SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

9 Months Ended

Dec. 31, 2018

Supplemental Condensed Consolidating Financial Information [Abstract]

Supplemental Condensed Consolidating Statement of Operations

Three Months Ended December 31, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Revenue:
Gross revenue	$	(9	)	$	37,253		$	294,085		$	—		$	331,329
Intercompany revenue	—			26,844			—			(26,844		)	—
	(9		)	64,097			294,085			(26,844		)	331,329
Operating expense:
Direct cost and reimbursable expense	14			40,188			235,699			—			275,901
Intercompany expenses	5,399			—			21,445			(26,844		)	—
Depreciation and amortization	3,087			19,175			8,353			—			30,615
General and administrative	16,004			4,174			20,564			—			40,742
	24,504			63,537			286,061			(26,844		)	347,258

Loss on disposal of assets	(512		)	(15,321		)	(182		)	—			(16,015		)
Earnings (losses) from unconsolidated affiliates, net	(22,023		)	—			780			22,023			780
Operating income (loss)	(47,048		)	(14,761		)	8,622			22,023			(31,164		)
Interest expense, net	(16,997		)	(5,807		)	(4,309		)	—			(27,113		)
Other income (expense), net	122			485			(4,267		)	—			(3,660		)

Income (loss) before (provision) benefit for income taxes	(63,923		)	(20,083		)	46			22,023			(61,937		)
Allocation of consolidated income taxes	(22,006		)	(463		)	(1,295		)	—			(23,764		)
Net loss	(85,929		)	(20,546		)	(1,249		)	22,023			(85,701		)
Net income attributable to noncontrolling interests	(15		)	—			(228		)	—			(243		)
Net loss attributable to Bristow Group	$	(85,944	)	$	(20,546	)	$	(1,477	)	$	22,023		$	(85,944	)

Supplemental Condensed Consolidating Statement of Operations

Three Months Ended December 31, 2017



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Revenue:
Gross revenue	$	188		$	47,377		$	313,170		$	—		$	360,735
Intercompany revenue	—			28,608			—			(28,608		)	—
	188			75,985			313,170			(28,608		)	360,735
Operating expense:
Direct cost and reimbursable expense	81			49,540			236,998			—			286,619
Intercompany expenses	—			—			28,608			(28,608		)	—
Depreciation and amortization	3,048			12,489			16,145			—			31,682
General and administrative	13,937			6,514			22,915			—			43,366
	17,066			68,543			304,666			(28,608		)	361,667

Gain (loss) on disposal of assets	(1,757		)	(3,657		)	823			—			(4,591		)
Earnings (losses) from unconsolidated affiliates, net	(11,503		)	—			1,996			11,503			1,996
Operating income (loss)	(30,138		)	3,785			11,323			11,503			(3,527		)
Interest expense, net	(9,480		)	(5,008		)	(4,605		)	—			(19,093		)
Other income (expense), net	(16		)	227			(947		)	—			(736		)

Income (loss) before (provision) benefit for income taxes	(39,634		)	(996		)	5,771			11,503			(23,356		)
Allocation of consolidated income taxes	31,373			(1,791		)	(16,163		)	—			13,419
Net loss	(8,261		)	(2,787		)	(10,392		)	11,503			(9,937		)
Net (income) loss attributable to noncontrolling interests	(12		)	—			1,676			—			1,664
Net loss attributable to Bristow Group	$	(8,273	)	$	(2,787	)	$	(8,716	)	$	11,503		$	(8,273	)

Supplemental Condensed Consolidating Statement of Operations

Nine Months Ended December 31, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Revenue:
Third party revenue	$	81		$	108,186		$	941,613		$	—		$	1,049,880
Intercompany revenue	—			80,857			—			(80,857		)	—
	81			189,043			941,613			(80,857		)	1,049,880
Operating expense:
Direct cost and reimbursable expense	50			123,045			741,172			—			864,267
Intercompany expenses	20,706			—			60,151			(80,857		)	—
Depreciation and amortization	9,245			55,130			27,670			—			92,045
General and administrative	41,699			13,097			64,886			—			119,682
	71,700			191,272			893,879			(80,857		)	1,075,994

Loss on impairment	—			(87,474		)	(29,746		)	—			(117,220		)
Loss on disposal of assets	(1,318		)	(16,799		)	(869		)	—			(18,986		)
Earnings (losses) from unconsolidated affiliates, net	(153,319		)	—			(2,333		)	153,319			(2,333		)
Operating income (loss)	(226,256		)	(106,502		)	14,786			153,319			(164,653		)
Interest expense, net	(48,940		)	(18,552		)	(13,198		)	—			(80,690		)
Other income (expense), net	306			1,802			(12,922		)	—			(10,814		)

Loss before (provision) benefit for income taxes	(274,890		)	(123,252		)	(11,334		)	153,319			(256,157		)
Allocation of consolidated income taxes	12,691			(746		)	(17,203		)	—			(5,258		)
Net loss	(262,199		)	(123,998		)	(28,537		)	153,319			(261,415		)
Net income attributable to noncontrolling interests	(43		)	—			(784		)	—			(827		)
Net loss attributable to Bristow Group	$	(262,242	)	$	(123,998	)	$	(29,321	)	$	153,319		$	(262,242	)

Supplemental Condensed Consolidating Statement of Operations

Nine Months Ended December 31, 2017



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Revenue:
Third party revenue	$	188		$	140,104		$	946,228		$	—		$	1,086,520
Intercompany revenue	—			92,518			—			(92,518		)	—
	188			232,622			946,228			(92,518		)	1,086,520
Operating expense:
Direct cost and reimbursable expense	3,350			147,829			733,402			—			884,581
Intercompany expenses	—			—			92,518			(92,518		)	—
Depreciation and amortization	8,981			38,209			46,929			—			94,119
General and administrative	50,924			17,899			69,872			—			138,695
	63,255			203,937			942,721			(92,518		)	1,117,395

Loss on impairment	—			(1,192		)	—			—			(1,192		)
Gain (loss) on disposal of assets	(1,757		)	7,356			(18,017		)	—			(12,418		)
Earnings (losses) from unconsolidated affiliates, net	(22,506		)	—			3,394			22,506			3,394
Operating income (loss)	(87,330		)	34,849			(11,116		)	22,506			(41,091		)
Interest expense, net	(29,174		)	(16,811		)	(7,692		)	—			(53,677		)
Other income (expense), net	(142		)	(529		)	906			—			235

Income (loss) before provision for income taxes	(116,646		)	17,509			(17,902		)	22,506			(94,533		)
Allocation of consolidated income taxes	21,925			(7,896		)	(16,575		)	—			(2,546		)
Net income (loss)	(94,721		)	9,613			(34,477		)	22,506			(97,079		)
Net (income) loss attributable to noncontrolling interests	(36		)	—			2,358			—			2,322
Net income (loss) attributable to Bristow Group	$	(94,757	)	$	9,613		$	(32,119	)	$	22,506		$	(94,757	)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

Three Months Ended December 31, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated

	(In thousands)
Net loss	$	(85,929	)	$	(20,546	)	$	(1,249	)	$	22,023	$	(85,701	)
Other comprehensive loss:
Currency translation adjustments	—			(372		)	(9,146		)	3,056		(6,462		)
Pension liability adjustment	—			—			(2,410		)	—		(2,410		)
Unrealized loss on cash flow hedges	—			—			(5		)	—		(5		)
Total comprehensive loss	(85,929		)	(20,918		)	(12,810		)	25,079		(94,578		)

Net income attributable to noncontrolling interests	(15		)	—			(228		)	—		(243		)
Currency translation adjustments attributable to noncontrolling interests	—			—			(52		)	—		(52		)
Total comprehensive income attributable to noncontrolling interests	(15		)	—			(280		)	—		(295		)
Total comprehensive loss attributable to Bristow Group	$	(85,944	)	$	(20,918	)	$	(13,090	)	$	25,079	$	(94,873	)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

Three Months Ended December 31, 2017



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Net loss	$	(8,261	)	$	(2,787	)	$	(10,392	)	$	11,503		$	(9,937	)
Other comprehensive income (loss):
Currency translation adjustments	—			(18		)	1,116			(1,155		)	(57		)
Total comprehensive loss	(8,261		)	(2,805		)	(9,276		)	10,348			(9,994		)

Net (income) loss attributable to noncontrolling interests	(12		)	—			1,676			—			1,664
Currency translation adjustments attributable to noncontrolling interests	—			—			(17		)	—			(17		)
Total comprehensive (income) loss attributable to noncontrolling interests	(12		)	—			1,659			—			1,647
Total comprehensive loss attributable to Bristow Group	$	(8,273	)	$	(2,805	)	$	(7,617	)	$	10,348		$	(8,347	)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

Nine Months Ended December 31, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated

	(In thousands)
Net loss	$	(262,199	)	$	(123,998	)	$	(28,537	)	$	153,319	$	(261,415	)
Other comprehensive loss:
Currency translation adjustments	—			(1,417		)	(105,254		)	63,209		(43,462		)
Pension liability adjustment	—			—			(2,410		)	—		(2,410		)
Unrealized gain on cash flow hedges	—			—			1,245			—		1,245
Total comprehensive loss	(262,199		)	(125,415		)	(134,956		)	216,528		(306,042		)

Net income attributable to noncontrolling interests	(43		)	—			(784		)	—		(827		)
Currency translation adjustments attributable to noncontrolling interests	—			—			(223		)	—		(223		)
Total comprehensive income attributable to noncontrolling interests	(43		)	—			(1,007		)	—		(1,050		)
Total comprehensive loss attributable to Bristow Group	$	(262,242	)	$	(125,415	)	$	(135,963	)	$	216,528	$	(307,092	)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)

Nine Months Ended December 31, 2017



	Parent Company Only			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Net income (loss)	$	(94,721	)	$	9,613	$	(34,477	)	$	22,506		$	(97,079	)
Other comprehensive income (loss):
Currency translation adjustments	—			626		29,686			(9,918		)	20,394
Total comprehensive income (loss)	(94,721		)	10,239		(4,791		)	12,588			(76,685		)

Net (income) loss attributable to noncontrolling interests	(36		)	—		2,358			—			2,322
Currency translation adjustments attributable to noncontrolling interests	—			—		530			—			530
Total comprehensive (income) loss attributable to noncontrolling interests	(36		)	—		2,888			—			2,852
Total comprehensive income (loss) attributable to Bristow Group	$	(94,757	)	$	10,239	$	(1,903	)	$	12,588		$	(73,833	)

Supplemental Condensed Consolidating Balance Sheet

As of December 31, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	155,167		$	—		$	77,660		$	(1,501	)	$	231,326
Accounts receivable	506,745			542,145			293,490			(1,124,553		)	217,827
Inventories	—			34,658			80,596			—			115,254
Assets held for sale	—			18,506			3,979			—			22,485
Prepaid expenses and other current assets	4,520			2,674			41,452			—			48,646
Total current assets	666,432			597,983			497,177			(1,126,054		)	635,538
Intercompany investment	1,877,133			104,436			128,633			(2,110,202		)	—
Investment in unconsolidated affiliates	—			—			113,974			—			113,974
Intercompany notes receivable	118,003			9,229			147,056			(274,288		)	—
Property and equipment—at cost:
Land and buildings	4,806			58,204			177,191			—			240,201
Aircraft and equipment	155,628			1,311,241			1,012,674			—			2,479,543
	160,434			1,369,445			1,189,865			—			2,719,744
Less: Accumulated depreciation and amortization	(46,012		)	(403,430		)	(422,759		)	—			(872,201		)
	114,422			966,015			767,106			—			1,847,543
Goodwill	—			—			18,271			—			18,271
Other assets	4,786			2,727			108,905			—			116,418
Total assets	$	2,780,776		$	1,680,390		$	1,781,122		$	(3,510,544	)	$	2,731,744

LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	413,795		$	476,510		$	317,229		$	(1,115,618	)	$	91,916
Accrued liabilities	56,645			(7,232		)	116,352			(9,300		)	156,465
Short-term borrowings and current maturities of long-term debt	847,023			271,279			302,748			—			1,421,050
Total current liabilities	1,317,463			740,557			736,329			(1,124,918		)	1,669,431
Long-term debt, less current maturities	—			—			9,174			—			9,174
Intercompany notes payable	103,449			154,527			17,415			(275,391		)	—
Accrued pension liabilities	—			—			28,036			—			28,036
Other liabilities and deferred credits	10,732			8,729			9,112			—			28,573
Deferred taxes	68,416			25,853			24,788			—			119,057
Stockholders’ investment:
Common stock	385			4,996			131,317			(136,313		)	385
Additional paid-in-capital	860,745			29,387			284,048			(313,435		)	860,745
Retained earnings	524,846			716,378			278,054			(994,432		)	524,846
Accumulated other comprehensive income (loss)	78,306			(37		)	256,842			(666,055		)	(330,944		)
Treasury shares	(184,796		)	—			—			—			(184,796		)
Total Bristow Group stockholders’ investment	1,279,486			750,724			950,261			(2,110,235		)	870,236
Noncontrolling interests	1,230			—			6,007			—			7,237
Total stockholders’ investment	1,280,716			750,724			956,268			(2,110,235		)	877,473
Total liabilities and stockholders’ investment	$	2,780,776		$	1,680,390		$	1,781,122		$	(3,510,544	)	$	2,731,744

Supplemental Condensed Consolidating Balance Sheet

As of March 31, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	277,176		$	8,904		$	94,143		$	—		$	380,223
Accounts receivable	211,412			423,214			250,984			(638,630		)	246,980
Inventories	—			31,300			98,314			—			129,614
Assets held for sale	—			26,737			3,611			—			30,348
Prepaid expenses and other current assets	3,367			4,494			41,016			(1,643		)	47,234
Total current assets	491,955			494,649			488,068			(640,273		)	834,399
Intercompany investment	2,199,505			104,435			141,683			(2,445,623		)	—
Investment in unconsolidated affiliates	—			—			126,170			—			126,170
Intercompany notes receivable	183,634			36,358			368,575			(588,567		)	—
Property and equipment—at cost:
Land and buildings	4,806			58,191			187,043			—			250,040
Aircraft and equipment	156,651			1,326,922			1,027,558			—			2,511,131
	161,457			1,385,113			1,214,601			—			2,761,171
Less: Accumulated depreciation and amortization	(39,780		)	(263,412		)	(389,959		)	—			(693,151		)
	121,677			1,121,701			824,642			—			2,068,020
Goodwill	—			—			19,907			—			19,907
Other assets	4,966			2,122			109,418			—			116,506
Total assets	$	3,001,737		$	1,759,265		$	2,078,463		$	(3,674,463	)	$	3,165,002

LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	341,342		$	175,133		$	201,704		$	(616,909	)	$	101,270
Accrued liabilities	59,070			6,735			166,026			(21,955		)	209,876
Short-term borrowings and current maturities of long-term debt	840,485			296,782			338,171			—			1,475,438
Total current liabilities	1,240,897			478,650			705,901			(638,864		)	1,786,584
Long-term debt, less current maturities	—			—			11,096			—			11,096
Intercompany notes payable	132,740			370,407			41,001			(544,148		)	—
Accrued pension liabilities	—			—			37,034			—			37,034
Other liabilities and deferred credits	14,078			7,924			14,950			—			36,952
Deferred taxes	77,373			27,794			10,025			—			115,192
Stockholders’ investment:
Common stock	382			4,996			131,317			(136,313		)	382
Additional paid-in-capital	852,565			29,387			284,048			(313,435		)	852,565
Retained earnings	788,834			838,727			473,712			(1,312,439		)	788,834
Accumulated other comprehensive income (loss)	78,306			1,380			363,484			(729,264		)	(286,094		)
Treasury shares	(184,796		)	—			—			—			(184,796		)
Total Bristow Group stockholders’ investment	1,535,291			874,490			1,252,561			(2,491,451		)	1,170,891
Noncontrolling interests	1,358			—			5,895			—			7,253
Total stockholders’ investment	1,536,649			874,490			1,258,456			(2,491,451		)	1,178,144
Total liabilities and stockholders’ investment	$	3,001,737		$	1,759,265		$	2,078,463		$	(3,674,463	)	$	3,165,002

Supplemental Condensed Consolidating Statement of Cash Flows

Nine Months Ended December 31, 2018



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Net cash provided by (used in) operating activities	$	(93,365	)	$	23,819		$	2,145		$	(1,501	)	$	(68,902	)
Cash flows from investing activities:
Capital expenditures	(2,987		)	(12,827		)	(17,897		)	—			(33,711		)
Proceeds from asset dispositions	—			7,529			1,564			—			9,093
Net cash used in investing activities	(2,987		)	(5,298		)	(16,333		)	—			(24,618		)
Cash flows from financing activities:
Proceeds from borrowings	—			—			387			—			387
Debt issuance costs	(642		)	(32		)	(1,925		)	—			(2,599		)
Repayment of debt	—			(15,709		)	(33,407		)	—			(49,116		)
Dividends paid	162,941			1,649			(164,590		)	—			—
Increases (decreases) in cash related to intercompany advances and debt	(189,241		)	(13,333		)	202,574			—			—
Partial prepayment of put/call obligation	(40		)	—			—			—			(40		)
Dividends paid to noncontrolling interest	—			—			(580		)	—			(580		)
Issuance of common stock	2,830			—			—			—			2,830
Repurchases for tax withholdings on vesting of equity awards	(1,505		)	—			—			—			(1,505		)
Net cash provided by (used in) financing activities	(25,657		)	(27,425		)	2,459			—			(50,623		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(4,754		)	—			(4,754		)
Net decrease in cash and cash equivalents	(122,009		)	(8,904		)	(16,483		)	(1,501		)	(148,897		)
Cash and cash equivalents at beginning of period	277,176			8,904			94,143			—			380,223
Cash and cash equivalents at end of period	$	155,167		$	—		$	77,660		$	(1,501	)	$	231,326

Supplemental Condensed Consolidating Statement of Cash Flows

Nine Months Ended December 31, 2017



	Parent Company Only			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated

	(In thousands)
Net cash provided by (used in) operating activities	$	(105,817	)	$	34,995		$	62,437		$	(922	)	$	(9,307	)
Cash flows from investing activities:
Capital expenditures	(8,182		)	(7,755		)	(97,984		)	77,480			(36,441		)
Proceeds from asset dispositions	—			85,760			40,267			(77,480		)	48,547
Proceeds from OEM cost recoveries	—			—			94,463			—			94,463
Net cash provided by (used in) investing activities	(8,182		)	78,005			36,746			—			106,569
Cash flows from financing activities:
Proceeds from borrowings	318,550			—			230,218			—			548,768
Debt issuance costs	(2,558		)	(552		)	(8,543		)	—			(11,653		)
Repayment of debt	(569,325		)	(13,137		)	(27,205		)	—			(609,667		)
Purchase of 4½% Convertible Senior Notes call option	(40,393		)	—			—			—			(40,393		)
Proceeds from issuance of warrants	30,259			—			—			—			30,259
Dividends paid	110,637			—			(113,102		)	—			(2,465		)
Increases (decreases) in cash related to intercompany advances and debt	291,969			(99,610		)	(192,359		)	—			—
Partial prepayment of put/call obligation	(36		)	—			—			—			(36		)
Repurchases for tax withholdings on vesting of equity awards	(591		)	—			—			—			(591		)
Net cash provided by (used in) financing activities	138,512			(113,299		)	(110,991		)	—			(85,778		)
Effect of exchange rate changes on cash and cash equivalents	—			—			9,708			—			9,708
Net increase (decrease) in cash and cash equivalents	24,513			(299		)	(2,100		)	(922		)	21,192
Cash and cash equivalents at beginning of period	3,382			299			92,975			—			96,656
Cash and cash equivalents at end of period	$	27,895		$	—		$	90,875		$	(922	)	$	117,848