,038 | 37,635 | 31,038 | 37,635 | |
Goodwill | 18,793 | 18,793 | |||
Total assets | 31,038 | 103,082 | 31,038 | 103,082 | |
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 | |
Goodwill | 0 | 0 | |||
Total assets | 0 | 0 | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 0 | 46,654 | 0 | 46,654 | |
Assets held for sale | 0 | 37,635 | 0 | 37,635 | |
Goodwill | 0 | 0 | |||
Total assets | 0 | 84,289 | 0 | 84,289 | |
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 | 31,038 | 0 | 31,038 | 0 | |
Goodwill | 18,793 | 18,793 | |||
Total assets | $ 31,038 | $ 18,793 | $ 31,038 | $ 18,793 |
FAIR VALUE DISCLOSURES - Narrat
FAIR VALUE DISCLOSURES - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017USD ($)aircraft | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($)aircraft | Dec. 31, 2017USD ($)aircraft | Dec. 31, 2016USD ($)aircraft | |
Fair Value Disclosures [Abstract] | |||||
Number of aircraft impaired | aircraft | 1 | 1 | 5 | 13 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charges on aircraft held for sale | $ 1,560 | $ 200 | $ 11,307 | $ 11,360 | |
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 - Asse50
FAIR VALUE DISCLOSURES - Assets At Fair Value On A Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi Trust investments | $ 2,847 | $ 3,075 |
Total Assets Recurring | 2,847 | 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 | 2,847 | 3,075 |
Total Assets Recurring | 2,847 | 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 | Dec. 31, 2017 | Mar. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | $ 1,215,266 | $ 1,293,364 |
Fair value of total debt | 1,194,955 | 1,215,065 |
Senior Notes | 6¼% Senior Notes due 2022 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 401,535 | 401,535 |
Fair value of total debt | 328,777 | 323,236 |
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 106,124 | 0 |
Fair value of total debt | 158,571 | 0 |
Unamortized discount | 37,626 | |
Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 52,546 | 261,907 |
Fair value of total debt | 52,546 | 261,907 |
Term Loan Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 0 | 45,900 |
Fair value of total debt | 0 | 45,900 |
Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 0 | 139,100 |
Fair value of total debt | 0 | 139,100 |
Secured Debt | Lombard Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 206,831 | 196,832 |
Fair value of total debt | 206,831 | 196,832 |
Secured Debt | Macquarie Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 188,528 | 200,000 |
Fair value of total debt | 188,528 | 200,000 |
Secured Debt | PK Air Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 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] | ||
Debt component - net carrying value | 14,507 | 16,471 |
Fair value of total debt | 14,507 | 16,471 |
Other Debt | Eastern Airways Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 12,772 | 15,326 |
Fair value of total debt | 12,772 | 15,326 |
Other Debt | Other Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 2,423 | 16,293 |
Fair value of total debt | $ 2,423 | $ 16,293 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Purchase Commitment Narrative (Details) - Aircraft - Subsequent Event | 10 Months Ended |
Feb. 08, 2018aircraft | |
Schedule Of Aircraft Purchase Contracts [Line Items] | |
Purchase commitment period | 7 years |
Number of minimum quantity required in a purchase obligation | 27 |
Number of minimum quantity required in purchase options | 4 |
COMMITMENTS AND CONTINGENCIES53
COMMITMENTS AND CONTINGENCIES - Schedule of Purchase Commitment and Commitment Expenditures (Details) - Subsequent Event $ in Thousands | Feb. 08, 2018USD ($)aircraft |
Related Option Expenditures | |
Unrecorded Unconditional Purchase Obligation Due in Remainder of Fiscal Year, Deferred Payment | $ | $ 63,000 |
Aircraft | |
Number of Aircraft Unconditional Commitments | |
Three 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 | |
Three Months Ending March 31, 2018 | $ | $ 3,242 |
2019 | $ | 19,856 |
2020 | $ | 88,506 |
2021 | $ | 78,726 |
2022 and thereafter | $ | 285,295 |
Purchase Commitments - Total | $ | $ 475,625 |
Number of Aircraft Conditional Commitments | |
Three 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 | |
Three Months Ending March 31, 2018 | $ | $ 0 |
2019 | $ | 44,181 |
2020 | $ | 31,536 |
2021 | $ | 0 |
2022 and thereafter | $ | 0 |
Aircraft Purchase Options - Total | $ | $ 75,717 |
Cancellable Commitments | |
Number of Aircraft Unconditional Commitments | |
Purchase Commitment - Total Aircrafts | 5 |
Commitment Expenditures | |
Purchase Commitments - Total | $ | $ 96,000 |
Related Option Expenditures | |
Deposit assets | $ | 4,500 |
Medium and large | Aircraft | |
Commitment Expenditures | |
Three Months Ending March 31, 2018 | $ | 0 |
2019 | $ | 19,856 |
2020 | $ | 25,536 |
2021 | $ | 78,726 |
2022 and thereafter | $ | 285,295 |
Purchase Commitments - Total | $ | $ 409,413 |
Large | Aircraft | |
Number of Aircraft Unconditional Commitments | |
Three 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 | |
Three 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 | |
Number of Aircraft Unconditional Commitments | |
Three 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 | |
Three Months Ending March 31, 2018 | $ | $ 3,242 |
2019 | $ | 0 |
2020 | $ | 62,970 |
2021 | $ | 0 |
2022 and thereafter | $ | 0 |
Purchase Commitments - Total | $ | $ 66,212 |
COMMITMENTS AND CONTINGENCIES54
COMMITMENTS AND CONTINGENCIES - Schedule of Aircraft Orders and Options (Details) - aircraft | 3 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | |
Commitments | |||
AnalysisOfAircraftOrdersAndOptions [Roll Forward] | |||
Beginning of period | 27 | 29 | 32 |
Aircraft delivered | 0 | (2) | (3) |
End of period | 27 | 27 | 29 |
Options | |||
AnalysisOfAircraftOrdersAndOptions [Roll Forward] | |||
Beginning of period | 4 | 4 | 4 |
Aircraft delivered | 0 | 0 | 0 |
End of period | 4 | 4 | 4 |
COMMITMENTS AND CONTINGENCIES55
COMMITMENTS AND CONTINGENCIES - Operating Leases (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017USD ($)aircraft | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)aircraft | Dec. 31, 2016USD ($) | |
Operating Leased Assets [Line Items] | ||||
Operating leases rental expense | $ | $ 42.6 | $ 53.7 | $ 158.5 | $ 156.9 |
Term of leasing contract | 180 months | |||
Operating lease term renewal options | 240 months | |||
Number of leased aircraft | 90 | 90 | ||
Aircraft | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases rental expense | $ | $ 36.5 | $ 47.9 | $ 137.9 | $ 138.7 |
VIH Aviation Group | Leasing From Related Party [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Related party transaction, expenses from transactions with related party | $ | $ 4.7 | $ 14.4 | ||
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 | |||
Three months ending March 31, 2018 to fiscal year 2019 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 25 | 25 | ||
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 CONTINGENCIES56
COMMITMENTS AND CONTINGENCIES - Employee Agreements (Details) - Unionized employees concentration risk | 9 Months Ended |
Dec. 31, 2017 | |
Workforce subject to collective bargaining arrangements | |
Concentration Risk [Line Items] | |
Collective bargaining agreements and/or unions | 53.00% |
Employee agreement escalation rate | 4.00% |
Workforce subject to collective bargaining arrangements expiring within one year | |
Concentration Risk [Line Items] | |
Collective bargaining agreements and/or unions | 90.00% |
COMMITMENTS AND CONTINGENCIES57
COMMITMENTS AND CONTINGENCIES - Separation Programs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | 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 | $ 179 | $ 0 | $ 1,647 | ||
Involuntary separation program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | 2,781 | 566 | 13,870 | 14,057 | ||
Direct cost | Voluntary separation program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | 0 | 179 | 0 | 1,624 | ||
Direct cost | Involuntary separation program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | 2,661 | 464 | 5,208 | 5,360 | ||
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 | $ 120 | $ 102 | $ 8,662 | $ 8,697 |
COMMITMENTS AND CONTINGENCIES58
COMMITMENTS AND CONTINGENCIES - Environmental Contingencies, Other Purchase Obligations and Other Matters (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Feb. 28, 2018aircraft | Dec. 31, 2017USD ($)aircraftFacility | Dec. 31, 2017USD ($)aircraftFacility | |
Other Commitments [Line Items] | |||
Number of former waste disposal facilities | Facility | 3 | 3 | |
Number Of Lease Return To Lessor | 3 | ||
Low | |||
Other Commitments [Line Items] | |||
Estimate of possible loss | $ | $ 4 | $ 4 | |
High | |||
Other Commitments [Line Items] | |||
Estimate of possible loss | $ | 6 | 6 | |
Subsequent Event | |||
Other Commitments [Line Items] | |||
Number Of Lease Return To Lessor | 1 | ||
OEM Cost recoveries | |||
Other Commitments [Line Items] | |||
Original Equipment Manufacturer, Recoveries Sought | $ | 130 | 130 | |
Original Equipment Manufacturer, Amount Received | $ | $ 125 | $ 125 | |
UNITED KINGDOM | |||
Other Commitments [Line Items] | |||
Number Of Lease Return To Lessor | 1 | ||
UNITED KINGDOM | Subsequent Event | |||
Other Commitments [Line Items] | |||
Number Of Lease Return To Lessor | 1 | ||
AUSTRALIA | |||
Other Commitments [Line Items] | |||
Number Of Lease Return To Lessor | 2 | ||
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 | $ | $ 28.4 | $ 28.4 |
TAXES (Details)
TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 57.50% | 12.00% | (2.70%) | 10.20% | |
Impact on effective income tax rate due to unrecognized tax benefits in foreign jurisdictions | $ 4.7 | $ 4.7 | |||
Net Tax Benefit, Tax Cuts And Jobs Act | 14.1 | 14.1 | |||
Valuation allowance, deferred tax asset, increase (decrease), amount | 2.1 | $ 3.7 | 13.4 | $ 19.3 | |
Unrecognized Tax Benefits | $ 6.2 | 6.2 | |||
Gross Tax Benefit, Tax Cuts And Jobs Act | 75.6 | ||||
Expense From Repatriation Of Foreign Earnings, Tax Cuts And Jobs Act | $ 61.5 | ||||
Subsequent Event [Line Items] | |||||
Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Federal Statutory Income Tax Rate, Percent | 21.00% |
EMPLOYEE BENEFIT PLANS - Compon
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan [Abstract] | ||||
Service cost for benefits earned during the period | $ 159 | $ 1,696 | $ 470 | $ 5,450 |
Interest cost on pension benefit obligation | 3,893 | 4,139 | 11,482 | 13,297 |
Expected return on assets | (5,509) | (5,601) | (16,250) | (17,992) |
Amortization of unrecognized losses | 1,844 | 1,699 | 5,441 | 5,454 |
Net periodic pension cost | $ 387 | $ 1,933 | $ 1,143 | $ 6,209 |
EMPLOYEE BENEFIT PLANS - Pensio
EMPLOYEE BENEFIT PLANS - Pension Plans Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Defined Benefit Plan [Abstract] | ||
Estimated cash contributions | $ 15.3 | |
Cash contributions | $ 12 | |
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 | 9 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 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 | ||||
Shares available for grant | 2,385,248 | 2,385,248 | ||||
Stock based compensation expense | $ 2,200 | $ 3,300 | $ 8,776 | $ 9,508 | ||
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 | 900 | $ 900 | ||||
Share-based compensation expense | $ 900 | |||||
Performance cash | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award requisite service period | 3 years | |||||
Performance cash compensation liability | 6,800 | $ 6,800 | $ 14,200 | |||
Performance cash compensation expense | $ (800) | $ 3,100 | $ 600 | $ 5,600 |
EMPLOYEE BENEFIT PLANS - Assump
EMPLOYEE BENEFIT PLANS - Assumptions Used for Stock Options Granted (Details) | 9 Months Ended |
Dec. 31, 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 ACCUMU64
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Antidilutive Securities Excluded from EPS Calculation (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding shares | 2,729,888 | 2,150,235 | 2,791,193 | 1,720,164 |
Weighted average exercise price - antidilutive | $ 38.12 | $ 28.51 | $ 39.88 | $ 32.90 |
Restricted Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding shares | 681,571 | 404,772 | 432,596 | 486,340 |
Weighted average exercise price - antidilutive | $ 8.67 | $ 15.06 | $ 23.25 | $ 27.92 |
EARNINGS PER SHARE AND ACCUMU65
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Computation of Basic and Diluted EPS (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | ||||
Loss available to common stockholders – basic | $ | $ (8,273,000) | $ (21,927,000) | $ (94,757,000) | $ (92,496,000) |
Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) | $ | 0 | 0 | 0 | 0 |
Loss available to common stockholders – diluted | $ | $ (8,273,000) | $ (21,927,000) | $ (94,757,000) | $ (92,496,000) |
Weighted average number of common shares outstanding – basic | shares | 35,368,212 | 35,095,240 | 35,260,746 | 35,021,463 |
Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1) | shares | 0 | 0 | 0 | 0 |
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method | shares | 0 | 0 | 0 | 0 |
Weighted average number of common shares outstanding – diluted | shares | 35,368,212 | 35,095,240 | 35,260,746 | 35,021,463 |
Basic loss per common share (in dollars per share) | $ / shares | $ (0.23) | $ (0.62) | $ (2.69) | $ (2.64) |
Diluted loss per common share (in dollars per share) | $ / shares | (0.23) | $ (0.62) | (2.69) | $ (2.64) |
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 15.64 | $ 15.64 | ||
Debt Instrument, Convertible, Conversion Ratio | 63.9488 | |||
Debt Instrument, Convertible, Conversion Per Principal Amount | $ | $ 1,000 |
EARNINGS PER SHARE AND ACCUMU66
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 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 | 20,924 |
Balance as of December 31, 2017 | 1,253,965 |
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 | 20,924 |
Reclassified from accumulated other comprehensive income | 0 |
Net current period other comprehensive income | 20,924 |
Foreign exchange rate impact | 18,885 |
Balance as of December 31, 2017 | (109,912) |
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 | (18,885) |
Balance as of December 31, 2017 | (197,441) |
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 | 20,924 |
Reclassified from accumulated other comprehensive income | 0 |
Net current period other comprehensive income | 20,924 |
Foreign exchange rate impact | 0 |
Balance as of December 31, 2017 | $ (307,353) |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 9 Months Ended |
Dec. 31, 2017SegmentshubRegions | |
Segment Reporting [Abstract] | |
Number of operating segments | Segments | 1 |
Number of aircraft hubs | hub | 2 |
Number of reportable segments | Regions | 4 |
SEGMENT INFORMATION - Revenue b
SEGMENT INFORMATION - Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 360,735 | $ 337,443 | $ 1,086,520 | $ 1,064,308 |
Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 198,439 | 180,910 | 596,280 | 571,598 |
Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 48,712 | 50,516 | 149,289 | 156,422 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 60,615 | 53,339 | 179,822 | 169,590 |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 55,691 | 52,857 | 167,421 | 167,257 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 911 | 2,114 | 4,126 | 8,006 |
External Customer | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 360,735 | 337,443 | 1,086,520 | 1,064,308 |
External Customer | Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 196,958 | 179,632 | 592,280 | 566,290 |
External Customer | Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 48,712 | 50,516 | 149,289 | 156,422 |
External Customer | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 58,468 | 52,362 | 173,431 | 166,651 |
External Customer | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 55,691 | 52,857 | 167,421 | 167,256 |
External Customer | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 906 | 2,076 | 4,099 | 7,689 |
Intersegment elimination | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,633 | 2,293 | 10,418 | 8,565 |
Intersegment elimination | Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,481 | 1,278 | 4,000 | 5,308 |
Intersegment elimination | Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment elimination | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,147 | 977 | 6,391 | 2,939 |
Intersegment elimination | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 1 |
Intersegment elimination | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 5 | $ 38 | $ 27 | $ 317 |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Performance and Total Assets by Segment (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||
Assets | $ 2,967,157 | $ 2,967,157 | $ 2,967,157 | $ 3,113,847 | |||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 1,996 | $ 766 | 3,394 | $ 4,734 | |||
Loss on disposal of assets | (4,591) | (874) | (12,418) | (13,077) | |||
Operating loss | (3,497) | (19,097) | (41,003) | (72,214) | |||
Depreciation and amortization | 31,682 | 29,768 | 94,119 | 93,054 | |||
Total investments in unconsolidated affiliates - equity method | 204,829 | 204,829 | 204,829 | 203,876 | |||
Accelerated depreciation | 1,100 | 9,300 | |||||
Construction in progress within property and equipment | 69,100 | 69,100 | 69,100 | 199,300 | |||
OEM Cost recoveries | Rent Expense | |||||||
Segment Reporting Information [Line Items] | |||||||
Offset Amount, Expense | 1,100 | $ 12,000 | 13,100 | 13,100 | |||
Europe Caspian | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 955,122 | 955,122 | 955,122 | 1,091,536 | |||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 34 | 125 | 125 | 241 | |||
Total business unit operating income | 5,312 | (303) | 19,610 | 18,468 | |||
Depreciation and amortization | 12,771 | 11,185 | 36,789 | 33,594 | |||
Total investments in unconsolidated affiliates - equity method | 350 | 350 | 350 | 257 | |||
Accelerated depreciation | 400 | ||||||
Europe Caspian | OEM Cost recoveries | Rent Expense | |||||||
Segment Reporting Information [Line Items] | |||||||
Offset Amount, Expense | 7,100 | 7,100 | |||||
Africa | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 414,162 | 414,162 | 414,162 | 325,719 | |||
Total business unit operating income | 10,470 | 10,441 | 28,353 | 19,954 | |||
Depreciation and amortization | 3,664 | 4,007 | 10,330 | 12,680 | |||
Accelerated depreciation | 5,000 | ||||||
Americas | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 857,463 | 857,463 | 857,463 | 809,071 | |||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 2,097 | 831 | 3,712 | 4,954 | |||
Total business unit operating income | 5,308 | 2,226 | 11,535 | 5,790 | |||
Depreciation and amortization | 6,909 | 7,060 | 20,906 | 25,669 | |||
Total investments in unconsolidated affiliates - equity method | 201,422 | 201,422 | 201,422 | 200,362 | |||
Accelerated depreciation | 3,900 | ||||||
Asia Pacific | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 330,210 | 330,210 | 330,210 | 433,614 | |||
Total business unit operating income | (941) | (9,012) | (19,374) | (24,480) | |||
Depreciation and amortization | 4,479 | 4,973 | 15,347 | 13,586 | |||
Asia Pacific | OEM Cost recoveries | Rent Expense | |||||||
Segment Reporting Information [Line Items] | |||||||
Offset Amount, Expense | 6,000 | 6,000 | |||||
Corporate and other | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 410,200 | 410,200 | 410,200 | 453,907 | |||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (135) | (190) | (443) | (461) | |||
Total business unit operating income | (19,055) | (21,575) | (68,709) | (78,869) | |||
Depreciation and amortization | 3,859 | $ 2,543 | 10,747 | $ 7,525 | |||
Total investments in unconsolidated affiliates - equity method | $ 3,057 | $ 3,057 | $ 3,057 | $ 3,257 |
SUPPLEMENTAL CONDENSED CONSOL70
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $ 360,735 | $ 337,443 | $ 1,086,520 | $ 1,064,308 |
Direct cost and reimbursable expense | 286,589 | 272,549 | 884,493 | 869,612 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 31,682 | 29,768 | 94,119 | 93,054 |
General and administrative | 43,366 | 45,409 | 138,695 | 149,278 |
Operating expense | 361,637 | 347,726 | 1,117,307 | 1,111,944 |
Loss on impairment | 0 | (8,706) | (1,192) | (16,278) |
Gain (loss) on disposal of assets | (4,591) | (874) | (12,418) | (13,077) |
Earnings from unconsolidated affiliates, net of losses | 1,996 | 766 | 3,394 | 4,777 |
Operating loss | (3,497) | (19,097) | (41,003) | (72,214) |
Interest expense, net | (19,093) | (12,179) | (53,677) | (34,533) |
Other income (expense), net | (766) | 1,668 | 147 | (1,518) |
Income (loss) before (provision) benefit for income taxes | (23,356) | (29,608) | (94,533) | (108,265) |
Benefit (provision) for income taxes | 13,419 | 3,560 | (2,546) | 11,038 |
Net loss | (9,937) | (26,048) | (97,079) | (97,227) |
Net (income) loss attributable to noncontrolling interests | 1,664 | 4,121 | 2,322 | 4,731 |
Net loss attributable to Bristow Group | (8,273) | (21,927) | (94,757) | (92,496) |
External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 360,735 | 337,443 | 1,086,520 | 1,064,308 |
Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | (28,608) | (29,799) | (92,518) | (78,413) |
Direct cost and reimbursable expense | 0 | 0 | 0 | 0 |
Intercompany expenses | (28,608) | (29,799) | (92,518) | (78,413) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Operating expense | (28,608) | (29,799) | (92,518) | (78,413) |
Loss on impairment | 0 | 0 | 0 | |
Gain (loss) on disposal of assets | 0 | 0 | 0 | 0 |
Earnings from unconsolidated affiliates, net of losses | 11,503 | (4,561) | 22,506 | 17,905 |
Operating loss | 11,503 | (4,561) | 22,506 | 17,905 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) before (provision) benefit for income taxes | 11,503 | (4,561) | 22,506 | 17,905 |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Net loss | 11,503 | (4,561) | 22,506 | 17,905 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Bristow Group | 11,503 | (4,561) | 22,506 | 17,905 |
Eliminations | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Eliminations | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | (28,608) | (29,799) | (92,518) | (78,413) |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 188 | 0 | 188 | 0 |
Direct cost and reimbursable expense | 81 | 703 | 3,350 | 72 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 3,048 | 2,233 | 8,981 | 6,549 |
General and administrative | 13,937 | 13,897 | 50,924 | 51,643 |
Operating expense | 17,066 | 16,833 | 63,255 | 58,264 |
Loss on impairment | 0 | 0 | 0 | |
Gain (loss) on disposal of assets | (1,757) | 0 | (1,757) | 0 |
Earnings from unconsolidated affiliates, net of losses | (11,503) | 4,562 | (22,506) | (17,861) |
Operating loss | (30,138) | (12,271) | (87,330) | (76,125) |
Interest expense, net | (9,480) | (11,525) | (29,174) | (31,757) |
Other income (expense), net | (16) | 497 | (142) | 1,249 |
Income (loss) before (provision) benefit for income taxes | (39,634) | (23,299) | (116,646) | (106,633) |
Benefit (provision) for income taxes | 31,373 | 1,386 | 21,925 | 14,178 |
Net loss | (8,261) | (21,913) | (94,721) | (92,455) |
Net (income) loss attributable to noncontrolling interests | (12) | (13) | (36) | (40) |
Net loss attributable to Bristow Group | (8,273) | (21,926) | (94,757) | (92,495) |
Parent Company Only | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 188 | 0 | 188 | 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 | 75,985 | 69,357 | 232,622 | 205,827 |
Direct cost and reimbursable expense | 49,540 | 45,794 | 147,829 | 142,270 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 12,489 | 10,942 | 38,209 | 38,728 |
General and administrative | 6,514 | 5,841 | 17,899 | 18,921 |
Operating expense | 68,543 | 62,577 | 203,937 | 199,919 |
Loss on impairment | 0 | (1,192) | (4,761) | |
Gain (loss) on disposal of assets | (3,657) | (361) | 7,356 | (11,936) |
Earnings from unconsolidated affiliates, net of losses | 0 | 0 | 0 | 0 |
Operating loss | 3,785 | 6,419 | 34,849 | (10,789) |
Interest expense, net | (5,008) | (42) | (16,811) | (1,070) |
Other income (expense), net | 227 | 1,666 | (529) | 3,312 |
Income (loss) before (provision) benefit for income taxes | (996) | 8,043 | 17,509 | (8,547) |
Benefit (provision) for income taxes | (1,791) | (1,138) | (7,896) | (4,870) |
Net loss | (2,787) | 6,905 | 9,613 | (13,417) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Bristow Group | (2,787) | 6,905 | 9,613 | (13,417) |
Guarantor Subsidiaries | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 47,377 | 39,558 | 140,104 | 127,414 |
Guarantor Subsidiaries | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 28,608 | 29,799 | 92,518 | 78,413 |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 313,170 | 297,885 | 946,228 | 936,894 |
Direct cost and reimbursable expense | 236,968 | 226,052 | 733,314 | 727,270 |
Intercompany expenses | 28,608 | 29,799 | 92,518 | 78,413 |
Depreciation and amortization | 16,145 | 16,593 | 46,929 | 47,777 |
General and administrative | 22,915 | 25,671 | 69,872 | 78,714 |
Operating expense | 304,636 | 298,115 | 942,633 | 932,174 |
Loss on impairment | (8,706) | 0 | (11,517) | |
Gain (loss) on disposal of assets | 823 | (513) | (18,017) | (1,141) |
Earnings from unconsolidated affiliates, net of losses | 1,996 | 765 | 3,394 | 4,733 |
Operating loss | 11,353 | (8,684) | (11,028) | (3,205) |
Interest expense, net | (4,605) | (612) | (7,692) | (1,706) |
Other income (expense), net | (977) | (495) | 818 | (6,079) |
Income (loss) before (provision) benefit for income taxes | 5,771 | (9,791) | (17,902) | (10,990) |
Benefit (provision) for income taxes | (16,163) | 3,312 | (16,575) | 1,730 |
Net loss | (10,392) | (6,479) | (34,477) | (9,260) |
Net (income) loss attributable to noncontrolling interests | 1,676 | 4,134 | 2,358 | 4,771 |
Net loss attributable to Bristow Group | (8,716) | (2,345) | (32,119) | (4,489) |
Non- Guarantor Subsidiaries | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 313,170 | 297,885 | 946,228 | 936,894 |
Non- Guarantor Subsidiaries | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
SUPPLEMENTAL CONDENSED CONSOL71
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ (9,937) | $ (26,048) | $ (97,079) | $ (97,227) |
Currency translation adjustments | (57) | (18,896) | 20,394 | (31,470) |
Total comprehensive loss | (9,994) | (44,944) | (76,685) | (128,697) |
Net loss attributable to noncontrolling interests | 1,664 | 4,121 | 2,322 | 4,731 |
Currency translation adjustments attributable to noncontrolling interests | (17) | (687) | 530 | (5,652) |
Total comprehensive (income) loss attributable to noncontrolling interests | 1,647 | 3,434 | 2,852 | (921) |
Total comprehensive loss attributable to Bristow Group | (8,347) | (41,510) | (73,833) | (129,618) |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 11,503 | (4,561) | 22,506 | 17,905 |
Currency translation adjustments | (1,155) | (7,104) | (9,918) | (227,912) |
Total comprehensive loss | 10,348 | (11,665) | 12,588 | (210,007) |
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 | 10,348 | (11,665) | 12,588 | (210,007) |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (8,261) | (21,913) | (94,721) | (92,455) |
Currency translation adjustments | 0 | 0 | 0 | 0 |
Total comprehensive loss | (8,261) | (21,913) | (94,721) | (92,455) |
Net loss attributable to noncontrolling interests | (12) | (13) | (36) | (40) |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | (12) | (13) | (36) | (40) |
Total comprehensive loss attributable to Bristow Group | (8,273) | (21,926) | (94,757) | (92,495) |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (2,787) | 6,905 | 9,613 | (13,417) |
Currency translation adjustments | (18) | 0 | 626 | 0 |
Total comprehensive loss | (2,805) | 6,905 | 10,239 | (13,417) |
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 | (2,805) | 6,905 | 10,239 | (13,417) |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (10,392) | (6,479) | (34,477) | (9,260) |
Currency translation adjustments | 1,116 | (11,792) | 29,686 | 196,442 |
Total comprehensive loss | (9,276) | (18,271) | (4,791) | 187,182 |
Net loss attributable to noncontrolling interests | 1,676 | 4,134 | 2,358 | 4,771 |
Currency translation adjustments attributable to noncontrolling interests | (17) | (687) | 530 | (5,652) |
Total comprehensive (income) loss attributable to noncontrolling interests | 1,659 | 3,447 | 2,888 | (881) |
Total comprehensive loss attributable to Bristow Group | $ (7,617) | $ (14,824) | $ (1,903) | $ 186,301 |
SUPPLEMENTAL CONDENSED CONSOL72
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 117,848 | $ 96,656 | $ 71,159 | $ 104,310 |
Accounts receivable | 214,779 | 206,915 | ||
Inventories | 133,993 | 124,911 | ||
Assets held for sale | 31,038 | 38,246 | ||
Prepaid expenses and other current assets | 43,668 | 41,143 | ||
Total current assets | 541,326 | 507,871 | ||
Intercompany investment | 0 | 0 | ||
Investment in unconsolidated affiliates | 211,115 | 210,162 | ||
Intercompany notes receivable | 0 | 0 | ||
Land and buildings | 241,792 | 231,448 | ||
Aircraft and equipment | 2,511,322 | 2,622,701 | ||
Total property and equipment, at cost | 2,753,114 | 2,854,149 | ||
Less – Accumulated depreciation and amortization | (673,930) | (599,785) | ||
Total property and equipment, net | 2,079,184 | 2,254,364 | ||
Goodwill | 20,299 | 19,798 | ||
Other assets | 115,233 | 121,652 | ||
Total assets | 2,967,157 | 3,113,847 | ||
Accounts payable | 87,428 | 98,215 | ||
Accrued liabilities | 192,041 | 186,246 | ||
Deferred taxes | 830 | |||
Short-term borrowings and current maturities of long-term debt | 93,136 | 131,063 | ||
Total current liabilities | 372,605 | 416,354 | ||
Long-term debt, less current maturities | 1,102,765 | 1,150,956 | ||
Intercompany notes payable | 0 | 0 | ||
Accrued pension liabilities | 54,291 | 61,647 | ||
Other liabilities and deferred credits | 37,768 | 28,899 | ||
Deferred taxes | 154,873 | |||
Deferred taxes | 141,904 | |||
Redeemable noncontrolling interest | 3,859 | 6,886 | ||
Common stock | 381 | 379 | ||
Additional paid-in capital | 844,825 | 809,995 | ||
Retained earnings | 894,684 | 991,906 | ||
Accumulated other comprehensive income (loss) | (307,353) | (328,277) | ||
Treasury shares | (184,796) | (184,796) | ||
Total Bristow Group stockholders’ investment | 1,247,741 | 1,289,207 | ||
Noncontrolling interests | 6,224 | 5,025 | ||
Total stockholders’ investment | 1,253,965 | 1,294,232 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | 2,967,157 | 3,113,847 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | (922) | 0 | (2,947) | 0 |
Accounts receivable | (674,071) | (370,603) | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | (10,451) | ||
Total current assets | (674,993) | (381,054) | ||
Intercompany investment | (2,628,444) | (2,722,362) | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | (360,274) | (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 | (3,663,732) | (3,487,396) | ||
Accounts payable | (655,787) | (355,442) | ||
Accrued liabilities | (17,975) | (25,628) | ||
Deferred taxes | 0 | |||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | (673,762) | (381,070) | ||
Long-term debt, less current maturities | 0 | 0 | ||
Intercompany notes payable | (361,375) | (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 | (329,354) | (313,435) | ||
Retained earnings | (1,475,495) | (1,611,104) | ||
Accumulated other comprehensive income (loss) | (672,380) | (662,462) | ||
Treasury shares | 0 | 0 | ||
Total Bristow Group stockholders’ investment | (2,628,574) | (2,722,346) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ investment | (2,628,574) | (2,722,346) | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | (3,663,732) | (3,487,396) | ||
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 27,895 | 3,382 | 2,397 | 35,241 |
Accounts receivable | 148,115 | 76,383 | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 2,427 | 3,237 | ||
Total current assets | 178,437 | 83,002 | ||
Intercompany investment | 2,387,382 | 2,491,631 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 166,341 | 306,641 | ||
Land and buildings | 4,806 | 4,806 | ||
Aircraft and equipment | 157,421 | 151,005 | ||
Total property and equipment, at cost | 162,227 | 155,811 | ||
Less – Accumulated depreciation and amortization | (38,062) | (29,099) | ||
Total property and equipment, net | 124,165 | 126,712 | ||
Goodwill | 0 | 0 | ||
Other assets | 9,471 | 18,770 | ||
Total assets | 2,865,796 | 3,026,756 | ||
Accounts payable | 348,871 | 231,841 | ||
Accrued liabilities | 48,284 | 61,791 | ||
Deferred taxes | (1,272) | |||
Short-term borrowings and current maturities of long-term debt | 40,087 | 79,053 | ||
Total current liabilities | 437,242 | 371,413 | ||
Long-term debt, less current maturities | 513,801 | 763,325 | ||
Intercompany notes payable | 187,531 | 70,689 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 13,570 | 11,597 | ||
Deferred taxes | 112,716 | |||
Deferred taxes | 78,937 | |||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | 381 | 379 | ||
Additional paid-in capital | 844,825 | 809,995 | ||
Retained earnings | 894,684 | 991,906 | ||
Accumulated other comprehensive income (loss) | 78,306 | 78,306 | ||
Treasury shares | (184,796) | (184,796) | ||
Total Bristow Group stockholders’ investment | 1,633,400 | 1,695,790 | ||
Noncontrolling interests | 1,315 | 1,226 | ||
Total stockholders’ investment | 1,634,715 | 1,697,016 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | 2,865,796 | 3,026,756 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 299 | 0 | 3,393 |
Accounts receivable | 419,838 | 288,235 | ||
Inventories | 31,623 | 34,721 | ||
Assets held for sale | 25,265 | 30,716 | ||
Prepaid expenses and other current assets | 5,234 | 4,501 | ||
Total current assets | 481,960 | 358,472 | ||
Intercompany investment | 104,435 | 104,435 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Intercompany notes receivable | 36,358 | 37,633 | ||
Land and buildings | 58,252 | 62,114 | ||
Aircraft and equipment | 1,135,071 | 1,199,073 | ||
Total property and equipment, at cost | 1,193,323 | 1,261,187 | ||
Less – Accumulated depreciation and amortization | (257,033) | (258,225) | ||
Total property and equipment, net | 936,290 | 1,002,962 | ||
Goodwill | 0 | 0 | ||
Other assets | 1,961 | 2,139 | ||
Total assets | 1,561,004 | 1,505,641 | ||
Accounts payable | 203,517 | 70,434 | ||
Accrued liabilities | 4,391 | 17,379 | ||
Deferred taxes | 2,102 | |||
Short-term borrowings and current maturities of long-term debt | 20,335 | 17,432 | ||
Total current liabilities | 228,243 | 107,347 | ||
Long-term debt, less current maturities | 277,442 | 284,710 | ||
Intercompany notes payable | 133,087 | 226,091 | ||
Accrued pension liabilities | 0 | 0 | ||
Other liabilities and deferred credits | 7,660 | 6,229 | ||
Deferred taxes | 40,344 | |||
Deferred taxes | 47,494 | |||
Redeemable noncontrolling interest | 0 | 0 | ||
Common stock | 20,028 | 20,028 | ||
Additional paid-in capital | 45,306 | 29,387 | ||
Retained earnings | 800,730 | 791,117 | ||
Accumulated other comprehensive income (loss) | 1,014 | 388 | ||
Treasury shares | 0 | 0 | ||
Total Bristow Group stockholders’ investment | 867,078 | 840,920 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ investment | 867,078 | 840,920 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | 1,561,004 | 1,505,641 | ||
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 90,875 | 92,975 | $ 71,709 | $ 65,676 |
Accounts receivable | 320,897 | 212,900 | ||
Inventories | 102,370 | 90,190 | ||
Assets held for sale | 5,773 | 7,530 | ||
Prepaid expenses and other current assets | 36,007 | 43,856 | ||
Total current assets | 555,922 | 447,451 | ||
Intercompany investment | 136,627 | 126,296 | ||
Investment in unconsolidated affiliates | 211,115 | 210,162 | ||
Intercompany notes receivable | 157,575 | 39,706 | ||
Land and buildings | 178,734 | 164,528 | ||
Aircraft and equipment | 1,218,830 | 1,272,623 | ||
Total property and equipment, at cost | 1,397,564 | 1,437,151 | ||
Less – Accumulated depreciation and amortization | (378,835) | (312,461) | ||
Total property and equipment, net | 1,018,729 | 1,124,690 | ||
Goodwill | 20,299 | 19,798 | ||
Other assets | 103,822 | 100,743 | ||
Total assets | 2,204,089 | 2,068,846 | ||
Accounts payable | 190,827 | 151,382 | ||
Accrued liabilities | 157,341 | 132,704 | ||
Deferred taxes | 0 | |||
Short-term borrowings and current maturities of long-term debt | 32,714 | 34,578 | ||
Total current liabilities | 380,882 | 318,664 | ||
Long-term debt, less current maturities | 311,522 | 102,921 | ||
Intercompany notes payable | 40,757 | 87,200 | ||
Accrued pension liabilities | 54,291 | 61,647 | ||
Other liabilities and deferred credits | 16,538 | 11,073 | ||
Deferred taxes | 1,813 | |||
Deferred taxes | 15,494 | |||
Redeemable noncontrolling interest | 3,859 | 6,886 | ||
Common stock | 131,317 | 115,317 | ||
Additional paid-in capital | 284,048 | 284,048 | ||
Retained earnings | 674,765 | 819,987 | ||
Accumulated other comprehensive income (loss) | 285,707 | 255,491 | ||
Treasury shares | 0 | 0 | ||
Total Bristow Group stockholders’ investment | 1,375,837 | 1,474,843 | ||
Noncontrolling interests | 4,909 | 3,799 | ||
Total stockholders’ investment | 1,380,746 | 1,478,642 | ||
Total liabilities, redeemable noncontrolling interest and stockholders’ investment | $ 2,204,089 | $ 2,068,846 |
SUPPLEMENTAL CONDENSED CONSOL73
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | $ (9,307) | $ (14,098) | ||
Capital expenditures | $ (12,124) | $ (17,860) | (36,441) | (119,726) |
Proceeds from asset dispositions | 6,303 | 2,525 | 48,547 | 14,344 |
Proceeds from OEM cost recoveries | 94,463 | 0 | ||
Deposits received on aircraft held for sale | 0 | 290 | ||
Net cash provided by (used in) investing activities | 106,569 | (105,092) | ||
Proceeds from borrowings | 548,768 | 360,240 | ||
Debt issuance costs | (11,653) | (3,883) | ||
Repayment of debt | (609,667) | (243,677) | ||
Purchase of 4½% Convertible Senior Notes call option | (40,393) | 0 | ||
Proceeds from issuance of warrants | 30,259 | 0 | ||
Dividends paid | (2,465) | (7,366) | ||
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | ||
Partial prepayment of put/call obligation | (36) | (38) | ||
Dividends paid to noncontrolling interest | 0 | (2,533) | ||
Payment of contingent consideration | 0 | (10,000) | ||
Repurchases for tax withholdings on vesting of equity awards | (591) | (762) | ||
Net cash provided by (used in) financing activities | (85,778) | 91,981 | ||
Effect of exchange rate changes on cash and cash equivalents | 9,708 | (5,942) | ||
Net increase (decrease) in cash and cash equivalents | 21,192 | (33,151) | ||
Cash and cash equivalents at beginning of period | 96,656 | 104,310 | ||
Cash and cash equivalents at end of period | 117,848 | 71,159 | 117,848 | 71,159 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (922) | (2,947) | ||
Capital expenditures | 77,480 | 0 | ||
Proceeds from asset dispositions | (77,480) | 0 | ||
Proceeds from OEM cost recoveries | 0 | |||
Deposits received on aircraft held for sale | 0 | |||
Net cash provided by (used in) investing activities | 0 | 0 | ||
Proceeds from borrowings | 0 | 0 | ||
Debt issuance costs | 0 | 0 | ||
Repayment of debt | 0 | 0 | ||
Purchase of 4½% Convertible Senior Notes call option | 0 | |||
Proceeds from issuance of warrants | 0 | |||
Dividends paid | 0 | 0 | ||
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | ||
Partial prepayment of put/call obligation | 0 | 0 | ||
Dividends paid to noncontrolling interest | 0 | |||
Payment of contingent consideration | 0 | |||
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | ||
Net cash provided by (used in) financing activities | 0 | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | (922) | (2,947) | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | (922) | (2,947) | (922) | (2,947) |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (105,817) | (87,634) | ||
Capital expenditures | (8,182) | (15,385) | ||
Proceeds from asset dispositions | 0 | 0 | ||
Proceeds from OEM cost recoveries | 0 | |||
Deposits received on aircraft held for sale | 0 | |||
Net cash provided by (used in) investing activities | (8,182) | (15,385) | ||
Proceeds from borrowings | 318,550 | 243,900 | ||
Debt issuance costs | (2,558) | (2,925) | ||
Repayment of debt | (569,325) | (218,900) | ||
Purchase of 4½% Convertible Senior Notes call option | (40,393) | |||
Proceeds from issuance of warrants | 30,259 | |||
Dividends paid | 110,637 | (7,010) | ||
Increases (decreases) in cash related to intercompany advances and debt | 291,969 | 55,910 | ||
Partial prepayment of put/call obligation | (36) | (38) | ||
Dividends paid to noncontrolling interest | 0 | |||
Payment of contingent consideration | 0 | |||
Repurchases for tax withholdings on vesting of equity awards | (591) | (762) | ||
Net cash provided by (used in) financing activities | 138,512 | 70,175 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 24,513 | (32,844) | ||
Cash and cash equivalents at beginning of period | 3,382 | 35,241 | ||
Cash and cash equivalents at end of period | 27,895 | 2,397 | 27,895 | 2,397 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 34,995 | 39,771 | ||
Capital expenditures | (7,755) | (21,093) | ||
Proceeds from asset dispositions | 85,760 | 12,894 | ||
Proceeds from OEM cost recoveries | 0 | |||
Deposits received on aircraft held for sale | 290 | |||
Net cash provided by (used in) investing activities | 78,005 | (7,909) | ||
Proceeds from borrowings | 0 | 109,890 | ||
Debt issuance costs | (552) | 0 | ||
Repayment of debt | (13,137) | (4,494) | ||
Purchase of 4½% Convertible Senior Notes call option | 0 | |||
Proceeds from issuance of warrants | 0 | |||
Dividends paid | 0 | 4 | ||
Increases (decreases) in cash related to intercompany advances and debt | (99,610) | (140,655) | ||
Partial prepayment of put/call obligation | 0 | 0 | ||
Dividends paid to noncontrolling interest | 0 | |||
Payment of contingent consideration | 0 | |||
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | ||
Net cash provided by (used in) financing activities | (113,299) | (35,255) | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | (299) | (3,393) | ||
Cash and cash equivalents at beginning of period | 299 | 3,393 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 62,437 | 36,712 | ||
Capital expenditures | (97,984) | (83,248) | ||
Proceeds from asset dispositions | 40,267 | 1,450 | ||
Proceeds from OEM cost recoveries | 94,463 | |||
Deposits received on aircraft held for sale | 0 | |||
Net cash provided by (used in) investing activities | 36,746 | (81,798) | ||
Proceeds from borrowings | 230,218 | 6,450 | ||
Debt issuance costs | (8,543) | (958) | ||
Repayment of debt | (27,205) | (20,283) | ||
Purchase of 4½% Convertible Senior Notes call option | 0 | |||
Proceeds from issuance of warrants | 0 | |||
Dividends paid | (113,102) | (360) | ||
Increases (decreases) in cash related to intercompany advances and debt | (192,359) | 84,745 | ||
Partial prepayment of put/call obligation | 0 | 0 | ||
Dividends paid to noncontrolling interest | (2,533) | |||
Payment of contingent consideration | (10,000) | |||
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | ||
Net cash provided by (used in) financing activities | (110,991) | 57,061 | ||
Effect of exchange rate changes on cash and cash equivalents | 9,708 | (5,942) | ||
Net increase (decrease) in cash and cash equivalents | (2,100) | 6,033 | ||
Cash and cash equivalents at beginning of period | 92,975 | 65,676 | ||
Cash and cash equivalents at end of period | $ 90,875 | $ 71,709 | $ 90,875 | $ 71,709 |