Annual report pursuant to Section 13 and 15(d)

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

v3.22.1
BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of allowance for doubtful accounts The allowance for doubtful accounts from non-affiliates for the periods reflected below were as follows (in thousands):
  Fiscal Year Ended
March 31, 2022		 Fiscal Year Ended March 31, 2021
Balance – beginning of period $ 2,303  $ 368 
Additional allowances 32  1,935 
Write-offs and collections (448) — 
Balance – end of period $ 1,887  $ 2,303 
Schedule of allowance for inventory
As of March 31, 2022 and 2021, the inventory allowances for the periods reflected below were as follows:
     
  Fiscal Year Ended
March 31, 2022		 Fiscal Year Ended March 31, 2021
Balance – beginning of period $ 261  $ 62 
Additional allowances, net 2,898  191 
Foreign currency effects (8) 8 
Balance – end of period $ 3,151  $ 261 
Schedule of intangible assets
Intangible assets by type for the periods reflected below were as follows (in thousands):
U.K. SAR customer
 contract		 PBH Total
Gross Carrying Amount
March 31, 2020 $ 55,706  $ 74,321  $ 130,027 
Additions(1)
—  14,423  14,423 
Translation 5,542  5,689  11,231 
March 31, 2021 $ 61,248  $ 94,433  $ 155,681 
Additions —  233  233 
Translation (2,008) (2,585) (4,593)
March 31, 2022 $ 59,240  $ 92,081  $ 151,321 
  Accumulated Amortization
March 31, 2020 $ (3,251) $ (15,503) $ (18,754)
Amortization expense (7,969) (20,172) (28,141)
March 31, 2021 (11,220) (35,675) (46,895)
Amortization expense (8,235) (12,270) (20,505)
March 31, 2022 $ (19,455) $ (47,945) $ (67,400)
Weighted average remaining contractual life, in years
 5.0 9.6 6.7
_____________ 
(1)Related to Era’s PBH contracts added as a result of the Merger.
Schedule of intangible assets, future amortization expense
Future amortization expense of intangible assets for periods ending March 31 is as follows (in thousands):
 
U.K. SAR customer
 contract
PBH(2)
Total
2023 $ 7,957  $ 12,008  $ 19,965 
2024 7,957  11,022  18,979 
2025 7,957  10,808  18,765 
2026 7,957  7,957  15,914 
2027 7,957  233  8,190 
Thereafter —  2,108  2,108 
$ 39,785  $ 44,136  $ 83,921 
___________________ 
(2) The future amortization expense for PBH will be included in maintenance expense.
Schedule of estimated useful life
As of March 31, 2022, the estimated useful life (in years) of the Company’s categories of new property and equipment was as follows:
Aircraft (estimated salvage value at 10%-25% of cost)
 30
Aircraft accessories and spares
5 - 7
Buildings (estimated salvage value at 10% of cost)
 30
Leasehold improvements
Lease term or 10
Other property and equipment
3-15
The following table presents details on the major classes of property and equipment (in thousands):
Fiscal Year Ended
March 31, 2022		 Fiscal Year Ended
March 31, 2021
Aircraft $ 802,913  $ 805,649 
Land and buildings 180,188  191,246 
Other property and equipment 109,039  93,199 
$ 1,092,140  $ 1,090,094 
Impairment on aircraft for the periods reflected in the table below were as follows (in thousands):
Fiscal Year Ended
March 31, 2022		 Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019
Successor Predecessor
Number of aircraft impaired 5  8  —  14 
Impairment charges on assets held for sale $ 5,934  $ 7,792  $ —  $ — 
Impairment charges on property and equipment(1)
$ —  $ —  $ —  $ 42,022 
Fresh-start accounting adjustment(2)
$ —  $ —  $ —  $ 768,630 
___________________________
(1)Includes $42.0 million impairment related to H225s for the seven months ended October 31, 2019 (Predecessor).
(2)In connection with Old Bristow’s emergence from bankruptcy and the application of ASC 852, Old Bristow adjusted property and equipment by $768.6 million to its respective fair value of $931.7 million at the Effective Date.