Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.21.1
BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of allowance for doubtful accounts
The allowance for doubtful accounts from non-affiliates were as follows (in thousands):
  Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019		 Fiscal Year Ended March 31, 2019
Successor Predecessor
Balance – beginning of period $ 368  $ —  $ 1,617  $ 3,304 
Additional allowances 1,935  368  25  1,073 
Write-offs and collections —  —  —  (2,760)
Sale of subsidiaries(1)
—  —  (851) — 
Fresh-start accounting adjustments(2)
—  —  (791) — 
Balance – end of period $ 2,303  $ 368  $ —  $ 1,617 
________________________ 
(1)As the result of the sale of Eastern Airways International Limited (“Eastern Airways”), Aviashelf Aviation Co. (“Aviashelf”) and Bristow Helicopters Leasing Limited (“BHLL”), Old Bristow wrote off allowance for doubtful accounts for non-affiliates by $0.9 million.
(2)In connection with Old Bristow’s emergence from bankruptcy and the application of ASC 852, Old Bristow adjusted allowance for doubtful accounts to fair value at the Effective Date.
Schedule of allowance for inventory
The following table reflects the allowance related to dormant, obsolete and excess inventory (in thousands):
     
  Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019		 Fiscal Year Ended March 31, 2019
  Successor Predecessor
Balance – beginning of period $ 62  $ —  $ 19,448  $ 26,030 
Additional allowances 253  62  551  2,140 
Inventory disposed and scrapped —  —  (811) (7,427)
Write-offs (62) —  —  — 
Fresh start accounting adjustments —  —  (19,143) — 
Foreign currency effects 8  —  (45) (1,295)
Balance – end of period $ 261  $ 62  $ —  $ 19,448 
Schedule of goodwill
Goodwill related to Old Bristow’s Asia Pacific reporting unit was as follows (in thousands):
Total
March 31, 2019 (Predecessor) $ 18,436 
Foreign currency translation (932)
Impairments (17,504)
October 31, 2019 (Predecessor) $ — 
Schedule of intangible assets
Intangible assets by type were as follows for the Successor Company (in thousands):
U.K. SAR customer contract PBH Total
Gross Carrying Amount
October 31, 2019 (Successor) $ —  $ —  $ — 
Additions(1)
58,000  76,838  134,838 
Translation (2,294) (2,517) (4,811)
March 31, 2020 (Successor) $ 55,706  $ 74,321  $ 130,027 
Additions —  14,423  $ 14,423 
Translation 5,542  5,689  $ 11,231 
March 31, 2021 (Successor) $ 61,248  $ 94,433  $ 155,681 
  Accumulated Amortization
October 31, 2019 (Successor) $ —  $ —  $ — 
Amortization expense (3,251) (15,503) (18,754)
March 31, 2020 (Successor) $ (3,251) $ (15,503) $ (18,754)
Amortization expense (7,969) (20,172) (28,141)
March 31, 2021 (Successor) (11,220) $ (35,675) (46,895)
Weighted average remaining contractual life, in years
 6.0 10.8 7.9
_____________ 
(1)In connection with Old Bristow’s emergence from Chapter 11 Cases and in accordance with ASC 852, it recognized customer contract intangibles of $58.0 million related to U.K. SAR and $76.8 million related to power-by-the-hour (“PBH”) contracts. The amortization expense for the U.K. SAR contract is recorded in depreciation and amortization on the consolidated financial statements and the amortization expense for the PBH contracts is recorded in maintenance expense included in operating expenses on the consolidated financial statements.
(2)Era’s PBH contracts in connection to the Merger.
Schedule of intangible assets, future amortization expense
Future amortization expense of intangible assets for each of the years ending March 31 (Successor) is as follows (in thousands):
 
U.K. SAR customer contract PBH Total
2022 (1)
$ 8,338  $ 12,827  $ 21,165 
2023 (1)
8,338  12,421  20,759 
2024 (1)
8,338  11,414  19,752 
2025 (1)
8,338  11,201  19,539 
2026 (1)
8,338  8,261  16,599 
Thereafter (1)
8,338  2,635  10,973 
$ 50,028  $ 58,759  $ 108,787 
_____________ 
(1)The future amortization expense for PBH will be included in maintenance expense.