Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.21.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and Equipment Acquisitions
The Company made capital expenditures as follows (in thousands, except number of aircraft):
Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019		 Fiscal Year Ended March 31, 2019
Successor Predecessor
Number of aircraft delivered:
Medium — — — 1
SAR aircraft (1)
— 2 2 —
Total aircraft — 2 2 1
Capital expenditures:
Aircraft and equipment $ 14,173  $ 35,767  $ 38,386  $ 35,315 
Land and buildings 671  348  3,188  5,587 
Total capital expenditures $ 14,844  $ 36,115  $ 41,574  $ 40,902 
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(1)U. K. SAR configured AW189s.
Property and Equipment Dispositions
The following table presents details on the aircraft sold or disposed of (in thousands, except for number of aircraft):
Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019		 Fiscal Year Ended March 31, 2019
Successor Predecessor
Number of aircraft sold or disposed of
54  5  3  8 
Deposits on assets held for sale
 $ —  $ 4,500  $ —  $ — 
Proceeds from sale or disposal of assets $ 67,882  $ 13,845  $ 5,314  $ 13,813 
Loss from sale or disposal of assets $ (8,199) $ (451) $ (3,768) $ (4,995)
Number of aircraft impaired
 8  —  14  5 
Impairment charges on assets held for sale $ 7,792  $ —  $ —  $ 8,149 
Impairment charges on property and equipment(1)
$ —  $ —  $ 42,022  $ 104,939 
Contract termination costs(2)
$ —  $ —  —  $ 14,699 
Fresh-start accounting adjustment (3)
$ —  $ —  $ 768,630  $ — 
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(1)Includes $42.0 million impairment related to H225s for the seven months ended October 31, 2019 (Predecessor). Includes an $87.5 million impairment related to H225s and a $17.5 million impairment related to Eastern Airways assets for fiscal year 2019 (Predecessor), included in loss on impairment on the consolidated statements of operations.
(2)Includes $11.7 million of progress payments and $2.3 million of capitalized interest for an aircraft purchase contract that was terminated in fiscal year 2019 (Predecessor). Additionally, $0.5 million of progress payments and $0.2 million of capitalized interest for aircraft options were terminated in fiscal year 2019 (Predecessor).
(3)In connection with Old Bristow’s emergence from bankruptcy and the application of ASC 852, Old Bristow adjusted property and equipment by $768.6 million to its respective fair value of $931.7 million at the Effective Date.
In connection with the sale of certain aircraft during the fiscal year ended March 31, 2021 (Successor), the Company agreed to sell certain related equipment and inventory. As a result, the Company recognized a $12.4 million loss on impairment to record those equipment and inventory items at the sales value.
During the fiscal year ended 2019 (Predecessor), Old Bristow performed a review of its H225 aircraft related inventory and Eastern Airways inventory and recorded an impairment charge of $8.9 million $0.3 million, respectively, to record the inventory at the lower of cost or net realizable value and as part of its impairment review of the airline assets of Eastern Airways.
Property and Equipment Considerations
During the fiscal year ended March 31, 2021 (Successor), as a result of the impairment of our investment in Cougar Helicopters Inc. (“Cougar) during the period, the Company identified an indicator of impairment for its Cougar asset group requiring further impairment consideration. An undiscounted cash flow analysis demonstrated sufficient undiscounted cash flows in excess of its carrying value. No impairment was required to be recognized to the asset group as of March 31, 2021 (Successor).