SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

12 Months Ended

Mar. 31, 2015

Supplemental Condensed Consolidating Financial Information [Abstract]

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

In connection with the issuance of the 7  ¹/2% Senior Notes (which we tendered and redeemed during fiscal year 2013), the 6  ¹/4% Senior Notes and the 3% Convertible Senior Notes, the Guarantor Subsidiaries fully, unconditionally, jointly and severally guaranteed the payment obligations under these notes. The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of income, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors.

The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense.

The allocation of the consolidated income tax provision was made using the with and without allocation method.

Supplemental Condensed Consolidating Statement of Income

Fiscal Year Ended March 31, 2015

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Gross revenue	$	—		$	300,171		$	1,558,498		$	—		$	1,858,669
Intercompany revenue	767			91,476			—			(92,243		)	—
	767			391,647			1,558,498			(92,243		)	1,858,669
Operating expense:
Direct cost and reimbursable expense	—			212,216			1,087,341			—			1,299,557
Intercompany expenses	—			—			92,243			(92,243		)	—
Impairment of inventories	—			—			7,167			—			7,167
Depreciation and amortization	1,834			46,098			66,361			—			114,293
General and administrative	76,453			39,898			137,807			—			254,158
	78,287			298,212			1,390,919			(92,243		)	1,675,175
Gain (loss) on disposal of assets	—			269			(36,118		)	—			(35,849		)
Earnings from unconsolidated affiliates, net of losses	44,731			—			(1,815		)	(44,687		)	(1,771		)
Operating income (loss)	(32,789		)	93,704			129,646			(44,687		)	145,874
Interest income (expense), net	112,336			(4,581		)	(137,109		)	—			(29,354		)
Extinguishment of debt	(2,591		)	—			—			—			(2,591		)
Gain on sale of unconsolidated affiliate	—			—			3,921			—			3,921
Other income (expense), net	323			483			(7,183		)	—			(6,377		)
Income before provision for income taxes	77,279			89,606			(10,725		)	(44,687		)	111,473
Allocation of consolidated income taxes	7,080			(1,319		)	(28,527		)	—			(22,766		)
Net income (loss)	84,359			88,287			(39,252		)	(44,687		)	88,707
Net income attributable to noncontrolling interests	(59		)	—			(4,348		)	—			(4,407		)
Net income (loss) attributable to Bristow Group	$	84,300		$	88,287		$	(43,600	)	$	(44,687	)	$	84,300

Supplemental Condensed Consolidating Statement of Comprehensive Income

Fiscal Year Ended March 31, 2015

	Parent Company Only			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
				(In thousands)
Net income (loss)	$	84,359		$	88,287	$	(39,252	)	$	(44,687	)	$	88,707
Other comprehensive income (loss):
Currency translation adjustments	(25,885		)	—		24,852			(70,584		)	(71,617		)
Pension liability adjustment	—			—		(36,978		)	—			(36,978		)
Total comprehensive income (loss)	58,474			88,287		(51,378		)	(115,271		)	(19,888		)
Net income attributable to noncontrolling interests	(59		)	—		(4,348		)	—			(4,407		)
Currency translation adjustments attributable to noncontrolling interests	—			—		(5,228		)	—			(5,228		)
Total comprehensive income attributable to noncontrolling interests	(59		)	—		(9,576		)	—			(9,635		)
Total comprehensive income (loss) attributable to Bristow Group	$	58,415		$	88,287	$	(60,954	)	$	(115,271	)	$	(29,523	)

Supplemental Condensed Consolidating Balance Sheet

As of March 31, 2015

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	126		$	884		$	103,136		$	—		$	104,146
Accounts receivable	377,158			342,239			447,776			(908,555		)	258,618
Inventories	—			44,285			102,884			—			147,169
Assets held for sale	—			54,695			3,132			—			57,827
Prepaid expenses and other current assets	4,850			7,035			58,206			—			70,091
Total current assets	382,134			449,138			715,134			(908,555		)	637,851
Intercompany investment	1,410,347			111,380			—			(1,521,727		)	—
Investment in unconsolidated affiliates	—			—			216,376			—			216,376
Intercompany notes receivable	1,184,335			—			—			(1,184,335		)	—
Property and equipment - at cost:
Land and buildings	2,830			50,946			118,183			—			171,959
Aircraft and equipment	108,457			1,114,218			1,271,194			—			2,493,869
	111,287			1,165,164			1,389,377			—			2,665,828
Less: Accumulated depreciation and amortization	(16,431		)	(223,245		)	(269,051		)	—			(508,727		)
	94,856			941,919			1,120,326			—			2,157,101
Goodwill	—			4,756			70,872			—			75,628
Other assets	43,423			988			99,353			—			143,764
Total assets	$	3,115,095		$	1,508,181		$	2,222,061		$	(3,614,617	)	$	3,230,720
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	203,700		$	369,854		$	289,838		$	(779,199	)	$	84,193
Accrued liabilities	31,805			37,860			206,789			(18,009		)	258,445
Deferred taxes	(3,661		)	2,503			18,862			—			17,704
Short-term borrowings and current maturities of long-term debt	9,088			—			9,642			—			18,730
Deferred sale leaseback advance	—			55,934			—			—			55,934
Total current liabilities	240,932			466,151			525,131			(797,208		)	435,006
Long-term debt, less current maturities	812,536			—			33,156			—			845,692
Intercompany notes payable	100,000			131,075			1,065,918			(1,296,993		)	—
Accrued pension liabilities	—			—			99,576			—			99,576
Other liabilities and deferred credits	17,144			8,379			21,711			(7,452		)	39,782
Deferred taxes	141,771			6,346			17,538			—			165,655
Temporary equity	—			—			26,223			—			26,223
Stockholders’ investment:
Common stock	376			4,996			22,876			(27,872		)	376
Additional paid-in-capital	781,837			9,291			284,048			(293,339		)	781,837
Retained earnings	1,284,442			881,943			133,559			(1,015,502		)	1,284,442
Accumulated other comprehensive loss	(80,604		)	—			(13,474		)	(176,251		)	(270,329		)
Treasury stock	(184,796		)	—			—			—			(184,796		)
Total Bristow Group stockholders’ investment	1,801,255			896,230			427,009			(1,512,964		)	1,611,530
Noncontrolling interests	1,457			—			5,799			—			7,256
Total stockholders’ investment	1,802,712			896,230			432,808			(1,512,964		)	1,618,786
Total liabilities and stockholders’ investment	$	3,115,095		$	1,508,181		$	2,222,061		$	(3,614,617	)	$	3,230,720

Supplemental Condensed Consolidating Statement of Cash Flows

Fiscal Year Ended March 31, 2015

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(99,130	)	$	245,451		$	106,459		$	446		$	253,226
Cash flows from investing activities:
Capital expenditures	(46,217		)	(286,879		)	(268,738		)	—			(601,834		)
Acquisitions, net of cash received	—			—			(20,303		)	—			(20,303		)
Proceeds from sale of unconsolidated affiliate	—			—			4,185			—			4,185
Proceeds from asset dispositions	—			211,423			203,436			—			414,859
Net cash used in investing activities	(46,217		)	(75,456		)	(81,420		)	—			(203,093		)
Cash flows from financing activities:
Proceeds from borrowings	453,000			—			1,393			—			454,393
Payment of contingent consideration	—			—			—			—			—
Debt issuance costs	—			—			—			—			—
Repayment of debt and debt redemption premiums	(448,799		)	—			(11,475		)	—			(460,274		)
Proceeds from assignment of aircraft purchase agreements	—			—			—			—			—
Partial prepayment of put/call obligation	(59		)	—			—			—			(59		)
Acquisition of noncontrolling interest	—			—			(3,170		)	—			(3,170		)
Repurchase of Common Stock	(80,831		)	—			—			—			(80,831		)
Dividends paid	(45,078		)	—			—			—			(45,078		)
Increases (decreases) in cash related to intercompany advances and debt	255,878			(169,111		)	(86,767		)	—			—
Issuance of Common Stock	5,172			—			—			—			5,172
Tax benefit related to stock-based compensation	1,550			—			—			—			1,550
Net cash provided by (used in) financing activities	140,833			(169,111		)	(100,019		)	—			(128,297		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(22,031		)	—			(22,031		)
Net increase (decrease) in cash and cash equivalents	(4,514		)	884			(97,011		)	446			(100,195		)
Cash and cash equivalents at beginning of period	4,640			—			200,147			(446		)	204,341
Cash and cash equivalents at end of period	$	126		$	884		$	103,136		$	—		$	104,146

Supplemental Condensed Consolidating Statement of Income

Fiscal Year Ended March 31, 2014

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Gross revenue	$	—		$	303,878		$	1,365,704		$	—		$	1,669,582
Intercompany revenue	14,754			78,576			—			(93,330		)	—
	14,754			382,454			1,365,704			(93,330		)	1,669,582
Operating expense:
Direct cost and reimbursable expense	—			219,873			966,259			—			1,186,132
Intercompany expenses	—			—			93,330			(93,330		)	—
Impairment of inventories	—			6,988			5,681			—			12,669
Depreciation and amortization	2,835			43,052			50,090			—			95,977
General and administrative	64,891			33,925			100,998			—			199,814
	67,726			303,838			1,216,358			(93,330		)	1,494,592
Gain (loss) on disposal of assets	(45		)	4,312			(4,989		)	—			(722		)
Earnings from unconsolidated affiliates, net of losses	189,209			—			12,666			(189,166		)	12,709
Operating income	136,192			82,928			157,023			(189,166		)	186,977
Interest income (expense), net	79,972			(4,785		)	(118,405		)	—			(43,218		)
Gain on sale of consolidated affiliate	—			—			103,924			—			103,924
Other income (expense), net	(174		)	(342		)	(2,176		)	—			(2,692		)
Income before provision for income taxes	215,990			77,801			140,366			(189,166		)	244,991
Allocation of consolidated income taxes	(29,193		)	(6,292		)	(21,727		)	—			(57,212		)
Net income	186,797			71,509			118,639			(189,166		)	187,779
Net income attributable to noncontrolling interests	(60		)	—			(982		)	—			(1,042		)
Net income attributable to Bristow Group	$	186,737		$	71,509		$	117,657		$	(189,166	)	$	186,737

Supplemental Condensed Consolidating Statement of Comprehensive Income

Fiscal Year Ended March 31, 2014

	Parent Company Only			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
				(In thousands)
Net income	$	186,797		$	71,509	$	118,639		$	(189,166	)	$	187,779
Other comprehensive income (loss):
Currency translation adjustments	8,173			—		(40,402		)	50,958			18,729
Pension liability adjustment	—			—		23,367			—			23,367
Total comprehensive income	194,970			71,509		101,604			(138,208		)	229,875
Net income attributable to noncontrolling interests	(60		)	—		(982		)	—			(1,042		)
Currency translation adjustment attributable to noncontrolling interest	—			—		1,081			—			1,081
Total comprehensive (income) loss attributable to noncontrolling interests	(60		)	—		99			—			39
Total comprehensive income attributable to Bristow Group	$	194,910		$	71,509	$	101,703		$	(138,208	)	$	229,914

Supplemental Condensed Consolidating Balance Sheet

As of March 31, 2014

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	4,640		$	—		$	200,147		$	(446	)	$	204,341
Accounts receivable	32,280			104,155			310,288			(149,280		)	297,443
Inventories	—			40,864			96,599			—			137,463
Assets held for sale	—			8,505			20,771			—			29,276
Prepaid expenses and other current assets	3,882			3,258			45,944			—			53,084
Total current assets	40,802			156,782			673,749			(149,726		)	721,607
Intercompany investment	1,273,337			111,435			—			(1,384,772		)	—
Investment in unconsolidated affiliates	—			—			262,615			—			262,615
Intercompany notes receivable	1,286,354			—			—			(1,286,354		)	—
Property and equipment - at cost:
Land and buildings	977			49,499			95,497			—			145,973
Aircraft and equipment	64,094			1,357,126			1,224,930			—			2,646,150
	65,071			1,406,625			1,320,427			—			2,792,123
Less: Accumulated depreciation and amortization	(13,057		)	(211,385		)	(298,930		)	—			(523,372		)
	52,014			1,195,240			1,021,497			—			2,268,751
Goodwill	—			4,755			51,925			—			56,680
Other assets	204,679			1,462			50,392			(167,929		)	88,604
Total assets	$	2,857,186		$	1,469,674		$	2,060,178		$	(2,988,781	)	$	3,398,257
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	8,298		$	67,728		$	157,297		$	(143,505	)	$	89,818
Accrued liabilities	36,442			32,084			141,423			(5,451		)	204,498
Deferred taxes	(7,640		)	(1,342		)	21,354			—			12,372
Short-term borrowings and current maturities of long-term debt	4,543			—			9,664			—			14,207
Deferred sale leaseback advance	—			136,930			—			—			136,930
Total current liabilities	41,643			235,400			329,738			(148,956		)	457,825
Long-term debt, less current maturities	805,965			—			21,130			—			827,095
Intercompany notes payable	—			378,983			1,076,292			(1,455,275		)	—
Accrued pension liabilities	—			—			86,823			—			86,823
Other liabilities and deferred credits	13,750			37,876			26,500			—			78,126
Deferred taxes	144,461			9,472			15,586			—			169,519
Temporary equity	—			—			22,283			—			22,283
Stockholders’ investment:
Common stock	373			4,996			22,876			(27,872		)	373
Additional paid-in-capital	762,813			9,291			270,905			(280,196		)	762,813
Retained earnings	1,245,220			793,656			177,159			(970,815		)	1,245,220
Accumulated other comprehensive income (loss)	(54,719		)	—			3,880			(105,667		)	(156,506		)
Treasury shares	(103,965		)	—			—			—			(103,965		)
Total Bristow Group stockholders’ investment	1,849,722			807,943			474,820			(1,384,550		)	1,747,935
Noncontrolling interests	1,645			—			7,006			—			8,651
Total stockholders’ investment	1,851,367			807,943			481,826			(1,384,550		)	1,756,586
Total liabilities and stockholders’ investment	$	2,857,186		$	1,469,674		$	2,060,178		$	(2,988,781	)	$	3,398,257

Supplemental Condensed Consolidating Statement of Cash Flows

Fiscal Year Ended March 31, 2014

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(48,173	)	$	107,059		$	173,654		$	(446	)	$	232,094
Cash flows from investing activities:
Capital expenditures	(33,197		)	(482,786		)	(246,868		)	134,238			(628,613		)
Acquisitions, net of cash received	—			—			(39,850		)	—			(39,850		)
Proceeds from sale of unconsolidated affiliate	—			—			112,210			—			112,210
Proceeds from asset dispositions	—			284,042			140,147			(134,238		)	289,951
Net cash used in investing activities	(33,197		)	(198,744		)	(34,361		)	—			(266,302		)
Cash flows from financing activities:
Proceeds from borrowings	528,600			—			4,464			—			533,064
Payment of contingent consideration	—			—			(6,000		)	—			(6,000		)
Debt issuance costs	(15,523		)	—			—			—			(15,523		)
Repayment of debt and debt redemption premiums	(508,060		)	—			(4,432		)	—			(512,492		)
Proceeds from assignment of aircraft purchase	—			106,113			—			—			106,113
Partial prepayment of put/call obligation	(57		)	—			—			—			(57		)
Acquisition of noncontrolling interest	—			—			(2,078		)	—			(2,078		)
Repurchase of Common Stock	(77,661		)	—			—			—			(77,661		)
Dividends paid	(33,254		)	34			(3,100		)	—			(36,320		)
Increases (decreases) in cash related to intercompany advances and debt	138,991			(19,832		)	(119,159		)	—			—
Issuance of Common Stock	15,398			—			—			—			15,398
Tax benefit related to exercise of stock options	5,723			—			—			—			5,723
Net cash provided by (used in) financing activities	54,157			86,315			(130,305		)	—			10,167
Effect of exchange rate changes on cash and cash equivalents	—			—			12,759			—			12,759
Net increase (decrease) in cash and cash equivalents	(27,213		)	(5,370		)	21,747			(446		)	(11,282		)
Cash and cash equivalents at beginning of period	31,853			5,370			178,400			—			215,623
Cash and cash equivalents at end of period	$	4,640		$	—		$	200,147		$	(446	)	$	204,341

Supplemental Condensed Consolidating Statement of Income

Fiscal Year Ended March 31, 2013

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Gross revenue	$	—		$	300,731		$	1,207,742		$	—		$	1,508,473
Intercompany revenue	12,537			66,625			—			(79,162		)	—
	12,537			367,356			1,207,742			(79,162		)	1,508,473
Operating expense:
Direct cost and reimbursable expense	—			208,995			848,799			—			1,057,794
Intercompany expenses	—			—			79,162			(79,162		)	—
Depreciation and amortization	4,588			38,851			52,845			—			96,284
General and administrative	52,968			29,252			81,169			—			163,389
	57,556			277,098			1,061,975			(79,162		)	1,317,467
Gain on disposal of assets	—			2,474			5,594			—			8,068
Earnings from unconsolidated affiliates, net of losses	123,586			—			25,070			(123,586		)	25,070
Operating income	78,567			92,732			176,431			(123,586		)	224,144
Interest income (expense), net	70,432			17			(112,107		)	—			(41,658		)
Extinguishment of debt	(14,932		)	—			—			—			(14,932		)
Other income (expense), net	94			103			(1,074		)	—			(877		)
Income before provision for income taxes	134,161			92,852			63,250			(123,586		)	166,677
Allocation of consolidated income taxes	(3,996		)	(6,070		)	(24,936		)	—			(35,002		)
Net income	130,165			86,782			38,314			(123,586		)	131,675
Net income attributable to noncontrolling interests	(63		)	—			(1,510		)	—			(1,573		)
Net income attributable to Bristow Group	$	130,102		$	86,782		$	36,804		$	(123,586	)	$	130,102

Supplemental Condensed Consolidating Statement of Comprehensive Income

Fiscal Year Ended March 31, 2013

	Parent Company Only			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
				(In thousands)
Net income	$	130,165		$	86,782	$	38,314		$	(123,586	)	$	131,675
Other comprehensive income (loss):
Currency translation adjustments	(1,186		)	—		(6,383		)	(4,413		)	(11,982		)
Pension liability adjustment	—			—		(28,462		)	—			(28,462		)
Total comprehensive income	128,979			86,782		3,469			(127,999		)	91,231
Net income attributable to noncontrolling interests	(63		)	—		(1,510		)	—			(1,573		)
Total comprehensive income attributable to noncontrolling interests	(63		)	—		(1,510		)	—			(1,573		)
Total comprehensive income attributable to Bristow Group	$	128,916		$	86,782	$	1,959		$	(127,999	)	$	89,658

Supplemental Condensed Consolidating Statement of Cash Flows

Fiscal Year Ended March 31, 2013

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(45,184	)	$	156,371		$	155,577		$	—		$	266,764
Cash flows from investing activities:
Capital expenditures	(17,532		)	(503,120		)	(202,633		)	151,860			(571,425		)
Proceeds from asset dispositions	—			185,876			280,831			(151,860		)	314,847
Investment in unconsolidated affiliates	—			—			(51,179		)	—			(51,179		)
Net cash provided by (used in) investing activities	(17,532		)	(317,244		)	27,019			—			(307,757		)
Cash flows from financing activities:
Proceeds from borrowings	675,000			—			449			—			675,449
Debt issuance costs	(10,344		)	—			—			—			(10,344		)
Repayment of debt and debt redemption premiums	(663,921		)	—			—			—			(663,921		)
Partial prepayment of put/call obligation	(63		)	—			—			—			(63		)
Repurchase of Common Stock	(1,219		)	—			—			—			(1,219		)
Dividends paid	(11,242		)	(12,955		)	(4,537		)	—			(28,734		)
Increases (decreases) in cash related to intercompany advances and debt	13,960			176,043			(190,003		)	—			—
Issuance of Common Stock	15,289			—			—			—			15,289
Tax benefit related to stock-based compensation	500			—			—			—			500
Net cash provided by (used in) financing activities	17,960			163,088			(194,091		)	—			(13,043		)
Effect of exchange rate changes on cash and cash equivalents	—			—			8,109			—			8,109
Net increase (decrease) in cash and cash equivalents	(44,756		)	2,215			(3,386		)	—			(45,927		)
Cash and cash equivalents at beginning of period	76,609			3,155			181,786			—			261,550
Cash and cash equivalents at end of period	$	31,853		$	5,370		$	178,400		$	—		$	215,623