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FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended
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Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of fair value assets measured on recurring basis | The following table summarizes the financial instruments the Company had as of June 30, 2020 (Successor), 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, 2020 |  | Balance Sheet Classification
Derivative financial instruments |  | $ | — |  |  | $ | 2,445 |  |  | $ | — |  |  | $ | 2,445 |  |  | Prepaid expenses and other current assets
Rabbi Trust investments |  | 2,721 |  |  | — |  |  | — |  |  | 2,721 |  |  | Other assets
Total assets |  | $ | 2,721 |  |  | $ | 2,445 |  |  | $ | — |  |  | $ | 5,166 |  |  |
The following table summarizes the financial instruments Old Bristow had as of March 31, 2020 (Successor), 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, 2020 |  | Balance Sheet Classification
Derivative financial instruments |  | $ | — |  |  | $ | 2,747 |  |  | $ | — |  |  | $ | 2,747 |  |  | Prepaid expenses and other current assets
Rabbi Trust investments |  | 2,327 |  |  | — |  |  | — |  |  | 2,327 |  |  | Other assets
Total assets |  | $ | 2,327 |  |  | $ | 2,747 |  |  | $ | — |  |  | $ | 5,074 |  |  |
Rollforward of Preferred Stock Embedded Derivative Level 3 Fair Value Measurements | The following table provides a rollforward of the preferred stock embedded derivative Level 3 fair value measurements for the three months ended June 30, 2020 (Successor):
|  | Significant Unobservable Inputs (Level 3)
Derivative financial instruments: |  | (in thousands)
March 31, 2020 |  | $ | 286,182 |
Change in fair value |  | (15,416 | )
Preferred stock shares conversion |  | (266,846 | )
Share repurchases |  | (3,920 | )
June 30, 2020 |  | $ | — |
Schedule of Assets At Fair Value on a Nonrecurring Basis | The following table summarizes the assets as of June 30, 2020 (Successor), 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, 2020 |  | Total Loss for the Three Months Ended June 30, 2020
Inventories |  | $ | — |  |  | $ | — |  |  | $ | 634 |  |  | $ | 634 |  |  | $ | 525 |
Total assets |  | $ | — |  |  | $ | — |  |  | $ | 634 |  |  | $ | 634 |  |  | $ | 525 |
Schedule of fair value of debt | The carrying and fair value of the Company’s debt, excluding unamortized debt issuance costs, are as follows (in thousands):
| Successor
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2020 |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
PK Air Debt | $ | 202,811 |  |  | $ | — |  |  | $ | 196,507 |  |  | $ | — |
Macquarie Debt | 146,695 |  |  | — |  |  | 148,100 |  |  | — |
7.750% Senior Notes | 136,840 |  |  | — |  |  | 132,398 |  |  | — |
Lombard Debt | 134,468 |  |  | — |  |  | 135,369 |  |  | — |
Promissory notes | 17,485 |  |  | — |  |  | 17,485 |  |  | — |
Airnorth Debt | 7,172 |  |  | — |  |  | 7,143 |  |  | — |
Humberside Debt | 334 |  |  | — |  |  | 335 |  |  | — |
| $ | 645,805 |  |  | $ | — |  |  | $ | 637,337 |  |  | $ | — |
March 31, 2020 |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
PK Air Debt | $ | 207,326 |  |  | $ | — |  |  | $ | 180,290 |  |  | $ | — |
Macquarie Debt | 148,165 |  |  | — |  |  | 138,133 |  |  | — |
Lombard Debt | 136,180 |  |  | — |  |  | 122,165 |  |  | — |
Term Loan | 61,500 |  |  | — |  |  | 56,894 |  |  | — |
Airnorth Debt | 7,618 |  |  | — |  |  | 7,221 |  |  | — |
Humberside Debt | 335 |  |  | — |  |  | 335 |  |  | — |
| $ | 561,124 |  |  | $ | — |  |  | $ | 505,038 |  |  | $ | — |
The carrying value is net of unamortized discount as follows (in thousands):
|  | Successor
|  | June 30, 2020 |  | March 31, 2020
PK Air Debt |  | $ | 11,860 |  |  | $ | 12,620 |
Macquarie Debt |  | 10,133 |  |  | 11,063 |
7.750% Senior Notes |  | 7,247 |  |  | — |
Lombard Debt |  | 24,521 |  |  | 26,372 |
Airnorth Debt |  | 451 |  |  | 605 |
Total unamortized debt discount |  | $ | 54,212 |  |  | 50,660 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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