Other Liabilities

9 Months Ended

12 Months Ended

Jan. 31, 2013

Apr. 30, 2012

Other Liabilities

8. Other liabilities:

	January 31, 2013		April 30, 2012
Current:
Foreign currency embedded derivatives and forward contracts (note 13)	$	14,849	$	11,089
Deferred gains on sale-leasebacks of aircraft		2,668		1,853
Fixed interest rate obligations		2,140		2,900
Aircraft modifications		1,757		2,377
Contract inducement		806		801
Lease aircraft return costs		944		1,632
Unfavorable contract credits		—		2,913
Residual value guarantees		—		83
	$	23,164	$	23,648
Non-current:
Accrued pension obligations	$	102,916	$	107,699
Foreign currency embedded derivatives and forward contracts (note 13)		26,007		17,384
Deferred gains on sale-leasebacks of aircraft		18,787		14,475
Residual value guarantees		18,276		17,345
Insurance claims accrual		11,533		13,646
Contract inducement		9,639		10,233
Fixed interest rate obligations		1,464		3,137
Deferred rent liabilities		893		2,013
Other		5,147		5,589
	$	194,662	$	191,521

14. Other liabilities:

	2012		2011
Current:
Foreign currency embedded derivatives and foreign currency contracts	$	11,089	$	10,755
Unfavorable contract credits		2,913		12,238
Residual value guarantees		83		—
Lease aircraft return costs		1,632		1,585
Fixed interest rate obligations (a)		2,900		3,167
Contract inducement (note 3)		801		824
Deferred gains on sale-leasebacks of aircraft		1,853		589
Aircraft modifications		2,377		3,148
	$	23,648	$	32,306
Non-current:
Accrued pension obligations (note 20)	$	107,699	$	103,877
Foreign currency embedded derivatives and foreign currency contracts		17,384		24,807
Unfavorable contract credits		—		3,060
Residual value guarantees		17,345		12,852
Contract inducement (note 3)		10,233		11,323
Insurance claims accrual (b)		13,646		10,417
Fixed interest rate obligations (a)		3,137		6,262
Deferred gains on sale-leasebacks of aircraft		14,475		4,683
Deferred rent liabilities		2,013		3,645
Other		5,589		7,728
	$	191,521	$	188,654

(a) Fixed interest rate obligations:

As part of the acquisition of the Predecessor, the Company acquired certain operating leases where swap arrangements were entered into with lessors to fix the interest rate on these leases’ floating interest rates. These swap arrangements are a separately identifiable contractual right that were valued as part of the acquisition. These fixed interest rate obligations are being amortized over the related lease term as a charge to lease costs, recorded in direct costs in the statement of operations.

(b) Insurance claims accrual:

The insurance claims accrual relates solely to the Company’s reinsurance subsidiary, CHC Reinsurance S.A. The amount represents accruals for losses that have been reported, but not yet paid and accruals for losses that have been incurred, but not yet reported. The reinsurance subsidiary reinsures certain employee benefits, death and disability benefits, loss of license insurance and coverage not available in the commercial insurance market for the operations of the Company.