FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Sep. 30, 2019

The following table summarizes the financial instruments we had as of September 30, 2019, 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, 2019		Balance Sheet Classification
Derivative financial instruments	$	—	$	3,443	$	—	$	3,443	Prepaid expenses and other current assets
Rabbi Trust investments	2,645		—		—		2,645		Other assets
Total assets	$	2,645	$	3,443	$	—	$	6,088

The following table summarizes the financial instruments we had as of March 31, 2019, 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, 2019		Balance Sheet Classification
Derivative financial instruments	$	—	$	1,845	$	—	$	1,845	Prepaid expenses and other current assets
Rabbi Trust investments	2,544		—		—		2,544		Other assets
Total assets	$	2,544	$	1,845	$	—	$	4,389

The following table summarizes the assets as of September 30, 2019, 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, 2019		Total Loss for the Three Months Ended September 30, 2019			Total Loss for the Six Months Ended September 30, 2019
Aircraft and equipment	$	—	$	60,426	$	—	$	60,426	$	(42,022	)	$	(42,022	)
Investment in unconsolidated affiliates	—		—		—		—		(2,575		)	(2,575		)
Goodwill	—		—		—		—		(17,504		)	(17,504		)
Total assets	$	—	$	60,426	$	—	$	60,426	$	(62,101	)	$	(62,101	)

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



	September 30, 2019				March 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
8.75% Senior Secured Notes due 2023⁽¹⁾	$	273,449	$	269,678	$	347,400	$	252,000
4½% Convertible Senior Notes due 2023^{(2) (3)}	143,750		14,375		112,944		28,923
6¼% Senior Notes due 2022⁽³⁾	401,535		28,107		401,535		75,288
DIP Credit Agreement	150,000		150,000		—		—
Term Loan	75,000		75,000		—		—
Lombard Debt	167,519		167,519		183,450		183,450
Macquarie Debt	164,028		164,028		171,028		171,028
PK Air Debt	202,634		202,634		212,041		212,041
Airnorth Debt	9,416		9,416		11,058		11,058
Eastern Airways Debt	351		351		—		—
Other Debt⁽³⁾	9,370		9,370		9,168		9,168
	$	1,597,052	$	1,090,478	$	1,448,624	$	942,956

_____________


⁽¹⁾	The carrying value is net of unamortized discount of $1.7 million and $2.6 million as of September 30, 2019 and March 31, 2019, respectively.


⁽²⁾	The carrying value is net of unamortized discount of zero and $30.8 million as of September 30, 2019 and March 31, 2019, respectively.


⁽³⁾	Reclassified to liabilities subject to compromise on our condensed consolidated balance sheet as of September 30, 2019. See Note 2 and Note 5 for further details.