VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES (Tables)
|
12 Months Ended |
Mar. 31, 2020 |
|---|
| VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES [Abstract] |
|
| Noncontrolling Interest |
Changes in the balance for the noncontrolling interest associated with Bristow Aviation are as follows (in thousands):
| |
|
Successor |
|
|
Predecessor |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended March 31, |
|
2019 |
|
|
|
2018 |
|
Balance – beginning of fiscal year |
|
$ |
1,332 |
|
|
$ |
1,253 |
|
|
$ |
1,358 |
|
|
$ |
1,226 |
|
Payments to noncontrolling interest shareholders |
|
|
— |
|
|
|
(37 |
) |
|
|
(54 |
) |
|
|
(49 |
) |
Noncontrolling interest expense |
|
|
21 |
|
|
|
31 |
|
|
|
55 |
|
|
|
50 |
|
Currency translation |
|
|
(62 |
) |
|
|
85 |
|
|
|
(106 |
) |
|
|
131 |
|
Balance – end of fiscal year |
|
$ |
1,291 |
|
|
$ |
1,332 |
|
|
$ |
1,253 |
|
|
$ |
1,358 |
|
|
| Primary Beneficiary Variable Interest Financial Statements |
Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on the Company’s consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands):
| |
|
Successor |
|
|
Predecessor |
|
| |
|
March 31, 2020 |
|
|
March 31, 2019 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
110,385 |
|
|
$ |
83,499 |
|
Restricted cash |
|
|
1,686 |
|
|
|
— |
|
Accounts receivable |
|
|
297,962 |
|
|
|
307,864 |
|
Inventories |
|
|
55,166 |
|
|
|
85,977 |
|
Prepaid expenses and other current assets |
|
|
27,851 |
|
|
|
36,646 |
|
Total current assets |
|
|
493,050 |
|
|
|
513,986 |
|
Investment in unconsolidated affiliates |
|
|
575 |
|
|
|
3,087 |
|
Property and equipment, net |
|
|
285,142 |
|
|
|
281,944 |
|
Right-of-use assets |
|
|
54,333 |
|
|
|
— |
|
Goodwill |
|
|
— |
|
|
|
18,436 |
|
Other assets |
|
|
196,996 |
|
|
|
229,902 |
|
Total assets |
|
$ |
1,030,096 |
|
|
$ |
1,047,355 |
|
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
497,867 |
|
|
$ |
442,187 |
|
Accrued liabilities |
|
|
91,220 |
|
|
|
113,905 |
|
Accrued interest |
|
|
2,697,878 |
|
|
|
2,399,704 |
|
Current maturities of long-term debt |
|
|
7,904 |
|
|
|
85,287 |
|
Total current liabilities |
|
|
3,294,869 |
|
|
|
3,041,083 |
|
Long-term debt, less current maturities |
|
|
441,665 |
|
|
|
384,369 |
|
Accrued pension liabilities |
|
|
17,855 |
|
|
|
25,726 |
|
Other liabilities and deferred credits |
|
|
— |
|
|
|
4,810 |
|
Deferred taxes |
|
|
— |
|
|
|
37,063 |
|
Long-term operating lease liabilities |
|
|
38,228 |
|
|
|
— |
|
Total liabilities |
|
$ |
3,792,617 |
|
|
$ |
3,493,051 |
|
| |
|
Successor |
|
|
Predecessor |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
Fiscal Year Ended March 31, |
| |
|
|
2019 |
|
|
|
2018 |
|
Revenue |
|
$ |
413,885 |
|
|
$ |
663,047 |
|
|
$ |
1,221,344 |
|
|
$ |
1,241,223 |
|
Operating loss |
|
|
(14,083 |
) |
|
|
45,505 |
|
|
|
(41,148 |
) |
|
|
(65,254 |
) |
Net loss |
|
|
(166,698 |
) |
|
|
(193,867 |
) |
|
|
(347,056 |
) |
|
|
(322,752 |
) |
|
| Redeemable Noncontrolling Interest |
Changes in the balance for the redeemable noncontrolling interest related to Eastern Airways were as follows (in thousands):
| |
|
Predecessor |
|
Balance as of March 31, 2017 |
|
|
6,886 |
|
Noncontrolling interest expense |
|
|
(4,093 |
) |
Currency translation |
|
|
4,163 |
|
Acquisition of remaining 40% of Eastern Airways |
|
|
(6,121 |
) |
Reclassification to noncontrolling interest |
|
|
(835 |
) |
Balance as of March 31, 2018 |
|
$ |
— |
|
|
| Schedule of Unconsolidated Affiliates |
The Company’s percentage of economic ownership and investment balances for the unconsolidated affiliates are as follows (in thousands):
| |
|
Successor |
|
|
Predecessor |
|
|
Successor |
|
|
Predecessor |
|
| |
|
March 31, 2020 |
|
|
March 31, 2019 |
|
|
March 31, 2020 |
|
|
March 31, 2019 |
|
Cost Method: |
|
|
|
|
|
|
|
|
|
|
|
|
PAS |
|
|
25 |
% |
|
|
25 |
% |
|
$ |
33,000 |
|
|
$ |
6,286 |
|
Equity Method: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cougar (1)
|
|
|
40 |
% |
|
|
40 |
% |
|
|
54,483 |
|
|
|
58,047 |
|
Líder (1)
|
|
|
41.9 |
% |
|
|
41.9 |
% |
|
|
22,000 |
|
|
|
50,784 |
|
Other |
|
|
|
|
|
|
|
|
|
|
575 |
|
|
|
3,086 |
|
Total |
|
|
|
|
|
|
|
|
|
$ |
110,058 |
|
|
$ |
118,203 |
|
| |
(1) |
The Company had a 25% voting interest in Cougar and an approximate 20% voting interest in Líder as of March 31, 2020 (Successor) and March 31, 2019 (Predecessor). |
Earnings from unconsolidated affiliates were as follows (in thousands):
| |
|
|
Successor |
|
|
|
Predecessor |
|
|
|
|
2020
|
|
|
|
2019
|
|
|
|
|
|
|
|
Fiscal Year Ended March 31, |
2019 |
|
|
|
2018 |
|
Dividends from entities accounted for under the cost method: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAS |
|
$ |
2,968 |
|
|
$ |
— |
|
|
$ |
2,518 |
|
|
$ |
2,518 |
|
Earnings, net of losses, from entities accounted for under the equity method: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cougar |
|
|
3,593 |
|
|
|
6,538 |
|
|
|
4,100 |
|
|
|
9,084 |
|
Líder |
|
|
453 |
|
|
|
(438 |
) |
|
|
(2,059 |
) |
|
|
7,179 |
|
Other |
|
|
248 |
|
|
|
489 |
|
|
|
(242 |
) |
|
|
(82 |
) |
| |
|
|
4,294 |
|
|
|
6,589 |
|
|
|
1,799 |
|
|
|
16,181 |
|
Total |
|
$ |
7,262 |
|
|
$ |
6,589 |
|
|
$ |
4,317 |
|
|
$ |
18,699 |
|
|
| Schedule of Combined Financial Information for Equity Method Investments |
A summary of combined financial information of unconsolidated affiliates accounted for under the equity method is set forth below (unaudited, in thousands):
| |
|
Successor |
|
|
Predecessor |
|
| |
|
March 31, 2020 |
|
|
March 31, 2019 |
|
Current assets |
|
$ |
144,603 |
|
|
$ |
152,438 |
|
Non-current assets |
|
|
254,807 |
|
|
|
274,401 |
|
Total assets |
|
$ |
399,410 |
|
|
$ |
426,839 |
|
Current liabilities |
|
$ |
97,689 |
|
|
$ |
106,658 |
|
Non-current liabilities |
|
|
141,936 |
|
|
|
160,082 |
|
Equity |
|
|
159,785 |
|
|
|
160,099 |
|
Total liabilities and equity |
|
$ |
399,410 |
|
|
$ |
426,839 |
|
| |
|
Successor |
|
|
Predecessor |
|
|
|
Five Months
Ended
March 31,
|
|
|
Seven Months
Ended
October 31,
|
|
|
|
|
|
| |
Fiscal Year Ended March 31, |
|
| |
|
|
|
|
|
|
|
| |
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
Revenue |
|
$ |
37,303 |
|
|
$ |
158,823 |
|
|
$ |
254,617 |
|
|
$ |
298,731 |
|
Gross profit |
|
$ |
8,153 |
|
|
$ |
13,034 |
|
|
$ |
47,894 |
|
|
$ |
46,717 |
|
Net income |
|
$ |
2,989 |
|
|
$ |
5,684 |
|
|
$ |
(7,115 |
) |
|
$ |
13,285 |
|
|