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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Sep. 30, 2016

Schedule of fair value assets measured on non-recurring basis

The following table summarizes the assets as of September 30, 2016, valued at fair value on a non-recurring basis (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of September 30, 2016		Total Loss for the Three Months Ended September 30, 2016			Total Loss for the Six Months Ended September 30, 2016
Inventories	$	—	$	56,355	$	—	$	56,355	$	(7,572	)	$	(7,572	)
Assets held for sale	—		40,338		—		40,338		(1,011		)	(11,160		)
Total assets	$	—	$	96,693	$	—	$	96,693	$	(8,583	)	$	(18,732	)

The following table summarizes the assets as of September 30, 2015, valued at fair value on a non-recurring basis (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of September 30, 2015		Total Loss for the Three Months Ended September 30, 2015			Total Loss for the Six Months Ended September 30, 2015
Inventories	$	—	$	12,118	$	—	$	12,118	$	—		$	(5,439	)
Assets held for sale	—		33,647		—		33,647		(12,169		)	(22,031		)
Goodwill	—		—		52,404		52,404		(22,274		)	(22,274		)
Total assets	$	—	$	45,765	$	52,404	$	98,169	$	(34,443	)	$	(49,744	)

Schedule of fair value assets measured on recurring basis

The following table summarizes the financial instruments we had as of September 30, 2016, valued at fair value on a recurring basis (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of September 30, 2016		Balance Sheet Classification
Rabbi Trust investments	$	3,190	$	—	$	—	$	3,190	Other assets
Total assets	$	3,190	$	—	$	—	$	3,190

Contingent consideration: ⁽¹⁾
Current	$	—	$	—	$	7,352	$	7,352	Contingent consideration
Total liabilities	$	—	$	—	$	7,352	$	7,352

______________


⁽¹⁾	Relates to the acquisition of Airnorth totaling $7.4 million. For further details on Airnorth, see Note 2 to the fiscal year 2016 Financial Statements.

The following table summarizes the financial instruments we had as of March 31, 2016, valued at fair value on a recurring basis (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2016		Balance Sheet Classification
Rabbi Trust investments	$	2,990	$	—	$	—	$	2,990	Other assets
Total assets	$	2,990	$	—	$	—	$	2,990

Contingent consideration: ⁽¹⁾
Current	$	—	$	—	$	29,522	$	29,522	Contingent consideration
Long-term	—		—		3,069		3,069		Other liabilities and deferred credits
Total liabilities	$	—	$	—	$	32,591	$	32,591

______________


⁽¹⁾	Relates to our investment in Cougar totaling $26.0 million and Airnorth totaling $6.6 million. For further details on Cougar and Airnorth, see Notes 2 and 3 to the fiscal year 2016 Financial Statements.

Schedule of contingent consideration

The following table provides a rollforward of the contingent consideration liability Level 3 fair value measurements during the six months ended September 30, 2016 (in thousands):



	Significant Unobservable Inputs (Level 3)
Balance as of March 31, 2016	$	32,591
Change in fair value of contingent consideration	761
Payment of Cougar third year earn-out	(10,000		)
Reclass of remaining Cougar third year earn-out to short-term borrowings and other accrued liabilities	(16,000		)
Balance as of September 30, 2016	$	7,352

Schedule of fair value of debt

The carrying and fair value of our long-term debt, including the current portion and excluding unamortized debt issuance costs, are as follows (in thousands):



	September 30, 2016				March 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
6¼% Senior Notes	$	401,535	$	294,124	$	401,535	$	277,059
Term Loan	321,720		321,720		335,665		335,665
Term Loan Credit Facility	200,000		200,000		200,000		200,000
Revolving Credit Facility	233,450		233,450		144,000		144,000
Airnorth debt	18,284		18,284		19,652		19,652
Eastern Airways debt	14,947		14,947		15,643		15,643
Other debt	40,521		40,521		24,394		24,394
	$	1,230,457	$	1,123,046	$	1,140,889	$	1,016,413