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

6 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Loss on impairment includes the following (in thousands):



	Three Months Ended September 30,				Six Months Ended September 30,
	2018		2017		2018		2017
Impairment of inventories	$	9,276	$	—	$	9,276	$	1,192
Impairment of property and equipment⁽¹⁾	104,939		—		104,939		—
Impairment of intangible assets	3,005		—		3,005		—
	$	117,220	$	—	$	117,220	$	1,192

_____________


⁽¹⁾	Includes impairment of $87.5 million for H225 aircraft and $17.5 million for Eastern Airways International Limited (“Eastern Airways”) aircraft and equipment.

Schedule of foreign exchange rates

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,
	2018	2017	2018	2017
One Brazilian real into U.S. dollars
High	0.2699	0.3244	0.3020	0.3244
Average	0.2537	0.3162	0.2657	0.3138
Low	0.2390	0.3009	0.2390	0.2995
At period-end	0.2504	0.3161	0.2504	0.3161

_____________

Source: FactSet

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,
	2018	2017	2018	2017
One British pound sterling into U.S. dollars
High	1.33	1.36	1.43	1.36
Average	1.30	1.31	1.33	1.29
Low	1.27	1.28	1.27	1.24
At period-end	1.30	1.34	1.30	1.34
One euro into U.S. dollars
High	1.18	1.20	1.24	1.20
Average	1.16	1.17	1.18	1.14
Low	1.13	1.13	1.13	1.06
At period-end	1.16	1.18	1.16	1.18
One Australian dollar into U.S. dollars
High	0.75	0.81	0.78	0.81
Average	0.73	0.79	0.74	0.77
Low	0.71	0.76	0.71	0.74
At period-end	0.72	0.78	0.72	0.78
One Norwegian kroner into U.S. dollars
High	0.1249	0.1294	0.1290	0.1294
Average	0.1214	0.1257	0.1230	0.1216
Low	0.1179	0.1190	0.1179	0.1152
At period-end	0.1228	0.1256	0.1228	0.1256
One Nigerian naira into U.S. dollars
High	0.0028	0.0032	0.0028	0.0033
Average	0.0028	0.0029	0.0028	0.0031
Low	0.0027	0.0027	0.0027	0.0027
At period-end	0.0027	0.0028	0.0027	0.0028

_____________

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, 2018			Six Months Ended September 30, 2018
Revenue	$	(5,257	)	$	5,192
Operating expense	4,913			(273		)
Earnings (losses) from unconsolidated affiliates, net	(1,278		)	(2,718		)
Non-operating expense	(4,831		)	(6,182		)
Loss before provision for income taxes	(6,453		)	(3,981		)
Benefit for income taxes	1,280			1,193
Net loss	(5,173		)	(2,788		)
Cumulative translation adjustment	(7,999		)	(37,171		)
Total stockholders’ investment	$	(13,172	)	$	(39,959	)

Schedule of interest income and interest expense

During the three and six months ended September 30, 2018 and 2017, interest expense, net consisted of the following (in thousands):



	Three Months Ended September 30,						Six Months Ended September 30,
	2018			2017			2018			2017
Interest income	$	1,229		$	154		$	1,408		$	368
Interest expense	(27,662		)	(18,717		)	(54,985		)	(34,952		)
Interest expense, net	$	(26,433	)	$	(18,563	)	$	(53,577	)	$	(34,584	)

Schedule of goodwill

Goodwill of $18.8 million and $19.9 million as of September 30 and March 31, 2018, respectively, related to our Asia Pacific reporting unit was as follows (in thousands):



March 31, 2018	$	19,907
Foreign currency translation	(1,129		)
September 30, 2018	$	18,778

Accumulated goodwill impairment of $50.9 million as of both September 30 and March 31, 2018 related to our reporting units were as follows (in thousands):



Europe Caspian	$	(33,883	)
Africa	(6,179		)
Americas	(576		)
Corporate and other	(10,223		)
Total accumulated goodwill impairment	$	(50,861	)

Schedule of other intangible assets

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



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

	Gross Carrying Amount
March 31, 2018	$	8,169		$	12,777		$	4,878		$	1,107		$	755		$	27,686
Foreign currency translation	—			(78		)	(253		)	(14		)	(1		)	(346		)
September 30, 2018	$	8,169		$	12,699		$	4,625		$	1,093		$	754		$	27,340

	Accumulated Amortization
March 31, 2018	$	(8,169	)	$	(11,372	)	$	(1,213	)	$	(915	)	$	(719	)	$	(22,388	)
Impairments	—			—			(2,933		)	(72		)	—			(3,005		)
Amortization expense	—			(143		)	(142		)	(107		)	(30		)	(422		)
September 30, 2018	$	(8,169	)	$	(11,515	)	$	(4,288	)	$	(1,094	)	$	(749	)	$	(25,815	)

Weighted average remaining contractual life, in years	0.0			4.1			1.2			0.0			0.1			5.4

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):



2019	$	96
2020	161
2021	161
2022	161
2023	161
Thereafter	785
	$	1,525

Schedule of capital expenditures

During the three and six months ended September 30, 2018 and 2017, we took delivery of aircraft and made capital expenditures as follows:



	Three Months Ended September 30,				Six Months Ended September 30,
	2018		2017		2018		2017
	(In thousands, except for number of aircraft)
Number of aircraft delivered:
Medium	—		2		—		5
Total aircraft	—		2		—		5
Capital expenditures (in thousands):
Aircraft and equipment ⁽¹⁾	$	4,394	$	5,679	$	12,731	$	16,489
Land and buildings	4,013		6,085		4,571		7,828
Total capital expenditures	$	8,407	$	11,764	$	17,302	$	24,317

_____________


⁽¹⁾	During the three and six months ended September 30, 2017, we spent $1.0 million and $2.3 million, respectively, on progress payments for aircraft to be delivered in future periods. During the three and six months ended September 30, 2018, we made no 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 impairment charges on assets held for sale and property and equipment during the three and six months ended September 30, 2018 and 2017:



	Three Months Ended September 30,						Six Months Ended September 30,
	2018			2017			2018			2017

	(In thousands, except for number of aircraft)
Number of aircraft sold or disposed of	—			—			3			6
Proceeds from sale or disposal of assets	$	688		$	269		$	8,462		$	42,244
Gain (loss) from sale or disposal of assets ⁽¹⁾	$	(1,293	)	$	(343	)	$	(2,971	)	$	1,920

Number of held for sale aircraft impaired	—			2			—			4
Impairment charges on assets held for sale ⁽¹⁾⁽²⁾	$	—		$	8,183		$	—		$	9,747
Impairment charges on property and equipment ⁽³⁾	$	104,939		$	—		$	104,939		$	—

_____________


⁽¹⁾	Included in 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.


⁽³⁾	Includes $87.5 million impairment related to H225s and $17.5 million related to Eastern Airways assets for the three and six months ended September 30, 2018, included in loss on impairment on our condensed consolidated statement of operations. See Loss on Impairment above for further details.

Schedule of other accrued liabilities

Other accrued liabilities of $52.7 million and $66.0 million as of September 30 and March 31, 2018, respectively, includes the following:



	September 30, 2018		March 31, 2018

	(In thousands)
Accrued lease costs	$	8,431	$	11,708
Deferred OEM cost recovery	3,997		8,082
Eastern Airways overdraft liability	6,718		8,989
Accrued property and equipment	640		4,874
Deferred gain on sale leasebacks	1,305		1,305
Other operating accruals	31,644		31,020
	$	52,735	$	65,978