COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

As shown in the table below, we expect to make additional capital expenditures over the next five fiscal years to purchase additional aircraft. As of December 31, 2014, we had 37 aircraft on order and options to acquire an additional 39 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. As discussed in the fiscal year 2014 Financial Statements, we were awarded a contract to provide civilian SAR services for all of the U.K. The SAR configured aircraft on order in the table below are intended to service this contract and other SAR contracts.



	Three Months Ending March 31, 2015		Fiscal Year Ending March 31,
	Three Months Ending March 31, 2015		2016		2017		2018		2019 and thereafter		Total
Commitments as of December 31, 2014: ⁽¹⁾⁽²⁾
Number of aircraft:
Medium	3		7		—		—		—		10
Large⁽³⁾	—		10		5		1		—		16
SAR configured	5		6		—		—		—		11
	8		23		5		1		—		37
Related expenditures (in thousands)⁽²⁾⁽⁴⁾
Medium and large	$	62,809	$	288,181	$	68,121	$	11,689	$	—	$	430,800
SAR configured	60,423		100,147		—		—		—		160,570
	$	123,232	$	388,328	$	68,121	$	11,689	$	—	$	591,370
Options as of December 31, 2014:
Number of aircraft:
Medium	—		—		7		7		—		14
Large ⁽³⁾	—		—		11		10		4		25
	—		—		18		17		4		39

Related expenditures (in thousands)⁽³⁾	$	7,647	$	107,238	$	371,133	$	243,293	$	47,322	$	776,633

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⁽¹⁾	Signed client contracts are currently in place that will utilize 16 of these aircraft.


⁽²⁾	Excludes commitments related to sales leaseback advance. See Note 1 for further details.


⁽³⁾	Five large aircraft on order and seven large aircraft under options expected to enter service between fiscal years 2017 and 2019 are subject to the successful development and certification of the aircraft.


⁽⁴⁾	Includes progress payments on aircraft scheduled to be delivered in future periods.

Rollforward schedule of aircraft purchase orders and options

The following chart presents an analysis of our aircraft orders and options during fiscal year 2015:



	Three Months Ended
	December 31, 2014				September 30, 2014				June 30, 2014
	Orders		Options		Orders		Options		Orders		Options
Beginning of period	35		48		37		51		43		55
Aircraft delivered	(3	)	—		(2	)	—		(9	)	—
Aircraft ordered	3		—		—		—		—		—
Exercised options	2		(2	)	—		—		3		(3	)
Expired options	—		(7	)	—		(3	)	—		(1	)
End of period	37		39		35		48		37		51

Aircraft Lease Table

The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of December 31, 2014:



End of Lease Term	Number of Aircraft	Monthly Lease Payments (in thousands)
Three months ending March 31, 2015 to fiscal year 2016	7	$	706
Fiscal year 2017 to fiscal year 2019	28	4,588
Fiscal year 2020 to fiscal year 2024	46	6,850
	81	$	12,144