FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Dec. 31, 2016

Schedule of fair value assets measured on non-recurring basis

The following table summarizes the assets as of December 31, 2016, valued at fair value on a non-recurring basis (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2016		Total Loss for the Three Months Ended December 31, 2016			Total Loss for the Nine Months Ended December 31, 2016
Inventories	$	—	$	46,654	$	—	$	46,654	$	—		$	(7,572	)
Assets held for sale	—		37,635		—		37,635		(200		)	(11,360		)
Goodwill	—		—		18,793		18,793		(8,706		)	(8,706		)
Total assets	$	—	$	84,289	$	18,793	$	103,082	$	(8,906	)	$	(27,638	)

The following table summarizes the assets as of December 31, 2015, valued at fair value on a non-recurring basis (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2015		Total Loss for the Three Months Ended December 31, 2015		Total Loss for the Nine Months Ended December 31, 2015
Inventories	$	—	$	8,871	$	—	$	8,871	$	—	$	(5,439	)
Assets held for sale	—		52,916		—		52,916		—		(22,031		)
Goodwill	—		—		52,530		52,530		—		(22,274		)
Total assets	$	—	$	61,787	$	52,530	$	114,317	$	—	$	(49,744	)

Schedule of fair value assets measured on recurring basis

The following table summarizes the financial instruments we had as of December 31, 2016, valued at fair value on a recurring basis (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2016		Balance Sheet Classification
Rabbi Trust investments	$	2,601	$	—	$	—	$	2,601	Other assets
Total assets	$	2,601	$	—	$	—	$	2,601

Contingent consideration: ⁽¹⁾
Current	$	—	$	—	$	7,137	$	7,137	Contingent consideration
Total liabilities	$	—	$	—	$	7,137	$	7,137

______________


⁽¹⁾	Relates to the acquisition of Airnorth totaling $7.1 million. For further details on Airnorth, see Note 2 to the fiscal year 2016 Financial Statements.

The following table summarizes the financial instruments we had as of March 31, 2016, valued at fair value on a recurring basis (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2016		Balance Sheet Classification
Rabbi Trust investments	$	2,990	$	—	$	—	$	2,990	Other assets
Total assets	$	2,990	$	—	$	—	$	2,990

Contingent consideration: ⁽¹⁾
Current	$	—	$	—	$	29,522	$	29,522	Contingent consideration
Long-term	—		—		3,069		3,069		Other liabilities and deferred credits
Total liabilities	$	—	$	—	$	32,591	$	32,591

______________


⁽¹⁾	Relates to our investment in Cougar totaling $26.0 million and Airnorth totaling $6.6 million. For further details on Cougar and Airnorth, see Notes 2 and 3 to the fiscal year 2016 Financial Statements.

Schedule of contingent consideration

The following table provides a rollforward of the contingent consideration liability Level 3 fair value measurements during the nine months ended December 31, 2016 (in thousands):



	Significant Unobservable Inputs (Level 3)
Balance as of March 31, 2016	$	32,591
Change in fair value of contingent consideration	546
Payment of Cougar third year earn-out	(10,000		)
Reclass of remaining Cougar third year earn-out to short-term borrowings and other accrued liabilities	(16,000		)
Balance as of December 31, 2016	$	7,137

Schedule of fair value of debt

The carrying and fair value of our long-term debt, including the current portion and excluding unamortized debt issuance costs, are as follows (in thousands):



	December 31, 2016				March 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
6¼% Senior Notes	$	401,535	$	341,305	$	401,535	$	277,059
Term Loan	314,747		314,747		335,665		335,665
Term Loan Credit Facility	200,000		200,000		200,000		200,000
Revolving Credit Facility	190,000		190,000		144,000		144,000
Lombard debt	105,540		105,540		—		—
Airnorth debt	17,508		17,508		19,652		19,652
Eastern Airways debt	16,072		16,072		15,643		15,643
Other debt	25,286		25,286		24,394		24,394
	$	1,270,688	$	1,210,458	$	1,140,889	$	1,016,413