VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES (Tables)

12 Months Ended

Mar. 31, 2018

Variable Interest Entities and Other Investments in Significant Affiliates [Abstract]

Changes in the balance for the noncontrolling interest associated with Bristow Aviation are as follows (in thousands):



	Fiscal Year Ended March 31,
	2018			2017			2016
Balance – beginning of fiscal year	$	1,226		$	1,410		$	1,457
Payments to noncontrolling interest shareholders	(49		)	(49		)	(55		)
Noncontrolling interest expense	50			50			55
Currency translation	131			(185		)	(47		)
Balance – end of fiscal year	$	1,358		$	1,226		$	1,410

Primary beneficiary variable interest financial statements

Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands):



	March 31,
	2018		2017
Assets
Cash and cash equivalents	$	90,788	$	92,409
Accounts receivable	256,735		222,560
Inventories	98,314		90,190
Prepaid expenses and other current assets	38,665		50,016
Total current assets	484,502		455,175
Investment in unconsolidated affiliates	3,608		3,513
Property and equipment, net	327,440		306,831
Goodwill	19,907		19,798
Other assets	231,884		203,228
Total assets	$	1,067,341	$	988,545
Liabilities
Accounts payable	$	292,893	$	146,841
Accrued liabilities	140,733		122,130
Accrued interest	2,130,433		1,891,305
Current maturities of long-term debt	23,125		18,578
Total current liabilities	2,587,184		2,178,854
Long-term debt, less current maturities	479,571		501,782
Accrued pension liabilities	37,034		61,647
Other liabilities and deferred credits	7,342		8,138
Deferred taxes	26,252		20,264
Redeemable noncontrolling interest	—		6,886
Total liabilities	$	3,137,383	$	2,777,571



	Fiscal Year Ended March 31,
	2018			2017			2016
Revenue	$	1,241,223		$	1,209,019		$	1,441,834
Operating loss	(65,254		)	(80,542		)	(57,780		)
Net loss	(322,752		)	(279,159		)	(279,309		)

Redeemable noncontrolling interest

Changes in the balance for the redeemable noncontrolling interest related to Eastern Airways are as follows (in thousands):



Balance as of March 31, 2015	$	22,885
Noncontrolling interest expense	(6,499		)
Currency translation	(913		)
Balance as of March 31, 2016	15,473
Noncontrolling interest expense	(6,848		)
Currency translation	(1,739		)
Balance as of March 31, 2017	6,886
Noncontrolling interest expense	(4,093		)
Currency translation	4,163
Acquisition of remaining 40% of Eastern Airways	(6,121		)
Reclassification to noncontrolling interest	(835		)
Balance as of March 31, 2018	$	—

Changes in the balance for the redeemable noncontrolling interest related to Airnorth are as follows (in thousands):



Balance as of March 31, 2015	$	3,339
Noncontrolling interest expense	788
Accretion of noncontrolling interest	1,498
Currency translation	(158		)
Acquisition of remaining 15% of Airnorth	(5,467		)
Balance as of March 31, 2016	$	—

Schedule of unconsolidated affiliates

Our percentage of economic ownership and investment balances for the unconsolidated affiliates are as follows:



	March 31,
	2018		2017		2018		2017

					(In thousands)
Cost Method:
PAS	25	%	25	%	$	6,286	$	6,286
Equity Method:
Cougar ⁽¹⁾	40	%	40	%	54,009		56,885
Líder ⁽¹⁾	41.9	%	41.9	%	62,267		143,477
Other					3,608		3,514
Total					$	126,170	$	210,162

_______________


⁽¹⁾	We had a 25% voting interest in Cougar and an approximate 20% voting interest in Líder as of March 31, 2018 and 2017.

Earnings from unconsolidated affiliates were as follows (in thousands):



	Fiscal Year Ended March 31,
	2018			2017			2016
Dividends from entities accounted for under the cost method:
PAS	$	2,518		$	2,068		$	2,068
Earnings, net of losses, from entities accounted for under the equity method:
Cougar	(2,877		)	(2,857		)	(2,001		)
Líder	7,179			8,064			(116		)
Other	(82		)	(330		)	310
	4,220			4,877			(1,807		)
Total	$	6,738		$	6,945		$	261

Schedule of combined financial information for equity method investments

A summary of combined financial information of our unconsolidated affiliates accounted for under the equity method is set forth below (in thousands):



	March 31,
	2018		2017

	(Unaudited)
Current assets	$	221,169	$	248,998
Non-current assets	293,409		310,975
Total assets	$	514,578	$	559,973
Current liabilities	$	131,664	$	127,292
Non-current liabilities	188,822		244,978
Equity	194,092		187,703
Total liabilities and equity	$	514,578	$	559,973



	Fiscal Year Ended March 31,
	2018		2017		2016

	(Unaudited)
Revenue	$	298,731	$	327,351	$	368,586
Gross profit	$	46,717	$	50,371	$	60,873
Net income	$	13,285	$	14,581	$	21,871

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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