Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATIONS (Tables)

v3.21.2
BUSINESS COMBINATIONS (Tables)
 6 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The acquisition date fair value of the consideration transferred consisted of the following (in thousands):
Fair value of Combined Company Common Stock issued (1)
$ 106,440 
Fair value of accelerated stock awards (2)
2,067 
Fair value of exchanged stock awards (3)
228 
Total consideration transferred $ 108,735 
Fair value of redeemable noncontrolling interest 1,501 
Total fair value of Era $ 110,236 
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(1)Represents the fair value of Combined Company Common Stock retained by Era Common Stockholders based on the closing market price of Era shares on June 11, 2020, the acquisition date.
(2)Represents the fair value of restricted share awards of Combined Company Common Stock held by Era employees that were accelerated upon consummation of the Merger.
(3)Represents the fair value of restricted share awards of Combined Company Common Stock held by Era employees relating to the pre-Merger vesting period.
The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition, June 11, 2020 (in thousands):
Assets acquired:
Cash and cash equivalents $ 120,236 
Accounts receivable from non-affiliates 35,079 
Prepaid expenses and other current assets 17,598 
Inventories 8,826 
Property and equipment 223,256 
Right-of-use assets 8,395 
Other assets 14,792 
Total assets acquired $ 428,182 
Liabilities assumed:
Accounts payable $ 9,686 
Accrued wages, benefits and related taxes 8,319 
Income taxes payable 1,791 
Deferred revenue 236 
Current portion of operating lease liabilities 1,711 
Other accrued liabilities 18,474 
Short-term borrowings and current maturities of long-term debt 17,485 
Long-term debt, less current maturities 136,704 
Other liabilities and deferred credits 1,404 
Deferred taxes 34,198 
Long-term operating lease liabilities 6,845 
Total liabilities and redeemable noncontrolling interest assumed $ 236,853 
Net assets acquired $ 191,329 
Schedule of Unaudited Pro Forma Financial Information The unaudited pro forma financial information is as follows (in thousands)(1):
Three Months Ended September 30, Six Months Ended September 30,
2020 2020
Total revenues $ 304,640  $ 609,963 
Net loss $ (34,333) $ (10,015)
Net loss attributable to Bristow Group Inc. $ (34,200) $ (9,828)
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(1)As a result of the Merger, the Company was required to dispose of its investment in Líder which occurred in August 2020. The Company recorded an impairment in June 2020 of $18.7 million related to the future disposition of the investment. This impairment has been excluded from the pro forma combined Net income and Net income attributable to Bristow Group Inc. for the six months ended September 30, 2020, due to its nonrecurring nature.