BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table:



	Three Months Ended September 30,		Six Months Ended September 30,
	2017	2016	2017	2016
One British pound sterling into U.S. dollars
High	1.36	1.34	1.36	1.48
Average	1.31	1.31	1.29	1.37
Low	1.28	1.29	1.24	1.29
At period-end	1.34	1.30	1.34	1.30
One euro into U.S. dollars
High	1.20	1.13	1.20	1.15
Average	1.17	1.12	1.14	1.12
Low	1.13	1.10	1.06	1.10
At period-end	1.18	1.12	1.18	1.12
One Australian dollar into U.S. dollars
High	0.81	0.77	0.81	0.78
Average	0.79	0.76	0.77	0.75
Low	0.76	0.74	0.74	0.72
At period-end	0.78	0.77	0.78	0.77
One Norwegian kroner into U.S. dollars
High	0.1294	0.1251	0.1294	0.1251
Average	0.1257	0.1201	0.1216	0.1206
Low	0.1190	0.1163	0.1152	0.1163
At period-end	0.1256	0.1251	0.1256	0.1251
One Nigerian naira into U.S. dollars
High	0.0032	0.0036	0.0033	0.0050
Average	0.0029	0.0032	0.0031	0.0040
Low	0.0027	0.0029	0.0027	0.0029
At period-end	0.0028	0.0032	0.0028	0.0032

_____________

Source: FactSet

The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table:



	Three Months Ended September 30,		Six Months Ended September 30,
	2017	2016	2017	2016
One Brazilian real into U.S. dollars
High	0.3244	0.3191	0.3244	0.3191
Average	0.3162	0.3083	0.3138	0.2966
Low	0.3009	0.2991	0.2995	0.2702
At period-end	0.3161	0.3078	0.3161	0.3078

_____________

Source: FactSet

Schedule of foreign exchange impact

We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands):



	Three Months Ended September 30, 2017			Six Months Ended September 30, 2017
Revenue	$	3,129		$	(15,675	)
Operating expense	(4,090		)	9,621
Earnings from unconsolidated affiliates, net of losses	1,514			424
Non-operating expense	(332		)	4,247
Income before provision for income taxes	221			(1,383		)
Provision for income taxes	673			1,874
Net income	894			491
Cumulative translation adjustment	10,928			20,998
Total stockholders’ investment	$	11,822		$	21,489

Schedule of interest income and interest expense

During the three and six months ended September 30, 2017 and 2016, interest expense, net consisted of the following (in thousands):



	Three Months Ended September 30,						Six Months Ended September 30,
	2017			2016			2017			2016
Interest income	$	154		$	235		$	368		$	469
Interest expense	(18,717		)	(11,703		)	(34,952		)	(22,823		)
Interest expense, net	$	(18,563	)	$	(11,468	)	$	(34,584	)	$	(22,354	)

Schedule of goodwill

Goodwill of $20.4 million and $19.8 million as of September 30 and March 31, 2017, respectively, related to our Asia Pacific reporting unit was as follows (in thousands):



	Asia Pacific		Total
March 31, 2017	$	19,798	$	19,798
Foreign currency translation	566		566
September 30, 2017	$	20,364	$	20,364

Accumulated goodwill impairment of $50.9 million as of both September 30 and March 31, 2017 related to our reporting units were as follows (in thousands):



	Europe Caspian			Africa			Americas			Corporate and other			Total
March 31, 2017	$	(33,883	)	$	(6,179	)	$	(576	)	$	(10,223	)	$	(50,861	)
Impairments	—			—			—			—			—
September 30, 2017	$	(33,883	)	$	(6,179	)	$	(576	)	$	(10,223	)	$	(50,861	)

Schedule of other intangible assets

Intangible assets by type were as follows (in thousands):



	Client contracts			Client relationships			Trade name and trademarks			Internally developed software			Licenses			Total

	Gross Carrying Amount
March 31, 2017	$	8,169		$	12,752		$	4,483		$	1,062		$	746		$	27,212
Foreign currency translation	1			56			245			28			7			337
September 30, 2017	$	8,170		$	12,808		$	4,728		$	1,090		$	753		$	27,549

	Accumulated Amortization
March 31, 2017	$	(8,155	)	$	(11,071	)	$	(908	)	$	(685	)	$	(657	)	$	(21,476	)
Amortization expense	(10		)	(152		)	(146		)	(110		)	(30		)	(448		)
September 30, 2017	$	(8,165	)	$	(11,223	)	$	(1,054	)	$	(795	)	$	(687	)	$	(21,924	)

Weighted average remaining contractual life, in years	0.1			3.6			13.1			1.8			1.6			5.2

Schedule of other intangible assets, future amortization expense

Future amortization expense of intangible assets for each of the years ending March 31 is as follows (in thousands):



2018	$	440
2019	762
2020	467
2021	467
2022	467
Thereafter	3,022
	$	5,625

Schedule of capital expenditures

During the three and six months ended September 30, 2017 and 2016, we made capital expenditures as follows:



	Three Months Ended September 30,				Six Months Ended September 30,
	2017		2016		2017		2016
Number of aircraft delivered:
Medium	2		5		5		5
SAR aircraft	—		1		—		1
Total aircraft	2		6		5		6
Capital expenditures (in thousands):
Aircraft and equipment ⁽¹⁾	$	5,679	$	78,087	$	16,489	$	95,574
Land and buildings	6,085		2,716		7,828		6,292
Total capital expenditures	$	11,764	$	80,803	$	24,317	$	101,866

_____________


⁽¹⁾	During the three months ended September 30, 2017 and 2016, we spent $1.0 million and $63.7 million, respectively, and during the six months ended September 30, 2017 and 2016, we spent $2.3 million and $66.8 million, respectively, on progress payments for aircraft to be delivered in future periods.

Schedule of aircraft sales and impairments

The following table presents details on the aircraft sold or disposed of and impairments on assets held for sale during the three and six months ended September 30, 2017 and 2016:



	Three Months Ended September 30,						Six Months Ended September 30,
	2017			2016			2017		2016

	(In thousands, except for number of aircraft)
Number of aircraft sold or disposed of	—			—			6		6
Proceeds from sale or disposal of assets	$	269		$	329		$	42,244	$	11,819
Gain (loss) from sale or disposal of assets ⁽¹⁾	$	(343	)	$	(1,175	)	$	1,920	$	(1,043	)

Number of aircraft impaired	2			6			4		13
Impairment charges on assets held for sale ⁽¹⁾⁽²⁾	$	8,183		$	1,011		$	9,747	$	11,160

_____________


⁽¹⁾	Included in gain (loss) on disposal of assets on our condensed consolidated statements of operations.


⁽²⁾	Includes a $6.5 million impairment of the Bristow Academy disposal group for the three and six months ended September 30, 2017.