Cover page
Cover page - shares | 9 Months Ended | |
Dec. 31, 2019 | Jan. 31, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-35476 | |
Entity Registrant Name | Air T, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-1206400 | |
Entity Address, Address Line One | 5930 Balsom Ridge Road | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28037 | |
City Area Code | 828 | |
Local Phone Number | 464 – 8741 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 2,912,599 | |
Entity Central Index Key | 0000353184 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | AIRT | |
Security Exchange Name | NASDAQ | |
Alpha Income Preferred Securities | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”)* | |
Trading Symbol | AIRTP | |
Security Exchange Name | NASDAQ | |
Warrant | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Warrant to purchase AIP* | |
Trading Symbol | AIRTW | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Revenues: | ||||
Total | $ 73,300 | $ 55,486 | $ 171,181 | $ 148,173 |
Operating Expenses: | ||||
Overnight air cargo | 16,806 | 16,292 | 51,031 | 46,816 |
Ground equipment sales | 12,960 | 13,760 | 33,049 | 29,677 |
Printing equipment and maintenance | 51 | 95 | 211 | 289 |
Commercial jet engines and parts | 29,308 | 12,268 | 48,644 | 38,052 |
General and administrative | 9,499 | 9,048 | 28,459 | 24,426 |
Depreciation and amortization | 975 | 2,147 | 4,610 | 5,204 |
Impairment | 4 | 7 | 18 | 28 |
(Gain) Loss on sale of property and equipment | (23) | 4 | (26) | 4 |
Operating Expenses | 69,580 | 53,621 | 165,996 | 144,496 |
Operating Income from continuing operations | 3,720 | 1,865 | 5,185 | 3,677 |
Non-operating Income (Expense): | ||||
Other-than-temporary impairment loss on investments | (1,095) | (2,000) | (2,305) | (2,000) |
Interest expense | (1,227) | (1,186) | (4,298) | (2,608) |
Gain on settlement of bankruptcy | 0 | 0 | 4,527 | 0 |
Bargain purchase acquisition gain | 0 | 0 | 49 | 1,984 |
Income (loss) from equity method investments | (282) | 201 | (636) | 371 |
Other | 81 | (623) | (124) | (489) |
Nonoperating Income (Expense) | (2,523) | (3,608) | (2,787) | (2,742) |
Income (Loss) Before Income Taxes | 1,197 | (1,743) | 2,398 | 935 |
Income Taxes (Benefit) | 616 | 198 | (52) | 241 |
Net income (Loss) from continuing operations | 581 | (1,941) | 2,450 | 694 |
Loss from discontinued operations, net of tax | 0 | (376) | (70) | (1,156) |
Gain/ (Loss) on sale of discontinued operations, net of tax | (222) | 0 | 8,137 | 0 |
Net income (loss) | 359 | (2,317) | 10,517 | (462) |
Net income from continuing operations attributable to non-controlling interests | (789) | (398) | (3,449) | (745) |
Net Income (Loss) Attributable to Air T, Inc. Stockholders | $ (430) | $ (2,715) | $ 7,068 | $ (1,207) |
Loss from continuing operations per share (Note 6) | ||||
Basic (in dollars per share) | $ (0.07) | $ (0.77) | $ (0.36) | $ (0.02) |
Diluted (in dollars per share) | (0.07) | (0.77) | (0.36) | (0.02) |
Income (Loss) from discontinued operations per share (Note 6) | ||||
Basic (in dollars per share) | (0.07) | (0.12) | 2.93 | (0.38) |
Diluted (in dollars per share) | (0.07) | (0.12) | 2.93 | (0.38) |
Income (Loss) per share (Note 6) | ||||
Basic (in dollars per share) | (0.14) | (0.89) | 2.57 | (0.40) |
Diluted (in dollars per share) | $ (0.14) | $ (0.89) | $ 2.57 | $ (0.40) |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 2,973,000 | 3,042,000 | 2,752,000 | 3,058,000 |
Diluted (in shares) | 2,973,000 | 3,042,000 | 2,756,000 | 3,058,000 |
Overnight air cargo | ||||
Operating Revenues: | ||||
Total | $ 18,706 | $ 17,868 | $ 56,771 | $ 52,573 |
Ground equipment sales | ||||
Operating Revenues: | ||||
Total | 15,949 | 16,278 | 40,939 | 35,502 |
Printing equipment and maintenance | ||||
Operating Revenues: | ||||
Total | 82 | 105 | 396 | 544 |
Commercial jet engines and parts | ||||
Operating Revenues: | ||||
Total | 38,536 | 20,990 | 72,665 | 58,953 |
Corporate and other | ||||
Operating Revenues: | ||||
Total | $ 27 | $ 245 | $ 410 | $ 601 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 359 | $ (2,317) | $ 10,517 | $ (462) |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) | (53) | 121 | (29) | 201 |
Unrealized gain (loss) on interest rate swaps, net of tax | 94 | (163) | (170) | (134) |
Total Other Comprehensive Income (loss) | 41 | (42) | (199) | 67 |
Total Comprehensive Income (Loss) | 400 | (2,359) | 10,318 | (395) |
Comprehensive Income Attributable to Non-controlling Interests | (789) | (405) | (3,464) | (777) |
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders | $ (389) | $ (2,764) | $ 6,854 | $ (1,172) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 11,536 | $ 12,417 |
Marketable securities | 1,845 | 1,760 |
Restricted cash | 10,069 | 123 |
Restricted investments | 1,008 | 831 |
Accounts receivable, net of allowance for doubtful accounts of $394 and $408 | 15,828 | 10,881 |
Income tax receivable | 1,504 | 142 |
Inventories, net | 68,116 | 27,455 |
Other current assets | 7,302 | 6,138 |
Current assets of discontinued operations | 0 | 11,601 |
Total current assets | 117,208 | 71,348 |
Assets on lease, net of accumulated depreciation of $5,780 and $6,689 | 15,825 | |
Assets on lease, net of accumulated depreciation of $5,780 and $6,689 | 25,164 | |
Property and equipment, net of accumulated depreciation of $4,104 and $3,470 | 4,172 | 4,264 |
Right-of-use assets | 8,458 | 0 |
Cash surrender value of life insurance policies, net of policy loans | 163 | 122 |
Other tax receivables-long-term | 0 | 311 |
Deferred income tax assets | 261 | 548 |
Investments in securities | 1,438 | 1,086 |
Equity method investments | 5,481 | 5,611 |
Other assets | 316 | 200 |
Intangible assets, net of accumulated amortization of $2,303 and $2,097 | 826 | 998 |
Goodwill | 4,227 | 4,227 |
Non-current assets of discontinued operations | 0 | 1,264 |
Total Assets | 158,375 | 115,143 |
Current Liabilities: | ||
Accounts payable | 11,105 | 11,409 |
Income tax payable | 0 | 888 |
Accrued expenses and other | 12,624 | 14,175 |
Current portion of long-term debt | 51,504 | 24,735 |
Short-term lease liability | 1,134 | 0 |
Current liabilities of discontinued operations | 0 | 1,587 |
Total Current Liabilities | 76,367 | 52,794 |
Long-term debt | 39,995 | 32,918 |
Deferred income tax liabilities | 1,604 | 0 |
Long-term lease liability | 7,779 | 0 |
Other non-current liabilities | 1,039 | 597 |
Liabilities, Total | 126,784 | 86,309 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 8,190 | 5,476 |
Commitments and contingencies (Note 15) | ||
Equity: | ||
Preferred stock, $1.00 par value, 50,000 shares authorized | 0 | 0 |
Common stock, $.25 par value; 4,000,000 shares authorized, 3,023,085 and 2,022,637 shares issued, 2,912,599 and 2,022,637 shares outstanding | 756 | 506 |
Treasury stock, 110,146 shares at $19.58 | (2,157) | 0 |
Additional paid-in capital | 1,029 | 2,866 |
Retained earnings | 23,180 | 21,191 |
Accumulated other comprehensive loss | (420) | (205) |
Total Air T, Inc. Stockholders' Equity | 22,388 | 24,358 |
Non-controlling Interests | 1,013 | (1,000) |
Total Equity | 23,401 | 23,358 |
Total Liabilities and Equity | $ 158,375 | $ 115,143 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 394 | $ 408 |
Assets on lease, accumulated depreciation | 5,780 | |
Assets on lease, accumulated depreciation | 6,689 | |
Property and equipment, accumulated depreciation | 4,104 | 3,470 |
Intangible assets, accumulated amortization | $ 2,303 | $ 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) | 3,023,085 | 2,022,637 |
Common stock, shares outstanding (in shares) | 2,912,599 | 2,022,637 |
Treasury stock, shares (in shares) | 110,146 | |
Treasury stock, price per share (in dollars per share) | $ 19.58 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 10,517 | $ (462) |
Loss from discontinued operations, net of income tax | 70 | 1,156 |
Gain on sale of discontinued operations, net of income tax | (8,137) | 0 |
Net income (loss) from continuing operations | 2,450 | 694 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,640 | 5,224 |
Bargain purchase acquisition gain | (49) | (1,984) |
Impairment of investment | 2,305 | 2,000 |
Profit from sale of assets on lease | (3,846) | 0 |
Gain on settlement of bankruptcy | (4,527) | 0 |
Other | 775 | (611) |
Change in operating assets and liabilities: | ||
Accounts receivable | (4,708) | (1,024) |
Costs and estimated earnings in excess of billings and uncompleted projects | 0 | 2,012 |
Notes receivable and other non-trade receivables | (1,151) | (4,357) |
Inventories | (7,866) | (191) |
Accounts payable | 1,753 | (463) |
Accrued expenses | 1,106 | 1,013 |
Other | (1,774) | 284 |
Net cash (used in) provided by operating activities - continuing operations | (10,892) | 2,597 |
Net cash provided by (used in) operating activities - discontinued operations | 1,201 | (1,395) |
Net cash (used in) provided by operating activities | (9,691) | 1,202 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of marketable securities | (1,103) | (2,014) |
Sale of marketable securities | 631 | 837 |
Proceeds from sale of assets on lease | 16,956 | 0 |
Acquisition of businesses, net of cash acquired | (500) | (3,376) |
Investment in unconsolidated entities | (2,811) | (2,000) |
Capital expenditures related to property & equipment | (1,017) | (897) |
Capital expenditures related to assets on lease | (39,885) | (19,150) |
Other | 157 | 3,967 |
Net cash used in investing activities - continuing operations | (27,572) | (22,633) |
Net cash provided by (used in) investing activities - discontinued operations | 20,174 | (113) |
Net cash provided by (used in) investing activities | (7,398) | (22,746) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from lines of credit | 133,068 | 86,520 |
Payments on lines of credit | (100,884) | (83,566) |
Proceeds from term loan | 27,449 | 22,539 |
Payments on term loan | (36,187) | (6,787) |
Proceeds received from exercise of warrants | 6,041 | 0 |
Proceeds from life insurance policy loan | 0 | 1,897 |
Other | (3,323) | (681) |
Net cash provided by financing activities - continuing operations | 26,164 | 19,922 |
Effect of foreign currency exchange rates on cash and cash equivalents | (10) | 114 |
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 9,065 | (1,508) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 12,540 | 5,073 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 21,605 | $ 3,565 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests | |
Balance (in shares) at Mar. 31, 2018 | 2,044 | |||||||
Balance at Mar. 31, 2018 | $ 24,243 | $ 511 | $ 4,172 | $ 20,696 | $ (261) | $ (875) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss)* | [1] | 2,783 | 2,829 | (46) | ||||
Foreign currency translation gain | 48 | 31 | 17 | |||||
Reclassification of unrealized loss on marketable securities, net of tax | (106) | 106 | ||||||
Balance (in shares) at Jun. 30, 2018 | 2,044 | |||||||
Balance at Jun. 30, 2018 | 27,074 | $ 511 | 4,172 | 23,419 | (124) | (904) | ||
Balance (in shares) at Mar. 31, 2018 | 2,044 | |||||||
Balance at Mar. 31, 2018 | 24,243 | $ 511 | 4,172 | 20,696 | (261) | (875) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Unrealized loss on interest rate swaps, net of tax | (134) | |||||||
Foreign currency translation gain | 201 | |||||||
Balance (in shares) at Dec. 31, 2018 | 2,025 | |||||||
Balance at Dec. 31, 2018 | 22,318 | $ 506 | 4,195 | 18,695 | (120) | (958) | ||
Balance (in shares) at Jun. 30, 2018 | 2,044 | |||||||
Balance at Jun. 30, 2018 | 27,074 | $ 511 | 4,172 | 23,419 | (124) | (904) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss)* | [1] | (1,363) | (1,321) | (42) | ||||
Repurchase of common stock (in shares) | (1) | |||||||
Repurchase of common stock | (23) | (2) | (21) | |||||
Unrealized loss on interest rate swaps, net of tax | 29 | 29 | ||||||
Foreign currency translation gain | 32 | 24 | 8 | |||||
Exercises of stock options (in shares) | 2 | |||||||
Exercise of stock options | 18 | 18 | ||||||
Balance (in shares) at Sep. 30, 2018 | 2,045 | |||||||
Balance at Sep. 30, 2018 | 25,767 | $ 511 | 4,188 | 22,077 | (71) | (938) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss)* | (2,742) | (2,715) | (27) | |||||
Repurchase of common stock (in shares) | (20) | |||||||
Repurchase of common stock | (671) | $ (5) | 1 | (667) | ||||
Unrealized loss on interest rate swaps, net of tax | (163) | (163) | ||||||
Foreign currency translation gain | 121 | 114 | 7 | |||||
Equity-based compensation | 6 | 6 | ||||||
Balance (in shares) at Dec. 31, 2018 | 2,025 | |||||||
Balance at Dec. 31, 2018 | 22,318 | $ 506 | 4,195 | 18,695 | (120) | (958) | ||
Balance (in shares) at Mar. 31, 2019 | 2,022 | |||||||
Balance at Mar. 31, 2019 | 23,358 | $ 506 | 2,866 | 21,191 | (205) | (1,000) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss)* | [1] | 3,816 | 1,782 | 2,034 | ||||
Repurchase of common stock (in shares) | (17) | |||||||
Repurchase of common stock | (126) | $ (4) | (122) | |||||
Stock Split | (1,010) | |||||||
Stock Split | $ 252 | (252) | ||||||
Issuance of Debt - Trust Preferred Securities | (4,000) | (4,000) | ||||||
Issuance of Warrants | (840) | (840) | ||||||
Unrealized loss on interest rate swaps, net of tax | (176) | (176) | ||||||
Foreign currency translation gain | (18) | (30) | 12 | |||||
Adjustment to fair value of redeemable non-controlling interest | (985) | (985) | ||||||
Balance (in shares) at Jun. 30, 2019 | 3,015 | |||||||
Balance at Jun. 30, 2019 | 20,988 | $ 754 | 1,629 | 17,970 | (411) | 1,046 | ||
Balance (in shares) at Mar. 31, 2019 | 2,022 | |||||||
Balance at Mar. 31, 2019 | 23,358 | $ 506 | 2,866 | 21,191 | (205) | (1,000) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Unrealized loss on interest rate swaps, net of tax | (170) | |||||||
Foreign currency translation gain | (29) | |||||||
Adjustment to fair value of redeemable non-controlling interest | (1,585) | |||||||
Balance (in shares) at Dec. 31, 2019 | 3,023 | 110 | ||||||
Balance at Dec. 31, 2019 | 23,401 | $ 756 | $ (2,157) | 1,029 | 23,180 | (420) | 1,013 | |
Balance (in shares) at Jun. 30, 2019 | 3,015 | |||||||
Balance at Jun. 30, 2019 | 20,988 | $ 754 | 1,629 | 17,970 | (411) | 1,046 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss)* | [1] | 5,698 | 5,715 | (17) | ||||
Repurchase of common stock (in shares) | 8 | |||||||
Repurchase of common stock | (73) | $ 2 | (75) | |||||
Unrealized loss on interest rate swaps, net of tax | (88) | (88) | ||||||
Foreign currency translation gain | 41 | 38 | 3 | |||||
Adjustment to fair value of redeemable non-controlling interest | 781 | 781 | ||||||
Balance (in shares) at Sep. 30, 2019 | 3,023 | |||||||
Balance at Sep. 30, 2019 | 27,347 | $ 756 | 2,410 | 23,610 | (461) | 1,032 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss)* | [1] | (449) | (430) | (19) | ||||
Repurchase of common stock (in shares) | 110 | |||||||
Repurchase of common stock | (2,157) | $ (2,157) | ||||||
Unrealized loss on interest rate swaps, net of tax | 94 | 94 | ||||||
Foreign currency translation gain | (53) | (53) | ||||||
Adjustment to fair value of redeemable non-controlling interest | (1,381) | (1,381) | ||||||
Balance (in shares) at Dec. 31, 2019 | 3,023 | 110 | ||||||
Balance at Dec. 31, 2019 | $ 23,401 | $ 756 | $ (2,157) | $ 1,029 | $ 23,180 | $ (420) | $ 1,013 | |
[1] | Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation. |
Financial Statement Presentatio
Financial Statement Presentation | 9 Months Ended |
Dec. 31, 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 December 31, 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 nine months ended December 31, 2019 and 2018. Refer to Footnote 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 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. In December 2019, the FASB updated the Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes of the Accounting Standards Codification. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The amendments in this Update simplify the accounting for income taxes by removing t he exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income), among other changes. The Company is currently evaluating the impact of this amendment on its consolidated financial statements and disclosures. In January 2020, the FASB updated the Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The Company is currently evaluating the impact of this amendment on its consolidated financial statements and disclosures. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Dec. 31, 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 December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Product Sales Air Cargo $ 6,014 $ 5,694 $ 18,108 $ 16,217 Ground equipment sales 15,640 15,902 40,132 34,519 Commercial jet engines and parts 35,463 15,957 59,851 48,366 Printing equipment and maintenance 3 88 72 497 Corporate and other — — — — Support Services Air Cargo 12,644 12,164 38,572 36,245 Ground equipment sales 161 260 370 509 Commercial jet engines and parts 797 1,309 3,804 3,602 Printing equipment and maintenance 79 13 314 33 Corporate and other 37 45 69 61 Leasing Revenue Air Cargo — — — — Ground equipment sales 58 16 111 62 Commercial jet engines and parts 2,245 3,663 8,901 6,691 Printing equipment and maintenance — — — — Corporate and other 36 49 117 121 Other Air Cargo 48 10 91 111 Ground equipment sales 90 100 326 412 Commercial jet engines and parts 31 61 109 294 Printing equipment and maintenance — 4 10 14 Corporate and other (46) 151 224 419 Total $ 73,300 $ 55,486 $ 171,181 $ 148,173 The following table summarizes total revenues by segment (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Air cargo $ 18,706 $ 17,868 $ 56,771 $ 52,573 Ground equipment sales 15,949 16,278 40,939 35,502 Commercial jet engines and parts 38,536 20,990 72,665 58,953 Printing equipment and maintenance 82 105 396 544 Corporate and other 27 245 410 601 Total $ 73,300 $ 55,486 $ 171,181 $ 148,173 See Note 13 for the Company's disaggregated revenues by geographic region and Note 1 4 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 December 31, 2019 and the amount of contract liabilities that were recognized as revenue during the nine months ended December 31, 2019 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2019 As of December 31, 2019 $ 2,741 As of April 1, 2019 1,867 For the nine months ended December 31, 2019 1,744 Contract assets primarily relate to deposits paid to vendors. The following table presents the amount of contract assets as of April 1, 2019 and December 31, 2019 (in thousands): Contract assets As of December 31, 2019 $3,155 As of April 1, 2019 1,743 |
Business Combinations
Business Combinations | 9 Months Ended |
Dec. 31, 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 | 9 Months Ended |
Dec. 31, 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 $10.5 million with tax impact of $2.4 million for a net of tax gain of $8.1 million during the nine months ended December 31, 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 nine months ended December 31, 2019 and 2018 through the date of disposition are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Net sales $ — $ 8,137 $ 16,637 $ 25,658 Operating Expense — (8,537) (17,319) (26,887) Loss from discontinued operations before income taxes — (400) (682) (1,229) Income tax benefit — (24) (612) (73) Loss from discontinued operations, net of tax $ — $ (376) $ (70) $ (1,156) 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 16 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 | 9 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Taxes During the three-month period ended December 31, 2019, the Company recorded $616,000 in income tax expense from continuing operations at an effective rate ("ETR") of 51.5%. 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 December 31, 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 December 31, 2018, the Company recorded $198,000 in income tax expense from continuing operations at an ETR of (11.4)%. 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 December 31, 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 nine-month period ended December 31, 2019, the Company recorded $52,000 in income tax benefit from continuing operations at an ETR of (2.2)%. 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 nine-month period ended December 31, 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 nine-month period ended December 31, 2018, the Company recorded $241,000 in income tax expense from continuing operations at an ETR of 25.8%. 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 December 31, 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 nine months ended December 31, 2019, the ETR in discontinued operations is 0.0% 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 nine months ended December 31, 2018, the ETR in discontinued operations is 6.0% and 5.9%, respectively. The ETR is impacted by permanent, non-deductible items for tax. |
Net Earnings Per Share
Net Earnings Per Share | 9 Months Ended |
Dec. 31, 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 3,824 anti-dilutive securities as of December 31, 2019. The computation of basic and diluted earnings per common share is as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Net income (loss) from continuing operations $ 581 $ (1,941) $ 2,450 $ 694 Net income from continuing operations attributable to non-controlling interests (789) (398) (3,449) (745) Net loss from continuing operations attributable to Air T, Inc. stockholders (208) (2,339) (999) (51) Loss from continuing operations per share: Basic $ (0.07) $ (0.77) $ (0.36) $ (0.02) Diluted $ (0.07) $ (0.77) $ (0.36) $ (0.02) Loss from discontinued operations, net of tax $ — $ (376) $ (70) $ (1,156) Gain (loss) on sale of discontinued operations, net of tax (222) — 8,137 — Gain (loss) from discontinued operations attributable to Air T, Inc. stockholders (222) (376) 8,067 (1,156) Income (loss) from discontinued operations per share: Basic $ (0.07) $ (0.12) $ 2.93 $ (0.38) Diluted $ (0.07) $ (0.12) $ 2.93 $ (0.38) Income (Loss) per share: Basic $ (0.14) $ (0.89) $ 2.57 $ (0.40) Diluted $ (0.14) $ (0.89) $ 2.57 $ (0.40) Weighted Average Shares Outstanding: Basic 2,973 3,042 2,752 3,058 Diluted 2,973 3,042 2,756 3,058 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. |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Dec. 31, 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 December 31, 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 December 31, 2019, the Company recorded a loss of $284,975 as its share of Insignia’s net loss for the three months ended September 30, 2019 along with a basis difference adjustment of $24,032. In addition, due to the adverse financial results as reported in Insignia's Form 10-Qs for the quarters ended June 30 and September 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 $1,094,890 during the quarter ended December 31, 2019, totaling impairment charges of 2,304,779 for the nine months ended December 31, 2019. After the impairment, the Company's net investment basis in Insignia is $2,035,650 as of December 31, 2019. Summarized unaudited financial information for Insignia for the nine months ended September 30, 2019 and 2018 is as follows (in thousands): Nine Months Ended Nine Months Ended Revenue $ 15,636 $ 25,119 Gross Profit 3,165 9,314 Operating income (loss) (3,091) 1,331 Net income (loss) (2,562) 993 Net income (loss) attributable to Air T, Inc. stockholders $ (749) $ 203 |
Inventories
Inventories | 9 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in thousands): December 31, March 31, Ground equipment manufacturing: Raw materials $ 5,413 $ 2,498 Work in process 2,302 1,660 Finished goods 473 973 Printing equipment and maintenance Raw materials 498 401 Finished goods 911 1,048 Commercial jet engines and parts 58,605 21,032 Total inventories 68,202 $ 27,612 Reserves (86) (157) Total inventories, net of reserves $ 68,116 $ 27,455 |
Leases
Leases | 9 Months Ended |
Dec. 31, 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 nine months ended December 31, 2019 are as follows (in thousands): Three Months Ended Nine Operating lease cost $ 569 $ 1,489 Short-term lease cost 63 318 Variable lease cost 97 304 Sublease income — — Total lease cost $ 729 $ 2,111 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of the quarter ended December 31, 2019 were as follows (in thousands): December 31, 2019 Operating leases Operating lease right-of-use assets $ 8,458 Operating lease liabilities $ 8,913 Weighted-average remaining lease term 14 years, 3 months 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 December 31, 2019 are as follows (in thousands): Operating Leases 2020 (excluding the nine months ended December 31, 2019) $ 349 2021 1,553 2022 1,402 2023 1,215 2024 922 2025 694 Thereafter 6,388 Total undiscounted lease payments $ 12,523 Less: Interest 3,045 Less: Discount 565 Total lease liabilities $ 8,913 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 | 9 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements Borrowings of the Company and its subsidiaries are summarized below (in thousands) at December 31, 2019 and March 31, 2019, respectively. AirCo and Contrail Aviation Support, LLC, Contrail Aviation Leasing, LLC, and Contrail Aviation Leasing Ireland DAC, CRO No. 662616 (“Contrail”) are subsidiaries of the Company in the commercial jet engines and parts segment. On October 30, 2019, Contrail entered into Supplement #5 to Master Loan Agreement with Old National Bank (“Supplement #5”). In connection therewith, Contrail entered into the Promissory Note Term Note D in the principal amount of $7,553,165 to ONB (“Term Note D”). The Term Note D has a maturity date of October 30, 2021, with a variable interest rate equal to the LIBOR rate plus 3.75% per year. There are additional affirmative covenants regarding quarterly cash flow coverage and tangible net worth. Term Note D was fully paid off in the current quarter. On December 19, 2019, Contrail entered into Supplement #6 to that certain Master Loan Agreement with ONB. In connection therewith, Contrail entered into that certain Promissory Note Term Note E in the principal amount of $6,894,790 to ONB (“Term Note E”). The Term Note E has a maturity date of December 1, 2022, with a variable interest rate equal to the LIBOR rate plus 3.75% per year. There are additional affirmative covenants regarding quarterly cash flow coverage and tangible net worth. On December 31, 2019, the Company and Minnesota Bank & Trust, a Minnesota state banking corporation (“MBT”, "the bank"), entered into Amendment No. 2 to that certain Amended and Restated Credit Agreement (the “Second Amendment”). In connection with the Second Amendment, the Company entered into that certain Supplemental Revolving Credit Note in the principal amount of $10,000,000 to MBT (the “Note”). The Note has a maturity date of June 30, 2020, with a fluctuating annual rate of interest equal to the greater of (a) the sum of (i) the LIBOR Rate, and as the same may adjust monthly, plus (ii) 1.25%; or (b) 3.00%; provided, that, upon the occurrence and during the continuance of any Event of Default as defined therein, the rate of interest thereunder shall be increased by 3.00% above the rate of interest that would otherwise be in effect thereunder. The loan is secured by a pledge of a continuing security interest in the demand deposit cash collateral accounts of Air T OZ 1, LLC, Air T OZ 2, LLC, and Air T OZ 3, LLC (the "Opportunity Zone Funds"), each a Minnesota limited liability company and a subsidiary of the Company, with an aggregate account cash balance of $10,000,000 under the sole control by MBT. Twelve of the Company’s subsidiaries continue to, jointly and severally, guaranty the full and prompt payment and performance of all debts and obligations of the Company to MBT. (In Thousands) December 31, March 31, Maturity Date Interest Rate Unused commitments Revolver - MB&T $ 13,608 $ 12,403 February 28, 2020 Prime - 1% $ 3,392 Term Note A - MB&T 8,000 8,750 January 1, 2028 1-month LIBOR + 2% Term Note B - MB&T 4,000 4,375 January 1, 2028 4.5% Term Note D - MB&T 1,557 1,607 January 1, 2028 1-month LIBOR + 2% Debt - Trust Preferred Securities 10,292 — June 7, 2049 8% Note - MB&T 10,000 — June 30, 2020 1-month LIBOR + 1.25% or 3% — Air T Debt 47,457 27,135 Revolver - MB&T — 3,820 May 21, 2019 7.5% Revolver - MB&T 9,327 — February 28, 2020 greater of 6.50% or Prime + 2% 673 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 9,327 6,770 Revolver 11,652 — September 5, 2021 1-month LIBOR + 3% 8,348 Term Loan A 6,808 8,617 January 26, 2021 1-month LIBOR + 3.75% Term Loan B — 15,500 September 14, 2021 1-month LIBOR + 3.75% Term Loan C 9,621 — August 1, 2024 1-month LIBOR + 3.75% Term Loan D — — October 30, 2021 1-month LIBOR + 3.75% Term Loan E 6,895 — December 1, 2022 1-month LIBOR + 3.75% Contrail Debt - Old National 34,976 24,117 Total Debt 91,760 58,022 Less: Unamortized Debt Issuance Costs (261) (369) Total Debt, net $ 91,499 $ 57,653 Maturities - At December 31, 2019, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount December 31, 2020 $ 51,504 December 31, 2021 12,795 December 31, 2022 6,601 December 31, 2023 3,279 December 31, 2024 1,567 Thereafter 16,014 91,760 Less: Unamortized Debt Issuance Costs (261) $ 91,499 Liquidity and Financial Condition - The Company's condensed consolidated financial statements as of December 31, 2019 have been prepared assuming that the Company will continue its operations as a going concern. The Company believes cash on hand, net cash provided by operations, together with its current revolving lines of credit, as amended or replaced, will be sufficient to meet its obligations as they become due in the ordinary course of business for at least 12 months following the date these financial statements are issued. However, this evaluation assumes continued positive cash flows and the ability to extend the maturity of or refinance the Air T and AirCo revolvers ("revolvers") maturing February 28, 2020. Based on our discussions to date with MBT, as well as our history of refinancing with MBT and the receipt of written confirmation from MBT indicating their intention to refinance the revolvers, at substantially the same terms, with maturity dates extending beyond February 28, 2021, the Company believes the plan to refinance these revolvers is probable of occurring. Other - 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. As of December 31, 2019, 2,516,916 Warrants have been exercised. As a result, the amount outstanding on the Company's Debt - Trust Preferred Securities is $10,292,000 as of December 31, 2019. At December 31, 2019, the Company had Warrants outstanding and exercisable to purchase 5,883,084 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 December 31, 2019 Warrant liability (Level 2) $ 588,308 As of December 31, 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). 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 December 31, 2019 and March 31, 2019, the fair value of the interest-rate swap contracts was a liability of $448,000 and $227,000, respectively, which is included within other non-current liabilities in the consolidated balance sheets. During the three months ended December 31, 2019, the Company recorded a gain of approximately $94,000, 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 | 9 Months Ended |
Dec. 31, 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 December 31, 2019 and March 31, 2019 (in thousands): December 31, 2019 March 31, 2019 ASSETS Current assets: Cash and cash equivalents $ 3 $ 12 Accounts receivable, net 50 47 Other current assets 9 59 Total current assets 62 118 Other tax receivables-long-term — 311 Total assets 62 429 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 $ (426) $ (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 December 31, 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 $4.5 million. Delphax’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015 through December 31, 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 December 31, 2019 and December 31, 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 December 31, 2019 and 2018 (in thousands): Nine Months Ended December 31, 2019 2018 Operating Revenues $ — $ — Operating Expenses: Cost of sales — — General and administrative 182 216 182 216 Operating Loss (182) (216) Non-operating Income (Expenses), net 6,237 (133) Income (Loss) Before Income Taxes 6,055 (349) Income Taxes — — Net Income (Loss) $ 6,055 $ (349) |
Share Repurchase
Share Repurchase | 9 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Share Repurchase | Share Repurchase |
Geographical Information
Geographical Information | 9 Months Ended |
Dec. 31, 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 December 31, 2019 and March 31, 2019, in thousands: December 31, 2019 March 31, 2019 United States $ 5,197 $ 4,393 Foreign 14,800 25,035 Total property and equipment, net $ 19,997 $ 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 December 31, 2019. The net book value located within each individual country at December 31, 2019 and March 31, 2019 is listed below, in thousands: December 31, 2019 March 31, 2019 Australia $ 5 $ 5 Canada 51 — Estonia 7,930 — Mexico 1,845 2,681 Netherlands 4,969 5,541 China — 16,808 Total property and equipment, net $ 14,800 $ 25,035 Total revenue from continuing operations, in and outside the United States is summarized in the following table for the nine months ended December 31, 2019 and December 31, 2018, in thousands: December 31, 2019 December 31, 2018 United States $ 127,115 $ 134,753 Foreign 44,066 13,420 Total revenue from continuing operations $ 171,181 $ 148,173 |
Segment Information
Segment Information | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2019 2018 2019 2018 Operating Revenues by Segment: Overnight Air Cargo $ 18,706 $ 17,868 $ 56,771 $ 52,573 Ground Equipment Sales: Domestic 13,505 13,022 36,466 29,384 International 2,444 3,247 4,473 6,118 Total Ground Equipment Sales 15,949 16,269 40,939 35,502 Printing Equipment and Maintenance: Domestic 5 80 202 274 International 77 25 197 270 Total Printing Equipment and Maintenance 82 105 399 544 Commercial Jet Engines and Parts: Domestic 22,436 9,904 37,068 37,563 International 18,885 11,086 38,724 21,390 Total Commercial Jet Engines and Parts 41,321 20,990 75,792 58,953 Corporate and other 415 236 1,556 601 Intercompany (3,173) 18 (4,276) — Total 73,300 55,486 171,181 148,173 Operating Income (Loss): Overnight Air Cargo 610 69 874 1,324 Ground Equipment Sales 1,644 1,173 4,213 2,264 Printing Equipment and Maintenance (425) (352) (1,262) (1,007) Commercial Jet Engines and Parts 3,807 2,449 6,997 6,237 Corporate and other (1,558) (1,479) (5,418) (5,145) Intercompany (358) 5 (219) 4 Total 3,720 1,865 5,185 3,677 Capital Expenditures: Overnight Air Cargo 140 (3) 196 31 Ground Equipment Sales 834 22 844 318 Printing Equipment and Maintenance — — — — Commercial Jet Engines and Parts 16,595 84 34,251 19,555 Corporate and other 213 30 285 142 Total 17,782 133 35,576 20,046 Depreciation, Amortization and Impairment: Overnight Air Cargo 18 19 55 63 Ground Equipment Sales 80 57 195 213 Printing Equipment and Maintenance 2 (23) 32 7 Commercial Jet Engines and Parts 753 1,916 3,946 4,470 Corporate and other 127 149 404 445 Intercompany (1) 36 (4) 34 Total $ 979 $ 2,154 $ 4,628 $ 5,232 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesIn 2016, 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 $8,190,000. The net change in the redemption value compared to March 31, 2019 is an increase of $2,714,000, of which $1,585,000 was related to the net change in fair value during the nine months ended December 31, 2019, which is reflected on our consolidated statements of equity. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 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 January 7, 2020, Air T announced that a one-for-ten reverse split of its Alpha Income Preferred (AIP) securities (AIRTP) will be completed effective January 14, 2020. The record date for the reverse split will be January 14, 2020. As a result of the reverse split, effective January 14, 2020, the stated value of the AIP will be $25.00 per share. Future cash distributions on the AIP will be in the amount of $0.50 per share (remaining at a rate of 8.0% per annum) commencing with the next distribution payment date of February 17, 2020. Warrants to purchase AIP ("Warrants") (NASDAQ:AIRTW) will remain outstanding, with the number of shares of AIP that can be purchased and the exercise price per share to be adjusted for the reverse split. As a result, effective January 14, 2020, each Warrant will confer upon its holder the right to purchase one-tenth of a share of AIP for $2.40, representing a 4% discount to the new stated value of $2.50 for one-tenth of a share. The common stock of Air T, Inc. (AIRT) is not affected by the January 2020 reverse split. |
Financial Statement Presentat_2
Financial Statement Presentation (Policies) | 9 Months Ended |
Dec. 31, 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 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. In December 2019, the FASB updated the Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes of the Accounting Standards Codification. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The amendments in this Update simplify the accounting for income taxes by removing t he exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income), among other changes. The Company is currently evaluating the impact of this amendment on its consolidated financial statements and disclosures. In January 2020, the FASB updated the Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The Company is currently evaluating the impact of this amendment on its consolidated financial statements and disclosures. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Product Sales Air Cargo $ 6,014 $ 5,694 $ 18,108 $ 16,217 Ground equipment sales 15,640 15,902 40,132 34,519 Commercial jet engines and parts 35,463 15,957 59,851 48,366 Printing equipment and maintenance 3 88 72 497 Corporate and other — — — — Support Services Air Cargo 12,644 12,164 38,572 36,245 Ground equipment sales 161 260 370 509 Commercial jet engines and parts 797 1,309 3,804 3,602 Printing equipment and maintenance 79 13 314 33 Corporate and other 37 45 69 61 Leasing Revenue Air Cargo — — — — Ground equipment sales 58 16 111 62 Commercial jet engines and parts 2,245 3,663 8,901 6,691 Printing equipment and maintenance — — — — Corporate and other 36 49 117 121 Other Air Cargo 48 10 91 111 Ground equipment sales 90 100 326 412 Commercial jet engines and parts 31 61 109 294 Printing equipment and maintenance — 4 10 14 Corporate and other (46) 151 224 419 Total $ 73,300 $ 55,486 $ 171,181 $ 148,173 The following table summarizes total revenues by segment (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Air cargo $ 18,706 $ 17,868 $ 56,771 $ 52,573 Ground equipment sales 15,949 16,278 40,939 35,502 Commercial jet engines and parts 38,536 20,990 72,665 58,953 Printing equipment and maintenance 82 105 396 544 Corporate and other 27 245 410 601 Total $ 73,300 $ 55,486 $ 171,181 $ 148,173 |
Contract with Customer, Asset and Liability | The following table presents outstanding contract liabilities as of April 1, 2019 and December 31, 2019 and the amount of contract liabilities that were recognized as revenue during the nine months ended December 31, 2019 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2019 As of December 31, 2019 $ 2,741 As of April 1, 2019 1,867 For the nine months ended December 31, 2019 1,744 Contract assets primarily relate to deposits paid to vendors. The following table presents the amount of contract assets as of April 1, 2019 and December 31, 2019 (in thousands): Contract assets As of December 31, 2019 $3,155 As of April 1, 2019 1,743 |
Business Combinations (Tables)
Business Combinations (Tables) - Worthington Aviation Parts, Inc | 9 Months Ended |
Dec. 31, 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) | 9 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations | Summarized results of operations of GAS for the three and nine months ended December 31, 2019 and 2018 through the date of disposition are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Net sales $ — $ 8,137 $ 16,637 $ 25,658 Operating Expense — (8,537) (17,319) (26,887) Loss from discontinued operations before income taxes — (400) (682) (1,229) Income tax benefit — (24) (612) (73) Loss from discontinued operations, net of tax $ — $ (376) $ (70) $ (1,156) 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 16 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) | 9 Months Ended |
Dec. 31, 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 December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Net income (loss) from continuing operations $ 581 $ (1,941) $ 2,450 $ 694 Net income from continuing operations attributable to non-controlling interests (789) (398) (3,449) (745) Net loss from continuing operations attributable to Air T, Inc. stockholders (208) (2,339) (999) (51) Loss from continuing operations per share: Basic $ (0.07) $ (0.77) $ (0.36) $ (0.02) Diluted $ (0.07) $ (0.77) $ (0.36) $ (0.02) Loss from discontinued operations, net of tax $ — $ (376) $ (70) $ (1,156) Gain (loss) on sale of discontinued operations, net of tax (222) — 8,137 — Gain (loss) from discontinued operations attributable to Air T, Inc. stockholders (222) (376) 8,067 (1,156) Income (loss) from discontinued operations per share: Basic $ (0.07) $ (0.12) $ 2.93 $ (0.38) Diluted $ (0.07) $ (0.12) $ 2.93 $ (0.38) Income (Loss) per share: Basic $ (0.14) $ (0.89) $ 2.57 $ (0.40) Diluted $ (0.14) $ (0.89) $ 2.57 $ (0.40) Weighted Average Shares Outstanding: Basic 2,973 3,042 2,752 3,058 Diluted 2,973 3,042 2,756 3,058 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Unaudited Financial Information | Summarized unaudited financial information for Insignia for the nine months ended September 30, 2019 and 2018 is as follows (in thousands): Nine Months Ended Nine Months Ended Revenue $ 15,636 $ 25,119 Gross Profit 3,165 9,314 Operating income (loss) (3,091) 1,331 Net income (loss) (2,562) 993 Net income (loss) attributable to Air T, Inc. stockholders $ (749) $ 203 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following (in thousands): December 31, March 31, Ground equipment manufacturing: Raw materials $ 5,413 $ 2,498 Work in process 2,302 1,660 Finished goods 473 973 Printing equipment and maintenance Raw materials 498 401 Finished goods 911 1,048 Commercial jet engines and parts 58,605 21,032 Total inventories 68,202 $ 27,612 Reserves (86) (157) Total inventories, net of reserves $ 68,116 $ 27,455 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The components of lease cost for the three and nine months ended December 31, 2019 are as follows (in thousands): Three Months Ended Nine Operating lease cost $ 569 $ 1,489 Short-term lease cost 63 318 Variable lease cost 97 304 Sublease income — — Total lease cost $ 729 $ 2,111 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of the quarter ended December 31, 2019 were as follows (in thousands): December 31, 2019 Operating leases Operating lease right-of-use assets $ 8,458 Operating lease liabilities $ 8,913 Weighted-average remaining lease term 14 years, 3 months 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 December 31, 2019 are as follows (in thousands): Operating Leases 2020 (excluding the nine months ended December 31, 2019) $ 349 2021 1,553 2022 1,402 2023 1,215 2024 922 2025 694 Thereafter 6,388 Total undiscounted lease payments $ 12,523 Less: Interest 3,045 Less: Discount 565 Total lease liabilities $ 8,913 |
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) | 9 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | (In Thousands) December 31, March 31, Maturity Date Interest Rate Unused commitments Revolver - MB&T $ 13,608 $ 12,403 February 28, 2020 Prime - 1% $ 3,392 Term Note A - MB&T 8,000 8,750 January 1, 2028 1-month LIBOR + 2% Term Note B - MB&T 4,000 4,375 January 1, 2028 4.5% Term Note D - MB&T 1,557 1,607 January 1, 2028 1-month LIBOR + 2% Debt - Trust Preferred Securities 10,292 — June 7, 2049 8% Note - MB&T 10,000 — June 30, 2020 1-month LIBOR + 1.25% or 3% — Air T Debt 47,457 27,135 Revolver - MB&T — 3,820 May 21, 2019 7.5% Revolver - MB&T 9,327 — February 28, 2020 greater of 6.50% or Prime + 2% 673 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 9,327 6,770 Revolver 11,652 — September 5, 2021 1-month LIBOR + 3% 8,348 Term Loan A 6,808 8,617 January 26, 2021 1-month LIBOR + 3.75% Term Loan B — 15,500 September 14, 2021 1-month LIBOR + 3.75% Term Loan C 9,621 — August 1, 2024 1-month LIBOR + 3.75% Term Loan D — — October 30, 2021 1-month LIBOR + 3.75% Term Loan E 6,895 — December 1, 2022 1-month LIBOR + 3.75% Contrail Debt - Old National 34,976 24,117 Total Debt 91,760 58,022 Less: Unamortized Debt Issuance Costs (261) (369) Total Debt, net $ 91,499 $ 57,653 |
Schedule of Maturities of Long-term Debt | At December 31, 2019, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount December 31, 2020 $ 51,504 December 31, 2021 12,795 December 31, 2022 6,601 December 31, 2023 3,279 December 31, 2024 1,567 Thereafter 16,014 91,760 Less: Unamortized Debt Issuance Costs (261) $ 91,499 |
Schedule of Warrant Fair Value | Fair Value Measurement as of December 31, 2019 Warrant liability (Level 2) $ 588,308 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) - Delphax | 9 Months Ended |
Dec. 31, 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 December 31, 2019 and March 31, 2019 (in thousands): December 31, 2019 March 31, 2019 ASSETS Current assets: Cash and cash equivalents $ 3 $ 12 Accounts receivable, net 50 47 Other current assets 9 59 Total current assets 62 118 Other tax receivables-long-term — 311 Total assets 62 429 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 $ (426) $ (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 December 31, 2019 and 2018 (in thousands): Nine Months Ended December 31, 2019 2018 Operating Revenues $ — $ — Operating Expenses: Cost of sales — — General and administrative 182 216 182 216 Operating Loss (182) (216) Non-operating Income (Expenses), net 6,237 (133) Income (Loss) Before Income Taxes 6,055 (349) Income Taxes — — Net Income (Loss) $ 6,055 $ (349) |
Geographical Information (Table
Geographical Information (Tables) | 9 Months Ended |
Dec. 31, 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 December 31, 2019 and March 31, 2019, in thousands: December 31, 2019 March 31, 2019 United States $ 5,197 $ 4,393 Foreign 14,800 25,035 Total property and equipment, net $ 19,997 $ 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 December 31, 2019. The net book value located within each individual country at December 31, 2019 and March 31, 2019 is listed below, in thousands: December 31, 2019 March 31, 2019 Australia $ 5 $ 5 Canada 51 — Estonia 7,930 — Mexico 1,845 2,681 Netherlands 4,969 5,541 China — 16,808 Total property and equipment, net $ 14,800 $ 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 nine months ended December 31, 2019 and December 31, 2018, in thousands: December 31, 2019 December 31, 2018 United States $ 127,115 $ 134,753 Foreign 44,066 13,420 Total revenue from continuing operations $ 171,181 $ 148,173 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Nine Months Ended 2019 2018 2019 2018 Operating Revenues by Segment: Overnight Air Cargo $ 18,706 $ 17,868 $ 56,771 $ 52,573 Ground Equipment Sales: Domestic 13,505 13,022 36,466 29,384 International 2,444 3,247 4,473 6,118 Total Ground Equipment Sales 15,949 16,269 40,939 35,502 Printing Equipment and Maintenance: Domestic 5 80 202 274 International 77 25 197 270 Total Printing Equipment and Maintenance 82 105 399 544 Commercial Jet Engines and Parts: Domestic 22,436 9,904 37,068 37,563 International 18,885 11,086 38,724 21,390 Total Commercial Jet Engines and Parts 41,321 20,990 75,792 58,953 Corporate and other 415 236 1,556 601 Intercompany (3,173) 18 (4,276) — Total 73,300 55,486 171,181 148,173 Operating Income (Loss): Overnight Air Cargo 610 69 874 1,324 Ground Equipment Sales 1,644 1,173 4,213 2,264 Printing Equipment and Maintenance (425) (352) (1,262) (1,007) Commercial Jet Engines and Parts 3,807 2,449 6,997 6,237 Corporate and other (1,558) (1,479) (5,418) (5,145) Intercompany (358) 5 (219) 4 Total 3,720 1,865 5,185 3,677 Capital Expenditures: Overnight Air Cargo 140 (3) 196 31 Ground Equipment Sales 834 22 844 318 Printing Equipment and Maintenance — — — — Commercial Jet Engines and Parts 16,595 84 34,251 19,555 Corporate and other 213 30 285 142 Total 17,782 133 35,576 20,046 Depreciation, Amortization and Impairment: Overnight Air Cargo 18 19 55 63 Ground Equipment Sales 80 57 195 213 Printing Equipment and Maintenance 2 (23) 32 7 Commercial Jet Engines and Parts 753 1,916 3,946 4,470 Corporate and other 127 149 404 445 Intercompany (1) 36 (4) 34 Total $ 979 $ 2,154 $ 4,628 $ 5,232 |
Financial Statement Presentat_3
Financial Statement Presentation (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Apr. 01, 2019 | Mar. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 8,458 | $ 0 | |
Total lease liabilities | $ 8,913 | ||
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 | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 73,300 | $ 55,486 | $ 171,181 | $ 148,173 |
Air Cargo | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 18,706 | 17,868 | 56,771 | 52,573 |
Air Cargo | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 6,014 | 5,694 | 18,108 | 16,217 |
Air Cargo | Support Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 12,644 | 12,164 | 38,572 | 36,245 |
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 | 48 | 10 | 91 | 111 |
Ground equipment sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 15,949 | 16,278 | 40,939 | 35,502 |
Ground equipment sales | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 15,640 | 15,902 | 40,132 | 34,519 |
Ground equipment sales | Support Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 161 | 260 | 370 | 509 |
Ground equipment sales | Leased Assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 58 | 16 | 111 | 62 |
Ground equipment sales | Product and Service, Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 90 | 100 | 326 | 412 |
Commercial jet engines and parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 38,536 | 20,990 | 72,665 | 58,953 |
Commercial jet engines and parts | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 35,463 | 15,957 | 59,851 | 48,366 |
Commercial jet engines and parts | Support Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 797 | 1,309 | 3,804 | 3,602 |
Commercial jet engines and parts | Leased Assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 2,245 | 3,663 | 8,901 | 6,691 |
Commercial jet engines and parts | Product and Service, Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 31 | 61 | 109 | 294 |
Printing equipment and maintenance | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 82 | 105 | 396 | 544 |
Printing equipment and maintenance | Product Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 3 | 88 | 72 | 497 |
Printing equipment and maintenance | Support Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 79 | 13 | 314 | 33 |
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 | 0 | 4 | 10 | 14 |
Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 27 | 245 | 410 | 601 |
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 | 37 | 45 | 69 | 61 |
Corporate and other | Leased Assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 36 | 49 | 117 | 121 |
Corporate and other | Product and Service, Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ (46) | $ 151 | $ 224 | $ 419 |
Revenue Recognition - Contract
Revenue Recognition - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Apr. 01, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with customer, liabilities | $ 2,741 | $ 1,867 |
Outstanding contract liabilities recognized as revenue | 1,744 | |
Contract with customer, assets | $ 3,155 | $ 1,743 |
Business Combinations (Details
Business Combinations (Details Textual) - USD ($) $ in Thousands | May 04, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||
Bargain purchase gain recognized | $ 0 | $ 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 | Dec. 31, 2019 | Dec. 31, 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 | 9 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net tax gain | $ (222) | $ 0 | $ 8,137 | $ 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% | ||||
Purchase price consideration | $ 21,000 | ||||
Consideration earn-out provision | 4,000 | ||||
Proceeds from divestiture of businesses | $ 20,500 | ||||
Recognition of pre-tax gain on sale of GAS | (10,500) | ||||
Tax expense on disposal | 2,400 | ||||
Net tax gain | $ (8,100) |
Discontinued Operations - Incom
Discontinued Operations - Income Statement Summary of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss from discontinued operations, net of tax | $ 0 | $ (376) | $ (70) | $ (1,156) |
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 | 0 | 8,137 | 16,637 | 25,658 |
Operating Expense | 0 | (8,537) | (17,319) | (26,887) |
Loss from discontinued operations before income taxes | 0 | (400) | (682) | (1,229) |
Income tax benefit | 0 | (24) | (612) | (73) |
Loss from discontinued operations, net of tax | $ 0 | $ (376) | $ (70) | $ (1,156) |
Discontinued Operations - Balan
Discontinued Operations - Balance Sheet Summary of Discontinued Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Discontinued Operation, Current Assets | ||
Income tax receivable | $ 16 | |
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 | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 616 | $ 198 | $ (52) | $ 241 |
Effective income tax rate, percent | 51.50% | (11.40%) | (2.20%) | 25.80% |
Effective tax rate for discontinued operations, percent | 0.00% | 6.00% | 89.70% | 5.90% |
Impaired reinsurance contracts | $ 2,000 |
Net Earnings Per Share (Details
Net Earnings Per Share (Details Textual) | Dec. 31, 2019shares | Jun. 10, 2019 | Jun. 04, 2019 |
Earnings Per Share [Abstract] | |||
Number of anti-dilutive securities (in shares) | 3,824 | ||
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 | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) from continuing operations | $ 581 | $ (1,941) | $ 2,450 | $ 694 |
Net income from continuing operations attributable to non-controlling interests | (789) | (398) | (3,449) | (745) |
Net loss from continuing operations attributable to Air T, Inc. stockholders | $ (208) | $ (2,339) | $ (999) | $ (51) |
Loss from continuing operations per share: | ||||
Basic (in dollars per share) | $ (0.07) | $ (0.77) | $ (0.36) | $ (0.02) |
Diluted (in dollars per share) | $ (0.07) | $ (0.77) | $ (0.36) | $ (0.02) |
Loss from discontinued operations, net of tax | $ 0 | $ (376) | $ (70) | $ (1,156) |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (222) | 0 | 8,137 | 0 |
Gain (loss) from discontinued operations attributable to Air T, Inc. stockholders | $ (222) | $ (376) | $ 8,067 | $ (1,156) |
Income (loss) from discontinued operations per share: | ||||
Basic (in dollars per share) | $ (0.07) | $ (0.12) | $ 2.93 | $ (0.38) |
Diluted (in dollars per share) | (0.07) | (0.12) | 2.93 | (0.38) |
Income (Loss) per share: | ||||
Basic (in dollars per share) | (0.14) | (0.89) | 2.57 | (0.40) |
Diluted (in dollars per share) | $ (0.14) | $ (0.89) | $ 2.57 | $ (0.40) |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 2,973,000 | 3,042,000 | 2,752,000 | 3,058,000 |
Diluted (in shares) | 2,973,000 | 3,042,000 | 2,756,000 | 3,058,000 |
Equity Method Investments (Deta
Equity Method Investments (Details Textual) - USD ($) shares in Millions | Nov. 12, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2019 |
Income (loss) from equity method investments | $ 282,000 | $ (201,000) | $ 636,000 | $ (371,000) | ||||
Impairment charges | 2,305,000 | $ 2,000,000 | ||||||
Equity method investments | $ 5,481,000 | $ 5,481,000 | $ 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 | $ (284,975) | $ 749,000 | $ (203,000) | |||||
Difference between carrying amount and underlying equity | 24,032 | $ 24,032 | ||||||
Equity method investments | 2,035,650 | 2,035,650 | ||||||
Fence Store LLC | ||||||||
Impairment charges | 1,094,890 | 2,304,779 | ||||||
Cadillac Castings, Inc | ||||||||
Ownership percentage | 1990.00% | |||||||
Difference between carrying amount and underlying equity | $ 338,373 | $ 338,373 | ||||||
Payments to acquire additional interest in subsidiaries | $ 2,800,000 |
Equity Method Investments - Sum
Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Net income (loss) attributable to Air T, Inc. stockholders | $ (282,000) | $ 201,000 | $ (636,000) | $ 371,000 | ||
Insignia | ||||||
Revenue | $ 15,636,000 | $ 25,119,000 | ||||
Gross Profit | 3,165,000 | 9,314,000 | ||||
Operating income (loss) | (3,091,000) | 1,331,000 | ||||
Net income (loss) | (2,562,000) | 993,000 | ||||
Net income (loss) attributable to Air T, Inc. stockholders | $ 284,975 | $ (749,000) | $ 203,000 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Printing equipment and maintenance | ||
Commercial jet engines and parts | $ 58,605 | $ 21,032 |
Total inventories | 68,202 | 27,612 |
Reserves | (86) | (157) |
Total inventories, net of reserves | 68,116 | 27,455 |
Ground equipment manufacturing: | ||
Ground equipment manufacturing | ||
Raw materials | 5,413 | 2,498 |
Work in process | 2,302 | 1,660 |
Finished goods | 473 | 973 |
Printing equipment and maintenance | ||
Raw materials | 5,413 | 2,498 |
Finished goods | 473 | 973 |
Printing equipment and maintenance | ||
Ground equipment manufacturing | ||
Raw materials | 498 | 401 |
Finished goods | 911 | 1,048 |
Printing equipment and maintenance | ||
Raw materials | 498 | 401 |
Finished goods | $ 911 | $ 1,048 |
Leases (Details Textual)
Leases (Details Textual) | Dec. 31, 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 | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 569 | $ 1,489 | |
Short-term lease cost | 63 | 318 | |
Variable lease cost | 97 | 304 | |
Sublease income | 0 | 0 | |
Total lease cost | 729 | 2,111 | |
Operating leases | |||
Operating lease right-of-use assets | 8,458 | 8,458 | $ 0 |
Operating lease liabilities | $ 8,913 | $ 8,913 | |
Weighted-average remaining lease term | |||
Operating leases | 14 years 3 months | 14 years 3 months | |
Weighted-average discount rate | |||
Operating leases | 4.51% | 4.51% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 (excluding the nine months ended December 31, 2019) | $ 349 |
2021 | 1,553 |
2022 | 1,402 |
2023 | 1,215 |
2024 | 922 |
2025 | 694 |
Thereafter | 6,388 |
Total undiscounted lease payments | 12,523 |
Less: Interest | 3,045 |
Less: Discount | (565) |
Total lease liabilities | $ 8,913 |
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 ($) $ in Thousands | Oct. 30, 2019 | Dec. 31, 2019 | Dec. 19, 2020 | Mar. 31, 2019 |
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 91,760 | $ 58,022 | ||
Less: Unamortized Debt Issuance Costs | (261) | (369) | ||
Total Debt, net | 91,499 | 57,653 | ||
AirCo | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 9,327 | 6,770 | ||
AirCo | Revolving Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 3,820 | ||
Maturity Date | May 21, 2019 | |||
Interest rate stated percentage | 7.50% | |||
AirCo | Revolver - MB&T | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 9,327 | 0 | ||
Maturity Date | Feb. 28, 2020 | |||
Interest rate stated percentage | 6.50% | |||
Unused commitments | $ 673 | |||
AirCo | Term Loan - MB&T | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 450 | ||
Maturity Date | Dec. 17, 2019 | |||
Interest rate stated percentage | 7.50% | |||
AirCo | Term Loan - MB&T, Two | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 400 | ||
Maturity Date | Jun. 17, 2020 | |||
Interest rate stated percentage | 7.25% | |||
AirCo | Term Loan - Park State | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 2,100 | ||
Maturity Date | Jun. 17, 2020 | |||
Interest rate stated percentage | 8.50% | |||
Contrail Aviation Inc. | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 34,976 | 24,117 | ||
Contrail Aviation Inc. | Revolving Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 11,652 | 0 | ||
Maturity Date | Sep. 5, 2021 | |||
Unused commitments | $ 8,348 | |||
Contrail Aviation Inc. | Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 6,808 | 8,617 | ||
Maturity Date | Jan. 26, 2021 | |||
Contrail Aviation Inc. | Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 15,500 | ||
Maturity Date | Sep. 14, 2021 | |||
Contrail Aviation Inc. | Term Loan C | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 9,621 | 0 | ||
Maturity Date | Aug. 1, 2024 | |||
Contrail Aviation Inc. | Term Loan D | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 0 | ||
Maturity Date | Oct. 30, 2021 | |||
Contrail Aviation Inc. | Term Loan E | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 6,895 | 0 | ||
Maturity Date | Dec. 1, 2022 | |||
Parent Company | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 47,457 | 27,135 | ||
Parent Company | Revolving Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 13,608 | 12,403 | ||
Maturity Date | Feb. 28, 2020 | |||
Unused commitments | $ 3,392 | |||
Parent Company | Term Note A - MB&T | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 8,000 | 8,750 | ||
Maturity Date | Jan. 1, 2028 | |||
Parent Company | Term Note B - MB&T | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 4,000 | 4,375 | ||
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 | $ 1,557 | 1,607 | ||
Maturity Date | Jan. 1, 2028 | |||
Parent Company | Debt - Trust Preferred Securities | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 10,292 | 0 | ||
Maturity Date | Jun. 7, 2049 | |||
Interest rate stated percentage | 8.00% | |||
Parent Company | Note - MB&T | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 10,000 | $ 0 | ||
Maturity Date | Jun. 30, 2020 | |||
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) | Contrail Aviation Inc. | Term Loan D | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.75% | 3.75% | ||
London Interbank Offered Rate (LIBOR) | Contrail Aviation Inc. | Term Loan E | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.75% | 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% | |||
London Interbank Offered Rate (LIBOR) | Parent Company | Note - MB&T | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
London Interbank Offered Rate (LIBOR) | Parent Company | Note - MB&T | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.00% |
Financing Arrangements - Contra
Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Debt Disclosure [Abstract] | ||
December 31, 2020 | $ 51,504 | |
December 31, 2021 | 12,795 | |
December 31, 2022 | 6,601 | |
December 31, 2023 | 3,279 | |
December 31, 2024 | 1,567 | |
Thereafter | 16,014 | |
Long-term debt, gross | 91,760 | $ 58,022 |
Less: Unamortized Debt Issuance Costs | (261) | (369) |
Total Debt, net | $ 91,499 | $ 57,653 |
Financing Arrangements (Details
Financing Arrangements (Details Textual) | Oct. 30, 2019USD ($) | Jun. 10, 2019USD ($)shares | Jun. 04, 2019 | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 19, 2020 | Dec. 19, 2019USD ($) | 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 | 2,516,916 | 2,516,916 | |||||||||||
Long-term debt, gross | $ 91,760,000 | $ 91,760,000 | $ 58,022,000 | ||||||||||
Warrants outstanding and exercisable (in shares) | shares | 5,883,084 | 5,883,084 | |||||||||||
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 | $ 94,000 | $ (88,000) | $ (176,000) | $ (163,000) | $ 29,000 | $ (170,000) | $ (134,000) | ||||||
Parent Company | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | 47,457,000 | 47,457,000 | 27,135,000 | ||||||||||
MBT | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cash | 10,000,000 | 10,000,000 | |||||||||||
Interest Rate Swap | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fair value of interest-rate swap contracts | 448,000 | 448,000 | 227,000 | ||||||||||
Unrealized loss on interest rate swaps, net of tax | 94,000 | ||||||||||||
Term Loan C | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principle sum face amount | $ 7,553,165 | ||||||||||||
Term Loan E | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principle sum face amount | $ 6,894,790 | ||||||||||||
Note - MB&T | Parent Company | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | $ 10,000,000 | $ 10,000,000 | 0 | ||||||||||
Note - MB&T | London Interbank Offered Rate (LIBOR) | Parent Company | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 1.25% | ||||||||||||
Note - MB&T | London Interbank Offered Rate (LIBOR) | Parent Company | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.00% | ||||||||||||
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 | MBT Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principle sum face amount | $ 10,000,000 | $ 10,000,000 | |||||||||||
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 | $ 34,976,000 | $ 34,976,000 | 24,117,000 | ||||||||||
Contrail Aviation Inc. | Term Loan C | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | 9,621,000 | $ 9,621,000 | 0 | ||||||||||
Contrail Aviation Inc. | Term Loan C | London Interbank Offered Rate (LIBOR) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.75% | ||||||||||||
Contrail Aviation Inc. | Term Loan D | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | 0 | $ 0 | 0 | ||||||||||
Contrail Aviation Inc. | Term Loan D | London Interbank Offered Rate (LIBOR) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.75% | 3.75% | |||||||||||
Contrail Aviation Inc. | Term Loan E | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | $ 6,895,000 | $ 6,895,000 | $ 0 | ||||||||||
Contrail Aviation Inc. | Term Loan E | London Interbank Offered Rate (LIBOR) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.75% | 3.75% |
Financing Arrangements - Schedu
Financing Arrangements - Schedule of Warrant Fair Value (Details) | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
Warrant liability (Level 2) | $ 588,308 |
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 | Dec. 31, 2019 | Mar. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 11,536 | $ 12,417 |
Accounts receivable, net | 15,828 | 10,881 |
Total current assets | 117,208 | 71,348 |
Total Assets | 158,375 | 115,143 |
Accounts payable | 11,105 | 11,409 |
Total Current Liabilities | 76,367 | 52,794 |
Liabilities, Total | 126,784 | 86,309 |
Delphax | Reportable Legal Entities | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 3 | 12 |
Accounts receivable, net | 50 | 47 |
Other current assets | 9 | 59 |
Total current assets | 62 | 118 |
Other tax receivables-long-term | 0 | 311 |
Total Assets | 62 | 429 |
Accounts payable | 96 | 2,151 |
Accrued expenses | 392 | 3,158 |
Short-term debt | 0 | 1,750 |
Total Current Liabilities | 488 | 7,059 |
Liabilities, Total | 488 | 7,059 |
Net Liabilities | $ (426) | $ (6,630) |
Variable Interest Entities (Det
Variable Interest Entities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||||
Gain on settlement of bankruptcy | $ 0 | $ 4,500 | $ 0 | $ 4,527 | $ 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 | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | ||||
Total | $ 73,300 | $ 55,486 | $ 171,181 | $ 148,173 |
General and administrative | 9,499 | 9,048 | 28,459 | 24,426 |
Operating Expenses | 69,580 | 53,621 | 165,996 | 144,496 |
Operating Income from continuing operations | 3,720 | 1,865 | 5,185 | 3,677 |
Non-operating Income (Expenses), net | (2,523) | (3,608) | (2,787) | (2,742) |
Income (Loss) Before Income Taxes | 1,197 | (1,743) | 2,398 | 935 |
Net income (loss) | $ 359 | $ (2,317) | 10,517 | (462) |
Delphax | ||||
Variable Interest Entity [Line Items] | ||||
Total | 0 | 0 | ||
Cost of sales | 0 | 0 | ||
General and administrative | 182 | 216 | ||
Operating Expenses | 182 | 216 | ||
Operating Income from continuing operations | (182) | (216) | ||
Non-operating Income (Expenses), net | 6,237 | (133) | ||
Income (Loss) Before Income Taxes | 6,055 | (349) | ||
Income Taxes | 0 | 0 | ||
Net income (loss) | $ 6,055 | $ (349) |
Share Repurchase (Details Textu
Share Repurchase (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Jun. 30, 2019 | May 14, 2014 | |
Equity [Abstract] | |||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 1,125,000 | 750,000 | |
Stock repurchased during period, shares (in shares) | 110,146 | ||
Stock repurchased during period, value | $ 2,157,200 |
Geographical Information - Long
Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current Assets | $ 19,997 | $ 29,428 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current Assets | 5,197 | 4,393 |
Foreign | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current Assets | 14,800 | 25,035 |
Australia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current Assets | 5 | 5 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current Assets | 51 | 0 |
Estonia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current Assets | 7,930 | 0 |
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 | 4,969 | 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 | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Major Customer [Line Items] | ||||
Total | $ 73,300 | $ 55,486 | $ 171,181 | $ 148,173 |
United States | ||||
Revenue, Major Customer [Line Items] | ||||
Total | 127,115 | 134,753 | ||
Foreign | ||||
Revenue, Major Customer [Line Items] | ||||
Total | $ 44,066 | $ 13,420 |
Segment Information (Details Te
Segment Information (Details Textual) | 9 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 5 |
Segment Information - Segment D
Segment Information - Segment Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | $ 73,300 | $ 55,486 | $ 171,181 | $ 148,173 |
Overnight Air Cargo | 3,720 | 1,865 | 5,185 | 3,677 |
Ground Equipment Sales | 17,782 | 133 | 35,576 | 20,046 |
Printing Equipment and Maintenance | 979 | 2,154 | 4,628 | 5,232 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 415 | 236 | 1,556 | 601 |
Overnight Air Cargo | (1,558) | (1,479) | (5,418) | (5,145) |
Ground Equipment Sales | 213 | 30 | 285 | 142 |
Printing Equipment and Maintenance | 127 | 149 | 404 | 445 |
Intercompany | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | (3,173) | 18 | (4,276) | 0 |
Overnight Air Cargo | (358) | 5 | (219) | 4 |
Printing Equipment and Maintenance | (1) | 36 | (4) | 34 |
Air Cargo | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 18,706 | 17,868 | 56,771 | 52,573 |
Air Cargo | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 18,706 | 17,868 | 56,771 | 52,573 |
Overnight Air Cargo | 610 | 69 | 874 | 1,324 |
Ground Equipment Sales | 140 | (3) | 196 | 31 |
Printing Equipment and Maintenance | 18 | 19 | 55 | 63 |
Ground equipment sales | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 15,949 | 16,278 | 40,939 | 35,502 |
Ground equipment sales | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 15,949 | 16,269 | 40,939 | 35,502 |
Overnight Air Cargo | 1,644 | 1,173 | 4,213 | 2,264 |
Ground Equipment Sales | 834 | 22 | 844 | 318 |
Printing Equipment and Maintenance | 80 | 57 | 195 | 213 |
Ground equipment sales | Operating Segments | Domestic | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 13,505 | 13,022 | 36,466 | 29,384 |
Ground equipment sales | Operating Segments | International | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 2,444 | 3,247 | 4,473 | 6,118 |
Printing equipment and maintenance | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 82 | 105 | 396 | 544 |
Printing equipment and maintenance | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 82 | 105 | 399 | 544 |
Overnight Air Cargo | (425) | (352) | (1,262) | (1,007) |
Ground Equipment Sales | 0 | 0 | 0 | 0 |
Printing Equipment and Maintenance | 2 | (23) | 32 | 7 |
Printing equipment and maintenance | Operating Segments | Domestic | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 5 | 80 | 202 | 274 |
Printing equipment and maintenance | Operating Segments | International | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 77 | 25 | 197 | 270 |
Commercial Jet Engines and Parts | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 41,321 | 20,990 | 75,792 | 58,953 |
Overnight Air Cargo | 3,807 | 2,449 | 6,997 | 6,237 |
Ground Equipment Sales | 16,595 | 84 | 34,251 | 19,555 |
Printing Equipment and Maintenance | 753 | 1,916 | 3,946 | 4,470 |
Commercial Jet Engines and Parts | Operating Segments | Domestic | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | 22,436 | 9,904 | 37,068 | 37,563 |
Commercial Jet Engines and Parts | Operating Segments | International | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues by Segment: | $ 18,885 | $ 11,086 | $ 38,724 | $ 21,390 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Fair value of redeemable non-controlling interest | $ 8,190 | $ 8,190 | ||
Change in redemption value | 2,714 | |||
Adjustment to fair value of redeemable non-controlling interest | $ (1,381) | $ 781 | $ (985) | $ (1,585) |
Subsequent Events (Details Text
Subsequent Events (Details Textual) | Jan. 07, 2020$ / shares | Jun. 04, 2019 | Dec. 31, 2019$ / shares |
Subsequent Event [Line Items] | |||
Stock split conversion ratio | 1.5 | ||
Exercise price of warrants (in USD per share) | $ 2.40 | ||
Face value price of warrant (in USD per share) | $ 2.50 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Stock split conversion ratio | 0.1 | ||
Stated value per share (in USD per share) | $ 25 | ||
Future cash distributions per share (in USD per share) | $ 0.50 | ||
Stated rate per annum (percentage) | 8.00% | ||
Exercise price of warrants (in USD per share) | $ 2.40 | ||
Discount from market price (percentage) | 4.00% | ||
Face value price of warrant (in USD per share) | $ 2.50 |
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) |