SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

6 Months Ended

Sep. 30, 2019

Supplemental Condensed Consolidating Financial Information [Abstract]

Supplemental Condensed Consolidating Financial Information

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

The Company had registered senior notes that the Guarantor Subsidiaries fully, unconditionally, jointly and severally guaranteed. The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors. For further details on the registered senior notes, which were discharged upon the emergence from bankruptcy, see Note 5 to the fiscal year 2019 Financial Statements.

The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense.

The allocation of the consolidated income tax provision was made using the with and without allocation method.

Supplemental Condensed Consolidating Statement of Operations

Three Months Ended September 30, 2019

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Gross revenue	$	—		$	41,768		$	276,452		$	—		$	318,220
Intercompany revenue	—			22,416			—			(22,416		)	—
	—			64,184			276,452			(22,416		)	318,220
Operating expense:
Direct cost and reimbursable expense	32			42,709			206,754			—			249,495
Intercompany expenses	—			—			22,416			(22,416		)	—
Depreciation and amortization	3,192			17,970			10,141			—			31,303
General and administrative	15,967			3,949			17,904			—			37,820
	19,191			64,628			257,215			(22,416		)	318,618
Loss on impairment	—			(42,022		)	(20,079		)	—			(62,101		)
Gain (loss) on disposal of assets	—			(377		)	147			—			(230		)
Earnings from unconsolidated affiliates, net of losses	(103,132		)	—			633			103,132			633
Operating income (loss)	(122,323		)	(42,843		)	(62		)	103,132			(62,096		)
Interest expense, net	(11,100		)	(5,376		)	(5,969		)	—			(22,445		)
Reorganization items, net	(56,589		)	(28,552		)	(8,802		)	—			(93,943		)
Gain on sale of subsidiaries	—			—			420			—			420
Other income (expense), net	244			758			(7,639		)	—			(6,637		)
Loss before (provision) benefit for income taxes	(189,768		)	(76,013		)	(22,052		)	103,132			(184,701		)
Allocation of consolidated income taxes	26,805			(1,513		)	(3,510		)	—			21,782
Net loss	(162,963		)	(77,526		)	(25,562		)	103,132			(162,919		)
Net income attributable to noncontrolling interests	(11		)	—			(44		)	—			(55		)
Net loss attributable to Bristow Group	$	(162,974	)	$	(77,526	)	$	(25,606	)	$	103,132		$	(162,974	)

Supplemental Condensed Consolidating Statement of Operations

Three Months Ended September 30, 2018

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Gross revenue	$	45		$	36,798		$	312,500		$	—		$	349,343
Intercompany revenue	—			27,496			—			(27,496		)	—
	45			64,294			312,500			(27,496		)	349,343
Operating expense:
Direct cost and reimbursable expense	20			40,981			251,410			—			292,411
Intercompany expenses	15,307			—			12,189			(27,496		)	—
Depreciation and amortization	3,092			17,733			9,664			—			30,489
General and administrative	12,907			5,125			20,807			—			38,839
	31,326			63,839			294,070			(27,496		)	361,739
Loss on impairment	—			(87,474		)	(29,746		)	—			(117,220		)
Loss on disposal of assets	—			(318		)	(975		)	—			(1,293		)
Earnings from unconsolidated affiliates, net of losses	(123,744		)	—			1,461			123,744			1,461
Operating loss	(155,025		)	(87,337		)	(10,830		)	123,744			(129,448		)
Interest expense, net	(15,564		)	(5,915		)	(4,954		)	—			(26,433		)
Other income (expense), net	50			242			(3,496		)	—			(3,204		)
Loss before (provision) benefit for income taxes	(170,539		)	(93,010		)	(19,280		)	123,744			(159,085		)
Allocation of consolidated income taxes	26,605			(1,176		)	(9,774		)	—			15,655
Net loss	(143,934		)	(94,186		)	(29,054		)	123,744			(143,430		)
Net income attributable to noncontrolling interests	(13		)	—			(504		)	—			(517		)
Net loss attributable to Bristow Group	$	(143,947	)	$	(94,186	)	$	(29,558	)	$	123,744		$	(143,947	)

Supplemental Condensed Consolidating Statement of Operations

Six Months Ended September 30, 2019

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Third party revenue	$	—		$	79,567		$	571,829		$	—		$	651,396
Intercompany revenue	—			47,093			—			(47,093		)	—
	—			126,660			571,829			(47,093		)	651,396
Operating expense:
Direct cost and reimbursable expense	151			84,333			438,904			—			523,388
Intercompany expenses	—			—			47,093			(47,093		)	—
Prepetition restructuring charges	12,449			—			1,027			—			13,476
Depreciation and amortization	6,329			35,631			20,682			—			62,642
General and administrative	25,678			7,879			39,033			—			72,590
	44,607			127,843			546,739			(47,093		)	672,096
Loss on impairment	—			(42,022		)	(20,079		)	—			(62,101		)
Loss on disposal of assets	—			(853		)	(3,164		)	—			(4,017		)
Earnings from unconsolidated affiliates, net of losses	(204,089		)	—			2,980			204,089			2,980
Operating income (loss)	(248,696		)	(44,058		)	4,827			204,089			(83,838		)
Interest expense, net	(24,467		)	(11,241		)	(13,058		)	—			(48,766		)
Reorganization items, net	(106,434		)	(54,603		)	(9,262		)	—			(170,299		)
Loss on sale of subsidiaries	—			—			(55,883		)	—			(55,883		)
Other income (expense), net	363			1,259			(12,132		)	—			(10,510		)
Loss before (provision) benefit for income taxes	(379,234		)	(108,643		)	(85,508		)	204,089			(369,296		)
Allocation of consolidated income taxes	47,040			(2,689		)	(7,062		)	—			37,289
Net loss	(332,194		)	(111,332		)	(92,570		)	204,089			(332,007		)
Net income attributable to noncontrolling interests	(26		)	—			(187		)	—			(213		)
Net loss attributable to Bristow Group	$	(332,220	)	$	(111,332	)	$	(92,757	)	$	204,089		$	(332,220	)

Supplemental Condensed Consolidating Statement of Operations

Six Months Ended September 30, 2018

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Third party revenue	$	90		$	70,933		$	644,988		$	—		$	716,011
Intercompany revenue	—			54,013			—			(54,013		)	—
	90			124,946			644,988			(54,013		)	716,011
Operating expense:
Direct cost and reimbursable expense	36			82,857			505,473			—			588,366
Intercompany expenses	15,307			—			38,706			(54,013		)	—
Depreciation and amortization	6,158			35,955			19,317			—			61,430
General and administrative	25,695			8,923			44,322			—			78,940
	47,196			127,735			607,818			(54,013		)	728,736
Loss on impairment	—			(87,474		)	(29,746		)	—			(117,220		)
Loss on disposal of assets	(806		)	(1,478		)	(687		)	—			(2,971		)
Earnings from unconsolidated affiliates, net of losses	(130,809		)	—			(86		)	130,809			(86		)
Operating income (loss)	(178,721		)	(91,741		)	6,651			130,809			(133,002		)
Interest expense, net	(31,943		)	(12,745		)	(8,889		)	—			(53,577		)
Other income (expense), net	184			1,317			(8,655		)	—			(7,154		)
Loss before (provision) benefit for income taxes	(210,480		)	(103,169		)	(10,893		)	130,809			(193,733		)
Allocation of consolidated income taxes	34,697			(283		)	(15,908		)	—			18,506
Net loss	(175,783		)	(103,452		)	(26,801		)	130,809			(175,227		)
Net income attributable to noncontrolling interests	(28		)	—			(556		)	—			(584		)
Net loss attributable to Bristow Group	$	(175,811	)	$	(103,452	)	$	(27,357	)	$	130,809		$	(175,811	)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

Three Months Ended September 30, 2019

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
	(In thousands)
Net loss	$	(162,963	)	$	(77,526	)	$	(25,562	)	$	103,132	$	(162,919	)
Other comprehensive loss:
Currency translation adjustments	—			—			(16,156		)	3,822		(12,334		)
Unrealized gain on cash flow hedges	—			—			1,124			—		1,124
Total comprehensive loss	(162,963		)	(77,526		)	(40,594		)	106,954		(174,129		)
Net income attributable to noncontrolling interests	(11		)	—			(44		)	—		(55		)
Currency translation adjustments attributable to noncontrolling interests	—			—			35			—		35
Total comprehensive income attributable to noncontrolling interests	(11		)	—			(9		)	—		(20		)
Total comprehensive loss attributable to Bristow Group	$	(162,974	)	$	(77,526	)	$	(40,603	)	$	106,954	$	(174,149	)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

Three Months Ended September 30, 2018

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
	(In thousands)
Net loss	$	(143,934	)	$	(94,186	)	$	(29,054	)	$	123,744	$	(143,430	)
Other comprehensive loss:
Currency translation adjustments	—			(159		)	(14,306		)	6,498		(7,967		)
Unrealized loss on cash flow hedges	—			—			(98		)	—		(98		)
Total comprehensive loss	(143,934		)	(94,345		)	(43,458		)	130,242		(151,495		)
Net income attributable to noncontrolling interests	(13		)	—			(504		)	—		(517		)
Currency translation adjustments attributable to noncontrolling interests	—			—			(32		)	—		(32		)
Total comprehensive income attributable to noncontrolling interests	(13		)	—			(536		)	—		(549		)
Total comprehensive loss attributable to Bristow Group	$	(143,947	)	$	(94,345	)	$	(43,994	)	$	130,242	$	(152,044	)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

Six Months Ended September 30, 2019

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
	(In thousands)
Net loss	$	(332,194	)	$	(111,332	)	$	(92,570	)	$	204,089	$	(332,007	)
Other comprehensive loss:
Currency translation adjustments	—			(355		)	(1,843		)	6,763		4,565
Unrealized gain on cash flow hedges	—			—			1,598			—		1,598
Total comprehensive loss	(332,194		)	(111,687		)	(92,815		)	210,852		(325,844		)
Net income attributable to noncontrolling interests	(26		)	—			(187		)	—		(213		)
Currency translation adjustments attributable to noncontrolling interests	—			—			24			—		24
Total comprehensive income attributable to noncontrolling interests	(26		)	—			(163		)	—		(189		)
Total comprehensive loss attributable to Bristow Group	$	(332,220	)	$	(111,687	)	$	(92,978	)	$	210,852	$	(326,033	)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

Six Months Ended September 30, 2018

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
	(In thousands)
Net loss	$	(175,783	)	$	(103,452	)	$	(26,801	)	$	130,809	$	(175,227	)
Other comprehensive loss:
Currency translation adjustments	—			(1,045		)	(96,108		)	60,153		(37,000		)
Unrealized gain on cash flow hedges	—			—			1,250			—		1,250
Total comprehensive loss	(175,783		)	(104,497		)	(121,659		)	190,962		(210,977		)
Net income attributable to noncontrolling interests	(28		)	—			(556		)	—		(584		)
Currency translation adjustments attributable to noncontrolling interests	—			—			(171		)	—		(171		)
Total comprehensive income attributable to noncontrolling interests	(28		)	—			(727		)	—		(755		)
Total comprehensive loss attributable to Bristow Group	$	(175,811	)	$	(104,497	)	$	(122,386	)	$	190,962	$	(211,732	)

Supplemental Condensed Consolidating Balance Sheet

As of September 30, 2019

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	31,268		$	7,516		$	115,101		$	—		$	153,885
Restricted cash	33			—			38,877			—			38,910
Accounts receivable	644,260			679,196			274,543			(1,369,206		)	228,793
Inventories	—			35,658			77,856			—			113,514
Assets held for sale	—			—			—			—			—
Prepaid expenses and other current assets	8,261			1,686			32,598			—			42,545
Total current assets	683,822			724,056			538,975			(1,369,206		)	577,647
Intercompany investment	1,625,547			97,435			124,463			(1,847,445		)	—
Investment in unconsolidated affiliates	—			—			109,986			—			109,986
Intercompany notes receivable	135,327			11,151			115,008			(261,486		)	—
Property and equipment—at cost:
Land and buildings	4,806			58,204			175,198			—			238,208
Aircraft and equipment	158,399			1,277,861			967,466			—			2,403,726
	163,205			1,336,065			1,142,664			—			2,641,934
Less: Accumulated depreciation and amortization	(53,874		)	(497,745		)	(412,015		)	—			(963,634		)
	109,331			838,320			730,649			—			1,678,300
Right-of-use assets	23			54,625			317,156			(40,061		)	331,743
Goodwill	—			—			—			—			—
Other assets	3,859			4,047			86,993			—			94,899
Total assets	$	2,557,909		$	1,729,634		$	2,023,230		$	(3,518,198	)	$	2,792,575
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	510,741		$	597,832		$	340,339		$	(1,355,479	)	$	93,433
Accrued liabilities	72,863			22,702			189,593			(52,569		)	232,589
Short-term borrowings and current maturities of long-term debt	380,902			253,294			312,845			—			947,041
Total current liabilities	964,506			873,828			842,777			(1,408,048		)	1,273,063
Long-term debt, less current maturities	34,161			—			41,450			—			75,611
Intercompany notes payable	88,573			143,233			29,680			(261,486		)	—
Accrued pension liabilities	—			—			18,706			—			18,706
Other liabilities and deferred credits	4,548			—			3,357			—			7,905
Deferred taxes	14,224			26,065			19,573			—			59,862
Long-term operating lease liabilities	—			32,060			220,366			(1,027		)	251,399
Liabilities subject to compromise	569,804			35,000			20,063			—			624,867
Stockholders’ investment:
Common stock	386			4,996			131,317			(136,313		)	386
Additional paid-in-capital	863,546			29,387			284,097			(313,484		)	863,546
Retained earnings	123,378			585,065			157,576			(742,641		)	123,378
Accumulated other comprehensive income (loss)	78,306			—			255,091			(655,199		)	(321,802		)
Treasury shares	(184,796		)	—			—			—			(184,796		)
Total Bristow Group stockholders’ investment	880,820			619,448			828,081			(1,847,637		)	480,712
Noncontrolling interests	1,273			—			(823		)	—			450
Total stockholders’ investment	882,093			619,448			827,258			(1,847,637		)	481,162
Total liabilities and stockholders’ investment	$	2,557,909		$	1,729,634		$	2,023,230		$	(3,518,198	)	$	2,792,575

Supplemental Condensed Consolidating Balance Sheet

As of March 31, 2019

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	90,586		$	3,205		$	84,264		$	—		$	178,055
Accounts receivable	535,502			583,912			287,822			(1,190,445		)	216,791
Inventories	—			35,331			85,977			—			121,308
Assets held for sale	—			5,541			(191		)	—			5,350
Prepaid expenses and other current assets	3,734			1,001			39,274			—			44,009
Total current assets	629,822			628,990			497,146			(1,190,445		)	565,513
Intercompany investment	1,829,271			97,435			131,608			(2,058,314		)	—
Investment in unconsolidated affiliates	—			—			118,203			—			118,203
Intercompany notes receivable	140,659			11,151			128,410			(280,220		)	—
Property and equipment—at cost:
Land and buildings	4,807			58,204			181,262			—			244,273
Aircraft and equipment	155,667			1,312,115			1,029,840			—			2,497,622
	160,474			1,370,319			1,211,102			—			2,741,895
Less: Accumulated depreciation and amortization	(47,546		)	(419,983		)	(440,186		)	—			(907,715		)
	112,928			950,336			770,916			—			1,834,180
Goodwill	—			—			18,436			—			18,436
Other assets	3,563			3,410			109,294			—			116,267
Total assets	$	2,716,243		$	1,691,322		$	1,774,013		$	(3,528,979	)	$	2,652,599
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	441,485		$	510,911		$	327,447		$	(1,180,270	)	$	99,573
Accrued liabilities	51,071			(9,807		)	119,433			(10,049		)	150,648
Short-term borrowings and current maturities of long-term debt	849,524			268,559			300,547			—			1,418,630
Total current liabilities	1,342,080			769,663			747,427			(1,190,319		)	1,668,851
Long-term debt, less current maturities	—			—			8,223			—			8,223
Intercompany notes payable	91,664			155,643			32,913			(280,220		)	—
Accrued pension liabilities	—			—			25,726			—			25,726
Other liabilities and deferred credits	10,430			8,613			7,186			—			26,229
Deferred taxes	59,302			26,268			25,633			—			111,203
Stockholders’ investment:
Common stock	386			4,996			131,317			(136,313		)	386
Additional paid-in-capital	862,020			29,387			284,048			(313,435		)	862,020
Retained earnings	455,598			696,397			250,333			(946,730		)	455,598
Accumulated other comprehensive income (loss)	78,306			355			255,312			(661,962		)	(327,989		)
Treasury shares	(184,796		)	—			—			—			(184,796		)
Total Bristow Group stockholders’ investment	1,211,514			731,135			921,010			(2,058,440		)	805,219
Noncontrolling interests	1,253			—			5,895			—			7,148
Total stockholders’ investment	1,212,767			731,135			926,905			(2,058,440		)	812,367
Total liabilities and stockholders’ investment	$	2,716,243		$	1,691,322		$	1,774,013		$	(3,528,979	)	$	2,652,599

Supplemental Condensed Consolidating Statement of Cash Flows

Six Months Ended September 30, 2019

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(66,491	)	$	17,907		$	(8,581	)	$	—	$	(57,165	)
Cash flows from investing activities:
Capital expenditures	(2,732		)	(2,844		)	(20,374		)	—		(25,950		)
Proceeds from asset dispositions	—			4,935			68			—		5,003
Cash transferred in sale of subsidiaries, net of cash received	—			—			(22,458		)	—		(22,458		)
Net cash provided by (used in) investing activities	(2,732		)	2,091			(42,764		)	—		(43,405		)
Cash flows from financing activities:
Proceeds from borrowings	150,000			—			75,585			—		225,585
Debt issuance costs	(6,695		)	—			(7,435		)	—		(14,130		)
Repayment of debt	(74,818		)	(10,347		)	(14,063		)	—		(99,228		)
Increases (decreases) in cash related to intercompany advances and debt	(58,549		)	(5,340		)	63,889			—		—
Partial prepayment of put/call obligation	—			—			(1,323		)	—		(1,323		)
Net cash provided by (used in) financing activities	9,938			(15,687		)	116,653			—		110,904
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			4,406			—		4,406
Net increase (decrease) in cash, cash equivalents and restricted cash	(59,285		)	4,311			69,714			—		14,740
Cash, cash equivalents and restricted cash  at beginning of period	90,586			3,205			84,264			—		178,055
Cash, cash equivalents and restricted cash  at end of period	$	31,301		$	7,516		$	153,978		$	—	$	192,795

Supplemental Condensed Consolidating Statement of Cash Flows

Six Months Ended September 30, 2018

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(35,375	)	$	14,041		$	(5,568	)	$	—	$	(26,902	)
Cash flows from investing activities:
Capital expenditures	(1,536		)	(2,499		)	(13,267		)	—		(17,302		)
Proceeds from asset dispositions	—			7,528			934			—		8,462
Net cash provided by (used in) investing activities	(1,536		)	5,029			(12,333		)	—		(8,840		)
Cash flows from financing activities:
Proceeds from borrowings	—			—			387			—		387
Debt issuance costs	(597		)	(32		)	(1,925		)	—		(2,554		)
Repayment of debt	(8,841		)	(10,505		)	(10,624		)	—		(29,970		)
Dividends received (paid)	162,941			1,649			(164,590		)	—		—
Increases (decreases) in cash related to intercompany advances and debt	(158,992		)	(17,955		)	176,947			—		—
Partial prepayment of put/call obligation	(27		)	—			—			—		(27		)
Dividends paid to noncontrolling interest	—			—			(580		)	—		(580		)
Repurchases for tax withholdings on vesting of equity awards	(1,504		)	—			—			—		(1,504		)
Issuance of Common Stock	2,830			—			—			—		2,830
Net cash provided by (used in) financing activities	(4,190		)	(26,843		)	(385		)	—		(31,418		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(5,272		)	—		(5,272		)
Net decrease in cash, cash equivalents and restricted cash	(41,101		)	(7,773		)	(23,558		)	—		(72,432		)
Cash, cash equivalents and restricted cash  at beginning of period	277,176			8,904			94,143			—		380,223
Cash, cash equivalents and restricted cash  at end of period	$	236,075		$	1,131		$	70,585		$	—	$	307,791