FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Dec. 31, 2017

Schedule of fair value assets measured on non-recurring basis

The following table summarizes the assets as of December 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 December 31, 2017		Total Loss for the Three Months Ended December 31, 2017			Total Loss for the Nine Months Ended December 31, 2017
Inventories	$	—	$	—	$	—	$	—	$	—		$	(1,192	)
Assets held for sale	—		—		31,038		31,038		(1,560		)	(11,307		)
Total assets	$	—	$	—	$	31,038	$	31,038	$	(1,560	)	$	(12,499	)

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	)

Schedule of fair value assets measured on recurring basis

The following table summarizes the financial instruments we had as of December 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 December 31, 2017		Balance Sheet Classification
Rabbi Trust investments	$	2,847	$	—	$	—	$	2,847	Other assets
Total assets	$	2,847	$	—	$	—	$	2,847

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

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, 2017				March 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
6¼% Senior Notes	$	401,535	$	328,777	$	401,535	$	323,236
4½% Convertible Senior Notes ⁽¹⁾	106,124		158,571		—		—
Term Loan	52,546		52,546		261,907		261,907
Term Loan Credit Facility	—		—		45,900		45,900
Revolving Credit Facility	—		—		139,100		139,100
Lombard Debt	206,831		206,831		196,832		196,832
Macquarie Debt	188,528		188,528		200,000		200,000
PK Air Debt	230,000		230,000		—		—
Airnorth Debt	14,507		14,507		16,471		16,471
Eastern Airways Debt	12,772		12,772		15,326		15,326
Other Debt	2,423		2,423		16,293		16,293
	$	1,215,266	$	1,194,955	$	1,293,364	$	1,215,065

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⁽¹⁾	Carrying value of the 4½% Convertible Senior Notes includes unamortized discount of $37.6 million as of December 31, 2017.