EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Mar. 31, 2019

Defined Benefit Plan Disclosure [Line Items]

Schedule of accumulated and projected benefit obligations

The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members.

	Fiscal Year Ended March 31,
	2019			2018
	(In thousands)
Change in benefit obligation:
Projected benefit obligation (PBO) at beginning of period	$	545,128		$	517,186
Service cost	655			856
Interest cost	12,984			12,914
Actuarial loss (gain)	9,702			(19,930		)
Benefit payments and expenses	(28,593		)	(27,002		)
Curtailments	—			—
Settlements	—			—
Effect of exchange rate changes	(38,820		)	61,104
Projected benefit obligation (PBO) at end of period	$	504,076		$	545,128

Schedule of change in plan assets

The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members.

Change in plan assets:
Market value of assets at beginning of period	$	508,375		$	455,539
Actual return on assets	18,121			7,480
Employer contributions	16,644			17,001
Benefit payments and expenses	(28,593		)	(27,002		)
Settlements	—			—
Effect of exchange rate changes	(36,197		)	55,357
Market value of assets at end of period	$	478,350		$	508,375

Schedule of net funded status

The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members.

Reconciliation of funded status:
Accumulated benefit obligation (ABO)	$	504,076		$	545,128
Projected benefit obligation (PBO)	$	504,076		$	545,128
Fair value of assets	(478,350		)	(508,375		)
Net recognized pension liability	$	25,726		$	36,753
Amounts recognized in accumulated other comprehensive loss	$	219,232		$	232,043

Schedule of components of net periodic pension cost

The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members.

	Fiscal Year Ended March 31,
	2019			2018			2017
	(In thousands)
Components of net periodic pension cost:
Service cost for benefits earned during the period	$	655		$	856		$	627
Interest cost on PBO	12,984			12,914			15,330
Expected return on assets	(17,118		)	(21,184		)	(21,697		)
Amortization of unrecognized losses	8,001			8,151			7,266
Net periodic pension cost	$	4,522		$	737		$	1,526

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⁽¹⁾  Bristow Norway had a final salary defined benefit plan prior to its closing on March 1, 2016, which led to a curtailment and settlement of the projected benefit obligations.

Schedule of assumptions

Actuarial assumptions used to develop the components of the U.K. plans were as follows:    

	Fiscal Year Ended March 31,
	2019		2018		2017
Discount rate	2.60	%	2.40	%	3.30	%
Expected long-term rate of return on assets	3.62	%	4.41	%	5.30	%
Pension increase rate	2.90	%	3.00	%	2.80	%

Schedule of investment strategy

The market value of the plan’s assets as of March 31, 2019 and 2018 was allocated between asset classes as follows. Details of target allocation percentages under the Plan Trustee’s investment strategies as of the same dates are also included.

	Target Allocation as of March 31,				Actual Allocation as of March 31,
Asset Category	2019		2018		2019		2018
Equity securities	25.4	%	25.4	%	24.1	%	30.2	%
Debt securities	34.8	%	34.8	%	44.5	%	40.5	%
Property	7.4	%	7.4	%	6.1	%	3.1	%
Other assets	32.4	%	32.4	%	25.3	%	26.2	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

Schedule of fair value hierarchy

The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2019, which are valued at fair value (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
Cash and cash equivalents	$	26,191	$	—	$	—	$	26,191
Cash plus	—		84,438		—		84,438
Equity investments - U.K.	—		2,476		—		2,476
Equity investments - Non-U.K.	—		1,303		—		1,303
Insurance Linked Securities	—		—		25,279		25,279
Illiquid credit	—		—		40,004		40,004
Diversified growth (absolute return) funds	—		86,001		—		86,001
Government debt securities	—		138,384		—		138,384
Corporate debt securities	—		74,274		—		74,274
Total investments	$	26,191	$	386,876	$	65,283	$	478,350

The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2018, which are valued at fair value (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
Cash and cash equivalents	$	26,373	$	—	$	—	$	26,373
Cash plus	—		105,070		—		105,070
Equity investments - U.K.	—		1,683		—		1,683
Equity investments - Non-U.K.	—		151,923		—		151,923
Property	—		15,852		—		15,852
Diversified growth (absolute return) funds	—		1,824		—		1,824
Government debt securities	—		124,428		—		124,428
Corporate debt securities	—		81,222		—		81,222
Total investments	$	26,373	$	482,002	$	—	$	508,375

Future benefit payments

Estimated future benefit payments over each of the next five fiscal years from March 31, 2019 and in aggregate for the following five fiscal years after fiscal year 2024 are as follows (in thousands):

Projected Benefit Payments by the Plans for Fiscal Years Ending March 31,	Payments
2020	$	22,022
2021	22,673
2022	23,194
2023	23,846
2024	24,237
Aggregate 2025 - 2029	126,787

Schedule of stock option activity

A summary of our stock option activity for fiscal year 2019 is presented below:

	Weighted Average Exercise Prices		Number of Shares		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
						(in thousands)
Outstanding at March 31, 2018	$	29.90	3,573,778
Granted	12.19		593,129
Exercised	16.21		(174,578	)
Expired or forfeited	33.59		(774,606	)
Outstanding at March 31, 2019	26.49		3,217,723		6.46	$	—
Exercisable at March 31, 2019	36.60		1,992,283		5.24	$	—

Schedule of Black Scholes assumptions

The following table shows the assumptions we used to compute the stock-based compensation expense for stock option grants issued during fiscal years 2019, 2018 and 2017.    

	Fiscal Year Ended March 31,
	2019			2018			2017
Risk free interest rate	2.76		%	1.78		%	1.07		%
Expected life (years)	5			5			5
Volatility	62.8		%	56.1		%	46.8		%
Dividend yield	—		%	3.98		%	2.74		%
Weighted average grant-date fair value of options granted	$	6.71		$	2.53		$	2.16

Schedule of non-vested restricted stock and restricted stock units

The following is a summary of non-vested restricted stock as of March 31, 2019 and 2018 and changes during fiscal year 2019:    

	Units		Weighted Average Grant Date Fair Value per Unit
Non-vested as of March 31, 2018	898,169		$	13.69
Granted	400,788		12.53
Forfeited	(161,404	)	10.10
Vested	(277,191	)	27.34
Non-vested as of March 31, 2019	860,362		9.43

Schedule of separation programs

The expense related to the VSPs and ISPs for the fiscal years 2019, 2018 and 2017 is as follows (in thousands):

	Fiscal Year Ended March 31,
	2019		2018		2017
VSP:
Direct cost	$	—	$	105	$	1,663
General and administrative	—		1,017		23
Total	$	—	$	1,122	$	1,686
ISP:
Direct cost	$	7,125	$	11,538	$	5,938
General and administrative	2,110		9,676		9,238
Total	$	9,235	$	21,214	$	15,176