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ACQUISITIONS (Tables)
 12 Months Ended
Mar. 31, 2016
Airnorth  
Business Acquisition [Line Items]  
Schedule of business acquisitions, by acquisition
The following table summarizes the consolidated assets and liabilities of Airnorth as of January 29, 2015 (in thousands):
Current assets
$
15,188

Property and equipment
39,822

Goodwill (1)
24,252

Prepaid expenses and other assets (1)
4,403

Total assets
83,665

 
 
Current liabilities, including debt (1)
(20,104
)
Long-term debt, less current maturities
(20,606
)
Other long-term liabilities
(9,441
)
Total liabilities
(50,151
)
Temporary equity
(3,427
)
Net assets
$
30,087


_____________
(1) 
For details on the correction of an immaterial error related to the acquisition of Airnorth, see Note 1.
Temporary equity
Changes in the balance for the redeemable noncontrolling interest related to Airnorth are as follows (in thousands):
 
 
Acquisition of Airnorth on January 29, 2015
$
3,427

Noncontrolling interest expense
(39
)
Currency translation
(49
)
Balance as of March 31, 2015
3,339

Noncontrolling interest expense
788

Accretion of noncontrolling interest
1,498

Acquisition of remaining 15% of Airnorth
(5,467
)
Currency translation
(158
)
Balance as of March 31, 2016
$
—
Business acquisition, pro forma information
The summary pro forma condensed consolidated financial information presented below for the fiscal years ended March 31, 2015 and 2014 give effect to the acquisition of Airnorth as if it had occurred at the beginning of the periods presented. The pro forma adjustments are based upon available information and certain assumptions that we believe are reasonable. The pro forma net income has been adjusted to reflect depreciation and amortization expense as if those adjustments had been applied on April 1, 2013. The summary pro forma condensed consolidated financial information is for informational purposes only and does not purport to represent what our consolidated results of operations actually would have been if the acquisition of Airnorth had occurred at any date, and such data does not purport to project our results of operations for any future period.
 
Fiscal Year Ended March 31,
 
2015
 
2014
 
 
 
 
 
(In thousands)
(Unaudited)
Gross revenue
$
1,927,680

 
$
1,734,911

Net income
87,902

 
187,785
Eastern Airways  
Business Acquisition [Line Items]  
Schedule of business acquisitions, by acquisition
The following table summarizes the consolidated assets and liabilities of Eastern Airways as of February 6, 2014 (in thousands):
Current assets
$
21,117

Property and equipment
63,391

Goodwill (1)
26,479

Prepaid expenses and other assets (1)
20,474

Total assets
131,461

 
 
Current liabilities, including debt (1)
(37,644
)
Long-term debt, less current maturities
(20,400
)
Other long-term liabilities
(8,239
)
Total liabilities
(66,283
)
Temporary equity
(21,139
)
Net assets
$
44,039


_____________
(1) 
For details on the correction of an immaterial error related to the acquisition of Eastern, see Note 1.
Temporary equity
Changes in the balance for the redeemable noncontrolling interest related to Eastern Airways are as follows (in thousands):
Acquisition of Eastern Airways on February 6, 2014
$
21,139

Noncontrolling interest expense
671

Currency translation
473

Balance as of March 31, 2014
22,283

Noncontrolling interest expense
3,389

Currency translation
(2,787
)
Balance as of March 31, 2015
22,885

Noncontrolling interest expense
(6,499
)
Currency translation
(913
)
Balance as of March 31, 2016
$
15,473
Business acquisition, pro forma information
The summary pro forma condensed consolidated financial information presented below for the fiscal years ended March 31, 2014 and 2013 give effect to the acquisition of Eastern Airways as if it had occurred at the beginning of the periods presented. The pro forma adjustments are based upon available information and certain assumptions that we believe are reasonable. The pro forma net income has been adjusted to reflect depreciation and amortization expense as if those adjustments had been applied on April 1, 2012. The summary pro forma condensed consolidated financial information is for informational purposes only and does not purport to represent what our consolidated results of operation actually would have been if the acquisition of Eastern Airways had occurred at any date, and such data does not purport to project our results of operations for any future period.
 
Fiscal Year Ended March 31, 2014
 
(In thousands)
(Unaudited)
Gross revenue
$
1,761,390

Net income
188,921