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Bristow Group Inc – ‘10-K’ for 3/31/16 – ‘R39’

On:  Friday, 5/27/16, at 3:31pm ET   ·   For:  3/31/16   ·   Accession #:  73887-16-40   ·   File #:  1-31617

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  As Of               Filer                 Filing    For·On·As Docs:Size

 5/27/16  Bristow Group Inc                 10-K        3/31/16   73:29M

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.43M 
 2: EX-21       Subsidiaries List                                   HTML     53K 
 3: EX-23       Consent of Experts or Counsel                       HTML     23K 
 4: EX-24       Power of Attorney                                   HTML     62K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     29K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     29K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     24K 
 8: EX-32.2     Certification -- §906 - SOA'02                      HTML     24K 
15: R1          Document and Entity Information                     HTML     49K 
16: R2          Consolidated Statements of Operations               HTML     98K 
17: R3          Consolidated Statements of Comprehensive Income     HTML     51K 
                (Loss)                                                           
18: R4          Consolidated Statements of Comprehensive Income     HTML     25K 
                (Loss) Parentheticals                                            
19: R5          Consolidated Balance Sheets                         HTML    151K 
20: R6          Consolidated Balance Sheets Parentheticals          HTML     33K 
21: R7          Consolidated Statements of Cash Flows               HTML    140K 
22: R8          Consolidated Statement of Stockholders' Investment  HTML    125K 
                and Redeemable Noncontrolling Interests                          
23: R9          Consolidated Statement of Stockholders' Investment  HTML     27K 
                and Redeemable Noncontrolling Interests                          
                (Parentheticals)                                                 
24: R10         Operations, Basis of Presentation and Summary of    HTML    276K 
                Significant Accounting Policies                                  
25: R11         Acquisitions                                        HTML     91K 
26: R12         Variable Interest Entities and Other Investments    HTML    198K 
                in Significant Affiliates                                        
27: R13         Property and Equipment and Assets Held for Sale     HTML     92K 
28: R14         Debt                                                HTML    110K 
29: R15         Fair Value Disclosures                              HTML    170K 
30: R16         Commitments and Contingencies                       HTML    166K 
31: R17         Taxes                                               HTML    173K 
32: R18         Employee Benefit Plans                              HTML    332K 
33: R19         Stockholders' Investment, Earnings Per Share and    HTML    144K 
                Accumulated Other Comprehensive Income                           
34: R20         Segment Information                                 HTML    242K 
35: R21         Quarterly Financial Information (Unaudited)         HTML     98K 
36: R22         Supplemental Condensed Consolidating Financial      HTML   1.06M 
                Information                                                      
37: R23         Operations, Basis of Presentation and Summary of    HTML    106K 
                Significant Accounting Policies (Sap)                            
38: R24         Variable Interest Entities and Other Investments    HTML     26K 
                in Significant Affiliates (Sap)                                  
39: R25         Fair Value Disclosures (Sap)                        HTML     26K 
40: R26         Employee Benefit Plans (Sap)                        HTML     40K 
41: R27         Operations, Basis of Presentation and Summary of    HTML    197K 
                Significant Accounting Policies (Tables)                         
42: R28         Acquisitions (Tables)                               HTML     83K 
43: R29         Variable Interest Entities and Other Investments    HTML    165K 
                in Significant Affiliates (Tables)                               
44: R30         Property and Equipment and Assets Held for Sale     HTML     76K 
                (Tables)                                                         
45: R31         Debt (Tables)                                       HTML     74K 
46: R32         Fair Value Disclosures (Tables)                     HTML    166K 
47: R33         Commitments and Contingencies (Tables)              HTML    149K 
48: R34         Taxes (Tables)                                      HTML    164K 
49: R35         Employee Benefit Plans (Tables)                     HTML    286K 
50: R36         Stockholders' Investment, Earnings Per Share and    HTML    135K 
                Accumulated Other Comprehensive Income (Tables)                  
51: R37         Segment Information (Tables)                        HTML    262K 
52: R38         Quarterly Financial Information (Unaudited)         HTML     97K 
                (Tables)                                                         
53: R39         Supplemental Condensed Consolidating Financial      HTML   1.05M 
                Information (Tables)                                             
54: R40         Operations, Basis of Presentation and Summary of    HTML    573K 
                Significant Accounting Policies (Details)                        
55: R41         Acquisitions (Details)                              HTML    181K 
56: R42         Variable Interest Entities and Other Investments    HTML    509K 
                in Significant Affiliates (Details)                              
57: R43         Property and Equipment and Assets Held for Sale     HTML    151K 
                (Details)                                                        
58: R44         Debt (Details)                                      HTML    320K 
59: R45         Fair Value Disclosures (Details)                    HTML    135K 
60: R46         Commitments and Contingencies (Details)             HTML    262K 
61: R47         Taxes (Details)                                     HTML    258K 
62: R48         Employee Benefit Plans (Details)                    HTML    502K 
63: R49         Stockholders' Investment, Earnings Per Share and    HTML    179K 
                Accumulated Comprehensive Income (Details)                       
64: R50         Segment Information (Details)                       HTML    192K 
65: R51         Quarterly Financial Information (Unaudited)         HTML    111K 
                (Details)                                                        
66: R52         Supplemental Condensed Consolidating Financial      HTML     43K 
                Information (Details)                                            
67: R53         Supplemental Condensed Consolidating Financial      HTML    172K 
                Information Is (Details)                                         
68: R54         Supplemental Condensed Consolidating Financial      HTML     74K 
                Information Oci (Details)                                        
69: R55         Supplemental Condensed Consolidating Financial      HTML    213K 
                Information Bs (Details)                                         
70: R56         Supplemental Condensed Consolidating Financial      HTML    129K 
                Information Cf (Details)                                         
72: XML         IDEA XML File -- Filing Summary                      XML    127K 
71: EXCEL       IDEA Workbook of Financial Reports                  XLSX    184K 
 9: EX-101.INS  XBRL Instance -- brs-20160331                        XML  10.10M 
11: EX-101.CAL  XBRL Calculations -- brs-20160331_cal                XML    386K 
12: EX-101.DEF  XBRL Definitions -- brs-20160331_def                 XML   1.63M 
13: EX-101.LAB  XBRL Labels -- brs-20160331_lab                      XML   3.59M 
14: EX-101.PRE  XBRL Presentations -- brs-20160331_pre               XML   2.03M 
10: EX-101.SCH  XBRL Schema -- brs-20160331                          XSD    314K 
73: ZIP         XBRL Zipped Folder -- 0000073887-16-000040-xbrl      Zip    673K

‘R39’   —   Supplemental Condensed Consolidating Financial Information (Tables)

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.4.0.3
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
 12 Months Ended
Supplemental Condensed Consolidating Financial Information [Abstract]  
Condensed Income Statement
The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors.
The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense.
The allocation of the consolidated income tax provision was made using the with and without allocation method.

Supplemental Condensed Consolidating Statement of Operations
Fiscal Year Ended March 31, 2016
 
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
(In thousands)
Revenue:
 
 
 
 
 
 
 
 
 
 
Gross revenue
 
$
—

 
$
229,499

 
$
1,486,014

 
$
—

 
$
1,715,513

Intercompany revenue
 
—

 
87,673

 
—

 
(87,673
)
 
—

 
 
—

 
317,172

 
1,486,014

 
(87,673
)
 
1,715,513

Operating expense:
 
 
 
 
 
 
 
 
 
 
Direct cost and reimbursable expense
 
320

 
192,500

 
1,116,545

 
—

 
1,309,365

Intercompany expenses
 
—

 
—

 
87,673

 
(87,673
)
 
—

Depreciation and amortization
 
7,137

 
60,312

 
69,363

 
—

 
136,812

General and administrative
 
68,787

 
27,440

 
128,418

 
—

 
224,645

 
 
76,244

 
280,252

 
1,401,999

 
(87,673
)
 
1,670,822

 
 
 
 
 
 
 
 
 
 
 
Loss on impairment
 
—

 
(7,264
)
 
(47,840
)
 
—

 
(55,104
)
Gain (loss) on disposal of assets
 
—

 
(21,579
)
 
(9,114
)
 
—

 
(30,693
)
Earnings from unconsolidated affiliates, net of losses
 
1,271

 
—

 
220

 
(1,230
)
 
261

Operating income (loss)
 
(74,973
)
 
8,077

 
27,281

 
(1,230
)
 
(40,845
)
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
(30,167
)
 
(3,859
)
 
(102
)
 
—

 
(34,128
)
Other income (expense), net
 
400

 
499

 
(5,157
)
 
—

 
(4,258
)
 
 
 
 
 
 
 
 
 
 
 
Income before provision for income taxes
 
(104,740
)
 
4,717

 
22,022

 
(1,230
)
 
(79,231
)
Allocation of consolidated income taxes
 
32,355

 
(3,546
)
 
(26,727
)
 
—

 
2,082

Net income (loss)
 
(72,385
)
 
1,171

 
(4,705
)
 
(1,230
)
 
(77,149
)
 
 
 
 
 
 
 
 
 
 
 
Net (income) loss attributable to noncontrolling interests
 
(57
)
 
—

 
4,764

 
—

 
4,707

Net income (loss) attributable to Bristow Group
 
(72,442
)
 
1,171

 
59

 
(1,230
)
 
(72,442
)
Accretion of redeemable noncontrolling interests
 
—

 
—

 
(1,498
)
 
—

 
(1,498
)
Net income (loss) attributable to common stockholders
 
$
(72,442
)
 
$
1,171

 
$
(1,439
)
 
$
(1,230
)
 
$
(73,940
)
Supplemental Condensed Consolidating Statement of Income
Fiscal Year Ended March 31, 2015
 
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
(In thousands)
Revenue:
 
 
 
 
 
 
 
 
 
 
Gross revenue
 
$
—

 
$
300,171

 
$
1,558,498

 
$
—

 
$
1,858,669

Intercompany revenue
 
767

 
91,476

 
—

 
(92,243
)
 
—

 
 
767

 
391,647

 
1,558,498

 
(92,243
)
 
1,858,669

Operating expense:
 
 
 
 
 
 
 
 
 
 
Direct cost and reimbursable expense
 
—

 
212,216

 
1,087,341

 
—

 
1,299,557

Intercompany expenses
 
—

 
—

 
92,243

 
(92,243
)
 
—

Depreciation and amortization
 
1,834

 
46,098

 
66,361

 
—

 
114,293

General and administrative
 
76,453

 
39,898

 
137,807

 
—

 
254,158

 
 
78,287

 
298,212

 
1,383,752

 
(92,243
)
 
1,668,008

 
 
 
 
 
 
 
 
 
 
 
Loss on impairment
 
—

 
—

 
(7,167
)
 
—

 
(7,167
)
Gain (loss) on disposal of assets
 
—

 
269

 
(36,118
)
 
—

 
(35,849
)
Earnings from unconsolidated affiliates, net of losses
 
44,731

 
—

 
(1,815
)
 
(44,687
)
 
(1,771
)
Operating income
 
(32,789
)
 
93,704

 
129,646

 
(44,687
)
 
145,874

 
 
 
 
 
 
 
 
 
 
 
Interest income (expense), net
 
112,336

 
(4,581
)
 
(137,109
)
 
—

 
(29,354
)
Extinguishment of debt
 
(2,591
)
 
—

 
—

 
—

 
(2,591
)
Gain on sale of consolidated affiliate
 
—

 
—

 
3,921

 
—

 
3,921

Other income (expense), net
 
323

 
483

 
(7,183
)
 
—

 
(6,377
)
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before provision for income taxes
 
77,279

 
89,606

 
(10,725
)
 
(44,687
)
 
111,473

Allocation of consolidated income taxes
 
7,080

 
(1,319
)
 
(28,527
)
 
—

 
(22,766
)
Net income (loss)
 
84,359

 
88,287

 
(39,252
)
 
(44,687
)
 
88,707

Net income attributable to noncontrolling interests
 
(59
)
 
—

 
(4,348
)
 
—

 
(4,407
)
Net income (loss) attributable to Bristow Group
 
$
84,300

 
$
88,287

 
$
(43,600
)
 
$
(44,687
)
 
$
84,300

Supplemental Condensed Consolidating Statement of Operations
Fiscal Year Ended March 31, 2014
 
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
(In thousands)
Revenue:
 
 
 
 
 
 
 
 
 
 
Gross revenue
 
$
—

 
$
303,878

 
$
1,365,704

 
$
—

 
$
1,669,582

Intercompany revenue
 
14,754

 
78,576

 
—

 
(93,330
)
 
—

 
 
14,754

 
382,454

 
1,365,704

 
(93,330
)
 
1,669,582

Operating expense:
 
 
 
 
 
 
 
 
 
 
Direct cost and reimbursable expense
 
—

 
219,873

 
966,259

 
—

 
1,186,132

Intercompany expenses
 
—

 
—

 
93,330

 
(93,330
)
 
—

Depreciation and amortization
 
2,835

 
43,052

 
50,090

 
—

 
95,977

General and administrative
 
64,891

 
33,925

 
100,998

 
—

 
199,814

 
 
67,726

 
296,850

 
1,210,677

 
(93,330
)
 
1,481,923

 
 
 
 
 
 
 
 
 
 
 
Loss on impairment
 
—

 
(6,988
)
 
(5,681
)
 
—

 
(12,669
)
Gain (loss) on disposal of assets
 
(45
)
 
4,312

 
(4,989
)
 
—

 
(722
)
Earnings from unconsolidated affiliates, net of losses
 
189,209

 
—

 
12,666

 
(189,166
)
 
12,709

Operating income
 
136,192

 
82,928

 
157,023

 
(189,166
)
 
186,977

 
 
 
 
 
 
 
 
 
 
 
Interest income (expense), net
 
79,972

 
(4,785
)
 
(118,405
)
 
—

 
(43,218
)
Gain on sale of consolidated affiliate
 
—

 
—

 
103,924

 
—

 
103,924

Other income (expense), net
 
(174
)
 
(342
)
 
(2,176
)
 
—

 
(2,692
)
 
 
 
 
 
 
 
 
 
 
 
Income before provision for income taxes
 
215,990

 
77,801

 
140,366

 
(189,166
)
 
244,991

Allocation of consolidated income taxes
 
(29,193
)
 
(6,292
)
 
(21,727
)
 
—

 
(57,212
)
Net income
 
186,797

 
71,509

 
118,639

 
(189,166
)
 
187,779

Net income attributable to noncontrolling interests
 
(60
)
 
—

 
(982
)
 
—

 
(1,042
)
Net income attributable to Bristow Group
 
$
186,737

 
$
71,509

 
$
117,657

 
$
(189,166
)
 
$
186,737
Condensed Statement of Comprehensive Income
The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors.
The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense.
The allocation of the consolidated income tax provision was made using the with and without allocation method.

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)
Fiscal Year Ended March 31, 2016
 
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
(In thousands)
 
 
 
 
Net income (loss)
 
$
(72,385
)
 
$
1,171

 
$
(4,705
)
 
$
(1,230
)
 
$
(77,149
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
 
2

 
—

 
(186,812
)
 
165,206

 
(21,604
)
Pension liability adjustment
 
—

 
—

 
705

 
—

 
705

Total comprehensive income (loss)
 
(72,383
)
 
1,171

 
(190,812
)
 
163,976

 
(98,048
)
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
 
(57
)
 
—

 
4,764

 
—

 
4,707

Currency translation adjustments attributable to noncontrolling interests
 
—

 
—

 
1,409

 
—

 
1,409

Total comprehensive income attributable to noncontrolling interests
 
(57
)
 
—

 
6,173

 
—

 
6,116

Total comprehensive income (loss) attributable to Bristow Group
 
(72,440
)
 
1,171

 
(184,639
)
 
163,976

 
(91,932
)
Accretion of redeemable noncontrolling interests
 
—

 
—

 
(1,498
)
 
—

 
(1,498
)
Total comprehensive (income) loss attributable to common stockholders
 
$
(72,440
)
 
$
1,171

 
$
(186,137
)
 
$
163,976

 
$
(93,430
)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)
Fiscal Year Ended March 31, 2015
 
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
(In thousands)
 
 
 
 
Net income (loss)
 
$
84,359

 
$
88,287

 
$
(39,252
)
 
$
(44,687
)
 
$
88,707

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
 
(25,885
)
 
—

 
24,852

 
(70,584
)
 
(71,617
)
Pension liability adjustment
 
—

 
—

 
(36,978
)
 
—

 
(36,978
)
Total comprehensive income (loss)
 
58,474

 
88,287

 
(51,378
)
 
(115,271
)
 
(19,888
)
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
 
(59
)
 
—

 
(4,348
)
 
—

 
(4,407
)
Currency translation adjustment attributable to noncontrolling interest
 
—

 
—

 
(5,228
)
 
—

 
(5,228
)
Total comprehensive income attributable to noncontrolling interests
 
(59
)
 
—

 
(9,576
)
 
—

 
(9,635
)
Total comprehensive income (loss) attributable to Bristow Group
 
$
58,415

 
$
88,287

 
$
(60,954
)
 
$
(115,271
)
 
$
(29,523
)

Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss)
Fiscal Year Ended March 31, 2014
 
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
(In thousands)
 
 
 
 
Net income
 
$
186,797

 
$
71,509

 
$
118,639

 
$
(189,166
)
 
$
187,779

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
 
8,173

 
—

 
(40,402
)
 
50,958

 
18,729

Pension liability adjustment
 
—

 
—

 
23,367

 
—

 
23,367

Total comprehensive income
 
194,970

 
71,509

 
101,604

 
(138,208
)
 
229,875

 
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
 
(60
)
 
—

 
(982
)
 
—

 
(1,042
)
Currency translation adjustments attributable to noncontrolling interests
 
—

 
—

 
1,081

 
—

 
1,081

Total comprehensive (income) loss attributable to noncontrolling interests
 
(60
)
 
—

 
99

 
—

 
39

Total comprehensive income attributable to Bristow Group
 
$
194,910

 
$
71,509

 
$
101,703

 
$
(138,208
)
 
$
229,914
Condensed Balance Sheet
The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors.
The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense.
The allocation of the consolidated income tax provision was made using the with and without allocation method.
Supplemental Condensed Consolidating Balance Sheet
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
(In thousands)
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
35,241

 
$
3,393

 
$
65,676

 
$
—

 
$
104,310

Accounts receivable
 
768,641

 
353,729

 
373,963

 
(1,247,016
)
 
249,317

Inventories
 
—

 
37,185

 
105,318

 
—

 
142,503

Assets held for sale
 
—

 
38,771

 
5,012

 
—

 
43,783

Prepaid expenses and other current assets
 
5,048

 
(1,843
)
 
49,978

 
—

 
53,183

Total current assets
 
808,930

 
431,235

 
599,947

 
(1,247,016
)
 
593,096

 
 
 
 
 
 
 
 
 
 
 
Intercompany investment
 
2,207,516

 
104,435

 
145,168

 
(2,457,119
)
 
—

Investment in unconsolidated affiliates
 
—

 
—

 
194,952

 
—

 
194,952

Intercompany notes receivable
 
153,078

 
13,787

 
3,600

 
(170,465
)
 
—

Property and equipment - at cost:
 
 
 
 
 
 
 
 
 
 
Land and buildings
 
4,776

 
63,976

 
184,346

 
—

 
253,098

Aircraft and equipment
 
137,751

 
1,142,829

 
1,289,997

 
—

 
2,570,577

 
 
142,527

 
1,206,805

 
1,474,343

 
—

 
2,823,675

Less – Accumulated depreciation and amortization
 
(23,556
)
 
(238,644
)
 
(278,223
)
 
—

 
(540,423
)
 
 
118,971

 
968,161

 
1,196,120

 
—

 
2,283,252

Goodwill
 
—

 
—

 
29,990

 
—

 
29,990

Other assets
 
56,562

 
743

 
113,267

 
—

 
170,572

Total assets
 
$
3,345,057

 
$
1,518,361

 
$
2,283,044

 
$
(3,874,600
)
 
$
3,271,862

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
208,230

 
$
475,118

 
$
296,860

 
$
(883,242
)
 
$
96,966

Accrued liabilities
 
26,886

 
31,371

 
401,031

 
(257,683
)
 
201,605

Deferred taxes
 
88

 
1,914

 
(121
)
 
—

 
1,881

Short-term borrowings and current maturities of long-term debt
 
28,000

 
—

 
34,716

 
—

 
62,716

Contingent consideration
 
—

 
—

 
29,522

 
—

 
29,522

Total current liabilities
 
263,204

 
508,403

 
762,008

 
(1,140,925
)
 
392,690

 
 
 
 
 
 
 
 
 
 
 
Long-term debt, less current maturities
 
1,053,200

 
—

 
24,973

 
—

 
1,078,173

Intercompany notes payable
 
—

 
108,952

 
81,422

 
(190,374
)
 
—

Accrued pension liabilities
 
—

 
—

 
70,107

 
—

 
70,107

Other liabilities and deferred credits
 
12,278

 
6,935

 
14,060

 
—

 
33,273

Deferred taxes
 
147,631

 
3,670

 
20,953

 
—

 
172,254

Redeemable noncontrolling interests
 
—

 
—

 
15,473

 
—

 
15,473

Stockholders’ investment:
 
 
 
 
 
 
 
 
 
 
Common stock
 
377

 
4,996

 
130,348

 
(135,344
)
 
377

Additional paid-in-capital
 
801,173

 
9,291

 
284,048

 
(293,339
)
 
801,173

Retained earnings
 
1,172,273

 
876,114

 
807,131

 
(1,683,245
)
 
1,172,273

Accumulated other comprehensive income (loss)
 
78,306

 
—

 
63,248

 
(431,373
)
 
(289,819
)
Treasury shares
 
(184,796
)
 
—

 
—

 
—

 
(184,796
)
Total Bristow Group stockholders’ investment
 
1,867,333

 
890,401

 
1,284,775

 
(2,543,301
)
 
1,499,208

Noncontrolling interests
 
1,411

 
—

 
9,273

 
—

 
10,684

Total stockholders’ investment
 
1,868,744

 
890,401

 
1,294,048

 
(2,543,301
)
 
1,509,892

Total liabilities, redeemable noncontrolling interests and stockholders’ investment
 
$
3,345,057

 
$
1,518,361

 
$
2,283,044

 
$
(3,874,600
)
 
$
3,271,862


Supplemental Condensed Consolidating Balance Sheet
 
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
(In thousands)
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
126

 
$
884

 
$
103,136

 
$
—

 
$
104,146

Accounts receivable
 
377,158

 
342,239

 
447,776

 
(908,555
)
 
258,618

Inventories
 
—

 
44,285

 
102,884

 
—

 
147,169

Assets held for sale
 
—

 
54,695

 
3,132

 
—

 
57,827

Prepaid expenses and other current assets
 
4,850

 
7,035

 
58,206

 
—

 
70,091

Total current assets
 
382,134

 
449,138

 
715,134

 
(908,555
)
 
637,851

 
 
 
 
 
 
 
 
 
 
 
Intercompany investment
 
1,410,347

 
111,380

 
—

 
(1,521,727
)
 
—

Investment in unconsolidated affiliates
 
—

 
—

 
216,376

 
—

 
216,376

Intercompany notes receivable
 
1,184,335

 
—

 
—

 
(1,184,335
)
 
—

Property and equipment - at cost:
 
 
 
 
 
 
 
 
 
 
Land and buildings
 
2,830

 
50,946

 
118,183

 
—

 
171,959

Aircraft and equipment
 
108,457

 
1,114,218

 
1,271,194

 
—

 
2,493,869

 
 
111,287

 
1,165,164

 
1,389,377

 
—

 
2,665,828

Less – Accumulated depreciation and amortization
 
(16,431
)
 
(223,245
)
 
(269,051
)
 
—

 
(508,727
)
 
 
94,856

 
941,919

 
1,120,326

 
—

 
2,157,101

Goodwill
 
—

 
4,756

 
70,872

 
—

 
75,628

Other assets
 
43,423

 
988

 
99,353

 
—

 
143,764

Total assets
 
$
3,115,095

 
$
1,508,181

 
$
2,222,061

 
$
(3,614,617
)
 
$
3,230,720

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
203,700

 
$
369,854

 
$
289,838

 
$
(779,199
)
 
$
84,193

Accrued liabilities
 
31,805

 
37,860

 
172,851

 
(18,009
)
 
224,507

Deferred taxes
 
(3,661
)
 
2,503

 
18,862

 
—

 
17,704

Short-term borrowings and current maturities of long-term debt
 
9,088

 
—

 
9,642

 
—

 
18,730

Deferred sale leaseback advance
 
—

 
55,934

 
—

 
—

 
55,934

Total current liabilities
 
240,932

 
466,151

 
525,131

 
(797,208
)
 
435,006

 
 
 
 
 
 
 
 
 
 
 
Long-term debt, less current maturities
 
812,536

 
—

 
33,156

 
—

 
845,692

Intercompany notes payable
 
100,000

 
131,075

 
1,065,918

 
(1,296,993
)
 
—

Accrued pension liabilities
 
—

 
—

 
99,576

 
—

 
99,576

Other liabilities and deferred credits
 
17,144

 
8,379

 
21,711

 
(7,452
)
 
39,782

Deferred taxes
 
141,771

 
6,346

 
17,538

 
—

 
165,655

Redeemable noncontrolling interests
 
—

 
—

 
26,223

 
—

 
26,223

Stockholders’ investment:
 
 
 
 
 
 
 
 
 
 
Common stock
 
376

 
4,996

 
22,876

 
(27,872
)
 
376

Additional paid-in-capital
 
781,837

 
9,291

 
284,048

 
(293,339
)
 
781,837

Retained earnings
 
1,284,442

 
881,943

 
133,559

 
(1,015,502
)
 
1,284,442

Accumulated other comprehensive loss
 
(80,604
)
 
—

 
(13,474
)
 
(176,251
)
 
(270,329
)
Treasury shares
 
(184,796
)
 
—

 
—

 
—

 
(184,796
)
Total Bristow Group stockholders’ investment
 
1,801,255

 
896,230

 
427,009

 
(1,512,964
)
 
1,611,530

Noncontrolling interests
 
1,457

 
—

 
5,799

 
—

 
7,256

Total stockholders’ investment
 
1,802,712

 
896,230

 
432,808

 
(1,512,964
)
 
1,618,786

Total liabilities, redeemable noncontrolling interests
 and stockholders’ investment
 
$
3,115,095

 
$
1,508,181

 
$
2,222,061

 
$
(3,614,617
)
 
$
3,230,720
Condensed Cash Flow Statement
The following supplemental financial information sets forth, on a consolidating basis, the balance sheet, statement of operations, comprehensive income and cash flow information for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors.
The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense.
The allocation of the consolidated income tax provision was made using the with and without allocation method.

Supplemental Condensed Consolidating Statement of Cash Flows
Fiscal Year Ended March 31, 2016
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
(In thousands)
Net cash provided by (used in) operating activities
 
$
(96,497
)
 
$
104,989

 
$
107,534

 
$
—

 
$
116,026

 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(31,223
)
 
(239,773
)
 
(101,379
)
 
—

 
(372,375
)
Proceeds from asset dispositions
 
—

 
50,780

 
9,255

 
—

 
60,035

Investment in unconsolidated affiliate
 
—

 
—

 
(4,410
)
 
—

 
(4,410
)
Net cash used in investing activities
 
(31,223
)
 
(188,993
)
 
(96,534
)
 
—

 
(316,750
)
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
 
908,225

 
—

 
20,577

 
—

 
928,802

Payment of contingent consideration
 
—

 
—

 
(9,453
)
 
—

 
(9,453
)
Debt issuance costs
 
(5,139
)
 
—

 
—

 
—

 
(5,139
)
Repayment of debt and debt redemption
premiums
 
(649,650
)
 
—

 
(27,353
)
 
—

 
(677,003
)
Proceeds from assignment of aircraft purchase agreements
 
—

 
—

 
—

 
—

 
—

Partial prepayment of put/call obligation
 
(55
)
 
—

 
—

 
—

 
(55
)
Acquisition of noncontrolling interests
 
—

 
—

 
(7,309
)
 
—

 
(7,309
)
Dividends paid to noncontrolling interest
 
—

 
—

 
(153
)
 
—

 
(153
)
Repurchase of Common Stock
 
—

 
—

 
—

 
—

 
—

Dividends paid
 
(38,076
)
 
—

 
—

 
—

 
(38,076
)
Increases (decreases) in cash related to intercompany advances and debt
 
(52,470
)
 
86,513

 
(34,043
)
 
—

 
—

Issuance of Common Stock
 
—

 
—

 
—

 
—

 
—

Tax benefit related to stock-based compensation
 
—

 
—

 
—

 
—

 
—

Net cash provided by (used in) financing activities
 
162,835

 
86,513

 
(57,734
)
 
—

 
191,614

Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
9,274

 
—

 
9,274

Net increase (decrease) in cash and cash equivalents
 
35,115

 
2,509

 
(37,460
)
 
—

 
164

Cash and cash equivalents at beginning of period
 
126

 
884

 
103,136

 
—

 
104,146

Cash and cash equivalents at end of period
 
$
35,241

 
$
3,393

 
$
65,676

 
$
—

 
$
104,310

 Supplemental Condensed Consolidating Statement of Cash Flows
Fiscal Year Ended March 31, 2015
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
(In thousands)
Net cash provided by (used in) operating activities
 
$
(99,130
)
 
$
245,451

 
$
106,459

 
$
446

 
$
253,226

 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(46,217
)
 
(286,879
)
 
(268,738
)
 
—

 
(601,834
)
Acquisitions, net of cash received
 
—

 
—

 
(20,303
)
 
—

 
(20,303
)
Proceeds from sale of unconsolidated affiliate
 
—

 
—

 
4,185

 
—

 
4,185

Proceeds from asset dispositions
 
—

 
211,423

 
203,436

 
—

 
414,859

Net cash used in investing activities
 
(46,217
)
 
(75,456
)
 
(81,420
)
 
—

 
(203,093
)
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
 
453,000

 
—

 
1,393

 
—

 
454,393

Repayment of debt and debt redemption premiums
 
(448,799
)
 
—

 
(11,475
)
 
—

 
(460,274
)
Partial prepayment of put/call obligation
 
(59
)
 
—

 
—

 
—

 
(59
)
Acquisition of noncontrolling interest
 
—

 
—

 
(3,170
)
 
—

 
(3,170
)
Repurchase of Common Stock
 
(80,831
)
 
—

 
—

 
—

 
(80,831
)
Dividends paid
 
(45,078
)
 
—

 
—

 
—

 
(45,078
)
Increases (decreases) in cash related to intercompany advances and debt
 
255,878

 
(169,111
)
 
(86,767
)
 
—

 
—

Issuance of Common Stock
 
5,172

 
—

 
—

 
—

 
5,172

Tax benefit related to stock-based compensation
 
1,550

 
—

 
—

 
—

 
1,550

Net cash provided by (used in) financing activities
 
140,833

 
(169,111
)
 
(100,019
)
 
—

 
(128,297
)
Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
(22,031
)
 
—

 
(22,031
)
Net increase (decrease) in cash and cash equivalents
 
(4,514
)
 
884

 
(97,011
)
 
446

 
(100,195
)
Cash and cash equivalents at beginning of period
 
4,640

 
—

 
200,147

 
(446
)
 
204,341

Cash and cash equivalents at end of period
 
$
126

 
$
884

 
$
103,136

 
$
—

 
$
104,146

Supplemental Condensed Consolidating Statement of Cash Flows
Fiscal Year Ended March 31, 2014
 
 
Parent
Company
Only
 
Guarantor
 
Non-
Guarantor
 
Eliminations
 
Consolidated
 
 
(In thousands)
Net cash provided by (used in) operating activities
 
$
(48,173
)
 
$
107,059

 
$
173,654

 
$
(446
)
 
$
232,094

 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(33,197
)
 
(482,786
)
 
(246,868
)
 
134,238

 
(628,613
)
Acquisitions, net of cash received
 
—

 
—

 
(39,850
)
 
—

 
(39,850
)
Proceeds from sale of unconsolidated affiliate
 
—

 
—

 
112,210

 
—

 
112,210

Proceeds from asset dispositions
 
—

 
284,042

 
140,147

 
(134,238
)
 
289,951

Net cash used in investing activities
 
(33,197
)
 
(198,744
)
 
(34,361
)
 
—

 
(266,302
)
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
 
528,600

 
—

 
4,464

 
—

 
533,064

Payment of contingent consideration
 
—

 
—

 
(6,000
)
 
—

 
(6,000
)
Debt issuance costs
 
(15,523
)
 
—

 
—

 
—

 
(15,523
)
Repayment of debt and debt redemption
premiums
 
(508,060
)
 
—

 
(4,432
)
 
—

 
(512,492
)
Proceeds from assignment of aircraft purchase
 
—

 
106,113

 
—

 
—

 
106,113

Partial prepayment of put/call obligation
 
(57
)
 
—

 
—

 
—

 
(57
)
Acquisition of noncontrolling interest
 
—

 
—

 
(2,078
)
 
—

 
(2,078
)
Repurchase of Common Stock
 
(77,661
)
 
—

 
—

 
—

 
(77,661
)
Dividends paid
 
(33,254
)
 
34

 
(3,100
)
 
—

 
(36,320
)
Increases (decreases) in cash related to intercompany advances and debt
 
138,991

 
(19,832
)
 
(119,159
)
 
—

 
—

Issuance of Common Stock
 
15,398

 
—

 
—

 
—

 
15,398

Tax benefit related to stock-based compensation
 
5,723

 
—

 
—

 
—

 
5,723

Net cash provided by (used in) financing activities
 
54,157

 
86,315

 
(130,305
)
 
—

 
10,167

Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
12,759

 
—

 
12,759

Net increase (decrease) in cash and cash equivalents
 
(27,213
)
 
(5,370
)
 
21,747

 
(446
)
 
(11,282
)
Cash and cash equivalents at beginning of period
 
31,853

 
5,370

 
178,400

 
—

 
215,623

Cash and cash equivalents at end of period
 
$
4,640

 
$
—

 
$
200,147

 
$
(446
)
 
$
204,341

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:5/27/16
For Period end:3/31/16
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