FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Sep. 30, 2018

The following table summarizes the financial instruments we had as of September 30, 2018, 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 September 30, 2018		Balance Sheet Classification
Derivative financial instruments	$	—	$	3,164	$	—	$	3,164	Prepaid expenses and other current assets
Rabbi Trust investments	2,101		—		—		2,101		Other assets
Total assets	$	2,101	$	3,164	$	—	$	5,265

The following table summarizes the financial instruments we had as of March 31, 2018, 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, 2018		Balance Sheet Classification
Derivative financial instruments	$	—	$	718	$	—	$	718	Prepaid expenses and other current assets
Rabbi Trust investments	2,296		—		—		2,296		Other assets
Total assets	$	2,296	$	718	$	—	$	3,014

The following table summarizes the assets as of September 30, 2018, 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 September 30, 2018		Total Loss for the Three Months Ended September 30, 2018			Total Loss for the Six Months Ended September 30, 2018
Inventories	$	—	$	—	$	7,697	$	7,697	$	(9,276	)	$	(9,276	)
Aircraft and equipment	—		—		136,338		136,338		(104,939		)	(104,939		)
Other intangible assets	—		—		—		—		(3,005		)	(3,005		)
Total assets	$	—	$	—	$	144,035	$	144,035	$	(117,220	)	$	(117,220	)

The following table summarizes the assets as of September 30, 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 September 30, 2017		Total Loss for the Three Months Ended September 30, 2017			Total Loss for the Six Months Ended September 30, 2017
Inventories	$	—	$	1,218	$	—	$	1,218	$	—		$	(1,192	)
Assets held for sale	—		36,167		—		36,167		(8,183		)	(9,747		)
Total assets	$	—	$	37,385	$	—	$	37,385	$	(8,183	)	$	(10,939	)

The carrying and fair value of our debt, excluding unamortized debt issuance costs, are as follows (in thousands):



	September 30, 2018				March 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
8.75% Senior Secured Notes due 2023 ⁽¹⁾	$	347,006	$	342,125	$	346,610	$	353,500
4½% Convertible Senior Notes due 2023 ⁽²⁾	110,102		144,756		107,397		158,772
6¼% Senior Notes due 2022	401,535		293,121		401,535		325,243
Lombard Debt	189,909		189,909		211,087		211,087
Macquarie Debt	178,028		178,028		185,028		185,028
PK Air Debt	221,161		221,161		230,000		230,000
Airnorth Debt	12,434		12,434		13,832		13,832
Eastern Airways Debt	7,531		7,531		14,519		14,519
Other Debt	6,833		6,833		3,991		3,991
	$	1,474,539	$	1,395,898	$	1,513,999	$	1,495,972

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⁽¹⁾	The carrying value is net of unamortized discount of $3.0 million and $3.4 million as of September 30 and March 31, 2018, respectively.


⁽²⁾	The carrying value is net of unamortized discount of $33.6 million and $36.4 million as of