FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Dec. 31, 2018

Schedule of fair value assets measured on recurring basis

The following table summarizes the financial instruments we had as of December 31, 2018, 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 December 31, 2018		Balance Sheet Classification
Derivative financial instruments	$	—	$	3,174	$	—	$	3,174	Prepaid expenses and other current assets
Rabbi Trust investments	1,850		—		—		1,850		Other assets
Total assets	$	1,850	$	3,174	$	—	$	5,024

The following table summarizes the financial instruments we had as of March 31, 2018, 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, 2018		Balance Sheet Classification
Derivative financial instruments	$	—	$	718	$	—	$	718	Prepaid expenses and other current assets
Rabbi Trust investments	2,296		—		—		2,296		Other assets
Total assets	$	2,296	$	718	$	—	$	3,014

Schedule of fair value assets measured on non-recurring basis

The following table summarizes the assets valued at fair value on a non-recurring basis during the three and nine months ended December 31, 2018 (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Loss for the Three Months Ended December 31, 2018			Total Loss for the Nine Months Ended December 31, 2018
Inventories ⁽¹⁾	$	—	$	—	$	7,697	$	—		$	(9,276	)
Assets held for sale ⁽²⁾	—		—		22,485		(1,350		)	(1,350		)
Aircraft and equipment ⁽¹⁾	—		—		136,338		—			(104,939		)
Other intangible assets ⁽¹⁾	—		—		—		—			(3,005		)
Total assets	$	—	$	—	$	166,520	$	(1,350	)	$	(118,570	)

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⁽¹⁾	Fair value as of September 30, 2018.


⁽²⁾	Fair value as of December 31, 2018.

The following table summarizes the assets valued at fair value on a non-recurring basis during the three and nine months ended December 31, 2017 (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Loss for the Three Months Ended December 31, 2017			Total Loss for the Nine Months Ended December 31, 2017
Inventories ⁽¹⁾	$	—	$	—	$	1,252	$	—		$	(1,192	)
Assets held for sale ⁽²⁾	—		—		31,038		(1,560		)	(11,307		)
Total assets	$	—	$	—	$	32,290	$	(1,560	)	$	(12,499	)

_____________


⁽¹⁾	Fair value as of June 30, 2017.


⁽²⁾	Fair value as of December 31, 2017.

Schedule of fair value of debt

The carrying and fair value of our debt, excluding unamortized debt issuance costs, are as follows (in thousands):



	December 31, 2018				March 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
8.75% Senior Secured Notes due 2023 ⁽¹⁾	$	347,205	$	250,250	$	346,610	$	353,500
4½% Convertible Senior Notes due 2023 ⁽²⁾	111,514		54,984		107,397		158,772
6¼% Senior Notes due 2022	401,535		140,537		401,535		325,243
Lombard Debt	182,388		182,388		211,087		211,087
Macquarie Debt	174,528		174,528		185,028		185,028
PK Air Debt	216,637		216,637		230,000		230,000
Airnorth Debt	11,738		11,738		13,832		13,832
Eastern Airways Debt	—		—		14,519		14,519
Other Debt	7,959		7,959		3,991		3,991
	$	1,453,504	$	1,039,021	$	1,513,999	$	1,495,972

_____________


⁽¹⁾	The carrying value is net of unamortized discount of $2.8 million and $3.4 million as of December 31 and March 31, 2018, respectively.


⁽²⁾	The carrying value is net of unamortized discount of $32.2 million and $36.4 million as of December 31 and March 31, 2018, respectively.