COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Dec. 31, 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 February 8, 2018, 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.



	Three Months Ending March 31, 2018		Fiscal Year Ending March 31,
	Three Months Ending March 31, 2018		2019		2020		2021		2022 and thereafter⁽¹⁾		Total
Commitments as of February 8, 2018: ⁽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	$	—	$	19,856	$	25,536	$	78,726	$	285,295	$	409,413
U.K. SAR	3,242		—		62,970		—		—		66,212
	$	3,242	$	19,856	$	88,506	$	78,726	$	285,295	$	475,625
Options as of February 8, 2018:
Number of aircraft:
Large	—		2		2		—		—		4
	—		2		2		—		—		4

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

_____________


⁽¹⁾	Includes $96.0 million for five aircraft orders that can be cancelled prior to delivery dates. We made non-refundable deposits of $4.5 million related to these aircraft.


⁽²⁾	We have an agreement to defer payment of approximately $63.0 million in capital expenditures out of fiscal year 2018 and into future periods which is 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
	December 31, 2017		September 30, 2017			June 30, 2017
	Orders	Options	Orders		Options	Orders		Options
Beginning of period	27	4	29		4	32		4
Aircraft delivered	—	—	(2	)	—	(3	)	—
End of period	27	4	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 December 31, 2017:



	End of Lease Term		Number of Aircraft
	Three months ending March 31, 2018 to fiscal year 2019		25
	Fiscal year 2020 to fiscal year 2022		48
	Fiscal year 2023 to fiscal year 2024		17
			90

Schedule of separation programs

The expense related to the VSPs and ISPs for the three and nine months ended December 31, 2017 and 2016 is as follows (in thousands):



	Three Months Ended December 31,				Nine Months Ended December 31,
	2017		2016		2017		2016
VSP:
Direct cost	$	—	$	179	$	—	$	1,624
General and administrative	—		—		—		23
Total	$	—	$	179	$	—	$	1,647
ISP:
Direct cost	$	2,661	$	464	$	5,208	$	5,360
General and administrative	120		102		8,662		8,697
Total	$	2,781	$	566	$	13,870	$	14,057