Quarterly report pursuant to Section 13 or 15(d)

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

v3.20.2
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of cash, cash equivalents and restricted cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in thousands).
 
 
Successor
 
 
June 30, 2020
 
March 31, 2020
 
 
 
 
 
Reconciliation of cash, cash equivalents and restricted cash as shown in the statements of cash flows:
 
 
 
 
Cash and cash equivalents
 
$
259,922

 
$
196,662

Restricted cash
 
3,493

 
2,459

Total cash, cash equivalents and restricted cash
 
$
263,415

 
$
199,121


Schedule of intangible assets
Intangible assets by type were as follows (in thousands, except for years):
 
Successor
 
U.K. SAR customer contract
 
PBH
 
Total
 
 
 
 
 
 
 
Gross Carrying Amount
March 31, 2020
$
55,706

 
$
74,321

 
$
130,027

Additions (1)
—

 
13,936

 
$
13,936

Foreign currency translation
(171
)
 
(169
)
 
$
(340
)
June 30, 2020
$
55,535

 
$
88,088

 
$
143,623

 
 
 
 
 
 
 
Accumulated Amortization
March 31, 2020
$
(3,251
)
 
$
(15,503
)
 
$
(18,754
)
Amortization expense
(1,880
)
 
(5,136
)
 
(7,016
)
June 30, 2020
$
(5,131
)
 
$
(20,639
)
 
$
(25,770
)
 
 
 
 
 
 
Weighted average remaining contractual life, in years
6.8

 
11.9

 
9.3


_____________ 
(1) 
In connection with the Merger, the Company recognized $13.9 million of additional intangible assets related to power-by-the-hour (“PBH”) contracts. The amortization expense for the PBH contracts is recorded as maintenance expense and is included in operating expense on the condensed consolidated financial statements.
Schedule of intangible assets, future amortization expense
Future amortization expense of intangible assets for each of the years ending March 31 (Successor) is as follows (in thousands):        
2021
 
$
20,182

2022
 
19,446

2023
 
18,961

2024
 
17,506

2025
 
17,381

Thereafter
 
24,377

Total future amortization
 
$
117,853