COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

As shown in the table below, we expect to make additional capital expenditures over the next seven fiscal years to purchase additional aircraft. As of December 31, 2018, we had 26 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.



	Three Months Ending March 31, 2019		Fiscal Year Ending March 31,
	Three Months Ending March 31, 2019		2020		2021		2022		2023 and thereafter⁽¹⁾		Total
Commitments as of December 31, 2018:
Number of aircraft:
Large	—		—		4		5		13		22
U.K. SAR	—		4		—		—		—		4
	—		4		4		5		13		26
Related commitment expenditures (in thousands) ⁽²⁾
Large	$	2,197	$	24,310	$	74,946	$	83,195	$	188,401	$	373,049
U.K. SAR	—		59,946		—		—		—		59,946
	$	2,197	$	84,256	$	74,946	$	83,195	$	188,401	$	432,995
Options as of December 31, 2018:
Number of aircraft:
Large	2		2		—		—		—		4
	2		2		—		—		—		4

Related option expenditures (in thousands) ⁽²⁾	$	44,181	$	31,536	$	—	$	—	$	—	$	75,717

_____________


⁽¹⁾	Includes $91.1 million for five aircraft orders that can be cancelled prior to delivery dates. We made non-refundable deposits of $4.5 million related to these aircraft in prior periods.


⁽²⁾	Includes progress payments on aircraft scheduled to be delivered in future periods only if options are exercised

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 December 31, 2018:



	End of Lease Term		Number of Aircraft
	Three months ending March 31, 2019 to fiscal year 2020		29
	Fiscal year 2021 to fiscal year 2023		36
	Fiscal year 2024 to fiscal year 2025		11
			76

Schedule of separation programs

The expense related to the ISPs for the three and nine months ended December 31, 2018 and 2017 is as follows (in thousands):



	Three Months Ended December 31,				Nine Months Ended December 31,
	2018		2017		2018		2017
Direct cost	$	2,096	$	2,661	$	4,809	$	5,208
General and administrative	313		120		2,046		8,662
Total	$	2,409	$	2,781	$	6,855	$	13,870