SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

3 Months Ended

Jun. 30, 2018

Supplemental Condensed Consolidating Financial Information [Abstract]

Supplemental Condensed Consolidating Statement of Operations

Three Months Ended June 30, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Revenue:
Third party revenue	$	45		$	34,135		$	333,714		$	—		$	367,894
Intercompany revenue	—			26,517			—			(26,517		)	—
	45			60,652			333,714			(26,517		)	367,894
Operating expense:
Direct cost and reimbursable expense	16			41,876			254,063			—			295,955
Intercompany expenses	—			—			26,517			(26,517		)	—
Depreciation and amortization	3,066			18,222			9,653			—			30,941
General and administrative	12,788			3,798			23,515			—			40,101
	15,870			63,896			313,748			(26,517		)	366,997

Gain (loss) on disposal of assets	(806		)	(1,160		)	288			—			(1,678		)
Earnings from unconsolidated affiliates, net of losses	(7,309		)	—			(3,017		)	7,309			(3,017		)
Operating income (loss)	(23,940		)	(4,404		)	17,237			7,309			(3,798		)
Interest expense, net	(16,379		)	(6,830		)	(3,935		)	—			(27,144		)
Other income (expense), net	134			1,075			(5,159		)	—			(3,950		)

Income (loss) before (provision) benefit for income taxes	(40,185		)	(10,159		)	8,143			7,309			(34,892		)
Allocation of consolidated income taxes	8,092			893			(6,134		)	—			2,851
Net income (loss)	(32,093		)	(9,266		)	2,009			7,309			(32,041		)
Net income attributable to noncontrolling interests	(15		)	—			(52		)	—			(67		)
Net income (loss) attributable to Bristow Group	$	(32,108	)	$	(9,266	)	$	1,957		$	7,309		$	(32,108	)

Supplemental Condensed Consolidating Statement of Operations

Three Months Ended June 30, 2017



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Revenue:
Third party revenue	$	—		$	45,775		$	306,334		$	—		$	352,109
Intercompany revenue	—			32,191			—			(32,191		)	—
	—			77,966			306,334			(32,191		)	352,109
Operating expense:
Direct cost and reimbursable expense	6			52,334			245,466			—			297,806
Intercompany expenses	—			—			32,191			(32,191		)	—
Depreciation and amortization	2,917			12,483			15,656			—			31,056
General and administrative	19,107			5,762			21,838			—			46,707
	22,030			70,579			315,151			(32,191		)	375,569

Loss on impairment	—			(1,192		)	—			—			(1,192		)
Gain on disposal of assets	—			416			283			—			699
Earnings from unconsolidated affiliates, net of losses	(20,645		)	—			(665		)	20,645			(665		)
Operating income (loss)	(42,675		)	6,611			(9,199		)	20,645			(24,618		)
Interest expense, net	(9,058		)	(5,780		)	(1,183		)	—			(16,021		)
Other income (expense), net	(29		)	(357		)	(1,230		)	—			(1,616		)

Loss before (provision) benefit for income taxes	(51,762		)	474			(11,612		)	20,645			(42,255		)
Allocation of consolidated income taxes	(3,502		)	(4,160		)	(5,829		)	—			(13,491		)
Net loss	(55,264		)	(3,686		)	(17,441		)	20,645			(55,746		)
Net (income) loss attributable to noncontrolling interests	(11		)	—			482			—			471
Net loss attributable to Bristow Group	$	(55,275	)	$	(3,686	)	$	(16,959	)	$	20,645		$	(55,275	)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

Three Months Ended June 30, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated

	(In thousands)
Net income (loss)	$	(32,093	)	$	(9,266	)	$	2,009		$	7,309	$	(32,041	)
Other comprehensive loss:
Currency translation adjustments	—			(886		)	(81,802		)	53,655		(29,033		)
Unrealized gain on cash flow hedges	—			—			1,348			—		1,348
Total comprehensive loss	(32,093		)	(10,152		)	(78,445		)	60,964		(59,726		)

Net income attributable to noncontrolling interests	(15		)	—			(52		)	—		(67		)
Currency translation adjustments attributable to noncontrolling interests	—			—			(139		)	—		(139		)
Total comprehensive income attributable to noncontrolling interests	(15		)	—			(191		)	—		(206		)
Total comprehensive loss attributable to Bristow Group	$	(32,108	)	$	(10,152	)	$	(78,636	)	$	60,964	$	(59,932	)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

Three Months Ended June 30, 2017



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Net loss	$	(55,264	)	$	(3,686	)	$	(17,441	)	$	20,645		$	(55,746	)
Other comprehensive loss:
Currency translation adjustments	—			338			14,352			(4,930		)	9,760
Total comprehensive loss	(55,264		)	(3,348		)	(3,089		)	15,715			(45,986		)

Net (income) loss attributable to noncontrolling interests	(11		)	—			482			—			471
Currency translation adjustments attributable to noncontrolling interests	—			—			310			—			310
Total comprehensive (income) loss attributable to noncontrolling interests	(11		)	—			792			—			781
Total comprehensive loss attributable to Bristow Group	$	(55,275	)	$	(3,348	)	$	(2,297	)	$	15,715		$	(45,205	)

Supplemental Condensed Consolidating Balance Sheet

As of June 30, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	244,990		$	1,514		$	70,046		$	—		$	316,550
Accounts receivable	421,367			492,437			298,278			(952,282		)	259,800
Inventories	—			33,018			92,663			—			125,681
Assets held for sale	—			19,856			3,646			—			23,502
Prepaid expenses and other current assets	2,453			5,115			42,016			—			49,584
Total current assets	668,810			551,940			506,649			(952,282		)	775,117
Intercompany investment	2,027,774			104,435			133,346			(2,265,555		)	—
Investment in unconsolidated affiliates	—			—			114,609			—			114,609
Intercompany notes receivable	170,513			36,358			159,884			(366,755		)	—
Property and equipment—at cost:
Land and buildings	4,806			58,089			179,173			—			242,068
Aircraft and equipment	156,500			1,318,149			1,018,721			—			2,493,370
	161,306			1,376,238			1,197,894			—			2,735,438
Less: Accumulated depreciation and amortization	(42,846		)	(279,325		)	(393,325		)	—			(715,496		)
	118,460			1,096,913			804,569			—			2,019,942
Goodwill	—			—			19,175			—			19,175
Other assets	4,221			1,357			113,377			—			118,955
Total assets	$	2,989,778		$	1,791,003		$	1,851,609		$	(3,584,592	)	$	3,047,798

LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	374,301		$	405,656		$	250,703		$	(930,361	)	$	100,299
Accrued liabilities	51,808			2,607			151,734			(20,573		)	185,576
Short-term borrowings and current maturities of long-term debt	842,258			284,994			326,171			—			1,453,423
Total current liabilities	1,268,367			693,257			728,608			(950,934		)	1,739,298
Long-term debt, less current maturities	—			—			10,383			—			10,383
Intercompany notes payable	133,078			197,397			37,382			(367,857		)	—
Accrued pension liabilities	—			—			30,526			—			30,526
Other liabilities and deferred credits	12,042			7,635			12,625			—			32,302
Deferred taxes	69,311			26,726			18,608			—			114,645
Stockholders’ investment:
Common stock	385			4,996			131,317			(136,313		)	385
Additional paid-in-capital	856,826			29,387			284,048			(313,435		)	856,826
Retained earnings	754,980			831,111			309,333			(1,140,444		)	754,980
Accumulated other comprehensive income (loss)	78,306			494			282,891			(675,609		)	(313,918		)
Treasury shares	(184,796		)	—			—			—			(184,796		)
Total Bristow Group stockholders’ investment	1,505,701			865,988			1,007,589			(2,265,801		)	1,113,477
Noncontrolling interests	1,279			—			5,888			—			7,167
Total stockholders’ investment	1,506,980			865,988			1,013,477			(2,265,801		)	1,120,644
Total liabilities and stockholders’ investment	$	2,989,778		$	1,791,003		$	1,851,609		$	(3,584,592	)	$	3,047,798

Supplemental Condensed Consolidating Balance Sheet

As of March 31, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	277,176		$	8,904		$	94,143		$	—		$	380,223
Accounts receivable	211,412			423,214			250,984			(638,630		)	246,980
Inventories	—			31,300			98,314			—			129,614
Assets held for sale	—			26,737			3,611			—			30,348
Prepaid expenses and other current assets	3,367			4,494			41,016			(1,643		)	47,234
Total current assets	491,955			494,649			488,068			(640,273		)	834,399
Intercompany investment	2,199,505			104,435			141,683			(2,445,623		)	—
Investment in unconsolidated affiliates	—			—			126,170			—			126,170
Intercompany notes receivable	183,634			36,358			368,575			(588,567		)	—
Property and equipment—at cost:
Land and buildings	4,806			58,191			187,043			—			250,040
Aircraft and equipment	156,651			1,326,922			1,027,558			—			2,511,131
	161,457			1,385,113			1,214,601			—			2,761,171
Less: Accumulated depreciation and amortization	(39,780		)	(263,412		)	(389,959		)	—			(693,151		)
	121,677			1,121,701			824,642			—			2,068,020
Goodwill	—			—			19,907			—			19,907
Other assets	4,966			2,122			109,418			—			116,506
Total assets	$	3,001,737		$	1,759,265		$	2,078,463		$	(3,674,463	)	$	3,165,002

LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	341,342		$	175,133		$	201,704		$	(616,909	)	$	101,270
Accrued liabilities	59,070			6,735			166,026			(21,955		)	209,876
Short-term borrowings and current maturities of long-term debt	840,485			296,782			338,171			—			1,475,438
Total current liabilities	1,240,897			478,650			705,901			(638,864		)	1,786,584
Long-term debt, less current maturities	—			—			11,096			—			11,096
Intercompany notes payable	132,740			370,407			41,001			(544,148		)	—
Accrued pension liabilities	—			—			37,034			—			37,034
Other liabilities and deferred credits	14,078			7,924			14,950			—			36,952
Deferred taxes	77,373			27,794			10,025			—			115,192
Stockholders’ investment:
Common stock	382			4,996			131,317			(136,313		)	382
Additional paid-in-capital	852,565			29,387			284,048			(313,435		)	852,565
Retained earnings	788,834			838,727			473,712			(1,312,439		)	788,834
Accumulated other comprehensive income (loss)	78,306			1,380			363,484			(729,264		)	(286,094		)
Treasury shares	(184,796		)	—			—			—			(184,796		)
Total Bristow Group stockholders’ investment	1,535,291			874,490			1,252,561			(2,491,451		)	1,170,891
Noncontrolling interests	1,358			—			5,895			—			7,253
Total stockholders’ investment	1,536,649			874,490			1,258,456			(2,491,451		)	1,178,144
Total liabilities and stockholders’ investment	$	3,001,737		$	1,759,265		$	2,078,463		$	(3,674,463	)	$	3,165,002

Supplemental Condensed Consolidating Statement of Cash Flows

Three Months Ended June 30, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated

	(In thousands)
Net cash provided by (used in) operating activities	$	(32,865	)	$	11,992		$	(23,246	)	$	—	$	(44,119	)
Cash flows from investing activities:
Capital expenditures	(654		)	(1,453		)	(6,788		)	—		(8,895		)
Proceeds from asset dispositions	—			7,432			342			—		7,774
Net cash provided by (used in) investing activities	(654		)	5,979			(6,446		)	—		(1,121		)
Cash flows from financing activities:
Proceeds from borrowings	—			—			387			—		387
Debt issuance costs	(421		)	(32		)	(1,925		)	—		(2,378		)
Repayment of debt	—			(5,262		)	(8,932		)	—		(14,194		)
Dividends paid	162,941			1,649			(164,590		)	—		—
Increases (decreases) in cash related to intercompany advances and debt	(162,519		)	(21,716		)	184,235			—		—
Partial prepayment of put/call obligation	(14		)	—			—			—		(14		)
Issuance of common stock	2,830			—			—			—		2,830
Repurchases for tax withholdings on vesting of equity awards	(1,484		)	—			—			—		(1,484		)
Net cash provided by (used in) financing activities	1,333			(25,361		)	9,175			—		(14,853		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(3,580		)	—		(3,580		)
Net decrease in cash and cash equivalents	(32,186		)	(7,390		)	(24,097		)	—		(63,673		)
Cash and cash equivalents at beginning of period	277,176			8,904			94,143			—		380,223
Cash and cash equivalents at end of period	$	244,990		$	1,514		$	70,046		$	—	$	316,550

Supplemental Condensed Consolidating Statement of Cash Flows

Three Months Ended June 30, 2017



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated

	(In thousands)
Net cash used in operating activities	$	(37,229	)	$	(7,228	)	$	(6,722	)	$	—	$	(51,179	)
Cash flows from investing activities:
Capital expenditures	(4,036		)	(3,070		)	(5,447		)	—		(12,553		)
Proceeds from asset dispositions	—			2,473			39,502			—		41,975
Net cash provided by (used in) investing activities	(4,036		)	(597		)	34,055			—		29,422
Cash flows from financing activities:
Proceeds from borrowings	68,800			—			218			—		69,018
Debt issuance costs	—			(466		)	(27		)	—		(493		)
Repayment of debt	(42,150		)	(5,013		)	(19,784		)	—		(66,947		)
Dividends paid	(2,465		)	—			—			—		(2,465		)
Increases (decreases) in cash related to intercompany advances and debt	19,370			14,192			(33,562		)	—		—
Partial prepayment of put/call obligation	(12		)	—			—			—		(12		)
Repurchases for tax withholdings on vesting of equity awards	(274		)	—			—			—		(274		)
Net cash provided by (used in) financing activities	43,269			8,713			(53,155		)	—		(1,173		)
Effect of exchange rate changes on cash and cash equivalents	—			—			5,153			—		5,153
Net increase (decrease) in cash and cash equivalents	2,004			888			(20,669		)	—		(17,777		)
Cash and cash equivalents at beginning of period	3,382			299			92,975			—		96,656
Cash and cash equivalents at end of period	$	5,386		$	1,187		$	72,306		$	—	$	78,879