FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Mar. 31, 2019

Schedule of fair value assets measured on recurring basis

The following table summarizes the financial instruments we had as of March 31, 2019, 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, 2019		Balance Sheet Classification
Derivative financial instrument	$	—	$	1,845	$	—	$	1,845	Prepaid expenses and other current assets
Rabbi Trust investments	2,544		—		—		2,544		Other assets
Total assets	$	2,544	$	1,845	$	—	$	4,389

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 at March 31, 2018		Balance Sheet Classification
Derivative financial instrument	$	—	$	718	$	—	$	718	Prepaid expenses and other current assets
Rabbi Trust investments	2,296		—		—		2,296		Other assets
Total assets	$	2,296	$	718	$	—	$	3,014

The rabbi trust investments consist of cash and mutual funds whose fair value are based on quoted prices in active markets for identical assets and are designated as Level 1 within the valuation hierarchy. The rabbi trust holds investments related to our non-qualified deferred compensation plan for our senior executives as discussed in Note 10. The derivative financial instrument consists of foreign currency put option contracts whose fair value is determined by quoted market prices of the same or similar instruments, adjusted for counterparty risk. See Note 7 for a discussion of our derivative financial instruments.

Schedule of fair value assets measured on non-recurring basis

The following table summarizes the assets as of March 31, 2019, valued at fair value on a non-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)		Total Loss for Fiscal Year 2019
Inventories ⁽¹⁾	$	—	$	—	$	7,697	$	(9,276	)
Assets held for sale ⁽²⁾	—		—		5,350		(8,149		)
Aircraft and equipment ⁽¹⁾	—		—		136,338		(104,939		)
Other intangible assets ⁽¹⁾	—		—		—		(3,005		)
Total assets	$	—	$	—	$	149,385	$	(125,369	)

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


⁽²⁾	Fair value as of March 31, 2019.

The following table summarizes the assets as of March 31, 2018, valued at fair value on a non-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)		Total Loss for Fiscal Year 2018
Inventories ⁽¹⁾	$	—	$	515	$	—	$	(5,717	)
Assets held for sale ⁽¹⁾	—		—		30,348		(15,853		)
Investment in unconsolidated affiliates ⁽¹⁾	—		—		62,267		(85,683		)
Total assets	$	—	$	515	$	92,615	$	(107,253	)

_____________


⁽¹⁾	Fair value as of March 31, 2018.

Schedule of carrying value and fair value of debt

The carrying and fair value of our long-term debt, including the current portion and excluding unamortized debt issuance costs, are as follows (in thousands):



	March 31,
	2019				2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
8.75% Senior Secured Notes ⁽¹⁾	$	347,400	$	252,000	$	346,610	$	353,500
4½% Convertible Senior Notes ⁽²⁾	112,944		28,923		107,397		158,772
6¼% Senior Notes	401,535		75,288		401,535		325,243
Lombard Debt	183,450		183,450		211,087		211,087
Macquarie Debt	171,028		171,028		185,028		185,028
PK Air Debt	212,041		212,041		230,000		230,000
Airnorth Debt	11,058		11,058		13,832		13,832
Eastern Airways Debt	—		—		14,519		14,519
Other Debt	9,168		9,168		3,991		3,991
	$	1,448,624	$	942,956	$	1,513,999	$	1,495,972

_____________

⁽¹⁾ The carrying value is net of unamortized discount of $2.6 million and $3.4 million as of March 31, 2019 and 2018, respectively.

⁽²⁾ The carrying value is net of unamortized discount of $30.8 million and $36.4 million as of March 31, 2019 and 2018 respectively.