v3.3.0.814

FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended
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Sep. 30, 2015
Fair Value Disclosures [Abstract] |
Schedule of fair value assets measured on non-recurring basis | The following table summarizes the assets as of September 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 September 30, 2015 |  | Total Loss for the Three Months Ended September 30, 2015 |  | Total Loss for the Six Months Ended September 30, 2015
Inventories |  | $ | — |  |  | $ | 12,118 |  |  | $ | — |  |  | $ | 12,118 |  |  | $ | — |  |  | $ | (5,439 | )
Assets held for sale |  | — |  |  | 33,647 |  |  | — |  |  | 33,647 |  |  | (12,169 | ) |  | (22,031 | )
Goodwill |  | — |  |  | — |  |  | 52,404 |  |  | 52,404 |  |  | (22,274 | ) |  | (22,274 | )
Total assets |  | $ | — |  |  | $ | 45,765 |  |  | $ | 52,404 |  |  | $ | 98,169 |  |  | $ | (34,443 | ) |  | $ | (49,744 | )
The following table summarizes the assets as of September 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 September 30, 2014 |  | Total Loss for the Three Months Ended September 30, 2014 |  | Total Loss for the Six Months Ended September 30, 2014
Inventories |  | $ | — |  |  | $ | 19,446 |  |  | $ | — |  |  | $ | 19,446 |  |  | $ | (3,362 | ) |  | $ | (3,362 | )
Assets held for sale |  | — |  |  | 4,650 |  |  | — |  |  | 4,650 |  |  | (558 | ) |  | (3,137 | )
Total assets |  | $ | — |  |  | $ | 24,096 |  |  | $ | — |  |  | $ | 24,096 |  |  | $ | (3,920 | ) |  | $ | (6,499 | )
Schedule of fair value assets measured on recurring basis | The following table summarizes the financial instruments we had as of September 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 September 30, 2015 |  | Balance Sheet Classification
Rabbi Trust investments |  | $ | 2,219 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,219 |  |  | Other assets
Total assets |  | $ | 2,219 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,219 |  |  |
Contingent consideration: (1) |  |  |  |  |  |  |  |  |  |
Current |  | $ | — |  |  | $ | — |  |  | $ | 28,727 |  |  | $ | 28,727 |  |  | Other accrued liabilities
Long-term |  | — |  |  | — |  |  | 2,444 |  |  | 2,444 |  |  | Other liabilities and deferred credits
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | 31,171 |  |  | $ | 31,171 |  |  |
______________
(1) | Relates to our investment in Cougar Helicopters Inc. (“Cougar”) totaling $25.0 million and the acquisition of Airnorth totaling $6.2 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 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.
Schedule of contingent consideration | The following table provides a rollforward of the contingent consideration liability Level 3 fair value measurements during the six months ended September 30, 2015 (in thousands):
|  | Significant Unobservable Inputs (Level 3)
Balance as of March 31, 2015 |  | $ | 38,905 |
Change in fair value of contingent consideration |  | 266 |
Payment of Cougar second year earn-out |  | (8,000 | )
Balance as of September 30, 2015 |  | $ | 31,171 |
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):
|  | September 30, 2015 |  | March 31, 2015
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
6¼% Senior Notes |  | $ | 401,535 |  |  | $ | 345,320 |  |  | $ | 401,535 |  |  | $ | 381,458 |
Term Loan |  | 342,611 |  |  | 342,611 |  |  | 222,179 |  |  | 222,179 |
Revolving Credit Facility |  | 223,800 |  |  | 223,800 |  |  | 83,800 |  |  | 83,800 |
Airnorth debt |  | 20,839 |  |  | 20,839 |  |  | 23,119 |  |  | 23,119 |
Eastern Airways debt |  | 14,595 |  |  | 14,595 |  |  | 19,680 |  |  | 19,680 |
3% Convertible Senior Notes |  | — |  |  | — |  |  | 114,109 |  |  | 115,288 |
|  | $ | 1,003,380 |  |  | $ | 947,165 |  |  | $ | 864,422 |  |  | $ | 845,524 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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