SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

9 Months Ended

Dec. 31, 2014

Supplemental Condensed Consolidating Financial Information [Abstract]

Additional Financial Information Disclosure [Text Block]

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

In connection with the issuance of the 6¼% Senior Notes and the 3% Convertible Senior Notes, the Guarantor Subsidiaries fully, unconditionally, jointly and severally guaranteed the payment obligations under these notes. The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of income, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors.

The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense.

The allocation of the consolidated income tax provision was made using the with and without allocation method.

Supplemental Condensed Consolidating Statement of Income

Three Months Ended December 31, 2014

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Gross revenue	$	—		$	78,026		$	382,114		$	—		$	460,140
Intercompany revenue	840			21,079			—			(21,919		)	—
	840			99,105			382,114			(21,919		)	460,140
Operating expense:
Direct cost and reimbursable expense	—			58,459			269,320			—			327,779
Intercompany expenses	—			—			21,919			(21,919		)	—
Depreciation and amortization	(24		)	9,637			14,012			—			23,625
General and administrative	29,395			8,891			34,245			—			72,531
	29,371			76,987			339,496			(21,919		)	423,935
Gain (loss) on disposal of assets	—			4,878			(31,209		)	—			(26,331		)
Earnings from unconsolidated affiliates, net of losses	(1,733		)	—			(1,000		)	1,775			(958		)
Operating income (loss)	(30,264		)	26,996			10,409			1,775			8,916
Interest expense, net	26,048			(1,322		)	(31,702		)	—			(6,976		)
Gain on sale of unconsolidated affiliate	—			—			3,921			—			3,921
Other income (expense), net	(625		)	(660		)	(3,938		)	—			(5,223		)
Income (loss) before provision for income taxes	(4,841		)	25,014			(21,310		)	1,775			638
Allocation of consolidated income taxes	3,889			727			(5,183		)	—			(567		)
Net income (loss)	(952		)	25,741			(26,493		)	1,775			71
Net income attributable to noncontrolling interests	(16		)	—			(1,023		)	—			(1,039		)
Net income (loss) attributable to Bristow Group	$	(968	)	$	25,741		$	(27,516	)	$	1,775		$	(968	)

Supplemental Condensed Consolidating Statement of Income

Nine Months Ended December 31, 2014

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Gross revenue	$	—		$	227,378		$	1,180,936		$	—		$	1,408,314
Intercompany revenue	1,704			71,092			—			(72,796		)	—
	1,704			298,470			1,180,936			(72,796		)	1,408,314
Operating expense:
Direct cost and reimbursable expense	—			168,412			824,704			—			993,116
Intercompany expenses	—			—			72,796			(72,796		)	—
Depreciation and amortization	1,254			31,738			44,172			—			77,164
General and administrative	67,573			26,137			100,977			—			194,687
	68,827			226,287			1,042,649			(72,796		)	1,264,967
Gain (loss) on disposal of assets	—			7,416			(33,010		)	—			(25,594		)
Earnings from unconsolidated affiliates, net of losses	51,251			—			377			(51,209		)	419
Operating income (loss)	(15,872		)	79,599			105,654			(51,209		)	118,172
Interest expense, net	82,058			(3,288		)	(100,445		)	—			(21,675		)
Gain on sale of unconsolidated affiliate	—			—			3,921			—			3,921
Other income (expense), net	(2,469		)	(563		)	(6,111		)	—			(9,143		)
Income before provision for income taxes	63,717			75,748			3,019			(51,209		)	91,275
Allocation of consolidated income taxes	5,549			(34		)	(23,891		)	—			(18,376		)
Net income (loss)	69,266			75,714			(20,872		)	(51,209		)	72,899
Net income attributable to noncontrolling interests	(43		)	—			(3,633		)	—			(3,676		)
Net income (loss) attributable to Bristow Group	$	69,223		$	75,714		$	(24,505	)	$	(51,209	)	$	69,223

Supplemental Condensed Consolidating Statement of Income

Three Months Ended December 31, 2013

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Gross revenue	$	—		$	74,092		$	338,243		$	—		$	412,335
Intercompany revenue	366			24,457			—			(24,823		)	—
	366			98,549			338,243			(24,823		)	412,335
Operating expense:
Direct cost and reimbursable expense	—			57,490			240,777			—			298,267
Intercompany expenses	—			—			24,823			(24,823		)	—
Depreciation and amortization	698			10,708			12,249			—			23,655
General and administrative	14,307			9,814			24,827			—			48,948
	15,005			78,012			302,676			(24,823		)	370,870
Gain (loss) on disposal of assets	(45		)	1,930			2,097			—			3,982
Earnings from unconsolidated affiliates, net of losses	1,733			—			(15,988		)	(1,690		)	(15,945		)
Operating income (loss)	(12,951		)	22,467			21,676			(1,690		)	29,502
Interest expense, net	25,771			(1,810		)	(30,807		)	—			(6,846		)
Other income (expense), net	(38		)	(182		)	(476		)	—			(696		)
Income (loss) before provision for income taxes	12,782			20,475			(9,607		)	(1,690		)	21,960
Allocation of consolidated income taxes	6,159			(418		)	(8,687		)	—			(2,946		)
Net income (loss)	18,941			20,057			(18,294		)	(1,690		)	19,014
Net income attributable to noncontrolling interests	(14		)	—			(73		)	—			(87		)
Net income (loss) attributable to Bristow Group	$	18,927		$	20,057		$	(18,367	)	$	(1,690	)	$	18,927

Supplemental Condensed Consolidating Statement of Income

Nine Months Ended December 31, 2013

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Revenue:
Gross revenue	$	—		$	229,253		$	999,404		$	—		$	1,228,657
Intercompany revenue	1,114			66,329			—			(67,443		)	—
	1,114			295,582			999,404			(67,443		)	1,228,657
Operating expense:
Direct cost and reimbursable expense	—			172,477			710,869			—			883,346
Intercompany expenses	—			—			67,443			(67,443		)	—
Depreciation and amortization	2,151			32,439			35,742			—			70,332
General and administrative	40,440			25,973			69,322			—			135,735
	42,591			230,889			883,376			(67,443		)	1,089,413
Gain (loss) on disposal of assets	(45		)	391			(1,149		)	—			(803		)
Earnings from unconsolidated affiliates, net of losses	171,641			—			1,072			(171,598		)	1,115
Operating income	130,119			65,084			115,951			(171,598		)	139,556
Interest expense, net	55,276			(3,317		)	(87,372		)	—			(35,413		)
Gain on sale of unconsolidated affiliate	—			—			103,924			—			103,924
Other income (expense), net	(156		)	(342		)	(77		)	—			(575		)
Income before provision for income taxes	185,239			61,425			132,426			(171,598		)	207,492
Allocation of consolidated income taxes	(28,775		)	(2,786		)	(20,121		)	—			(51,682		)
Net income	156,464			58,639			112,305			(171,598		)	155,810
Net (income) loss attributable to noncontrolling interests	(45		)	—			654			—			609
Net income attributable to Bristow Group	$	156,419		$	58,639		$	112,959		$	(171,598	)	$	156,419

Supplemental Condensed Consolidating Statement of Comprehensive Income

Three Months Ended December 31, 2014

	Parent Company Only			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations		Consolidated
	(In thousands)
Net income (loss)	$	(952	)	$	25,741	$	(26,493	)	$	1,775	$	71
Other comprehensive income (loss):
Currency translation adjustments	1,351			—		(33,835		)	12,309		(20,175		)
Total comprehensive income (loss)	399			25,741		(60,328		)	14,084		(20,104		)
Net income attributable to noncontrolling interests	(16		)	—		(1,023		)	—		(1,039		)
Currency translation adjustments attributable to noncontrolling interests	—			—		2,381			—		2,381
Total comprehensive (income) loss attributable to noncontrolling interests	(16		)	—		1,358			—		1,342
Total comprehensive income (loss) attributable to Bristow Group	$	383		$	25,741	$	(58,970	)	$	14,084	$	(18,762	)

Supplemental Condensed Consolidating Statement of Comprehensive Income

Nine Months Ended December 31, 2014

	Parent Company Only			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net income (loss)	$	69,266		$	75,714	$	(20,872	)	$	(51,209	)	$	72,899
Other comprehensive income (loss):
Currency translation adjustments	(10,335		)	—		(19,867		)	(489		)	(30,691		)
Total comprehensive income (loss)	58,931			75,714		(40,739		)	(51,698		)	42,208
Net income attributable to noncontrolling interests	(43		)	—		(3,633		)	—			(3,676		)
Currency translation adjustments attributable to noncontrolling interests	—			—		2,415			—			2,415
Total comprehensive income attributable to noncontrolling interests	(43		)	—		(1,218		)	—			(1,261		)
Total comprehensive income (loss) attributable to Bristow Group	$	58,888		$	75,714	$	(41,957	)	$	(51,698	)	$	40,947

Supplemental Condensed Consolidating Statement of Comprehensive Income

Three Months Ended December 31, 2013

	Parent Company Only			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net income (loss)	$	18,941		$	20,057	$	(18,294	)	$	(1,690	)	$	19,014
Other comprehensive income (loss):
Currency translation adjustments	16,106			—		(14,117		)	2,427			4,416
Total comprehensive income (loss)	35,047			20,057		(32,411		)	737			23,430
Net income attributable to noncontrolling interests	(14		)	—		(73		)	—			(87		)
Currency translation adjustments attributable to noncontrolling interests	—			—		18			—			18
Total comprehensive income attributable to noncontrolling interests	(14		)	—		(55		)	—			(69		)
Total comprehensive income (loss) attributable to Bristow Group	$	35,033		$	20,057	$	(32,466	)	$	737		$	23,361

Supplemental Condensed Consolidating Statement of Comprehensive Income

Nine Months Ended December 31, 2013

	Parent Company Only			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net income	$	156,464		$	58,639	$	112,305		$	(171,598	)	$	155,810
Other comprehensive income (loss):
Currency translation adjustments	20,131			—		(35,774		)	31,504			15,861
Total comprehensive income	176,595			58,639		76,531			(140,094		)	171,671
Net (income) loss attributable to noncontrolling interests	(45		)	—		654			—			609
Currency translation adjustments attributable to noncontrolling interests	—			—		(220		)	—			(220		)
Total comprehensive (income) loss attributable to noncontrolling interests	(45		)	—		434			—			389
Total comprehensive income attributable to Bristow Group	$	176,550		$	58,639	$	76,965		$	(140,094	)	$	172,060

Supplemental Condensed Consolidating Balance Sheet

As of December 31, 2014

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	5,102		$	394		$	115,870		$	—		$	121,366
Accounts receivable	246,366			288,438			371,311			(610,544		)	295,571
Inventories	—			42,719			96,308			—			139,027
Assets held for sale	—			8,748			17,089			—			25,837
Prepaid expenses and other current assets	2,674			4,629			42,837			—			50,140
Total current assets	254,142			344,928			643,415			(610,544		)	631,941
Intercompany investment	1,331,257			103,797			—			(1,435,054		)	—
Investment in unconsolidated affiliates	—			—			257,073			—			257,073
Intercompany notes receivable	1,241,045			—			—			(1,241,045		)	—
Property and equipment—at cost:
Land and buildings	2,830			49,208			99,992			—			152,030
Aircraft and equipment	100,543			1,109,234			1,262,453			—			2,472,230
	103,373			1,158,442			1,362,445			—			2,624,260
Less: Accumulated depreciation and amortization	(15,063		)	(214,191		)	(265,618		)	—			(494,872		)
	88,310			944,251			1,096,827			—			2,129,388
Goodwill	—			4,756			49,072			—			53,828
Other assets	37,092			2,710			67,710			—			107,512
Total assets	$	2,951,846		$	1,400,442		$	2,114,097		$	(3,286,643	)	$	3,179,742
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	152,222		$	269,782		$	212,069		$	(544,026	)	$	90,047
Accrued liabilities	20,058			42,743			153,897			(16,355		)	200,343
Current deferred taxes	(9,003		)	248			21,425			—			12,670
Short-term borrowings and current maturities of long-term debt	7,951			—			6,326			—			14,277
Deferred sale leaseback advance	—			55,671			—			—			55,671
Total current liabilities	171,228			368,444			393,717			(560,381		)	373,008
Long-term debt, less current maturities	788,397			—			15,514			—			803,911
Intercompany notes payable	30,000			131,075			1,122,535			(1,283,610		)	—
Accrued pension liabilities	—			—			62,110			—			62,110
Other liabilities and deferred credits	13,070			8,637			44,650			(6,404		)	59,953
Deferred taxes	140,584			8,629			13,682			—			162,895
Temporary equity	—			—			23,660			—			23,660
Stockholders’ investment:
Common stock	375			4,996			22,876			(27,872		)	375
Additional paid-in-capital	776,000			9,291			270,905			(280,196		)	776,000
Retained earnings	1,280,508			869,370			152,654			(1,022,024		)	1,280,508
Accumulated other comprehensive income (loss)	(65,054		)	—			(13,572		)	(106,156		)	(184,782		)
Treasury shares	(184,796		)	—			—			—			(184,796		)
Total Bristow Group stockholders’ investment	1,807,033			883,657			432,863			(1,436,248		)	1,687,305
Noncontrolling interests	1,534			—			5,366			—			6,900
Total stockholders’ investment	1,808,567			883,657			438,229			(1,436,248		)	1,694,205
Total liabilities and stockholders’ investment	$	2,951,846		$	1,400,442		$	2,114,097		$	(3,286,643	)	$	3,179,742

Supplemental Condensed Consolidating Balance Sheet

As of March 31, 2014

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	4,640		$	—		$	200,147		$	(446	)	$	204,341
Accounts receivable	32,280			104,155			310,288			(149,280		)	297,443
Inventories	—			40,864			96,599			—			137,463
Assets held for sale	—			8,505			20,771			—			29,276
Prepaid expenses and other current assets	3,882			3,258			45,944			—			53,084
Total current assets	40,802			156,782			673,749			(149,726		)	721,607
Intercompany investment	1,273,337			111,435			—			(1,384,772		)	—
Investment in unconsolidated affiliates	—			—			262,615			—			262,615
Intercompany notes receivable	1,286,354			—			—			(1,286,354		)	—
Property and equipment—at cost:
Land and buildings	977			49,499			95,497			—			145,973
Aircraft and equipment	64,094			1,357,126			1,224,930			—			2,646,150
	65,071			1,406,625			1,320,427			—			2,792,123
Less: Accumulated depreciation and amortization	(13,057		)	(211,385		)	(298,930		)	—			(523,372		)
	52,014			1,195,240			1,021,497			—			2,268,751
Goodwill	—			4,755			51,925			—			56,680
Other assets	204,679			1,462			50,392			(167,929		)	88,604
Total assets	$	2,857,186		$	1,469,674		$	2,060,178		$	(2,988,781	)	$	3,398,257
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	8,298		$	67,728		$	157,297		$	(143,505	)	$	89,818
Accrued liabilities	36,442			32,084			141,423			(5,451		)	204,498
Current deferred taxes	(7,640		)	(1,342		)	21,354			—			12,372
Short-term borrowings and current maturities of long-term debt	4,543			—			9,664			—			14,207
Deferred sale leaseback	—			136,930			—			—			136,930
Total current liabilities	41,643			235,400			329,738			(148,956		)	457,825
Long-term debt, less current maturities	805,965			—			21,130			—			827,095
Intercompany notes payable	—			378,983			1,076,292			(1,455,275		)	—
Accrued pension liabilities	—			—			86,823			—			86,823
Other liabilities and deferred credits	13,750			37,876			26,500			—			78,126
Deferred taxes	144,461			9,472			15,586			—			169,519
Temporary equity	—			—			22,283			—			22,283
Stockholders’ investment:
Common stock	373			4,996			22,876			(27,872		)	373
Additional paid-in-capital	762,813			9,291			270,905			(280,196		)	762,813
Retained earnings	1,245,220			793,656			177,159			(970,815		)	1,245,220
Accumulated other comprehensive income (loss)	(54,719		)	—			3,880			(105,667		)	(156,506		)
Treasury shares	(103,965		)	—			—			—			(103,965		)
Total Bristow Group stockholders’ investment	1,849,722			807,943			474,820			(1,384,550		)	1,747,935
Noncontrolling interests	1,645			—			7,006			—			8,651
Total stockholders’ investment	1,851,367			807,943			481,826			(1,384,550		)	1,756,586
Total liabilities and stockholders’ investment	$	2,857,186		$	1,469,674		$	2,060,178		$	(2,988,781	)	$	3,398,257

Supplemental Condensed Consolidating Statement of Cash Flows

Nine Months Ended December 31, 2014

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(88,788	)	$	263,933		$	(13,181	)	$	446		$	162,410
Cash flows from investing activities:
Capital expenditures	(38,303		)	(303,951		)	(157,031		)	—			(499,285		)
Proceeds from asset dispositions	—			209,523			194,838			—			404,361
Proceeds from sale of unconsolidated affiliate	—			—			4,185			—			4,185
Net cash provided by (used in) investing activities	(38,303		)	(94,428		)	41,992			—			(90,739		)
Cash flows from financing activities:
Proceeds from borrowings	346,500			—			1,360			—			347,860
Repayment of debt	(363,872		)	—			(9,297		)	—			(373,169		)
Dividends paid	(33,935		)	—			—			—			(33,935		)
Increases (decreases) in cash related to intercompany advances and debt	255,878			(169,111		)	(86,767		)	—			—
Partial prepayment of put/call obligation	(46		)	—			—			—			(46		)
Acquisition of noncontrolling interest	—			—			(3,170		)	—			(3,170		)
Repurchase of Common Stock	(80,831		)	—			—			—			(80,831		)
Issuance of Common Stock	2,217			—			—			—			2,217
Tax benefit related to stock-based compensation	1,642			—			—			—			1,642
Net cash provided by (used in) financing activities	127,553			(169,111		)	(97,874		)	—			(139,432		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(15,214		)	—			(15,214		)
Net increase (decrease) in cash and cash equivalents	462			394			(84,277		)	446			(82,975		)
Cash and cash equivalents at beginning of period	4,640			—			200,147			(446		)	204,341
Cash and cash equivalents at end of period	$	5,102		$	394		$	115,870		$	—		$	121,366

Supplemental Condensed Consolidating Statement of Cash Flows

Nine Months Ended December 31, 2013

	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(71,505	)	$	95,359		$	113,445		$	—		$	137,299
Cash flows from investing activities:
Capital expenditures	(20,579		)	(411,557		)	(199,775		)	105,863			(526,048		)
Proceeds from asset dispositions	—			211,655			139,075			(105,863		)	244,867
Proceeds from sale of unconsolidated affiliate	—			—			112,210			—			112,210
Net cash provided by (used in) investing activities	(20,579		)	(199,902		)	51,510			—			(168,971		)
Cash flows from financing activities:
Proceeds from borrowings	281,100			—			2,877			—			283,977
Debt issuance costs	(15,152		)	—			—			—			(15,152		)
Repayment of debt	(229,059		)	—			(3,004		)	—			(232,063		)
Dividends paid	(24,252		)	34			(3,100		)	—			(27,318		)
Increases (decreases) in cash related to intercompany advances and debt	58,519			3,188			(61,707		)	—			—
Partial prepayment of put/call obligation	(42		)	—			—			—			(42		)
Acquisition of noncontrolling interest	—			—			(2,078		)	—			(2,078		)
Proceeds from assignment of aircraft purchases	—			106,113			—			—			106,113
Repurchase of Common Stock	(16,544		)	—			—			—			(16,544		)
Issuance of Common Stock	14,368			—			—			—			14,368
Tax benefit related to stock-based compensation	5,328			—			—			—			5,328
Net cash provided by (used in) financing activities	74,266			109,335			(67,012		)	—			116,589
Effect of exchange rate changes on cash and cash equivalents	—			—			22,690			—			22,690
Net increase (decrease) in cash and cash equivalents	(17,818		)	4,792			120,633			—			107,607
Cash and cash equivalents at beginning of period	31,853			5,370			178,400			—			215,623
Cash and cash equivalents at end of period	$	14,035		$	10,162		$	299,033		$	—		$	323,230