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SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
 6 Months Ended
Sep. 30, 2017
Supplemental Condensed Consolidating Financial Information [Abstract]  
Supplemental Condensed Consolidating Financial Information
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
In connection with the issuance of the 61/4% Senior Notes due 2022 (the “61/4% Senior Notes”), certain of our U.S. subsidiaries (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 operations, 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 Operations
Three Months Ended September 30, 2017
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Revenue:
 
 
 
 
 
 
 
 
 
 
Gross revenue
 
$
—

 
$
46,952

 
$
326,724

 
$
—

 
$
373,676

Intercompany revenue
 
—

 
31,719

 
—

 
(31,719
)
 
—

 
 
—

 
78,671

 
326,724

 
(31,719
)
 
373,676

Operating expense:
 
 
 
 
 
 
 
 
 
 
Direct cost and reimbursable expense
 
3,263

 
45,955

 
250,909

 
—

 
300,127

Intercompany expenses
 
—

 
—

 
31,719

 
(31,719
)
 
—

Depreciation and amortization
 
3,016

 
13,237

 
15,128

 
—

 
31,381

General and administrative
 
17,880

 
5,623

 
25,119

 
—

 
48,622

 
 
24,159

 
64,815

 
322,875

 
(31,719
)
 
380,130

 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on disposal of assets
 
—

 
10,597

 
(19,123
)
 
—

 
(8,526
)
Earnings from unconsolidated affiliates, net of losses
 
9,642

 
—

 
2,063

 
(9,642
)
 
2,063

Operating income (loss)
 
(14,517
)
 
24,453

 
(13,211
)
 
(9,642
)
 
(12,917
)
Interest expense, net
 
(10,636
)
 
(6,023
)
 
(1,904
)
 
—

 
(18,563
)
Other income (expense), net
 
(97
)
 
(399
)
 
3,054

 
—

 
2,558

 
 
 
 
 
 
 
 
 
 
 
Income (loss) before (provision) benefit for income taxes
 
(25,250
)
 
18,031

 
(12,061
)
 
(9,642
)
 
(28,922
)
Allocation of consolidated income taxes
 
(5,946
)
 
(1,945
)
 
5,417

 
—

 
(2,474
)
Net income (loss)
 
(31,196
)
 
16,086

 
(6,644
)
 
(9,642
)
 
(31,396
)
Net (income) loss attributable to noncontrolling interests
 
(13
)
 
—

 
200

 
—

 
187

Net income (loss) attributable to Bristow Group
 
$
(31,209
)
 
$
16,086

 
$
(6,444
)
 
$
(9,642
)
 
$
(31,209
)
Supplemental Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2016
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Revenue:
 
 
 
 
 
 
 
 
 
 
Gross revenue
 
$
—

 
$
42,543

 
$
314,924

 
$
—

 
$
357,467

Intercompany revenue
 
—

 
24,323

 
—

 
(24,323
)
 
—

 
 
—

 
66,866

 
314,924

 
(24,323
)
 
357,467

Operating expense:
 
 
 
 
 
 
 
 
 
 
Direct cost and reimbursable expense
 
(374
)
 
47,858

 
247,422

 
—

 
294,906

Intercompany expenses
 
—

 
—

 
24,323

 
(24,323
)
 
—

Depreciation and amortization
 
2,223

 
10,805

 
15,564

 
—

 
28,592

General and administrative
 
17,487

 
6,490

 
27,297

 
—

 
51,274

 
 
19,336

 
65,153

 
314,606

 
(24,323
)
 
374,772

 
 
 
 
 
 
 
 
 
 
 
Loss on impairment
 
—

 
(4,761
)
 
(2,811
)
 
—

 
(7,572
)
Loss on disposal of assets
 
—

 
(1,348
)
 
(838
)
 
—

 
(2,186
)
Earnings from unconsolidated affiliates, net of losses
 
(9,647
)
 
—

 
138

 
9,690

 
181

Operating loss
 
(28,983
)
 
(4,396
)
 
(3,193
)
 
9,690

 
(26,882
)
Interest expense, net
 
(10,347
)
 
(371
)
 
(750
)
 
—

 
(11,468
)
Other income (expense), net
 
206

 
411

 
2,386

 
—

 
3,003

 
 
 
 
 
 
 
 
 
 
 
Loss before (provision) benefit for income taxes
 
(39,124
)
 
(4,356
)
 
(1,557
)
 
9,690

 
(35,347
)
Allocation of consolidated income taxes
 
9,339

 
(1,510
)
 
(2,589
)
 
—

 
5,240

Net loss
 
(29,785
)
 
(5,866
)
 
(4,146
)
 
9,690

 
(30,107
)
Net (income) loss attributable to noncontrolling interests
 
(12
)
 
—

 
322

 
—

 
310

Net loss attributable to Bristow Group
 
$
(29,797
)
 
$
(5,866
)
 
$
(3,824
)
 
$
9,690

 
$
(29,797
)
Supplemental Condensed Consolidating Statement of Operations
Six Months Ended September 30, 2017
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Revenue:
 
 
 
 
 
 
 
 
 
 
Gross revenue
 
$
—

 
$
92,727

 
$
633,058

 
$
—

 
$
725,785

Intercompany revenue
 
—

 
63,910

 
—

 
(63,910
)
 
—

 
 
—

 
156,637

 
633,058

 
(63,910
)
 
725,785

Operating expense:
 
 
 
 
 
 
 
 
 
 
Direct cost and reimbursable expense
 
3,269

 
98,289

 
496,346

 
—

 
597,904

Intercompany expenses
 
—

 
—

 
63,910

 
(63,910
)
 
—

Depreciation and amortization
 
5,933

 
25,720

 
30,784

 
—

 
62,437

General and administrative
 
36,987

 
11,385

 
46,957

 
—

 
95,329

 
 
46,189

 
135,394

 
637,997

 
(63,910
)
 
755,670

 
 
 
 
 
 
 
 
 
 
 
Loss on impairment
 
—

 
(1,192
)
 
—

 
—

 
(1,192
)
Gain (loss) on disposal of assets
 
—

 
11,013

 
(18,840
)
 
—

 
(7,827
)
Earnings from unconsolidated affiliates, net of losses
 
(11,003
)
 
—

 
1,398

 
11,003

 
1,398

Operating income (loss)
 
(57,192
)
 
31,064

 
(22,381
)
 
11,003

 
(37,506
)
Interest expense, net
 
(19,694
)
 
(11,803
)
 
(3,087
)
 
—

 
(34,584
)
Other income (expense), net
 
(126
)
 
(756
)
 
1,795

 
—

 
913

 
 
 
 
 
 
 
 
 
 
 
Income (loss) before (provision) benefit for income taxes
 
(77,012
)
 
18,505

 
(23,673
)
 
11,003

 
(71,177
)
Allocation of consolidated income taxes
 
(9,448
)
 
(6,105
)
 
(412
)
 
—

 
(15,965
)
Net income (loss)
 
(86,460
)
 
12,400

 
(24,085
)
 
11,003

 
(87,142
)
Net (income) loss attributable to noncontrolling interests
 
(24
)
 
—

 
682

 
—

 
658

Net income (loss) attributable to Bristow Group
 
$
(86,484
)
 
$
12,400

 
$
(23,403
)
 
$
11,003

 
$
(86,484
)
Supplemental Condensed Consolidating Statement of Operations
Six Months Ended September 30, 2016
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Revenue:
 
 
 
 
 
 
 
 
 
 
Gross revenue
 
$
—

 
$
87,856

 
$
639,009

 
$
—

 
$
726,865

Intercompany revenue
 
—

 
48,614

 
—

 
(48,614
)
 
—

 
 
—

 
136,470

 
639,009

 
(48,614
)
 
726,865

Operating expense:
 
 
 
 
 
 
 
 
 
 
Direct cost and reimbursable expense
 
(631
)
 
96,476

 
501,218

 
—

 
597,063

Intercompany expenses
 
—

 
—

 
48,614

 
(48,614
)
 
—

Depreciation and amortization
 
4,316

 
27,786

 
31,184

 
—

 
63,286

General and administrative
 
37,746

 
13,080

 
53,043

 
—

 
103,869

 
 
41,431

 
137,342

 
634,059

 
(48,614
)
 
764,218

 
 
 
 
 
 
 
 
 
 
 
Loss on impairment
 
—

 
(4,761
)
 
(2,811
)
 
—

 
(7,572
)
Loss on disposal of assets
 
—

 
(11,575
)
 
(628
)
 
—

 
(12,203
)
Earnings from unconsolidated affiliates, net of losses
 
(22,423
)
 
—

 
3,968

 
22,466

 
4,011

Operating income (loss)
 
(63,854
)
 
(17,208
)
 
5,479

 
22,466

 
(53,117
)
Interest expense, net
 
(20,232
)
 
(1,028
)
 
(1,094
)
 
—

 
(22,354
)
Other income (expense), net
 
752

 
1,646

 
(5,584
)
 
—

 
(3,186
)
 
 
 
 
 
 
 
 
 
 
 
Loss before (provision) benefit for income taxes
 
(83,334
)
 
(16,590
)
 
(1,199
)
 
22,466

 
(78,657
)
Allocation of consolidated income taxes
 
12,792

 
(3,732
)
 
(1,582
)
 
—

 
7,478

Net loss
 
(70,542
)
 
(20,322
)
 
(2,781
)
 
22,466

 
(71,179
)
Net (income) loss attributable to noncontrolling interests
 
(27
)
 
—

 
637

 
—

 
610

Net loss attributable to Bristow Group
 
$
(70,569
)
 
$
(20,322
)
 
$
(2,144
)
 
$
22,466

 
$
(70,569
)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)
Three Months Ended September 30, 2017
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Net loss
 
$
(31,196
)
 
$
16,086

 
$
(6,644
)
 
$
(9,642
)
 
$
(31,396
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
 
—

 
306

 
14,218

 
(3,833
)
 
10,691

Total comprehensive loss
 
(31,196
)
 
16,392

 
7,574

 
(13,475
)
 
(20,705
)
 
 
 
 
 
 
 
 
 
 
 
Net (income) loss attributable to noncontrolling interests
 
(13
)
 
—

 
200

 
—

 
187

Currency translation adjustments attributable to noncontrolling interests
 
—

 
—

 
237

 
—

 
237

Total comprehensive (income) loss attributable to noncontrolling interests
 
(13
)
 
—

 
437

 
—

 
424

Total comprehensive loss attributable to Bristow Group
 
$
(31,209
)
 
$
16,392

 
$
8,011

 
$
(13,475
)
 
$
(20,281
)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)
Three Months Ended September 30, 2016
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Net loss
 
$
(29,785
)
 
$
(5,866
)
 
$
(4,146
)
 
$
9,690

 
$
(30,107
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
 
—

 
—

 
(9,558
)
 
4,119

 
(5,439
)
Total comprehensive loss
 
(29,785
)
 
(5,866
)
 
(13,704
)
 
13,809

 
(35,546
)
 
 
 
 
 
 
 
 
 
 
 
Net (income) loss attributable to noncontrolling interests
 
(12
)
 
—

 
322

 
—

 
310

Currency translation adjustments attributable to noncontrolling interests
 
—

 
—

 
(523
)
 
—

 
(523
)
Total comprehensive income attributable to noncontrolling interests
 
(12
)
 
—

 
(201
)
 
—

 
(213
)
Total comprehensive loss attributable to Bristow Group
 
$
(29,797
)
 
$
(5,866
)
 
$
(13,905
)
 
$
13,809

 
$
(35,759
)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)
Six Months Ended September 30, 2017
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Net loss
 
$
(86,460
)
 
$
12,400

 
$
(24,085
)
 
$
11,003

 
$
(87,142
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
 
—

 
644

 
28,570

 
(8,763
)
 
20,451

Total comprehensive loss
 
(86,460
)
 
13,044

 
4,485

 
2,240

 
(66,691
)
 
 
 
 
 
 
 
 
 
 
 
Net (income) loss attributable to noncontrolling interests
 
(24
)
 
—

 
682

 
—

 
658

Currency translation adjustments attributable to noncontrolling interests
 
—

 
—

 
547

 
—

 
547

Total comprehensive (income) loss attributable to noncontrolling interests
 
(24
)
 
—

 
1,229

 
—

 
1,205

Total comprehensive loss attributable to Bristow Group
 
$
(86,484
)
 
$
13,044

 
$
5,714

 
$
2,240

 
$
(65,486
)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)
Six Months Ended September 30, 2016
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Net loss
 
$
(70,542
)
 
$
(20,322
)
 
$
(2,781
)
 
$
22,466

 
$
(71,179
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
 
—

 
—

 
208,234

 
(220,808
)
 
(12,574
)
Total comprehensive income (loss)
 
(70,542
)
 
(20,322
)
 
205,453

 
(198,342
)
 
(83,753
)
 
 
 
 
 
 
 
 
 
 
 
Net (income) loss attributable to noncontrolling interests
 
(27
)
 
—

 
637

 
—

 
610

Currency translation adjustments attributable to noncontrolling interests
 
—

 
—

 
(4,965
)
 
—

 
(4,965
)
Total comprehensive income attributable to noncontrolling interests
 
(27
)
 
—

 
(4,328
)
 
—

 
(4,355
)
Total comprehensive income (loss) attributable to Bristow Group
 
$
(70,569
)
 
$
(20,322
)
 
$
201,125

 
$
(198,342
)
 
$
(88,108
)
Supplemental Condensed Consolidating Balance Sheet
As of September 30, 2017
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
591

 
$
771

 
$
95,981

 
$
—

 
$
97,343

Accounts receivable
 
159,210

 
457,131

 
367,921

 
(746,390
)
 
237,872

Inventories
 
—

 
33,156

 
98,460

 
—

 
131,616

Assets held for sale
 
—

 
29,692

 
5,242

 
—

 
34,934

Prepaid expenses and other current assets
 
2,248

 
5,827

 
39,422

 
(3,408
)
 
44,089

Total current assets
 
162,049

 
526,577

 
607,026

 
(749,798
)
 
545,854

Intercompany investment
 
2,399,726

 
104,435

 
135,507

 
(2,639,668
)
 
—

Investment in unconsolidated affiliates
 
—

 
—

 
211,499

 
—

 
211,499

Intercompany notes receivable
 
263,032

 
36,358

 
26,265

 
(325,655
)
 
—

Property and equipment—at cost:
 
 
 
 
 
 
 
 
 
 
Land and buildings
 
4,806

 
62,128

 
176,421

 
—

 
243,355

Aircraft and equipment
 
157,311

 
1,138,701

 
1,321,823

 
—

 
2,617,835

 
 
162,117

 
1,200,829

 
1,498,244

 
—

 
2,861,190

Less: Accumulated depreciation and amortization
 
(35,027
)
 
(256,871
)
 
(372,552
)
 
—

 
(664,450
)
 
 
127,090

 
943,958

 
1,125,692

 
—

 
2,196,740

Goodwill
 
—

 
—

 
20,364

 
—

 
20,364

Other assets
 
8,584

 
2,147

 
103,356

 
(21
)
 
114,066

Total assets
 
$
2,960,481

 
$
1,613,475

 
$
2,229,709

 
$
(3,715,142
)
 
$
3,088,523

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
440,137

 
$
163,449

 
$
219,558

 
$
(725,382
)
 
$
97,762

Accrued liabilities
 
52,547

 
17,534

 
147,947

 
(23,131
)
 
194,897

Short-term borrowings and current maturities of long-term debt
 
66,973

 
19,050

 
27,496

 
—

 
113,519

Total current liabilities
 
559,657

 
200,033

 
395,001

 
(748,513
)
 
406,178

Long-term debt, less current maturities
 
599,973

 
281,587

 
317,027

 
—

 
1,198,587

Intercompany notes payable
 
62,532

 
209,840

 
54,385

 
(326,757
)
 
—

Accrued pension liabilities
 
—

 
—

 
57,928

 
—

 
57,928

Other liabilities and deferred credits
 
13,272

 
7,156

 
11,445

 
—

 
31,873

Deferred taxes
 
110,900

 
44,048

 
—

 
(21
)
 
154,927

Redeemable noncontrolling interest
 
—

 
—

 
6,002

 
—

 
6,002

Stockholders’ investment:
 
 
 
 
 
 
 
 
 
 
Common stock
 
381

 
20,028

 
131,317

 
(151,345
)
 
381

Additional paid-in-capital
 
815,990

 
46,234

 
284,048

 
(330,282
)
 
815,990

Retained earnings
 
902,957

 
803,517

 
683,482

 
(1,486,999
)
 
902,957

Accumulated other comprehensive loss
 
78,306

 
1,032

 
284,608

 
(671,225
)
 
(307,279
)
Treasury shares
 
(184,796
)
 
—

 
—

 
—

 
(184,796
)
Total Bristow Group stockholders’ investment
 
1,612,838

 
870,811

 
1,383,455

 
(2,639,851
)
 
1,227,253

Noncontrolling interests
 
1,309

 
—

 
4,466

 
—

 
5,775

Total stockholders’ investment
 
1,614,147

 
870,811

 
1,387,921

 
(2,639,851
)
 
1,233,028

Total liabilities, redeemable noncontrolling interest and stockholders’ investment
 
$
2,960,481

 
$
1,613,475

 
$
2,229,709

 
$
(3,715,142
)
 
$
3,088,523

Supplemental Condensed Consolidating Balance Sheet
As of March 31, 2017
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
3,382

 
$
299

 
$
92,975

 
$
—

 
$
96,656

Accounts receivable
 
76,383

 
288,235

 
212,900

 
(370,603
)
 
206,915

Inventories
 
—

 
34,721

 
90,190

 
—

 
124,911

Assets held for sale
 
—

 
30,716

 
7,530

 
—

 
38,246

Prepaid expenses and other current assets
 
3,237

 
4,501

 
43,856

 
(10,451
)
 
41,143

Total current assets
 
83,002

 
358,472

 
447,451

 
(381,054
)
 
507,871

Intercompany investment
 
2,491,631

 
104,435

 
126,296

 
(2,722,362
)
 
—

Investment in unconsolidated affiliates
 
—

 
—

 
210,162

 
—

 
210,162

Intercompany notes receivable
 
306,641

 
37,633

 
39,706

 
(383,980
)
 
—

Property and equipment—at cost:
 
 
 
 
 
 
 
 
 
 
Land and buildings
 
4,806

 
62,114

 
164,528

 
—

 
231,448

Aircraft and equipment
 
151,005

 
1,199,073

 
1,272,623

 
—

 
2,622,701

 
 
155,811

 
1,261,187

 
1,437,151

 
—

 
2,854,149

Less: Accumulated depreciation and amortization
 
(29,099
)
 
(258,225
)
 
(312,461
)
 
—

 
(599,785
)
 
 
126,712

 
1,002,962

 
1,124,690

 
—

 
2,254,364

Goodwill
 
—

 
—

 
19,798

 
—

 
19,798

Other assets
 
18,770

 
2,139

 
100,743

 
—

 
121,652

Total assets
 
$
3,026,756

 
$
1,505,641

 
$
2,068,846

 
$
(3,487,396
)
 
$
3,113,847

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
231,841

 
$
70,434

 
$
151,382

 
$
(355,442
)
 
$
98,215

Accrued liabilities
 
61,791

 
17,379

 
132,704

 
(25,628
)
 
186,246

Current deferred taxes
 
(1,272
)
 
2,102

 
—

 
—

 
830

Short-term borrowings and current maturities of long-term debt
 
79,053

 
17,432

 
34,578

 
—

 
131,063

Total current liabilities
 
371,413

 
107,347

 
318,664

 
(381,070
)
 
416,354

Long-term debt, less current maturities
 
763,325

 
284,710

 
102,921

 
—

 
1,150,956

Intercompany notes payable
 
70,689

 
226,091

 
87,200

 
(383,980
)
 
—

Accrued pension liabilities
 
—

 
—

 
61,647

 
—

 
61,647

Other liabilities and deferred credits
 
11,597

 
6,229

 
11,073

 
—

 
28,899

Deferred taxes
 
112,716

 
40,344

 
1,813

 
—

 
154,873

Redeemable noncontrolling interest
 
—

 
—

 
6,886

 
—

 
6,886

Stockholders’ investment:
 
 
 
 
 
 
 
 
 
 
Common stock
 
379

 
20,028

 
115,317

 
(135,345
)
 
379

Additional paid-in-capital
 
809,995

 
29,387

 
284,048

 
(313,435
)
 
809,995

Retained earnings
 
991,906

 
791,117

 
819,987

 
(1,611,104
)
 
991,906

Accumulated other comprehensive loss
 
78,306

 
388

 
255,491

 
(662,462
)
 
(328,277
)
Treasury shares
 
(184,796
)
 
—

 
—

 
—

 
(184,796
)
Total Bristow Group stockholders’ investment
 
1,695,790

 
840,920

 
1,474,843

 
(2,722,346
)
 
1,289,207

Noncontrolling interests
 
1,226

 
—

 
3,799

 
—

 
5,025

Total stockholders’ investment
 
1,697,016

 
840,920

 
1,478,642

 
(2,722,346
)
 
1,294,232

Total liabilities, redeemable noncontrolling interest and stockholders’ investment
 
$
3,026,756

 
$
1,505,641

 
$
2,068,846

 
$
(3,487,396
)
 
$
3,113,847

Supplemental Condensed Consolidating Statement of Cash Flows
Six Months Ended September 30, 2017
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Net cash provided by (used in) operating activities
 
$
(78,756
)
 
$
32,581

 
$
10,841

 
$
—

 
$
(35,334
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(6,306
)
 
(5,814
)
 
(89,677
)
 
77,480

 
(24,317
)
Proceeds from asset dispositions
 
—

 
80,210

 
39,514

 
(77,480
)
 
42,244

Net cash provided by (used in) investing activities
 
(6,306
)
 
74,396

 
(50,163
)
 
—

 
17,927

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
 
107,800

 
—

 
230,218

 
—

 
338,018

Debt issuance costs
 
—

 
(552
)
 
(6,143
)
 
—

 
(6,695
)
Repayment of debt
 
(285,946
)
 
(9,073
)
 
(23,111
)
 
—

 
(318,130
)
Dividends paid
 
110,637

 
—

 
(113,102
)
 
—

 
(2,465
)
Increases (decreases) in cash related to intercompany advances and debt
 
150,351

 
(96,880
)
 
(53,471
)
 
—

 
—

Partial prepayment of put/call obligation
 
(23
)
 
—

 
—

 
—

 
(23
)
Repurchases for tax withholdings on vesting of equity awards
 
(548
)
 
—

 
—

 
—

 
(548
)
Net cash provided by (used in) financing activities
 
82,271

 
(106,505
)
 
34,391

 
—

 
10,157

Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
7,937

 
—

 
7,937

Net increase (decrease) in cash and cash equivalents
 
(2,791
)
 
472

 
3,006

 
—

 
687

Cash and cash equivalents at beginning of period
 
3,382

 
299

 
92,975

 
—

 
96,656

Cash and cash equivalents at end of period
 
$
591

 
$
771

 
$
95,981

 
$
—

 
$
97,343

Supplemental Condensed Consolidating Statement of Cash Flows
Six Months Ended September 30, 2016
 
 
Parent
Company
Only
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Net cash provided by (used in) operating activities
 
$
(35,861
)
 
$
56,788

 
$
8,499

 
$
(631
)
 
$
28,795

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(11,958
)
 
(20,411
)
 
(69,497
)
 
—

 
(101,866
)
Proceeds from asset dispositions
 
—

 
10,374

 
1,445

 
—

 
11,819

Net cash used in investing activities
 
(11,958
)
 
(10,037
)
 
(68,052
)
 
—

 
(90,047
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
 
191,501

 
—

 
4,453

 
—

 
195,954

Debt issuance costs
 
(2,925
)
 
—

 
—

 
—

 
(2,925
)
Repayment of debt
 
(116,051
)
 
—

 
(4,915
)
 
—

 
(120,966
)
Dividends paid
 
(4,554
)
 
4

 
(360
)
 
—

 
(4,910
)
Increases (decreases) in cash related to intercompany advances and debt
 
(54,611
)
 
(49,136
)
 
103,747

 
—

 
—

Partial prepayment of put/call obligation
 
(25
)
 
—

 
—

 
—

 
(25
)
Payment of contingent consideration
 
—

 
—

 
(10,000
)
 
—

 
(10,000
)
Repurchases for tax withholdings on vesting of equity awards
 
(757
)
 
—

 
—

 
—

 
(757
)
Net cash provided by (used in) financing activities
 
12,578

 
(49,132
)
 
92,925

 
—

 
56,371

Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
1,239

 
—

 
1,239

Net increase (decrease) in cash and cash equivalents
 
(35,241
)
 
(2,381
)
 
34,611

 
(631
)
 
(3,642
)
Cash and cash equivalents at beginning of period
 
35,241

 
3,393

 
65,676

 
—

 
104,310

Cash and cash equivalents at end of period
 
$
—

 
$
1,012

 
$
100,287

 
$
(631
)
 
$
100,668