Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT (Tables)

v3.22.1
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Property, plant and equipment
As of March 31, 2022, the estimated useful life (in years) of the Company’s categories of new property and equipment was as follows:
Aircraft (estimated salvage value at 10%-25% of cost)
 30
Aircraft accessories and spares
5 - 7
Buildings (estimated salvage value at 10% of cost)
 30
Leasehold improvements
Lease term or 10
Other property and equipment
3-15
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 
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.