Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
On August 2, 2022, the acquisition of British International Helicopter Services Limited (“BIH”) was successfully completed, in an all cash transaction for $12.7 million. The transaction was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The Company will integrate BIH into its United Kingdom (“U.K.”) operations, within the government services line of service, and BIH will adopt the Bristow name and brand throughout its operations. BIH delivers combined search and rescue (“SAR”) and support helicopter services for the U.K. Ministry of Defence (“MOD”) with operations in the Falkland Islands and delivers fleet operational sea training helicopter support for the Royal Navy in the U.K. The acquisition is expected to strengthen the Company’s global government services offering.
The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition,
August 2, 2022 (in thousands):
Assets acquired:
Cash and cash equivalents $ 109 
Accounts receivable 2,197 
Prepaid expenses and other current assets 2,464 
Inventories 125 
Property and equipment 4,378 
Intangible assets, net 7,037 
Total assets acquired $ 16,310 
Liabilities assumed:
Accounts payable $ 1,530 
Accrued wages, benefits and related taxes 260 
Other accrued liabilities 1,010 
Deferred taxes 802 
Total liabilities $ 3,602 
Net assets acquired $ 12,708 
The acquisition resulted in $7.0 million amortizable intangible assets associated with the two BIH customer contracts acquired. These intangible assets will be amortized over the life of the contracts and are included on the condensed consolidated balance sheet in other assets. There were no material transaction related costs.
Consistent with the guidelines of ASC 805, if the initial accounting for the business combination has not concluded by the end of the reporting period in which the acquisition occurs, an estimate may be recorded. The Company may record any material adjustments to the initial amounts recorded based on new information obtained that would have existed as of the date of the acquisition within a year of the acquisition date. The Company is continuing to analyze and assess relevant information to determine the fair value of assets acquired and liabilities assumed. The pro forma results were not included as the impact was not material to the Company’s financial statements.