Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Mar. 31, 2021
Current assets:    
Cash and cash equivalents $ 273,967 $ 228,010
Restricted cash 3,495 3,069
Accounts receivable, net of allowance for doubtful accounts of $2,049 and $2,300 as of December 31 and March 31, 2021, respectively 177,102 215,620
Inventories 88,487 92,180
Assets held for sale 5,432 14,750
Prepaid expenses and other current assets 27,981 32,119
Total current assets 576,464 585,748
Property and equipment 1,086,177 1,090,094
Accumulated depreciation and amortization (133,595) (85,535)
Property and equipment, net 952,582 1,004,559
Investment in unconsolidated affiliates 18,596 37,530
Right-of-use assets 213,840 246,667
Other assets 103,307 117,766
Total assets 1,864,789 1,992,270
Current liabilities:    
Accounts payable 60,305 69,542
Accrued wages, benefits and related taxes 47,535 58,595
Income taxes payable and other accrued taxes 17,594 19,972
Deferred revenue 13,417 13,598
Accrued maintenance and repairs 35,249 26,907
Current portion of operating lease liabilities 72,705 77,909
Accrued interest and other accrued liabilities 28,497 22,632
Short-term borrowings and current maturities of long-term debt 13,125 15,965
Total current liabilities 288,427 305,120
Long-term debt, less current maturities 517,687 527,528
Accrued pension liabilities 28,891 44,150
Other liabilities and deferred credits 4,748 6,681
Deferred taxes 39,883 42,430
Long-term operating lease liabilities 140,841 167,718
Total liabilities 1,020,477 1,093,627
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests 0 1,572
Stockholders’ equity:    
Common stock, $0.01 par value, 110,000,000 authorized; 28,301,943 and 29,694,071 outstanding as of December 31 and March 31, 2021, respectively 303 303
Additional paid-in capital 696,092 687,715
Retained earnings 215,533 227,011
Treasury shares, at cost; 1,967,769 and 466,700 shares as of December 31 and March 31, 2021, respectively (51,083) (10,501)
Accumulated other comprehensive loss (16,142) (6,915)
Total Bristow Group Inc. stockholders’ equity 844,703 897,613
Noncontrolling interests (391) (542)
Total stockholders’ equity 844,312 897,071
Total liabilities and stockholders’ equity $ 1,864,789 $ 1,992,270