FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Mar. 31, 2018

Schedule of fair value assets measured on non-recurring basis

The following table summarizes the assets as of March 31, 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 March 31, 2018		Total Loss for Fiscal Year 2018
Inventories	$	—	$	515	$	—	$	515	$	(5,717	)
Assets held for sale	—		30,348		—		30,348		(15,853		)
Investment in unconsolidated affiliates	—		—		62,267		62,267		(85,683		)
Total assets	$	—	$	30,863	$	62,267	$	93,130	$	(107,253	)

The following table summarizes the assets as of March 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 March 31, 2017		Total Loss for Fiscal Year 2017
Inventories	$	—	$	46,568	$	—	$	46,568	$	(7,572	)
Assets held for sale	—		38,246		—		38,246		(12,450		)
Goodwill	—		—		19,798		19,798		(8,706		)
Total assets	$	—	$	84,814	$	19,798	$	104,612	$	(28,728	)

Schedule of fair value assets measured on recurring basis

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 instrument	$	—	$	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 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 at March 31, 2017		Balance Sheet Classification
Rabbi Trust investments	$	3,075	$	—	$	—	$	3,075	Other assets
Total assets	$	3,075	$	—	$	—	$	3,075

Schedule of carrying value and 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):



	March 31,
	2018				2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
8.75% Senior Secured Notes ⁽¹⁾	$	346,610	$	353,500	$	—	$	—
4½% Convertible Senior Notes ⁽²⁾	107,397		158,772		—		—
6¼% Senior Notes	401,535		325,243		401,535		323,236
Term Loan	—		—		261,907		261,907
Term Loan Credit Facility	—		—		45,900		45,900
Revolving Credit Facility	—		—		139,100		139,100
Lombard Debt	211,087		211,087		196,832		196,832
Macquarie Debt	185,028		185,028		200,000		200,000
PK Air Debt	230,000		230,000		—		—
Airnorth Debt	13,832		13,832		16,471		16,471
Eastern Airways Debt	14,519		14,519		15,326		15,326
Other Debt	3,991		3,991		16,293		16,293
	$	1,513,999	$	1,495,972	$	1,293,364	$	1,215,065

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

⁽²⁾ The carrying value is net of unamortized discount of $36.4 million as of March 31, 2018.