| Schedule of fair value assets measured on recurring basis |
The following table summarizes the financial instruments the Company had as of June 30, 2020 (Successor), valued at fair value on a recurring basis (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
|
Significant
Other
Observable
Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3) |
|
Balance as of June 30, 2020 |
|
Balance Sheet
Classification |
Derivative financial instruments |
|
$ |
— |
|
|
$ |
2,445 |
|
|
$ |
— |
|
|
$ |
2,445 |
|
|
Prepaid expenses and other current assets |
Rabbi Trust investments |
|
2,721 |
|
|
— |
|
|
— |
|
|
2,721 |
|
|
Other assets |
Total assets |
|
$ |
2,721 |
|
|
$ |
2,445 |
|
|
$ |
— |
|
|
$ |
5,166 |
|
|
|
The following table summarizes the financial instruments Old Bristow had as of March 31, 2020 (Successor), valued at fair value on a recurring basis (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
|
Significant
Other
Observable
Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3) |
|
Balance as of March 31,
2020 |
|
Balance Sheet
Classification |
Derivative financial instruments |
|
$ |
— |
|
|
$ |
2,747 |
|
|
$ |
— |
|
|
$ |
2,747 |
|
|
Prepaid expenses and other current assets |
Rabbi Trust investments |
|
2,327 |
|
|
— |
|
|
— |
|
|
2,327 |
|
|
Other assets |
Total assets |
|
$ |
2,327 |
|
|
$ |
2,747 |
|
|
$ |
— |
|
|
$ |
5,074 |
|
|
|
|
| Rollforward of Preferred Stock Embedded Derivative Level 3 Fair Value Measurements |
The following table provides a rollforward of the preferred stock embedded derivative Level 3 fair value measurements for the three months ended June 30, 2020 (Successor):
|
|
|
|
|
|
|
|
Significant Unobservable Inputs (Level 3) |
Derivative financial instruments: |
|
(in thousands) |
March 31, 2020 |
|
$ |
286,182 |
|
Change in fair value |
|
(15,416 |
) |
Preferred stock shares conversion |
|
(266,846 |
) |
Share repurchases |
|
(3,920 |
) |
June 30, 2020 |
|
$ |
— |
|
|
| Schedule of Assets At Fair Value on a Nonrecurring Basis |
The following table summarizes the assets as of June 30, 2020 (Successor), valued at fair value on a non-recurring basis (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
|
Significant
Other
Observable
Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3) |
|
Balance as of June 30, 2020 |
|
Total Loss for the Three Months Ended June 30, 2020 |
Inventories |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
634 |
|
|
$ |
634 |
|
|
$ |
525 |
|
Total assets |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
634 |
|
|
$ |
634 |
|
|
$ |
525 |
|
|
| Schedule of fair value of debt |
The carrying and fair value of the Company’s debt, excluding unamortized debt issuance costs, are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
Carrying
Amount |
|
Level 1 |
|
Level 2 |
|
Level 3 |
June 30, 2020 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
PK Air Debt |
$ |
202,811 |
|
|
$ |
— |
|
|
$ |
196,507 |
|
|
$ |
— |
|
Macquarie Debt |
146,695 |
|
|
— |
|
|
148,100 |
|
|
— |
|
7.750% Senior Notes |
136,840 |
|
|
— |
|
|
132,398 |
|
|
— |
|
Lombard Debt |
134,468 |
|
|
— |
|
|
135,369 |
|
|
— |
|
Promissory notes |
17,485 |
|
|
— |
|
|
17,485 |
|
|
— |
|
Airnorth Debt |
7,172 |
|
|
— |
|
|
7,143 |
|
|
— |
|
Humberside Debt |
334 |
|
|
— |
|
|
335 |
|
|
— |
|
|
$ |
645,805 |
|
|
$ |
— |
|
|
$ |
637,337 |
|
|
$ |
— |
|
March 31, 2020 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
PK Air Debt |
$ |
207,326 |
|
|
$ |
— |
|
|
$ |
180,290 |
|
|
$ |
— |
|
Macquarie Debt |
148,165 |
|
|
— |
|
|
138,133 |
|
|
— |
|
Lombard Debt |
136,180 |
|
|
— |
|
|
122,165 |
|
|
— |
|
Term Loan |
61,500 |
|
|
— |
|
|
56,894 |
|
|
— |
|
Airnorth Debt |
7,618 |
|
|
— |
|
|
7,221 |
|
|
— |
|
Humberside Debt |
335 |
|
|
— |
|
|
335 |
|
|
— |
|
|
$ |
561,124 |
|
|
$ |
— |
|
|
$ |
505,038 |
|
|
$ |
— |
|
The carrying value is net of unamortized discount as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
June 30, 2020 |
|
March 31, 2020 |
PK Air Debt |
|
$ |
11,860 |
|
|
$ |
12,620 |
|
Macquarie Debt |
|
10,133 |
|
|
11,063 |
|
7.750% Senior Notes |
|
7,247 |
|
|
— |
|
Lombard Debt |
|
24,521 |
|
|
26,372 |
|
Airnorth Debt |
|
451 |
|
|
605 |
|
Total unamortized debt discount |
|
$ |
54,212 |
|
|
50,660 |
|
|