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BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The value of the Brazilian real has fluctuated relative to the U.S. dollar as indicated in the following table:



	Three Months Ended June 30,
	2018	2017
One Brazilian real into U.S. dollars
High	0.3020	0.3233
Average	0.2778	0.3113
Low	0.2571	0.2995
At period-end	0.2599	0.3018

_____________

Source: FactSet

The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table:



	Three Months Ended June 30,
	2018	2017
One British pound sterling into U.S. dollars
High	1.43	1.30
Average	1.36	1.28
Low	1.31	1.24
At period-end	1.32	1.30
One euro into U.S. dollars
High	1.24	1.14
Average	1.19	1.10
Low	1.16	1.06
At period-end	1.17	1.14
One Australian dollar into U.S. dollars
High	0.78	0.77
Average	0.76	0.75
Low	0.73	0.74
At period-end	0.74	0.77
One Norwegian kroner into U.S. dollars
High	0.1290	0.1199
Average	0.1247	0.1174
Low	0.1209	0.1152
At period-end	0.1227	0.1194
One Nigerian naira into U.S. dollars
High	0.0028	0.0033
Average	0.0028	0.0032
Low	0.0028	0.0032
At period-end	0.0028	0.0032

_____________

Source: FactSet

Schedule of foreign exchange impact

We estimate that the fluctuation of currencies versus the same period in the prior fiscal year had the following effect on our financial condition and results of operations (in thousands):



	Three Months Ended June 30, 2018
Revenue	$	10,450
Operating expense	(5,301		)
Earnings from unconsolidated affiliates, net of losses	(1,454		)
Non-operating expense	(1,351		)
Income before provision for income taxes	2,344
Provision for income taxes	445
Net income	2,789
Cumulative translation adjustment	(29,172		)
Total stockholders’ investment	$	(26,383	)

Schedule of interest income and interest expense

During the three months ended June 30, 2018 and 2017, interest expense, net consisted of the following (in thousands):



	Three Months Ended June 30,
	2018			2017
Interest income	$	179		$	214
Interest expense	(27,323		)	(16,235		)
Interest expense, net	$	(27,144	)	$	(16,021	)

Schedule of goodwill

Goodwill of $19.2 million and $19.9 million as of June 30 and March 31, 2018, respectively, related to our Asia Pacific reporting unit was as follows (in thousands):



March 31, 2018	$	19,907
Foreign currency translation	(732		)
June 30, 2018	$	19,175

Accumulated goodwill impairment of $50.9 million as of both June 30 and March 31, 2018 related to our reporting units were as follows (in thousands):



Europe Caspian	$	(33,883	)
Africa	(6,179		)
Americas	(576		)
Corporate and other	(10,223		)
Total accumulated goodwill impairment	$	(50,861	)

Schedule of other intangible assets

Intangible assets by type were as follows (in thousands):



	Customer contracts			Customer relationships			Trade name and trademarks			Internally developed software			Licenses			Total

	Gross Carrying Amount
March 31, 2018	$	8,169		$	12,777		$	4,878		$	1,107		$	755		$	27,686
Foreign currency translation	—			(52		)	(208		)	(11		)	(1		)	(272		)
June 30, 2018	$	8,169		$	12,725		$	4,670		$	1,096		$	754		$	27,414

	Accumulated Amortization
March 31, 2018	$	(8,169	)	$	(11,372	)	$	(1,213	)	$	(915	)	$	(719	)	$	(22,388	)
Amortization expense	—			(72		)	(72		)	(54		)	(15		)	(213		)
June 30, 2018	$	(8,169	)	$	(11,444	)	$	(1,285	)	$	(969	)	$	(734	)	$	(22,601	)

Weighted average remaining contractual life, in years	0.0			4.4			11.8			0.6			0.3			5.6

Schedule of other intangible assets, future amortization expense

Future amortization expense of intangible assets for each of the years ending March 31 is as follows (in thousands):



2019	$	527
2020	452
2021	452
2022	452
2023	452
Thereafter	2,478
	$	4,813

Schedule of capital expenditures

During the three months ended June 30, 2018 and 2017, we took delivery of aircraft and made capital expenditures as follows:



	Three Months Ended June 30,
	2018		2017

Number of aircraft delivered:
Medium	—		3
Total aircraft	—		3
Capital expenditures (in thousands):
Aircraft and equipment ⁽¹⁾	$	8,337	$	10,810
Land and buildings	558		1,743
Total capital expenditures	$	8,895	$	12,553

_____________


⁽¹⁾	During the three months ended June 30, 2017, we spent $1.3 million on progress payments for aircraft to be delivered in future periods. During the three months ended June 30, 2018, we made no progress payments.

Schedule of aircraft sales and impairments

The following table presents details on the aircraft sold or disposed of and impairments on assets held for sale during the three months ended June 30, 2018 and 2017:



	Three Months Ended June 30,
	2018			2017

	(In thousands, except for number of aircraft)
Number of aircraft sold or disposed of	3			6
Proceeds from sale or disposal of assets	$	7,774		$	41,975
Gain (loss) from sale or disposal of assets ⁽¹⁾	$	(1,678	)	$	2,263

Number of aircraft impaired	—			2
Impairment charges on assets held for sale ⁽¹⁾	$	—		$	1,564

_____________


⁽¹⁾	Included in gain (loss) on disposal of assets on our condensed consolidated statements of operations.

Schedule of other accrued liabilities

Other accrued liabilities of $51.3 million and $66.0 million as of June 30 and March 31, 2018, respectively, includes the following:



	June 30, 2018		March 31, 2018

	(In thousands)
Accrued lease costs	$	7,079	$	11,708
Deferred OEM cost recovery	5,378		8,082
Eastern overdraft liability	6,230		8,989
Accrued property and equipment	468		4,874
Deferred gain on sale leasebacks	1,305		1,305
Other operating accruals	30,865		31,020
	$	51,325	$	65,978