Transition report pursuant to Rule 13a-10 or 15d-10

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

v3.22.4
BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of allowance for doubtful accounts The allowance for doubtful accounts for the periods reflected below were as follows (in thousands):
  December 31, 2022 March 31, 2022
Balance – beginning of period $ 1,887  $ 2,303 
Additional allowances —  32 
Write-offs and collections (40) (448)
Balance – end of period $ 1,847  $ 1,887 
Schedule of allowance for inventory
As of December 31, 2022 and March 31, 2022, the inventory allowances for the periods reflected below were as follows (in thousands):
  December 31, 2022 March 31, 2022
Balance – beginning of period $ 3,151  $ 261 
Additional allowances, net 216  2,898 
Write-offs of inventory disposed and scrapped (551) — 
Foreign currency effects (280) (8)
Balance – end of period $ 2,536  $ 3,151 
Schedule of intangible assets
Intangible assets by type for the periods reflected below were as follows (in thousands):
SAR customer
 contracts(1)
PBH(2)
Total
Gross Carrying Amount
March 31, 2021 $ 61,248  $ 94,433  $ 155,681 
Additions —  233  233 
Translation (2,008) (2,585) (4,593)
March 31, 2022 $ 59,240  $ 92,081  $ 151,321 
Additions(3)
7,037  —  7,037 
Write-offs —  (5,187) (5,187)
Translation (3,406) (2,614) (6,020)
December 31, 2022 $ 62,871  $ 84,280  $ 147,151 
  Accumulated Amortization
March 31, 2021 $ (11,220) $ (35,675) $ (46,895)
Amortization expense (8,235) (12,270) (20,505)
March 31, 2022 $ (19,455) $ (47,945) $ (67,400)
Amortization expense (6,480) (7,456) (13,936)
December 31, 2022 $ (25,935) $ (55,401) $ (81,336)
Weighted average remaining contractual life, in years
 3.9 13.2 7.9
___________________ 
(1)Related to search and rescue (“SAR”) customer contracts under United Kingdom (“U.K.”) operations (includes intangible assets for U.K. SAR and the Falkland Islands customer contracts). Amortization expense of SAR customer contracts is included in depreciation and amortization expense on the consolidated statements of operations.
(2)Power-by-the-hour (“PBH”). Amortization expense of PBH intangible assets is included in operating expense on the consolidated statement of operations.
(3)See Note 2 to the consolidated financial statements for details on intangible asset additions.
Schedule of intangible assets, future amortization expense
Future amortization expense of intangible assets for periods ended December 31, is as follows (in thousands): 
SAR customer
 contracts		 PBH Total
2023 $ 9,854  $ 9,227  $ 19,081 
2024 9,854  9,228  19,082 
2025 9,192  8,080  17,272 
2026 8,036  494  8,530 
2027 —  242  242 
Thereafter —  1,608  1,608 
$ 36,936  $ 28,879  $ 65,815 
Schedule of estimated useful life
As of December 31, 2022, the estimated useful life (in years) of the Company’s categories of new property and equipment was as follows:
Aircraft (estimated salvage value at 10%-25% of cost)
 30
Aircraft accessories and spares
5 - 7
Buildings (estimated salvage value at 10% of cost)
 30
Leasehold improvements
Lease term or 10
Other property and equipment
3-15
The following table presents details on the major classes of property and equipment as of (in thousands):
December 31, 2022 March 31, 2022
Aircraft $ 815,375  $ 802,913 
Land and buildings 170,495  180,188 
Other property and equipment 109,441  109,039 
Property and equipment, at cost $ 1,095,311  $ 1,092,140 
Less: accumulated depreciation (180,060) (149,532)
Property and equipment, net $ 915,251  $ 942,608