FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Mar. 31, 2017

Schedule of fair value assets measured on non-recurring basis

The following table summarizes the assets as of March 31, 2017, 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 March 31, 2017		Total Loss for Fiscal Year 2017
Inventories	$	—	$	46,568	$	—	$	46,568	$	(7,572	)
Assets held for sale	—		38,246		—		38,246		(12,450		)
Goodwill	—		—		19,798		19,798		(8,706		)
Total assets	$	—	$	84,814	$	19,798	$	104,612	$	(28,728	)

The following table summarizes the assets as of March 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 March 31, 2016		Total Loss for Fiscal Year 2016
Inventories	$	—	$	6,261	$	—	$	6,261	$	(5,439	)
Assets held for sale	—		43,783		—		43,783		(29,571		)
Goodwill	—		—		29,990		29,990		(41,579		)
Other intangible assets	—		—		—		—		(8,086		)
Total assets	$	—	$	50,044	$	29,990	$	80,034	$	(84,675	)

Schedule of fair value assets measured on recurring basis

The following table summarizes the financial instruments we had as of March 31, 2017, 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, 2017		Balance Sheet Classification
Rabbi Trust investments	$	3,075	$	—	$	—	$	3,075	Other assets
Total assets	$	3,075	$	—	$	—	$	3,075

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 at 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 investments in Cougar totaling $26.0 million and our acquisition of Airnorth totaling $6.6 million (see Notes 2 and 3).

Fair value, liabilities measured on recurring basis, unobservable input reconciliation

The following table provides a rollforward of the contingent consideration liability Level 3 fair value measurements during fiscal year 2017 (in thousands):



	Significant Unobservable Inputs (Level 3)
Contingent consideration:
Balance as of March 31, 2016	$	32,591
Change in fair value of contingent consideration	(6,591		)
Payment of Cougar third year earn-out	(10,000		)
Reclass of remaining Cougar third year earn-out to short-term borrowings and accrued liabilities	(16,000		)
Balance as of March 31, 2017	$	—

Schedule of carrying value and 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):



	March 31,
	2017				2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
6 ¼% Senior Notes	$	401,535	$	323,236	$	401,535	$	277,059
Term Loan	261,907		261,907		335,665		335,665
Term Loan Credit Facility	45,900		45,900		200,000		200,000
Revolving Credit Facility	139,100		139,100		144,000		144,000
Lombard Debt	196,832		196,832		—		—
Macquarie Debt	200,000		200,000		—		—
Airnorth Debt	16,471		16,471		19,652		19,652
Eastern Airways Debt	15,326		15,326		15,643		15,643
Other Debt	16,293		16,293		24,394		24,394
	$	1,293,364	$	1,215,065	$	1,140,889	$	1,016,413