Current report filing

SEGMENT INFORMATION, Operating Performance and Total Assets by Segment (Details)

v3.20.1
SEGMENT INFORMATION, Operating Performance and Total Assets by Segment (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Oct. 31, 2020
 [1],[2]
Sep. 30, 2020
 [2],[3]
Jun. 30, 2020
 [2],[4]
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
 [2],[7]
Jun. 30, 2019
 [2],[8]
Mar. 31, 2019
Mar. 31, 2020
Oct. 31, 2019
Dec. 31, 2020
 [1],[2]
Mar. 31, 2019
Mar. 31, 2018
Segment Information [Abstract]                          
Total earnings from unconsolidated affiliates, net of losses - equity method investments                 $ 4,294 $ 6,589   $ 1,799 $ 16,181
Loss on disposal of assets                 (451) (3,768)   (27,843) (17,595)
Operating loss $ 1,647 $ (62,096) $ (21,742) $ (3,207) [2],[5] $ (30,919) [2],[6] $ (129,448) $ (3,555) $ (53,403) [2],[9] (5,092) (82,191) $ (1,885) (217,325) (147,983)
Capital expenditures                 36,115 41,574   40,902 46,287
Depreciation and amortization                 28,238 70,864   124,899 124,042
Assets       1,945,261       2,652,599 1,945,261     2,652,599  
Total investments in unconsolidated affiliates - equity method       77,058 $ 0     111,917 77,058     111,917  
Impairment of investment in unconsolidated affiliates                 9,591 2,575   0 85,683
Payments for construction in process                 0 0     2,300
Construction in progress, gross       7,800       51,700 7,800     51,700  
Write-down of property                 0 42,022   104,939 [10] 0
Lider                          
Segment Information [Abstract]                          
Total earnings from unconsolidated affiliates, net of losses - equity method investments                 453 (438)   (2,059) 7,179
Impairment of investment in unconsolidated affiliates                 9,600       85,700
Construction in Progress                          
Segment Information [Abstract]                          
Capital expenditures                         2,300
Write-down of property                   30,600      
Original Equipment Manufacturer Cost Recoveries                          
Segment Information [Abstract]                          
Offset amount, expense                       7,900 16,600
Original Equipment Manufacturer Cost Recoveries | Rent Expense                          
Segment Information [Abstract]                          
Offset amount, expense                       7,900  
Europe Caspian                          
Segment Information [Abstract]                          
Total earnings from unconsolidated affiliates, net of losses - equity method investments                 248 168   161 191
Total business unit operating income                 19,334 26,143   12,874 22,624
Capital expenditures                 30,888 34,670   11,957 24,797
Depreciation and amortization                 14,898 28,155   50,737 48,854
Assets       1,096,022       1,070,863 1,096,022     1,070,863  
Total investments in unconsolidated affiliates - equity method       575       375 575     375  
Europe Caspian | Original Equipment Manufacturer Cost Recoveries | Rent Expense                          
Segment Information [Abstract]                          
Offset amount, expense                       4,900  
Africa                          
Segment Information [Abstract]                          
Total business unit operating income                 10,154 17,255   13,499 32,326
Capital expenditures                 508 609   777 3,769
Depreciation and amortization                 2,274 10,829   16,113 13,705
Assets       235,165       325,502 235,165     325,502  
Americas                          
Segment Information [Abstract]                          
Total earnings from unconsolidated affiliates, net of losses - equity method investments                 4,046 6,100   2,041 16,263
Total business unit operating income                 9,762 13,391   3,530 (72,083)
Capital expenditures                 864 1,281   13,777 2,523
Depreciation and amortization                 4,168 16,654   28,300 27,468
Assets       319,015       661,266 319,015     661,266  
Total investments in unconsolidated affiliates - equity method       76,483       108,831 76,483     108,831  
Asia Pacific                          
Segment Information [Abstract]                          
Total business unit operating income                 (6,921) (33,653)   (23,645) (24,290)
Capital expenditures                 1,363 1,593   7,957 6,795
Depreciation and amortization                 3,836 7,463   16,735 19,695
Assets       166,229       255,136 166,229     255,136  
Asia Pacific | Original Equipment Manufacturer Cost Recoveries | Rent Expense                          
Segment Information [Abstract]                          
Offset amount, expense                       3,000  
Corporate and other                          
Segment Information [Abstract]                          
Total earnings from unconsolidated affiliates, net of losses - equity method investments                 0 321   (403) (273)
Total business unit operating income                 (36,970) (101,559)   (195,740) (88,965)
Capital expenditures                 2,492 3,421   6,434 8,403
Depreciation and amortization                 3,062 $ 7,763   13,014 $ 14,320
Assets       128,830       339,832 128,830     339,832  
Total investments in unconsolidated affiliates - equity method       $ 0       $ 2,711 $ 0     $ 2,711  
[1] Operating loss and net loss for the combined one month ended October 31, 2019 (Predecessor) and two months ended December 31, 2019 (Successor) included: (a) a negative impact of $448.1 million and $430.8 million, respectively, resulting from organizational restructuring costs relating to fresh-start accounting adjustments loss, professional fees related to emergence from Chapter 11, debt related expenses from write-offs of discounts and financing fees as well as fees incurred relating to the DIP Credit Agreement and the ABL Facility, write-off of corporate lease leasehold improvements offset by the gain on settlement of liabilities subject to compromise and the reversal of the Backstop Commitment Agreement, (b) a negative impact of $133.3 million and $133.3 million, respectively, from the fair value of preferred stock derivative liability, (c) a negative impact of $56.9 million and $56.9 million, respectively, resulting from conversion features in the DIP Facility triggered upon emergence from Chapter 11, (d) a negative impact of $15.0 million and $5.0 million, respectively, resulting from the DIP claims liability expense, (e) a negative impact of $10.0 million and $9.8 million, respectively, resulting from the non-cash amortization of PBH contract intangible assets, (f) a negative impact of $0.3 million and $0.3 million, respectively, resulting from transaction costs incurred as a result of the pending Merger with Era. Net loss for the combined one month ended October 31, 2019 (Predecessor) and two months ended December 31, 2019 (Successor) included: (a) a negative impact of $5.4 million due to tax valuation allowances on deferred tax assets.
[2] The fiscal quarters ended June 30, 2019 (Predecessor), September 30, 2019 (Predecessor), combined one month ended October 31, 2019 (Predecessor) and two months ended December 31, 2019 (Successor) and March 31, 2020 (Successor) included $(3.8) million, $(0.2) million, $0.1 million and $(0.3) million, respectively, in gain (loss) on disposal of assets included in operating income (loss), which impacted net income (loss) by $(3.7) million, $(0.2) million, $1.3 million and $(1.5) million, respectively. The loss on disposal of assets included the fiscal quarters ended June 30, 2019 (Predecessor) and September 30, 2019 (Predecessor) increased diluted loss per share by $0.10 and $0.00, respectively. The fiscal quarters ended June 30, 2018 (Predecessor), September 30 2018 (Predecessor), December 31, 2018 (Predecessor) and March 31, 2019 (Predecessor) included $1.7 million, $1.3 million, $16.0 million and $8.9 million, respectively, in loss on disposal of assets included in operating loss, which also increased net loss by $1.3 million, $1.4 million, $12.5 million and $7.3 million, respectively, and diluted loss per share by $0.04, $0.04, $0.35 and $0.20, respectively.
[3] Operating loss, net loss and diluted loss per share for the fiscal quarter ended September 30, 2019 (Predecessor) included: (a) a negative impact of $96.5 million, $83.8 million and $2.33, respectively, resulting from organizational restructuring costs related to professional fees related to the Chapter 11 Cases, H175 settlement charges from the rejection of the Company's aircraft purchase contract for the 22 H175 helicopters, Backstop Commitment Agreement estimated fees, lease termination costs resulting from the rejection of ten aircraft leases, debt related expenses related to its DIP Credit Agreement, separation programs across its global organization designed to increase efficiency and reduce costs, corporate lease termination cost offset by a termination credit from the rejection of four H225 aircraft and (b) a negative impact of $62.1 million, $53.3 million and $1.48, respectively, from the impairments of $42.0 million of the H225 aircrafts, $17.5 million of Airnorth goodwill and $2.6 million of its investment in Sky Future Partners, (c) offset by a positive impact of $0.4 million, $0.4 million and $0.01, respectively, resulting from the cash received from the sale of Aviashelf. Net loss and diluted loss per share for the fiscal quarter ended September 30, 2019 included: (a) a negative impact of $1.5 million and $0.04, respectively, from the write-off of a portion of the deferred financing fees and discount related to a portion of its 8.75% Senior Secured Notes and (b) a negative impact of $2.6 million and $0.07, respectively, due to tax valuation allowances on deferred tax assets.
[4] Operating loss, net loss and diluted loss per share for the fiscal quarter ended June 30, 2019 (Predecessor) included: (a) a negative impact of $91.4 million, $78.7 million and $2.19, respectively, from organizational restructuring costs resulting professional fees related to the Chapter 11 Cases, lease termination costs resulting from the rejection of ten aircraft leases, debt related expenses from write-offs of discounts and financing fees and separation programs across the Company's global organization designed to increase efficiency and reduce costs, (b) a negative impact of $56.3 million, $56.3 million and $1.57, respectively, on loss on sale of subsidiaries resulting from the sale of Eastern Airways, BHLL and Aviashelf and (c) negative impact of $10.8 million, $10.8 million and $0.30, respectively, from cost associated with the lease return costs of H225 aircrafts. Net loss and diluted loss per share for the fiscal quarter ended June 30, 2019 included: (a) a negative impact of $2.1 million and $0.06, respectively, related to the DIP Credit Agreement and (b) a negative impact of $0.7 million and $0.02, respectively, due to tax valuation allowances on deferred tax assets.
[5] Operating income and net income for the fiscal quarter ended March 31, 2020 (Successor) included: (a) a negative impact of $7.2 million and $5.7 million, respectively, resulting from professional fees related to post bankruptcy professional fees and organizational restructuring costs, (b) a negative impact of $6.0 million and $4.7 million, respectively, resulting from transaction costs incurred as a result of the pending Merger with Era, and (c) a negative impact of $5.5 million and $5.1 million, respectively, resulting from the non-cash amortization of PBH contract intangible assets. Net income for the fiscal quarter ended March 31, 2020 (Successor) included: (a) a positive impact of $317.5 million from the fair value of preferred stock derivative liability and (b) a negative impact of $0.1 million due to tax valuation allowances on deferred tax assets.
[6] Operating loss, net loss and diluted loss per share for the fiscal quarter ended December 31, 2018 (Predecessor) included: (a) a negative impact of $2.4 million, $2.4 million and $0.07, respectively, from organizational restructuring costs resulting from separation programs across the Company's global organization designed to increase efficiency and reduce costs and (b) a negative impact of $7.2 million, $5.7 million and $0.16, respectively, due to transaction cost resulting from announced agreement to acquire Columbia. Net loss and diluted loss per share for the fiscal quarter ended December 31, 2018 included a negative impact of $45.2 million and $1.26, respectively, due to tax valuation allowances and the Act.
[7] Operating loss, net loss and diluted loss per share for the fiscal quarter ended September 30, 2018 (Predecessor) included: (a) a negative impact of $2.7 million, $2.4 million and $0.07, respectively, from organizational restructuring costs resulting from separation programs across the Company's global organization designed to increase efficiency and reduce costs, (b) a negative impact of $1.2 million, $1.0 million and $0.03, respectively, due to transaction cost resulting from announced agreement to acquire Columbia and (c) a negative impact of $117.2 million, $101.1 million and $2.83, respectively, due to loss on impairment ($87.5 million on H225 aircraft, $8.9 million impairment of H225 inventory and $20.8 million of Eastern Airways asset). Net loss and diluted loss per share for the fiscal quarter ended September 30, 2018 included a negative impact of $10.3 million and $0.29, respectively, due to tax valuation allowances on deferred tax assets.
[8] Operating loss, net loss and diluted loss per share for the fiscal quarter ended June 30, 2018 (Predecessor) included: (a) a negative impact of $1.7 million, $1.7 million and $0.05, respectively, from organizational restructuring costs resulting from separation programs across the Company's global organization designed to increase efficiency and reduce costs.
[9] Operating loss, net loss and diluted loss per share for the fiscal quarter ended March 31, 2019 (Predecessor) included: (a) a negative impact of $5.0 million, $4.5 million and $0.13, respectively, from organizational restructuring costs resulting from separation programs across the Company's global organization designed to increase efficiency and reduce costs, (b) a negative impact of $24.4 million, $19.3 million and $0.54, respectively, due to transaction cost resulting from announced agreement to acquire Columbia and (c) a negative impact of $1.0 million, $0.8 million and $0.02, respectively, due to CEO succession cost. Net loss and diluted loss per share for the fiscal quarter ended March 31, 2019 included a negative impact of $7.2 million and $0.20, respectively, due to tax valuation allowances and the Act.
[10] Includes impairment of $42.0 million for H225 aircraft for the seven months ended October 31, 2019 (Predecessor). Includes impairment of $87.5 million for H225 aircraft and $17.5 million for Eastern Airways aircraft and equipment for the nine months ended December 31, 2018 (Predecessor).