Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 198,428 $ 160,029
Restricted cash 2,115 3,654
Accounts receivable, net of allowance for doubtful accounts of $75 and $1,847 as of March 31, 2023 and December 31, 2022, respectively 208,559 215,131
Inventories 86,376 81,886
Prepaid expenses and other current assets 29,873 32,425
Total current assets 525,351 493,125
Property and equipment, net of accumulated depreciation of $195,848 and $180,060 as of March 31, 2023 and December 31, 2022, respectively 905,415 915,251
Investment in unconsolidated affiliates 17,000 17,000
Right-of-use assets 301,676 240,977
Other assets 149,073 145,648
Total assets 1,898,515 1,812,001
Current liabilities:    
Accounts payable 75,212 89,610
Accrued wages, benefits and related taxes 42,308 45,206
Income taxes payable and other accrued taxes 15,580 6,651
Deferred revenue 14,087 14,300
Accrued maintenance and repairs 19,171 19,654
Current portion of operating lease liabilities 77,452 76,261
Accrued interest and other accrued liabilities 17,753 22,252
Short-term borrowings and current maturities of long-term debt 12,849 11,656
Total current liabilities 274,412 285,590
Long-term debt, less current maturities 538,150 499,765
Accrued pension liabilities 15,332 20,089
Other liabilities and deferred credits 4,602 5,030
Deferred taxes 39,234 48,633
Long-term operating lease liabilities 228,318 165,955
Total liabilities 1,100,048 1,025,062
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.01 par value, 110,000 authorized; 28,008 and 28,009 outstanding as of March 31, 2023 and December 31, 2022, respectively 306 306
Additional paid-in capital 712,630 709,319
Retained earnings 223,226 224,748
Treasury stock, at cost; 2,474 and 2,456 shares as of March 31, 2023 and December 31, 2022, respectively (63,394) (63,009)
Accumulated other comprehensive loss (73,930) (84,057)
Total Bristow Group Inc. stockholders’ equity 798,838 787,307
Noncontrolling interests (371) (368)
Total stockholders’ equity 798,467 786,939
Total liabilities and stockholders’ equity $ 1,898,515 $ 1,812,001