BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Sep. 30, 2015

Basis Of Presentation, Consolidation And Summary Of Significant Accounting Policies [Abstract]

The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table:



	Three Months Ended September 30,		Six Months Ended September 30,
	2015	2014	2015	2014
One Brazilian real into U.S. dollars
High	0.3217	0.4534	0.3435	0.4572
Average	0.2858	0.4398	0.3057	0.4445
Low	0.2406	0.4066	0.2406	0.4066
At period-end	0.2441	0.4102	0.2441	0.4102

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Source: Oanda.com

The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table:



	Three Months Ended September 30,		Six Months Ended September 30,
	2015	2014	2015	2014
One British pound sterling into U.S. dollars
High	1.57	1.72	1.59	1.72
Average	1.55	1.67	1.54	1.68
Low	1.51	1.61	1.46	1.61
At period-end	1.51	1.62	1.51	1.62
One euro into U.S. dollars
High	1.16	1.37	1.16	1.39
Average	1.11	1.33	1.11	1.35
Low	1.09	1.26	1.06	1.26
At period-end	1.12	1.26	1.12	1.26
One Australian dollar into U.S. dollars
High	0.77	0.95	0.81	0.95
Average	0.73	0.93	0.75	0.93
Low	0.69	0.87	0.69	0.87
At period-end	0.70	0.88	0.70	0.88
One Norwegian kroner into U.S. dollars
High	0.1272	0.1721	0.1370	0.1753
Average	0.1220	0.1670	0.1255	0.1694
Low	0.1171	0.1601	0.1171	0.1601
At period-end	0.1176	0.1671	0.1176	0.1671
One Nigerian naira into U.S. dollars
High	0.0051	0.0062	0.0051	0.0063
Average	0.0051	0.0061	0.0051	0.0062
Low	0.0050	0.0060	0.0050	0.0060
At period-end	0.0051	0.0060	0.0051	0.0060

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Source: Bank of England and Oanda.com

Schedule of Foreign Exchange Impact

We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands):



	Three Months Ended September 30, 2015			Six Months Ended September 30, 2015
Revenue	$	(34,205	)	$	(69,889	)
Operating expense	40,378			70,423
Earnings from unconsolidated affiliates, net of losses	(11,226		)	(9,840		)
Non-operating expense	(9,711		)	(5,456		)
Income before provision for income taxes	(14,764		)	(14,762		)
Provision for income taxes	4,031			4,030
Net income	(10,733		)	(10,732		)
Cumulative translation adjustment	(18,485		)	(3,771		)
Total stockholders’ investment	$	(29,218	)	$	(14,503	)

Interest Income and Interest Expense Disclosure

During the three and six months ended September 30, 2015 and 2014, interest expense, net consisted of the following (in thousands):



	Three Months Ended September 30,						Six Months Ended September 30,
	2015			2014			2015			2014
Interest income	$	217		$	386		$	438		$	622
Interest expense	(7,396		)	(7,958		)	(15,286		)	(15,321		)
Interest expense, net	$	(7,179	)	$	(7,572	)	$	(14,848	)	$	(14,699	)

Capital expenditures

During the three and six months ended September 30, 2015 and 2014, we made capital expenditures as follows:



	Three Months Ended September 30,				Six Months Ended September 30,
	2015		2014		2015		2014
Number of aircraft delivered:
Medium	—		—		1		3
Large	1		2		2		8
Total aircraft	1		2		3		11
Capital expenditures (in thousands):
Aircraft and related equipment ⁽¹⁾	$	70,691	$	65,386	$	111,153	$	237,484
Other	8,521		36,286		35,836		64,635
Total capital expenditures	$	79,212	$	101,672	$	146,989	$	302,119

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⁽¹⁾	During the three months ended September 30, 2015 and 2014, we spent $36.0 million and $48.0 million, respectively, and during the six months ended September 30, 2015 and 2014, we spent $64.3 million and $211.3 million, respectively, on construction in progress, which primarily represents progress payments on aircraft to be delivered in future periods.

Aircraft Sales And Impairments

The following table presents details on the aircraft sold or disposed of and impairments on assets held for sale during the three months ended September 30, 2015 and 2014:



	Three Months Ended September 30,					Six Months Ended September 30,
	2015			2014		2015		2014

	(In thousands, except for number of aircraft)

Number of aircraft sold or disposed of ⁽¹⁾	4			21		13		25
Proceeds from sale or disposal of assets ⁽¹⁾	$	6,806		$	391,001	$	16,107	$	397,644
Gain (loss) from sale or disposal of assets	$	(1,838	)	$	685	$	329	$	3,874

Number of aircraft impaired	10			2		11		6
Impairment charges on aircraft held for sale	$	12,169		$	558	$	22,031	$	3,137

_____________


⁽¹⁾	During the three and six months ended September 30, 2014, 14 of these aircraft were leased back, and we received $380.7 million in proceeds for these aircraft. We did not enter into any sale leaseback transactions during the three and six months ended September 30, 2015.