Bristow Group Inc. Current report filing

Current report filing

LEASES (Tables)

LEASES (Tables)

12 Months Ended

Mar. 31, 2020

Successor
End of Lease Term	Number of Aircraft
Fiscal year 2021 to fiscal year 2022		17
Fiscal year 2023 to fiscal year 2026		29
		46

Schedule of Rent Expenses

Rent expense incurred is as follows (in thousands):

	Successor		Predecessor
	Five Months Ended March 31, 2020		Seven Months Ended October 31, 2019		Fiscal Year Ended March 31,
	Five Months Ended March 31, 2020		Seven Months Ended October 31, 2019			2019	2018
Rent expense under all operating leases	$	50,061	$	101,543	$	192,316	208,691
Rent expense under operating leases for aircraft	$	43,044	$	88,599	$	168,299	181,318

Operating Leases

Operating leases as of March 31, 2020 (Successor) were as follows (in thousands, except years and percentages):

	Successor
Operating lease right-of-use assets	$	305,962
Current portion of operating lease liabilities		81,484
Operating lease liabilities		224,595
Total operating lease liabilities	$	306,079

	Successor			Predecessor
	Five Months Ended March 31, 2020			Seven Months Ended October 31, 2019
Cash paid for operating leases	$	48,967			$	95,601
ROU assets obtained in exchange for lease obligations	$	338,257			$	256,242
Weighted average remaining lease term	4 years				5 years
Weighted average discount rate		6.27	%			7.14	%

Maturity of Operating Leases

As of March 31, 2020 (Successor), aggregate future payments under all non-cancelable operating leases that have initial terms in excess of one year, including leases for 46 aircraft, are as follows (in thousands):

			Successor
	Aircraft		Other		Total
Fiscal year ending March 31,
2021	$	89,736	$	7,680	$	97,416
2022		77,229		6,435		83,664
2023		58,583		6,468		65,051
2024		46,005		6,086		52,091
2025		28,370		5,005		33,375
Thereafter		2,170		16,382		18,552
	$	302,093	$	48,056	$	350,149

As of March 31, 2019 (Predecessor), aggregate future payments under all non-cancelable operating leases that have initial terms in excess of one year, including leases for 75 aircraft, are as follows (in thousands):

				Predecessor
	Aircraft			Other			Total
Fiscal year ending March 31,
2020		$	121,516		$	11,367		$	132,883
2021			59,999			9,814			69,813
2022			39,035			8,797			47,832
2023			16,605			8,396			25,001
2024			5,086			8,513			13,599
Thereafter			—			29,256			29,256
		$	242,241		$	76,143		$	318,384