Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.22.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The following table presents details on the major classes of property and equipment (in thousands):
Fiscal Year Ended
March 31, 2022		 Fiscal Year Ended
March 31, 2021
Aircraft $ 802,913  $ 805,649 
Land and buildings 180,188  191,246 
Other property and equipment 109,039  93,199 
$ 1,092,140  $ 1,090,094 
During the fiscal years ended March 31, 2022 and 2021, five months ended March 31, 2020 and seven months ended October 31, 2019, the Company recognized depreciation expense of $66.7 million, $62.1 million, $25.0 million and $112.8 million, respectively.
Other Property, Equipment and Inventory Considerations
During the fiscal years ended March 31, 2022 and 2021, the Company recognized $11.8 million and $12.4 million, respectively, in loss on impairment related to certain aircraft, equipment and inventory.
Impairment on aircraft for the periods reflected in the table below were as follows (in thousands):
Fiscal Year Ended
March 31, 2022		 Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019
Successor Predecessor
Number of aircraft impaired 5  8  —  14 
Impairment charges on assets held for sale $ 5,934  $ 7,792  $ —  $ — 
Impairment charges on property and equipment(1)
$ —  $ —  $ —  $ 42,022 
Fresh-start accounting adjustment(2)
$ —  $ —  $ —  $ 768,630 
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(1)Includes $42.0 million impairment related to H225s for the seven months ended October 31, 2019 (Predecessor).
(2)In connection with Old Bristow’s emergence from bankruptcy and the application of ASC 852, Old Bristow adjusted property and equipment by $768.6 million to its respective fair value of $931.7 million at the Effective Date.