VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES (Tables)

12 Months Ended

Mar. 31, 2016

Variable Interest Entities and Other Investments in Significant Affiliates [Abstract]

Noncontrolling interest Bristow Aviation

Changes in the balance for the noncontrolling interest associated with Bristow Aviation are as follows (in thousands):



	Fiscal Year Ended March 31,
	2016			2015			2014
Balance – beginning of fiscal year	$	1,457		$	1,645		$	1,492
Payments to noncontrolling interest shareholders	(55		)	(59		)	(57		)
Noncontrolling interest expense	55			58			57
Currency translation	(47		)	(187		)	153
Balance – end of fiscal year	$	1,410		$	1,457		$	1,645

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 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):



	March 31,
	2016		2015
Assets
Cash and cash equivalents	$	62,773	$	91,190
Accounts receivable	565,223		521,989
Inventories	102,738		100,065
Prepaid expenses and other current assets	53,776		42,659
Total current assets	784,510		755,903
Investment in unconsolidated affiliates	4,676		64
Property and equipment, net	251,494		243,357
Goodwill	29,990		61,242
Other assets	82,988		78,637
Total assets	$	1,153,658	$	1,139,203
Liabilities
Accounts payable	$	521,563	$	379,357
Accrued liabilities	141,977		154,306
Accrued interest	1,698,360		1,489,369
Deferred taxes	—		1,128
Current maturities of long-term debt	10,322		9,643
Total current liabilities	2,372,222		2,033,803
Long-term debt, less current maturities	155,767		168,245
Accrued pension liabilities	70,107		99,576
Other liabilities and deferred credits	7,928		11,948
Deferred taxes	20,330		14,457
Temporary equity	15,473		26,223
Total liabilities	$	2,641,827	$	2,354,252



	Fiscal Year Ended March 31,
	2016			2015			2014
Revenue	$	1,441,834		$	1,512,312		$	1,324,483
Operating income (loss)	(57,780		)	40,524			49,061
Net loss ⁽¹⁾	(279,309		)	(179,757		)	(38,274		)

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⁽¹⁾	Fiscal year 2014 includes a gain of $67.9 million, after tax, on the sale of the FB Entities as discussed under “Other Significant Affiliates — Unconsolidated — FB Entities” below.

Schedule of unconsolidated affiliates

Our percentage ownership and investment balances for the unconsolidated affiliates are as follows:



	March 31,
	2016		2015		2016		2015

					(In thousands)
Cost Method:
PAS	25	%	25	%	$	6,286	$	6,286
Equity Method:
Cougar ⁽¹⁾	40	%	40	%	59,742		61,015
Líder ^{(1) (2)}	41.9	%	41.9	%	124,248		149,010
Other					4,676		65
Total					$	194,952	$	216,376

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⁽¹⁾	We had a 25% voting interest in Cougar and under 20% voting interest in Líder as of March 31, 2016 and 2015.


⁽²⁾	For discussion on immaterial error correction for our Líder investment, see discussion above.

Schedule of earnings from unconsolidated affiliates

Earnings from unconsolidated affiliates were as follows (in thousands):



	Fiscal Year Ended March 31,
	2016			2015			2014
Dividends from entities accounted for under the cost method:
PAS	$	2,068		$	2,068		$	4,043
Earnings, net of losses, from entities accounted for under the equity method:
Cougar	(2,001		)	(710		)	1,053
FB Entities ⁽¹⁾	—			—			3,217
Líder	(116		)	(4,236		)	2,898
Other ⁽²⁾	310			1,107			1,498
	(1,807		)	(3,839		)	8,666
Total	$	261		$	(1,771	)	$	12,709

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⁽¹⁾	We sold our 50% interest in the FB entities in July 2013.


⁽²⁾	We sold our 50% interest in HCA in November 2014.

Schedule of combined financial information for unconsolidated affiliates

A summary of combined financial information of our unconsolidated affiliates accounted for under the equity method is set forth below (in thousands):



	March 31,
	2016		2015

	(Unaudited)
Current assets	$	269,619	$	200,979
Non-current assets	295,416		384,438
Total assets	$	565,035	$	585,417
Current liabilities	$	146,938	$	189,251
Non-current liabilities	266,545		255,318
Equity	151,552		140,848
Total liabilities and equity	$	565,035	$	585,417



	Fiscal Year Ended March 31,
	2016		2015		2014

	(Unaudited)
Revenue	$	368,586	$	499,692	$	632,832
Gross profit	$	60,873	$	99,127	$	132,760
Net income	$	21,871	$	559	$	21,728