Bristow Group Inc.VTOL

Bristow Group Inc. Leases Disclosure

10-KFiled Feb 26, 20262 min read
LEASES
The Company leases aircraft, land, hangars, buildings, equipment and other assets under operating lease agreements.
The majority of the bases from which the Company operates are leased with remaining terms between one and 53 years. The Company’s lease agreements range from month-to-month to non-cancelable and generally provide for fixed monthly rent payments. The Company also generally pays for insurance, taxes and maintenance expenses associated with these leases which is excluded from its lease liability and recognized as incurred.
Operating leases for the periods reflected in the table below were as follows (in thousands, except years and percentages):
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Cash paid for operating leases$114,772$109,244$106,408
ROU assets obtained in exchange for lease obligations$72,813$73,290$135,650
Weighted average remaining lease term
5 years
4 years
5 years
Weighted average discount rate6.73 %6.58 %6.38 %
The Company’s leases for aircraft range up to base terms of 180 months with renewal options of up to 60 months. The leases contain terms customary in transactions of this type, including provisions that allow the lessor to repossess the aircraft and require the Company to pay a stipulated amount if the Company defaults on its obligations under the agreements.
Rent expense for the periods reflected in the table below were as follows (in thousands):
 Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Rent expense under all operating leases$109,688 $107,356 $102,729 
Rent expense under operating leases for aircraft$86,546 $86,581 $80,889 
As of December 31, 2025, aggregate future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year, including leases for aircraft, are as follows (in thousands):
AircraftOtherTotal
Year Ended December 31,
2026$79,087 $11,253 $90,340 
202760,835 8,017 68,852 
202844,542 6,650 51,192 
202925,880 4,410 30,290 
203018,744 1,945 20,689 
Thereafter52,720 8,969 61,689 
$281,808 $41,244 $323,052 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Mar 6, 2024
2022May 31, 2022
2021May 27, 2021
2019Mar 6, 2020

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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