Air T (AIRT) 10-Q 13 Nov 19 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2019	Nov. 06, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Entity Registrant Name	Air T, Inc.
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding (in shares)		3,023,805
Entity Central Index Key	0000353184
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating Revenues:
Total	$ 50,693,000	$ 40,867,000	$ 97,881,000	$ 92,687,000
Operating Expenses:
Overnight air cargo	17,707,000	15,350,000	34,226,000	30,524,000
Ground equipment sales	10,358,000	10,980,000	20,089,000	15,917,000
Printing equipment and maintenance	121,000	49,000	160,000	194,000
Commercial jet engines and parts	11,050,000	5,663,000	19,336,000	25,784,000
General and administrative	9,288,000	7,997,000	18,960,000	15,378,000
Depreciation and amortization	1,695,000	1,697,000	3,635,000	3,057,000
Impairment	7,000	10,000	14,000	21,000
Loss on sale of property and equipment	1,000	0	(4,000)	0
Operating Expenses	50,227,000	41,746,000	96,416,000	90,875,000
Operating Income (Loss)	466,000	(879,000)	1,465,000	1,812,000
Non-operating Income (Expense):
Other-than-temporary impairment loss on investments	(395,000)	0	(1,210,000)	0
Interest expense	(2,047,000)	(714,000)	(3,071,000)	(1,421,000)
Gain on settlement of bankruptcy	18,000	0	4,527,000	0
Bargain purchase acquisition gain	14,000	0	49,000	1,984,000
Income (loss) from equity method investments	(34,000)	160,000	(355,000)	170,000
Other	(440,000)	354,000	(205,000)	133,000
Nonoperating Income (Expense)	(2,884,000)	(200,000)	(265,000)	866,000
Income (Loss) Before Income Taxes	(2,418,000)	(1,079,000)	1,200,000	2,678,000
Income Taxes (Benefit)	(296,000)	(300,000)	(668,000)	117,000
Net income (Loss) from continuing operations	(2,122,000)	(779,000)	1,868,000	2,561,000
Loss from discontinued operations, net of tax	(235,000)	(648,000)	(70,000)	(705,000)
Gain on sale of discontinued operations, net of tax	8,359,000	0	8,359,000	0
Net income (loss)	6,002,000	(1,427,000)	10,157,000	1,856,000
Net (income) loss from continuing operations attributable to non-controlling interests	(287,000)	106,000	(2,660,000)	(348,000)
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ 5,715,000	$ (1,321,000)	$ 7,497,000	$ 1,508,000
Income (Loss) from continuing operations per share (Note 6)
Basic (in dollars per share)	$ (0.80)	$ (0.22)	$ (0.30)	$ 0.72
Diluted (in dollars per share)	(0.80)	(0.22)	(0.30)	0.72
Income (Loss) from discontinued operations per share (Note 6)
Basic (in dollars per share)	2.69	(0.21)	3.14	(0.23)
Diluted (in dollars per share)	$ 2.68	$ (0.21)	$ 3.13	$ (0.23)
Weighted Average Shares Outstanding:
Basic (in shares)	3,025,000	3,066,000	2,641,000	3,066,000
Diluted (in shares)	3,029,000	3,066,000	2,645,000	3,074,000
Overnight air cargo
Operating Revenues:
Total	$ 19,745,000	$ 17,064,000	$ 38,064,000	$ 34,705,000
Ground equipment sales
Operating Revenues:
Total	12,741,000	12,838,000	24,991,000	19,224,000
Printing equipment and maintenance
Operating Revenues:
Total	249,000	139,000	313,000	439,000
Commercial jet engines and parts
Operating Revenues:
Total	17,801,000	10,643,000	34,128,000	37,963,000
Corporate and other
Operating Revenues:
Total	$ 157,000	$ 183,000	$ 385,000	$ 356,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 6,002	$ (1,427)	$ 10,157	$ 1,856
Other comprehensive income (loss):
Foreign currency translation gain	41	32	23	79
Unrealized gain (loss) on interest rate swaps, net of tax	(88)	29	(264)	29
Total Other Comprehensive Income (loss)	(47)	61	(241)	108
Total Comprehensive Income (Loss)	5,955	(1,366)	9,916	1,964
Comprehensive (Income) Loss Attributable to Non-controlling Interests	(290)	98	(2,675)	(373)
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$ 5,665	$ (1,268)	$ 7,241	$ 1,591

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Mar. 31, 2019
Current Assets:
Cash and cash equivalents	$ 27,434	$ 12,417
Marketable securities	1,423	1,760
Restricted cash	102	123
Restricted investments	1,018	831
Accounts receivable, net of allowance for doubtful accounts of $382 and $408	18,464	10,881
Income tax receivable	1,030	142
Inventories, net	40,370	27,455
Other current assets	9,232	6,138
Current assets of discontinued operations	0	11,601
Total current assets	99,073	71,348
Assets on lease, net of accumulated depreciation of $6,007 and $6,689	21,019	25,164
Property and equipment, net of accumulated depreciation of $3,935 and $3,470	4,310	4,264
Right-of-use assets	7,154	0
Cash surrender value of life insurance policies, net of policy loans	80	122
Other tax receivables-long-term	0	311
Deferred income taxes	781	548
Investments in securities	785	1,086
Equity method investments	4,046	5,611
Other assets	284	200
Intangible assets, net of accumulated amortization of $2,229 and $2,097	898	998
Goodwill	4,227	4,227
Non-current assets of discontinued operations	0	1,264
Total Assets	142,657	115,143
Current Liabilities:
Accounts payable	12,540	11,409
Income tax payable	940	888
Advanced customer deposits	9,996	1,520
Accrued expenses and other	1,380	12,314
Deferred income	295	341
Current portion of long-term debt	29,836	24,735
Short-term lease liability	1,131	0
Current liabilities of discontinued operations	0	1,587
Total current liabilities	56,118	52,794
Long-term debt	45,544	32,918
Long-term lease liability	6,446	0
Other non-current liabilities	1,202	597
Total Liabilities	109,310	86,309
Redeemable non-controlling interest	6,000	5,476
Commitments and contingencies (Note 16)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 3,022,745 and 2,022,637 shares issued and outstanding	756	506
Additional paid-in capital	2,410	2,866
Retained earnings	23,610	21,191
Accumulated other comprehensive loss	(461)	(205)
Total Air T, Inc. Stockholders' Equity	26,315	24,358
Non-controlling Interests	1,032	(1,000)
Total Equity	27,347	23,358
Total Liabilities and Equity	$ 142,657	$ 115,143

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2019	Mar. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 382	$ 408
Assets on lease, accumulated depreciation	6,007	6,689
Property and equipment, accumulated depreciation	3,935	3,470
Intangible assets, accumulated amortization	$ 2,229	$ 2,097
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	50,000	50,000
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	4,000,000	4,000,000
Common stock, shares issued (in shares)	3,022,745	2,022,637
Common stock, shares outstanding (in shares)	3,022,745	2,022,637

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 10,157,000	$ 1,856,000
Loss from discontinued operations, net of income tax	70,000	705,000
Gain on sale of discontinued operations, net of income tax	(8,359,000)	0
Net income (loss) from continuing operations	1,868,000	2,561,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and  amortization	3,648,000	3,077,000
Bargain purchase acquisition gain	(49,000)	(1,984,000)
Impairment of investment	1,210,000	0
Gain on settlement of bankruptcy	(4,527,000)	0
Other	(1,785,000)	(464,000)
Change in operating assets and liabilities:
Accounts receivable	(7,331,000)	(1,853,000)
Costs and estimated earnings in excess of billings and uncompleted projects	0	2,012,000
Notes receivable and other non-trade receivables	(2,984,000)	(3,126,000)
Inventories	5,891,000	10,123,000
Accounts payable	3,188,000	3,124,000
Accrued expenses	739,000	2,233,000
Other	(359,000)	(300,000)
Total adjustments	(856,000)	12,213,000
Net cash provided by (used in) operating activities - continuing operations	(491,000)	15,403,000
Net cash provided by (used in) operating activities - discontinued operations	1,094,000	(532,000)
Net cash provided by operating activities	603,000	14,871,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(187,000)	(2,014,000)
Acquisition of businesses, net of cash acquired	(500,000)	(3,376,000)
Investment in reinsurance entity	0	(2,000,000)
Capital expenditures related to property & equipment	(575,000)	(763,000)
Capital expenditures related to assets on lease	(17,614,000)	(19,149,000)
Other	346,000	(213,000)
Net cash used in investing activities - continuing operations	(18,530,000)	(27,515,000)
Net cash provided by (used in) investing activities - discontinued operations	20,463,000	(61,000)
Net cash provided by (used in) investing activities	1,933,000	(27,576,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	48,267,000	51,151,000
Payments on lines of credit	(35,324,000)	(58,355,000)
Proceeds from term loan	13,001,000	21,714,000
Payments on term loan	(17,900,000)	(3,190,000)
Proceeds received from exercise of warrants	5,407,000	0
Proceeds from life insurance policy loan	0	1,897,000
Other	(1,124,000)	41,000
Net cash provided by financing activities - continuing operations	12,327,000	13,258,000
Effect of foreign currency exchange rates on cash and cash equivalents	26,000	5,000
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	14,889,000	558,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	12,647,000	5,073,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	27,536,000	5,631,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Equipment leased to customers transferred to inventory	18,710,000	234,000
Issuance of Debt - Trust Preferred Securities	4,000,000	0
Issuance of warrant liability	$ 840,000	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) - USD ($)		Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Balance (in shares) at Mar. 31, 2018			2,044,000
Balance at Mar. 31, 2018		$ 24,243,000	$ 511,000	$ 4,172,000	$ 20,696,000	$ (261,000)	$ (875,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)*	[1]	2,782,000			2,829,000		(46,000)
Reclassification of unrealized loss on marketable securities, net of tax		0			(106,000)	106,000
Foreign currency translation gain		48,000				31,000	17,000
Balance (in shares) at Jun. 30, 2018			2,044,000
Balance at Jun. 30, 2018		27,073,000	$ 511,000	4,172,000	23,418,000	(124,000)	(904,000)
Balance (in shares) at Mar. 31, 2018			2,044,000
Balance at Mar. 31, 2018		24,243,000	$ 511,000	4,172,000	20,696,000	(261,000)	(875,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation gain		79,000
Issuance of Warrants		0
Unrealized loss on interest rate swaps, net of tax		29,000
Balance (in shares) at Sep. 30, 2018			2,045,000
Balance at Sep. 30, 2018		25,766,000	$ 511,000	4,188,000	22,076,000	(71,000)	(938,000)
Balance (in shares) at Jun. 30, 2018			2,044,000
Balance at Jun. 30, 2018		27,073,000	$ 511,000	4,172,000	23,418,000	(124,000)	(904,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)*	[1]	(1,363,000)			(1,321,000)		(42,000)
Foreign currency translation gain		32,000				24,000	8,000
Exercises of stock options (in shares)			2,000
Exercise of stock options		18,000		18,000
Repurchase of common stock (in shares)			(1,000)
Repurchase of common stock		(23,000)	$ 0	(2,000)	(21,000)	0
Unrealized loss on interest rate swaps, net of tax		29,000				29,000
Balance (in shares) at Sep. 30, 2018			2,045,000
Balance at Sep. 30, 2018		25,766,000	$ 511,000	4,188,000	22,076,000	(71,000)	(938,000)
Balance (in shares) at Mar. 31, 2019			2,022,000
Balance at Mar. 31, 2019		23,358,000	$ 506,000	2,866,000	21,191,000	(205,000)	(1,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)*	[1]	3,816,000			1,782,000		2,034,000
Foreign currency translation gain		(18,000)				(30,000)	12,000
Repurchase of common stock (in shares)			(17,000)
Repurchase of common stock		(126,000)	$ (4,000)		(122,000)	0
Stock Split (in shares)			1,010,000
Stock Split			$ 252,000	(252,000)
Issuance of Debt - Trust Preferred Securities		(4,000,000)			(4,000,000)
Issuance of Warrants		(840,000)			(840,000)
Unrealized loss on interest rate swaps, net of tax		(176,000)				(176,000)
Adjustment to fair value of redeemable non-controlling interest		(985,000)		(985,000)
Balance (in shares) at Jun. 30, 2019			3,015,000
Balance at Jun. 30, 2019		20,988,000	$ 754,000	1,629,000	17,970,000	(411,000)	1,046,000
Balance (in shares) at Mar. 31, 2019			2,022,000
Balance at Mar. 31, 2019		23,358,000	$ 506,000	2,866,000	21,191,000	(205,000)	(1,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation gain		23,000
Issuance of Warrants		(840,000)
Unrealized loss on interest rate swaps, net of tax		(264,000)
Adjustment to fair value of redeemable non-controlling interest		203,858
Balance (in shares) at Sep. 30, 2019			3,023,000
Balance at Sep. 30, 2019		27,347,000	$ 756,000	2,410,000	23,610,000	(461,000)	1,032,000
Balance (in shares) at Jun. 30, 2019			3,015,000
Balance at Jun. 30, 2019		20,988,000	$ 754,000	1,629,000	17,970,000	(411,000)	1,046,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)*	[1]	5,698,000			5,715,000		(17,000)
Foreign currency translation gain		41,000				38,000	3,000
Repurchase of common stock (in shares)			8,000
Repurchase of common stock		(73,000)	$ 2,000		(75,000)	0
Unrealized loss on interest rate swaps, net of tax		(88,000)				(88,000)
Adjustment to fair value of redeemable non-controlling interest		781,000		781,000
Balance (in shares) at Sep. 30, 2019			3,023,000
Balance at Sep. 30, 2019		$ 27,347,000	$ 756,000	$ 2,410,000	$ 23,610,000	$ (461,000)	$ 1,032,000
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation.

Financial Statement Presentatio

Financial Statement Presentation	6 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Financial Statement Presentation	Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2019. The results of operations for the period ended September 30, 2019 are not necessarily indicative of the operating results for the full year. Certain reclassifications have been made to the prior period amounts to conform to the current presentation. Discontinued Operations On September 30, 2019, the Company completed the sale of Global Aviation Services, LLC ("GAS"). The results of operations of GAS are reported as discontinued operations in the condensed consolidated statements of operations for the three and six months ended September 30, 2019 and 2018. Refer to Foot n ote 4 - "Discontinued Operations" for additional information. Unless otherwise indicated, the disclosures accompanying the condensed consolidated financial statements reflect the Company's continuing operations. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) as amended by multiple standards updates. The new standard provides that a lessee should recognize the assets and the liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of twelve months or less, the lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. Topic 842 permits two transition methods: (1) a modified retrospective transition method requiring retrospective adjustment of each comparative presented with an adjusting entry at the beginning of the earliest comparative period presented and (2) a modified retrospective approach with no restatement of prior periods and an adjusting entry as of the effective date. Under both transition methods, entities may elect certain transition practical expedients that would be required to be applied to all leases. The Company adopted the standard in the fiscal year beginning April 1, 2019 using the modified retrospective transition method that does not require retrospective adjustment of the comparative periods. The Company reviewed existing leases to determine the impact of the adoption of the standard on its consolidated financial statements. Implementation had an immaterial cumulative effect on retained earnings. Adoption resulted in the recognition of right-of-use assets of approximately $10.7 million, and lease liabilities of approximately $11.2 million. Upon adoption, the Company elected practical expedients related to a) short term lease exemption b) not separate lease and non-lease components c) not reassess whether expired or existing contracts contain leases, d) not reassess lease classification for existing or expired leases and e) not consider whether previously capitalized initial direct costs would be appropriate under the new standard. Recently Issued Accounting Pronouncements In October 2018, the FASB updated the Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities of the Accounting Standards Codification. The amendments in this update affect reporting entities that are required to determine whether they should consolidate a legal entity under the guidance within the Variable Interest Entities Subsections of Subtopic 810-10, Consolidation—Overall. Indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact of this amendment on its consolidated financial statements and disclosures.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Substantially all of the Company’s revenue is derived from contracts with an initial expected duration of one year or less, as a result, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price, to expense costs incurred to obtain a contract, and to not disclose the value of unsatisfied performance obligations. The following is a description of the Company’s performance obligations: Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, printing equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. Support Services The Company provides a variety of support services such as aircraft maintenance, printer maintenance, and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 842 (Leases) and out of scope under Topic 606 and Other Revenues (Freight, Management Fees, etc.) which are immaterial for disclosure under Topic 606. The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Product Sales Air Cargo $ 6,680 $ 5,003 $ 12,094 $ 10,523 Ground equipment sales 12,489 12,447 24,492 18,617 Commercial jet engines and parts 13,218 7,380 24,388 32,409 Printing equipment and maintenance 20 122 68 409 Corporate and other — — — — Support Services Air Cargo 13,033 11,985 25,927 24,082 Ground equipment sales 105 148 210 249 Commercial jet engines and parts 1,597 1,327 3,007 2,293 Printing equipment and maintenance 225 12 236 20 Corporate and other (8) 16 33 16 Leasing Revenue Air Cargo — — — — Ground equipment sales 33 15 53 46 Commercial jet engines and parts 2,941 1,826 6,655 3,027 Printing equipment and maintenance — — — — Corporate and other 36 32 81 72 Other Air Cargo 32 76 43 100 Ground equipment sales 114 228 236 312 Commercial jet engines and parts 45 110 78 234 Printing equipment and maintenance 4 5 9 10 Corporate and other 129 135 271 268 Total $ 50,693 $ 40,867 $ 97,881 $ 92,687 The following table summarizes total revenues by segment (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Air cargo $ 19,745 $ 17,064 $ 38,064 $ 34,705 Ground equipment sales 12,741 12,838 24,991 19,224 Commercial jet engines and parts 17,801 10,643 34,128 37,963 Printing equipment and maintenance 249 139 313 439 Corporate and other 157 183 385 356 Total $ 50,693 $ 40,867 $ 97,881 $ 92,687 See Note 1 4 for the Company's disaggregated revenues by geographic region and Note 1 5 for the Company’s disaggregated revenues by segment. These notes disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Contract Balances and Costs Contract liabilities relate to deferred income and advanced customer deposits with respect to product sales. The following table presents outstanding contract liabilities as of April 1, 2019 and September 30, 2019 and the amount of contract liabilities that were recognized as revenue during the six-month period ended September 30, 2019 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2019 As of September 30, 2019 $ 10,291 As of April 1, 2019 1,867 For the six months ended September 30, 2019 1,781 Contract assets primarily relate to deposits paid to vendors. The following table presents the amount of contract assets as of April 1, 2019 and September 30, 2019 (in thousands): Contract assets As of September 30, 2019 $5,174 As of April 1, 2019 1,743

Business Combinations

Business Combinations	6 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Business Combinations	Business Combinations Acquisition of Worthington Aviation Parts, Inc. On May 4, 2018, Air T, Inc. completed the acquisition (the “Transaction”) of substantially all of the assets and assumed certain liabilities of Worthington Aviation Parts, Inc. (“Worthington”), pursuant to the Asset Purchase Agreement (the “Purchase Agreement”), dated as of April 6, 2018, by and among the Company, Worthington, and Churchill Industries, Inc., as guarantor of Worthington’s obligations as disclosed in the Purchase Agreement. Worthington is primarily engaged in the business of operating, distributing and selling airplane and aviation parts along with repair services. The Company agreed to acquire the assets and liabilities in exchange for payment to Worthington of $50,000 as earnest money upon execution of the Agreement and a cash payment of $3,300,000 upon closing. Total consideration is summarized in the table below (in thousands): Earnest money $ 50 Cash consideration 3,300 Cash acquired (24) Total consideration $ 3,326 The Transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of May 4, 2018, with the excess of fair value of net assets acquired recorded as a bargain purchase gain. The most significant asset acquired was Worthington’s inventory. The following table outlines the consideration transferred and purchase price allocation at the respective estimated fair values as of May 4, 2018 (in thousands): May 4, 2018 ASSETS Accounts receivable $ 1,929 Inventories 4,564 Other current assets 150 Property and equipment 392 Other assets 189 Intangible assets - tradename 138 Total assets 7,362 LIABILITIES Accounts payable 1,289 Accrued expenses 175 Deferred tax liability 589 Total liabilities 2,053 Net assets acquired 5,309 Consideration paid 3,350 Less: Cash acquired (24) Bargain purchase gain $ 1,983 The transaction resulted in a bargain purchase gain because Worthington was a non-marketed transaction and in financial distress at the time of the acquisition. The seller engaged in a formal bidding process and determined Air T was the best option for Worthington. The tax impact related to the bargain purchase gain was to record a deferred tax liability and record tax expense against the bargain purchase gain of approximately $589,000. The resulting net bargain purchase gain after taxes was approximately $1,983,000. Total transaction costs incurred in connection with this acquisition were approximately $83,000. Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On September 30, 2019, the Company completed the sale of 100% of the equity ownership in the Company’s wholly-owned subsidiary, Global Aviation Services, LLC ("GAS") to PrimeFlight Aviation Services, Inc., a Delaware corporation. The agreement includes a purchase price of $21 million as well as an earn-out provision of $4 million if certain performance metrics are achieved by March 31, 2020. The Company received approximately $20.5 million of total proceeds at closing after the initial net working capital adjustment. The Company recognized a pre-tax gain on the sale of GAS of approximately $10.8 million with tax impact of $2.4 million for a net of tax gain of $8.4 million in the second quarter of 2019. The gain is subject to change pending final settlement statement, final transaction costs and net working capital adjustments. Summarized results of operations of GAS for the three and six months ended September 30, 2019 and 2018 through the date of disposition are as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Net sales $ 8,120 $ 8,474 $ 16,637 $ 17,522 Operating Expense (9,015) (9,215) (17,319) (18,350) Loss from discontinued operations before income taxes (895) (741) (682) (828) Income tax benefit (660) (93) (612) (123) Loss from discontinued operations, net of tax $ (235) $ (648) $ (70) $ (705) The following table presents summary balance sheet information of GAS that is presented as discontinued operations as of March 31, 2019 (in thousands): Assets: March 31, 2019 Cash and cash equivalents $ 107 Accounts receivable, net 8,197 Income tax receivable 17 Inventories, net 2,512 Other current assets 769 Current assets of discontinued operations 11,601 Property and equipment, net 554 Intangible assets, net 228 Goodwill 190 Other non-current assets 292 Non-current assets of discontinued operations 1,264 Liabilities: Accounts payable 1,144 Income tax payable (226) Accrued expenses 669 Current liabilities of discontinued operations $ 1,587

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Tax	Income Taxes During the three-month period ended September 30, 2019, the Company recorded $296,000 in income tax benefit from continuing operations at an effective rate ("ETR") of 12.2%. The Company records income taxes using a discrete, year-to-date tax expense calculation for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended September 30, 2019 were the change in valuation allowance related to Delphax, the estimated expense for the exclusion of loss for the Company's captive insurance company subsidiary under Section 831(b), the estimated deduction for Foreign-Derived Intangible Income, and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail Aviation Support, LLC. During the three month period ended September 30, 2018, the Company recorded $300,000 in income tax benefit from continuing operations at an ETR of 27.8%. The primary factors contributing to the difference between the federal statutory rate and the Company's effective tax rate for the three-month period ended September 30, 2018 were the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary under Section 831(b), the presentation of the tax impact of the bargain purchase gain and state income tax expense. During the six-month period ended September 30, 2019, the Company recorded $668,000 in income tax benefit from continuing operations at an ETR of (55.6)%. The Company records income taxes using a discrete, year-to-date tax expense calculation for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the six-month period ended September 30, 2019 were the change in valuation allowance related to Delphax, the estimated expense for the exclusion of loss for the Company's captive insurance company subsidiary under Section 831(b), the estimated deduction for Foreign-Derived Intangible Income, and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail Aviation Support, LLC. During the six-month period ended September 30, 2018, the Company recorded $117,000 in income tax expense from continuing operations at an ETR of 4.4%. The primary factors contributing to the difference between the federal statutory rate and the Company's effective tax rate for the six-month period ended September 30, 2018 were related to the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary afforded under Section 831(b), the change in valuation allowance and the presentation of the tax impact of the bargain purchase gain. For the three and six months ended September 30, 2019, the ETR in discontinued operations is 73.7% and 89.7%, respectively. The ETR is impacted by the effect of the release of the valuation allowance recorded in fiscal year 2019 against the $2 million impaired reinsurance contracts. For the three and six months ended September 30, 2018, the ETR in discontinued operations is 12.6% and 14.8%, respectively. The ETR is impacted by permanent, non-deductible items for tax.

Net Earnings Per Share

Net Earnings Per Share	6 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share Basic earnings per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. There were 3,151 anti-dilutive securities as of September 30, 2019. The computation of basic and diluted earnings per common share is as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Net income (loss) from continuing operations $ (2,122) $ (779) $ 1,868 $ 2,561 Net (income) loss from continuing operations attributable to non-controlling interests (287) 106 (2,660) (348) Net income (loss) from continuing operations attributable to Air T, Inc. stockholders (2,409) (673) (792) 2,213 Income (loss) from continuing operations per share: Basic $ (0.80) $ (0.22) $ (0.30) $ 0.72 Diluted $ (0.80) $ (0.22) $ (0.30) $ 0.72 Loss from discontinued operations, net of tax $ (235) $ (648) $ (70) $ (705) Gain on sale of discontinued operations, net of tax 8,359 — 8,359 — Gain (loss) from discontinued operations attributable to Air T, Inc. stockholders 8,124 (648) 8,289 (705) Income (loss) from discontinued operations per share: Basic $ 2.69 $ (0.21) $ 3.14 $ (0.23) Diluted $ 2.68 $ (0.21) $ 3.13 $ (0.23) Weighted Average Shares Outstanding: Basic 3,025 3,066 2,641 3,066 Diluted 3,029 3,066 2,645 3,074 On June 10, 2019, the Company effected a three-for-two stock split of its common stock in the form of a 50% stock dividend to shareholders of record as of June 4, 2019. All share and earnings per share information have been retroactively adjusted to reflect the stock split and the incremental par value of the newly-issued shares was recorded with the offset to additional paid-in capital.

Investments in Securities

Investments in Securities	6 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	Investments in Securities As of September 30, 2019, the Company had a gross unrealized gain aggregating to $2,273 and gross unrealized losses aggregating to $420,208, which are included in the Consolidated Statement of Income. All investments in marketable securities are priced using publicly quoted market prices and are considered Level 1 fair value measurements.

Equity Method Investments

Equity Method Investments	6 Months Ended
	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The Company’s investment in Insignia Systems, Inc. (“Insignia”) is accounted for under the equity method of accounting. The Company has elected a three-month lag upon adoption of the equity method. At September 30, 2019, the Company held approximately 3.5 million shares of Insignia’s common stock representing approximately 29% of the outstanding shares. For the quarter ended September 30, 2019, the Company recorded approximately $142,196 as its share of Insignia’s net loss for the three months ended June 30, 2019 along with a basis difference adjustment of approximately $24,032. In addition, due to the adverse financial results as reported in Insignia's Form 10-Q for the quarter ended June 30, 2019 in addition to consideration of analyst reports and other qualitative factors, the Company determined that it has suffered from an other-than-temporary impairment in its investment in Insignia . As such, the Company recorded an impairment charge of $395,031 during the quarter ended September 30, 2019. After the impairment, the Company's net investment basis in Insignia is $3,439,547 as of September 30, 2019. Summarized unaudited financial information for Insignia for the three months ended June 30, 2019 and 2018 is as follows (in thousands): Three Three Revenue $ 5,842 $ 8,245 Gross Profit 1,465 3,005 Operating income (loss) (683) 253 Net income (loss) (488) 184 Net income attributable to Air T, Inc. stockholders $ (166) $ 31

Inventories

Inventories	6 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): September 30, March 31, Ground equipment manufacturing: Raw materials $ 4,191 $ 2,498 Work in process 910 1,660 Finished goods 1,922 973 Printing equipment and maintenance Raw materials 476 401 Finished goods 912 1,048 Commercial jet engines and parts 32,133 21,032 Total inventories 40,544 $ 27,612 Reserves (174) (157) Total inventories, net of reserves $ 40,370 $ 27,455

Leases

Leases	6 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases The Company has operating leases for the use of real estate, machinery, and office equipment. The majority of our leases have a lease term of 2 to 5 years; however, we have certain leases with longer terms of up to 30 years. Many of our leases include options to extend the lease for an additional period. The lease term for all of the Company’s leases includes the non-cancellable period of the lease, plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor that is considered likely to be exercised. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments. Variable payments are typically operating costs associated with the underlying asset and are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Our leases do not contain residual value guarantees. The Company has elected to combine lease and non-lease components as a single component and not to recognize leases on the balance sheet with an initial term of one year or less. The interest rate implicit in lease contracts is typically not readily determinable, and as such the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease cost for the three and six months ended September 30, 2019 are as follows (in thousands): Three Months Ended Six Operating lease cost $ 514 $ 920 Short-term lease cost 50 255 Variable lease cost 71 207 Sublease income — — Total lease cost $ 635 $ 1,382 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of the quarter ended September 30, 2019 were as follows (in thousands): September 30, 2019 Operating leases Operating lease right-of-use assets $ 7,154 Operating lease liabilities $ 7,577 Weighted-average remaining lease term 15.50 years Operating leases Weighted-average discount rate 4.51 % Operating leases Maturities of lease liabilities under non-cancellable leases where we are the lessee as of the quarter ended September 30, 2019 are as follows (in thousands): Operating Leases 2020 (excluding the six months ended September 30, 2019) $ 786 2021 1,311 2022 1,131 2023 938 2024 637 2025 402 Thereafter 5,757 Total undiscounted lease payments $ 10,962 Less: Interest 2,890 Less: Discount 495 Total lease liabilities $ 7,577 At March 31, 2019, future minimum annual lease payments (foreign currency amounts translated using applicable March 31, 2019 exchange rates) are as follows (in thousands): Year ended March 31, 2020 $ 3,133 2021 2,115 2022 1,625 2023 1,241 2024 692 Thereafter 6,267 Total minimum lease payments $ 15,073

Financing Arrangements

Financing Arrangements	6 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Borrowings of the Company and its subsidiaries are summarized below (in thousands) at September 30, 2019 and March 31, 2019, respectively. AirCo and Contrail Aviation (“Contrail”) are subsidiaries of the Company in the commercial jet engines and parts segment. (In Thousands) September 30, March 31, Maturity Date Interest Rate Unused commitments as of September 30, 2019 Revolver - MB&T $ 18,424 $ 12,403 November 30, 2019 Prime - 1% $ 1,576 Term Note A - MB&T 8,250 8,750 January 1, 2028 1-month LIBOR + 2% Term Note B - MB&T 4,125 4,375 January 1, 2028 4.5% Term Note D - MB&T 1,574 1,607 January 1, 2028 1-month LIBOR + 2% Debt - Trust Preferred Securities 9,632 — June 7, 2049 8% Air T Debt 42,005 27,135 Revolver - MB&T — 3,820 May 21, 2019 7.5% Revolver - MB&T 6,921 — November 30, 2019 greater of 6.50% or Prime + 2% 3,078 Term Loan - MB&T — 450 December 17, 2019 7.50% Term Loan - MB&T — 400 June 17, 2020 7.25% Term Loan - Park State — 2,100 June 17, 2020 8.50% AirCo Debt 6,921 6,770 Revolver — — September 5, 2021 1-month LIBOR + 3% 20,000 Term Loan A 7,466 8,617 January 26, 2021 1-month LIBOR + 3.75% Term Loan B 6,500 15,500 September 14, 2021 1-month LIBOR + 3.75% Term Loan C 12,805 — August 1, 2024 1-month LIBOR + 3.75% Contrail Debt - Old National 26,771 24,117 Total Debt 75,697 58,022 Less: Unamortized Debt Issuance Costs (317) (369) Total Debt, net $ 75,380 $ 57,653 At September 30, 2019, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount September 30, 2020 $ 29,836 September 30, 2021 17,535 September 30, 2022 4,172 September 30, 2023 4,271 September 30, 2024 4,138 Thereafter 15,745 75,697 Less: Unamortized Debt Issuance Costs (317) $ 75,380 On June 10, 2019, the Company completed a transaction with all holders of the Company’s Common Stock to receive a special, pro-rata distribution of three securities as enumerated below: • A dividend of one additional share for every two shares already held (a 50% stock dividend, or the equivalent of a 3-for-2 stock split). See Footnote 6 for discussion. • The Company issued and distributed to existing common shareholders an aggregate of 1.6 million trust preferred capital security ("TruPs") shares (aggregate $4.0 million stated value) and an aggregate of 8.4 million warrants ("Warrants") (representing warrants to purchase $21.0 million in stated value of TruPs). The Warrants are exercisable for one year from issuance. The issuance of the TruPs and Warrants on June 10, 2019 is disclosed on our consolidated statements of equity as well as within the supplemental non-cash disclosure of the Company's consolidated statements of cash flows. As of September 30, 2019, 2,252,797 Warrants have been exercised. As a result, the amount outstanding on the Company's Debt - Trust Preferred Securities is $9,632,243 as of September 30, 2019. At September 30, 2019, the Company had Warrants outstanding and exercisable to purchase 6,147,203 shares of its TruPs at an exercise price of $2.40 per share, which represents a discount to the $2.50 face value of each Trust Preferred Security. The Warrants will expire on June 7, 2020 or earlier upon redemption or liquidation. Fair Value Measurement as of September 30, 2019 Warrant liability (Level 2) $ 614,720 As of September 30, 2019, the Warrants are recorded within "Other non-current liabilities" on our consolidated balance sheets. Fair value measurement was based on market activity and trading volume as observed on the NASDAQ Global Market. The liability is classified as Level 2 in the hierarchy (Level 2 is defined as quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability). On August 16, 2019, Contrail entered into a term loan agreement with to borrow $13 million at the interest rate of LIBOR plus 3.75% per annum. The maturity date of the term loan is August 1, 2024. On September 24, 2019, Air T amended the MBT revolver ("Air T Revolver") to temporarily increase the borrowing commitment from $17 million to $20 million. All other terms of the credit agreement remain unchanged. As noted in Footnote 17 - Subsequent Events, on November 8, 2019, Air T extended the maturity date of the Air T Revolver to February 28, 2020. The principal amount reverted back to $17 million. Concurrently, the Company also extended the maturity date of the AirCo MBT revolver ("AirCo Revolver") to February 28, 2020. Principal amount and terms of the AirCo Revolver remained unchanged. The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements. As part of the Company’s interest rate risk management strategy, the Company, from time to time, uses derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated with existing borrowings (Air T Term Note A and Term Note D). To meet these objectives, the Company entered into interest rate swaps with notional amounts consistent with the outstanding debt to provide a fixed rate of 4.56% and 5.09%, respectively, on Term Notes A and D. The swaps mature in January 2028. As of August 1, 2018, these swap contracts were designated as cash flow hedging instruments and qualified as effective hedges in accordance with ASC 815-30. The effective portion of changes in the fair value on these instruments is recorded in other comprehensive income and is reclassified into the consolidated statement of income as interest expense in the same period in which the underlying hedge transaction affects earnings. As of September 30, 2019 and March 31, 2019, the fair value of the interest-rate swap contracts was a liability of $570,069 and $227,000, respectively, which is included within other non-current liabilities in the consolidated balance sheets. During the three months ended September 30, 2019, the Company recorded a loss of approximately $88,000, net of tax, in the consolidated statement of comprehensive income (loss) for changes in the fair value of the instruments.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under ASC 810 - Consolidation , an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both: • the power to direct the activities that most significantly impact the economic performance of the VIE; and • the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. The Company concluded that its investments in Delphax’s equity and debt, and its investment in the Delphax warrant, each constituted a variable interest. In addition, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. The Company consolidated Delphax in its consolidated financial statements beginning on that date. The following table sets forth the carrying values of Delphax’s assets and liabilities as of September 30, 2019 and March 31, 2019 (in thousands): September 30, 2019 March 31, 2019 ASSETS Current assets: Cash and cash equivalents $ 13 $ 12 Accounts receivable, net 50 47 Other current assets 9 59 Total current assets 72 118 Other tax receivables-long-term — 311 Total assets 72 429 LIABILITIES Current liabilities: Accounts payable 96 2,151 Accrued expenses 392 3,158 Short-term debt — 1,750 Total current liabilities 488 7,059 Total liabilities 488 7,059 Net Liabilities $ (416) $ (6,630) Upon petition by the Company, on August 8, 2017 the Ontario Superior Court of Justice in Bankruptcy and Insolvency adjudged Delphax Canada to be bankrupt. As a result, Delphax Canada ceased to have capacity to deal with its property, which then vested in the trustee in bankruptcy of Delphax Canada subject to the rights of secured creditors. As of June 30, 2019, the bankruptcy proceedings were finalized in accordance with Canadian law and, therefore, Delphax Canada was legally discharged of its liabilities. The conclusion of the bankruptcy proceedings also resulted in the dissolution of Delphax Canada. In addition, on June 11, 2019, the Company has also fully dissolved Delphax UK. As such, the only Delphax entity that remains in existence as of September 30, 2019 is Delphax France. The Company extinguished the assets and liabilities of Delphax Canada and Delphax UK during the quarter ended June 30, 2019 and recognized a gain on dissolution of entities of $4,509,302. Delphax’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015 through September 30, 2019. Revenues and expenses prior to the date of initial consolidation were excluded. We have determined that the attribution of Delphax net income or loss should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. The Delphax warrant ("Delphax warrant") provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Delphax warrant is entitled to participate in such dividends on a ratable basis as if the Delphax warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% of any Delphax dividends paid, with the remaining 33% paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax’s net losses are attributed first to our Series B Preferred Stock and Delphax warrant investments and to the non-controlling interest (67%/33%) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial 67%/33% share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses. As a result of the application of the above-described attribution methodology, for the quarters ended September 30, 2019 and September 30, 2018 the attribution of Delphax losses to non-controlling interests was 33% and 33%, respectively. The following table sets forth the revenue and expenses of Delphax prior to intercompany eliminations that are included in the Company’s condensed consolidated statement of income for the three months ended September 30, 2019 and 2018 (in thousands): Six Months Ended September 30, 2019 2018 Operating Revenues $ — $ — Operating Expenses: Cost of sales — — General and administrative 125 222 125 222 Operating Loss (125) (222) Non-operating Income (Expenses), net 6,237 (46) Income (Loss) Before Income Taxes 6,112 (268) Income Taxes — — Net Income (Loss) $ 6,112 $ (268)

Share Repurchase

Share Repurchase	6 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Share Repurchase	Share Repurchase

Geographical Information

Geographical Information	6 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Geographical information	Geographical information Total property and equipment, including assets on lease, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of September 30, 2019 and March 31, 2019, in thousands: September 30, 2019 March 31, 2019 United States $ 18,321 $ 4,393 Foreign 7,008 25,035 Total property and equipment, net $ 25,329 $ 29,428 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at September 30, 2019. The net book value located within each individual country at September 30, 2019 and March 31, 2019 is listed below, in thousands: September 30, 2019 March 31, 2019 Australia $ 3 $ 5 Mexico 1,845 2,681 Netherlands 5,160 5,541 China — 16,808 Total property and equipment, net $ 7,008 $ 25,035 Total revenue from continuing operations, in and outside the United States is summarized in the following table for the six months ended September 30, 2019 and September 30, 2018, in thousands: September 30, 2019 September 30, 2018 United States $ 75,891 $ 79,267 Foreign 21,990 13,420 Total revenue from continuing operations $ 97,881 $ 92,687

Segment Information

Segment Information	6 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has five business segments: overnight air cargo, ground equipment sales, commercial jet engine and parts segment, printing equipment and maintenance and corporate and other. Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Six Months Ended 2019 2018 2019 2018 Operating Revenues by Segment: Overnight Air Cargo $ 19,745 $ 17,064 $ 38,065 $ 34,705 Ground Equipment Sales: Domestic 12,102 11,070 22,960 16,362 International 639 1,776 2,030 2,871 Total Ground Equipment Sales 12,741 12,846 24,990 19,233 Printing Equipment and Maintenance: Domestic 175 3 197 194 International 74 137 120 245 Total Printing Equipment and Maintenance 249 140 317 439 Commercial Jet Engines and Parts: Domestic 6,203 5,341 14,631 27,659 International 11,699 5,302 19,840 10,304 Total Commercial Jet Engines and Parts 17,902 10,643 34,471 37,963 Corporate and other 542 189 1,141 365 Intercompany (486) (15) (1,103) (18) Total 50,693 40,867 97,881 92,687 Operating Income (Loss): Overnight Air Cargo 216 197 264 1,253 Ground Equipment Sales 1,221 697 2,568 1,091 Printing Equipment and Maintenance (381) (413) (837) (654) Commercial Jet Engines and Parts 1,193 575 3,191 3,788 Corporate and other (1,902) (1,935) (3,860) (3,666) Intercompany 119 — 139 — Total 466 (879) 1,465 1,812 Capital Expenditures: Overnight Air Cargo 26 29 56 34 Ground Equipment Sales 286 156 10 296 Printing Equipment and Maintenance — — — — Commercial Jet Engines and Parts 16,005 19,287 17,656 19,471 Corporate and other 51 34 72 111 Total 16,368 19,506 17,794 19,912 Depreciation, Amortization and Impairment: Overnight Air Cargo 19 21 37 44 Ground Equipment Sales 63 65 116 157 Printing Equipment and Maintenance 27 15 30 30 Commercial Jet Engines and Parts 1,456 1,456 3,192 2,554 Corporate and other 137 151 277 296 Intercompany — (1) (3) (3) Total $ 1,702 $ 1,707 $ 3,649 $ 3,078

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesContrail Aviation Support, LLC (“Contrail Aviation”), a subsidiary of the Company, completed the purchase of all of the assets owned by Contrail Aviation Support, Inc. (the “Seller”) in July 2016. As part of this purchase, Contrail Aviation agreed to pay contingent additional deferred consideration of up to a maximum of $1,500,000 per year and $3,000,000 in the aggregate. The Company has paid in full the contingent consideration as of September 30, 2019 and there is no remaining liability as of September 30, 2019. Contrail Aviation entered into an Operating Agreement (the “Operating Agreement”) with the Seller providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options (“Put/Call Option”). The Put/Call Option permits the Seller to require Contrail Aviation to purchase all of the Seller’s equity membership interests in Contrail Aviation commencing on the fifth anniversary of the acquisition, which is on July 18, 2021. The Company has presented this redeemable non-controlling interest in Contrail Aviation between the liabilities and equity sections of the accompanying consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The fair value of the redeemable non-controlling interest is $6,000,000. The net change in the redemption value compared to March 31, 2019 is an increase of $524,000, of which $203,858 was related to the net change in fair value during the six months ended September 30, 2019, which is reflected on our consolidated statements of equity.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial statements are issued for potential recognition or disclosure of such events in its consolidated financial statements. On November 8, 2019, we extended the maturity date of the Air T Revolver to February 28, 2020. The borrowing capacity returned to $17 million from a temporary increase to $20 million on September 24, as mentioned in Footnote 12, Fi nancing Arrang ements . Concurrently, the Company also extended the maturity date of the AirCo Revolver to February 28, 2020. Principal amount remained at $10 million. All other terms for both agreements remained unchanged. On November 8, 2019, the Company purchased a 19.90% interest in Cadillac Castings, Inc, a Michigan corporation (“Cadillac”). The purchase price for the interest acquired approximated $3,000,000. Cadillac is a full-service ductile iron foundry located in Cadillac, Michigan. Cadillac operates a 275,000 square-foot facility located on 43 acres and is a major supplier of engineered ductile iron, including high silicon molybdenum cast components.

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	6 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) as amended by multiple standards updates. The new standard provides that a lessee should recognize the assets and the liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of twelve months or less, the lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. Topic 842 permits two transition methods: (1) a modified retrospective transition method requiring retrospective adjustment of each comparative presented with an adjusting entry at the beginning of the earliest comparative period presented and (2) a modified retrospective approach with no restatement of prior periods and an adjusting entry as of the effective date. Under both transition methods, entities may elect certain transition practical expedients that would be required to be applied to all leases. The Company adopted the standard in the fiscal year beginning April 1, 2019 using the modified retrospective transition method that does not require retrospective adjustment of the comparative periods. The Company reviewed existing leases to determine the impact of the adoption of the standard on its consolidated financial statements. Implementation had an immaterial cumulative effect on retained earnings. Adoption resulted in the recognition of right-of-use assets of approximately $10.7 million, and lease liabilities of approximately $11.2 million. Upon adoption, the Company elected practical expedients related to a) short term lease exemption b) not separate lease and non-lease components c) not reassess whether expired or existing contracts contain leases, d) not reassess lease classification for existing or expired leases and e) not consider whether previously capitalized initial direct costs would be appropriate under the new standard. Recently Issued Accounting Pronouncements In October 2018, the FASB updated the Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities of the Accounting Standards Codification. The amendments in this update affect reporting entities that are required to determine whether they should consolidate a legal entity under the guidance within the Variable Interest Entities Subsections of Subtopic 810-10, Consolidation—Overall. Indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact of this amendment on its consolidated financial statements and disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Product Sales Air Cargo $ 6,680 $ 5,003 $ 12,094 $ 10,523 Ground equipment sales 12,489 12,447 24,492 18,617 Commercial jet engines and parts 13,218 7,380 24,388 32,409 Printing equipment and maintenance 20 122 68 409 Corporate and other — — — — Support Services Air Cargo 13,033 11,985 25,927 24,082 Ground equipment sales 105 148 210 249 Commercial jet engines and parts 1,597 1,327 3,007 2,293 Printing equipment and maintenance 225 12 236 20 Corporate and other (8) 16 33 16 Leasing Revenue Air Cargo — — — — Ground equipment sales 33 15 53 46 Commercial jet engines and parts 2,941 1,826 6,655 3,027 Printing equipment and maintenance — — — — Corporate and other 36 32 81 72 Other Air Cargo 32 76 43 100 Ground equipment sales 114 228 236 312 Commercial jet engines and parts 45 110 78 234 Printing equipment and maintenance 4 5 9 10 Corporate and other 129 135 271 268 Total $ 50,693 $ 40,867 $ 97,881 $ 92,687 The following table summarizes total revenues by segment (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Air cargo $ 19,745 $ 17,064 $ 38,064 $ 34,705 Ground equipment sales 12,741 12,838 24,991 19,224 Commercial jet engines and parts 17,801 10,643 34,128 37,963 Printing equipment and maintenance 249 139 313 439 Corporate and other 157 183 385 356 Total $ 50,693 $ 40,867 $ 97,881 $ 92,687
Contract with Customer, Asset and Liability	The following table presents outstanding contract liabilities as of April 1, 2019 and September 30, 2019 and the amount of contract liabilities that were recognized as revenue during the six-month period ended September 30, 2019 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2019 As of September 30, 2019 $ 10,291 As of April 1, 2019 1,867 For the six months ended September 30, 2019 1,781 Contract assets primarily relate to deposits paid to vendors. The following table presents the amount of contract assets as of April 1, 2019 and September 30, 2019 (in thousands): Contract assets As of September 30, 2019 $5,174 As of April 1, 2019 1,743

Business Combinations (Tables)

Business Combinations (Tables) - Worthington Aviation Parts, Inc	6 Months Ended
	Sep. 30, 2019
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition	Total consideration is summarized in the table below (in thousands): Earnest money $ 50 Cash consideration 3,300 Cash acquired (24) Total consideration $ 3,326
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table outlines the consideration transferred and purchase price allocation at the respective estimated fair values as of May 4, 2018 (in thousands): May 4, 2018 ASSETS Accounts receivable $ 1,929 Inventories 4,564 Other current assets 150 Property and equipment 392 Other assets 189 Intangible assets - tradename 138 Total assets 7,362 LIABILITIES Accounts payable 1,289 Accrued expenses 175 Deferred tax liability 589 Total liabilities 2,053 Net assets acquired 5,309 Consideration paid 3,350 Less: Cash acquired (24) Bargain purchase gain $ 1,983

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Summary of Discontinued Operations	Summarized results of operations of GAS for the three and six months ended September 30, 2019 and 2018 through the date of disposition are as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Net sales $ 8,120 $ 8,474 $ 16,637 $ 17,522 Operating Expense (9,015) (9,215) (17,319) (18,350) Loss from discontinued operations before income taxes (895) (741) (682) (828) Income tax benefit (660) (93) (612) (123) Loss from discontinued operations, net of tax $ (235) $ (648) $ (70) $ (705) The following table presents summary balance sheet information of GAS that is presented as discontinued operations as of March 31, 2019 (in thousands): Assets: March 31, 2019 Cash and cash equivalents $ 107 Accounts receivable, net 8,197 Income tax receivable 17 Inventories, net 2,512 Other current assets 769 Current assets of discontinued operations 11,601 Property and equipment, net 554 Intangible assets, net 228 Goodwill 190 Other non-current assets 292 Non-current assets of discontinued operations 1,264 Liabilities: Accounts payable 1,144 Income tax payable (226) Accrued expenses 669 Current liabilities of discontinued operations $ 1,587

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	6 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted earnings per common share is as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Net income (loss) from continuing operations $ (2,122) $ (779) $ 1,868 $ 2,561 Net (income) loss from continuing operations attributable to non-controlling interests (287) 106 (2,660) (348) Net income (loss) from continuing operations attributable to Air T, Inc. stockholders (2,409) (673) (792) 2,213 Income (loss) from continuing operations per share: Basic $ (0.80) $ (0.22) $ (0.30) $ 0.72 Diluted $ (0.80) $ (0.22) $ (0.30) $ 0.72 Loss from discontinued operations, net of tax $ (235) $ (648) $ (70) $ (705) Gain on sale of discontinued operations, net of tax 8,359 — 8,359 — Gain (loss) from discontinued operations attributable to Air T, Inc. stockholders 8,124 (648) 8,289 (705) Income (loss) from discontinued operations per share: Basic $ 2.69 $ (0.21) $ 3.14 $ (0.23) Diluted $ 2.68 $ (0.21) $ 3.13 $ (0.23) Weighted Average Shares Outstanding: Basic 3,025 3,066 2,641 3,066 Diluted 3,029 3,066 2,645 3,074

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summarized Unaudited Financial Information	Summarized unaudited financial information for Insignia for the three months ended June 30, 2019 and 2018 is as follows (in thousands): Three Three Revenue $ 5,842 $ 8,245 Gross Profit 1,465 3,005 Operating income (loss) (683) 253 Net income (loss) (488) 184 Net income attributable to Air T, Inc. stockholders $ (166) $ 31

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following (in thousands): September 30, March 31, Ground equipment manufacturing: Raw materials $ 4,191 $ 2,498 Work in process 910 1,660 Finished goods 1,922 973 Printing equipment and maintenance Raw materials 476 401 Finished goods 912 1,048 Commercial jet engines and parts 32,133 21,032 Total inventories 40,544 $ 27,612 Reserves (174) (157) Total inventories, net of reserves $ 40,370 $ 27,455

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease, Cost	The components of lease cost for the three and six months ended September 30, 2019 are as follows (in thousands): Three Months Ended Six Operating lease cost $ 514 $ 920 Short-term lease cost 50 255 Variable lease cost 71 207 Sublease income — — Total lease cost $ 635 $ 1,382 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of the quarter ended September 30, 2019 were as follows (in thousands): September 30, 2019 Operating leases Operating lease right-of-use assets $ 7,154 Operating lease liabilities $ 7,577 Weighted-average remaining lease term 15.50 years Operating leases Weighted-average discount rate 4.51 % Operating leases
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities under non-cancellable leases where we are the lessee as of the quarter ended September 30, 2019 are as follows (in thousands): Operating Leases 2020 (excluding the six months ended September 30, 2019) $ 786 2021 1,311 2022 1,131 2023 938 2024 637 2025 402 Thereafter 5,757 Total undiscounted lease payments $ 10,962 Less: Interest 2,890 Less: Discount 495 Total lease liabilities $ 7,577
Schedule of Future Minimum Rental Payments for Operating Leases	At March 31, 2019, future minimum annual lease payments (foreign currency amounts translated using applicable March 31, 2019 exchange rates) are as follows (in thousands): Year ended March 31, 2020 $ 3,133 2021 2,115 2022 1,625 2023 1,241 2024 692 Thereafter 6,267 Total minimum lease payments $ 15,073

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Borrowings of the Company and its subsidiaries are summarized below (in thousands) at September 30, 2019 and March 31, 2019, respectively. AirCo and Contrail Aviation (“Contrail”) are subsidiaries of the Company in the commercial jet engines and parts segment. (In Thousands) September 30, March 31, Maturity Date Interest Rate Unused commitments as of September 30, 2019 Revolver - MB&T $ 18,424 $ 12,403 November 30, 2019 Prime - 1% $ 1,576 Term Note A - MB&T 8,250 8,750 January 1, 2028 1-month LIBOR + 2% Term Note B - MB&T 4,125 4,375 January 1, 2028 4.5% Term Note D - MB&T 1,574 1,607 January 1, 2028 1-month LIBOR + 2% Debt - Trust Preferred Securities 9,632 — June 7, 2049 8% Air T Debt 42,005 27,135 Revolver - MB&T — 3,820 May 21, 2019 7.5% Revolver - MB&T 6,921 — November 30, 2019 greater of 6.50% or Prime + 2% 3,078 Term Loan - MB&T — 450 December 17, 2019 7.50% Term Loan - MB&T — 400 June 17, 2020 7.25% Term Loan - Park State — 2,100 June 17, 2020 8.50% AirCo Debt 6,921 6,770 Revolver — — September 5, 2021 1-month LIBOR + 3% 20,000 Term Loan A 7,466 8,617 January 26, 2021 1-month LIBOR + 3.75% Term Loan B 6,500 15,500 September 14, 2021 1-month LIBOR + 3.75% Term Loan C 12,805 — August 1, 2024 1-month LIBOR + 3.75% Contrail Debt - Old National 26,771 24,117 Total Debt 75,697 58,022 Less: Unamortized Debt Issuance Costs (317) (369) Total Debt, net $ 75,380 $ 57,653
Schedule of Maturities of Long-term Debt	At September 30, 2019, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount September 30, 2020 $ 29,836 September 30, 2021 17,535 September 30, 2022 4,172 September 30, 2023 4,271 September 30, 2024 4,138 Thereafter 15,745 75,697 Less: Unamortized Debt Issuance Costs (317) $ 75,380
Schedule of Warrant Fair Value	Fair Value Measurement as of September 30, 2019 Warrant liability (Level 2) $ 614,720

Variable Interest Entities (Tab

Variable Interest Entities (Tables) - Delphax	6 Months Ended
	Sep. 30, 2019
Variable Interest Entity [Line Items]
Condensed Balance Sheet	The following table sets forth the carrying values of Delphax’s assets and liabilities as of September 30, 2019 and March 31, 2019 (in thousands): September 30, 2019 March 31, 2019 ASSETS Current assets: Cash and cash equivalents $ 13 $ 12 Accounts receivable, net 50 47 Other current assets 9 59 Total current assets 72 118 Other tax receivables-long-term — 311 Total assets 72 429 LIABILITIES Current liabilities: Accounts payable 96 2,151 Accrued expenses 392 3,158 Short-term debt — 1,750 Total current liabilities 488 7,059 Total liabilities 488 7,059 Net Liabilities $ (416) $ (6,630)
Condensed Income Statement	The following table sets forth the revenue and expenses of Delphax prior to intercompany eliminations that are included in the Company’s condensed consolidated statement of income for the three months ended September 30, 2019 and 2018 (in thousands): Six Months Ended September 30, 2019 2018 Operating Revenues $ — $ — Operating Expenses: Cost of sales — — General and administrative 125 222 125 222 Operating Loss (125) (222) Non-operating Income (Expenses), net 6,237 (46) Income (Loss) Before Income Taxes 6,112 (268) Income Taxes — — Net Income (Loss) $ 6,112 $ (268)

Geographical Information (Table

Geographical Information (Tables)	6 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Long-lived Assets by Geographic Areas	Total property and equipment, including assets on lease, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of September 30, 2019 and March 31, 2019, in thousands: September 30, 2019 March 31, 2019 United States $ 18,321 $ 4,393 Foreign 7,008 25,035 Total property and equipment, net $ 25,329 $ 29,428 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at September 30, 2019. The net book value located within each individual country at September 30, 2019 and March 31, 2019 is listed below, in thousands: September 30, 2019 March 31, 2019 Australia $ 3 $ 5 Mexico 1,845 2,681 Netherlands 5,160 5,541 China — 16,808 Total property and equipment, net $ 7,008 $ 25,035
Revenue from External Customers by Geographic Areas	Total revenue from continuing operations, in and outside the United States is summarized in the following table for the six months ended September 30, 2019 and September 30, 2018, in thousands: September 30, 2019 September 30, 2018 United States $ 75,891 $ 79,267 Foreign 21,990 13,420 Total revenue from continuing operations $ 97,881 $ 92,687

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Six Months Ended 2019 2018 2019 2018 Operating Revenues by Segment: Overnight Air Cargo $ 19,745 $ 17,064 $ 38,065 $ 34,705 Ground Equipment Sales: Domestic 12,102 11,070 22,960 16,362 International 639 1,776 2,030 2,871 Total Ground Equipment Sales 12,741 12,846 24,990 19,233 Printing Equipment and Maintenance: Domestic 175 3 197 194 International 74 137 120 245 Total Printing Equipment and Maintenance 249 140 317 439 Commercial Jet Engines and Parts: Domestic 6,203 5,341 14,631 27,659 International 11,699 5,302 19,840 10,304 Total Commercial Jet Engines and Parts 17,902 10,643 34,471 37,963 Corporate and other 542 189 1,141 365 Intercompany (486) (15) (1,103) (18) Total 50,693 40,867 97,881 92,687 Operating Income (Loss): Overnight Air Cargo 216 197 264 1,253 Ground Equipment Sales 1,221 697 2,568 1,091 Printing Equipment and Maintenance (381) (413) (837) (654) Commercial Jet Engines and Parts 1,193 575 3,191 3,788 Corporate and other (1,902) (1,935) (3,860) (3,666) Intercompany 119 — 139 — Total 466 (879) 1,465 1,812 Capital Expenditures: Overnight Air Cargo 26 29 56 34 Ground Equipment Sales 286 156 10 296 Printing Equipment and Maintenance — — — — Commercial Jet Engines and Parts 16,005 19,287 17,656 19,471 Corporate and other 51 34 72 111 Total 16,368 19,506 17,794 19,912 Depreciation, Amortization and Impairment: Overnight Air Cargo 19 21 37 44 Ground Equipment Sales 63 65 116 157 Printing Equipment and Maintenance 27 15 30 30 Commercial Jet Engines and Parts 1,456 1,456 3,192 2,554 Corporate and other 137 151 277 296 Intercompany — (1) (3) (3) Total $ 1,702 $ 1,707 $ 3,649 $ 3,078

Financial Statement Presentat_3

Financial Statement Presentation (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2019	Apr. 01, 2019	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 7,154		$ 0
Total lease liabilities	$ 7,577
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 10,700
Total lease liabilities		$ 11,200

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total	$ 50,693	$ 40,867	$ 97,881	$ 92,687
Air Cargo
Disaggregation of Revenue [Line Items]
Total	19,745	17,064	38,064	34,705
Air Cargo | Product Sales
Disaggregation of Revenue [Line Items]
Total	6,680	5,003	12,094	10,523
Air Cargo | Support Services
Disaggregation of Revenue [Line Items]
Total	13,033	11,985	25,927	24,082
Air Cargo | Leased Assets
Disaggregation of Revenue [Line Items]
Total	0	0	0	0
Air Cargo | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	32	76	43	100
Ground equipment sales
Disaggregation of Revenue [Line Items]
Total	12,741	12,838	24,991	19,224
Ground equipment sales | Product Sales
Disaggregation of Revenue [Line Items]
Total	12,489	12,447	24,492	18,617
Ground equipment sales | Support Services
Disaggregation of Revenue [Line Items]
Total	105	148	210	249
Ground equipment sales | Leased Assets
Disaggregation of Revenue [Line Items]
Total	33	15	53	46
Ground equipment sales | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	114	228	236	312
Commercial jet engines and parts
Disaggregation of Revenue [Line Items]
Total	17,801	10,643	34,128	37,963
Commercial jet engines and parts | Product Sales
Disaggregation of Revenue [Line Items]
Total	13,218	7,380	24,388	32,409
Commercial jet engines and parts | Support Services
Disaggregation of Revenue [Line Items]
Total	1,597	1,327	3,007	2,293
Commercial jet engines and parts | Leased Assets
Disaggregation of Revenue [Line Items]
Total	2,941	1,826	6,655	3,027
Commercial jet engines and parts | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	45	110	78	234
Printing equipment and maintenance
Disaggregation of Revenue [Line Items]
Total	249	139	313	439
Printing equipment and maintenance | Product Sales
Disaggregation of Revenue [Line Items]
Total	20	122	68	409
Printing equipment and maintenance | Support Services
Disaggregation of Revenue [Line Items]
Total	225	12	236	20
Printing equipment and maintenance | Leased Assets
Disaggregation of Revenue [Line Items]
Total	0	0	0	0
Printing equipment and maintenance | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	4	5	9	10
Corporate and other
Disaggregation of Revenue [Line Items]
Total	157	183	385	356
Corporate and other | Product Sales
Disaggregation of Revenue [Line Items]
Total	0	0	0	0
Corporate and other | Support Services
Disaggregation of Revenue [Line Items]
Total	(8)	16	33	16
Corporate and other | Leased Assets
Disaggregation of Revenue [Line Items]
Total	36	32	81	72
Corporate and other | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	$ 129	$ 135	$ 271	$ 268

- Contract with Customer, Asset

- Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2019	Apr. 01, 2019
Revenue from Contract with Customer [Abstract]
Contract with customer, liabilities	$ 10,291	$ 1,867
Outstanding contract liabilities recognized as revenue	1,781
Contract with customer, assets	$ 5,174	$ 1,743

Business Combinations (Details

Business Combinations (Details Textual) - USD ($) $ in Thousands	May 04, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Bargain purchase gain recognized		$ 14	$ 0	$ 49	$ 1,984
Worthington Aviation Parts, Inc
Business Acquisition [Line Items]
Payment for earnest money deposit	$ 50
Cash consideration	$ 3,300
Deferred income taxes				589
Bargain purchase gain recognized				1,983
Acquisition related costs				$ 83

Business Combinations - Summary

Business Combinations - Summary of Total Consideration (Details) $ in Thousands	May 04, 2018USD ($)
Business Acquisition [Line Items]
Total consideration	$ 3,326
Worthington Aviation Parts, Inc
Business Acquisition [Line Items]
Earnest money	50
Cash consideration	3,300
Less: Cash acquired	$ (24)

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities Assumed by Worthington (Details) - USD ($) $ in Thousands	May 04, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 500	$ 3,376
Worthington Aviation Parts, Inc
Business Acquisition [Line Items]
Accounts receivable	$ 1,929
Inventories	4,564
Other current assets	150
Property and equipment	392
Other assets	189
Total assets	7,362
Accounts payable	1,289
Accrued expenses	175
Deferred tax liability	589
Total liabilities	2,053
Net assets acquired	5,309
Payments to Acquire Businesses, Net of Cash Acquired	3,350
Less: Cash acquired	(24)
Bargain purchase gain	1,983
Worthington Aviation Parts, Inc | Trade Names
Business Acquisition [Line Items]
Intangible assets - tradename	$ 138

Discontinued Operations (Detail

Discontinued Operations (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations, net of tax	$ 8,359	$ 0	$ 8,359	$ 0
Discontinued Operations, Disposed of by Sale | Global Aviation Services, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	100.00%		100.00%
Purchase price consideration	$ 21,000		$ 21,000
Consideration earn-out provision	4,000		$ 4,000
Proceeds from divestiture of businesses	20,500
Recognition of pre-tax gain on sale of GAS	(10,800)
Tax expense on disposal	2,400
Gain on sale of discontinued operations, net of tax	$ 8,400

Discontinued Operations - Incom

Discontinued Operations - Income Statement Summary of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of tax	$ (235)	$ (648)	$ (70)	$ (705)
Discontinued Operations, Disposed of by Sale | Global Aviation Services, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	8,120	8,474	16,637	17,522
Operating Expense	(9,015)	(9,215)	(17,319)	(18,350)
Loss from discontinued operations before income taxes	(895)	(741)	(682)	(828)
Income tax benefit	(660)	(93)	(612)	(123)
Loss from discontinued operations, net of tax	$ (235)	$ (648)	$ (70)	$ (705)

Discontinued Operations - Balan

Discontinued Operations - Balance Sheet Summary of Discontinued Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Mar. 31, 2019
Discontinued Operation, Current Assets
Income tax receivable		$ 17
Current assets of discontinued operations	$ 0	11,601
Non-current assets of discontinued operations	0	1,264
Liabilities:
Current liabilities of discontinued operations	$ 0	1,587
Discontinued Operations, Disposed of by Sale | Global Aviation Services, LLC
Discontinued Operation, Current Assets
Cash and cash equivalents		107
Accounts receivable, net		8,197
Inventories, net		2,512
Other current assets		769
Current assets of discontinued operations		11,601
Property and equipment, net		554
Intangible assets, net		228
Goodwill		190
Other non-current assets		292
Non-current assets of discontinued operations		1,264
Liabilities:
Accounts payable		1,144
Income tax payable		(226)
Accrued expenses		669
Current liabilities of discontinued operations		$ 1,587

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (296)	$ (300)	$ (668)	$ 117
Effective income tax rate, percent	12.20%	27.80%	(55.60%)	4.40%
Effective tax rate for discontinued operations, percent	73.70%	12.60%	89.70%	14.80%
Impaired reinsurance contracts			$ 2,000

Net Earnings Per Share (Details

Net Earnings Per Share (Details Textual)	Sep. 30, 2019shares	Jun. 10, 2019	Jun. 04, 2019
Earnings Per Share [Abstract]
Number of anti-dilutive securities (in shares)	3,151
Stock split conversion ratio			1.5
Common stock dividend rate percentage		50.00%

Net Earnings Per Share - Earnin

Net Earnings Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ (2,122)	$ (779)	$ 1,868	$ 2,561
Net (income) loss from continuing operations attributable to non-controlling interests	(287)	106	(2,660)	(348)
Net income (loss) from continuing operations attributable to Air T, Inc. stockholders	$ (2,409)	$ (673)	$ (792)	$ 2,213
Income (loss) from continuing operations per share:
Basic (in dollars per share)	$ (0.80)	$ (0.22)	$ (0.30)	$ 0.72
Diluted (in dollars per share)	$ (0.80)	$ (0.22)	$ (0.30)	$ 0.72
Loss from discontinued operations, net of tax	$ (235)	$ (648)	$ (70)	$ (705)
Gain on sale of discontinued operations, net of tax	8,359	0	8,359	0
Gain (loss) from discontinued operations attributable to Air T, Inc. stockholders	$ 8,124	$ (648)	$ 8,289	$ (705)
Income (loss) from discontinued operations per share:
Basic (in dollars per share)	$ 2.69	$ (0.21)	$ 3.14	$ (0.23)
Diluted (in dollars per share)	$ 2.68	$ (0.21)	$ 3.13	$ (0.23)
Weighted Average Shares Outstanding:
Basic (in shares)	3,025,000	3,066,000	2,641,000	3,066,000
Diluted (in shares)	3,029,000	3,066,000	2,645,000	3,074,000

Investments in Securities (Deta

Investments in Securities (Details Textual)	Sep. 30, 2019USD ($)
Investments, Debt and Equity Securities [Abstract]
Aggregate unrealized gain	$ 2,273
Aggregate unrealized loss	$ 420,208

Equity Method Investments (Deta

Equity Method Investments (Details Textual) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Income (loss) from equity method investments	$ 34,000	$ (160,000)	$ 355,000	$ (170,000)
Impairment charges			1,210,000	0
Equity method investments	$ 4,046,000		$ 4,046,000		$ 5,611,000
Insignia
Number of shares held (in shares)	3.5		3.5
Ownership percentage	29.00%		29.00%
Income (loss) from equity method investments	$ 142,196		$ 166,000	$ (31,000)
Difference between carrying amount and underlying equity	24,032		24,032
Equity method investments	3,439,547		$ 3,439,547
Fence Store LLC
Impairment charges	$ 395,031

Equity Method Investments - Sum

Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income attributable to Air T, Inc. stockholders	$ (34,000)	$ 160,000	$ (355,000)	$ 170,000
Insignia
Revenue			5,842,000	8,245,000
Gross Profit			1,465,000	3,005,000
Operating income (loss)			(683,000)	253,000
Net income (loss)			(488,000)	184,000
Net income attributable to Air T, Inc. stockholders	$ (142,196)		$ (166,000)	$ 31,000

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Mar. 31, 2019
Printing equipment and maintenance
Commercial jet engines and parts	$ 32,133	$ 21,032
Total inventories	40,544	27,612
Reserves	(174)	(157)
Total inventories, net of reserves	40,370	27,455
Ground equipment manufacturing:
Ground equipment manufacturing
Raw materials	4,191	2,498
Work in process	910	1,660
Finished goods	1,922	973
Printing equipment and maintenance
Raw materials	4,191	2,498
Finished goods	1,922	973
Printing equipment and maintenance
Ground equipment manufacturing
Raw materials	476	401
Finished goods	912	1,048
Printing equipment and maintenance
Raw materials	476	401
Finished goods	$ 912	$ 1,048

Leases (Details Textual)

Leases (Details Textual)	Sep. 30, 2019
Minimum
Lessee, Lease, Description [Line Items]
Lease term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term	5 years
Real Estate
Lessee, Lease, Description [Line Items]
Lease term	30 years

Leases - Component of Lease Cos

Leases - Component of Lease Cost and Consolidated Balance Sheet Amounts (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 514	$ 920
Short-term lease cost	50	255
Variable lease cost	71	207
Sublease income	0	0
Total lease cost	635	1,382
Operating leases
Operating lease right-of-use assets	7,154	7,154	$ 0
Operating lease liabilities	$ 7,577	$ 7,577
Weighted-average remaining lease term
Operating leases	15 years 6 months	15 years 6 months
Weighted-average discount rate
Operating leases	4.51%	4.51%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
2020 (excluding the six months ended September 30, 2019)	$ 786
2021	1,311
2022	1,131
2023	938
2024	637
2025	402
Thereafter	5,757
Total undiscounted lease payments	10,962
Less: Interest	2,890
Less: Discount	(495)
Total lease liabilities	$ 7,577

Leases - Future Minimum Rental

Leases - Future Minimum Rental Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2020	$ 3,133
2021	2,115
2022	1,625
2023	1,241
2024	692
Thereafter	6,267
Total minimum lease payments	$ 15,073

Financing Arrangements - Long-t

Financing Arrangements - Long-term Debt (Details) - USD ($)	6 Months Ended
	Sep. 30, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 75,697,000	$ 58,022,000
Less: Unamortized Debt Issuance Costs	(317,000)	(369,000)
Total Debt, net	75,380,000	57,653,000
AirCo
Debt Instrument [Line Items]
Long-term debt, gross	6,921,000	6,770,000
AirCo | Revolving Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	3,820,000
Interest rate stated percentage	7.50%
AirCo | Revolver - MB&T
Debt Instrument [Line Items]
Long-term debt, gross	$ 6,921,000	0
Interest rate stated percentage	6.50%
Unused commitments as of September 30, 2019	$ 3,078,000
AirCo | Term Loan - MB&T
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	450,000
Interest rate stated percentage	7.50%
AirCo | Term Loan - MB&T, Two
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	400,000
Interest rate stated percentage	7.25%
AirCo | Term Loan - Park State
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	2,100,000
Interest rate stated percentage	8.50%
Contrail Aviation Inc.
Debt Instrument [Line Items]
Long-term debt, gross	$ 26,771,000	24,117,000
Contrail Aviation Inc. | Revolving Loan
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Unused commitments as of September 30, 2019	20,000,000
Contrail Aviation Inc. | Term Loan A
Debt Instrument [Line Items]
Long-term debt, gross	7,466,000	8,617,000
Contrail Aviation Inc. | Term Loan B
Debt Instrument [Line Items]
Long-term debt, gross	6,500,000	15,500,000
Contrail Aviation Inc. | Term Loan C
Debt Instrument [Line Items]
Long-term debt, gross	12,805,000	0
Parent Company
Debt Instrument [Line Items]
Long-term debt, gross	42,005,000	27,135,000
Parent Company | Revolving Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 18,424,000	12,403,000
Maturity Date	Nov. 30, 2019
Unused commitments as of September 30, 2019	$ 1,576,000
Parent Company | Term Note A - MB&T
Debt Instrument [Line Items]
Long-term debt, gross	$ 8,250,000	8,750,000
Maturity Date	Jan. 1, 2028
Parent Company | Term Note B - MB&T
Debt Instrument [Line Items]
Long-term debt, gross	$ 4,125,000	4,375,000
Maturity Date	Jan. 1, 2028
Interest rate stated percentage	4.50%
Parent Company | Term Note D - MB&T
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,574,000	1,607,000
Maturity Date	Jan. 1, 2028
Parent Company | Debt - Trust Preferred Securities
Debt Instrument [Line Items]
Long-term debt, gross	$ 9,632,243	$ 0
Interest rate stated percentage	8.00%
Prime Rate | AirCo | Revolver - MB&T
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Prime Rate | Parent Company | Revolving Loan
Debt Instrument [Line Items]
Interest rate stated percentage	1.00%
London Interbank Offered Rate (LIBOR) | Contrail Aviation Inc. | Revolving Loan
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
London Interbank Offered Rate (LIBOR) | Contrail Aviation Inc. | Term Loan A
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
London Interbank Offered Rate (LIBOR) | Contrail Aviation Inc. | Term Loan B
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
London Interbank Offered Rate (LIBOR) | Contrail Aviation Inc. | Term Loan C
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
London Interbank Offered Rate (LIBOR) | Parent Company | Term Note A - MB&T
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
London Interbank Offered Rate (LIBOR) | Parent Company | Term Note D - MB&T
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

Financing Arrangements - Contra

Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Mar. 31, 2019
Debt Disclosure [Abstract]
September 30, 2020	$ 29,836
September 30, 2021	17,535
September 30, 2022	4,172
September 30, 2023	4,271
September 30, 2024	4,138
Thereafter	15,745
Long-term debt, gross	75,697	$ 58,022
Less: Unamortized Debt Issuance Costs	(317)	(369)
Total Debt, net	$ 75,380	$ 57,653

Financing Arrangements (Details

Financing Arrangements (Details Textual)	Jun. 10, 2019USD ($)shares	Jun. 04, 2019	Sep. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)	Nov. 08, 2019USD ($)	Sep. 24, 2019USD ($)	Sep. 23, 2019USD ($)	Aug. 16, 2019USD ($)	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Common stock dividend rate percentage	50.00%
Stock split conversion ratio		1.5
Warrants exercised (in shares) | shares			2,252,797			2,252,797
Long-term debt, gross			$ 75,697,000			$ 75,697,000						$ 58,022,000
Warrants outstanding and exercisable (in shares) | shares			6,147,203			6,147,203
Exercise price of warrants (in USD per share) | $ / shares			$ 2.40			$ 2.40
Face value price of warrant (in USD per share) | $ / shares			$ 2.50			$ 2.50
Unrealized loss on interest rate swaps, net of tax			$ (88,000)	$ (176,000)	$ 29,000	$ (264,000)	$ 29,000
Interest Rate Swap
Debt Instrument [Line Items]
Fair value of interest-rate swap contracts			570,069			$ 570,069						227,000
Unrealized loss on interest rate swaps, net of tax			$ 88,000
Term Note A - MB&T | MBT Credit Agreement | Interest Rate Swap | MBT
Debt Instrument [Line Items]
Fixed interest rate, percentage			4.56%			4.56%
Term Note D - MB&T | MBT Credit Agreement | Interest Rate Swap | MBT
Debt Instrument [Line Items]
Fixed interest rate, percentage			5.09%			5.09%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity									$ 20,000,000	$ 17,000,000
Revolving Credit Facility | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity								$ 17,000,000
Air T Funding
Debt Instrument [Line Items]
Warrant term			1 year			1 year
Air T Funding | Trust Preferred Capital Security
Debt Instrument [Line Items]
Shares issued during period | shares	1,600,000
Value of new issues	$ 4,000,000
Air T Funding | Warrant
Debt Instrument [Line Items]
Shares issued during period | shares	8,400,000
Value of new issues	$ 21,000,000
Contrail Aviation Inc.
Debt Instrument [Line Items]
Long-term debt, gross			$ 26,771,000			$ 26,771,000						24,117,000
Contrail Aviation Inc. | Term Loan C
Debt Instrument [Line Items]
Long-term debt, gross			$ 12,805,000			$ 12,805,000						$ 0
Principle sum face amount											$ 13,000,000

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Warrant Fair Value (Details)	Sep. 30, 2019USD ($)
Debt Disclosure [Abstract]
Warrant liability (Level 2)	$ 614,720

Variable Interest Entities - Ca

Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Mar. 31, 2019
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 27,434	$ 12,417
Accounts receivable, net	18,464	10,881
Total current assets	99,073	71,348
Total Assets	142,657	115,143
Accounts payable	12,540	11,409
Total current liabilities	56,118	52,794
Total Liabilities	109,310	86,309
Delphax | Reportable Legal Entities
Variable Interest Entity [Line Items]
Cash and cash equivalents	13	12
Accounts receivable, net	50	47
Other current assets	9	59
Total current assets	72	118
Other tax receivables-long-term	0	311
Total Assets	72	429
Accounts payable	96	2,151
Accrued expenses	392	3,158
Short-term debt	0	1,750
Total current liabilities	488	7,059
Total Liabilities	488	7,059
Net Liabilities	$ (416)	$ (6,630)

Variable Interest Entities (Det

Variable Interest Entities (Details Textual) - USD ($)	3 Months Ended			6 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Variable Interest Entity [Line Items]
Gain on settlement of bankruptcy	$ 18,000	$ 4,509,302	$ 0	$ 4,527,000	$ 0
Delphax
Variable Interest Entity [Line Items]
Percentage of consolidated subsidiaries dividends attributable to parent				67.00%
Percentage of consolidated subsidiaries dividends attributable to noncontrolling interests				33.00%
Net income (loss) attributable to noncontrolling interest, percentage				33.00%	33.00%
Delphax | Delphax Senior Credit Agreement
Variable Interest Entity [Line Items]
Short-term debt	$ 0			$ 0

Variable Interest Entities - Re

Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Variable Interest Entity [Line Items]
Total			$ 97,881	$ 92,687
General and administrative	$ 9,288	$ 7,997	18,960	15,378
Operating Expenses	50,227	41,746	96,416	90,875
Operating Income (Loss)	466	(879)	1,465	1,812
Non-operating Income (Expenses), net	(2,884)	(200)	(265)	866
Income (Loss) Before Income Taxes	(2,418)	(1,079)	1,200	2,678
Net income (loss)	$ 6,002	$ (1,427)	10,157	1,856
Delphax
Variable Interest Entity [Line Items]
Total			0	0
Cost of sales			0	0
General and administrative			125	222
Operating Expenses			125	222
Operating Income (Loss)			(125)	(222)
Non-operating Income (Expenses), net			6,237	(46)
Income (Loss) Before Income Taxes			6,112	(268)
Income Taxes			0	0
Net income (loss)			$ 6,112	$ (268)

Share Repurchase (Details Textu

Share Repurchase (Details Textual) - USD ($)	3 Months Ended
	Sep. 30, 2019	May 14, 2014
Equity [Abstract]
Stock repurchase program, number of shares authorized to be repurchased (in shares)		750,000
Stock repurchased during period, shares (in shares)	5,883
Stock repurchased during period, value	$ 101,039

Geographical Information - Long

Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Mar. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	$ 25,329	$ 29,428
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	18,321	4,393
Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	7,008	25,035
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	3	5
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	1,845	2,681
Netherlands
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	5,160	5,541
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	$ 0	$ 16,808

Geographical Information - Reve

Geographical Information - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Revenue, Major Customer [Line Items]
Total	$ 97,881	$ 92,687
United States
Revenue, Major Customer [Line Items]
Total	75,891	79,267
Foreign
Revenue, Major Customer [Line Items]
Total	$ 21,990	$ 13,420

Segment Information (Details Te

Segment Information (Details Textual)	6 Months Ended
	Sep. 30, 2019segment
Segment Reporting [Abstract]
Number of operating segments	5

Segment Information - Segment D

Segment Information - Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	$ 50,693	$ 40,867	$ 97,881	$ 92,687
Overnight Air Cargo	466	(879)	1,465	1,812
Ground Equipment Sales	16,368	19,506	17,794	19,912
Printing Equipment and Maintenance	1,702	1,707	3,649	3,078
Corporate and other
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	542	189	1,141	365
Overnight Air Cargo	(1,902)	(1,935)	(3,860)	(3,666)
Ground Equipment Sales	51	34	72	111
Printing Equipment and Maintenance	137	151	277	296
Intercompany
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	(486)	(15)	(1,103)	(18)
Overnight Air Cargo	119	0	139	0
Printing Equipment and Maintenance	0	(1)	(3)	(3)
Air Cargo
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	19,745	17,064	38,064	34,705
Air Cargo | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	19,745	17,064	38,065	34,705
Overnight Air Cargo	216	197	264	1,253
Ground Equipment Sales	26	29	56	34
Printing Equipment and Maintenance	19	21	37	44
Ground equipment sales
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	12,741	12,838	24,991	19,224
Ground equipment sales | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	12,741	12,846	24,990	19,233
Overnight Air Cargo	1,221	697	2,568	1,091
Ground Equipment Sales	286	156	10	296
Printing Equipment and Maintenance	63	65	116	157
Ground equipment sales | Operating Segments | Domestic
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	12,102	11,070	22,960	16,362
Ground equipment sales | Operating Segments | International
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	639	1,776	2,030	2,871
Printing equipment and maintenance
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	249	139	313	439
Printing equipment and maintenance | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	249	140	317	439
Overnight Air Cargo	(381)	(413)	(837)	(654)
Ground Equipment Sales	0	0	0	0
Printing Equipment and Maintenance	27	15	30	30
Printing equipment and maintenance | Operating Segments | Domestic
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	175	3	197	194
Printing equipment and maintenance | Operating Segments | International
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	74	137	120	245
Commercial Jet Engines and Parts | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	17,902	10,643	34,471	37,963
Overnight Air Cargo	1,193	575	3,191	3,788
Ground Equipment Sales	16,005	19,287	17,656	19,471
Printing Equipment and Maintenance	1,456	1,456	3,192	2,554
Commercial Jet Engines and Parts | Operating Segments | Domestic
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	6,203	5,341	14,631	27,659
Commercial Jet Engines and Parts | Operating Segments | International
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	$ 11,699	$ 5,302	$ 19,840	$ 10,304

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Jul. 18, 2016
Business Acquisition, Contingent Consideration [Line Items]
Fair value of redeemable non-controlling interest	$ 6,000,000		$ 6,000,000
Change in redemption value			524,000
Adjustment to fair value of redeemable non-controlling interest	781,000	$ (985,000)	203,858
Contrail Aviation Support LLC. | Contrail Aviation Inc.
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration maximum per year				$ 1,500,000
Contingent consideration aggregate				$ 3,000,000
Current remaining liability	$ 0		$ 0

Subsequent Events (Details Text

Subsequent Events (Details Textual)	Nov. 08, 2019USD ($)aft²	Sep. 24, 2019USD ($)	Sep. 23, 2019USD ($)
Subsequent Event | Cadillac Castings, Inc
Subsequent Event [Line Items]
Acquired ownership percentage of investment	19.90%
Purchase price for investment	$ 3,000,000
Area of real estate property | ft²	275,000
Subsequent Event | Cadillac Castings, Inc | Land and Building
Subsequent Event [Line Items]
Area of real estate property | a	43
Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Credit facility maximum borrowing capacity		$ 20,000,000	$ 17,000,000
Revolving Credit Facility | Line of Credit | Subsequent Event
Subsequent Event [Line Items]
Credit facility maximum borrowing capacity	$ 17,000,000
Amount of principal remaining	$ 10,000,000

Uncategorized Items - airt-2019

Label	Element	Value
Accounting Standards Update 2016-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (41,000)
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (41,000)