EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Mar. 31, 2018

Defined Benefit Plan Disclosure [Line Items]

Schedule of accumulated and projected benefit obligations

The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members.

	Fiscal Year Ended March 31,
	2018			2017
	(In thousands)
Change in benefit obligation:
Projected benefit obligation (PBO) at beginning of period	$	517,186		$	525,053
Service cost	856			627
Interest cost	12,914			15,330
Actuarial loss (gain)	(19,930		)	73,622
Benefit payments and expenses	(27,002		)	(26,456		)
Curtailments	—			—
Settlements	—			—
Effect of exchange rate changes	61,104			(70,990		)
Projected benefit obligation (PBO) at end of period	$	545,128		$	517,186

Schedule of change in plan assets

The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members.

Change in plan assets:
Market value of assets at beginning of period	$	455,539		$	454,946
Actual return on assets	7,480			71,873
Employer contributions	17,001			16,530
Benefit payments and expenses	(27,002		)	(26,456		)
Settlements	—			—
Effect of exchange rate changes	55,357			(61,354		)
Market value of assets at end of period	$	508,375		$	455,539

Schedule of net funded status

The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members.

Reconciliation of funded status:
Accumulated benefit obligation (ABO)	$	545,128		$	517,186
Projected benefit obligation (PBO)	$	545,128		$	517,186
Fair value of assets	(508,375		)	(455,539		)
Net recognized pension liability	$	36,753		$	61,647
Amounts recognized in accumulated other comprehensive loss	$	232,043		$	220,396

Schedule of components of net periodic pension cost

The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members.

	Fiscal Year Ended March 31,
	2018			2017			2016
	(In thousands)
Components of net periodic pension cost:
Service cost for benefits earned during the period	$	856		$	627		$	8,243
Interest cost on PBO	12,914			15,330			20,108
Expected return on assets	(21,184		)	(21,697		)	(27,208		)
Amortization of unrecognized losses	8,151			7,266			8,246
Net periodic pension cost	$	737		$	1,526		$	9,389

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⁽¹⁾  Bristow Norway had a final salary defined benefit plan prior to its closing on March 1, 2016, which led to a curtailment and settlement of the projected benefit obligations.

Schedule of assumptions

Actuarial assumptions used to develop the components of the U.K. plans were as follows:    

	Fiscal Year Ended March 31,
	2018		2017		2016
Discount rate	2.40	%	3.30	%	3.30	%
Expected long-term rate of return on assets	4.41	%	5.30	%	5.40	%
Pension increase rate	3.00	%	2.80	%	2.80	%

Actuarial assumptions used to develop the components of the Norway plan were as follows:

	Fiscal Year Ended March 31, 2016
Discount rate	2.50	%
Rate of compensation increase	3.50	%
Social Security increase amount	3.25	%
Expected return on plan assets	1.50	%
Pension increase rate	—	%

Schedule of investment strategy

The market value of the plan’s assets as of March 31, 2018 and 2017 was allocated between asset classes as follows. Details of target allocation percentages under the Plan Trustee’s investment strategies as of the same dates are also included.

	Target Allocation as of March 31,				Actual Allocation as of March 31,
Asset Category	2018		2017		2018		2017
Equity securities	25.4	%	64.8	%	30.2	%	51.1	%
Debt securities	34.8	%	34.8	%	40.5	%	33.4	%
Property	7.4	%	—	%	3.1	%	—	%
Other assets	32.4	%	0.4	%	26.2	%	15.5	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

Schedule of fair value hierarchy

The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2018, which are valued at fair value (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
Cash and cash equivalents	$	26,373	$	—	$	—	$	26,373
Cash plus	—		105,070		—		105,070
Equity investments - U.K.	—		1,683		—		1,683
Equity investments - Non-U.K.	—		151,923		—		151,923
Property	—		15,852		—		15,852
Diversified growth (absolute return) funds	—		1,824		—		1,824
Government debt securities	—		124,428		—		124,428
Corporate debt securities	—		81,222		—		81,222
Total investments	$	26,373	$	482,002	$	—	$	508,375

The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2017, which are valued at fair value (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
Cash and cash equivalents	$	70,650	$	—	$	—	$	70,650
Equity investments - U.K.	—		47,392		—		47,392
Equity investments - Non-U.K.	—		185,567		—		185,567
Government debt securities	—		80,654		—		80,654
Corporate debt securities	—		71,276		—		71,276
Total investments	$	70,650	$	384,889	$	—	$	455,539

Future benefit payments

Estimated future benefit payments over each of the next five fiscal years from March 31, 2018 and in aggregate for the following five fiscal years after fiscal year 2023 are as follows (in thousands):

Projected Benefit Payments by the Plans for Fiscal Years Ending March 31,	Payments
2019	$	23,146
2020	23,567
2021	24,268
2022	24,830
2023	25,531
Aggregate 2024 - 2028	133,687

Schedule of stock option activity

A summary of our stock option activity for fiscal year 2018 is presented below:

	Weighted Average Exercise Prices		Number of Shares		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
						(in thousands)
Outstanding at March 31, 2017	$	42.78	2,843,608
Granted	7.03		1,256,043
Expired or forfeited	44.95		(525,873	)
Outstanding at March 31, 2018	29.90		3,573,778		6.38	$	7,031
Exercisable at March 31, 2018	46.49		1,812,825		4.00	$	—

Schedule of Black Scholes assumptions

The following table shows the assumptions we used to compute the stock-based compensation expense for stock option grants issued during fiscal years 2018, 2017 and 2016.    

	Fiscal Year Ended March 31,
	2018			2017			2016
Risk free interest rate	1.78		%	1.07		%	1.62		%
Expected life (years)	5			5			5
Volatility	56.1		%	46.8		%	28.1		%
Dividend yield	3.98		%	2.74		%	3.14		%
Weighted average grant-date fair value of options granted	$	2.53		$	2.16		$	10.71

Schedule of non-vested restricted stock and restricted stock units

The following is a summary of non-vested restricted stock as of March 31, 2018 and 2017 and changes during fiscal year 2018:    

	Units		Weighted Average Grant Date Fair Value per Unit
Non-vested as of March 31, 2017	739,493		$	26.97
Granted	622,652		7.35
Forfeited	(72,075	)	14.78
Vested	(391,901	)	28.48
Non-vested as of March 31, 2018	898,169		13.69

Schedule of separation programs

The expense related to the VSPs and ISPs for the fiscal years 2018, 2017 and 2016 is as follows (in thousands):

	Fiscal Year Ended March 31,
	2018		2017		2016
VSP:
Direct cost	$	105	$	1,663	$	7,664
General and administrative	1,017		23		886
Total	$	1,122	$	1,686	$	8,550
ISP:
Direct cost	$	11,538	$	5,938	$	5,162
General and administrative	9,676		9,238		8,788
Total	$	21,214	$	15,176	$	13,950