COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Sep. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

As shown in the table below, we expect to make additional capital expenditures over the next seven fiscal years to purchase additional aircraft. As of November 8, 2017, we had 27 aircraft on order and options to acquire an additional four aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income.



	Six Months Ending March 31, 2018		Fiscal Year Ending March 31,
	Six Months Ending March 31, 2018		2019		2020		2021		2022 and thereafter⁽¹⁾		Total
Commitments as of November 8, 2017: ⁽²⁾
Number of aircraft:
Large	—		1		—		4		18		23
U.K. SAR	—		—		4		—		—		4
	—		1		4		4		18		27
Related commitment expenditures (in thousands) ⁽²⁾⁽³⁾
Medium and large	$	—	$	19,820	$	25,140	$	77,507	$	280,876	$	403,343
U.K. SAR	3,192		—		61,994		—		—		65,186
	$	3,192	$	19,820	$	87,134	$	77,507	$	280,876	$	468,529
Options as of November 8, 2017: ⁽²⁾
Number of aircraft:
Large	—		2		2		—		—		4
	—		2		2		—		—		4

Related option expenditures (in thousands) ⁽³⁾	$	—	$	44,181	$	31,536	$	—	$	—	$	75,717

_____________


⁽¹⁾	Includes $86.0 million for five aircraft orders that can be cancelled prior to delivery dates. As of September 30, 2017, we made non-refundable deposits of $4.5 million related to these aircraft.

⁽²⁾

In October and November 2017, through discussions with helicopter manufacturers we: (i) reached an agreement to defer payments of approximately $130 million in capital expenditures out of fiscal years 2019 and 2020 and into future periods and (ii) have a non-binding letter of understanding to defer payment of approximately $62 million in capital expenditures out of fiscal year 2018 and into future periods. These agreements are reflected in the table above.


⁽³⁾	Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised.

Rollforward schedule of aircraft purchase orders and options

The following chart presents an analysis of our aircraft orders and options during fiscal year 2018:



	Three Months Ended
	September 30, 2017			June 30, 2017
	Orders		Options	Orders		Options
Beginning of period	29		4	32		4
Aircraft delivered	(2	)	—	(3	)	—
End of period	27		4	29		4

Aircraft lease table

The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of September 30, 2017:



	End of Lease Term		Number of Aircraft
	Six months ending March 31, 2018 to fiscal year 2019		26
	Fiscal year 2020 to fiscal year 2022		48
	Fiscal year 2023 to fiscal year 2024		17
			91

Schedule of separation programs

The expense related to the VSPs and ISPs for the three and six months ended September 30, 2017 and 2016 is as follows (in thousands):



	Three Months Ended September 30,				Six Months Ended September 30,
	2017		2016		2017		2016
VSP:
Direct cost	$	—	$	590	$	—	$	1,445
General and administrative	—		—		—		23
Total	$	—	$	590	$	—	$	1,468
ISP:
Direct cost	$	1,477	$	4,398	$	2,547	$	4,896
General and administrative	933		4,565		8,542		8,595
Total	$	2,410	$	8,963	$	11,089	$	13,491