FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Jun. 30, 2019

The following table summarizes the financial instruments we had as of June 30, 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 June 30, 2019		Balance Sheet Classification
Derivative financial instruments	$	—	$	2,134	$	—	$	2,134	Prepaid expenses and other current assets
Rabbi Trust investments	2,632		—		—		2,632		Other assets
Total assets	$	2,632	$	2,134	$	—	$	4,766

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



	June 30, 2019				March 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
8.75% Senior Secured Notes due 2023⁽¹⁾	$	347,597	$	339,500	$	347,400	$	252,000
4½% Convertible Senior Notes due 2023^{(2) (3)}	143,750		30,188		112,944		28,923
6¼% Senior Notes due 2022⁽³⁾	401,535		83,720		401,535		75,288
Term Loan	75,000		75,000		—		—
Lombard Debt	176,094		176,094		183,450		183,450
Macquarie Debt	171,028		171,028		171,028		171,028
PK Air Debt	210,494		210,494		212,041		212,041
Airnorth Debt	10,146		10,146		11,058		11,058
Eastern Airways Debt	382		382		—		—
Other Debt⁽³⁾	9,370		9,370		9,168		9,168
	$	1,545,396	$	1,105,922	$	1,448,624	$	942,956

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⁽¹⁾	The carrying value is net of unamortized discount of $2.4 million and $2.6 million as of June 30, 2019 and March 31, 2019, respectively.


⁽²⁾	The carrying value is net of unamortized discount of zero and $30.8 million as of June 30, 2019 and March 31, 2019, respectively.


⁽³⁾	Reclassified to liabilities subject to compromise on our condensed consolidated balance sheet as of June 30, 2019. See Note 2 and Note 5 for further details.