Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 211,972 $ 160,029
Restricted cash 4,217 3,654
Accounts receivable, net of allowance for doubtful accounts of $77 and $1,847 as of June 30, 2023 and December 31, 2022, respectively 204,265 215,131
Inventories 90,597 81,886
Prepaid expenses and other current assets 26,726 32,425
Total current assets 537,777 493,125
Property and equipment, net of accumulated depreciation of $205,867 and $180,060 as of June 30, 2023 and December 31, 2022, respectively 900,798 915,251
Investment in unconsolidated affiliates 17,111 17,000
Right-of-use assets 287,016 240,977
Other assets 153,251 145,648
Total assets 1,895,953 1,812,001
Current liabilities:    
Accounts payable 79,682 89,610
Accrued wages, benefits and related taxes 41,446 45,206
Income taxes payable and other accrued taxes 22,640 6,651
Deferred revenue 21,594 14,300
Accrued maintenance and repairs 17,506 19,654
Current portion of operating lease liabilities 74,756 76,261
Accrued interest and other accrued liabilities 22,982 22,252
Short-term borrowings and current maturities of long-term debt 13,211 11,656
Total current liabilities 293,817 285,590
Long-term debt, less current maturities 539,636 499,765
Accrued pension liabilities 13,104 20,089
Other liabilities and deferred credits 4,759 5,030
Deferred taxes 14,770 48,633
Long-term operating lease liabilities 216,913 165,955
Total liabilities 1,082,999 1,025,062
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.01 par value, 110,000 authorized; 28,176 and 28,009 outstanding as of June 30, 2023 and December 31, 2022, respectively 306 306
Additional paid-in capital 717,862 709,319
Retained earnings 221,589 224,748
Treasury stock, at cost; 2,553 and 2,456 shares as of June 30, 2023 and December 31, 2022, respectively (65,368) (63,009)
Accumulated other comprehensive loss (61,064) (84,057)
Total Bristow Group Inc. stockholders’ equity 813,325 787,307
Noncontrolling interests (371) (368)
Total stockholders’ equity 812,954 786,939
Total liabilities and stockholders’ equity $ 1,895,953 $ 1,812,001