VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES (Tables)

12 Months Ended

Mar. 31, 2017

Variable Interest Entity [Line Items]

Noncontrolling Interest Bristow Aviation

Changes in the balance for the noncontrolling interest associated with Bristow Aviation are as follows (in thousands):



	Fiscal Year Ended March 31,
	2017			2016			2015
Balance – beginning of fiscal year	$	1,410		$	1,457		$	1,645
Payments to noncontrolling interest shareholders	(49		)	(55		)	(59		)
Noncontrolling interest expense	50			55			58
Currency translation	(185		)	(47		)	(187		)
Balance – end of fiscal year	$	1,226		$	1,410		$	1,457

Primary beneficiary variable interest financial statements

Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands):



	March 31,
	2017		2016
Assets
Cash and cash equivalents	$	92,409	$	62,773
Accounts receivable	222,560		565,223
Inventories	90,190		102,738
Prepaid expenses and other current assets	50,016		53,776
Total current assets	455,175		784,510
Investment in unconsolidated affiliates	3,513		4,676
Property and equipment, net	306,831		251,494
Goodwill	19,798		29,990
Other assets	203,228		82,443
Total assets	$	988,545	$	1,153,113
Liabilities
Accounts payable	$	146,841	$	521,563
Accrued liabilities	122,130		141,977
Accrued interest	1,891,305		1,698,360
Deferred taxes	—		—
Current maturities of long-term debt	18,578		10,322
Total current liabilities	2,178,854		2,372,222
Long-term debt, less current maturities	501,782		155,222
Accrued pension liabilities	61,647		70,107
Other liabilities and deferred credits	8,138		7,928
Deferred taxes	20,264		20,330
Temporary equity	6,886		15,473
Total liabilities and temporary equity	$	2,777,571	$	2,641,282



	Fiscal Year Ended March 31,
	2017			2016			2015
Revenue	$	1,209,019		$	1,441,834		$	1,512,312
Operating income (loss)	(80,542		)	(57,780		)	40,524
Net loss	(279,159		)	(279,309		)	(179,757		)

Schedule of unconsolidated affiliates

Our percentage of economic ownership and investment balances for the unconsolidated affiliates are as follows:



	March 31,
	2017		2016		2017		2016

					(In thousands)
Cost Method:
PAS	25	%	25	%	$	6,286	$	6,286
Equity Method:
Cougar ⁽¹⁾	40	%	40	%	56,885		59,742
Líder ⁽¹⁾	41.9	%	41.9	%	143,477		124,248
Other					3,514		4,676
Total					$	210,162	$	194,952

_______________


⁽¹⁾	We had a 25% voting interest in Cougar and an approximate 20% voting interest in Líder as of March 31, 2017 and 2016.

Earnings from unconsolidated affiliates were as follows (in thousands):



	Fiscal Year Ended March 31,
	2017			2016			2015
Dividends from entities accounted for under the cost method:
PAS	$	2,068		$	2,068		$	2,068
Earnings, net of losses, from entities accounted for under the equity method:
Cougar	(2,857		)	(2,001		)	(710		)
Líder	8,064			(116		)	(4,236		)
Other ⁽¹⁾	(330		)	310			1,107
	4,877			(1,807		)	(3,839		)
Total	$	6,945		$	261		$	(1,771	)

_______________


⁽¹⁾	We sold our 50% interest in HCA in November 2014.

Schedule of combined financial information for unconsolidated affiliates

A summary of combined financial information of our unconsolidated affiliates accounted for under the equity method is set forth below (in thousands):



	March 31,
	2017		2016

	(Unaudited)
Current assets	$	248,998	$	269,619
Non-current assets	310,975		295,416
Total assets	$	559,973	$	565,035
Current liabilities	$	127,292	$	146,938
Non-current liabilities	244,978		266,545
Equity	187,703		151,552
Total liabilities and equity	$	559,973	$	565,035



	Fiscal Year Ended March 31,
	2017		2016		2015

	(Unaudited)
Revenue	$	327,351	$	368,586	$	499,692
Gross profit	$	50,371	$	60,873	$	99,127
Net income	$	14,581	$	21,871	$	559

Eastern Airways International Limited [Member]

Variable Interest Entity [Line Items]

Temporary equity

Changes in the balance for the redeemable noncontrolling interest related to Eastern Airways are as follows (in thousands):



Balance as of March 31, 2014	$	22,283
Noncontrolling interest expense	3,389
Currency translation	(2,787		)
Balance as of March 31, 2015	22,885
Noncontrolling interest expense	(6,499		)
Currency translation	(913		)
Balance as of March 31, 2016	15,473
Noncontrolling interest expense	(6,848		)
Currency translation	(1,739		)
Balance as of March 31, 2017	$	6,886

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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