Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2018 | Nov. 02, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Document Period End Date | Sep. 30, 2018 | |
Entity Registrant Name | Bristow Group Inc. | |
Entity Central Index Key | 0000073887 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,798,185 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Description | This Amendment No. 1 on Form 10-Q/A for the quarter ended September 30, 2018, amends the Form 10-Q that was originally filed with the U.S. Securities Exchange Commission on November 9, 2018. We are filing this Amendment No. 1 (this “Amendment No. 1”) to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 9, 2018 (the “Original Filing”), to (i) reflect a change in management’s assessment of our disclosure controls and procedures, (ii) revise the Company’s previously reported condensed consolidated financial statements to reclassify substantially all debt balances from long-term to short-term (iii) include disclosures regarding the Company’s ability to continue as a going concern and for immaterial correction to prior year financial information, and (iv) include a revised report of KPMG LLP (“KPMG”), our Independent Registered Public Accounting Firm, with respect to its review of the condensed consolidated financial statements included herein. | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue: | ||||
Operating revenue from non-affiliates | $ 321,580 | $ 340,593 | $ 660,046 | $ 662,711 |
Operating revenue from affiliates | 13,131 | 17,399 | 25,652 | 35,010 |
Reimbursable revenue from non-affiliates | 15,946 | 15,684 | 32,853 | 28,064 |
Total consolidated revenue | 350,657 | 373,676 | 718,551 | 725,785 |
Operating expense: | ||||
Direct cost | 277,217 | 284,742 | 557,268 | 570,322 |
Reimbursable expense | 15,194 | 15,414 | 31,098 | 27,640 |
Depreciation and amortization | 30,489 | 31,381 | 61,430 | 62,437 |
General and administrative | 38,839 | 48,622 | 78,940 | 95,329 |
Operating expense | 361,739 | 380,159 | 728,736 | 755,728 |
Loss on impairment | (117,220) | 0 | (117,220) | (1,192) |
Loss on disposal of assets | (1,293) | (8,526) | (2,971) | (7,827) |
Earnings (losses) from unconsolidated affiliates, net | (96) | 2,063 | (3,113) | 1,398 |
Operating loss | (129,691) | (12,946) | (133,489) | (37,564) |
Interest expense, net | (26,433) | (18,563) | (53,577) | (34,584) |
Other income (expense), net | (3,204) | 2,587 | (7,154) | 971 |
Loss before benefit (provision) for income taxes | (159,328) | (28,922) | (194,220) | (71,177) |
Benefit (provision) for income taxes | 15,655 | (2,474) | 18,506 | (15,965) |
Net loss | (143,673) | (31,396) | (175,714) | (87,142) |
Net (income) loss attributable to noncontrolling interests | (517) | 187 | (584) | 658 |
Net loss attributable to Bristow Group | $ (144,190) | $ (31,209) | $ (176,298) | $ (86,484) |
Loss per common share: | ||||
Basic (in dollars per share) | $ (4.03) | $ (0.88) | $ (4.94) | $ (2.45) |
Diluted (in dollars per share) | $ (4.03) | $ (0.88) | $ (4.94) | $ (2.45) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (143,673) | $ (31,396) | $ (175,714) | $ (87,142) |
Other comprehensive loss: | ||||
Currency translation adjustments | (7,967) | 10,691 | (37,000) | 20,451 |
Unrealized gain (loss) on cash flow hedges, net of tax benefit (provision) of $(0.1) million, zero, $0.2 million and zero, respectively | (98) | 0 | 1,250 | 0 |
Total comprehensive loss | (151,738) | (20,705) | (211,464) | (66,691) |
Net (income) loss attributable to noncontrolling interests | (517) | 187 | (584) | 658 |
Currency translation adjustments attributable to noncontrolling interests | (32) | 237 | (171) | 547 |
Total comprehensive (income) loss attributable to noncontrolling interests | (549) | 424 | (755) | 1,205 |
Total comprehensive loss attributable to Bristow Group | $ (152,287) | $ (20,281) | $ (212,219) | $ (65,486) |
CONDENSED CONSLIDATED STATEMENT
CONDENSED CONSLIDATED STATEMENTS OF COMPREHENSIVE LOSS (PARENTHETICAL) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ (100,000) | $ 0 | $ 200,000 | $ 0 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 307,791 | $ 380,223 |
Accounts receivable from non-affiliates | 218,792 | 233,386 |
Accounts receivable from affiliates | 13,029 | 13,594 |
Inventories | 117,706 | 129,614 |
Assets held for sale | 24,176 | 30,348 |
Prepaid expenses and other current assets | 46,603 | 47,234 |
Total current assets | 728,097 | 834,399 |
Investment in unconsolidated affiliates | 110,637 | 126,170 |
Property and equipment – at cost: | ||
Land and buildings | 243,245 | 250,040 |
Aircraft and equipment | 2,491,291 | 2,511,131 |
Total property and equipment, at cost | 2,734,536 | 2,761,171 |
Less – Accumulated depreciation and amortization | (848,271) | (693,151) |
Total property and equipment, net | 1,886,265 | 2,068,020 |
Goodwill | 18,778 | 19,907 |
Other assets | 117,027 | 116,506 |
Total assets | 2,860,804 | 3,165,002 |
Current liabilities: | ||
Accounts payable | 103,510 | 101,270 |
Accrued wages, benefits and related taxes | 51,960 | 67,334 |
Income taxes payable | 6,809 | 8,453 |
Other accrued taxes | 9,095 | 7,378 |
Deferred revenue | 13,733 | 15,833 |
Accrued maintenance and repairs | 28,372 | 28,555 |
Accrued interest | 17,154 | 16,345 |
Other accrued liabilities | 52,735 | 65,978 |
Short-term borrowings and current maturities of long-term debt | 1,439,931 | 1,475,438 |
Total current liabilities | 1,723,299 | 1,786,584 |
Long-term debt, less current maturities | 9,778 | 11,096 |
Accrued pension liabilities | 28,484 | 37,034 |
Other liabilities and deferred credits | 31,639 | 36,952 |
Deferred taxes | 97,372 | 115,192 |
Commitments and contingencies (Note 7) | ||
Stockholders’ investment: | ||
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,798,185 as of September 30, 2018 and 35,526,625 as of March 31, 2018 (exclusive of 1,291,441 treasury shares) | 385 | 382 |
Additional paid-in capital | 858,809 | 852,565 |
Retained earnings | 610,790 | 788,834 |
Accumulated other comprehensive loss | (322,015) | (286,094) |
Treasury shares, at cost (2,756,419 shares) | (184,796) | (184,796) |
Total Bristow Group stockholders’ investment | 963,173 | 1,170,891 |
Noncontrolling interests | 7,059 | 7,253 |
Total stockholders’ investment | 970,232 | 1,178,144 |
Total liabilities and stockholders’ investment | $ 2,860,804 | $ 3,165,002 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Sep. 30, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares outstanding | 35,798,185 | 35,526,625 |
Treasury stock, shares acquired, par value method | 1,291,441 | 1,291,441 |
Treasury stock, shares acquired, cost method | 2,756,419 | 2,756,419 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (175,714) | $ (87,142) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 61,430 | 62,437 |
Deferred income taxes | (27,651) | 1,197 |
Write-off of deferred financing fees | 0 | 621 |
Discount amortization on long-term debt | 3,101 | 101 |
Loss on disposal of assets | 2,971 | 7,827 |
Loss on impairment | 117,220 | 1,192 |
Deferral of lease payments | 2,841 | 0 |
Stock-based compensation | 3,714 | 6,542 |
Equity in earnings from unconsolidated affiliates less than (in excess of) dividends received | 3,299 | (1,190) |
Increase (decrease) in cash resulting from changes in: | ||
Accounts receivable | 6,792 | (25,222) |
Inventories | (3,785) | (1,848) |
Prepaid expenses and other assets | 2,980 | 7,320 |
Accounts payable | 7,651 | (4,581) |
Accrued liabilities | (26,703) | (2,635) |
Other liabilities and deferred credits | (5,048) | 47 |
Net cash used in operating activities | (26,902) | (35,334) |
Cash flows from investing activities: | ||
Capital expenditures | (17,302) | (24,317) |
Proceeds from asset dispositions | 8,462 | 42,244 |
Net cash provided by (used in) investing activities | (8,840) | 17,927 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 387 | 338,018 |
Debt issuance costs | (2,554) | (6,695) |
Repayment of debt | (29,970) | (318,130) |
Partial prepayment of put/call obligation | (27) | (23) |
Dividends paid to noncontrolling interest | (580) | 0 |
Common stock dividends paid | 0 | (2,465) |
Issuance of common stock | 2,830 | 0 |
Repurchases for tax withholdings on vesting of equity awards | (1,504) | (548) |
Net cash provided by (used in) financing activities | (31,418) | 10,157 |
Effect of exchange rate changes on cash and cash equivalents | (5,272) | 7,937 |
Net increase (decrease) in cash and cash equivalents | (72,432) | 687 |
Cash and cash equivalents at beginning of period | 380,223 | 96,656 |
Cash and cash equivalents at end of period | 307,791 | 97,343 |
Cash paid during the period for: | ||
Interest | 48,555 | 33,669 |
Income taxes | $ 9,919 | $ 13,237 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interests |
Redeemable Noncontrolling Interest - beginning balance at Mar. 31, 2017 | $ 6,886 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Redeemable Noncontrolling Interest - currency translation adjustments | 258 | ||||||
Redeemable Noncontrolling Interest, net income (loss) | (795) | ||||||
Redeemable Noncontrolling Interest - ending balance at Jun. 30, 2017 | 6,349 | ||||||
Total stockholders’ investment at Mar. 31, 2017 | 1,289,283 | $ 379 | $ 809,995 | $ 986,957 | $ (328,277) | $ (184,796) | $ 5,025 |
Common stock, shares beginning balance at Mar. 31, 2017 | 35,213,991 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 3,863 | $ 1 | 3,862 | ||||
Issuance of common stock, shares | 89,849 | ||||||
Distributions paid to noncontrolling interests | (12) | (12) | |||||
Common stock dividends | (2,465) | (2,465) | |||||
Currency translation adjustments | 52 | 52 | |||||
Net income (loss) | (54,950) | (55,275) | 325 | ||||
Other comprehensive loss | 10,070 | 10,070 | |||||
Total stockholders’ investment at Jun. 30, 2017 | 1,245,841 | $ 380 | 813,857 | 929,217 | (318,207) | (184,796) | 5,390 |
Common stock, shares ending balance at Jun. 30, 2017 | 35,303,840 | ||||||
Redeemable Noncontrolling Interest - beginning balance at Mar. 31, 2017 | 6,886 | ||||||
Redeemable Noncontrolling Interest - ending balance at Sep. 30, 2017 | 6,002 | ||||||
Total stockholders’ investment at Mar. 31, 2017 | 1,289,283 | $ 379 | 809,995 | 986,957 | (328,277) | (184,796) | 5,025 |
Common stock, shares beginning balance at Mar. 31, 2017 | 35,213,991 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends paid to noncontrolling interest | 0 | ||||||
Total stockholders’ investment at Sep. 30, 2017 | 1,228,079 | $ 381 | 815,990 | 898,008 | (307,279) | (184,796) | 5,775 |
Common stock, shares ending balance at Sep. 30, 2017 | 35,361,536 | ||||||
Redeemable Noncontrolling Interest - beginning balance at Jun. 30, 2017 | 6,349 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Redeemable Noncontrolling Interest - currency translation adjustments | 194 | ||||||
Redeemable Noncontrolling Interest, net income (loss) | (541) | ||||||
Redeemable Noncontrolling Interest - ending balance at Sep. 30, 2017 | 6,002 | ||||||
Total stockholders’ investment at Jun. 30, 2017 | 1,245,841 | $ 380 | 813,857 | 929,217 | (318,207) | (184,796) | 5,390 |
Common stock, shares beginning balance at Jun. 30, 2017 | 35,303,840 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 2,134 | $ 1 | 2,133 | ||||
Issuance of common stock, shares | 57,696 | ||||||
Distributions paid to noncontrolling interests | (11) | (11) | |||||
Currency translation adjustments | 43 | 43 | |||||
Net income (loss) | (30,856) | (31,209) | 353 | ||||
Other comprehensive loss | 10,928 | 10,928 | |||||
Total stockholders’ investment at Sep. 30, 2017 | 1,228,079 | $ 381 | 815,990 | 898,008 | (307,279) | (184,796) | 5,775 |
Common stock, shares ending balance at Sep. 30, 2017 | 35,361,536 | ||||||
Total stockholders’ investment at Mar. 31, 2018 | $ 1,178,144 | $ 382 | 852,565 | 788,834 | (286,094) | (184,796) | 7,253 |
Common stock, shares beginning balance at Mar. 31, 2018 | 35,526,625 | 35,526,625 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | $ 4,264 | $ 3 | 4,261 | ||||
Issuance of common stock, shares | 238,650 | ||||||
Distributions paid to noncontrolling interests | (14) | (14) | |||||
Currency translation adjustments | (139) | (139) | |||||
Net income (loss) | (32,041) | (32,108) | 67 | ||||
Other comprehensive loss | (27,824) | (27,824) | |||||
Total stockholders’ investment at Jun. 30, 2018 | 1,120,644 | $ 385 | 856,826 | 754,980 | (313,918) | (184,796) | 7,167 |
Common stock, shares ending balance at Jun. 30, 2018 | 35,765,275 | ||||||
Total stockholders’ investment at Mar. 31, 2018 | $ 1,178,144 | $ 382 | 852,565 | 788,834 | (286,094) | (184,796) | 7,253 |
Common stock, shares beginning balance at Mar. 31, 2018 | 35,526,625 | 35,526,625 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends paid to noncontrolling interest | $ (580) | ||||||
Total stockholders’ investment at Sep. 30, 2018 | $ 970,232 | $ 385 | 858,809 | 610,790 | (322,015) | (184,796) | 7,059 |
Common stock, shares ending balance at Sep. 30, 2018 | 35,798,185 | 35,798,185 | |||||
Total stockholders’ investment at Jun. 30, 2018 | $ 1,120,644 | $ 385 | 856,826 | 754,980 | (313,918) | (184,796) | 7,167 |
Common stock, shares beginning balance at Jun. 30, 2018 | 35,765,275 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 1,983 | $ 0 | 1,983 | ||||
Issuance of common stock, shares | 32,910 | ||||||
Distributions paid to noncontrolling interests | (13) | (13) | |||||
Dividends paid to noncontrolling interest | (580) | (580) | |||||
Currency translation adjustments | (32) | (32) | |||||
Net income (loss) | (143,673) | (144,190) | 517 | ||||
Other comprehensive loss | (8,097) | (8,097) | |||||
Total stockholders’ investment at Sep. 30, 2018 | $ 970,232 | $ 385 | $ 858,809 | 610,790 | $ (322,015) | $ (184,796) | $ 7,059 |
Common stock, shares ending balance at Sep. 30, 2018 | 35,798,185 | 35,798,185 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting guidance | $ (1,746) | $ (1,746) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS O FCHANGES IN EQUITY AND REDEEMABLE INTEREST (Parentheticals) | 3 Months Ended |
Jun. 30, 2017$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Common Stock, Dividends, Per Share, Declared | $ 0.07 |
BASIS OF PRESENTATION, CONSOLID
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities (“Bristow Group”, the “Company”, “we”, “us”, or “our”) after elimination of all significant intercompany accounts and transactions. Our fiscal year ends March 31, and we refer to fiscal years based on the end of such period. Therefore, the fiscal year ending March 31, 2019 is referred to as “fiscal year 2019 ”. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), the information contained in the following notes to condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and related notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018, as amended by the amendment thereto (the “Amended 10-K”), filed with the SEC on June 19, 2019 (the “fiscal year 2018 Financial Statements”). Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire fiscal year. The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the consolidated balance sheet of the Company as of September 30, 2018 , the consolidated statements of operations and comprehensive loss for the three and six months ended September 30, 2018 and 2017 , the consolidated cash flows for the six months ended September 30, 2018 and 2017 , and the consolidated statements of changes in stockholders’ investment for the three and six months ended September 30, 2018 . Bankruptcy, Restructuring Support Agreement and Going Concern The Company’s liquidity outlook has changed since the date of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, originally filed with the SEC on November 9, 2018 (the “Original Filing”), resulting in substantial doubt about the Company’s ability to continue as a going concern. In connection with the filing of this Amendment No. 1 (this “Amendment No. 1”) to the Original Filing, applicable accounting rules required the Company to make an updated assessment as to whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern during the twelve months from the date of filing of this Amendment No. 1. This updated assessment included an assessment of the Company’s ability to meet its operating and other contractual cash obligations, including aircraft and other capital purchase commitments and debt service requirements, using available liquidity (cash on hand, operating cash flow and other available cash sources) over the twelve-month period commencing as of the date of the filing of this Amendment No. 1. As a result of this updated assessment, the Company concluded that disclosure should be included in this Amendment No. 1 to express substantial doubt about the Company’s ability to continue as a going concern based on recurring losses from operations and estimates of liquidity during the twelve months from the filing date of this Amendment No. 1 as well as the bankruptcy filings as further discussed below. The delivery of the Amended 10-K with a going concern qualification or explanation constituted an event of default under certain of our secured equipment financings, giving those secured equipment lenders the right to accelerate repayment of the applicable debt, subject to Chapter 11 protections, and triggering cross-default and/or cross-acceleration provisions in substantially all of our other debt instruments should that right to accelerate repayment be exercised. As a result of the facts and circumstances discussed above, the Company concluded that substantially all debt balances of approximately $1.4 billion should be reclassified from long-term to short-term as of March 31, 2018 within the Amended 10-K and as of September 30, 2018 within this Amendment No. 1 on our condensed consolidated balance sheet. As discussed in the Explanatory Note included elsewhere in this Quarterly Report, on May 11, 2019, Bristow Group Inc. and its subsidiaries BHNA Holdings Inc., Bristow Alaska Inc., Bristow Helicopters Inc., Bristow U.S. Leasing LLC, Bristow U.S. LLC, BriLog Leasing Ltd. and Bristow Equipment Leasing Ltd. (together, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). The Debtors’ Chapter 11 Cases are jointly administered under the caption In re: Bristow Group Inc., et al., Main Case No. 19-32713. The Debtors continue to operate their businesses and manage their properties as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The commencement of the Chapter 11 Cases also constitutes an event of default under certain debt financings, giving those lenders the right to accelerate repayment of the applicable debt, subject to Chapter 11 protections. As previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2019, we entered into a restructuring support agreement (the “RSA”) on May 10, 2019 with (i) certain holders (the “Supporting Secured Noteholders”) of the Company’s 8.75% Senior Secured Notes due 2023 (the “8.75% Senior Secured Notes”) and (ii) the guarantors of the 8.75% Senior Secured Notes, to support a restructuring of the Company (the “Restructuring”) on the terms set forth in the term sheet contained in an exhibit to the RSA (the “Restructuring Term Sheet”). The RSA contemplates the filing of the Chapter 11 Cases to implement the Restructuring pursuant to a Chapter 11 plan of reorganization (the “Plan”) and the various related transactions set forth in or contemplated by the Restructuring Term Sheet, the DIP Term Sheet (as defined herein) and the other restructuring documents attached to the RSA. The RSA contains certain covenants on the part of each of the Company and the Supporting Secured Noteholders, including limitations on the Supporting Secured Noteholders’ ability to pursue alternative transactions, commitments by the Supporting Secured Noteholders to vote in favor of the Plan and commitments of the Company and the Supporting Secured Noteholders to negotiate in good faith to finalize the documents and agreements governing the Plan. The RSA also provides for certain conditions to the obligations of the parties and for termination upon the occurrence of certain events, including without limitation, the failure to achieve certain milestones and certain breaches by the parties under the RSA. Also as previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2019, in connection with the Chapter 11 Cases and pursuant to a Commitment Letter, dated May 10, 2019, from the lenders party thereto and agreed to by the Company and Bristow Holdings Company Ltd. III (together, the “DIP Borrowers”), an ad hoc group of holders of the 8.75% Senior Secured Notes has agreed to provide the DIP Borrowers with a superpriority senior secured debtor-in-possession credit facility (the “DIP Facility”) on the terms set forth in the DIP Facility Term Sheet attached thereto (the “DIP Term Sheet”). The DIP Term Sheet provides that, among other things, the DIP Facility shall be comprised of loans in an aggregate principal amount of $75.0 million. The availability of the DIP Facility is subject to certain conditions and milestone, including approval by the Bankruptcy Court, which has not been obtained at this time. The Company expects to continue operations in the normal course during the pendency of the Chapter 11 Cases. The condensed consolidated financial statements included herein have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of the substantial doubt as to the Company’s ability to continue as a going concern. Our ability to continue as a going concern is also contingent upon our ability to comply with the financial and other covenants contained in the Term Loan Credit Agreement entered into on May 10, 2019 (as previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2019) and our ability to successfully develop and, subject to the Bankruptcy Court’s approval, implement the Plan, among other factors. Immaterial Corrections to Prior Period Financial Information The consolidated balance sheet and statement of changes in stockholders’ equity included in this Amendment No. 1 reflect immaterial adjustments to the historical balances in retained earnings and accrued wages, benefits and related taxes as of September 30 and March 31, 2018. We made these adjustments in accordance with GAAP, to reflect additional liability related to a vacation accrual for employees in Norway. The adjustment stems from our initial purchase price accounting for the Bristow Norway acquisition in October 2008 and subsequent accounting for employee vacation liability. We evaluated the materiality of the error from both a quantitative and qualitative perspective and concluded that the error was immaterial to our prior period interim and annual consolidated financial statements. Since the revision was not material to any prior period interim or annual consolidated financial statements, no amendments to previously filed interim or annual periodic reports were required. Consequently, we revised the historical consolidated financial information presented herein. Given the historical nature of the adjustment, we recorded a correction within the consolidated statements of stockholders’ investment and redeemable noncontrolling interest to retained earnings as of September 30 and March 31, 2018 of $4.9 million . In addition, below are amounts as reported and as adjusted for each year presented in our condensed consolidated financial statements included in this filing (in thousands): As of September 30, 2018 As of March 31, 2018 As reported Adjustments As adjusted As reported Adjustments As adjusted Accrued wages, benefits and related taxes 47,011 4,949 51,960 62,385 4,949 67,334 Retained earnings 615,739 (4,949 ) 610,790 793,783 (4,949 ) 788,834 Total Bristow Group stockholders’ investment 968,122 (4,949 ) 963,173 1,175,840 (4,949 ) 1,170,891 Total stockholders’ investment 975,181 (4,949 ) 970,232 1,183,093 (4,949 ) 1,178,144 The income statement and cash flow impact of this accrual for the three and six months ended September 30, 2017 and 2018 were not corrected as they were considered to be inconsequential to the Company’s prior period interim and annual consolidated financial statements. Loss on Impairment Loss on impairment includes the following (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Impairment of inventories $ 9,276 $ — $ 9,276 $ 1,192 Impairment of property and equipment (1) 104,939 — 104,939 — Impairment of intangible assets 3,005 — 3,005 — $ 117,220 $ — $ 117,220 $ 1,192 _____________ (1) Includes impairment of $87.5 million for H225 aircraft and $17.5 million for Eastern Airways International Limited (“Eastern Airways”) aircraft and equipment. Prior to the three months ended September 30, 2018, we had been actively marketing our H225 aircraft with the expectation of a substantial return of the aircraft to oil and gas service. However, market conditions and more significantly, the recent development of alternative opportunities outside of our traditional oil and gas service for our H225 aircraft and our decision to pursue those opportunities during the three months ended September 30, 2018, indicate a substantial return to oil and gas service within our operations is not likely. Therefore, during the three months ended September 30, 2018, we concluded that cash flows associated with our H225 helicopters are largely independent from the cash flows associated with the remainder of our oil and gas related property and equipment (“oil and gas asset group”) and should be tested for impairment as a stand-alone asset group. In accordance with Accounting Standard Codification 360-10, we performed an impairment analysis for our stand-alone H225 asset group and determined that the forecasted cash flows over the remaining useful life of the asset group were insufficient to recover the carrying value of the asset group. We determined the fair value of the H225 asset group to be $116.4 million and recorded an impairment charge of $87.5 million . In addition, we performed a review of our H225 aircraft related inventory and recorded an impairment charge of $8.9 million to record the inventory at the lower of cost or net realizable value. These impairments are included in our Corporate and other region in Note 11 . The inputs used in our fair value estimates were from Level 3 of the fair value hierarchy discussed in Note 5. The removal of the H225 aircraft from our oil and gas asset group and changes in our forecasted cash flows for that asset group during the three months ended September 30, 2018 indicated the need for the performance of a recoverability analysis of the oil and gas asset group. In accordance with Accounting Standard Codification 360-10, we estimate future undiscounted cash flows to test the recoverability of our oil and gas asset group, which largely consists of our oil and gas related held for use aircraft. The determination of estimated future undiscounted cash flows required us to use significant unobservable inputs including assumptions related to projected demand for services, rates and anticipated aircraft disposal values. We determined that the estimated future undiscounted cash flows exceeded the carrying value for our oil and gas asset group as of September 30, 2018, and no impairment was recorded on these assets. Future declines in operating performance, aircraft disposal values, anticipated business outlook, or projected aircraft deliveries currently accounted for as construction in progress may reduce our estimated future undiscounted cash flows and result in impairment of our oil and gas asset group. In addition, changes in our forecasted cash flows during the three months ended September 30, 2018 indicated the need for the performance of a recoverability analysis for the airline related assets of Eastern Airways. In accordance with Accounting Standard Codification 360-10, we estimate future undiscounted cash flows to test the recoverability of the airline related assets of Eastern Airways for potential impairment. The determination of estimated future undiscounted cash flows required us to use significant unobservable inputs including assumptions related to projected demand for services and rates. We determined that the estimated future undiscounted cash flows were below the carrying value for our airline related assets of Eastern Airways as of September 30, 2018. We determined the fair value of the asset group to be $20.5 million and recorded an impairment charge of $17.5 million . As part of our impairment review of the airline assets of Eastern Airways, we also recorded impairments of $3.0 million related to the remaining intangible assets and $0.3 million related to inventory. These impairments are included in our Europe and Caspian region in Note 11 . The inputs used in our fair value estimates were from Level 3 of the fair value hierarchy discussed in Note 5. During the six months ended September 30, 2017 , as a result of changes in expected future utilization of aircraft within our training fleet we recorded a $1.2 million charge to impair inventory used on our training fleet, which is included in loss on impairment on our condensed consolidated statement of operations. This impairment is included in our Corporate and other region in Note 11 . Foreign Currency During the three and six months ended September 30, 2018 and 2017 , our primary foreign currency exposure was to the British pound sterling, the euro, the Australian dollar, the Norwegian kroner and the Nigerian naira. The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended Six Months Ended 2018 2017 2018 2017 One British pound sterling into U.S. dollars High 1.33 1.36 1.43 1.36 Average 1.30 1.31 1.33 1.29 Low 1.27 1.28 1.27 1.24 At period-end 1.30 1.34 1.30 1.34 One euro into U.S. dollars High 1.18 1.20 1.24 1.20 Average 1.16 1.17 1.18 1.14 Low 1.13 1.13 1.13 1.06 At period-end 1.16 1.18 1.16 1.18 One Australian dollar into U.S. dollars High 0.75 0.81 0.78 0.81 Average 0.73 0.79 0.74 0.77 Low 0.71 0.76 0.71 0.74 At period-end 0.72 0.78 0.72 0.78 One Norwegian kroner into U.S. dollars High 0.1249 0.1294 0.1290 0.1294 Average 0.1214 0.1257 0.1230 0.1216 Low 0.1179 0.1190 0.1179 0.1152 At period-end 0.1228 0.1256 0.1228 0.1256 One Nigerian naira into U.S. dollars High 0.0028 0.0032 0.0028 0.0033 Average 0.0028 0.0029 0.0028 0.0031 Low 0.0027 0.0027 0.0027 0.0027 At period-end 0.0027 0.0028 0.0027 0.0028 _____________ Source: FactSet Other income (expense), net, in our condensed consolidated statements of operations includes foreign currency transaction losses of $2.3 million and gains of $2.5 million for the three months ended September 30, 2018 and 2017 , respectively, and foreign currency transaction losses of $5.3 million and gains of $0.8 million for the six months ended September 30, 2018 and 2017 , respectively. Transaction gains and losses represent the revaluation of monetary assets and liabilities from the currency that will ultimately be settled into the functional currency of the legal entity holding the asset or liability. The most significant items revalued are denominated in U.S. dollars on entities with British pound sterling, Australian dollar and Nigerian naira functional currencies and denominated in British pound sterling on entities with U.S. dollar functional currencies, with transaction gains or losses primarily resulting from the strengthening or weakening of the U.S. dollar versus those other currencies. Our earnings (losses) from unconsolidated affiliates, net are also affected by the impact of changes in foreign currency exchange rates on the reported results of our unconsolidated affiliates. During the three months ended September 30, 2018 and 2017 , earnings (losses) from unconsolidated affiliates, net decreased by $1.0 million and increased by $0.3 million , respectively, and during the six months ended September 30, 2018 and 2017 , earnings (losses) from unconsolidated affiliates, net decreased by $3.6 million and $0.9 million , respectively, as a result of the impact of changes in foreign currency exchange rates on the earnings of our unconsolidated affiliates, primarily the impact of changes in the Brazilian real to U.S. dollar exchange rate on earnings for our affiliate in Brazil. The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended Six Months Ended 2018 2017 2018 2017 One Brazilian real into U.S. dollars High 0.2699 0.3244 0.3020 0.3244 Average 0.2537 0.3162 0.2657 0.3138 Low 0.2390 0.3009 0.2390 0.2995 At period-end 0.2504 0.3161 0.2504 0.3161 _____________ Source: FactSet We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands): Three Months Ended Six Months Ended Revenue $ (5,257 ) $ 5,192 Operating expense 4,913 (273 ) Earnings (losses) from unconsolidated affiliates, net (1,278 ) (2,718 ) Non-operating expense (4,831 ) (6,182 ) Loss before provision for income taxes (6,453 ) (3,981 ) Benefit for income taxes 1,280 1,193 Net loss (5,173 ) (2,788 ) Cumulative translation adjustment (7,999 ) (37,171 ) Total stockholders’ investment $ (13,172 ) $ (39,959 ) Interest Expense, Net During the three and six months ended September 30, 2018 and 2017 , interest expense, net consisted of the following (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Interest income $ 1,229 $ 154 $ 1,408 $ 368 Interest expense (27,662 ) (18,717 ) (54,985 ) (34,952 ) Interest expense, net $ (26,433 ) $ (18,563 ) $ (53,577 ) $ (34,584 ) Accounts Receivable As of September 30 and March 31, 2018 , the allowance for doubtful accounts for non-affiliates was $0.6 million and $3.3 million , respectively. There were no allowances for doubtful accounts related to accounts receivable due from affiliates as of September 30 and March 31, 2018 . The allowance for doubtful accounts for non-affiliates as of September 30, 2018 primarily relates to various customers of Eastern Airways. The allowance for doubtful accounts for non-affiliates as of March 31, 2018 primarily relates to amounts due from a customer in Nigeria for which we no longer believed collection was probable. During the three months ended September 30, 2018 , we wrote-off $2.3 million of accounts receivable previously reserved for from a customer in Nigeria as no collection is expected. Inventories As of September 30 and March 31, 2018 , inventories were net of allowances of $22.4 million and $26.0 million , respectively. As discussed above in Loss on Impairment , we performed a review of our H225 aircraft related inventory and Eastern Airways inventory and recorded impairment charges of $8.9 million and $0.3 million , respectively, to record the inventories at the lower of cost or net realizable value during the three months ended September 30, 2018 . During the six months ended September 30, 2017 , as a result of changes in expected future utilization of aircraft within our training fleet, we recorded a $1.2 million charge to impair inventory used on our training fleet, which is included in loss on impairment on our condensed consolidated statement of operations. These impairment charges are not reflected in the allowances above. Prepaid Expenses and Other Current Assets As of September 30 and March 31, 2018 , prepaid expenses and other current assets included the short-term portion of contract acquisition and pre-operating costs totaling $9.9 million and $10.8 million , respectively, related to the search and rescue (“SAR”) contracts in the U.K. and two customer contracts in Norway, which are recoverable under the contracts and will be expensed over the terms of the contracts. For the three months ended September 30, 2018 and 2017 , we expensed $2.5 million and $2.8 million , respectively, and for the six months ended September 30, 2018 and 2017 , we expensed $5.2 million and $5.7 million , respectively, related to these contracts. Goodwill Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill has an indefinite useful life and is not amortized, but is assessed for impairment annually or when events or changes in circumstances indicate that a potential impairment exists. Goodwill of $18.8 million and $19.9 million as of September 30 and March 31, 2018 , respectively, related to our Asia Pacific reporting unit was as follows (in thousands): March 31, 2018 $ 19,907 Foreign currency translation (1,129 ) September 30, 2018 $ 18,778 Accumulated goodwill impairment of $50.9 million as of both September 30 and March 31, 2018 related to our reporting units were as follows (in thousands): Europe Caspian $ (33,883 ) Africa (6,179 ) Americas (576 ) Corporate and other (10,223 ) Total accumulated goodwill impairment $ (50,861 ) Other Intangible Assets Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. Intangible assets by type were as follows (in thousands): Customer contracts Customer Trade name and trademarks Internally developed software Licenses Total Gross Carrying Amount March 31, 2018 $ 8,169 $ 12,777 $ 4,878 $ 1,107 $ 755 $ 27,686 Foreign currency translation — (78 ) (253 ) (14 ) (1 ) (346 ) September 30, 2018 $ 8,169 $ 12,699 $ 4,625 $ 1,093 $ 754 $ 27,340 Accumulated Amortization March 31, 2018 $ (8,169 ) $ (11,372 ) $ (1,213 ) $ (915 ) $ (719 ) $ (22,388 ) Impairments — — (2,933 ) (72 ) — (3,005 ) Amortization expense — (143 ) (142 ) (107 ) (30 ) (422 ) September 30, 2018 $ (8,169 ) $ (11,515 ) $ (4,288 ) $ (1,094 ) $ (749 ) $ (25,815 ) Weighted average remaining contractual life, in years 0.0 4.1 1.2 0.0 0.1 5.4 Future amortization expense of intangible assets for each of the years ending March 31 is as follows (in thousands): 2019 $ 96 2020 161 2021 161 2022 161 2023 161 Thereafter 785 $ 1,525 The Bristow Norway AS and Eastern Airways acquisitions, included in our Europe Caspian region, resulted in intangible assets for customer contracts, customer relationships, trade names and trademarks, internally developed software and licenses. The Capiteq Limited, operating under the name Airnorth, acquisition included in our Asia Pacific region, resulted in intangible assets for customer contracts, customer relationships and trade name and trademarks. As discussed above in Loss on Impairment , during the three months ended September 30, 2018 , we recorded an impairment of $3.0 million related to Eastern Airways intangible assets. As of September 30, 2018, Eastern Airways has no remaining intangible assets. Other Assets In addition to the other intangible assets described above, other assets included the long-term portion of contract acquisition and pre-operating costs totaling $42.2 million and $50.6 million , respectively, as of September 30 and March 31, 2018 , related to the SAR contracts in the U.K. and two customer contracts in Norway, which are recoverable under the contracts and will be expensed over the terms of the contracts. Property and Equipment, Assets Held for Sale and OEM Cost Recoveries During the three and six months ended September 30, 2018 and 2017 , we took delivery of aircraft and made capital expenditures as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 (In thousands, except for number of aircraft) Number of aircraft delivered: Medium — 2 — 5 Total aircraft — 2 — 5 Capital expenditures (in thousands): Aircraft and equipment (1) $ 4,394 $ 5,679 $ 12,731 $ 16,489 Land and buildings 4,013 6,085 4,571 7,828 Total capital expenditures $ 8,407 $ 11,764 $ 17,302 $ 24,317 _____________ (1) During the three and six months ended September 30, 2017 , we spent $1.0 million and $2.3 million , respectively, on progress payments for aircraft to be delivered in future periods. During the three and six months ended September 30, 2018 , we made no progress payments for aircraft to be delivered in future periods. The following table presents details on the aircraft sold or disposed of and impairment charges on assets held for sale and property and equipment during the three and six months ended September 30, 2018 and 2017 : Three Months Ended Six Months Ended 2018 2017 2018 2017 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of — — 3 6 Proceeds from sale or disposal of assets $ 688 $ 269 $ 8,462 $ 42,244 Gain (loss) from sale or disposal of assets (1) $ (1,293 ) $ (343 ) $ (2,971 ) $ 1,920 Number of held for sale aircraft impaired — 2 — 4 Impairment charges on assets held for sale (1)(2) $ — $ 8,183 $ — $ 9,747 Impairment charges on property and equipment (3) $ 104,939 $ — $ 104,939 $ — _____________ (1) Included in loss on disposal of assets on our condensed consolidated statements of operations. (2) Includes a $6.5 million impairment of the Bristow Academy disposal group for the three and six months ended September 30, 2017. (3) Includes $87.5 million impairment related to H225s and $17.5 million related to Eastern Airways assets for the three and six months ended September 30, 2018, included in loss on impairment on our condensed consolidated statement of operations. See Loss on Impairment above for further details. During fiscal year 2018, we reached agreements with original equipment manufacturers (“OEM”) to recover approximately $136.0 million related to ongoing aircraft issues, of which $125.0 million was realized during fiscal year 2018 and $11.0 million was recovered during the six months ended September 30, 2018 . To reflect the amount realized from these OEM cost recoveries during fiscal year 2018, we recorded a $94.5 million decrease in the carrying value of certain aircraft in our fleet through a decrease in property and equipment – at cost, reduced rent expense by $16.6 million and recorded a deferred liability of $13.9 million , included in other accrued liabilities and other liabilities and deferred credits, related to a reduction in rent expense to be recorded in future periods, of which $2.4 million and $5.9 million was recognized during the three and six months ended September 30, 2018 , respectively. We determined the realized portion of the cost recoveries related to a long-term performance issue with the aircraft, requiring a reduction of carrying value for owned aircraft and a reduction in rent expense for leased aircraft. For the owned aircraft, we allocated the $94.5 million as a reduction in carrying value by reducing the historical acquisition value of each affected aircraft on a pro-rata basis utilizing the historical acquisition value of the aircraft. For the leased aircraft, we will recognize the remaining deferred liability of $8.0 million as a reduction in rent expense prospectively on a straight-line basis over the remaining lease terms. This will result in a reduction to rent expense of $2.0 million during the remainder of fiscal year 2019, $4.0 million during fiscal year 2020 and $2.0 million during fiscal year 2021. During the six months ended September 30, 2018 , we recovered the remaining $11.0 million in OEM cost recoveries by agreeing to net certain amounts previously accrued for aircraft leases and capital expenditures against those recoveries. During the six months ended September 30, 2018 , we recorded a $7.6 million increase in revenue and a $2.1 million decrease in direct cost. We expect to realize the remaining $1.3 million recovery during fiscal year 2019 as follows: $1.0 million decrease in direct cost in the three months ended December 31, 2018, and $0.3 million decrease in direct cost in the three months ended March 31, 2019. The increase in revenue relates to compensation for lost revenue in prior periods from the late delivery of aircraft and the decreases in direct cost over fiscal year 2019 relate to prior costs we have incurred and future costs we expect to incur. In connection with the $87.5 million impairment of our H225 aircraft, we revised our salvage values for each H225 aircraft. In accordance with accounting standards, we will recognize the change in depreciation due to the reduction in carrying value and revision of salvage values on a prospective basis over the remaining life of the aircraft. This will result in an increase of depreciation expense of $3.0 million during the remainder of fiscal year 2019, $5.9 million during fiscal year 2020, $1.9 million during fiscal year 2021 and a reduction of $10.3 million during fiscal year 2022 and beyond. On November 1, 2017, we sold our 100% interest in Bristow Academy. As of September 30, 2017, we concluded the disposal group, comprised of the Bristow Academy assets and liabilities met the assets held for sale criteria under ASC 360, but did not meet the requirements for classification as discontinued operations. We evaluated the carrying value of the Bristow Academy disposal group and determined an impairment of $6.5 million , recorded within loss on disposal of assets on our condensed consolidated statement of operations, was necessary to record the disposal group at fair value based on the terms of the sale. The Bristow Academy disposal group is included in Corporate and other in Note 9 — Segment Information. Other Accrue |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION Revenue Recognition In general, we recognize revenue when a service is provided or a good is sold to a customer and there is a contract. At contract inception, we assess the goods and services promised in our contracts with customers and identify all performance obligations for each distinct promise that transfers a good or service (or bundle of goods or services) to the customer. To identify the performance obligations, we consider all goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. Revenue is recognized when control of the identified distinct goods or services have been transferred to the customer, the transaction price is determined and allocated to the performed performance obligations and we have determined that collection has occurred or is probable of occurring. A majority of our revenue from contracts with customers is currently generated through two types of contracts: helicopter services and fixed wing services. Each contract type has a single distinct performance obligation as described below. Helicopter services — Our customers — major integrated, national and independent offshore energy companies — charter our helicopters primarily to transport personnel between onshore bases and offshore production platforms, drilling rigs and other installations. To a lesser extent, our customers also charter our helicopters to transport time-sensitive equipment to these offshore locations. The customers for SAR services include both the oil and gas industry and governmental agencies. Revenue from helicopter services is recognized when the performance obligation is satisfied over time based on contractual rates as the related services are performed. A performance obligation arises under contracts with customers to render services and is the unit of account under the accounting guidance for revenue. Operating revenue from our oil and gas segment is derived mainly from fixed-term contracts with our customers, a substantial portion of which is competitively bid. A small portion of our oil and gas customer revenue is derived from providing services on an "ad-hoc" basis. Our fixed-term contracts typically have original terms of one year to seven years (subject to provisions permitting early termination by our customers). We account for services rendered separately if they are distinct and the service is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered on its own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Within this contract type for helicopter services, we determined that each contract has a single distinct performance obligation. These services include a fixed monthly rate for a particular model of aircraft, and flight hour services, which represents the variable component of a typical contract with a customer. Rates for these services vary depending on the type of services provided and can be based on a per flight hour, per day, or per month basis. Variable charges within our flight services contracts are not effective until a customer-initiated flight order is received and the actual hours flown are determined; therefore, the associated flight revenue generally cannot be reasonably and reliably estimated beforehand. A contract’s standalone selling prices are determined based upon the prices that we charge for our services rendered. Revenue is recognized as performance obligations are satisfied over time, by measuring progress towards satisfying the contracted services in a manner that best depicts the transfer of services to the customer, which is generally represented by a period of 30 days or less. We typically invoice customers on a monthly basis and the term between invoicing and when the payment is due is typically between 30 and 60 days. In order to offset potential increases in operating costs, our long-term contracts may provide for periodic increases in the contractual rates charged for our services. We recognize the impact of these rates when estimable and applicable, which generally includes written acknowledgment from the customers that they are in agreement with the amount of the rate escalation. Cost reimbursements from customers are recorded as reimbursable revenue with the related reimbursed costs recorded as reimbursable expense on our condensed consolidated statements of operations. Taxes collected from customers and remitted to governmental authorities and revenue are reported on a net basis in our financial statements. Thus, we exclude taxes imposed on the customer and collected on behalf of governmental agencies to be remitted to these agencies from the transaction price in determining the revenue related to contracts with a customer. Fixed wing services — Eastern Airways and Airnorth provide fixed wing transportation services through regular passenger transport (scheduled airline service with individual ticket sales) and charter services. A performance obligation arises under contracts with customers to render services and is the unit of account under the new accounting guidance for revenue. Within fixed wing services, we determined that each contract has a single distinct performance obligation. Revenue is recognized over time at the earlier of the period in which the service is provided or the period in which the right to travel expires, which is determined by the terms and conditions of the ticket. Ticket sales are recorded within deferred revenue in accordance with the above policy. Both chartered and scheduled airline service revenue is recognized net of passenger taxes and discounts. Contract Assets, Liabilities and Receivables We generally satisfy performance of contract obligations by providing helicopter and fixed wing services to our customers in exchange for consideration. The timing of performance may differ from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset exists when we have a contract with a customer for which revenue has been recognized (i.e. services have been performed), but customer payment is contingent on a future event (i.e. satisfaction of additional performance obligations). These contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to deferred revenue in which advance consideration is received from customers for contracts where revenue is recognized on future performance of services. As of September 30 and March 31, 2018 , receivables related to services performed under contracts with customers were $180.0 million and $176.5 million , respectively. All receivables from non-affiliates and affiliates are broken out further in our condensed consolidated balance sheets. During the six months ended September 30, 2018 , we recognized $10.1 million of revenue from outstanding contract liabilities as of March 31, 2018. Contract liabilities related to services performed under contracts with customers was $9.8 million and $13.3 million as of September 30 and March 31, 2018 , respectively. Contract liabilities are primarily generated by our fixed wing services where customers pay for tickets in advance of receiving our services and advanced payments from helicopter services customers. There were no contract assets as of September 30 and March 31, 2018 . For the three and six months ended September 30, 2018 , there was zero and $1.0 million , respectively, of revenue recognized from satisfied performance obligations related to prior periods (for example, due to changes in transaction price). Adoption Impact In accordance with the new revenue standard requirements discussed in Note 1, the disclosure of the impact of adoption on our condensed consolidated financial statements for the three and six months ended September 30, 2018 follows (in thousands): Three Months Ended Six Months Ended Balances After Adoption Balances without Adoption Effect of change Balances After Adoption Balances without Adoption Effect of change Revenue: Operating revenue from non-affiliates $ 317,369 $ 321,580 $ (4,211 ) $ 642,725 $ 660,046 $ (17,321 ) Operating revenue from affiliates 5,133 13,131 (7,998 ) 10,927 25,652 (14,725 ) Reimbursable revenue from non-affiliates 15,946 15,946 — 32,853 32,853 — Revenue from Contracts with Customers 338,448 350,657 (12,209 ) 686,505 718,551 (32,046 ) Other revenue from non-affiliates 4,211 — 4,211 17,321 — 17,321 Other revenue from affiliates 7,998 — 7,998 14,725 — 14,725 Total Revenue $ 350,657 $ 350,657 $ — $ 718,551 $ 718,551 $ — No cumulative effect adjustment to retained earnings was required upon adoption on April 1, 2018. Remaining Performance Obligations Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. The table below discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and (2) the expected timing to recognize this revenue (in thousands). Remaining Performance Obligations Six Months Ending March 31, 2019 Fiscal Year Ending March 31, Total 2020 2021 2022 2023 and thereafter Outstanding Service Revenue: Helicopter contracts $ 217,866 $ 245,032 $ 200,077 $ 189,496 $ 479,896 $ 1,332,367 Fixed-wing contracts 2,934 355 — — — 3,289 Total remaining performance obligation revenue $ 220,800 $ 245,387 $ 200,077 $ 189,496 $ 479,896 $ 1,335,656 Although substantially all of our revenue is under contract, due to the nature of our business we do not have significant remaining performance obligations as our contracts typically include unilateral termination clauses that allow our customers to terminate existing contracts with a notice period of 30 to 180 days. The table above includes performance obligations up to the point where the parties can cancel existing contracts. Any applicable cancellation penalties have been excluded. As such, our actual remaining performance obligation revenue is expected to be greater than what is reflected above. In addition, the remaining performance obligation disclosure does not include expected consideration related to performance obligations of a variable nature (i.e., flight services) as they cannot be reasonably and reliably estimated. Other Considerations and Practical Expedients We were awarded a government contract to provide SAR services for all of the U.K., which commenced in April 2015. We previously incurred costs related to this contract that generate or enhance the resources used to fulfill the performance obligation within the contract and the costs are expected to be recoverable. These contract acquisition and pre-operating costs qualify for capitalization. We amortize these capitalized contract acquisition and pre-operating costs related to the UK SAR contract and two customer contracts in Norway. We determined that an amortization method that allocates the capitalized costs on a relative basis to the revenue recognized is a reasonable and systematic basis for the amortization of the pre-operating costs asset. For further details on the short and long-term pre-operating cost balances, see Note 1. We incur incremental direct costs for obtaining contracts through sales commissions paid to ticket agents to sell seats on regular public transportation flights for our fixed-wing services only. We utilize the practical expedient allowed by the FASB that permits us to expense the incremental costs of obtaining a contract when incurred, if the amortization period of the contract asset that we otherwise would have recognized is one year or less. In addition, we have applied the tax practical expedient to exclude all taxes in the scope of the election from the transaction price and the invoice practical expedient that allows us to recognize revenue in the amount to which we have the right to invoice the customer and corresponds directly with the value to the customer of our performance completed to date. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended |
Sep. 30, 2018 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If we determine that we have operating power and the obligation to absorb losses or receive benefits, we consolidate the VIE as the primary beneficiary, and if not, we do not consolidate. As of September 30, 2018 , we had interests in four VIEs of which we were the primary beneficiary, which are described below, and had no interests in VIEs of which we were not the primary beneficiary. See Note 2 to the fiscal year 2018 Financial Statements for a description of other investments in significant affiliates. Bristow Aviation Holdings Limited — We own 49% of Bristow Aviation Holdings Limited’s (“Bristow Aviation”) common stock and a significant amount of its subordinated debt. Bristow Aviation is incorporated in England and holds all of the outstanding shares in Bristow Helicopters Limited (“Bristow Helicopters”). Bristow Aviation’s subsidiaries provide industrial aviation services to customers primarily in the U.K., Norway, Australia, Nigeria and Trinidad and fixed wing services primarily in the U.K. and Australia. Bristow Aviation is organized with three different classes of ordinary shares having disproportionate voting rights. The Company, Caledonia Investments plc (“Caledonia”) and a European Union investor (the “E.U. Investor”) own 49% , 46% and 5% , respectively, of Bristow Aviation’s total outstanding ordinary shares, although Caledonia has voting control over the E.U. Investor’s shares. In addition to our ownership of 49% of Bristow Aviation’s outstanding ordinary shares, in May 2004, we acquired eight million shares of deferred stock, essentially a subordinated class of stock with no voting rights, from Bristow Aviation for £1 per share ( $14.4 million in total). We also have £91.0 million ( $118.7 million ) principal amount of subordinated unsecured loan stock (debt) of Bristow Aviation bearing interest at an annual rate of 13.5% and payable semi-annually. Payment of interest on such debt has been deferred since its incurrence in 1996. Deferred interest accrues at an annual rate of 13.5% and aggregated $2.3 billion as of September 30, 2018 . 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, provided that Caledonia owned (1) at least 1,000,000 shares of common stock of the Company or (2) at least 49% of the total outstanding shares of Bristow Aviation. According to Caledonia’s most recent Form 13F filed with the SEC on October 10, 2018, Caledonia was no longer the direct beneficial owner of any shares of our common stock as of September 30, 2018. Accordingly, pursuant to the terms of the Master Agreement dated December 12, 1996 among Caledonia and the Company, Caledonia does not currently satisfy the requirements to designate directors for nomination to our board of directors. Caledonia, the Company and the E.U. Investor also have entered into a put/call agreement under which, upon giving specified prior notice, we have the right to buy all the Bristow Aviation shares held by Caledonia and the E.U. Investor, who, in turn, each have the right to require us to purchase such shares. Under current English law, we would be required, in order for Bristow Aviation to retain its operating license, to find a qualified E.U. investor to own any Bristow Aviation shares we have the right to acquire under the put/call agreement. The only restriction under the put/call agreement limiting our ability to exercise the put/call option is a requirement to consult with the Civil Aviation Authority (the “CAA”) in the U.K. regarding the suitability of the new holder of the Bristow Aviation shares. The put/call agreement does not contain any provisions should the CAA not approve the new E.U. investor. However, we would work diligently to find an E.U. investor suitable to the CAA. The amount by which we could purchase the shares of the other investors holding 51% of the equity of Bristow Aviation is fixed under the terms of the call option, and we have reflected this amount on our condensed consolidated balance sheets as noncontrolling interest. Furthermore, the call option provides a mechanism whereby the economic risk for the other investors is limited should the financial condition of Bristow Aviation deteriorate. The call option price is the nominal value of the ordinary shares held by the noncontrolling shareholders ( £1.0 million as of September 30, 2018 ) plus an annual guaranteed rate of return less any prepayments of such call option price and any dividends paid on the shares concerned. We can elect to pre-pay the guaranteed return element of the call option price wholly or in part without exercising the call option. No dividends have been paid by Bristow Aviation. We have accrued the annual return due to the other shareholders at a rate of sterling LIBOR plus 3% (prior to May 2004, the rate was fixed at 12% ) by recognizing noncontrolling interest expense on our condensed consolidated statements of operations, with a corresponding increase in noncontrolling interest on our condensed consolidated balance sheets. Prepayments of the guaranteed return element of the call option are reflected as a reduction in noncontrolling interest on our condensed consolidated balance sheets. The other investors have an option to put their shares in Bristow Aviation to us. The put option price is calculated in the same way as the call option price except that the guaranteed rate for the period to April 2004 was 10% per annum. If the put option is exercised, any pre-payments of the call option price are set off against the put option price. Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our condensed consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): September 30, March 31, Assets Cash and cash equivalents $ 69,468 $ 90,788 Accounts receivable 310,999 256,735 Inventories 81,069 98,314 Prepaid expenses and other current assets 38,594 38,665 Total current assets 500,130 484,502 Investment in unconsolidated affiliates 3,113 3,608 Property and equipment, net 287,817 327,440 Goodwill 18,778 19,907 Other assets 226,612 231,884 Total assets $ 1,036,450 $ 1,067,341 Liabilities Accounts payable $ 370,564 $ 292,893 Accrued liabilities 129,011 140,733 Accrued interest 2,262,962 2,130,433 Current maturities of long-term debt 15,715 23,125 Total current liabilities 2,778,252 2,587,184 Long-term debt, less current maturities 464,322 479,571 Accrued pension liabilities 28,484 37,034 Other liabilities and deferred credits 7,231 7,342 Deferred taxes 28,157 26,252 Total liabilities $ 3,306,446 $ 3,137,383 Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenue $ 311,788 $ 321,956 $ 643,257 $ 623,926 Operating loss (38,510 ) (2,978 ) (31,146 ) (22,632 ) Net loss (115,320 ) (62,081 ) (184,341 ) (141,250 ) Bristow Helicopters (Nigeria) Ltd. — Bristow Helicopters (Nigeria) Ltd. (“BHNL”) is a joint venture in Nigeria in which Bristow Helicopters owns a 48% interest, a Nigerian company owned 100% by Nigerian employees owns a 50% interest and an employee trust fund owns the remaining 2% interest as of September 30, 2018 . BHNL provides industrial aviation services to customers in Nigeria. In order to be able to bid competitively for our services in the Nigerian market, we were required to identify local citizens to participate in the ownership of entities domiciled in the region. However, these owners do not have extensive knowledge of the aviation industry and have historically deferred to our expertise in the overall management and day-to-day operation of BHNL (including the establishment of operating and capital budgets and strategic decisions regarding the potential expansion of BHNL’s operations). We have also historically provided subordinated financial support to BHNL and will need to continue to do so unless and until BHNL acquires sufficient equity to permit itself to finance its activities without that additional support from us. As we have the power to direct the most significant activities affecting the economic performance and ongoing success of BHNL and hold a variable interest in the entity in the form of our equity investment and working capital infusions, we consolidate BHNL as the primary beneficiary. The employee-owned Nigerian entity referenced above purchased a 19% interest in BHNL in December 2013 with proceeds from a loan received from BGI Aviation Technical Services Nigeria Limited (“BATS”). In July 2014, the employee-owned Nigerian entity purchased an additional 29% interest with proceeds from a loan received from Bristow Helicopters (International) Limited (“BHIL”). In April 2015, Bristow Helicopters purchased an additional 8% interest in BHNL and the employee-owned Nigerian entity purchased an additional 2% interest with proceeds from a loan received from BHIL. Both BATS and BHIL are wholly-owned subsidiaries of Bristow Aviation. The employee-owned Nigerian entity is also a VIE that we consolidate as the primary beneficiary and we eliminate the loans discussed above in consolidation. BHNL is an indirect subsidiary of Bristow Aviation; therefore, financial information for this entity is included within the amounts for Bristow Aviation and its subsidiaries presented above. Pan African Airlines (Nigeria) Ltd. — Pan African Airlines (Nigeria) Ltd. (“PAAN”) is a joint venture in Nigeria with local partners in which we own a 50.17% interest. PAAN provides industrial aviation services to customers in Nigeria. The activities that most significantly impact PAAN’s economic performance relate to the day-to-day operation of PAAN, setting the operating and capital budgets and strategic decisions regarding the potential expansion of PAAN’s operations. Throughout the history of PAAN, our representation on the board and our secondment to PAAN of its managing director has enabled us to direct the key operational decisions of PAAN (without objection from the other board members). We have also historically provided subordinated financial support to PAAN. As we have the power to direct the most significant activities affecting the economic performance and ongoing success of PAAN and hold a variable interest in the form of our equity investment and working capital infusions, we consolidate PAAN as the primary beneficiary. However, as long as we own a majority interest in PAAN, the separate presentation of financial information in a tabular format for PAAN is not required. |
DEBT
DEBT | 6 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of September 30 and March 31, 2018 consisted of the following (in thousands): September 30, March 31, 8.75% Senior Secured Notes due 2023 $ 347,006 $ 346,610 4½% Convertible Senior Notes due 2023 110,102 107,397 6¼% Senior Notes due 2022 401,535 401,535 Lombard Debt 189,909 211,087 Macquarie Debt 178,028 185,028 PK Air Debt 221,161 230,000 Airnorth Debt 12,434 13,832 Eastern Airways Debt 7,531 14,519 Other Debt 6,833 3,991 Unamortized debt issuance costs (24,830 ) (27,465 ) Total debt 1,449,709 1,486,534 Less short-term borrowings and current maturities of long-term debt (1,439,931 ) (1,475,438 ) Total long-term debt $ 9,778 $ 11,096 Short-term borrowings reclassification — The Company’s liquidity outlook has recently changed, resulting in substantial doubt about the Company’s ability to continue as a going concern. As discussed in the Explanatory Note included elsewhere in this Quarterly Report, on May 11, 2019, the Debtors filed the Chapter 11 Cases in the Bankruptcy Court seeking relief under Chapter 11 of the Bankruptcy Code. The Debtors’ Chapter 11 Cases are jointly administered under the caption In re: Bristow Group Inc., et al., Main Case No. 19-32713. The Debtors continue to operate their businesses and manage their properties as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Each of the commencement of the Chapter 11 Cases and the delivery of the Amended 10-K with a going concern qualification or explanation constituted an event of default under certain of our secured equipment financings, giving those secured equipment lenders the right to accelerate repayment of the applicable debt, subject to Chapter 11 protections, and triggering cross-default and/or cross-acceleration provisions in substantially all of our other debt instruments should that right to accelerate repayment be exercised. As such, substantially all of our debt is in default and accelerated, but subject to stay under the Bankruptcy Code. As a result of the facts and circumstances discussed above, the Company concluded that substantially all debt balances of approximately $1.4 billion as of March 31, 2018 should be reclassified from long-term to short-term within the Amended 10-K and as of September 30, 2018 within this Amendment No. 1 on our condensed consolidated balance sheet. ABL Facility — On April 17, 2018, two of our subsidiaries entered into a new asset-backed revolving credit facility (the “ABL Facility”), which provides for commitments in an aggregate amount of $75 million , with a portion allocated to each borrower subsidiary, subject to an availability block of $15 million and a borrowing base calculated by reference to eligible accounts receivable. The maximum amount of the ABL Facility may be increased from time to time to a total of as much as $100 million , subject to the satisfaction of certain conditions, and any such increase would be allocated among the borrower subsidiaries. The ABL Facility matures in five years , subject to certain early maturity triggers related to maturity of other material debt or a change of control of the Company. Amounts borrowed under the ABL Facility are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited. As of September 30, 2018 , there were no outstanding borrowings under the ABL Facility nor had we made any draws during the six months ended September 30, 2018 . As of September 30, 2018 , we had $11.4 million in letters of credit outstanding under the ABL Facility. We amended the ABL Facility pursuant to a letter agreement, dated effective as of November 7, 2018 and made by us and agreed to by Barclays Bank PLC, on behalf of the finance parties under the ABL Facility (the “ABL Amendment”). The ABL Amendment amends the ABL Facility to, among other things, provide that certain of the provisions, including covenants and events of default contained therein, will exclude unrestricted subsidiaries (as designated under the indenture governing the 8.75% Senior Secured Notes due 2023) from the requirements and defaults thereunder. 4½% Convertible Senior Notes due 2023 — The balances of the debt and equity components of our 4½% Convertible Senior Notes due 2023 (the “4½% Convertible Senior Notes”) as of September 30 and March 31, 2018 is as follows (in thousands): September 30, March 31, Equity component - net carrying value (1) $ 36,778 $ 36,778 Debt component: Face amount due at maturity $ 143,750 $ 143,750 Unamortized discount (33,648 ) (36,353 ) Debt component - net carrying value $ 110,102 $ 107,397 _____________ (1) Net of equity issuance costs of $1.0 million . The remaining debt discount is being amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three and six months ended September 30, 2018 was 11.0% . Interest expense related to our 4½% Convertible Senior Notes for the three and six months ended September 30, 2018 was as follows (in thousands): Three months ended September 30, 2018 Six months ended September 30, 2018 Contractual coupon interest $ 1,636 $ 3,247 Amortization of debt discount 1,392 2,705 Total interest expense $ 3,028 $ 5,952 Eastern Airways Debt - Eastern Airways’ outstanding debt includes borrowings under a revolving credit facility totaling $7.5 million as of September 30, 2018 . Borrowings under the revolving credit facility are used for general corporate, working capital and capital expenditure purposes, and bear interest at LIBOR plus a margin of 2.75% . All outstanding obligations under the revolving credit facility will mature on December 31, 2018. Eastern Airways’ debt also included borrowings under a term loan facility that matured on August 31, 2018, and was repaid in a principal amount of $4.9 million during the six months ended September 30, 2018 . |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 6 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES Assets and liabilities subject to fair value measurement are categorized into one of three different levels depending on the observability of the inputs employed in the measurement, as follows: • Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs that reflect quoted prices for identical assets or liabilities in markets which are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. Recurring Fair Value Measurements The following table summarizes the financial instruments we had as of September 30, 2018 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Derivative financial instruments $ — $ 3,164 $ — $ 3,164 Prepaid expenses and other current assets Rabbi Trust investments 2,101 — — 2,101 Other assets Total assets $ 2,101 $ 3,164 $ — $ 5,265 The following table summarizes the financial instruments we had as of March 31, 2018 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Derivative financial instruments $ — $ 718 $ — $ 718 Prepaid expenses and other current assets Rabbi Trust investments 2,296 — — 2,296 Other assets Total assets $ 2,296 $ 718 $ — $ 3,014 The rabbi trust investments consist of cash and mutual funds whose fair value are based on quoted prices in active markets for identical assets, and are designated as Level 1 within the valuation hierarchy. The rabbi trust holds investments related to our non-qualified deferred compensation plan for our senior executives. The derivative financial instruments consist of foreign currency put option contracts whose fair value is determined by quoted market prices of the same or similar instruments, adjusted for counterparty risk. See Note 6 for a discussion of our derivative financial instruments. Non-recurring Fair Value Measurements The majority of our non-financial assets, which include inventories, property and equipment, assets held for sale, goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur such that a non-financial asset is required to be evaluated for impairment and deemed to be impaired, the impaired non-financial asset is recorded at its fair value. The following table summarizes the assets as of September 30, 2018 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Total Inventories $ — $ — $ 7,697 $ 7,697 $ (9,276 ) $ (9,276 ) Aircraft and equipment — — 136,338 136,338 (104,939 ) (104,939 ) Other intangible assets — — — — (3,005 ) (3,005 ) Total assets $ — $ — $ 144,035 $ 144,035 $ (117,220 ) $ (117,220 ) The following table summarizes the assets as of September 30, 2017 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Total Inventories $ — $ 1,218 $ — $ 1,218 $ — $ (1,192 ) Assets held for sale — 36,167 — 36,167 (8,183 ) (9,747 ) Total assets $ — $ 37,385 $ — $ 37,385 $ (8,183 ) $ (10,939 ) The fair value of inventories using Level 2 and 3 inputs is determined by evaluating the current economic conditions for sale and disposal of spare parts, which includes estimates as to the recoverability of the carrying value of the parts based on historical experience with sales and disposal of similar spare parts, the expected time frame of sales or disposals, the location of the spare parts to be sold and the condition of the spare parts to be sold or otherwise disposed of. The fair value of aircraft and equipment, using Level 3 inputs, is determined using a market approach. The market approach consisted of a thorough review of recent market activity, available transaction data involving the subject aircraft, current demand and availability on the market. We took into account the age, specifications, accrued hours and cycles, and the maintenance status of each subject aircraft. The fair value of other intangible assets, using Level 3 inputs, is estimated using the income approach. The estimate of fair value includes unobservable inputs including assumptions related to future performance, such as projected demand for services, rates, and levels of expenditures. The fair value of assets held for sale using Level 2 inputs is determined through evaluation of expected sales proceeds for aircraft. This analysis includes estimates based on historical experience with sales, recent transactions involving similar assets, quoted market prices for similar assets and condition and location of aircraft to be sold or otherwise disposed of. The loss for the three and six months ended September 30, 2017 related to two and four aircraft held for sale, respectively. Additionally, the loss for the three and six months ended September 30, 2017 includes a $6.5 million impairment relating to the Bristow Academy disposal group. For further details on Bristow Academy disposal group, see Note 1 to our fiscal year 2018 Financial Statements. Fair Value of Debt The fair value of our debt has been estimated in accordance with the accounting standard regarding fair value. The fair value of our fixed rate long-term debt is estimated based on quoted market prices and has not been updated for any possible acceleration provisions in our debt instruments. The carrying and fair value of our debt, excluding unamortized debt issuance costs, are as follows (in thousands): September 30, 2018 March 31, 2018 Carrying Value Fair Value Carrying Value Fair Value 8.75% Senior Secured Notes due 2023 (1) $ 347,006 $ 342,125 $ 346,610 $ 353,500 4½% Convertible Senior Notes due 2023 (2) 110,102 144,756 107,397 158,772 6¼% Senior Notes due 2022 401,535 293,121 401,535 325,243 Lombard Debt 189,909 189,909 211,087 211,087 Macquarie Debt 178,028 178,028 185,028 185,028 PK Air Debt 221,161 221,161 230,000 230,000 Airnorth Debt 12,434 12,434 13,832 13,832 Eastern Airways Debt 7,531 7,531 14,519 14,519 Other Debt 6,833 6,833 3,991 3,991 $ 1,474,539 $ 1,395,898 $ 1,513,999 $ 1,495,972 _____________ (1) The carrying value is net of unamortized discount of $3.0 million and $3.4 million as of September 30 and March 31, 2018 , respectively. (2) The carrying value is net of unamortized discount of $33.6 million and $36.4 million as of September 30 and March 31, 2018 , respectively. Other The fair values of our cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Fair Value [Text Block] | Note 6 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES From time to time, we enter into forward exchange contracts as a hedge against foreign currency asset and liability commitments and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value. We do not use financial instruments for trading or speculative purposes. During fiscal year 2018 and the six months ended September 30, 2018 , we entered into foreign currency put option contracts of £5 million per month through September 2019 to mitigate a portion of our foreign currency exposure. These derivatives were designated as cash flow hedges. The designation of a derivative instrument as a hedge and its ability to meet relevant hedge accounting criteria determines how the change in fair value of the derivative instrument will be reflected in the consolidated financial statements. A derivative qualifies for hedge accounting if, at inception, the derivative is expected to be highly effective in offsetting the hedged item’s underlying cash flows or fair value and the documentation requirements of the accounting standard for derivative instruments and hedging activities are fulfilled at the time we enter into the derivative contract. A hedge is designated as a cash flow hedge, fair value hedge, or a net investment in foreign operations hedge based on the exposure being hedged. The asset or liability value of the derivative will change in tandem with its fair value. For derivatives designated as cash flow hedges, the changes in fair value are recorded in accumulated other comprehensive income (loss). The derivative’s gain or loss is released from accumulated other comprehensive income (loss) to match the timing of the effect on earnings of the hedged item’s underlying cash flows. We review the effectiveness of our hedging instruments on a quarterly basis. We discontinue hedge accounting for any hedge that we no longer consider to be highly effective. Changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting are recognized in current period earnings. None of our derivative instruments contain credit-risk-related contingent features. Counterparties to our derivative contracts are high credit quality financial institutions. The following table presents the balance sheet location and fair value of the portions of our derivative instruments that were designated as hedging instruments as of September 30, 2018 (in thousands): Derivatives designated as hedging instruments Derivatives not designated as hedging instruments Gross amounts of recognized assets and liabilities Gross amounts offset in the Balance Sheet Net amounts of assets and liabilities presented in the Balance Sheet Prepaid expenses and other current assets $ 3,164 $ — $ 3,164 $ — $ 3,164 Net $ 3,164 $ — $ 3,164 $ — $ 3,164 The following table presents the balance sheet location and fair value of the portions of our derivative instruments that were designated as hedging instruments as of March 31, 2018 (in thousands): Derivatives designated as hedging instruments Derivatives not designated as hedging instruments Gross amounts of recognized assets and liabilities Gross amounts offset in the Balance Sheet Net amounts of assets and liabilities presented in the Balance Sheet Prepaid expenses and other current assets $ 718 $ — $ 718 $ — $ 718 Net $ 718 $ — $ 718 $ — $ 718 The following table presents the impact that derivative instruments, designated as cash flow hedges, had on our accumulated other comprehensive loss (net of tax) and our consolidated statements of operations for the three months ended September 30, 2018 (in thousands): Financial statement location Amount of loss recognized in accumulated other comprehensive loss $ (554 ) Accumulated other comprehensive loss Amount of loss reclassified from accumulated other comprehensive loss into earnings $ (456 ) Statement of operations — Direct cost The following table presents the impact that derivative instruments, designated as cash flow hedges, had on our accumulated other comprehensive loss (net of tax) and our consolidated statements of operations for the six months ended September 30, 2018 (in thousands): Financial statement location Amount of gain recognized in accumulated other comprehensive loss $ 2,408 Accumulated other comprehensive loss Amount of gain reclassified from accumulated other comprehensive loss into earnings $ 1,158 Statement of operations — Direct cost We estimate that $1.3 million of net gain in accumulated other comprehensive loss associated with our derivative instruments is expected to be reclassified into earnings within the next twelve months. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Aircraft Purchase Contracts — As shown in the table below, we expect to make additional capital expenditures over the next seven fiscal years to purchase additional aircraft. As of September 30, 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. Six Months Ending March 31, 2019 Fiscal Year Ending March 31, 2020 2021 2022 2023 and thereafter (1) Total Commitments as of September 30, 2018: Number of aircraft: Large 1 — 4 5 13 23 U.K. SAR — 4 — — — 4 1 4 4 5 13 27 Related commitment expenditures (in thousands) (2) Large $ 19,780 $ 24,700 $ 76,149 $ 84,530 $ 191,426 $ 396,585 U.K. SAR — 60,908 — — — 60,908 $ 19,780 $ 85,608 $ 76,149 $ 84,530 $ 191,426 $ 457,493 Options as of September 30, 2018: Number of aircraft: Large 2 2 — — — 4 2 2 — — — 4 Related option expenditures (in thousands) (2) $ 44,181 $ 31,536 $ — $ — $ — $ 75,717 _____________ (1) Includes $92.6 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) Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised. We periodically purchase aircraft for which we have no orders. 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 $49.6 million and $57.2 million for the three months ended September 30, 2018 and 2017 , respectively, and $99.7 million and $115.9 million for the six months ended September 30, 2018 and 2017 , respectively. Rent expense incurred under operating leases for aircraft was $43.0 million and $49.7 million for the three months ended September 30, 2018 and 2017 , respectively, and $87.1 million and $101.4 million for the six months ended September 30, 2018 and 2017 , respectively. The aircraft leases range from base terms of up to 180 months with renewal options of up to 240 months in some cases, include purchase options upon expiration and some include early purchase options. The leases contain terms customary in transactions of this type, including provisions that allow the lessor to repossess the aircraft and require us to pay a stipulated amount if we default on our obligations under the agreements. The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of September 30, 2018 : End of Lease Term Number of Aircraft Six months ending March 31, 2019 to fiscal year 2020 36 Fiscal year 2021 to fiscal year 2023 32 Fiscal year 2024 to fiscal year 2025 11 79 We lease six S-92 model aircraft and one AW139 model aircraft from VIH Aviation Group, which is a related party due to common ownership of Cougar Helicopters Inc. (“Cougar”) and paid lease fees of $4.5 million and $5.2 million during the three months ended September 30, 2018 and 2017 , respectively, and paid lease fees of $9.5 million and $9.7 million during the six months ended September 30, 2018 and 2017 , respectively. Additionally, we lease a facility in Galliano, Louisiana from VIH Helicopters USA, Inc., another related party due to common ownership of Cougar, and paid lease fees of $0.1 million and $0.1 million during the three months ended September 30, 2018 and 2017 , respectively, and paid lease fees of $0.1 million and $0.1 million during the six months ended September 30, 2018 and 2017 , respectively. Separation Programs — Beginning in March 2015, we initiated involuntary separation programs (“ISPs”) in certain regions. The expense related to the ISPs for the three and six months ended September 30, 2018 and 2017 is as follows (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Direct cost $ 1,212 $ 1,477 $ 2,713 $ 2,547 General and administrative 1,515 933 1,733 8,542 Total $ 2,727 $ 2,410 $ 4,446 $ 11,089 Environmental Contingencies — The U.S. Environmental Protection Agency (the “EPA”), has in the past notified us that we are a potential responsible party (“PRP”) at three former waste disposal facilities that are on the National Priorities List of contaminated sites. Under the federal Comprehensive Environmental Response, Compensation and Liability Act, also known as the Superfund law, persons who are identified as PRPs may be subject to strict, joint and several liability for the costs of cleaning up environmental contamination resulting from releases of hazardous substances at National Priorities List sites. Although we have not yet obtained a formal release of liability from the EPA with respect to any of the sites, we believe that our potential liability in connection with the sites is not likely to have a material adverse effect on our business, financial condition or results of operations. Other Purchase Obligations — As of September 30, 2018 , we had $37.7 million of other purchase obligations representing unfilled purchase orders for aircraft parts 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. On July 5, 2018, the Accident Investigation Board Norway issued its final investigation report on the accident. The report cited a fatigue fracture within the epicyclic module of the main gear box as the cause of the accident, and issued safety recommendations in a number of areas, including gearbox design and certification requirements, failure tolerance, and continued airworthiness of the AS332L2 and the H225LP helicopters. We continue not to operate for commercial purposes our 21 H225LP model aircraft, and we are carefully evaluating next steps for the H225LP model aircraft in our operations worldwide, with the safety of passengers and crews remaining our highest priority. Recent third-party market transactions and the development of alternative opportunities outside of our traditional oil and gas services for our H225 aircraft indicate a substantial return to oil and gas service within our operations is not likely. See Note 1 for further details. We operate in jurisdictions internationally where we are subject to risks that include government action to obtain additional tax revenue. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact our earnings until such time as a clear court or other ruling exists. We operate in jurisdictions currently where amounts may be due to governmental bodies that we are not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. We believe that payment of amounts in these instances is not probable at this time, but is reasonably possible. A loss contingency is reasonably possible if the contingency has a more than remote but less than probable chance of occurring. Although management believes that there is no clear requirement to pay amounts at this time and that positions exist suggesting that no further amounts are currently due, it is reasonably possible that a loss could occur for which we have estimated a maximum loss at September 30, 2018 to be approximately $5 million to $6 million . We are a defendant in certain claims and litigation arising out of operations in the normal course of business. In the opinion of management, uninsured losses, if any, will not be material to our financial position, results of operations or cash flows. |
TAXES
TAXES | 6 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES We estimate the full-year effective tax rate from continuing operations and apply this rate to our year-to-date income from continuing operations. In addition, we separately calculate the tax impact of unusual or infrequent items, if any. The tax impacts of such unusual or infrequent items are treated discretely in the quarter in which they occur. During the three months ended September 30, 2018 and 2017 , our effective tax rate was 9.8% and (8.6)% , respectively, and during the six months ended September 30, 2018 and 2017 , our effective tax rate was 9.5% and (22.4)% , respectively. The effective tax rates for the three and six months ended September 30, 2018 and 2017 were impacted by net operating losses in certain foreign jurisdictions and valuation allowances against future realization of foreign tax credits. The relationship between our provision for or benefit from income taxes and our pre-tax book income can vary significantly from period to period considering, among other factors, (a) the overall level of pre-tax book income, (b) changes in the blend of income that is taxed based on gross revenues or at high effective tax rates versus pre-tax book income or at low effective tax rates and (c) our geographical blend of pre-tax book income. Consequently, our income tax expense or benefit does not change proportionally with our pre-tax book income or loss. Significant decreases in our pre-tax book income typically result in higher effective tax rates, while significant increases in pre-tax book income can lead to lower effective tax rates, subject to the other factors impacting income tax expense noted above. The change in our effective tax rate excluding discrete items for the three and six months ended September 30, 2018 compared to the three and six months ended September 30, 2017 primarily related to changes in the blend of earnings taxed in relatively high taxed jurisdictions versus low taxed jurisdictions. Additionally, we increased our valuation allowance by $9.3 million and $0.2 million for the three months ended September 30, 2018 and 2017 , respectively, and $10.3 million and $11.3 million for the six months ended September 30, 2018 and 2017 , respectively, which also impacted our effective tax rate. As of September 30, 2018 , there were $6.7 million of unrecognized tax benefits, all of which would have an impact on our effective tax rate if recognized. On December 22, 2017, the president of the United States signed into law tax legislation commonly known as the Tax Cuts and Jobs Act (the “Act”). The Act includes numerous changes in existing U.S. tax law, including a permanent reduction in the U.S. federal corporate income tax rate from 35% to 21% . The rate reduction took effect on January 1, 2018. Further, the Act provides for a one-time “deemed repatriation” of accumulated foreign earnings of certain foreign corporations. Under U.S. generally accepted accounting principles, our net deferred tax liabilities are required to be revalued during the period in which the new tax legislation is enacted. We have made reasonable estimates for the change in the U.S. federal corporate income tax rate and one-time “deemed repatriation” of accumulated foreign earnings. For the year ended March 31, 2018, our provision for income tax included provisional amounts for the revaluation of U.S. net deferred tax liabilities and the impact of the “deemed repatriation” of foreign earnings. The provisional amounts associated with the one-time “deemed repatriation” and the re-measurement of deferred tax assets and liabilities due to the reduction in the corporate income tax rate will be adjusted over time as we perform additional analysis based on recent guidance. Certain provisions under the Act became applicable to us on April 1, 2018 and our income tax provision for the three and six months ended September 30, 2018 includes the tax implications of these provisions. These provisions include Global Intangible Low-Taxed Income (“GILTI”), Base Erosion and Anti-Avoidance Tax (“BEAT”), Foreign Derived Intangible Income (“FDII”), and certain limitations on the deduction of interest expense and utilization of net operating losses. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Sep. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension Plans The components of net periodic pension cost other than the service cost component are included in other income (expense), net on our condensed consolidated statement of operations. As discussed in Note 1, on April 1, 2018, we adopted new accounting guidance related to the presentation of net periodic pension cost. The following table provides a detail of the components of net periodic pension cost (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Service cost for benefits earned during the period $ 210 $ 212 $ 429 $ 418 Interest cost on pension benefit obligation 3,221 3,187 6,585 6,300 Expected return on assets (4,247 ) (5,228 ) (8,681 ) (10,334 ) Amortization of unrecognized losses 1,970 2,011 4,027 3,976 Net periodic pension cost $ 1,154 $ 182 $ 2,360 $ 360 The current estimates of our cash contributions to our defined benefit pension plans to be paid in fiscal year 2019 are $16.7 million , of which $8.5 million was paid during the six months ended September 30, 2018 . The weighted-average expected long-term rate of return on assets for our U.K. pension plans as of March 31, 2018 was 3.6% . Incentive Compensation Stock-based awards are currently made under the Bristow Group Inc. 2007 Long-Term Incentive Plan, as amended and restated on August 3, 2016 (the “2007 Plan”). A maximum of 10,646,729 shares of common stock are reserved. Awards granted under the 2007 Plan may be in the form of stock options, stock appreciation rights, shares of restricted stock, other stock-based awards (payable in cash or common stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants. As of September 30, 2018 , 1,736,141 shares remained available for grant under the 2007 Plan. We have a number of other incentive and stock option plans which are described in Note 9 to our fiscal year 2018 Financial Statements. Total stock-based compensation expense, which includes stock options and restricted stock, totaled $2.0 million and $2.4 million during the three months ended September 30, 2018 and 2017 , respectively, and $3.7 million and $6.5 million for the six months ended September 30, 2018 and 2017 , respectively. Stock-based compensation expense has been allocated to our various regions. During the six months ended September 30, 2018 , we awarded 400,788 shares of restricted stock at an average grant date fair value of $12.53 per share. Also during the six months ended September 30, 2018 , 593,129 stock options were granted. The following table shows the assumptions used to compute the stock-based compensation expense for stock options granted during the six months ended September 30, 2018 : Risk free interest rate 2.76 % Expected life (years) 5 Volatility 62.8 % Dividend yield — % Weighted average exercise price of options granted $12.19 per option Weighted average grant-date fair value of options granted $6.71 per option During June 2018 and 2017, we awarded certain members of management phantom restricted stock which will be paid out in cash after three years. Additionally, during fiscal year 2018, we awarded 22,034 shares of restricted stock to a consultant, which vested in September 2018. We account for these awards as liability awards. As of September 30, 2018 and March 31, 2018 , we had $1.6 million and $1.0 million , respectively, included in other liabilities and deferred credits on our condensed consolidated balance sheet accrued for these awards. Additionally, we recognized in general and administrative expense on our condensed consolidated statement of operations $0.2 million and $0.3 million during the three months ended September 30, 2018 and 2017 , and $0.8 million and $0.4 million during the six months ended September 30, 2018 and 2017 , respectively, related to these awards. Performance cash awards granted in June 2017 and 2018 have two components. One half of each performance cash award will vest and pay out in cash three years after the date of grant at varying levels depending on our performance in Total Shareholder Return against a peer group of companies. The other half of each performance cash award will be earned based on absolute performance in respect of improved average adjusted earnings per share for the Company over the three-year performance period beginning on April 1, 2017 and 2018, as applicable. Performance cash awards granted in June 2016 vest and pay out in cash three years after the date of grant at varying levels depending on our performance in Total Shareholder Return against a peer group of companies. These awards were designed to tie a significant portion of total compensation to performance. One of the effects of this type of compensation is that it requires liability accounting which can result in volatility in earnings. The liability recorded for these awards as of September 30 and March 31, 2018 was $5.2 million and $7.7 million , respectively, and represents an accrual based on the fair value of the awards on those dates. The decrease in the liability during the six months ended September 30, 2018 resulted from the payout in June 2018 of the awards granted in June 2015, partially offset by the value of the new awards granted in June 2018. Any changes in fair value of the awards in future quarters will increase or decrease the liability and impact results in those periods. The effect, either positive or negative, on future period earnings can vary based on factors including changes in our stock price or the stock prices of the peer group companies, as well as changes in other market and company-specific assumptions that are factored into the calculation of fair value of the performance cash awards. Changes in the fair values of performance cash awards increased compensation expense by $0.1 million and $4.4 million during the three months ended September 30, 2018 and 2017 , respectively, and increased compensation expense by $1.1 million and $1.4 million during the six months ended September 30, 2018 and 2017 , respectively. |
EARNINGS PER SHARE AND ACCUMULA
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Sep. 30, 2018 | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | |
DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME Earnings per Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Options: Outstanding 2,751,470 3,761,830 2,794,032 2,688,049 Weighted average exercise price $ 31.26 $ 29.89 $ 33.25 $ 41.27 Restricted stock awards: Outstanding 773,799 735,648 515,395 567,396 Weighted average price $ 12.29 $ 15.07 $ 13.68 $ 18.88 The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2018 2017 2018 2017 Loss (in thousands): Loss available to common stockholders – basic $ (144,190 ) $ (31,209 ) $ (176,298 ) $ (86,484 ) Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) — — — — Loss available to common stockholders – diluted (144,190 ) (31,209 ) $ (176,298 ) $ (86,484 ) Shares: Weighted average number of common shares outstanding – basic 35,768,232 35,317,935 35,685,388 35,253,688 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) 35,768,232 35,317,935 35,685,388 35,253,688 Basic loss per common share $ (4.03 ) $ (0.88 ) $ (4.94 ) $ (2.45 ) Diluted loss per common share $ (4.03 ) $ (0.88 ) $ (4.94 ) $ (2.45 ) _____________ (1) Diluted loss per common share for three and six months ended September 30, 2018 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 4½% Convertible Senior Notes. The 4½% Convertible Senior Notes will be convertible, under certain circumstances, into cash, shares of our common stock or a combination of cash and our common stock, at our election. We have initially elected combination settlement. As of September 30, 2018 and March 31, 2018 , the base conversion price of the notes was approximately $15.64 , based on the base conversion rate of 63.9488 shares of common stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances). In general, upon conversion of a note, the holder will receive cash equal to the principal amount of the note and common stock to the extent of the note’s conversion value in excess of such principal amount. Such shares did not impact our calculation of diluted loss per share for the three and six months ended September 30, 2018 as our average stock price during these periods did not meet or exceed the conversion requirements. (2) Potentially dilutive shares issuable pursuant to our warrant transactions entered into concurrently with the issuance of our 4½% Convertible Senior Notes (the “Warrant Transactions”) were not included in the computation of diluted loss per share for the three and six months ended September 30, 2018 , because to do so would have been anti-dilutive. For further details on the Warrant Transactions, see Note 4 in our fiscal year 2018 Financial Statements. Accumulated Other Comprehensive Loss The following table sets forth the changes in the balances of each component of accumulated other comprehensive loss (in thousands): Currency Translation Adjustments Pension Liability Adjustments (1) Unrealized gain (loss) on cash flow hedges (2) Total Balance as of March 31, 2018 $ (79,066 ) $ (206,682 ) $ (346 ) $ (286,094 ) Other comprehensive income before reclassification (37,171 ) — 2,408 (34,763 ) Reclassified from accumulated other comprehensive income — — (1,158 ) (1,158 ) Net current period other comprehensive income (37,171 ) — 1,250 (35,921 ) Foreign exchange rate impact (16,378 ) 16,378 — — Balance as of September 30, 2018 $ (132,615 ) $ (190,304 ) $ 904 $ (322,015 ) _____________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. (2) Reclassification of amounts related to cash flow hedges were included as direct costs. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We conduct our business in one segment: industrial aviation services. The industrial aviation services global operations are conducted primarily through two hubs that include four regions as follows: Europe Caspian, Africa, Americas and Asia Pacific. The Europe Caspian region comprises all our operations and affiliates in Europe and Central Asia, including Norway, the U.K. and Turkmenistan. The Africa region comprises all our operations and affiliates on the African continent, including Nigeria and Egypt. The Americas region comprises all our operations and affiliates in North America and South America, including Brazil, Canada, Guyana, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all our operations and affiliates in Australia and Southeast Asia, including Malaysia and Sakhalin. Prior to the sale of Bristow Academy on November 1, 2017, we operated a training unit, Bristow Academy, which was previously included in Corporate and other. The following tables show region information for the three and six months ended September 30, 2018 and 2017 and as of September 30 and March 31, 2018 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Region revenue from external customers: Europe Caspian $ 201,547 $ 203,923 $ 420,047 $ 395,322 Africa 39,392 49,787 75,808 100,577 Americas 57,382 59,201 109,975 114,963 Asia Pacific 51,628 59,284 111,824 111,730 Corporate and other 708 1,481 897 3,193 Total region revenue (1) $ 350,657 $ 373,676 $ 718,551 $ 725,785 Intra-region revenue: Europe Caspian $ 2,254 $ 1,483 $ 3,934 $ 2,519 Africa — — — — Americas 1,011 1,950 2,648 4,244 Asia Pacific — — — — Corporate and other — — 1 22 Total intra-region revenue $ 3,265 $ 3,433 $ 6,583 $ 6,785 Consolidated revenue: Europe Caspian $ 203,801 $ 205,406 $ 423,981 $ 397,841 Africa 39,392 49,787 75,808 100,577 Americas 58,393 61,151 112,623 119,207 Asia Pacific 51,628 59,284 111,824 111,730 Corporate and other 708 1,481 898 3,215 Intra-region eliminations (3,265 ) (3,433 ) (6,583 ) (6,785 ) Total consolidated revenue (1) $ 350,657 $ 373,676 $ 718,551 $ 725,785 _____________ (1) The above table represents disaggregated revenue from contracts with customers except for $12.2 million of revenue included in totals ( $4.1 million from Europe Caspian and $8.1 million from Americas) for the three months ended September 30, 2018 and $32.0 million of revenue included in totals ( $17.1 million from Europe Caspian, $14.8 million from Americas and $0.1 million from Asia Pacific) for the six months ended September 30, 2018 . Three Months Ended Six Months Ended 2018 2017 2018 2017 Earnings (losses) from unconsolidated affiliates, net – equity method investments: Europe Caspian $ (6 ) $ 61 $ 19 $ 91 Americas 16 2,150 (2,891 ) 1,615 Corporate and other (106 ) (148 ) (241 ) (308 ) Total earnings (losses) from unconsolidated affiliates, net – equity method investments $ (96 ) $ 2,063 $ (3,113 ) $ 1,398 Consolidated operating loss: Europe Caspian $ (11,414 ) $ 9,854 $ 10,514 $ 14,225 Africa 1,465 7,835 2,606 17,883 Americas 1,813 7,483 (5,774 ) 6,227 Asia Pacific (6,988 ) (5,903 ) (7,959 ) (18,433 ) Corporate and other (113,274 ) (23,689 ) (129,905 ) (49,639 ) Loss on disposal of assets (1,293 ) (8,526 ) (2,971 ) (7,827 ) Total consolidated operating loss (1) $ (129,691 ) $ (12,946 ) $ (133,489 ) $ (37,564 ) Depreciation and amortization: Europe Caspian $ 12,189 $ 12,196 $ 24,944 $ 24,018 Africa 3,665 3,590 7,079 6,666 Americas 7,310 6,998 14,191 13,997 Asia Pacific 4,054 5,058 8,409 10,868 Corporate and other 3,271 3,539 6,807 6,888 Total depreciation and amortization $ 30,489 $ 31,381 $ 61,430 $ 62,437 September 30, March 31, Identifiable assets: Europe Caspian $ 916,960 $ 1,087,437 Africa 392,865 374,121 Americas 744,494 788,879 Asia Pacific 289,379 342,166 Corporate and other (2) 517,106 572,399 Total identifiable assets $ 2,860,804 $ 3,165,002 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 234 $ 270 Americas 101,239 116,276 Corporate and other 2,878 3,338 Total investments in unconsolidated affiliates – equity method investments $ 104,351 $ 119,884 _____________ (1) Results for the three months ended September 30, 2018 were positively impacted by a reduction to rent expense of $2.4 million (included in direct costs) impacting Europe Caspian and Asia Pacific regions by $1.7 million and $0.7 million , respectively, related to OEM cost recoveries for ongoing aircraft issues. Results for the six months ended September 30, 2018 were positively impacted by a reduction to rent expense of $5.9 million (included in direct costs) impacting Europe Caspian and Asia Pacific regions by $4.4 million and $1.5 million , respectively, related to OEM cost recoveries for ongoing aircraft issues. For further details, see Note 1. (2) Includes $64.3 million and $67.7 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of September 30 and March 31, 2018 , respectively, which primarily represents progress payments on aircraft to be delivered in future periods. |
SUPPLEMENTAL CONDENSED CONSOLID
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 6 Months Ended |
Sep. 30, 2018 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Financial Information | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION The Company has registered senior notes that the Guarantor Subsidiaries have fully, unconditionally, jointly and severally guaranteed. The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. For further details on the registered senior notes, see Note 4 to the fiscal year 2018 Financial Statements. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense. The allocation of the consolidated income tax provision was made using the with and without allocation method. Supplemental Condensed Consolidating Statement of Operations Three Months Ended September 30, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ 45 $ 36,798 $ 313,814 $ — $ 350,657 Intercompany revenue — 27,496 — (27,496 ) — 45 64,294 313,814 (27,496 ) 350,657 Operating expense: Direct cost and reimbursable expense 20 40,981 251,410 — 292,411 Intercompany expenses 15,307 — 12,189 (27,496 ) — Depreciation and amortization 3,092 17,733 9,664 — 30,489 General and administrative 12,907 5,125 20,807 — 38,839 31,326 63,839 294,070 (27,496 ) 361,739 Loss on impairment — (87,474 ) (29,746 ) — (117,220 ) Loss on disposal of assets — (318 ) (975 ) — (1,293 ) Earnings (losses) from unconsolidated affiliates, net (123,987 ) — (96 ) 123,987 (96 ) Operating loss (155,268 ) (87,337 ) (11,073 ) 123,987 (129,691 ) Interest expense, net (15,564 ) (5,915 ) (4,954 ) — (26,433 ) Other income (expense), net 50 242 (3,496 ) — (3,204 ) Loss before (provision) benefit for income taxes (170,782 ) (93,010 ) (19,523 ) 123,987 (159,328 ) Allocation of consolidated income taxes 26,605 (1,176 ) (9,774 ) — 15,655 Net loss (144,177 ) (94,186 ) (29,297 ) 123,987 (143,673 ) Net income attributable to noncontrolling interests (13 ) — (504 ) — (517 ) Net loss attributable to Bristow Group $ (144,190 ) $ (94,186 ) $ (29,801 ) $ 123,987 $ (144,190 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 46,952 $ 326,724 $ — $ 373,676 Intercompany revenue — 31,719 — (31,719 ) — — 78,671 326,724 (31,719 ) 373,676 Operating expense: Direct cost and reimbursable expense 3,263 45,955 250,938 — 300,156 Intercompany expenses — — 31,719 (31,719 ) — Depreciation and amortization 3,016 13,237 15,128 — 31,381 General and administrative 17,880 5,623 25,119 — 48,622 24,159 64,815 322,904 (31,719 ) 380,159 Gain (loss) on disposal of assets — 10,597 (19,123 ) — (8,526 ) Earnings (losses) from unconsolidated affiliates, net 9,642 — 2,063 (9,642 ) 2,063 Operating income (loss) (14,517 ) 24,453 (13,240 ) (9,642 ) (12,946 ) Interest expense, net (10,636 ) (6,023 ) (1,904 ) — (18,563 ) Other income (expense), net (97 ) (399 ) 3,083 — 2,587 Income (loss) before (provision) benefit for income taxes (25,250 ) 18,031 (12,061 ) (9,642 ) (28,922 ) Allocation of consolidated income taxes (5,946 ) (1,945 ) 5,417 — (2,474 ) Net income (loss) (31,196 ) 16,086 (6,644 ) (9,642 ) (31,396 ) Net (income) loss attributable to noncontrolling interests (13 ) — 200 — 187 Net income (loss) attributable to Bristow Group $ (31,209 ) $ 16,086 $ (6,444 ) $ (9,642 ) $ (31,209 ) Supplemental Condensed Consolidating Statement of Operations Six Months Ended September 30, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Third party revenue $ 90 $ 70,933 $ 647,528 $ — $ 718,551 Intercompany revenue — 54,013 — (54,013 ) — 90 124,946 647,528 (54,013 ) 718,551 Operating expense: Direct cost and reimbursable expense 36 82,857 505,473 — 588,366 Intercompany expenses 15,307 — 38,706 (54,013 ) — Depreciation and amortization 6,158 35,955 19,317 — 61,430 General and administrative 25,695 8,923 44,322 — 78,940 47,196 127,735 607,818 (54,013 ) 728,736 Loss on impairment — (87,474 ) (29,746 ) — (117,220 ) Loss on disposal of assets (806 ) (1,478 ) (687 ) — (2,971 ) Earnings (losses) from unconsolidated affiliates, net (131,296 ) — (3,113 ) 131,296 (3,113 ) Operating income (loss) (179,208 ) (91,741 ) 6,164 131,296 (133,489 ) Interest expense, net (31,943 ) (12,745 ) (8,889 ) — (53,577 ) Other income (expense), net 184 1,317 (8,655 ) — (7,154 ) Loss before (provision) benefit for income taxes (210,967 ) (103,169 ) (11,380 ) 131,296 (194,220 ) Allocation of consolidated income taxes 34,697 (283 ) (15,908 ) — 18,506 Net loss (176,270 ) (103,452 ) (27,288 ) 131,296 (175,714 ) Net income attributable to noncontrolling interests (28 ) — (556 ) — (584 ) Net loss attributable to Bristow Group $ (176,298 ) $ (103,452 ) $ (27,844 ) $ 131,296 $ (176,298 ) Supplemental Condensed Consolidating Statement of Operations Six Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Third party revenue $ — $ 92,727 $ 633,058 $ — $ 725,785 Intercompany revenue — 63,910 — (63,910 ) — — 156,637 633,058 (63,910 ) 725,785 Operating expense: Direct cost and reimbursable expense 3,269 98,289 496,404 — 597,962 Intercompany expenses — — 63,910 (63,910 ) — Depreciation and amortization 5,933 25,720 30,784 — 62,437 General and administrative 36,987 11,385 46,957 — 95,329 46,189 135,394 638,055 (63,910 ) 755,728 Loss on impairment — (1,192 ) — — (1,192 ) Gain (loss) on disposal of assets — 11,013 (18,840 ) — (7,827 ) Earnings (losses) from unconsolidated affiliates, net (11,003 ) — 1,398 11,003 1,398 Operating income (loss) (57,192 ) 31,064 (22,439 ) 11,003 (37,564 ) Interest expense, net (19,694 ) (11,803 ) (3,087 ) — (34,584 ) Other income (expense), net (126 ) (756 ) 1,853 — 971 Income (loss) before provision for income taxes (77,012 ) 18,505 (23,673 ) 11,003 (71,177 ) Allocation of consolidated income taxes (9,448 ) (6,105 ) (412 ) — (15,965 ) Net income (loss) (86,460 ) 12,400 (24,085 ) 11,003 (87,142 ) Net (income) loss attributable to noncontrolling interests (24 ) — 682 — 658 Net income (loss) attributable to Bristow Group $ (86,484 ) $ 12,400 $ (23,403 ) $ 11,003 $ (86,484 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (144,177 ) $ (94,186 ) $ (29,297 ) $ 123,987 $ (143,673 ) Other comprehensive loss: Currency translation adjustments — (159 ) (14,306 ) 6,498 (7,967 ) Unrealized loss on cash flow hedges — — (98 ) — (98 ) Total comprehensive loss (144,177 ) (94,345 ) (43,701 ) 130,485 (151,738 ) Net income attributable to noncontrolling interests (13 ) — (504 ) — (517 ) Currency translation adjustments attributable to noncontrolling interests — — (32 ) — (32 ) Total comprehensive income attributable to noncontrolling interests (13 ) — (536 ) — (549 ) Total comprehensive loss attributable to Bristow Group $ (144,190 ) $ (94,345 ) $ (44,237 ) $ 130,485 $ (152,287 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (31,196 ) $ 16,086 $ (6,644 ) $ (9,642 ) $ (31,396 ) Other comprehensive income (loss): Currency translation adjustments — 306 14,218 (3,833 ) 10,691 Total comprehensive income (loss) (31,196 ) 16,392 7,574 (13,475 ) (20,705 ) Net (income) loss attributable to noncontrolling interests (13 ) — 200 — 187 Currency translation adjustments attributable to noncontrolling interests — — 237 — 237 Total comprehensive (income) loss attributable to noncontrolling interests (13 ) — 437 — 424 Total comprehensive income (loss) attributable to Bristow Group $ (31,209 ) $ 16,392 $ 8,011 $ (13,475 ) $ (20,281 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended September 30, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (176,270 ) $ (103,452 ) $ (27,288 ) $ 131,296 $ (175,714 ) Other comprehensive loss: Currency translation adjustments — (1,045 ) (96,108 ) 60,153 (37,000 ) Unrealized gain on cash flow hedges — — 1,250 — 1,250 Total comprehensive loss (176,270 ) (104,497 ) (122,146 ) 191,449 (211,464 ) Net income attributable to noncontrolling interests (28 ) — (556 ) — (584 ) Currency translation adjustments attributable to noncontrolling interests — — (171 ) — (171 ) Total comprehensive income attributable to noncontrolling interests (28 ) — (727 ) — (755 ) Total comprehensive loss attributable to Bristow Group $ (176,298 ) $ (104,497 ) $ (122,873 ) $ 191,449 $ (212,219 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (86,460 ) $ 12,400 $ (24,085 ) $ 11,003 $ (87,142 ) Other comprehensive income (loss): Currency translation adjustments — 644 28,570 (8,763 ) 20,451 Total comprehensive income (loss) (86,460 ) 13,044 4,485 2,240 (66,691 ) Net (income) loss attributable to noncontrolling interests (24 ) — 682 — 658 Currency translation adjustments attributable to noncontrolling interests — — 547 — 547 Total comprehensive (income) loss attributable to noncontrolling interests (24 ) — 1,229 — 1,205 Total comprehensive income (loss) attributable to Bristow Group $ (86,484 ) $ 13,044 $ 5,714 $ 2,240 $ (65,486 ) Supplemental Condensed Consolidating Balance Sheet As of September 30, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 236,075 $ 1,131 $ 70,585 $ — $ 307,791 Accounts receivable 438,878 508,873 291,308 (1,007,238 ) 231,821 Inventories — 36,637 81,069 — 117,706 Assets held for sale — 19,856 4,320 — 24,176 Prepaid expenses and other current assets 2,608 2,802 41,193 — 46,603 Total current assets 677,561 569,299 488,475 (1,007,238 ) 728,097 Intercompany investment 1,899,228 104,435 131,710 (2,135,373 ) — Investment in unconsolidated affiliates — — 110,637 — 110,637 Intercompany notes receivable 124,389 9,229 159,725 (293,343 ) — Property and equipment—at cost: Land and buildings 4,806 58,089 180,350 — 243,245 Aircraft and equipment 157,378 1,317,739 1,016,174 — 2,491,291 162,184 1,375,828 1,196,524 — 2,734,536 Less: Accumulated depreciation and amortization (45,937 ) (384,448 ) (417,886 ) — (848,271 ) 116,247 991,380 778,638 — 1,886,265 Goodwill — — 18,778 — 18,778 Other assets 4,303 2,026 110,698 — 117,027 Total assets $ 2,821,728 $ 1,676,369 $ 1,798,661 $ (3,435,954 ) $ 2,860,804 LIABILITIES AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 397,602 $ 428,348 $ 276,016 $ (998,456 ) $ 103,510 Accrued liabilities 53,851 (5,771 ) 139,516 (7,738 ) 179,858 Short-term borrowings and current maturities of long-term debt 844,562 278,669 316,700 — 1,439,931 Total current liabilities 1,296,015 701,246 732,232 (1,006,194 ) 1,723,299 Long-term debt, less current maturities — — 9,778 — 9,778 Intercompany notes payable 105,791 168,885 19,769 (294,445 ) — Accrued pension liabilities — — 28,484 — 28,484 Other liabilities and deferred credits 12,177 7,253 12,209 — 31,639 Deferred taxes 42,991 27,343 27,038 — 97,372 Stockholders’ investment: Common stock 385 4,996 131,317 (136,313 ) 385 Additional paid-in-capital 858,809 29,387 284,048 (313,435 ) 858,809 Retained earnings 610,790 736,924 279,532 (1,016,456 ) 610,790 Accumulated other comprehensive income (loss) 78,306 335 268,455 (669,111 ) (322,015 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,363,494 771,642 963,352 (2,135,315 ) 963,173 Noncontrolling interests 1,260 — 5,799 — 7,059 Total stockholders’ investment 1,364,754 771,642 969,151 (2,135,315 ) 970,232 Total liabilities and stockholders’ investment $ 2,821,728 $ 1,676,369 $ 1,798,661 $ (3,435,954 ) $ 2,860,804 Supplemental Condensed Consolidating Balance Sheet As of March 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 277,176 $ 8,904 $ 94,143 $ — $ 380,223 Accounts receivable 211,412 423,214 250,984 (638,630 ) 246,980 Inventories — 31,300 98,314 — 129,614 Assets held for sale — 26,737 3,611 — 30,348 Prepaid expenses and other current assets 3,367 4,494 41,016 (1,643 ) 47,234 Total current assets 491,955 494,649 488,068 (640,273 ) 834,399 Intercompany investment 2,199,505 104,435 141,683 (2,445,623 ) — Investment in unconsolidated affiliates — — 126,170 — 126,170 Intercompany notes receivable 183,634 36,358 368,575 (588,567 ) — Property and equipment—at cost: Land and buildings 4,806 58,191 187,043 — 250,040 Aircraft and equipment 156,651 1,326,922 1,027,558 — 2,511,131 161,457 1,385,113 1,214,601 — 2,761,171 Less: Accumulated depreciation and amortization (39,780 ) (263,412 ) (389,959 ) — (693,151 ) 121,677 1,121,701 824,642 — 2,068,020 Goodwill — — 19,907 — 19,907 Other assets 4,966 2,122 109,418 — 116,506 Total assets $ 3,001,737 $ 1,759,265 $ 2,078,463 $ (3,674,463 ) $ 3,165,002 LIABILITIES AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 341,342 $ 175,133 $ 201,704 $ (616,909 ) $ 101,270 Accrued liabilities 59,070 6,735 166,026 (21,955 ) 209,876 Short-term borrowings and current maturities of long-term debt 840,485 296,782 338,171 — 1,475,438 Total current liabilities 1,240,897 478,650 705,901 (638,864 ) 1,786,584 Long-term debt, less current maturities — — 11,096 — 11,096 Intercompany notes payable 132,740 370,407 41,001 (544,148 ) — Accrued pension liabilities — — 37,034 — 37,034 Other liabilities and deferred credits 14,078 7,924 14,950 — 36,952 Deferred taxes 77,373 27,794 10,025 — 115,192 Stockholders’ investment: Common stock 382 4,996 131,317 (136,313 ) 382 Additional paid-in-capital 852,565 29,387 284,048 (313,435 ) 852,565 Retained earnings 788,834 838,727 473,712 (1,312,439 ) 788,834 Accumulated other comprehensive income (loss) 78,306 1,380 363,484 (729,264 ) (286,094 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,535,291 874,490 1,252,561 (2,491,451 ) 1,170,891 Noncontrolling interests 1,358 — 5,895 — 7,253 Total stockholders’ investment 1,536,649 874,490 1,258,456 (2,491,451 ) 1,178,144 Total liabilities and stockholders’ investment $ 3,001,737 $ 1,759,265 $ 2,078,463 $ (3,674,463 ) $ 3,165,002 Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended September 30, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (35,375 ) $ 14,041 $ (5,568 ) $ — $ (26,902 ) Cash flows from investing activities: Capital expenditures (1,536 ) (2,499 ) (13,267 ) — (17,302 ) Proceeds from asset dispositions — 7,528 934 — 8,462 Net cash provided by (used in) investing activities (1,536 ) 5,029 (12,333 ) — (8,840 ) Cash flows from financing activities: Proceeds from borrowings — — 387 — 387 Debt issuance costs (597 ) (32 ) (1,925 ) — (2,554 ) Repayment of debt (8,841 ) (10,505 ) (10,624 ) — (29,970 ) Dividends paid 162,941 1,649 (164,590 ) — — Increases (decreases) in cash related to intercompany advances and debt (158,992 ) (17,955 ) 176,947 — — Partial prepayment of put/call obligation (27 ) — — — (27 ) Dividends paid to noncontrolling interest — — (580 ) — (580 ) Issuance of common stock 2,830 — — — 2,830 Repurchases for tax withholdings on vesting of equity awards (1,504 ) — — — (1,504 ) Net cash provided by (used in) financing activities (4,190 ) (26,843 ) (385 ) — (31,418 ) Effect of exchange rate changes on cash and cash equivalents — — (5,272 ) — (5,272 ) Net decrease in cash and cash equivalents (41,101 ) (7,773 ) (23,558 ) — (72,432 ) Cash and cash equivalents at beginning of period 277,176 8,904 94,143 — 380,223 Cash and cash equivalents at end of period $ 236,075 $ 1,131 $ 70,585 $ — $ 307,791 Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended September 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (78,756 ) $ 32,581 $ 10,841 $ — $ (35,334 ) Cash flows from investing activities: Capital expenditures (6,306 ) (5,814 ) (89,677 ) 77,480 (24,317 ) Proceeds from asset dispositions — 80,210 39,514 (77,480 ) 42,244 Net cash provided by (used in) investing activities (6,306 ) 74,396 (50,163 ) — 17,927 Cash flows from financing activities: Proceeds from borrowings 107,800 — 230,218 — 338,018 Debt issuance costs — (552 ) (6,143 ) — (6,695 ) Repayment of debt (285,946 ) (9,073 ) (23,111 ) — (318,130 ) Dividends paid 110,637 — (113,102 ) — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 150,351 (96,880 ) (53,471 ) — — Partial prepayment of put/call obligation (23 ) — — — (23 ) Repurchases for tax withholdings on vesting of equity awards (548 ) — — — (548 ) Net cash provided by (used in) financing activities 82,271 (106,505 ) 34,391 — 10,157 Effect of exchange rate changes on cash and cash equivalents — — 7,937 — 7,937 Net increase (decrease) in cash and cash equivalents (2,791 ) 472 3,006 — 687 Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 591 $ 771 $ 95,981 $ — $ 97,343 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Columbia Acquisition Stock Purchase Agreement — On November 9, 2018, Bear Acquisition I, LLC (“Purchaser”), a newly formed wholly owned subsidiary of the Company and the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Columbia Helicopters, Inc. (“Columbia”), the shareholders of Columbia (the “Sellers”), and a shareholder representative. The Purchase Agreement provides for the acquisition by the Purchaser of all of the issued and outstanding shares of Columbia (the “Columbia Acquisition”), on the terms and subject to the conditions set forth in the Purchase Agreement. The consideration to be paid by the Purchaser under the Purchase Agreement consists of $492.4 million in cash and shares of common stock of the Company, $0.01 par value (“Company Common Stock”), with an aggregate value of approximately $67.0 million calculated based on the volume weighted average price of the Company Common Stock for the five consecutive trading day period starting with the opening of the first primary trading session following the execution and public announcement of the Purchase Agreement, subject to an aggregate cap of approximately 6.2 million shares (the “Stock Consideration”), subject to adjustment as described in the Purchase Agreement. The Purchase Agreement contains representations, warranties and covenants of the parties. The completion of the Columbia Acquisition is subject to the completion of certain conditions, including, but not limited to: the expiration of any waiting period applicable to the Columbia Acquisition under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (“HSR”) the authorization for listing of the shares of Company Common Stock to be issued as Stock Consideration on the New York Stock Exchange, the completion of certain environmental testing, the continued employment of Steven E. Bandy as President and CEO of Columbia, the accuracy of the parties’ representations and warranties (including the absence of a “Material Adverse Effect” with respect to either party), and the receipt of other specified consents and approvals. The Purchase Agreement contains certain termination rights, including the right of either party to terminate the Purchase Agreement if the closing of the Columbia Acquisition (the “Closing”) has not occurred by April 9, 2019, subject to an additional marketing period. The Purchase Agreement also provides that, under specified circumstances where the conditions to Purchaser’s obligations to close the Columbia Acquisition have been satisfied but Purchaser has not consummated the Columbia Acquisition, Purchaser will be required to pay Columbia a termination fee of $20.0 million . Stockholders Agreement — In connection with the Columbia Acquisition, the Company and certain of the Sellers entered into a Stockholders Agreement, which will become effective at the Closing. The Stockholders Agreement provides that such Sellers may not transfer the shares of Company Common Stock received as Stock Consideration for a period of 9 months following the Closing, subject to customary exceptions. Following the Closing, the Company has agreed to, among other things, prepare and file with the Securities and Exchange Commission (“SEC”) a shelf registration statement on Form S-3, or an amendment to an existing shelf registration statement, relating to the resale by the Sellers of the shares of Company Common Stock issued as Stock Consideration. The Sellers that are party to the Stockholders Agreement will also be subject to certain additional transfer restrictions with respect to their Company Common Stock. In addition, the Sellers that are party to the Stockholders Agreement have agreed to vote all of their shares of Company Common Stock in favor of all director nominees recommended by the Company Board, against any director nominees that have not been recommended by the Board, and in accordance with the Board’s recommendation on all other matters (except that such Sellers will not be required to vote in accordance with the Board’s recommendation with respect to matters that would result in any material change to the purpose or scope of the Company, any changes to constitutional documents that would materially alter the capital structure of rights as a common stockholder, or a merger of the Company or any of its significant subsidiaries to a third party, the sale or transfer of all or substantially all of the Company’s assets or dissolution). The Stockholders Agreement also includes standstill provisions that will restrict the Sellers that are party to the Stockholders Agreement from, among other things, nominating any directors, proposing any acquisition transaction relating to all or part of the Company, initiating any stockholder proposal, or acquiring, in the aggregate amongst the Sellers and during any consecutive twelve -month period, more than 2% of the Company’s outstanding voting securities through open-market purchases. The Stockholders Agreement will terminate on the later of (1) the date which is two years following the date of the Stockholder Agreement and (2) the first period of twenty consecutive business days following the Closing during which the stockholders beneficially own, in the aggregate, less than 7.5% of the total voting power of the Company. Financing Arrangements — In connection with the Columbia Acquisition, on November 9, 2018, the Company and Purchaser entered into a commitment letter (the “Debt Commitment Letter”), pursuant to which Jefferies Finance LLC has committed to provide a portion of the financing for the Columbia Acquisition. The Debt Commitment Letter provides for a fully committed $360 million senior secured increasing rate bridge loan facility (the “Bridge Loan Facility”). The commitments pursuant to the Bridge Loan Facility are subject to the satisfaction of certain conditions, including (1) the execution and delivery of definitive documentation with respect to the Bridge Loan Facility in accordance with the terms set forth in the Debt Commitment Letter, (2) the Closing, and (3) the absence of any material adverse effect with respect to Columbia’s business. Also, on November 9, 2018, the Company entered into a Commitment Letter (the “Convertible Notes Commitment Letter”) with certain private investors (collectively, the “Note Purchasers”), whereby the Company has agreed to issue, and the Note Purchasers have agreed to purchase, a minimum of $135.0 million aggregate principal amount of a new series of convertible senior secured notes of the Company (the “Convertible Notes”). The Note Purchasers also have the option to purchase up to an additional $15 million of Convertible Notes. The Convertible Notes will be secured by a pledge of the common stock of Columbia held by the Company. In connection with such pledge, the Company will be required to obtain the consent of holders of the Company's 8.75% senior secured notes due 2023 to an amendment to the related indenture. The Convertible Notes have an initial conversion premium determined based on the three trading day volume weighted average price of the Company Common Stock over the period commencing following the announcement of such consent. In addition, the Company expects Columbia to issue warrants to purchase shares of the capital stock of Columbia in the event of certain events of bankruptcy, insolvency or reorganization with respect to the Company. The Convertible Notes and the warrants will be issued in a private placement exempt from the registration requirements of the Securities Act, in reliance on the exemptions set forth in Section 4(a)(2) of the Securities Act. The closing of the private placement is subject to the satisfaction of certain conditions, including (1) the execution and delivery of definitive documentation with respect to the Convertible Notes in accordance with the terms set forth in the Convertible Notes Commitment Letter, (2) the Closing, (3) the receipt of the consent described above and (4) the absence of any material adverse effect with respect to Columbia’s business. Subscription Agreements — In connection with the Purchase Agreement, the Company entered into subscription agreements with certain employees of Columbia, pursuant to which the Company has agreed to issue and the employees have agreed to purchase an aggregate of $10.0 million worth of Company Common Stock (calculated based on the volume weighted average price of the Company Common Stock for the five consecutive trading day period starting with the opening of the first primary trading session following the execution and public announcement of the Purchase Agreement, subject to an aggregate cap of approximately 0.9 million shares, for the purpose of funding the Columbia Acquisition consideration) (the “Subscription Agreements”) at the Closing. The shares of Company Common Stock are subject to repurchase by the Company upon the occurrence of certain events of termination of employment within two years after the Closing. In addition, the Company agreed to award such employees at Closing restricted stock units under the Company’s 2007 Long Term Incentive Plan. CEO Transition On November 9, 2018, the Company announced the upcoming retirement of Jonathan E. Baliff. Thomas N. Amonett, Vice-Chairman of the Board of Directors of Bristow, has been appointed to serve as the interim President of the Company during the CEO transition process. The Corporate Governance and Nominating Committee of the Board of Directors is leading the search for a new CEO, with input from the Board of Directors and the support of an executive search firm. Until Mr. Baliff’s retirement, he will focus on integration planning for the Columbia Acquisition. Mr. Baliff will resign from the Board of Directors concurrently with the effectiveness of his retirement. The senior management of the Company will report directly to Mr. Amonett, who will work closely with Thomas C. Knudson, Chairman of the Board of Directors, to oversee operations. Mr. Baliff will continue to report to the Board of Directors. |
BASIS OF PRESENTATION, CONSOL_2
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Goodwill | Goodwill Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill has an indefinite useful life and is not amortized, but is assessed for impairment annually or when events or changes in circumstances indicate that a potential impairment exists. |
Other Intangible Assets | Other Intangible Assets Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We consider the applicability and impact of all accounting standard updates (“ASUs”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued accounting guidance on revenue recognition replacing the existing accounting standard and industry-specific guidance for revenue recognition with a five-step model for recognizing and measuring revenue from contracts with customers. The underlying principle of the new standard is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. This new standard is effective for annual reporting periods beginning after December 15, 2017. We adopted the standard as of April 1, 2018 using the modified retrospective method applied to open contracts and only to the version of the contracts in effect as of April 1, 2018. Prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting policy. There was no impact on our condensed consolidated financial statements and no cumulative effect adjustment was recognized. For further details, see Note 2 . In February 2016, the FASB issued accounting guidance which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. Additionally, this accounting guidance requires a modified retrospective transition approach for all leases existing at, or entered into after the date of initial application, with an option to use certain transition relief. In July 2018, the FASB issued a practical expedient that would allow entities the option to apply the provisions of the new lease guidance at the effective date of adoption without adjusting the comparative periods presented. We have not yet adopted this standard and are currently evaluating the effect this standard will have on our financial statements. In October 2016, the FASB issued accounting guidance related to current and deferred income taxes for intra-entity transfer of assets other than inventory. This accounting guidance requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and eliminates the exception for an intra-entity transfer of an asset other than inventory. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted. We adopted this accounting guidance effective April 1, 2018 using the modified retrospective method, through a cumulative-effect adjustment directly to retained earnings. Upon adoption, we increased deferred tax liabilities by approximately $1.7 million and recognized an offsetting decrease to retained earnings. In January 2017, the FASB issued accounting guidance which clarifies the definition of a business with the objective of adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The amendment provides criteria for determining when a transaction involves the acquisition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the transaction does not involve the acquisition of a business. If the criteria are not met, then the amendment requires that to be considered a business, the operation must include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The guidance may reduce the number of transactions accounted for as business acquisitions. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted. The amendments should be applied prospectively, and no disclosures are required at the effective date. We adopted this accounting guidance effective April 1, 2018. This accounting guidance has had no impact on our financial statements since adoption as we have not entered into any transactions during this period. In March 2017, the FASB issued accounting guidance related to the presentation of net periodic pension cost and net periodic post-retirement benefit cost. The accounting guidance requires employers to disaggregate the service cost component from the other components of net benefit cost and disclose the amount of net benefit cost that is included in the statement of operations or capitalized in assets, by line item. The accounting guidance requires employers to report the service cost component in the same line item(s) as other compensation costs and to report other pension-related costs (which include interest costs, amortization of pension-related costs from prior periods, and the gains or losses on plan assets) separately and exclude them from the subtotal of operating income. The accounting guidance also allows only the service cost component to be eligible for capitalization when applicable. This accounting guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted as of the first interim period of an annual period for which interim or annual financial statements have not been issued. The accounting guidance requires application on a retrospective basis for the presentation of the service cost component and the other components of net periodic pension cost and net periodic post-retirement benefit cost in the statement of operations and on a prospective basis for the capitalization of the service cost component of net periodic pension cost and net periodic post-retirement benefit in assets. We adopted this accounting guidance effective April 1, 2018, and our statement of operations was retrospectively adjusted by $0.1 million and $0.1 million with an increase in direct cost and a corresponding credit in other income (expense), net for the three and six months ended September 30, 2017 , respectively. In May 2017, the FASB issued accounting guidance on determining which changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. We have adopted this accounting guidance effective April 1, 2018, with no impact on our financial statements as there were no changes to the terms or conditions of share-based payment awards. In February 2018, the FASB issued new accounting guidance on income statement reporting of comprehensive income, specifically pertaining to reclassification of certain tax effects from accumulated other comprehensive income. This pronouncement is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2018, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In June 2018, the FASB issued an amendment to the accounting guidance related to accounting for employee share-based payments which clarifies that an entity should recognize excess tax benefits in the period in which the amount of the deduction is determined. This amendment is effective for annual periods beginning after December 15, 2018. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. In August 2018, the FASB modified disclosure requirements for employers that sponsor defined benefit pension plans. Certain disclosure requirements were removed and certain disclosure requirements were added. The amendment also clarifies disclosure requirements for projected benefit obligation (“PBO”) and accumulated benefit obligation (“ABO”) in excess of respective plan assets. The amendment is effective for fiscal years ending after December 15, 2020 for public business entities and early adoption is permitted. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our disclosure requirements. In August 2018, the FASB issued new accounting guidance that addresses the accounting for implementation costs associated with a hosted service. The guidance provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. This guidance is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The guidance will be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We have not yet adopted this accounting guidance and are currently evaluating the effect this accounting guidance will have on our financial statements. |
REVENUE RECOGNITION (Policies)
REVENUE RECOGNITION (Policies) | 6 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | In general, we recognize revenue when a service is provided or a good is sold to a customer and there is a contract. At contract inception, we assess the goods and services promised in our contracts with customers and identify all performance obligations for each distinct promise that transfers a good or service (or bundle of goods or services) to the customer. To identify the performance obligations, we consider all goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. Revenue is recognized when control of the identified distinct goods or services have been transferred to the customer, the transaction price is determined and allocated to the performed performance obligations and we have determined that collection has occurred or is probable of occurring. A majority of our revenue from contracts with customers is currently generated through two types of contracts: helicopter services and fixed wing services. Each contract type has a single distinct performance obligation as described below. Helicopter services — Our customers — major integrated, national and independent offshore energy companies — charter our helicopters primarily to transport personnel between onshore bases and offshore production platforms, drilling rigs and other installations. To a lesser extent, our customers also charter our helicopters to transport time-sensitive equipment to these offshore locations. The customers for SAR services include both the oil and gas industry and governmental agencies. Revenue from helicopter services is recognized when the performance obligation is satisfied over time based on contractual rates as the related services are performed. A performance obligation arises under contracts with customers to render services and is the unit of account under the accounting guidance for revenue. Operating revenue from our oil and gas segment is derived mainly from fixed-term contracts with our customers, a substantial portion of which is competitively bid. A small portion of our oil and gas customer revenue is derived from providing services on an "ad-hoc" basis. Our fixed-term contracts typically have original terms of one year to seven years (subject to provisions permitting early termination by our customers). We account for services rendered separately if they are distinct and the service is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered on its own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Within this contract type for helicopter services, we determined that each contract has a single distinct performance obligation. These services include a fixed monthly rate for a particular model of aircraft, and flight hour services, which represents the variable component of a typical contract with a customer. Rates for these services vary depending on the type of services provided and can be based on a per flight hour, per day, or per month basis. Variable charges within our flight services contracts are not effective until a customer-initiated flight order is received and the actual hours flown are determined; therefore, the associated flight revenue generally cannot be reasonably and reliably estimated beforehand. A contract’s standalone selling prices are determined based upon the prices that we charge for our services rendered. Revenue is recognized as performance obligations are satisfied over time, by measuring progress towards satisfying the contracted services in a manner that best depicts the transfer of services to the customer, which is generally represented by a period of 30 days or less. We typically invoice customers on a monthly basis and the term between invoicing and when the payment is due is typically between 30 and 60 days. In order to offset potential increases in operating costs, our long-term contracts may provide for periodic increases in the contractual rates charged for our services. We recognize the impact of these rates when estimable and applicable, which generally includes written acknowledgment from the customers that they are in agreement with the amount of the rate escalation. Cost reimbursements from customers are recorded as reimbursable revenue with the related reimbursed costs recorded as reimbursable expense on our condensed consolidated statements of operations. Taxes collected from customers and remitted to governmental authorities and revenue are reported on a net basis in our financial statements. Thus, we exclude taxes imposed on the customer and collected on behalf of governmental agencies to be remitted to these agencies from the transaction price in determining the revenue related to contracts with a customer. Fixed wing services — Eastern Airways and Airnorth provide fixed wing transportation services through regular passenger transport (scheduled airline service with individual ticket sales) and charter services. A performance obligation arises under contracts with customers to render services and is the unit of account under the new accounting guidance for revenue. Within fixed wing services, we determined that each contract has a single distinct performance obligation. Revenue is recognized over time at the earlier of the period in which the service is provided or the period in which the right to travel expires, which is determined by the terms and conditions of the ticket. Ticket sales are recorded within deferred revenue in accordance with the above policy. Both chartered and scheduled airline service revenue is recognized net of passenger taxes and discounts. Contract Assets, Liabilities and Receivables We generally satisfy performance of contract obligations by providing helicopter and fixed wing services to our customers in exchange for consideration. The timing of performance may differ from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset exists when we have a contract with a customer for which revenue has been recognized (i.e. services have been performed), but customer payment is contingent on a future event (i.e. satisfaction of additional performance obligations). These contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to deferred revenue in which advance consideration is received from customers for contracts where revenue is recognized on future performance of services. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Policies) | 6 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | All derivatives are recognized as assets or liabilities and measured at fair value. We do not use financial instruments for trading or speculative purposes. During fiscal year 2018 and the six months ended September 30, 2018 , we entered into foreign currency put option contracts of £5 million per month through September 2019 to mitigate a portion of our foreign currency exposure. These derivatives were designated as cash flow hedges. The designation of a derivative instrument as a hedge and its ability to meet relevant hedge accounting criteria determines how the change in fair value of the derivative instrument will be reflected in the consolidated financial statements. A derivative qualifies for hedge accounting if, at inception, the derivative is expected to be highly effective in offsetting the hedged item’s underlying cash flows or fair value and the documentation requirements of the accounting standard for derivative instruments and hedging activities are fulfilled at the time we enter into the derivative contract. A hedge is designated as a cash flow hedge, fair value hedge, or a net investment in foreign operations hedge based on the exposure being hedged. The asset or liability value of the derivative will change in tandem with its fair value. For derivatives designated as cash flow hedges, the changes in fair value are recorded in accumulated other comprehensive income (loss). The derivative’s gain or loss is released from accumulated other comprehensive income (loss) to match the timing of the effect on earnings of the hedged item’s underlying cash flows. We review the effectiveness of our hedging instruments on a quarterly basis. We discontinue hedge accounting for any hedge that we no longer consider to be highly effective. Changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting are recognized in current period earnings. |
BASIS OF PRESENTATION, CONSOL_3
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of immaterial corrections to prior period financial information | $4.9 million . In addition, below are amounts as reported and as adjusted for each year presented in our condensed consolidated financial statements included in this filing (in thousands): As of September 30, 2018 As of March 31, 2018 As reported Adjustments As adjusted As reported Adjustments As adjusted Accrued wages, benefits and related taxes 47,011 4,949 51,960 62,385 4,949 67,334 Retained earnings 615,739 (4,949 ) 610,790 793,783 (4,949 ) 788,834 Total Bristow Group stockholders’ investment 968,122 (4,949 ) 963,173 1,175,840 (4,949 ) 1,170,891 Total stockholders’ investment 975,181 (4,949 ) 970,232 1,183,093 (4,949 ) 1,178,144 |
Schedule of loss on impairment | Loss on impairment includes the following (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Impairment of inventories $ 9,276 $ — $ 9,276 $ 1,192 Impairment of property and equipment (1) 104,939 — 104,939 — Impairment of intangible assets 3,005 — 3,005 — $ 117,220 $ — $ 117,220 $ 1,192 _____________ (1) Includes impairment of $87.5 million for H225 aircraft and $17.5 million for Eastern Airways International Limited (“Eastern Airways”) aircraft and equipment. |
Schedule of foreign exchange rates | The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended Six Months Ended 2018 2017 2018 2017 One Brazilian real into U.S. dollars High 0.2699 0.3244 0.3020 0.3244 Average 0.2537 0.3162 0.2657 0.3138 Low 0.2390 0.3009 0.2390 0.2995 At period-end 0.2504 0.3161 0.2504 0.3161 _____________ Source: FactSet The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table: Three Months Ended Six Months Ended 2018 2017 2018 2017 One British pound sterling into U.S. dollars High 1.33 1.36 1.43 1.36 Average 1.30 1.31 1.33 1.29 Low 1.27 1.28 1.27 1.24 At period-end 1.30 1.34 1.30 1.34 One euro into U.S. dollars High 1.18 1.20 1.24 1.20 Average 1.16 1.17 1.18 1.14 Low 1.13 1.13 1.13 1.06 At period-end 1.16 1.18 1.16 1.18 One Australian dollar into U.S. dollars High 0.75 0.81 0.78 0.81 Average 0.73 0.79 0.74 0.77 Low 0.71 0.76 0.71 0.74 At period-end 0.72 0.78 0.72 0.78 One Norwegian kroner into U.S. dollars High 0.1249 0.1294 0.1290 0.1294 Average 0.1214 0.1257 0.1230 0.1216 Low 0.1179 0.1190 0.1179 0.1152 At period-end 0.1228 0.1256 0.1228 0.1256 One Nigerian naira into U.S. dollars High 0.0028 0.0032 0.0028 0.0033 Average 0.0028 0.0029 0.0028 0.0031 Low 0.0027 0.0027 0.0027 0.0027 At period-end 0.0027 0.0028 0.0027 0.0028 _____________ Source: FactSet |
Schedule of foreign exchange impact | We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands): Three Months Ended Six Months Ended Revenue $ (5,257 ) $ 5,192 Operating expense 4,913 (273 ) Earnings (losses) from unconsolidated affiliates, net (1,278 ) (2,718 ) Non-operating expense (4,831 ) (6,182 ) Loss before provision for income taxes (6,453 ) (3,981 ) Benefit for income taxes 1,280 1,193 Net loss (5,173 ) (2,788 ) Cumulative translation adjustment (7,999 ) (37,171 ) Total stockholders’ investment $ (13,172 ) $ (39,959 ) |
Schedule of interest income and interest expense | During the three and six months ended September 30, 2018 and 2017 , interest expense, net consisted of the following (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Interest income $ 1,229 $ 154 $ 1,408 $ 368 Interest expense (27,662 ) (18,717 ) (54,985 ) (34,952 ) Interest expense, net $ (26,433 ) $ (18,563 ) $ (53,577 ) $ (34,584 ) |
Schedule of goodwill | Goodwill of $18.8 million and $19.9 million as of September 30 and March 31, 2018 , respectively, related to our Asia Pacific reporting unit was as follows (in thousands): March 31, 2018 $ 19,907 Foreign currency translation (1,129 ) September 30, 2018 $ 18,778 Accumulated goodwill impairment of $50.9 million as of both September 30 and March 31, 2018 related to our reporting units were as follows (in thousands): Europe Caspian $ (33,883 ) Africa (6,179 ) Americas (576 ) Corporate and other (10,223 ) Total accumulated goodwill impairment $ (50,861 ) |
Schedule of other intangible assets | Intangible assets by type were as follows (in thousands): Customer contracts Customer Trade name and trademarks Internally developed software Licenses Total Gross Carrying Amount March 31, 2018 $ 8,169 $ 12,777 $ 4,878 $ 1,107 $ 755 $ 27,686 Foreign currency translation — (78 ) (253 ) (14 ) (1 ) (346 ) September 30, 2018 $ 8,169 $ 12,699 $ 4,625 $ 1,093 $ 754 $ 27,340 Accumulated Amortization March 31, 2018 $ (8,169 ) $ (11,372 ) $ (1,213 ) $ (915 ) $ (719 ) $ (22,388 ) Impairments — — (2,933 ) (72 ) — (3,005 ) Amortization expense — (143 ) (142 ) (107 ) (30 ) (422 ) September 30, 2018 $ (8,169 ) $ (11,515 ) $ (4,288 ) $ (1,094 ) $ (749 ) $ (25,815 ) Weighted average remaining contractual life, in years 0.0 4.1 1.2 0.0 0.1 5.4 |
Schedule of other intangible assets, future amortization expense | Future amortization expense of intangible assets for each of the years ending March 31 is as follows (in thousands): 2019 $ 96 2020 161 2021 161 2022 161 2023 161 Thereafter 785 $ 1,525 |
Schedule of capital expenditures | During the three and six months ended September 30, 2018 and 2017 , we took delivery of aircraft and made capital expenditures as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 (In thousands, except for number of aircraft) Number of aircraft delivered: Medium — 2 — 5 Total aircraft — 2 — 5 Capital expenditures (in thousands): Aircraft and equipment (1) $ 4,394 $ 5,679 $ 12,731 $ 16,489 Land and buildings 4,013 6,085 4,571 7,828 Total capital expenditures $ 8,407 $ 11,764 $ 17,302 $ 24,317 _____________ (1) During the three and six months ended September 30, 2017 , we spent $1.0 million and $2.3 million , respectively, on progress payments for aircraft to be delivered in future periods. During the three and six months ended September 30, 2018 , we made no progress payments for aircraft to be delivered in future periods. |
Schedule of aircraft sales and impairments | The following table presents details on the aircraft sold or disposed of and impairment charges on assets held for sale and property and equipment during the three and six months ended September 30, 2018 and 2017 : Three Months Ended Six Months Ended 2018 2017 2018 2017 (In thousands, except for number of aircraft) Number of aircraft sold or disposed of — — 3 6 Proceeds from sale or disposal of assets $ 688 $ 269 $ 8,462 $ 42,244 Gain (loss) from sale or disposal of assets (1) $ (1,293 ) $ (343 ) $ (2,971 ) $ 1,920 Number of held for sale aircraft impaired — 2 — 4 Impairment charges on assets held for sale (1)(2) $ — $ 8,183 $ — $ 9,747 Impairment charges on property and equipment (3) $ 104,939 $ — $ 104,939 $ — _____________ (1) Included in loss on disposal of assets on our condensed consolidated statements of operations. (2) Includes a $6.5 million impairment of the Bristow Academy disposal group for the three and six months ended September 30, 2017. (3) Includes $87.5 million impairment related to H225s and $17.5 million related to Eastern Airways assets for the three and six months ended September 30, 2018, included in loss on impairment on our condensed consolidated statement of operations. See Loss on Impairment above for further details. |
Schedule of other accrued liabilities | Other accrued liabilities of $52.7 million and $66.0 million as of September 30 and March 31, 2018 , respectively, includes the following: September 30, March 31, (In thousands) Accrued lease costs $ 8,431 $ 11,708 Deferred OEM cost recovery 3,997 8,082 Eastern Airways overdraft liability 6,718 8,989 Accrued property and equipment 640 4,874 Deferred gain on sale leasebacks 1,305 1,305 Other operating accruals 31,644 31,020 $ 52,735 $ 65,978 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | In accordance with the new revenue standard requirements discussed in Note 1, the disclosure of the impact of adoption on our condensed consolidated financial statements for the three and six months ended September 30, 2018 follows (in thousands): Three Months Ended Six Months Ended Balances After Adoption Balances without Adoption Effect of change Balances After Adoption Balances without Adoption Effect of change Revenue: Operating revenue from non-affiliates $ 317,369 $ 321,580 $ (4,211 ) $ 642,725 $ 660,046 $ (17,321 ) Operating revenue from affiliates 5,133 13,131 (7,998 ) 10,927 25,652 (14,725 ) Reimbursable revenue from non-affiliates 15,946 15,946 — 32,853 32,853 — Revenue from Contracts with Customers 338,448 350,657 (12,209 ) 686,505 718,551 (32,046 ) Other revenue from non-affiliates 4,211 — 4,211 17,321 — 17,321 Other revenue from affiliates 7,998 — 7,998 14,725 — 14,725 Total Revenue $ 350,657 $ 350,657 $ — $ 718,551 $ 718,551 $ — No cumulative effect adjustment to retained earnings was required upon adoption on April 1, 2018. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. The table below discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and (2) the expected timing to recognize this revenue (in thousands). Remaining Performance Obligations Six Months Ending March 31, 2019 Fiscal Year Ending March 31, Total 2020 2021 2022 2023 and thereafter Outstanding Service Revenue: Helicopter contracts $ 217,866 $ 245,032 $ 200,077 $ 189,496 $ 479,896 $ 1,332,367 Fixed-wing contracts 2,934 355 — — — 3,289 Total remaining performance obligation revenue $ 220,800 $ 245,387 $ 200,077 $ 189,496 $ 479,896 $ 1,335,656 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Variable Interest Entities [Abstract] | |
Primary beneficiary variable interest financial statements | Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our condensed consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): September 30, March 31, Assets Cash and cash equivalents $ 69,468 $ 90,788 Accounts receivable 310,999 256,735 Inventories 81,069 98,314 Prepaid expenses and other current assets 38,594 38,665 Total current assets 500,130 484,502 Investment in unconsolidated affiliates 3,113 3,608 Property and equipment, net 287,817 327,440 Goodwill 18,778 19,907 Other assets 226,612 231,884 Total assets $ 1,036,450 $ 1,067,341 Liabilities Accounts payable $ 370,564 $ 292,893 Accrued liabilities 129,011 140,733 Accrued interest 2,262,962 2,130,433 Current maturities of long-term debt 15,715 23,125 Total current liabilities 2,778,252 2,587,184 Long-term debt, less current maturities 464,322 479,571 Accrued pension liabilities 28,484 37,034 Other liabilities and deferred credits 7,231 7,342 Deferred taxes 28,157 26,252 Total liabilities $ 3,306,446 $ 3,137,383 Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenue $ 311,788 $ 321,956 $ 643,257 $ 623,926 Operating loss (38,510 ) (2,978 ) (31,146 ) (22,632 ) Net loss (115,320 ) (62,081 ) (184,341 ) (141,250 ) |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt as of September 30 and March 31, 2018 consisted of the following (in thousands): September 30, March 31, 8.75% Senior Secured Notes due 2023 $ 347,006 $ 346,610 4½% Convertible Senior Notes due 2023 110,102 107,397 6¼% Senior Notes due 2022 401,535 401,535 Lombard Debt 189,909 211,087 Macquarie Debt 178,028 185,028 PK Air Debt 221,161 230,000 Airnorth Debt 12,434 13,832 Eastern Airways Debt 7,531 14,519 Other Debt 6,833 3,991 Unamortized debt issuance costs (24,830 ) (27,465 ) Total debt 1,449,709 1,486,534 Less short-term borrowings and current maturities of long-term debt (1,439,931 ) (1,475,438 ) Total long-term debt $ 9,778 $ 11,096 |
Schedule of convertible debt | The balances of the debt and equity components of our 4½% Convertible Senior Notes due 2023 (the “4½% Convertible Senior Notes”) as of September 30 and March 31, 2018 is as follows (in thousands): September 30, March 31, Equity component - net carrying value (1) $ 36,778 $ 36,778 Debt component: Face amount due at maturity $ 143,750 $ 143,750 Unamortized discount (33,648 ) (36,353 ) Debt component - net carrying value $ 110,102 $ 107,397 _____________ (1) Net of equity issuance costs of $1.0 million . The remaining debt discount is being amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three and six months ended September 30, 2018 was 11.0% . Interest expense related to our 4½% Convertible Senior Notes for the three and six months ended September 30, 2018 was as follows (in thousands): Three months ended September 30, 2018 Six months ended September 30, 2018 Contractual coupon interest $ 1,636 $ 3,247 Amortization of debt discount 1,392 2,705 Total interest expense $ 3,028 $ 5,952 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on recurring basis | The following table summarizes the financial instruments we had as of September 30, 2018 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Derivative financial instruments $ — $ 3,164 $ — $ 3,164 Prepaid expenses and other current assets Rabbi Trust investments 2,101 — — 2,101 Other assets Total assets $ 2,101 $ 3,164 $ — $ 5,265 The following table summarizes the financial instruments we had as of March 31, 2018 , valued at fair value on a recurring basis (in thousands): Quoted Prices Significant Significant Balance as of Balance Sheet Derivative financial instruments $ — $ 718 $ — $ 718 Prepaid expenses and other current assets Rabbi Trust investments 2,296 — — 2,296 Other assets Total assets $ 2,296 $ 718 $ — $ 3,014 |
Schedule of fair value assets measured on non-recurring basis | The following table summarizes the assets as of September 30, 2018 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Total Inventories $ — $ — $ 7,697 $ 7,697 $ (9,276 ) $ (9,276 ) Aircraft and equipment — — 136,338 136,338 (104,939 ) (104,939 ) Other intangible assets — — — — (3,005 ) (3,005 ) Total assets $ — $ — $ 144,035 $ 144,035 $ (117,220 ) $ (117,220 ) The following table summarizes the assets as of September 30, 2017 , valued at fair value on a non-recurring basis (in thousands): Quoted Prices in Active Significant Other Significant Balance as of Total Total Inventories $ — $ 1,218 $ — $ 1,218 $ — $ (1,192 ) Assets held for sale — 36,167 — 36,167 (8,183 ) (9,747 ) Total assets $ — $ 37,385 $ — $ 37,385 $ (8,183 ) $ (10,939 ) |
Schedule of fair value of debt | The carrying and fair value of our debt, excluding unamortized debt issuance costs, are as follows (in thousands): September 30, 2018 March 31, 2018 Carrying Value Fair Value Carrying Value Fair Value 8.75% Senior Secured Notes due 2023 (1) $ 347,006 $ 342,125 $ 346,610 $ 353,500 4½% Convertible Senior Notes due 2023 (2) 110,102 144,756 107,397 158,772 6¼% Senior Notes due 2022 401,535 293,121 401,535 325,243 Lombard Debt 189,909 189,909 211,087 211,087 Macquarie Debt 178,028 178,028 185,028 185,028 PK Air Debt 221,161 221,161 230,000 230,000 Airnorth Debt 12,434 12,434 13,832 13,832 Eastern Airways Debt 7,531 7,531 14,519 14,519 Other Debt 6,833 6,833 3,991 3,991 $ 1,474,539 $ 1,395,898 $ 1,513,999 $ 1,495,972 _____________ (1) The carrying value is net of unamortized discount of $3.0 million and $3.4 million as of September 30 and March 31, 2018 , respectively. (2) The carrying value is net of unamortized discount of $33.6 million and $36.4 million as of |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position | The following table presents the balance sheet location and fair value of the portions of our derivative instruments that were designated as hedging instruments as of September 30, 2018 (in thousands): Derivatives designated as hedging instruments Derivatives not designated as hedging instruments Gross amounts of recognized assets and liabilities Gross amounts offset in the Balance Sheet Net amounts of assets and liabilities presented in the Balance Sheet Prepaid expenses and other current assets $ 3,164 $ — $ 3,164 $ — $ 3,164 Net $ 3,164 $ — $ 3,164 $ — $ 3,164 The following table presents the balance sheet location and fair value of the portions of our derivative instruments that were designated as hedging instruments as of March 31, 2018 (in thousands): Derivatives designated as hedging instruments Derivatives not designated as hedging instruments Gross amounts of recognized assets and liabilities Gross amounts offset in the Balance Sheet Net amounts of assets and liabilities presented in the Balance Sheet Prepaid expenses and other current assets $ 718 $ — $ 718 $ — $ 718 Net $ 718 $ — $ 718 $ — $ 718 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the impact that derivative instruments, designated as cash flow hedges, had on our accumulated other comprehensive loss (net of tax) and our consolidated statements of operations for the three months ended September 30, 2018 (in thousands): Financial statement location Amount of loss recognized in accumulated other comprehensive loss $ (554 ) Accumulated other comprehensive loss Amount of loss reclassified from accumulated other comprehensive loss into earnings $ (456 ) Statement of operations — Direct cost The following table presents the impact that derivative instruments, designated as cash flow hedges, had on our accumulated other comprehensive loss (net of tax) and our consolidated statements of operations for the six months ended September 30, 2018 (in thousands): Financial statement location Amount of gain recognized in accumulated other comprehensive loss $ 2,408 Accumulated other comprehensive loss Amount of gain reclassified from accumulated other comprehensive loss into earnings $ 1,158 Statement of operations — Direct cost |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aircraft purchase contracts table | As shown in the table below, we expect to make additional capital expenditures over the next seven fiscal years to purchase additional aircraft. As of September 30, 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. Six Months Ending March 31, 2019 Fiscal Year Ending March 31, 2020 2021 2022 2023 and thereafter (1) Total Commitments as of September 30, 2018: Number of aircraft: Large 1 — 4 5 13 23 U.K. SAR — 4 — — — 4 1 4 4 5 13 27 Related commitment expenditures (in thousands) (2) Large $ 19,780 $ 24,700 $ 76,149 $ 84,530 $ 191,426 $ 396,585 U.K. SAR — 60,908 — — — 60,908 $ 19,780 $ 85,608 $ 76,149 $ 84,530 $ 191,426 $ 457,493 Options as of September 30, 2018: Number of aircraft: Large 2 2 — — — 4 2 2 — — — 4 Related option expenditures (in thousands) (2) $ 44,181 $ 31,536 $ — $ — $ — $ 75,717 _____________ (1) Includes $92.6 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) Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised. |
Aircraft lease table | The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of September 30, 2018 : End of Lease Term Number of Aircraft Six months ending March 31, 2019 to fiscal year 2020 36 Fiscal year 2021 to fiscal year 2023 32 Fiscal year 2024 to fiscal year 2025 11 79 |
Schedule of separation programs | The expense related to the ISPs for the three and six months ended September 30, 2018 and 2017 is as follows (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Direct cost $ 1,212 $ 1,477 $ 2,713 $ 2,547 General and administrative 1,515 933 1,733 8,542 Total $ 2,727 $ 2,410 $ 4,446 $ 11,089 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
Schedule of components of net periodic pension cost | The following table provides a detail of the components of net periodic pension cost (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Service cost for benefits earned during the period $ 210 $ 212 $ 429 $ 418 Interest cost on pension benefit obligation 3,221 3,187 6,585 6,300 Expected return on assets (4,247 ) (5,228 ) (8,681 ) (10,334 ) Amortization of unrecognized losses 1,970 2,011 4,027 3,976 Net periodic pension cost $ 1,154 $ 182 $ 2,360 $ 360 |
Assumptions used for stock options granted | The following table shows the assumptions used to compute the stock-based compensation expense for stock options granted during the six months ended September 30, 2018 : Risk free interest rate 2.76 % Expected life (years) 5 Volatility 62.8 % Dividend yield — % Weighted average exercise price of options granted $12.19 per option Weighted average grant-date fair value of options granted $6.71 per option |
EARNINGS PER SHARE AND ACCUMU_2
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | |
Schedule of antidilutive securities excluded from computation of earnings per share | Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Options: Outstanding 2,751,470 3,761,830 2,794,032 2,688,049 Weighted average exercise price $ 31.26 $ 29.89 $ 33.25 $ 41.27 Restricted stock awards: Outstanding 773,799 735,648 515,395 567,396 Weighted average price $ 12.29 $ 15.07 $ 13.68 $ 18.88 |
Schedule of earnings per share, basic and diluted | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2018 2017 2018 2017 Loss (in thousands): Loss available to common stockholders – basic $ (144,190 ) $ (31,209 ) $ (176,298 ) $ (86,484 ) Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) — — — — Loss available to common stockholders – diluted (144,190 ) (31,209 ) $ (176,298 ) $ (86,484 ) Shares: Weighted average number of common shares outstanding – basic 35,768,232 35,317,935 35,685,388 35,253,688 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) 35,768,232 35,317,935 35,685,388 35,253,688 Basic loss per common share $ (4.03 ) $ (0.88 ) $ (4.94 ) $ (2.45 ) Diluted loss per common share $ (4.03 ) $ (0.88 ) $ (4.94 ) $ (2.45 ) _____________ (1) Diluted loss per common share for three and six months ended September 30, 2018 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 4½% Convertible Senior Notes. The 4½% Convertible Senior Notes will be convertible, under certain circumstances, into cash, shares of our common stock or a combination of cash and our common stock, at our election. We have initially elected combination settlement. As of September 30, 2018 and March 31, 2018 , the base conversion price of the notes was approximately $15.64 , based on the base conversion rate of 63.9488 shares of common stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances). In general, upon conversion of a note, the holder will receive cash equal to the principal amount of the note and common stock to the extent of the note’s conversion value in excess of such principal amount. Such shares did not impact our calculation of diluted loss per share for the three and six months ended September 30, 2018 as our average stock price during these periods did not meet or exceed the conversion requirements. (2) Potentially dilutive shares issuable pursuant to our warrant transactions entered into concurrently with the issuance of our 4½% Convertible Senior Notes (the “Warrant Transactions”) were not included in the computation of diluted loss per share for the three and six months ended September 30, 2018 , because to do so would have been anti-dilutive. For further details on the Warrant Transactions, see Note 4 in our fiscal year 2018 Financial Statements. |
Schedule of accumulated other comprehensive income (loss) | The following table sets forth the changes in the balances of each component of accumulated other comprehensive loss (in thousands): Currency Translation Adjustments Pension Liability Adjustments (1) Unrealized gain (loss) on cash flow hedges (2) Total Balance as of March 31, 2018 $ (79,066 ) $ (206,682 ) $ (346 ) $ (286,094 ) Other comprehensive income before reclassification (37,171 ) — 2,408 (34,763 ) Reclassified from accumulated other comprehensive income — — (1,158 ) (1,158 ) Net current period other comprehensive income (37,171 ) — 1,250 (35,921 ) Foreign exchange rate impact (16,378 ) 16,378 — — Balance as of September 30, 2018 $ (132,615 ) $ (190,304 ) $ 904 $ (322,015 ) _____________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. (2) Reclassification of amounts related to cash flow hedges were included as direct costs. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of revenue by segment | The following tables show region information for the three and six months ended September 30, 2018 and 2017 and as of September 30 and March 31, 2018 , where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Region revenue from external customers: Europe Caspian $ 201,547 $ 203,923 $ 420,047 $ 395,322 Africa 39,392 49,787 75,808 100,577 Americas 57,382 59,201 109,975 114,963 Asia Pacific 51,628 59,284 111,824 111,730 Corporate and other 708 1,481 897 3,193 Total region revenue (1) $ 350,657 $ 373,676 $ 718,551 $ 725,785 Intra-region revenue: Europe Caspian $ 2,254 $ 1,483 $ 3,934 $ 2,519 Africa — — — — Americas 1,011 1,950 2,648 4,244 Asia Pacific — — — — Corporate and other — — 1 22 Total intra-region revenue $ 3,265 $ 3,433 $ 6,583 $ 6,785 Consolidated revenue: Europe Caspian $ 203,801 $ 205,406 $ 423,981 $ 397,841 Africa 39,392 49,787 75,808 100,577 Americas 58,393 61,151 112,623 119,207 Asia Pacific 51,628 59,284 111,824 111,730 Corporate and other 708 1,481 898 3,215 Intra-region eliminations (3,265 ) (3,433 ) (6,583 ) (6,785 ) Total consolidated revenue (1) $ 350,657 $ 373,676 $ 718,551 $ 725,785 _____________ (1) The above table represents disaggregated revenue from contracts with customers except for $12.2 million of revenue included in totals ( $4.1 million from Europe Caspian and $8.1 million from Americas) for the three months ended September 30, 2018 |
Operating Performance and Total Assets by Segment | Three Months Ended Six Months Ended 2018 2017 2018 2017 Earnings (losses) from unconsolidated affiliates, net – equity method investments: Europe Caspian $ (6 ) $ 61 $ 19 $ 91 Americas 16 2,150 (2,891 ) 1,615 Corporate and other (106 ) (148 ) (241 ) (308 ) Total earnings (losses) from unconsolidated affiliates, net – equity method investments $ (96 ) $ 2,063 $ (3,113 ) $ 1,398 Consolidated operating loss: Europe Caspian $ (11,414 ) $ 9,854 $ 10,514 $ 14,225 Africa 1,465 7,835 2,606 17,883 Americas 1,813 7,483 (5,774 ) 6,227 Asia Pacific (6,988 ) (5,903 ) (7,959 ) (18,433 ) Corporate and other (113,274 ) (23,689 ) (129,905 ) (49,639 ) Loss on disposal of assets (1,293 ) (8,526 ) (2,971 ) (7,827 ) Total consolidated operating loss (1) $ (129,691 ) $ (12,946 ) $ (133,489 ) $ (37,564 ) Depreciation and amortization: Europe Caspian $ 12,189 $ 12,196 $ 24,944 $ 24,018 Africa 3,665 3,590 7,079 6,666 Americas 7,310 6,998 14,191 13,997 Asia Pacific 4,054 5,058 8,409 10,868 Corporate and other 3,271 3,539 6,807 6,888 Total depreciation and amortization $ 30,489 $ 31,381 $ 61,430 $ 62,437 September 30, March 31, Identifiable assets: Europe Caspian $ 916,960 $ 1,087,437 Africa 392,865 374,121 Americas 744,494 788,879 Asia Pacific 289,379 342,166 Corporate and other (2) 517,106 572,399 Total identifiable assets $ 2,860,804 $ 3,165,002 Investments in unconsolidated affiliates – equity method investments: Europe Caspian $ 234 $ 270 Americas 101,239 116,276 Corporate and other 2,878 3,338 Total investments in unconsolidated affiliates – equity method investments $ 104,351 $ 119,884 _____________ (1) Results for the three months ended September 30, 2018 were positively impacted by a reduction to rent expense of $2.4 million (included in direct costs) impacting Europe Caspian and Asia Pacific regions by $1.7 million and $0.7 million , respectively, related to OEM cost recoveries for ongoing aircraft issues. Results for the six months ended September 30, 2018 were positively impacted by a reduction to rent expense of $5.9 million (included in direct costs) impacting Europe Caspian and Asia Pacific regions by $4.4 million and $1.5 million , respectively, related to OEM cost recoveries for ongoing aircraft issues. For further details, see Note 1. (2) Includes $64.3 million and $67.7 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of September 30 and March 31, 2018 , respectively, which primarily represents progress payments on aircraft to be delivered in future periods. |
SUPPLEMENTAL CONDENSED CONSOL_2
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Statement of Operations | Supplemental Condensed Consolidating Statement of Operations Three Months Ended September 30, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenue: Gross revenue $ 45 $ 36,798 $ 313,814 $ — $ 350,657 Intercompany revenue — 27,496 — (27,496 ) — 45 64,294 313,814 (27,496 ) 350,657 Operating expense: Direct cost and reimbursable expense 20 40,981 251,410 — 292,411 Intercompany expenses 15,307 — 12,189 (27,496 ) — Depreciation and amortization 3,092 17,733 9,664 — 30,489 General and administrative 12,907 5,125 20,807 — 38,839 31,326 63,839 294,070 (27,496 ) 361,739 Loss on impairment — (87,474 ) (29,746 ) — (117,220 ) Loss on disposal of assets — (318 ) (975 ) — (1,293 ) Earnings (losses) from unconsolidated affiliates, net (123,987 ) — (96 ) 123,987 (96 ) Operating loss (155,268 ) (87,337 ) (11,073 ) 123,987 (129,691 ) Interest expense, net (15,564 ) (5,915 ) (4,954 ) — (26,433 ) Other income (expense), net 50 242 (3,496 ) — (3,204 ) Loss before (provision) benefit for income taxes (170,782 ) (93,010 ) (19,523 ) 123,987 (159,328 ) Allocation of consolidated income taxes 26,605 (1,176 ) (9,774 ) — 15,655 Net loss (144,177 ) (94,186 ) (29,297 ) 123,987 (143,673 ) Net income attributable to noncontrolling interests (13 ) — (504 ) — (517 ) Net loss attributable to Bristow Group $ (144,190 ) $ (94,186 ) $ (29,801 ) $ 123,987 $ (144,190 ) Supplemental Condensed Consolidating Statement of Operations Three Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Gross revenue $ — $ 46,952 $ 326,724 $ — $ 373,676 Intercompany revenue — 31,719 — (31,719 ) — — 78,671 326,724 (31,719 ) 373,676 Operating expense: Direct cost and reimbursable expense 3,263 45,955 250,938 — 300,156 Intercompany expenses — — 31,719 (31,719 ) — Depreciation and amortization 3,016 13,237 15,128 — 31,381 General and administrative 17,880 5,623 25,119 — 48,622 24,159 64,815 322,904 (31,719 ) 380,159 Gain (loss) on disposal of assets — 10,597 (19,123 ) — (8,526 ) Earnings (losses) from unconsolidated affiliates, net 9,642 — 2,063 (9,642 ) 2,063 Operating income (loss) (14,517 ) 24,453 (13,240 ) (9,642 ) (12,946 ) Interest expense, net (10,636 ) (6,023 ) (1,904 ) — (18,563 ) Other income (expense), net (97 ) (399 ) 3,083 — 2,587 Income (loss) before (provision) benefit for income taxes (25,250 ) 18,031 (12,061 ) (9,642 ) (28,922 ) Allocation of consolidated income taxes (5,946 ) (1,945 ) 5,417 — (2,474 ) Net income (loss) (31,196 ) 16,086 (6,644 ) (9,642 ) (31,396 ) Net (income) loss attributable to noncontrolling interests (13 ) — 200 — 187 Net income (loss) attributable to Bristow Group $ (31,209 ) $ 16,086 $ (6,444 ) $ (9,642 ) $ (31,209 ) Supplemental Condensed Consolidating Statement of Operations Six Months Ended September 30, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Third party revenue $ 90 $ 70,933 $ 647,528 $ — $ 718,551 Intercompany revenue — 54,013 — (54,013 ) — 90 124,946 647,528 (54,013 ) 718,551 Operating expense: Direct cost and reimbursable expense 36 82,857 505,473 — 588,366 Intercompany expenses 15,307 — 38,706 (54,013 ) — Depreciation and amortization 6,158 35,955 19,317 — 61,430 General and administrative 25,695 8,923 44,322 — 78,940 47,196 127,735 607,818 (54,013 ) 728,736 Loss on impairment — (87,474 ) (29,746 ) — (117,220 ) Loss on disposal of assets (806 ) (1,478 ) (687 ) — (2,971 ) Earnings (losses) from unconsolidated affiliates, net (131,296 ) — (3,113 ) 131,296 (3,113 ) Operating income (loss) (179,208 ) (91,741 ) 6,164 131,296 (133,489 ) Interest expense, net (31,943 ) (12,745 ) (8,889 ) — (53,577 ) Other income (expense), net 184 1,317 (8,655 ) — (7,154 ) Loss before (provision) benefit for income taxes (210,967 ) (103,169 ) (11,380 ) 131,296 (194,220 ) Allocation of consolidated income taxes 34,697 (283 ) (15,908 ) — 18,506 Net loss (176,270 ) (103,452 ) (27,288 ) 131,296 (175,714 ) Net income attributable to noncontrolling interests (28 ) — (556 ) — (584 ) Net loss attributable to Bristow Group $ (176,298 ) $ (103,452 ) $ (27,844 ) $ 131,296 $ (176,298 ) Supplemental Condensed Consolidating Statement of Operations Six Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Revenue: Third party revenue $ — $ 92,727 $ 633,058 $ — $ 725,785 Intercompany revenue — 63,910 — (63,910 ) — — 156,637 633,058 (63,910 ) 725,785 Operating expense: Direct cost and reimbursable expense 3,269 98,289 496,404 — 597,962 Intercompany expenses — — 63,910 (63,910 ) — Depreciation and amortization 5,933 25,720 30,784 — 62,437 General and administrative 36,987 11,385 46,957 — 95,329 46,189 135,394 638,055 (63,910 ) 755,728 Loss on impairment — (1,192 ) — — (1,192 ) Gain (loss) on disposal of assets — 11,013 (18,840 ) — (7,827 ) Earnings (losses) from unconsolidated affiliates, net (11,003 ) — 1,398 11,003 1,398 Operating income (loss) (57,192 ) 31,064 (22,439 ) 11,003 (37,564 ) Interest expense, net (19,694 ) (11,803 ) (3,087 ) — (34,584 ) Other income (expense), net (126 ) (756 ) 1,853 — 971 Income (loss) before provision for income taxes (77,012 ) 18,505 (23,673 ) 11,003 (71,177 ) Allocation of consolidated income taxes (9,448 ) (6,105 ) (412 ) — (15,965 ) Net income (loss) (86,460 ) 12,400 (24,085 ) 11,003 (87,142 ) Net (income) loss attributable to noncontrolling interests (24 ) — 682 — 658 Net income (loss) attributable to Bristow Group $ (86,484 ) $ 12,400 $ (23,403 ) $ 11,003 $ (86,484 ) |
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) | Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (144,177 ) $ (94,186 ) $ (29,297 ) $ 123,987 $ (143,673 ) Other comprehensive loss: Currency translation adjustments — (159 ) (14,306 ) 6,498 (7,967 ) Unrealized loss on cash flow hedges — — (98 ) — (98 ) Total comprehensive loss (144,177 ) (94,345 ) (43,701 ) 130,485 (151,738 ) Net income attributable to noncontrolling interests (13 ) — (504 ) — (517 ) Currency translation adjustments attributable to noncontrolling interests — — (32 ) — (32 ) Total comprehensive income attributable to noncontrolling interests (13 ) — (536 ) — (549 ) Total comprehensive loss attributable to Bristow Group $ (144,190 ) $ (94,345 ) $ (44,237 ) $ 130,485 $ (152,287 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (31,196 ) $ 16,086 $ (6,644 ) $ (9,642 ) $ (31,396 ) Other comprehensive income (loss): Currency translation adjustments — 306 14,218 (3,833 ) 10,691 Total comprehensive income (loss) (31,196 ) 16,392 7,574 (13,475 ) (20,705 ) Net (income) loss attributable to noncontrolling interests (13 ) — 200 — 187 Currency translation adjustments attributable to noncontrolling interests — — 237 — 237 Total comprehensive (income) loss attributable to noncontrolling interests (13 ) — 437 — 424 Total comprehensive income (loss) attributable to Bristow Group $ (31,209 ) $ 16,392 $ 8,011 $ (13,475 ) $ (20,281 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended September 30, 2018 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net loss $ (176,270 ) $ (103,452 ) $ (27,288 ) $ 131,296 $ (175,714 ) Other comprehensive loss: Currency translation adjustments — (1,045 ) (96,108 ) 60,153 (37,000 ) Unrealized gain on cash flow hedges — — 1,250 — 1,250 Total comprehensive loss (176,270 ) (104,497 ) (122,146 ) 191,449 (211,464 ) Net income attributable to noncontrolling interests (28 ) — (556 ) — (584 ) Currency translation adjustments attributable to noncontrolling interests — — (171 ) — (171 ) Total comprehensive income attributable to noncontrolling interests (28 ) — (727 ) — (755 ) Total comprehensive loss attributable to Bristow Group $ (176,298 ) $ (104,497 ) $ (122,873 ) $ 191,449 $ (212,219 ) Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) Six Months Ended September 30, 2017 Parent Guarantor Non- Eliminations Consolidated (In thousands) Net income (loss) $ (86,460 ) $ 12,400 $ (24,085 ) $ 11,003 $ (87,142 ) Other comprehensive income (loss): Currency translation adjustments — 644 28,570 (8,763 ) 20,451 Total comprehensive income (loss) (86,460 ) 13,044 4,485 2,240 (66,691 ) Net (income) loss attributable to noncontrolling interests (24 ) — 682 — 658 Currency translation adjustments attributable to noncontrolling interests — — 547 — 547 Total comprehensive (income) loss attributable to noncontrolling interests (24 ) — 1,229 — 1,205 Total comprehensive income (loss) attributable to Bristow Group $ (86,484 ) $ 13,044 $ 5,714 $ 2,240 $ (65,486 ) |
Supplemental Condensed Consolidating Balance Sheet | Supplemental Condensed Consolidating Balance Sheet As of September 30, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 236,075 $ 1,131 $ 70,585 $ — $ 307,791 Accounts receivable 438,878 508,873 291,308 (1,007,238 ) 231,821 Inventories — 36,637 81,069 — 117,706 Assets held for sale — 19,856 4,320 — 24,176 Prepaid expenses and other current assets 2,608 2,802 41,193 — 46,603 Total current assets 677,561 569,299 488,475 (1,007,238 ) 728,097 Intercompany investment 1,899,228 104,435 131,710 (2,135,373 ) — Investment in unconsolidated affiliates — — 110,637 — 110,637 Intercompany notes receivable 124,389 9,229 159,725 (293,343 ) — Property and equipment—at cost: Land and buildings 4,806 58,089 180,350 — 243,245 Aircraft and equipment 157,378 1,317,739 1,016,174 — 2,491,291 162,184 1,375,828 1,196,524 — 2,734,536 Less: Accumulated depreciation and amortization (45,937 ) (384,448 ) (417,886 ) — (848,271 ) 116,247 991,380 778,638 — 1,886,265 Goodwill — — 18,778 — 18,778 Other assets 4,303 2,026 110,698 — 117,027 Total assets $ 2,821,728 $ 1,676,369 $ 1,798,661 $ (3,435,954 ) $ 2,860,804 LIABILITIES AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 397,602 $ 428,348 $ 276,016 $ (998,456 ) $ 103,510 Accrued liabilities 53,851 (5,771 ) 139,516 (7,738 ) 179,858 Short-term borrowings and current maturities of long-term debt 844,562 278,669 316,700 — 1,439,931 Total current liabilities 1,296,015 701,246 732,232 (1,006,194 ) 1,723,299 Long-term debt, less current maturities — — 9,778 — 9,778 Intercompany notes payable 105,791 168,885 19,769 (294,445 ) — Accrued pension liabilities — — 28,484 — 28,484 Other liabilities and deferred credits 12,177 7,253 12,209 — 31,639 Deferred taxes 42,991 27,343 27,038 — 97,372 Stockholders’ investment: Common stock 385 4,996 131,317 (136,313 ) 385 Additional paid-in-capital 858,809 29,387 284,048 (313,435 ) 858,809 Retained earnings 610,790 736,924 279,532 (1,016,456 ) 610,790 Accumulated other comprehensive income (loss) 78,306 335 268,455 (669,111 ) (322,015 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,363,494 771,642 963,352 (2,135,315 ) 963,173 Noncontrolling interests 1,260 — 5,799 — 7,059 Total stockholders’ investment 1,364,754 771,642 969,151 (2,135,315 ) 970,232 Total liabilities and stockholders’ investment $ 2,821,728 $ 1,676,369 $ 1,798,661 $ (3,435,954 ) $ 2,860,804 Supplemental Condensed Consolidating Balance Sheet As of March 31, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 277,176 $ 8,904 $ 94,143 $ — $ 380,223 Accounts receivable 211,412 423,214 250,984 (638,630 ) 246,980 Inventories — 31,300 98,314 — 129,614 Assets held for sale — 26,737 3,611 — 30,348 Prepaid expenses and other current assets 3,367 4,494 41,016 (1,643 ) 47,234 Total current assets 491,955 494,649 488,068 (640,273 ) 834,399 Intercompany investment 2,199,505 104,435 141,683 (2,445,623 ) — Investment in unconsolidated affiliates — — 126,170 — 126,170 Intercompany notes receivable 183,634 36,358 368,575 (588,567 ) — Property and equipment—at cost: Land and buildings 4,806 58,191 187,043 — 250,040 Aircraft and equipment 156,651 1,326,922 1,027,558 — 2,511,131 161,457 1,385,113 1,214,601 — 2,761,171 Less: Accumulated depreciation and amortization (39,780 ) (263,412 ) (389,959 ) — (693,151 ) 121,677 1,121,701 824,642 — 2,068,020 Goodwill — — 19,907 — 19,907 Other assets 4,966 2,122 109,418 — 116,506 Total assets $ 3,001,737 $ 1,759,265 $ 2,078,463 $ (3,674,463 ) $ 3,165,002 LIABILITIES AND STOCKHOLDERS’ INVESTMENT Current liabilities: Accounts payable $ 341,342 $ 175,133 $ 201,704 $ (616,909 ) $ 101,270 Accrued liabilities 59,070 6,735 166,026 (21,955 ) 209,876 Short-term borrowings and current maturities of long-term debt 840,485 296,782 338,171 — 1,475,438 Total current liabilities 1,240,897 478,650 705,901 (638,864 ) 1,786,584 Long-term debt, less current maturities — — 11,096 — 11,096 Intercompany notes payable 132,740 370,407 41,001 (544,148 ) — Accrued pension liabilities — — 37,034 — 37,034 Other liabilities and deferred credits 14,078 7,924 14,950 — 36,952 Deferred taxes 77,373 27,794 10,025 — 115,192 Stockholders’ investment: Common stock 382 4,996 131,317 (136,313 ) 382 Additional paid-in-capital 852,565 29,387 284,048 (313,435 ) 852,565 Retained earnings 788,834 838,727 473,712 (1,312,439 ) 788,834 Accumulated other comprehensive income (loss) 78,306 1,380 363,484 (729,264 ) (286,094 ) Treasury shares (184,796 ) — — — (184,796 ) Total Bristow Group stockholders’ investment 1,535,291 874,490 1,252,561 (2,491,451 ) 1,170,891 Noncontrolling interests 1,358 — 5,895 — 7,253 Total stockholders’ investment 1,536,649 874,490 1,258,456 (2,491,451 ) 1,178,144 Total liabilities and stockholders’ investment $ 3,001,737 $ 1,759,265 $ 2,078,463 $ (3,674,463 ) $ 3,165,002 |
Supplemental Condensed Consolidating Statement of Cash Flows | Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended September 30, 2018 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (35,375 ) $ 14,041 $ (5,568 ) $ — $ (26,902 ) Cash flows from investing activities: Capital expenditures (1,536 ) (2,499 ) (13,267 ) — (17,302 ) Proceeds from asset dispositions — 7,528 934 — 8,462 Net cash provided by (used in) investing activities (1,536 ) 5,029 (12,333 ) — (8,840 ) Cash flows from financing activities: Proceeds from borrowings — — 387 — 387 Debt issuance costs (597 ) (32 ) (1,925 ) — (2,554 ) Repayment of debt (8,841 ) (10,505 ) (10,624 ) — (29,970 ) Dividends paid 162,941 1,649 (164,590 ) — — Increases (decreases) in cash related to intercompany advances and debt (158,992 ) (17,955 ) 176,947 — — Partial prepayment of put/call obligation (27 ) — — — (27 ) Dividends paid to noncontrolling interest — — (580 ) — (580 ) Issuance of common stock 2,830 — — — 2,830 Repurchases for tax withholdings on vesting of equity awards (1,504 ) — — — (1,504 ) Net cash provided by (used in) financing activities (4,190 ) (26,843 ) (385 ) — (31,418 ) Effect of exchange rate changes on cash and cash equivalents — — (5,272 ) — (5,272 ) Net decrease in cash and cash equivalents (41,101 ) (7,773 ) (23,558 ) — (72,432 ) Cash and cash equivalents at beginning of period 277,176 8,904 94,143 — 380,223 Cash and cash equivalents at end of period $ 236,075 $ 1,131 $ 70,585 $ — $ 307,791 Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended September 30, 2017 Parent Company Only Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by (used in) operating activities $ (78,756 ) $ 32,581 $ 10,841 $ — $ (35,334 ) Cash flows from investing activities: Capital expenditures (6,306 ) (5,814 ) (89,677 ) 77,480 (24,317 ) Proceeds from asset dispositions — 80,210 39,514 (77,480 ) 42,244 Net cash provided by (used in) investing activities (6,306 ) 74,396 (50,163 ) — 17,927 Cash flows from financing activities: Proceeds from borrowings 107,800 — 230,218 — 338,018 Debt issuance costs — (552 ) (6,143 ) — (6,695 ) Repayment of debt (285,946 ) (9,073 ) (23,111 ) — (318,130 ) Dividends paid 110,637 — (113,102 ) — (2,465 ) Increases (decreases) in cash related to intercompany advances and debt 150,351 (96,880 ) (53,471 ) — — Partial prepayment of put/call obligation (23 ) — — — (23 ) Repurchases for tax withholdings on vesting of equity awards (548 ) — — — (548 ) Net cash provided by (used in) financing activities 82,271 (106,505 ) 34,391 — 10,157 Effect of exchange rate changes on cash and cash equivalents — — 7,937 — 7,937 Net increase (decrease) in cash and cash equivalents (2,791 ) 472 3,006 — 687 Cash and cash equivalents at beginning of period 3,382 299 92,975 — 96,656 Cash and cash equivalents at end of period $ 591 $ 771 $ 95,981 $ — $ 97,343 |
BASIS OF PRESENTATION, CONSOL_4
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Immaterial Corrections to Prior Period Financial Information (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Long-term debt, less current maturities | $ 9,778 | $ 11,096 | ||||
Accrued wages, benefits and related taxes | 51,960 | 67,334 | ||||
Retained earnings | 610,790 | 788,834 | ||||
Total Bristow Group stockholders’ investment | 963,173 | 1,170,891 | ||||
Total stockholders’ investment | 970,232 | $ 1,120,644 | 1,178,144 | $ 1,228,079 | $ 1,245,841 | $ 1,289,283 |
Previously Reported [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Accrued wages, benefits and related taxes | 47,011 | 62,385 | ||||
Retained earnings | 615,739 | 793,783 | ||||
Total Bristow Group stockholders’ investment | 968,122 | 1,175,840 | ||||
Total stockholders’ investment | 975,181 | 1,183,093 | ||||
Restatement Adjustment [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Long-term debt, less current maturities | (1,400,000) | (1,400,000) | ||||
Accrued wages, benefits and related taxes | 4,949 | 4,949 | ||||
Retained earnings | (4,949) | (4,949) | ||||
Total Bristow Group stockholders’ investment | (4,949) | (4,949) | ||||
Total stockholders’ investment | $ (4,949) | $ (4,949) |
BASIS OF PRESENTATION, CONSOL_5
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loss on impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of inventories | $ 9,276 | $ 0 | $ 9,276 | $ 1,192 | |
Impairment of property and equipment | 104,939 | 0 | 104,939 | 0 | |
Impairment of intangible assets | 3,005 | 0 | 3,005 | 0 | |
Loss on impairment | 117,220 | $ 0 | 117,220 | 1,192 | |
Property and equipment, net | 1,886,265 | 1,886,265 | $ 2,068,020 | ||
H225 Aircraft [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of inventories | 8,900 | 8,900 | |||
Impairment of property and equipment | 87,500 | 87,500 | |||
Property and equipment, net | 116,400 | 116,400 | |||
Oil and Gas Properties [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of property and equipment | 0 | 0 | |||
Eastern Airways [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of inventories | 300 | 300 | |||
Impairment of property and equipment | 17,500 | 17,500 | |||
Impairment of intangible assets | 3,000 | 3,005 | |||
Assets, Fair Value Disclosure | $ 20,500 | $ 20,500 | |||
Training Aircraft [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of inventories | $ 1,200 |
BASIS OF PRESENTATION, CONSOL_6
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Exposure (Details) | Sep. 30, 2018 | Sep. 30, 2017 |
One British pound sterling into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.30 | 1.34 |
One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.30 | 1.34 |
One euro into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.16 | 1.18 |
One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.16 | 1.18 |
One Australian dollar into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.72 | 0.78 |
One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.72 | 0.78 |
One Norwegian kroner into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1228 | 0.1256 |
One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1228 | 0.1256 |
One Nigerian naira into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0027 | 0.0028 |
One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0027 | 0.0028 |
High | One British pound sterling into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.33 | 1.36 |
High | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.43 | 1.36 |
High | One euro into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.18 | 1.20 |
High | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.24 | 1.20 |
High | One Australian dollar into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.75 | 0.81 |
High | One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.78 | 0.81 |
High | One Norwegian kroner into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1249 | 0.1294 |
High | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1290 | 0.1294 |
High | One Nigerian naira into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0032 |
High | One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0033 |
Average | One British pound sterling into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.30 | 1.31 |
Average | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.33 | 1.29 |
Average | One euro into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.16 | 1.17 |
Average | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.18 | 1.14 |
Average | One Australian dollar into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.73 | 0.79 |
Average | One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.74 | 0.77 |
Average | One Norwegian kroner into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1214 | 0.1257 |
Average | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1230 | 0.1216 |
Average | One Nigerian naira into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0029 |
Average | One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0028 | 0.0031 |
Low | One British pound sterling into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.27 | 1.28 |
Low | One British pound sterling into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.27 | 1.24 |
Low | One euro into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.13 | 1.13 |
Low | One euro into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 1.13 | 1.06 |
Low | One Australian dollar into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.71 | 0.76 |
Low | One Australian dollar into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.71 | 0.74 |
Low | One Norwegian kroner into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1179 | 0.1190 |
Low | One Norwegian kroner into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.1179 | 0.1152 |
Low | One Nigerian naira into U.S. dollars | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0027 | 0.0027 |
Low | One Nigerian naira into U.S. dollars | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.0027 | 0.0027 |
BASIS OF PRESENTATION, CONSOL_7
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Foreign currency transaction gains (losses) | $ (2.3) | $ 2.5 | $ (5.3) | $ 0.8 |
Impact of foreign exchange rates on unconsolidated affiliates | $ (1) | $ 0.3 | $ (3.6) | $ (0.9) |
BASIS OF PRESENTATION, CONSOL_8
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of Brazilian Real to U.S. Dollar Exchange Rate (Details) - One Brazilian real into U.S. dollars | Sep. 30, 2018 | Sep. 30, 2017 |
Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2504 | 0.3161 |
Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2504 | 0.3161 |
High | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2699 | 0.3244 |
High | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.3020 | 0.3244 |
Average | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2537 | 0.3162 |
Average | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2657 | 0.3138 |
Low | Quarter To Date [Member] | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2390 | 0.3009 |
Low | Year To Date | ||
Schedule of Foreign Currency [Line Items] | ||
Foreign currency exchange rates | 0.2390 | 0.2995 |
BASIS OF PRESENTATION, CONSOL_9
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of Changes in Foreign Currency Exchange Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | |
Schedule of Foreign Currency [Line Items] | ||||||||
Revenue | $ 350,657 | $ 373,676 | $ 718,551 | $ 725,785 | ||||
Operating expense | (361,739) | (380,159) | (728,736) | (755,728) | ||||
Earnings (losses) from unconsolidated affiliates, net | (96) | 2,063 | (3,113) | 1,398 | ||||
Loss before benefit (provision) for income taxes | (159,328) | (28,922) | (194,220) | (71,177) | ||||
Benefit for income taxes | 15,655 | (2,474) | 18,506 | (15,965) | ||||
Net income (loss) | (143,673) | (31,396) | (175,714) | (87,142) | ||||
Total stockholders’ investment | 970,232 | $ 1,228,079 | 970,232 | $ 1,228,079 | $ 1,120,644 | $ 1,178,144 | $ 1,245,841 | $ 1,289,283 |
Quarter To Date [Member] | Impact of Changes in Foreign Currency Exchange Rates | ||||||||
Schedule of Foreign Currency [Line Items] | ||||||||
Revenue | (5,257) | |||||||
Operating expense | 4,913 | |||||||
Earnings (losses) from unconsolidated affiliates, net | (1,278) | |||||||
Non-operating expense | (4,831) | |||||||
Loss before benefit (provision) for income taxes | (6,453) | |||||||
Benefit for income taxes | 1,280 | |||||||
Net income (loss) | (5,173) | |||||||
Cumulative translation adjustment | (7,999) | |||||||
Total stockholders’ investment | (13,172) | (13,172) | ||||||
Year To Date | Impact of Changes in Foreign Currency Exchange Rates | ||||||||
Schedule of Foreign Currency [Line Items] | ||||||||
Revenue | 5,192 | |||||||
Operating expense | (273) | |||||||
Earnings (losses) from unconsolidated affiliates, net | (2,718) | |||||||
Non-operating expense | (6,182) | |||||||
Loss before benefit (provision) for income taxes | (3,981) | |||||||
Benefit for income taxes | 1,193 | |||||||
Net income (loss) | (2,788) | |||||||
Cumulative translation adjustment | (37,171) | |||||||
Total stockholders’ investment | $ (39,959) | $ (39,959) |
BASIS OF PRESENTATION, CONSO_10
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Interest income | $ 1,229 | $ 154 | $ 1,408 | $ 368 |
Interest expense | (27,662) | (18,717) | (54,985) | (34,952) |
Interest expense, net | $ (26,433) | $ (18,563) | $ (53,577) | $ (34,584) |
BASIS OF PRESENTATION, CONSO_11
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Item Affected [Line Items] | ||||||||
Retained earnings | $ 610,790,000 | $ 610,790,000 | $ 788,834,000 | |||||
Allowance for doubtful accounts receivable | 600,000 | 600,000 | 3,300,000 | |||||
Allowance for Doubtful Accounts Receivable, Write-offs | 2,300,000 | 2,300,000 | ||||||
Inventory allowance | 22,400,000 | 22,400,000 | 26,000,000 | |||||
Impairment of inventories | 9,276,000 | $ 0 | 9,276,000 | $ 1,192,000 | ||||
Short-term portion of contract acquisition and pre-operating costs | 9,900,000 | 9,900,000 | 10,800,000 | |||||
Amortization of other deferred charges | 2,500,000 | 2,800,000 | 5,200,000 | 5,700,000 | ||||
Goodwill | 18,778,000 | 18,778,000 | 19,907,000 | |||||
Accumulated goodwill impairment | 50,861,000 | 50,861,000 | 50,861,000 | |||||
Impairment of intangible assets | 3,005,000 | 0 | 3,005,000 | 0 | ||||
Long-term portion of contract acquisition and pre-operating costs | 42,200,000 | 42,200,000 | 50,600,000 | |||||
Deferred OEM cost recovery | 3,997,000 | 3,997,000 | 8,082,000 | |||||
Impairment of property and equipment | 104,939,000 | 0 | 104,939,000 | 0 | ||||
Impairment charges on aircraft held for sale | 0 | 8,183,000 | 0 | 9,747,000 | ||||
Other accrued liabilities | 52,735,000 | 52,735,000 | 65,978,000 | |||||
Progress payments for aircraft | 0 | 1,000,000 | 0 | 2,300,000 | ||||
Accounting Standards Update 2016-16 [Member] | Retained Earnings | ||||||||
Item Affected [Line Items] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (1,700,000) | (1,700,000) | ||||||
Accounting Standards Update 2017-07 [Member] | ||||||||
Item Affected [Line Items] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 100,000 | 100,000 | ||||||
Bristow Academy [Member] | ||||||||
Item Affected [Line Items] | ||||||||
Impairment charges on aircraft held for sale | $ 6,500,000 | 6,500,000 | ||||||
OEM Cost recoveries | ||||||||
Item Affected [Line Items] | ||||||||
Original Equipment Manufacturer, Recoveries Sought | 136,000,000 | |||||||
Original Equipment Manufacturer, Amount Received | 11,000,000 | 125,000,000 | ||||||
Accumulated Depreciation, Period Increase (Decrease) | (94,500,000) | |||||||
Deferred OEM cost recovery | 8,000,000 | 8,000,000 | 13,900,000 | |||||
OEM Cost recoveries | Rent Expense | ||||||||
Item Affected [Line Items] | ||||||||
Offset Amount, Expense | 2,400,000 | 5,900,000 | 16,600,000 | |||||
Offset Amount, Expense, Remainder of Fiscal Year | 2,000,000 | 2,000,000 | ||||||
Offset Amount, Expense, Rolling Year Two | 4,000,000 | 4,000,000 | ||||||
Offset Amount, Expense, Rolling Year Three | 2,000,000 | 2,000,000 | ||||||
OEM Cost recoveries | Revenue | ||||||||
Item Affected [Line Items] | ||||||||
Former Gain Contingency, Recognized in Current Period | 7,600,000 | 7,600,000 | ||||||
OEM Cost recoveries | Direct cost | ||||||||
Item Affected [Line Items] | ||||||||
Former Gain Contingency, Recognized in Current Period | 2,100,000 | 2,100,000 | ||||||
OEM Cost recoveries | Direct cost | Scenario, Forecast [Member] | ||||||||
Item Affected [Line Items] | ||||||||
Effect on Future Earnings, Offset Amount | $ (300,000) | $ (1,000,000) | $ (1,300,000) | |||||
Affiliated entity | ||||||||
Item Affected [Line Items] | ||||||||
Allowance for doubtful accounts receivable | 0 | 0 | 0 | |||||
Training Aircraft [Member] | ||||||||
Item Affected [Line Items] | ||||||||
Impairment of inventories | $ 1,200,000 | |||||||
H225 Aircraft [Member] | ||||||||
Item Affected [Line Items] | ||||||||
Impairment of inventories | 8,900,000 | 8,900,000 | ||||||
Impairment of property and equipment | 87,500,000 | 87,500,000 | ||||||
H225 Aircraft [Member] | Depreciation Expense | ||||||||
Item Affected [Line Items] | ||||||||
Offset Amount, Expense, Remainder of Fiscal Year | 3,000,000 | 3,000,000 | ||||||
Offset Amount, Expense, Rolling Year Two | 5,900,000 | 5,900,000 | ||||||
Offset Amount, Expense, Rolling Year Three | 1,900,000 | 1,900,000 | ||||||
Offset Amount, Expense, Rolling Year Four And Thereafter | (10,300,000) | (10,300,000) | ||||||
Oil and Gas Properties [Member] | ||||||||
Item Affected [Line Items] | ||||||||
Impairment of property and equipment | 0 | 0 | ||||||
Eastern Airways [Member] | ||||||||
Item Affected [Line Items] | ||||||||
Impairment of inventories | 300,000 | 300,000 | ||||||
Impairment of intangible assets | 3,000,000 | 3,005,000 | ||||||
Impairment of property and equipment | 17,500,000 | 17,500,000 | ||||||
Restatement Adjustment [Member] | ||||||||
Item Affected [Line Items] | ||||||||
Retained earnings | $ (4,949,000) | $ (4,949,000) | $ (4,949,000) |
BASIS OF PRESENTATION, CONSO_12
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2018 | Mar. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill - beginning balance | $ 19,907 | |
Foreign currency translation | (1,129) | |
Goodwill - ending balance | 18,778 | |
Total accumulated goodwill impairment | (50,861) | $ (50,861) |
Europe Caspian | ||
Goodwill [Roll Forward] | ||
Total accumulated goodwill impairment | (33,883) | (33,883) |
Africa | ||
Goodwill [Roll Forward] | ||
Total accumulated goodwill impairment | (6,179) | (6,179) |
Americas | ||
Goodwill [Roll Forward] | ||
Total accumulated goodwill impairment | (576) | (576) |
Corporate and other | ||
Goodwill [Roll Forward] | ||
Total accumulated goodwill impairment | $ (10,223) | $ (10,223) |
BASIS OF PRESENTATION, CONSO_13
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | $ 27,686 | |||
Foreign currency translation | (346) | |||
Intangible assets - ending balance | $ 27,340 | 27,340 | ||
Accumulated amortization of intangible assets - beginning balance | (22,388) | |||
Impairment of intangible assets | (3,005) | $ 0 | (3,005) | $ 0 |
Amortization expense | (422) | |||
Accumulated amortization of intangible assets - ending balance | (25,815) | $ (25,815) | ||
Weighted average remaining contractual life, in years | 5 years 5 months | |||
Customer contracts | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | $ 8,169 | |||
Foreign currency translation | 0 | |||
Intangible assets - ending balance | 8,169 | 8,169 | ||
Accumulated amortization of intangible assets - beginning balance | (8,169) | |||
Impairment of intangible assets | 0 | |||
Amortization expense | 0 | |||
Accumulated amortization of intangible assets - ending balance | (8,169) | $ (8,169) | ||
Weighted average remaining contractual life, in years | 0 years | |||
Customer relationships | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | $ 12,777 | |||
Foreign currency translation | (78) | |||
Intangible assets - ending balance | 12,699 | 12,699 | ||
Accumulated amortization of intangible assets - beginning balance | (11,372) | |||
Impairment of intangible assets | 0 | |||
Amortization expense | (143) | |||
Accumulated amortization of intangible assets - ending balance | (11,515) | $ (11,515) | ||
Weighted average remaining contractual life, in years | 4 years 1 month | |||
Trade name and trademarks | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | $ 4,878 | |||
Foreign currency translation | (253) | |||
Intangible assets - ending balance | 4,625 | 4,625 | ||
Accumulated amortization of intangible assets - beginning balance | (1,213) | |||
Impairment of intangible assets | (2,933) | |||
Amortization expense | (142) | |||
Accumulated amortization of intangible assets - ending balance | (4,288) | $ (4,288) | ||
Weighted average remaining contractual life, in years | 1 year 2 months | |||
Internally developed software | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | $ 1,107 | |||
Foreign currency translation | (14) | |||
Intangible assets - ending balance | 1,093 | 1,093 | ||
Accumulated amortization of intangible assets - beginning balance | (915) | |||
Impairment of intangible assets | (72) | |||
Amortization expense | (107) | |||
Accumulated amortization of intangible assets - ending balance | (1,094) | $ (1,094) | ||
Weighted average remaining contractual life, in years | 0 years | |||
Licenses | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets - beginning balance | $ 755 | |||
Foreign currency translation | (1) | |||
Intangible assets - ending balance | 754 | 754 | ||
Accumulated amortization of intangible assets - beginning balance | (719) | |||
Impairment of intangible assets | 0 | |||
Amortization expense | (30) | |||
Accumulated amortization of intangible assets - ending balance | $ (749) | $ (749) | ||
Weighted average remaining contractual life, in years | 1 month |
BASIS OF PRESENTATION, CONSO_14
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
2019 | $ 96 |
2020 | 161 |
2021 | 161 |
2022 | 161 |
2023 | 161 |
Thereafter | 785 |
Future intangible assets amortization expense | $ 1,525 |
BASIS OF PRESENTATION, CONSO_15
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018USD ($)aircraft | Sep. 30, 2017USD ($)aircraft | Sep. 30, 2018USD ($)aircraft | Sep. 30, 2017USD ($)aircraft | |
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft delivered | aircraft | 0 | 2 | 0 | 5 |
Capital expenditures | $ 8,407 | $ 11,764 | $ 17,302 | $ 24,317 |
Progress payments for aircraft | $ 0 | $ 1,000 | $ 0 | $ 2,300 |
Medium | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft delivered | aircraft | 0 | 2 | 0 | 5 |
Aircraft and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $ 4,394 | $ 5,679 | $ 12,731 | $ 16,489 |
Land and buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $ 4,013 | $ 6,085 | $ 4,571 | $ 7,828 |
BASIS OF PRESENTATION, CONSO_16
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment Disposed of and Impairments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018USD ($)aircraft | Sep. 30, 2017USD ($)aircraft | Sep. 30, 2018USD ($)aircraft | Sep. 30, 2017USD ($)aircraft | |
Property, Plant and Equipment [Line Items] | ||||
Number of aircraft sold or disposed of | aircraft | 0 | 0 | 3 | 6 |
Proceeds from asset dispositions | $ 688 | $ 269 | $ 8,462 | $ 42,244 |
Loss on disposal of assets | $ (1,293) | $ (8,526) | $ (2,971) | $ (7,827) |
Number of held for sale aircraft impaired | aircraft | 0 | 2 | 0 | 4 |
Impairment charges on aircraft held for sale | $ 0 | $ 8,183 | $ 0 | $ 9,747 |
Impairment of property and equipment | 104,939 | 0 | 104,939 | 0 |
Bristow Academy [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charges on aircraft held for sale | 6,500 | 6,500 | ||
H225 Aircraft [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of property and equipment | 87,500 | 87,500 | ||
Eastern Airways [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of property and equipment | 17,500 | 17,500 | ||
Air transportation equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Loss on disposal of assets | $ (1,293) | $ (343) | $ (2,971) | $ 1,920 |
BASIS OF PRESENTATION, CONSO_17
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Other accrued liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued lease costs | $ 8,431 | $ 11,708 |
Deferred OEM cost recovery | 3,997 | 8,082 |
Eastern Airways overdraft liability | 6,718 | 8,989 |
Accrued property and equipment | 640 | 4,874 |
Deferred gain on sale leasebacks | 1,305 | 1,305 |
Other operating accruals | 31,644 | 31,020 |
Other accrued liabilities | $ 52,735 | $ 65,978 |
REVENUE RECOGNITION Revenue Rec
REVENUE RECOGNITION Revenue Recognition Narrative (Details) - Helicopter Service Contracts [Member] | 6 Months Ended |
Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | |
Revenue Recognition, Period of Service | 30 days |
Low | |
Disaggregation of Revenue [Line Items] | |
Revenue Recognition, Invoicing Payment Due Period | 30 days |
High | |
Disaggregation of Revenue [Line Items] | |
Revenue Recognition, Invoicing Payment Due Period | 60 days |
REVENUE RECOGNITION Contract As
REVENUE RECOGNITION Contract Assets, Liabilities and Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Accounts receivable | $ 231,821 | $ 231,821 | $ 246,980 |
Contract with Customer, Liability, Revenue Recognized | 10,100 | ||
Contract with Customer, Liability | 9,800 | 9,800 | 13,300 |
Contract with Customer, Asset, Net | 0 | 0 | 0 |
Contract with Customer, Performance Obligation Satisfied in Previous Period | 0 | 1,000 | |
Revenue from Contract with Customer [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Accounts receivable | $ 180,000 | $ 180,000 | $ 176,500 |
REVENUE RECOGNITION Revenue r_2
REVENUE RECOGNITION Revenue recognition adoption impact (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | $ 321,580 | $ 340,593 | $ 660,046 | $ 662,711 |
Operating revenue from affiliates | 13,131 | 17,399 | 25,652 | 35,010 |
Reimbursable revenue from non-affiliates | 15,946 | 15,684 | 32,853 | 28,064 |
Revenue | 350,657 | $ 373,676 | 718,551 | $ 725,785 |
Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | 350,657 | 718,551 | ||
Previously Reported [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | 350,657 | 718,551 | ||
Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | 0 | 0 | ||
Revenue from Contract with Customer [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | 317,369 | 642,725 | ||
Operating revenue from affiliates | 5,133 | 10,927 | ||
Reimbursable revenue from non-affiliates | 15,946 | 32,853 | ||
Revenue | 338,448 | 686,505 | ||
Revenue from Contract with Customer [Member] | Previously Reported [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | 321,580 | 660,046 | ||
Operating revenue from affiliates | 13,131 | 25,652 | ||
Reimbursable revenue from non-affiliates | 15,946 | 32,853 | ||
Revenue | 350,657 | 718,551 | ||
Revenue from Contract with Customer [Member] | Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | (4,211) | (17,321) | ||
Operating revenue from affiliates | (7,998) | (14,725) | ||
Reimbursable revenue from non-affiliates | 0 | 0 | ||
Revenue | (12,209) | (32,046) | ||
Revenue Not from Contract with Customer [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | 12,200 | 32,000 | ||
Revenue Not from Contract with Customer [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | 4,211 | 17,321 | ||
Operating revenue from affiliates | 7,998 | 14,725 | ||
Revenue Not from Contract with Customer [Member] | Previously Reported [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | 0 | 0 | ||
Operating revenue from affiliates | 0 | 0 | ||
Revenue Not from Contract with Customer [Member] | Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating revenue from non-affiliates | 4,211 | 17,321 | ||
Operating revenue from affiliates | $ 7,998 | $ 14,725 |
REVENUE RECOGNITION Remaining P
REVENUE RECOGNITION Remaining Performance Obligations (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation, Remainder Fiscal Year | $ 220,800 |
Revenue, Remaining Performance Obligation, Rolling Year Two | 245,387 |
Revenue, Remaining Performance Obligation, Rolling Year Three | 200,077 |
Revenue, Remaining Performance Obligation, Rolling Year Four | 189,496 |
Revenue, Remaining Performance Obligation, Rolling Year Five And Thereafter | 479,896 |
Revenue, Remaining Performance Obligation, Amount | $ 1,335,656 |
Low | |
Disaggregation of Revenue [Line Items] | |
Revenue, Termination Period, Terms | 30 days |
High | |
Disaggregation of Revenue [Line Items] | |
Revenue, Termination Period, Terms | 180 days |
Helicopter Service Contracts [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation, Remainder Fiscal Year | $ 217,866 |
Revenue, Remaining Performance Obligation, Rolling Year Two | 245,032 |
Revenue, Remaining Performance Obligation, Rolling Year Three | 200,077 |
Revenue, Remaining Performance Obligation, Rolling Year Four | 189,496 |
Revenue, Remaining Performance Obligation, Rolling Year Five And Thereafter | 479,896 |
Revenue, Remaining Performance Obligation, Amount | 1,332,367 |
Fixed Wing Service Contracts [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation, Remainder Fiscal Year | 2,934 |
Revenue, Remaining Performance Obligation, Rolling Year Two | 355 |
Revenue, Remaining Performance Obligation, Rolling Year Three | 0 |
Revenue, Remaining Performance Obligation, Rolling Year Four | 0 |
Revenue, Remaining Performance Obligation, Rolling Year Five And Thereafter | 0 |
Revenue, Remaining Performance Obligation, Amount | $ 3,289 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) £ / shares in Units, $ in Thousands, £ in Millions | 1 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Apr. 30, 2015 | Jul. 31, 2014 | Sep. 30, 2018USD ($)AffiliatesClass_Of_SharesNominationsvoting_rightsshares | Dec. 31, 2013 | Sep. 30, 2018GBP (£)Class_Of_Sharesvoting_rightsshares | Mar. 31, 2018USD ($) | May 31, 2004USD ($)shares | May 31, 2004£ / shares | Apr. 30, 2004 | |
Variable Interest Entity [Line Items] | |||||||||
Number of variable interest entities | Affiliates | 4 | ||||||||
Deferred interest accrued | $ | $ 17,154 | $ 16,345 | |||||||
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 | $ 118,700 | £ 91 | |||||||
Interest rate on unsecured loan | 13.50% | ||||||||
Deferred interest accrued | $ | $ 2,262,962 | $ 2,130,433 | |||||||
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 | ||||||||
Shareholder Agreement, Number Of Shares Owned By Third Party | shares | 1,000,000 | 1,000,000 | |||||||
Shareholder Agreement, Percentage Of Total Outstanding Shares Owned By Third Party | 49.00% | 49.00% | |||||||
Bristow Aviation Holdings Limited | Director | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number Of Voting Rights | voting_rights | 1 | 1 | |||||||
Bristow Aviation Holdings Limited | Director Two | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number Of Voting Rights | voting_rights | 1 | 1 | |||||||
Bristow Helicopters Nigeria Ltd | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage in Variable Interest Entity | 48.00% | ||||||||
Purchased percentage from third party | 8.00% | ||||||||
Pan African Airlines Nigeria Ltd | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage in Variable Interest Entity | 50.17% |
VARIABLE INTEREST ENTITIES - Ba
VARIABLE INTEREST ENTITIES - Balance Sheets of VIEs (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 307,791 | $ 380,223 | $ 97,343 | $ 96,656 |
Accounts receivable | 231,821 | 246,980 | ||
Inventories | 117,706 | 129,614 | ||
Prepaid expenses and other current assets | 46,603 | 47,234 | ||
Total current assets | 728,097 | 834,399 | ||
Investment in unconsolidated affiliates | 110,637 | 126,170 | ||
Property and equipment, net | 1,886,265 | 2,068,020 | ||
Goodwill | 18,778 | 19,907 | ||
Other assets | 117,027 | 116,506 | ||
Total assets | 2,860,804 | 3,165,002 | ||
Accounts payable | 103,510 | 101,270 | ||
Accrued liabilities | 179,858 | 209,876 | ||
Accrued interest | 17,154 | 16,345 | ||
Short-term borrowings and current maturities of long-term debt | 1,439,931 | 1,475,438 | ||
Total current liabilities | 1,723,299 | 1,786,584 | ||
Long-term debt, less current maturities | 9,778 | 11,096 | ||
Accrued pension liabilities | 28,484 | 37,034 | ||
Other liabilities and deferred credits | 31,639 | 36,952 | ||
Deferred taxes | 97,372 | 115,192 | ||
Bristow Aviation Holdings Limited | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 69,468 | 90,788 | ||
Accounts receivable | 310,999 | 256,735 | ||
Inventories | 81,069 | 98,314 | ||
Prepaid expenses and other current assets | 38,594 | 38,665 | ||
Total current assets | 500,130 | 484,502 | ||
Investment in unconsolidated affiliates | 3,113 | 3,608 | ||
Property and equipment, net | 287,817 | 327,440 | ||
Goodwill | 18,778 | 19,907 | ||
Other assets | 226,612 | 231,884 | ||
Total assets | 1,036,450 | 1,067,341 | ||
Accounts payable | 370,564 | 292,893 | ||
Accrued liabilities | 129,011 | 140,733 | ||
Accrued interest | 2,262,962 | 2,130,433 | ||
Short-term borrowings and current maturities of long-term debt | 15,715 | 23,125 | ||
Total current liabilities | 2,778,252 | 2,587,184 | ||
Long-term debt, less current maturities | 464,322 | 479,571 | ||
Accrued pension liabilities | 28,484 | 37,034 | ||
Other liabilities and deferred credits | 7,231 | 7,342 | ||
Deferred taxes | 28,157 | 26,252 | ||
Liabilities | $ 3,306,446 | $ 3,137,383 |
VARIABLE INTEREST ENTITIES - St
VARIABLE INTEREST ENTITIES - Statements of Operations of VIEs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Variable Interest Entity [Line Items] | ||||
Revenue | $ 350,657 | $ 373,676 | $ 718,551 | $ 725,785 |
Net loss | (143,673) | (31,396) | (175,714) | (87,142) |
Bristow Aviation Holdings Limited | ||||
Variable Interest Entity [Line Items] | ||||
Revenue | 311,788 | 321,956 | 643,257 | 623,926 |
Operating income (loss) | (38,510) | (2,978) | (31,146) | (22,632) |
Net loss | $ (115,320) | $ (62,081) | $ (184,341) | $ (141,250) |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,474,539 | $ 1,513,999 |
Unamortized debt issuance cost | (24,830) | (27,465) |
Total debt, net | 1,449,709 | 1,486,534 |
Less short-term borrowings and current maturities of long-term debt | (1,439,931) | (1,475,438) |
Total long-term debt | 9,778 | 11,096 |
Senior Notes | 8.75% Senior Secured Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 347,006 | $ 346,610 |
Stated interest rate | 8.75% | 8.75% |
Senior Notes | 6¼% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 401,535 | $ 401,535 |
Stated interest rate | 6.25% | 6.25% |
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 110,102 | $ 107,397 |
Stated interest rate | 4.50% | 4.50% |
Secured Debt | Lombard Debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 189,909 | $ 211,087 |
Secured Debt | Macquarie Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 178,028 | 185,028 |
Secured Debt | PK Air Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 221,161 | 230,000 |
Other Debt | Airnorth Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 12,434 | 13,832 |
Other Debt | Eastern Airways Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 7,531 | 14,519 |
Other Debt | Other Debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 6,833 | $ 3,991 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) $ in Thousands | 6 Months Ended | |
Sep. 30, 2018USD ($)subsidiary | Mar. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Long-term debt, less current maturities | $ 9,778 | $ 11,096 |
Total debt | $ 1,474,539 | 1,513,999 |
Revolving Credit Facility | ABL Facility | ||
Debt Instrument [Line Items] | ||
Line Of Credit Facility, Number Of Borrowers | subsidiary | 2 | |
Line of Credit Facility, Current Borrowing Capacity | $ 75,000 | |
Line Of Credit Facility, Availability Block Capacity | 15,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |
Terms of debt instruments | 5 years | |
Letters of Credit Outstanding, Amount | $ 11,400 | |
Total debt | 0 | |
Other Debt | Eastern Airways Debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 7,531 | 14,519 |
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |
Repayments of Debt | $ 4,900 | |
Restatement Adjustment [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, less current maturities | $ (1,400,000) | $ (1,400,000) |
DEBT Schedules of convertible d
DEBT Schedules of convertible debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Debt component - net carrying value | $ 1,474,539 | $ 1,474,539 | $ 1,513,999 | |
Amortization of debt discount | 3,101 | $ 101 | ||
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Equity component - net carrying value (1) | 36,778 | 36,778 | 36,778 | |
Face amount due at maturity | 143,750 | 143,750 | 143,750 | |
Unamortized discount | (33,648) | (33,648) | (36,353) | |
Debt component - net carrying value | $ 110,102 | $ 110,102 | $ 107,397 | |
Debt Instrument, Interest Rate, Effective Percentage | 11.00% | 11.00% | ||
Contractual coupon interest | $ 1,636 | $ 3,247 | ||
Amortization of debt discount | 1,392 | 2,705 | ||
Total interest expense | 3,028 | 5,952 | ||
Convertible Debt | 4½% Convertible Senior Notes due 2023 | Debt Issuance Cost [Member] | ||||
Debt Instrument [Line Items] | ||||
Equity component - net carrying value (1) | $ 1,000 | $ 1,000 |
FAIR VALUE DISCLOSURES - Assets
FAIR VALUE DISCLOSURES - Assets At Fair Value On A Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $ 3,164 | $ 718 |
Rabbi Trust investments | 2,101 | 2,296 |
Total assets | 5,265 | 3,014 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Rabbi Trust investments | 2,101 | 2,296 |
Total assets | 2,101 | 2,296 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 3,164 | 718 |
Rabbi Trust investments | 0 | 0 |
Total assets | 3,164 | 718 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Rabbi Trust investments | 0 | 0 |
Total assets | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Asse_2
FAIR VALUE DISCLOSURES - Assets at Fair Value On A Non-recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | $ 117,706 | $ 117,706 | $ 129,614 | ||
Aircraft and equipment | 2,491,291 | 2,491,291 | 2,511,131 | ||
Assets held for sale | 24,176 | 24,176 | $ 30,348 | ||
Impairment of inventories | (9,276) | $ 0 | (9,276) | $ (1,192) | |
Impairment of property and equipment | (104,939) | 0 | (104,939) | 0 | |
Impairment of intangible assets | (3,005) | 0 | (3,005) | 0 | |
Impairment charges on aircraft held for sale | 0 | (8,183) | 0 | (9,747) | |
Loss on sale of assets and asset impairment charges | (117,220) | (8,183) | (117,220) | (10,939) | |
Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 7,697 | 1,218 | 7,697 | 1,218 | |
Aircraft and equipment | 136,338 | 136,338 | |||
Other intangible assets | 0 | 0 | |||
Assets held for sale | 36,167 | 36,167 | |||
Total assets | 144,035 | 37,385 | 144,035 | 37,385 | |
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 | |
Aircraft and equipment | 0 | 0 | |||
Other intangible assets | 0 | 0 | |||
Assets held for sale | 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 | 1,218 | 0 | 1,218 | |
Aircraft and equipment | 0 | 0 | |||
Other intangible assets | 0 | 0 | |||
Assets held for sale | 36,167 | 36,167 | |||
Total assets | 0 | 37,385 | 0 | 37,385 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventories | 7,697 | 0 | 7,697 | 0 | |
Aircraft and equipment | 136,338 | 136,338 | |||
Other intangible assets | 0 | 0 | |||
Assets held for sale | 0 | 0 | |||
Total assets | $ 144,035 | $ 0 | $ 144,035 | $ 0 |
FAIR VALUE DISCLOSURES - Narrat
FAIR VALUE DISCLOSURES - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018USD ($)aircraft | Sep. 30, 2017USD ($)aircraft | Sep. 30, 2018USD ($)aircraft | Sep. 30, 2017USD ($)aircraft | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charges on aircraft held for sale | $ 0 | $ 8,183 | $ 0 | $ 9,747 |
Number of aircraft impaired | aircraft | 0 | 2 | 0 | 4 |
Bristow Academy [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charges on aircraft held for sale | $ 6,500 | $ 6,500 |
FAIR VALUE DISCLOSURES - Fair V
FAIR VALUE DISCLOSURES - Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | $ 1,474,539 | $ 1,513,999 |
Fair value of total debt | 1,395,898 | 1,495,972 |
Senior Notes | 8.75% Senior Secured Notes due 2023 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 347,006 | 346,610 |
Fair value of total debt | 342,125 | 353,500 |
Unamortized discount | 3,000 | 3,400 |
Senior Notes | 6¼% Senior Notes due 2022 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 401,535 | 401,535 |
Fair value of total debt | 293,121 | 325,243 |
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 110,102 | 107,397 |
Fair value of total debt | 144,756 | 158,772 |
Unamortized discount | 33,648 | 36,353 |
Secured Debt | Lombard Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 189,909 | 211,087 |
Fair value of total debt | 189,909 | 211,087 |
Secured Debt | Macquarie Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 178,028 | 185,028 |
Fair value of total debt | 178,028 | 185,028 |
Secured Debt | PK Air Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 221,161 | 230,000 |
Fair value of total debt | 221,161 | 230,000 |
Other Debt | Airnorth Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 12,434 | 13,832 |
Fair value of total debt | 12,434 | 13,832 |
Other Debt | Eastern Airways Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 7,531 | 14,519 |
Fair value of total debt | 7,531 | 14,519 |
Other Debt | Other Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt component - net carrying value | 6,833 | 3,991 |
Fair value of total debt | $ 6,833 | $ 3,991 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS Fair Value Derivative Instruments Table (Details) - Foreign Exchange Contract - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | $ 3,164 | $ 718 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative, Fair Value, Net | 3,164 | 718 |
Designated as Hedging Instrument | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | 3,164 | 718 |
Not Designated as Hedging Instrument | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Prepaid expenses and other current assets | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | 3,164 | 718 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative, Fair Value, Net | 3,164 | 718 |
Prepaid expenses and other current assets | Designated as Hedging Instrument | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | 3,164 | 718 |
Prepaid expenses and other current assets | Not Designated as Hedging Instrument | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Derivative financial instruments | $ 0 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS Derivative AOCI Table (Details) - Foreign Exchange Contract - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain recognized in accumulated other comprehensive loss | $ (554) | $ 2,408 |
Amount of gain reclassified from accumulated other comprehensive loss into earnings | $ (456) | $ 1,158 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS Narrative (Details) - Foreign Exchange Contract £ in Millions, $ in Millions | 6 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2018GBP (£) | Mar. 31, 2018GBP (£) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | £ | £ 5 | £ 5 | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ | $ 1.3 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Purchase Commitment Narrative (Details) - Aircraft | 6 Months Ended |
Sep. 30, 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 CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Purchase Commitment and Commitment Expenditures (Details) $ in Thousands | Sep. 30, 2018USD ($)aircraft |
Aircraft | |
Number of Aircraft Unconditional Commitments | |
Six Months Ending March 31, 2019 | 1 |
2020 | 4 |
2021 | 4 |
2022 | 5 |
2023 and thereafter | 13 |
Purchase Commitment - Total Aircrafts | 27 |
Commitment Expenditures | |
Six Months Ending March 31, 2019 | $ | $ 19,780 |
2020 | $ | 85,608 |
2021 | $ | 76,149 |
2022 | $ | 84,530 |
2023 and thereafter | $ | 191,426 |
Purchase Commitments - Total | $ | $ 457,493 |
Number of Aircraft Conditional Commitments | |
Six Months Ending March 31, 2019 | 2 |
2020 | 2 |
2021 | 0 |
2022 | 0 |
2023 and thereafter | 0 |
Aircraft Purchase Options - Total Aircrafts | 4 |
Related Option Expenditures | |
Six Months Ending March 31, 2019 | $ | $ 44,181 |
2020 | $ | 31,536 |
2021 | $ | 0 |
2022 | $ | 0 |
2023 and thereafter | $ | 0 |
Aircraft Purchase Options - Total | $ | $ 75,717 |
Cancellable Commitments | |
Number of Aircraft Unconditional Commitments | |
Purchase Commitment - Total Aircrafts | 5 |
Commitment Expenditures | |
Purchase Commitments - Total | $ | $ 92,600 |
Related Option Expenditures | |
Deposit assets | $ | 4,500 |
Large | Aircraft | |
Commitment Expenditures | |
Six Months Ending March 31, 2019 | $ | 19,780 |
2020 | $ | 24,700 |
2021 | $ | 76,149 |
2022 | $ | 84,530 |
2023 and thereafter | $ | 191,426 |
Purchase Commitments - Total | $ | $ 396,585 |
Large | Aircraft | |
Number of Aircraft Unconditional Commitments | |
Six Months Ending March 31, 2019 | 1 |
2020 | 0 |
2021 | 4 |
2022 | 5 |
2023 and thereafter | 13 |
Purchase Commitment - Total Aircrafts | 23 |
Number of Aircraft Conditional Commitments | |
Six Months Ending March 31, 2019 | 2 |
2020 | 2 |
2021 | 0 |
2022 | 0 |
2023 and thereafter | 0 |
Aircraft Purchase Options - Total Aircrafts | 4 |
U.K. SAR | Aircraft | |
Number of Aircraft Unconditional Commitments | |
Six Months Ending March 31, 2019 | 0 |
2020 | 4 |
2021 | 0 |
2022 | 0 |
2023 and thereafter | 0 |
Purchase Commitment - Total Aircrafts | 4 |
Commitment Expenditures | |
Six Months Ending March 31, 2019 | $ | $ 0 |
2020 | $ | 60,908 |
2021 | $ | 0 |
2022 | $ | 0 |
2023 and thereafter | $ | 0 |
Purchase Commitments - Total | $ | $ 60,908 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Operating Leases (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018USD ($)aircraft | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)aircraft | Sep. 30, 2017USD ($) | |
Operating Leased Assets [Line Items] | ||||
Operating leases rental expense | $ | $ 49.6 | $ 57.2 | $ 99.7 | $ 115.9 |
Term of leasing contract | 180 months | 180 months | ||
Operating lease term renewal options | 240 months | 240 months | ||
Number of leased aircraft | 79 | 79 | ||
Aircraft | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases rental expense | $ | $ 43 | 49.7 | $ 87.1 | 101.4 |
VIH Aviation Group | Leasing From Related Party | ||||
Operating Leased Assets [Line Items] | ||||
Related party transaction, expenses from transactions with related party | $ | $ 4.5 | 5.2 | $ 9.5 | 9.7 |
VIH Aviation Group | Leasing From Related Party | S-92 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 6 | 6 | ||
VIH Aviation Group | Leasing From Related Party | AW139 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 1 | 1 | ||
VIH Helicopters USA, Inc | Leasing From Related Party | ||||
Operating Leased Assets [Line Items] | ||||
Related party transaction, expenses from transactions with related party | $ | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Six months ending March 31, 2019 to fiscal year 2020 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 36 | 36 | ||
Fiscal year 2021 to fiscal year 2023 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 32 | 32 | ||
Fiscal year 2024 to fiscal year 2025 | ||||
Operating Leased Assets [Line Items] | ||||
Number of leased aircraft | 11 | 11 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Separation Programs (Details) - Involuntary separation program - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | $ 2,727 | $ 2,410 | $ 4,446 | $ 11,089 |
Direct cost | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 1,212 | 1,477 | 2,713 | 2,547 |
General and administrative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | $ 1,515 | $ 933 | $ 1,733 | $ 8,542 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Environmental Contingencies, Other Purchase Obligations and Other Matters (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2018USD ($)aircraftFacility | |
Other Commitments [Line Items] | |
Number of former waste disposal facilities | Facility | 3 |
Number of aircraft suspend operations | aircraft | 21 |
Low | |
Other Commitments [Line Items] | |
Estimate of possible loss | $ 5 |
High | |
Other Commitments [Line Items] | |
Estimate of possible loss | 6 |
Other Commitments | |
Other Commitments [Line Items] | |
Purchase obligations | $ 37.7 |
TAXES (Details)
TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||||
Effective income tax rate | 9.80% | (8.60%) | 9.50% | (22.40%) | ||
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 9.3 | $ 0.2 | $ 10.3 | $ 11.3 | ||
Unrecognized Tax Benefits | $ 6.7 | $ 6.7 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
EMPLOYEE BENEFIT PLANS - Compon
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan [Abstract] | ||||
Service cost for benefits earned during the period | $ 210 | $ 212 | $ 429 | $ 418 |
Interest cost on pension benefit obligation | 3,221 | 3,187 | 6,585 | 6,300 |
Expected return on assets | (4,247) | (5,228) | (8,681) | (10,334) |
Amortization of unrecognized losses | 1,970 | 2,011 | 4,027 | 3,976 |
Net periodic pension cost | $ 1,154 | $ 182 | $ 2,360 | $ 360 |
EMPLOYEE BENEFIT PLANS - Pensio
EMPLOYEE BENEFIT PLANS - Pension Plans Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Mar. 31, 2018 | |
Defined Benefit Plan [Abstract] | ||
Estimated cash contributions | $ 16.7 | |
Cash contributions | $ 8.5 | |
Weighted-average expected long-term rate of return on assets | 3.60% |
EMPLOYEE BENEFIT PLANS - Incent
EMPLOYEE BENEFIT PLANS - Incentive Compensations Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock shares reserved | 10,646,729 | 10,646,729 | ||||
Shares available for grant | 1,736,141 | 1,736,141 | ||||
Stock based compensation expense | $ 2,000 | $ 2,400 | $ 3,714 | $ 6,542 | ||
Restricted stock grants- shares | 400,788 | |||||
Weighted average grant date fair value (in dollars per share) | $ 12.53 | |||||
Stock option grants- shares | 593,129 | |||||
Phantom Share Units (PSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation payout period | 3 years | |||||
Noncurrent deferred compensation liability | 1,600 | $ 1,600 | $ 1,000 | |||
Share-based compensation expense | 200 | 300 | $ 800 | 400 | ||
Restricted Stock And Restricted Stock Units [Member] | Consultant | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 22,034 | |||||
Performance cash | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award requisite service period | 3 years | |||||
Performance cash compensation liability | 5,200 | $ 5,200 | $ 7,700 | |||
Performance cash compensation expense | $ 100 | $ 4,400 | $ 1,100 | $ 1,400 |
EMPLOYEE BENEFIT PLANS - Assump
EMPLOYEE BENEFIT PLANS - Assumptions Used for Stock Options Granted (Details) | 6 Months Ended |
Sep. 30, 2018$ / shares | |
Defined Benefit Plan [Abstract] | |
Risk free interest rate | 2.76% |
Expected life (years) | 5 years |
Volatility | 62.80% |
Dividend yield | 0.00% |
Weighted average exercise price of options granted | $ 12.19 |
Weighted average grant-date fair value of options granted | $ 6.71 |
EARNINGS PER SHARE AND ACCUMU_3
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Antidilutive Securities Excluded from EPS Calculation (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding shares | 2,751,470 | 3,761,830 | 2,794,032 | 2,688,049 |
Weighted average exercise price - antidilutive | $ 31.26 | $ 29.89 | $ 33.25 | $ 41.27 |
Restricted Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding shares | 773,799 | 735,648 | 515,395 | 567,396 |
Weighted average exercise price - antidilutive | $ 12.29 | $ 15.07 | $ 13.68 | $ 18.88 |
EARNINGS PER SHARE AND ACCUMU_4
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Computation of Basic and Diluted EPS (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | |
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] | ||||
Loss available to common stockholders – basic | $ | $ (144,190,000) | $ (31,209,000) | $ (176,298,000) | $ (86,484,000) |
Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1) | $ | 0 | 0 | 0 | 0 |
Loss available to common stockholders – diluted | $ | $ (144,190,000) | $ (31,209,000) | $ (176,298,000) | $ (86,484,000) |
Weighted average number of common shares outstanding – basic | shares | 35,768,232 | 35,317,935 | 35,685,388 | 35,253,688 |
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 | 35,768,232 | 35,317,935 | 35,685,388 | 35,253,688 |
Basic loss per common share (in dollars per share) | $ / shares | $ (4.03) | $ (0.88) | $ (4.94) | $ (2.45) |
Diluted loss per common share (in dollars per share) | $ / shares | (4.03) | $ (0.88) | (4.94) | $ (2.45) |
Convertible Debt | 4½% Convertible Senior Notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 15.64 | $ 15.64 | ||
Debt Instrument, Convertible, Conversion Ratio | 63.9488 | |||
Debt Instrument, Convertible, Conversion Per Principal Amount | $ | $ 1,000 |
EARNINGS PER SHARE AND ACCUMU_5
EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Accumulated other comprehensive loss - beginning balance | $ (286,094) | $ (286,094) | |||
Net current period other comprehensive income | $ (8,097) | (27,824) | $ 10,928 | $ 10,070 | |
Accumulated other comprehensive loss - ending balance | (322,015) | (322,015) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Accumulated other comprehensive loss - beginning balance | (286,094) | (286,094) | |||
Other comprehensive income before reclassification | (34,763) | ||||
Reclassified from accumulated other comprehensive income | (1,158) | ||||
Net current period other comprehensive income | (35,921) | ||||
Foreign exchange rate impact | 0 | 0 | |||
Accumulated other comprehensive loss - ending balance | (322,015) | (322,015) | |||
Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Accumulated other comprehensive loss - beginning balance | (79,066) | (79,066) | |||
Other comprehensive income before reclassification | (37,171) | ||||
Reclassified from accumulated other comprehensive income | 0 | ||||
Net current period other comprehensive income | (37,171) | ||||
Foreign exchange rate impact | (16,378) | (16,378) | |||
Accumulated other comprehensive loss - ending balance | (132,615) | (132,615) | |||
Pension Liability Adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Accumulated other comprehensive loss - beginning balance | (206,682) | (206,682) | |||
Other comprehensive income before reclassification | 0 | ||||
Reclassified from accumulated other comprehensive income | 0 | ||||
Net current period other comprehensive income | 0 | ||||
Foreign exchange rate impact | 16,378 | 16,378 | |||
Accumulated other comprehensive loss - ending balance | (190,304) | (190,304) | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Accumulated other comprehensive loss - beginning balance | $ (346) | (346) | |||
Other comprehensive income before reclassification | 2,408 | ||||
Reclassified from accumulated other comprehensive income | (1,158) | ||||
Net current period other comprehensive income | 1,250 | ||||
Foreign exchange rate impact | 0 | 0 | |||
Accumulated other comprehensive loss - ending balance | $ 904 | $ 904 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 6 Months Ended |
Sep. 30, 2018SegmentshubRegions | |
Segment Reporting [Abstract] | |
Number of operating segments | Segments | 1 |
Number of aircraft hubs | hub | 2 |
Number of reportable segments | Regions | 4 |
SEGMENT INFORMATION - Revenue b
SEGMENT INFORMATION - Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 350,657 | $ 373,676 | $ 718,551 | $ 725,785 |
Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 203,801 | 205,406 | 423,981 | 397,841 |
Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 39,392 | 49,787 | 75,808 | 100,577 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 58,393 | 61,151 | 112,623 | 119,207 |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 51,628 | 59,284 | 111,824 | 111,730 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 708 | 1,481 | 898 | 3,215 |
External Customer | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 350,657 | 373,676 | 718,551 | 725,785 |
External Customer | Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 201,547 | 203,923 | 420,047 | 395,322 |
External Customer | Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 39,392 | 49,787 | 75,808 | 100,577 |
External Customer | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 57,382 | 59,201 | 109,975 | 114,963 |
External Customer | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 51,628 | 59,284 | 111,824 | 111,730 |
External Customer | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 708 | 1,481 | 897 | 3,193 |
Intersegment elimination | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,265 | 3,433 | 6,583 | 6,785 |
Intersegment elimination | Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,254 | 1,483 | 3,934 | 2,519 |
Intersegment elimination | Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment elimination | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,011 | 1,950 | 2,648 | 4,244 |
Intersegment elimination | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment elimination | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | $ 0 | 1 | $ 22 |
Revenue Not from Contract with Customer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 12,200 | 32,000 | ||
Revenue Not from Contract with Customer [Member] | Europe Caspian | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 4,100 | 17,100 | ||
Revenue Not from Contract with Customer [Member] | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 8,100 | 14,800 | ||
Revenue Not from Contract with Customer [Member] | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 100 |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Performance and Total Assets by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Assets | $ 2,860,804 | $ 2,860,804 | $ 3,165,002 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (96) | $ 2,063 | (3,113) | $ 1,398 | |
Loss on disposal of assets | (1,293) | (8,526) | (2,971) | (7,827) | |
Operating loss | (129,691) | (12,946) | (133,489) | (37,564) | |
Depreciation and amortization | 30,489 | 31,381 | 61,430 | 62,437 | |
Total investments in unconsolidated affiliates - equity method | 104,351 | 104,351 | 119,884 | ||
Construction in progress within property and equipment | 64,300 | 64,300 | 67,700 | ||
OEM Cost recoveries | Rent Expense | |||||
Segment Reporting Information [Line Items] | |||||
Offset Amount, Expense | 2,400 | 5,900 | 16,600 | ||
Europe Caspian | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 916,960 | 916,960 | 1,087,437 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (6) | 61 | 19 | 91 | |
Total business unit operating income | (11,414) | 9,854 | 10,514 | 14,225 | |
Depreciation and amortization | 12,189 | 12,196 | 24,944 | 24,018 | |
Total investments in unconsolidated affiliates - equity method | 234 | 234 | 270 | ||
Europe Caspian | OEM Cost recoveries | Rent Expense | |||||
Segment Reporting Information [Line Items] | |||||
Offset Amount, Expense | 1,700 | 4,400 | |||
Africa | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 392,865 | 392,865 | 374,121 | ||
Total business unit operating income | 1,465 | 7,835 | 2,606 | 17,883 | |
Depreciation and amortization | 3,665 | 3,590 | 7,079 | 6,666 | |
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 744,494 | 744,494 | 788,879 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | 16 | 2,150 | (2,891) | 1,615 | |
Total business unit operating income | 1,813 | 7,483 | (5,774) | 6,227 | |
Depreciation and amortization | 7,310 | 6,998 | 14,191 | 13,997 | |
Total investments in unconsolidated affiliates - equity method | 101,239 | 101,239 | 116,276 | ||
Asia Pacific | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 289,379 | 289,379 | 342,166 | ||
Total business unit operating income | (6,988) | (5,903) | (7,959) | (18,433) | |
Depreciation and amortization | 4,054 | 5,058 | 8,409 | 10,868 | |
Asia Pacific | OEM Cost recoveries | Rent Expense | |||||
Segment Reporting Information [Line Items] | |||||
Offset Amount, Expense | 700 | 1,500 | |||
Corporate and other | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 517,106 | 517,106 | 572,399 | ||
Total earnings from unconsolidated affiliates, net of losses - equity method investments | (106) | (148) | (241) | (308) | |
Total business unit operating income | (113,274) | (23,689) | (129,905) | (49,639) | |
Depreciation and amortization | 3,271 | $ 3,539 | 6,807 | $ 6,888 | |
Total investments in unconsolidated affiliates - equity method | $ 2,878 | $ 2,878 | $ 3,338 |
SUPPLEMENTAL CONDENSED CONSOL_3
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $ 350,657 | $ 373,676 | $ 718,551 | $ 725,785 |
Direct cost and reimbursable expense | 292,411 | 300,156 | 588,366 | 597,962 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 30,489 | 31,381 | 61,430 | 62,437 |
General and administrative | 38,839 | 48,622 | 78,940 | 95,329 |
Operating expense | 361,739 | 380,159 | 728,736 | 755,728 |
Loss on impairment | (117,220) | 0 | (117,220) | (1,192) |
Gain (loss) on disposal of assets | (1,293) | (8,526) | (2,971) | (7,827) |
Earnings from unconsolidated affiliates, net of losses | (96) | 2,063 | (3,113) | 1,398 |
Operating loss | (129,691) | (12,946) | (133,489) | (37,564) |
Interest expense, net | (26,433) | (18,563) | (53,577) | (34,584) |
Other income (expense), net | (3,204) | 2,587 | (7,154) | 971 |
Loss before benefit (provision) for income taxes | (159,328) | (28,922) | (194,220) | (71,177) |
Benefit (provision) for income taxes | 15,655 | (2,474) | 18,506 | (15,965) |
Net income (loss) | (143,673) | (31,396) | (175,714) | (87,142) |
Net (income) loss attributable to noncontrolling interests | (517) | 187 | (584) | 658 |
Net loss attributable to Bristow Group | (144,190) | (31,209) | (176,298) | (86,484) |
External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 350,657 | 373,676 | 718,551 | 725,785 |
Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | (27,496) | (31,719) | (54,013) | (63,910) |
Direct cost and reimbursable expense | 0 | 0 | 0 | 0 |
Intercompany expenses | (27,496) | (31,719) | (54,013) | (63,910) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Operating expense | (27,496) | (31,719) | (54,013) | (63,910) |
Loss on impairment | 0 | 0 | 0 | |
Gain (loss) on disposal of assets | 0 | 0 | 0 | 0 |
Earnings from unconsolidated affiliates, net of losses | 123,987 | (9,642) | 131,296 | 11,003 |
Operating loss | 123,987 | (9,642) | 131,296 | 11,003 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Loss before benefit (provision) for income taxes | 123,987 | (9,642) | 131,296 | 11,003 |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 123,987 | (9,642) | 131,296 | 11,003 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Bristow Group | 123,987 | (9,642) | 131,296 | 11,003 |
Eliminations | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Eliminations | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | (27,496) | (31,719) | (54,013) | (63,910) |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 45 | 0 | 90 | 0 |
Direct cost and reimbursable expense | 20 | 3,263 | 36 | 3,269 |
Intercompany expenses | 15,307 | 0 | 15,307 | 0 |
Depreciation and amortization | 3,092 | 3,016 | 6,158 | 5,933 |
General and administrative | 12,907 | 17,880 | 25,695 | 36,987 |
Operating expense | 31,326 | 24,159 | 47,196 | 46,189 |
Loss on impairment | 0 | 0 | 0 | |
Gain (loss) on disposal of assets | 0 | 0 | (806) | 0 |
Earnings from unconsolidated affiliates, net of losses | (123,987) | 9,642 | (131,296) | (11,003) |
Operating loss | (155,268) | (14,517) | (179,208) | (57,192) |
Interest expense, net | (15,564) | (10,636) | (31,943) | (19,694) |
Other income (expense), net | 50 | (97) | 184 | (126) |
Loss before benefit (provision) for income taxes | (170,782) | (25,250) | (210,967) | (77,012) |
Benefit (provision) for income taxes | 26,605 | (5,946) | 34,697 | (9,448) |
Net income (loss) | (144,177) | (31,196) | (176,270) | (86,460) |
Net (income) loss attributable to noncontrolling interests | (13) | (13) | (28) | (24) |
Net loss attributable to Bristow Group | (144,190) | (31,209) | (176,298) | (86,484) |
Parent Company Only | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 45 | 0 | 90 | 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 | 64,294 | 78,671 | 124,946 | 156,637 |
Direct cost and reimbursable expense | 40,981 | 45,955 | 82,857 | 98,289 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 17,733 | 13,237 | 35,955 | 25,720 |
General and administrative | 5,125 | 5,623 | 8,923 | 11,385 |
Operating expense | 63,839 | 64,815 | 127,735 | 135,394 |
Loss on impairment | (87,474) | (87,474) | (1,192) | |
Gain (loss) on disposal of assets | (318) | 10,597 | (1,478) | 11,013 |
Earnings from unconsolidated affiliates, net of losses | 0 | 0 | 0 | 0 |
Operating loss | (87,337) | 24,453 | (91,741) | 31,064 |
Interest expense, net | (5,915) | (6,023) | (12,745) | (11,803) |
Other income (expense), net | 242 | (399) | 1,317 | (756) |
Loss before benefit (provision) for income taxes | (93,010) | 18,031 | (103,169) | 18,505 |
Benefit (provision) for income taxes | (1,176) | (1,945) | (283) | (6,105) |
Net income (loss) | (94,186) | 16,086 | (103,452) | 12,400 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Bristow Group | (94,186) | 16,086 | (103,452) | 12,400 |
Guarantor Subsidiaries | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 36,798 | 46,952 | 70,933 | 92,727 |
Guarantor Subsidiaries | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 27,496 | 31,719 | 54,013 | 63,910 |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 313,814 | 326,724 | 647,528 | 633,058 |
Direct cost and reimbursable expense | 251,410 | 250,938 | 505,473 | 496,404 |
Intercompany expenses | 12,189 | 31,719 | 38,706 | 63,910 |
Depreciation and amortization | 9,664 | 15,128 | 19,317 | 30,784 |
General and administrative | 20,807 | 25,119 | 44,322 | 46,957 |
Operating expense | 294,070 | 322,904 | 607,818 | 638,055 |
Loss on impairment | (29,746) | (29,746) | 0 | |
Gain (loss) on disposal of assets | (975) | (19,123) | (687) | (18,840) |
Earnings from unconsolidated affiliates, net of losses | (96) | 2,063 | (3,113) | 1,398 |
Operating loss | (11,073) | (13,240) | 6,164 | (22,439) |
Interest expense, net | (4,954) | (1,904) | (8,889) | (3,087) |
Other income (expense), net | (3,496) | 3,083 | (8,655) | 1,853 |
Loss before benefit (provision) for income taxes | (19,523) | (12,061) | (11,380) | (23,673) |
Benefit (provision) for income taxes | (9,774) | 5,417 | (15,908) | (412) |
Net income (loss) | (29,297) | (6,644) | (27,288) | (24,085) |
Net (income) loss attributable to noncontrolling interests | (504) | 200 | (556) | 682 |
Net loss attributable to Bristow Group | (29,801) | (6,444) | (27,844) | (23,403) |
Non- Guarantor Subsidiaries | External Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 313,814 | 326,724 | 647,528 | 633,058 |
Non- Guarantor Subsidiaries | Intercompany Customer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
SUPPLEMENTAL CONDENSED CONSOL_4
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ (143,673) | $ (31,396) | $ (175,714) | $ (87,142) |
Currency translation adjustments | (7,967) | 10,691 | (37,000) | 20,451 |
Unrealized gain on cash flow hedges | (98) | 0 | 1,250 | 0 |
Total comprehensive loss | (151,738) | (20,705) | (211,464) | (66,691) |
Net (income) loss attributable to noncontrolling interests | (517) | 187 | (584) | 658 |
Currency translation adjustments attributable to noncontrolling interests | (32) | 237 | (171) | 547 |
Total comprehensive (income) loss attributable to noncontrolling interests | (549) | 424 | (755) | 1,205 |
Total comprehensive loss attributable to Bristow Group | (152,287) | (20,281) | (212,219) | (65,486) |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 123,987 | (9,642) | 131,296 | 11,003 |
Currency translation adjustments | 6,498 | (3,833) | 60,153 | (8,763) |
Unrealized gain on cash flow hedges | 0 | 0 | ||
Total comprehensive loss | 130,485 | (13,475) | 191,449 | 2,240 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive loss attributable to Bristow Group | 130,485 | (13,475) | 191,449 | 2,240 |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (144,177) | (31,196) | (176,270) | (86,460) |
Currency translation adjustments | 0 | 0 | 0 | 0 |
Unrealized gain on cash flow hedges | 0 | 0 | ||
Total comprehensive loss | (144,177) | (31,196) | (176,270) | (86,460) |
Net (income) loss attributable to noncontrolling interests | (13) | (13) | (28) | (24) |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | (13) | (13) | (28) | (24) |
Total comprehensive loss attributable to Bristow Group | (144,190) | (31,209) | (176,298) | (86,484) |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (94,186) | 16,086 | (103,452) | 12,400 |
Currency translation adjustments | (159) | 306 | (1,045) | 644 |
Unrealized gain on cash flow hedges | 0 | 0 | ||
Total comprehensive loss | (94,345) | 16,392 | (104,497) | 13,044 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive loss attributable to Bristow Group | (94,345) | 16,392 | (104,497) | 13,044 |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (29,297) | (6,644) | (27,288) | (24,085) |
Currency translation adjustments | (14,306) | 14,218 | (96,108) | 28,570 |
Unrealized gain on cash flow hedges | (98) | 1,250 | ||
Total comprehensive loss | (43,701) | 7,574 | (122,146) | 4,485 |
Net (income) loss attributable to noncontrolling interests | (504) | 200 | (556) | 682 |
Currency translation adjustments attributable to noncontrolling interests | (32) | 237 | (171) | 547 |
Total comprehensive (income) loss attributable to noncontrolling interests | (536) | 437 | (727) | 1,229 |
Total comprehensive loss attributable to Bristow Group | $ (44,237) | $ 8,011 | $ (122,873) | $ 5,714 |
SUPPLEMENTAL CONDENSED CONSOL_5
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | $ 307,791 | $ 380,223 | $ 97,343 | $ 96,656 | ||
Accounts receivable | 231,821 | 246,980 | ||||
Inventories | 117,706 | 129,614 | ||||
Assets held for sale | 24,176 | 30,348 | ||||
Prepaid expenses and other current assets | 46,603 | 47,234 | ||||
Total current assets | 728,097 | 834,399 | ||||
Intercompany investment | 0 | 0 | ||||
Investment in unconsolidated affiliates | 110,637 | 126,170 | ||||
Intercompany notes receivable | 0 | 0 | ||||
Land and buildings | 243,245 | 250,040 | ||||
Aircraft and equipment | 2,491,291 | 2,511,131 | ||||
Total property and equipment, at cost | 2,734,536 | 2,761,171 | ||||
Less – Accumulated depreciation and amortization | (848,271) | (693,151) | ||||
Total property and equipment, net | 1,886,265 | 2,068,020 | ||||
Goodwill | 18,778 | 19,907 | ||||
Other assets | 117,027 | 116,506 | ||||
Total assets | 2,860,804 | 3,165,002 | ||||
Accounts payable | 103,510 | 101,270 | ||||
Accrued liabilities | 179,858 | 209,876 | ||||
Short-term borrowings and current maturities of long-term debt | 1,439,931 | 1,475,438 | ||||
Total current liabilities | 1,723,299 | 1,786,584 | ||||
Long-term debt, less current maturities | 9,778 | 11,096 | ||||
Intercompany notes payable | 0 | 0 | ||||
Accrued pension liabilities | 28,484 | 37,034 | ||||
Other liabilities and deferred credits | 31,639 | 36,952 | ||||
Deferred taxes | 97,372 | 115,192 | ||||
Common stock | 385 | 382 | ||||
Additional paid-in capital | 858,809 | 852,565 | ||||
Retained earnings | 610,790 | 788,834 | ||||
Accumulated other comprehensive income (loss) | (322,015) | (286,094) | ||||
Treasury shares | (184,796) | (184,796) | ||||
Total Bristow Group stockholders’ investment | 963,173 | 1,170,891 | ||||
Noncontrolling interests | 7,059 | 7,253 | ||||
Total stockholders’ investment | 970,232 | $ 1,120,644 | 1,178,144 | 1,228,079 | $ 1,245,841 | 1,289,283 |
Total liabilities and stockholders’ investment | 2,860,804 | 3,165,002 | ||||
Eliminations | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable | (1,007,238) | (638,630) | ||||
Inventories | 0 | 0 | ||||
Assets held for sale | 0 | 0 | ||||
Prepaid expenses and other current assets | 0 | (1,643) | ||||
Total current assets | (1,007,238) | (640,273) | ||||
Intercompany investment | (2,135,373) | (2,445,623) | ||||
Investment in unconsolidated affiliates | 0 | 0 | ||||
Intercompany notes receivable | (293,343) | (588,567) | ||||
Land and buildings | 0 | 0 | ||||
Aircraft and equipment | 0 | 0 | ||||
Total property and equipment, at cost | 0 | 0 | ||||
Less – Accumulated depreciation and amortization | 0 | 0 | ||||
Total property and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 0 | 0 | ||||
Total assets | (3,435,954) | (3,674,463) | ||||
Accounts payable | (998,456) | (616,909) | ||||
Accrued liabilities | (7,738) | (21,955) | ||||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||||
Total current liabilities | (1,006,194) | (638,864) | ||||
Long-term debt, less current maturities | 0 | 0 | ||||
Intercompany notes payable | (294,445) | (544,148) | ||||
Accrued pension liabilities | 0 | 0 | ||||
Other liabilities and deferred credits | 0 | 0 | ||||
Deferred taxes | 0 | 0 | ||||
Common stock | (136,313) | (136,313) | ||||
Additional paid-in capital | (313,435) | (313,435) | ||||
Retained earnings | (1,016,456) | (1,312,439) | ||||
Accumulated other comprehensive income (loss) | (669,111) | (729,264) | ||||
Treasury shares | 0 | 0 | ||||
Total Bristow Group stockholders’ investment | (2,135,315) | (2,491,451) | ||||
Noncontrolling interests | 0 | 0 | ||||
Total stockholders’ investment | (2,135,315) | (2,491,451) | ||||
Total liabilities and stockholders’ investment | (3,435,954) | (3,674,463) | ||||
Parent Company Only | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 236,075 | 277,176 | 591 | 3,382 | ||
Accounts receivable | 438,878 | 211,412 | ||||
Inventories | 0 | 0 | ||||
Assets held for sale | 0 | 0 | ||||
Prepaid expenses and other current assets | 2,608 | 3,367 | ||||
Total current assets | 677,561 | 491,955 | ||||
Intercompany investment | 1,899,228 | 2,199,505 | ||||
Investment in unconsolidated affiliates | 0 | 0 | ||||
Intercompany notes receivable | 124,389 | 183,634 | ||||
Land and buildings | 4,806 | 4,806 | ||||
Aircraft and equipment | 157,378 | 156,651 | ||||
Total property and equipment, at cost | 162,184 | 161,457 | ||||
Less – Accumulated depreciation and amortization | (45,937) | (39,780) | ||||
Total property and equipment, net | 116,247 | 121,677 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 4,303 | 4,966 | ||||
Total assets | 2,821,728 | 3,001,737 | ||||
Accounts payable | 397,602 | 341,342 | ||||
Accrued liabilities | 53,851 | 59,070 | ||||
Short-term borrowings and current maturities of long-term debt | 844,562 | 840,485 | ||||
Total current liabilities | 1,296,015 | 1,240,897 | ||||
Long-term debt, less current maturities | 0 | 0 | ||||
Intercompany notes payable | 105,791 | 132,740 | ||||
Accrued pension liabilities | 0 | 0 | ||||
Other liabilities and deferred credits | 12,177 | 14,078 | ||||
Deferred taxes | 42,991 | 77,373 | ||||
Common stock | 385 | 382 | ||||
Additional paid-in capital | 858,809 | 852,565 | ||||
Retained earnings | 610,790 | 788,834 | ||||
Accumulated other comprehensive income (loss) | 78,306 | 78,306 | ||||
Treasury shares | (184,796) | (184,796) | ||||
Total Bristow Group stockholders’ investment | 1,363,494 | 1,535,291 | ||||
Noncontrolling interests | 1,260 | 1,358 | ||||
Total stockholders’ investment | 1,364,754 | 1,536,649 | ||||
Total liabilities and stockholders’ investment | 2,821,728 | 3,001,737 | ||||
Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 1,131 | 8,904 | 771 | 299 | ||
Accounts receivable | 508,873 | 423,214 | ||||
Inventories | 36,637 | 31,300 | ||||
Assets held for sale | 19,856 | 26,737 | ||||
Prepaid expenses and other current assets | 2,802 | 4,494 | ||||
Total current assets | 569,299 | 494,649 | ||||
Intercompany investment | 104,435 | 104,435 | ||||
Investment in unconsolidated affiliates | 0 | 0 | ||||
Intercompany notes receivable | 9,229 | 36,358 | ||||
Land and buildings | 58,089 | 58,191 | ||||
Aircraft and equipment | 1,317,739 | 1,326,922 | ||||
Total property and equipment, at cost | 1,375,828 | 1,385,113 | ||||
Less – Accumulated depreciation and amortization | (384,448) | (263,412) | ||||
Total property and equipment, net | 991,380 | 1,121,701 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 2,026 | 2,122 | ||||
Total assets | 1,676,369 | 1,759,265 | ||||
Accounts payable | 428,348 | 175,133 | ||||
Accrued liabilities | (5,771) | 6,735 | ||||
Short-term borrowings and current maturities of long-term debt | 278,669 | 296,782 | ||||
Total current liabilities | 701,246 | 478,650 | ||||
Long-term debt, less current maturities | 0 | 0 | ||||
Intercompany notes payable | 168,885 | 370,407 | ||||
Accrued pension liabilities | 0 | 0 | ||||
Other liabilities and deferred credits | 7,253 | 7,924 | ||||
Deferred taxes | 27,343 | 27,794 | ||||
Common stock | 4,996 | 4,996 | ||||
Additional paid-in capital | 29,387 | 29,387 | ||||
Retained earnings | 736,924 | 838,727 | ||||
Accumulated other comprehensive income (loss) | 335 | 1,380 | ||||
Treasury shares | 0 | 0 | ||||
Total Bristow Group stockholders’ investment | 771,642 | 874,490 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total stockholders’ investment | 771,642 | 874,490 | ||||
Total liabilities and stockholders’ investment | 1,676,369 | 1,759,265 | ||||
Non- Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 70,585 | 94,143 | $ 95,981 | $ 92,975 | ||
Accounts receivable | 291,308 | 250,984 | ||||
Inventories | 81,069 | 98,314 | ||||
Assets held for sale | 4,320 | 3,611 | ||||
Prepaid expenses and other current assets | 41,193 | 41,016 | ||||
Total current assets | 488,475 | 488,068 | ||||
Intercompany investment | 131,710 | 141,683 | ||||
Investment in unconsolidated affiliates | 110,637 | 126,170 | ||||
Intercompany notes receivable | 159,725 | 368,575 | ||||
Land and buildings | 180,350 | 187,043 | ||||
Aircraft and equipment | 1,016,174 | 1,027,558 | ||||
Total property and equipment, at cost | 1,196,524 | 1,214,601 | ||||
Less – Accumulated depreciation and amortization | (417,886) | (389,959) | ||||
Total property and equipment, net | 778,638 | 824,642 | ||||
Goodwill | 18,778 | 19,907 | ||||
Other assets | 110,698 | 109,418 | ||||
Total assets | 1,798,661 | 2,078,463 | ||||
Accounts payable | 276,016 | 201,704 | ||||
Accrued liabilities | 139,516 | 166,026 | ||||
Short-term borrowings and current maturities of long-term debt | 316,700 | 338,171 | ||||
Total current liabilities | 732,232 | 705,901 | ||||
Long-term debt, less current maturities | 9,778 | 11,096 | ||||
Intercompany notes payable | 19,769 | 41,001 | ||||
Accrued pension liabilities | 28,484 | 37,034 | ||||
Other liabilities and deferred credits | 12,209 | 14,950 | ||||
Deferred taxes | 27,038 | 10,025 | ||||
Common stock | 131,317 | 131,317 | ||||
Additional paid-in capital | 284,048 | 284,048 | ||||
Retained earnings | 279,532 | 473,712 | ||||
Accumulated other comprehensive income (loss) | 268,455 | 363,484 | ||||
Treasury shares | 0 | 0 | ||||
Total Bristow Group stockholders’ investment | 963,352 | 1,252,561 | ||||
Noncontrolling interests | 5,799 | 5,895 | ||||
Total stockholders’ investment | 969,151 | 1,258,456 | ||||
Total liabilities and stockholders’ investment | $ 1,798,661 | $ 2,078,463 |
SUPPLEMENTAL CONDENSED CONSOL_6
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | $ (26,902) | $ (35,334) | ||
Capital expenditures | $ (8,407) | $ (11,764) | (17,302) | (24,317) |
Proceeds from asset dispositions | 688 | 269 | 8,462 | 42,244 |
Net cash provided by (used in) investing activities | (8,840) | 17,927 | ||
Proceeds from borrowings | 387 | 338,018 | ||
Debt issuance costs | (2,554) | (6,695) | ||
Repayment of debt | (29,970) | (318,130) | ||
Dividends paid | 0 | (2,465) | ||
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | ||
Partial prepayment of put/call obligation | (27) | (23) | ||
Dividends paid to noncontrolling interest | (580) | (580) | 0 | |
Issuance of common stock | 2,830 | 0 | ||
Repurchases for tax withholdings on vesting of equity awards | (1,504) | (548) | ||
Net cash provided by (used in) financing activities | (31,418) | 10,157 | ||
Effect of exchange rate changes on cash and cash equivalents | (5,272) | 7,937 | ||
Net increase (decrease) in cash and cash equivalents | (72,432) | 687 | ||
Cash and cash equivalents at beginning of period | 380,223 | 96,656 | ||
Cash and cash equivalents at end of period | 307,791 | 97,343 | 307,791 | 97,343 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 0 | 0 | ||
Capital expenditures | 0 | 77,480 | ||
Proceeds from asset dispositions | 0 | (77,480) | ||
Net cash provided by (used in) investing activities | 0 | 0 | ||
Proceeds from borrowings | 0 | 0 | ||
Debt issuance costs | 0 | 0 | ||
Repayment of debt | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Increases (decreases) in cash related to intercompany advances and debt | 0 | 0 | ||
Partial prepayment of put/call obligation | 0 | 0 | ||
Dividends paid to noncontrolling interest | 0 | |||
Issuance of common stock | 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 | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Parent Company Only | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (35,375) | (78,756) | ||
Capital expenditures | (1,536) | (6,306) | ||
Proceeds from asset dispositions | 0 | 0 | ||
Net cash provided by (used in) investing activities | (1,536) | (6,306) | ||
Proceeds from borrowings | 0 | 107,800 | ||
Debt issuance costs | (597) | 0 | ||
Repayment of debt | (8,841) | (285,946) | ||
Dividends paid | 162,941 | 110,637 | ||
Increases (decreases) in cash related to intercompany advances and debt | (158,992) | 150,351 | ||
Partial prepayment of put/call obligation | (27) | (23) | ||
Dividends paid to noncontrolling interest | 0 | |||
Issuance of common stock | 2,830 | |||
Repurchases for tax withholdings on vesting of equity awards | (1,504) | (548) | ||
Net cash provided by (used in) financing activities | (4,190) | 82,271 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | (41,101) | (2,791) | ||
Cash and cash equivalents at beginning of period | 277,176 | 3,382 | ||
Cash and cash equivalents at end of period | 236,075 | 591 | 236,075 | 591 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 14,041 | 32,581 | ||
Capital expenditures | (2,499) | (5,814) | ||
Proceeds from asset dispositions | 7,528 | 80,210 | ||
Net cash provided by (used in) investing activities | 5,029 | 74,396 | ||
Proceeds from borrowings | 0 | 0 | ||
Debt issuance costs | (32) | (552) | ||
Repayment of debt | (10,505) | (9,073) | ||
Dividends paid | 1,649 | 0 | ||
Increases (decreases) in cash related to intercompany advances and debt | (17,955) | (96,880) | ||
Partial prepayment of put/call obligation | 0 | 0 | ||
Dividends paid to noncontrolling interest | 0 | |||
Issuance of common stock | 0 | |||
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | ||
Net cash provided by (used in) financing activities | (26,843) | (106,505) | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | (7,773) | 472 | ||
Cash and cash equivalents at beginning of period | 8,904 | 299 | ||
Cash and cash equivalents at end of period | 1,131 | 771 | 1,131 | 771 |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (5,568) | 10,841 | ||
Capital expenditures | (13,267) | (89,677) | ||
Proceeds from asset dispositions | 934 | 39,514 | ||
Net cash provided by (used in) investing activities | (12,333) | (50,163) | ||
Proceeds from borrowings | 387 | 230,218 | ||
Debt issuance costs | (1,925) | (6,143) | ||
Repayment of debt | (10,624) | (23,111) | ||
Dividends paid | (164,590) | (113,102) | ||
Increases (decreases) in cash related to intercompany advances and debt | 176,947 | (53,471) | ||
Partial prepayment of put/call obligation | 0 | 0 | ||
Dividends paid to noncontrolling interest | (580) | |||
Issuance of common stock | 0 | |||
Repurchases for tax withholdings on vesting of equity awards | 0 | 0 | ||
Net cash provided by (used in) financing activities | (385) | 34,391 | ||
Effect of exchange rate changes on cash and cash equivalents | (5,272) | 7,937 | ||
Net increase (decrease) in cash and cash equivalents | (23,558) | 3,006 | ||
Cash and cash equivalents at beginning of period | 94,143 | 92,975 | ||
Cash and cash equivalents at end of period | $ 70,585 | $ 95,981 | $ 70,585 | $ 95,981 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | |
Subsequent Event [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common Stock, Value, Issued | $ 385 | $ 382 | |
Common stock, shares authorized | 90,000,000 | 90,000,000 | |
Subsequent Event [Member] | Columbia Helicopters, Inc [Member] | |||
Subsequent Event [Line Items] | |||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | $ 492,400 | ||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Common Stock, Value, Issued | $ 67,000 | ||
Common Stock, Basis Of Value Calculation, Period | 5 days | ||
Common stock, shares authorized | 6,200,000 | ||
Business Combination, Termination Fee | $ 20,000 | ||
Business Combinations, Stockholders Agreement, Common Stock Transfer Period | 9 months | ||
Business Combinations, Stockholders Agreement, Standstill Provision Restriction Period | 12 months | ||
Business Combinations, Stockholders Agreements, Purchase Restriction Voting Common Stock Percentage | 2.00% | ||
Business Combinations, Stockholders Agreement, Beneficial Ownership Termination Period | 20 days | ||
Business Combination, Stockholders Agreement Beneficial Ownership, Percentage | 7.50% | ||
Common Stock, Value, Subscriptions | $ 10,000 | ||
Common Stock, Shares Subscribed but Unissued | 900,000 | ||
Subsequent Event [Member] | Columbia Helicopters, Inc [Member] | Bridge Loan | Bridge Loan Facility [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Face Amount | $ 360,000 | ||
Subsequent Event [Member] | Columbia Helicopters, Inc [Member] | Convertible Debt | Commitments [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Face Amount | 135,000 | ||
Subsequent Event [Member] | Columbia Helicopters, Inc [Member] | Convertible Debt | Commitments [Member] | Call Option [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Face Amount | $ 15,000 |