FAIR VALUE DISCLOSURES (Tables)
|
6 Months Ended |
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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