v3.8.0.1
VARIABLE INTEREST ENTITIES AND OTHER INVESTMENTS IN SIGNIFICANT AFFILIATES (Tables)
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12 Months Ended |
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Variable Interest Entities and Other Investments in Significant Affiliates [Abstract] |
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Noncontrolling interest |
Changes in the balance for the noncontrolling interest associated with Bristow Aviation are as follows (in thousands): | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | Balance – beginning of fiscal year | $ | 1,226 |
| | $ | 1,410 |
| | $ | 1,457 |
| Payments to noncontrolling interest shareholders | (49 | ) | | (49 | ) | | (55 | ) | Noncontrolling interest expense | 50 |
| | 50 |
| | 55 |
| Currency translation | 131 |
| | (185 | ) | | (47 | ) | Balance – end of fiscal year | $ | 1,358 |
| | $ | 1,226 |
| | $ | 1,410 |
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Primary beneficiary variable interest financial statements |
Bristow Aviation and its subsidiaries are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information reflected on our consolidated balance sheets and statements of operations for Bristow Aviation and subsidiaries is presented in the aggregate, including intercompany amounts with other consolidated entities, as follows (in thousands): | | | | | | | | | | | | 2018 | | 2017 | Assets | | | | Cash and cash equivalents | $ | 90,788 |
| | $ | 92,409 |
| Accounts receivable | 256,735 |
| | 222,560 |
| Inventories | 98,314 |
| | 90,190 |
| Prepaid expenses and other current assets | 38,665 |
| | 50,016 |
| Total current assets | 484,502 |
| | 455,175 |
| Investment in unconsolidated affiliates | 3,608 |
| | 3,513 |
| Property and equipment, net | 327,440 |
| | 306,831 |
| Goodwill | 19,907 |
| | 19,798 |
| Other assets | 231,884 |
| | 203,228 |
| Total assets | $ | 1,067,341 |
| | $ | 988,545 |
| Liabilities | | | | Accounts payable | $ | 292,893 |
| | $ | 146,841 |
| Accrued liabilities | 140,733 |
| | 122,130 |
| Accrued interest | 2,130,433 |
| | 1,891,305 |
| Current maturities of long-term debt | 23,125 |
| | 18,578 |
| Total current liabilities | 2,587,184 |
| | 2,178,854 |
| Long-term debt, less current maturities | 479,571 |
| | 501,782 |
| Accrued pension liabilities | 37,034 |
| | 61,647 |
| Other liabilities and deferred credits | 7,342 |
| | 8,138 |
| Deferred taxes | 26,252 |
| | 20,264 |
| Redeemable noncontrolling interest | — |
| | 6,886 |
| Total liabilities | $ | 3,137,383 |
| | $ | 2,777,571 |
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| | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | Revenue | $ | 1,241,223 |
| | $ | 1,209,019 |
| | $ | 1,441,834 |
| Operating loss | (65,254 | ) | | (80,542 | ) | | (57,780 | ) | Net loss | (322,752 | ) | | (279,159 | ) | | (279,309 | ) |
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Redeemable noncontrolling interest |
Changes in the balance for the redeemable noncontrolling interest related to Eastern Airways are as follows (in thousands): | | | | | | $ | 22,885 |
| Noncontrolling interest expense | (6,499 | ) | Currency translation | (913 | ) | | 15,473 |
| Noncontrolling interest expense | (6,848 | ) | Currency translation | (1,739 | ) | | 6,886 |
| Noncontrolling interest expense | (4,093 | ) | Currency translation | 4,163 |
| Acquisition of remaining 40% of Eastern Airways | (6,121 | ) | Reclassification to noncontrolling interest | (835 | ) | | $ | — |
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Changes in the balance for the redeemable noncontrolling interest related to Airnorth are as follows (in thousands): | | | | | | $ | 3,339 |
| Noncontrolling interest expense | 788 |
| Accretion of noncontrolling interest | 1,498 |
| Currency translation | (158 | ) | Acquisition of remaining 15% of Airnorth | (5,467 | ) | | $ | — |
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Schedule of unconsolidated affiliates |
Our percentage of economic ownership and investment balances for the unconsolidated affiliates are as follows: | | | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2018 | | 2017 | | | | | | | | | | | | | | (In thousands) | Cost Method: | | | | | | | | PAS | 25 | % | | 25 | % | | $ | 6,286 |
| | $ | 6,286 |
| Equity Method: | | | | | | | | Cougar (1) | 40 | % | | 40 | % | | 54,009 |
| | 56,885 |
| Líder (1) | 41.9 | % | | 41.9 | % | | 62,267 |
| | 143,477 |
| Other | | | | | 3,608 |
| | 3,514 |
| Total | | | | | $ | 126,170 |
| | $ | 210,162 |
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_______________ | | (1) | We had a 25% voting interest in Cougar and an approximate 20% voting interest in Líder as of March 31, 2018 and 2017. |
Earnings from unconsolidated affiliates were as follows (in thousands): | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | Dividends from entities accounted for under the cost method: | | | | | | PAS | $ | 2,518 |
| | $ | 2,068 |
| | $ | 2,068 |
| Earnings, net of losses, from entities accounted for under the equity method: | | | | | | Cougar | (2,877 | ) | | (2,857 | ) | | (2,001 | ) | Líder | 7,179 |
| | 8,064 |
| | (116 | ) | Other | (82 | ) | | (330 | ) | | 310 |
| | 4,220 |
| | 4,877 |
| | (1,807 | ) | Total | $ | 6,738 |
| | $ | 6,945 |
| | $ | 261 |
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Schedule of combined financial information for equity method investments |
A summary of combined financial information of our unconsolidated affiliates accounted for under the equity method is set forth below (in thousands): | | | | | | | | | | | | 2018 | | 2017 | | | | | | (Unaudited) | Current assets | $ | 221,169 |
| | $ | 248,998 |
| Non-current assets | 293,409 |
| | 310,975 |
| Total assets | $ | 514,578 |
| | $ | 559,973 |
| Current liabilities | $ | 131,664 |
| | $ | 127,292 |
| Non-current liabilities | 188,822 |
| | 244,978 |
| Equity | 194,092 |
| | 187,703 |
| Total liabilities and equity | $ | 514,578 |
| | $ | 559,973 |
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| | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | | | | | | | (Unaudited) | Revenue | $ | 298,731 |
| | $ | 327,351 |
| | $ | 368,586 |
| Gross profit | $ | 46,717 |
| | $ | 50,371 |
| | $ | 60,873 |
| Net income | $ | 13,285 |
| | $ | 14,581 |
| | $ | 21,871 |
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- DefinitionTabular disclosure of equity and cost method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.
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- Definition-- None. No documentation exists for this element. --
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- DefinitionThe tabular disclosure of the effects of any changes in a parent's ownership interest in a subsidiary on the equity attributable to the parent if the ownership interests in a subsidiary changes during the period. The changes represented by this element did not result in the deconsolidation of the subsidiary.
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- DefinitionTabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.
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- DefinitionTabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.
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- DefinitionTabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.
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