FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Jun. 30, 2015

Schedule of fair value assets measured on non-recurring basis

The following table summarizes the assets as of June 30, 2014, 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 June 30, 2014		Total Loss for the Three Months Ended June 30, 2014
Assets held for sale	$	—	$	6,400	$	—	$	6,400	$	(2,579	)
Total assets	$	—	$	6,400	$	—	$	6,400	$	(2,579	)

The following table summarizes the assets as of June 30, 2015, 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 June 30, 2015		Total Loss for the Three Months Ended June 30, 2015
Inventories	$	—	$	13,922	$	—	$	13,922	$	(5,439	)
Assets held for sale	—		35,523		—		35,523		(9,862		)
Total assets	$	—	$	49,445	$	—	$	49,445	$	(15,301	)

Schedule of fair value assets measured on recurring basis

The following table summarizes the financial instruments we had as of March 31, 2015, 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, 2015		Balance Sheet Classification
Rabbi Trust investments	$	2,379	$	—	$	—	$	2,379	Other assets
Total assets	$	2,379	$	—	$	—	$	2,379

Contingent consideration: ⁽¹⁾
Current	$	—	$	—	$	33,938	$	33,938	Other accrued liabilities
Long-term	—		—		4,967		4,967		Other liabilities and deferred credits
Total liabilities	$	—	$	—	$	38,905	$	38,905

_____________


⁽¹⁾	Relates to our investment in Cougar totaling $32.5 million and Airnorth totaling $6.4 million. For further details on Cougar and Airnorth, see Notes 2 and 3 to the fiscal year 2015 Financial Statements.

The following table summarizes the financial instruments we had as of June 30, 2015, 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 June 30, 2015		Balance Sheet Classification
Rabbi Trust investments	$	2,381	$	—	$	—	$	2,381	Other assets
Total assets	$	2,381	$	—	$	—	$	2,381

Contingent consideration: ⁽¹⁾
Current	$	—	$	—	$	26,314	$	26,314	Other accrued liabilities
Long-term	—		—		5,089		5,089		Other liabilities and deferred credits
Total liabilities	$	—	$	—	$	31,403	$	31,403

______________


⁽¹⁾	Relates to our investment in Cougar Helicopters Inc. (“Cougar”) totaling $24.8 million and the acquisition of Capiteq Limited, operating under the name of Airnorth, totaling $6.6 million. For further details on Cougar and Airnorth, see Notes 2 and 3 to the fiscal year 2015 Financial Statements.

Schedule of contingent consideration

The following table provides a rollforward of the contingent consideration liability Level 3 fair value measurements during the three months ended June 30, 2015 (in thousands):



	Significant Unobservable Inputs (Level 3)
Balance as of March 31, 2015	$	38,905
Change in fair value of contingent consideration	498
Payment of Cougar second year earn-out	(8,000		)
Balance as of June 30, 2015	$	31,403

Schedule of fair value of debt

The carrying and fair value of our long-term debt, including the current portion, are as follows (in thousands):



	June 30, 2015				March 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
6¼% Senior Notes	$	401,535	$	397,520	$	401,535	$	381,458
Term Loan	346,084		346,084		222,179		222,179
3% Convertible Senior Notes	1,869		1,866		114,109		115,288
Revolving Credit Facility	155,000		155,000		83,800		83,800
Airnorth debt	21,929		21,929		23,119		23,119
Eastern Airways debt	18,784		18,784		19,680		19,680
	$	945,201	$	941,183	$	864,422	$	845,524