COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

As shown in the table below, we expect to make additional capital expenditures over the next six fiscal years to purchase additional aircraft. As of March 31, 2017, we had 32 aircraft on order and options to acquire an additional four aircraft. Although a similar number of our existing aircraft may be sold during the same period, the additional aircraft on order will provide incremental fleet capacity in terms of revenue and operating income.



	Fiscal Year Ending March 31,
	2018		2019		2020		2021 and thereafter ⁽¹⁾		Total
Commitments as of March 31, 2017: ⁽²⁾
Number of aircraft:
Medium	5		—		—		—		5
Large	—		5		4		14		23
U.K. SAR	4		—		—		—		4
	9		5		4		14		32
Related commitment expenditures (in thousands)⁽³⁾
Medium and large	$	2,263	$	89,994	$	69,504	$	187,532	$	349,293
U.K. SAR	58,975		—		—		—		58,975
	$	61,238	$	89,994	$	69,504	$	187,532	$	408,268
Options as of March 31, 2017:
Number of aircraft:
Large	—		2		2		—		4
	—		2		2		—		4

Related option expenditures (in thousands) ⁽³⁾	$	—	$	44,181	$	31,536	$	—	$	75,717

_______________


⁽¹⁾	Includes $80.6 million for five aircraft orders that can be cancelled prior to the delivery dates. During fiscal year 2017, we made non-refundable deposits of $4.5 million related to these aircraft.


⁽²⁾	Signed client contracts are currently in place that will utilize four of these aircraft.


⁽³⁾	Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised.

Rollforward schedule of aircraft purchase orders and options

The following chart presents an analysis of our aircraft orders and options during fiscal years 2017, 2016 and 2015:



	Fiscal Year Ended March 31,
	2017				2016				2015
	Orders		Options		Orders		Options		Orders		Options
Beginning of fiscal year	36		14		45		30		43		55
Aircraft delivered	(9	)	—		(8	)	—		(18	)	—
Aircraft ordered	5		—		—		—		8		—
New options	—		—		—		4		—		—
Exercised options	—		—		(1	)	—		12		(12	)
Expired options	—		(10	)	—		(20	)	—		(13	)
End of fiscal year	32		4		36		14		45		30

Schedule of future minimum payments for operating leases

As of March 31, 2017, aggregate future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year, including leases for 95 aircraft, are as follows (in thousands):



	Aircraft		Other		Total
Fiscal year ending March 31,
2018	$	179,940	$	11,319	$	191,259
2019	154,331		10,218		164,549
2020	106,513		8,522		115,035
2021	39,327		7,448		46,775
2022	19,930		6,942		26,872
Thereafter	9,387		32,368		41,755
	$	509,428	$	76,817	$	586,245

Aircraft Lease Table

The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of March 31, 2017:



End of Lease Term	Number of Aircraft
Fiscal year 2018 to fiscal year 2019	33
Fiscal year 2020 to fiscal year 2022	48
Fiscal year 2023 to fiscal year 2025	14
	95

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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