Air T (AIRT) 10-Q 14 Aug 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-35476
Entity Registrant Name	Air T, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	52-1206400
Entity Address, Street	5930 Balsom Ridge Road
Entity Address, City	Denver
Entity Address, State	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)		2,881,868
Current Fiscal Year End Date	--03-31
Entity Central Index Key	0000353184
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information
Title of each class	Common Stock
Trading Symbol(s)	AIRT
Name of each exchange on which registered	NASDAQ
Alpha Income Preferred Securities (also referred to as 8% cumulative Capital Securities) ("AIP")*
Document Information
Title of each class	Alpha Income Preferred Securities (also referred to as 8% cumulative Capital Securities) ("AIP")*
Trading Symbol(s)	AIRTP
Name of each exchange on which registered	NASDAQ
Warrant
Document Information
Title of each class	Warrant Purchase AIP*
Trading Symbol(s)	AIRTW
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Revenues:
Total revenue	$ 36,970	$ 47,188
Operating Expenses:
General and administrative	7,529	9,671
Depreciation and amortization	609	1,941
Impairment of property and equipment	0	7
Gain on sale of property and equipment	(2)	(4)
Operating Expenses	37,236	46,190
Operating (Loss) Income from Continuing Operations	(266)	998
Non-operating (Expense) Income:
Other-than-temporary impairment loss on investments	0	(815)
Interest expense and other	(1,161)	(1,024)
Gain on settlement of bankruptcy	0	4,509
Income (Loss) from Equity Method Investments	(558)	(321)
Other	729	271
Non-operating income (expense)	(990)	2,620
(Loss) Income from Continuing Operations Before Income Taxes	(1,256)	3,618
Income Taxes (Benefit)	(300)	(377)
Net (Loss) Income from Continuing Operations	(956)	3,995
Income from Discontinued Operations, net of tax	0	161
Net (Loss) Income	(956)	4,156
Net loss (income) from continuing operations attributable to non-controlling interests	115	(2,373)
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (841)	$ 1,783
(Loss) Income from continuing operations per share (Note 6)
Basic (in dollars per share)	$ (0.29)	$ 0.72
Diluted (in dollars per share)	(0.29)	0.72
Income from discontinued operations per share (Note 6)
Basic (in dollars per share)	0	0.07
Diluted (in dollars per share)	0	0.07
(Loss) Income per share (Note 6)
Basic (in dollars per share)	(0.29)	0.79
Diluted (in dollars per share)	$ (0.29)	$ 0.79
Weighted Average Shares Outstanding:
Basic (in shares)	2,882	2,253
Diluted (in shares)	2,882	2,257
Overnight air cargo
Operating Revenues:
Total revenue	$ 16,171	$ 18,320
Operating Expenses:
Other cost and expense operating	14,167	16,519
Operating (Loss) Income from Continuing Operations	555	17
Ground equipment sales
Operating Revenues:
Total revenue	15,828	12,249
Operating Expenses:
Other cost and expense operating	12,198	9,731
Operating (Loss) Income from Continuing Operations	2,216	1,347
Commercial jet engines and parts
Operating Revenues:
Total revenue	4,693	16,327
Operating Expenses:
Other cost and expense operating	2,714	8,286
Printing equipment and maintenance
Operating Revenues:
Total revenue	88	64
Operating Expenses:
Other cost and expense operating	21	39
Operating (Loss) Income from Continuing Operations	(223)	(382)
Corporate and other
Operating Revenues:
Total revenue	190	228
Operating Expenses:
Operating (Loss) Income from Continuing Operations	$ (1,912)	$ (1,872)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (956)	$ 4,156
Other comprehensive loss:
Foreign currency translation loss	(67)	(18)
Unrealized loss on interest rate swaps, net of tax of $7 and $52 respectively	(26)	(176)
Total Other Comprehensive Loss	(93)	(194)
Total Comprehensive (Loss) Income	(1,049)	3,962
Comprehensive Loss (Income) Attributable to Non-controlling Interests	115	(2,386)
Comprehensive (Loss) Income Attributable to Air T, Inc. Stockholders	$ (934)	$ 1,576

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Unrealized loss on interest rate swaps, tax	$ 7	$ 52

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Current Assets:
Cash and cash equivalents	$ 7,095	$ 5,952
Marketable securities	2,845	1,677
Restricted cash	9,561	9,619
Restricted investments	1,042	1,085
Accounts receivable, net of allowance for doubtful accounts of $913 and $680	10,274	13,077
Income tax receivable	1,471	1,174
Inventories, net	63,879	60,623
Other current assets	7,453	5,279
Total Current Assets	103,620	98,486
Asset on lease or held for lease, net of accumulated depreciation of $6,102 and $6,526	25,325	27,945
Property and equipment, net of accumulated depreciation of $4,454 and $4,319	5,190	5,272
Right-of-use assets	7,851	8,116
Investments in securities	783	815
Equity method investments	4,650	5,208
Intangible assets, net of accumulated amortization of $2,245 and $2,380	878	749
Goodwill	4,227	4,227
Other assets	626	609
Total Assets	153,150	151,427
Current Liabilities:
Accounts payable	7,722	10,864
Accrued expenses and other (Note 4)	13,995	13,024
Current portion of long-term debt	37,249	42,684
Short-term lease liability	1,192	1,174
Total Current Liabilities	60,158	67,746
Long-term debt	53,703	43,136
Deferred income tax liabilities, net	572	579
Long-term lease liability	7,241	7,473
Other non-current liabilities	1,435	1,402
Total Liabilities	123,109	120,336
Redeemable non-controlling interest	5,540	6,080
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, 3,022,745 shares issued, 2,881,853 shares outstanding	756	756
Treasury stock, 140,892 shares at $18.58	(2,617)	(2,617)
Additional paid-in capital	3,065	2,636
Retained earnings	22,927	23,768
Accumulated other comprehensive loss	(630)	(537)
Total Air T, Inc. Stockholders' Equity	23,501	24,006
Non-controlling Interests	1,000	1,005
Total Equity	24,501	25,011
Total Liabilities and Equity	$ 153,150	$ 151,427

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 913	$ 680
Assets on lease, accumulated depreciation	6,102	6,526
Property and equipment, accumulated depreciation	4,454	4,319
Intangible assets, accumulated amortization	$ 2,245	$ 2,380
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	50,000	50,000
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	4,000,000	4,000,000
Common stock, shares issued (in shares)	3,022,745	3,022,745
Common stock, shares outstanding (in shares)	2,881,853	2,881,853
Treasury stock (shares)	140,892	140,892
Treasury stock, average price per share (in dollars per share)	$ 18.58	$ 18.58

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$ (956)	$ 4,156
Less: Income from discontinued operations, net of income tax	0	161
Net (loss) income from continuing operations	(956)	3,995
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and  amortization	609	1,947
Impairment of investment	0	815
Gain on settlement of bankruptcy	0	(4,509)
Bargain purchase acquisition gain	0	(34)
Other	369	378
Change in operating assets and liabilities:
Accounts receivable	2,570	(4,474)
Inventories	(663)	2,401
Accounts payable	(3,141)	2,537
Accrued expenses	971	3,831
Other	(3,094)	(2,045)
Net cash (used in) provided by operating activities - continuing operations	(3,335)	4,842
Net cash provided by operating activities - discontinued operations	0	546
Net cash (used in) provided by operating activities	(3,335)	5,388
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(482)	(27)
Sale of marketable securities	658	309
Acquisition of businesses, net of cash acquired	0	(500)
Capital expenditures related to property & equipment	(586)	(250)
Capital expenditures related to assets on lease or held for lease	(60)	(3,298)
Other	(78)	34
Net cash used in investing activities - continuing operations	(548)	(3,732)
Net cash used in investing activities - discontinued operations	0	(48)
Net cash used in investing activities	(548)	(3,780)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	8,006	24,447
Payments on lines of credit	(18,205)	(17,143)
Proceeds from term loan	9,478	0
Proceeds from Payroll Protection Program loan ("PPP loan")	8,215	0
Payments on term loan	(2,437)	(7,026)
Proceeds received from issuance of TruPs	0	2,018
Other	(17)	(288)
Net cash provided by financing activities	5,040	2,008
Effect of foreign currency exchange rates on cash and cash equivalents	(72)	3
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	1,085	3,619
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	15,571	12,648
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 16,656	$ 16,267

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total		Adjustments	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Retained EarningsAdjustments	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Balance at Mar. 31, 2019	$ 23,358		$ (41)	$ 506		$ 2,866	$ 21,191	$ (41)	$ (205)	$ (1,000)
Balance (in shares) at Mar. 31, 2019				2,022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,817	[1]					1,783			2,034
Repurchase of Common Stock	(126)			$ (4)			(122)
Repurchase of Common Stock (in shares)				(17)
Stock Split	0			$ 252		(252)
Stock Split (in shares)				1,010
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 (loss)	(18)								(30)	12
Adjustment to fair value of redeemable non-controlling interest	(985)					(985)
Balance at Jun. 30, 2019	20,989			$ 754		1,629	17,971		(411)	1,046
Balance (in shares) at Jun. 30, 2019				3,015
Balance at Mar. 31, 2020	25,011			$ 756	$ (2,617)	2,636	23,768		(537)	1,005
Balance (in shares) at Mar. 31, 2020				3,023	141
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(846)	[1]					(841)			(5)
Unrealized loss on interest rate swaps, net of tax	(26)					(26)
Foreign currency translation gain (loss)	(67)								(67)
Adjustment to fair value of redeemable non-controlling interest	429					429
Balance at Jun. 30, 2020	$ 24,501			$ 756	$ (2,617)	$ 3,065	$ 22,927		$ (630)	$ 1,000
Balance (in shares) at Jun. 30, 2020				3,023	141
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail.

Financial Statement Presentatio

Financial Statement Presentation	3 Months Ended
	Jun. 30, 2020
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, 2020. The results of operations for the period ended June 30, 2020 are not necessarily indicative of the operating results for the full year. On September 30, 2019, we completed the sale of 100% of the equity ownership in the Company's wholly-owned subsidiary, Global Aviation Services, LLC ("GAS"), which previously constituted the ground support services segment. See Note 3 , Discontinued Operations. The Company's results of operations related to GAS have been reclassified as discontinued operations on a retrospective basis for all periods presented. Unless otherwise indicated, the disclosures accompanying the condensed consolidated financial statements reflect the Company's continuing operations. Certain reclassifications have been made to the prior period amounts to conform to the current presentation. Liquidity – Contrail Aviation Support, LLC ("Contrail") is a subsidiary of the Company in the Commercial Jet Engines and Parts segment. The Contrail Credit Agreement contains affirmative and negative covenants, including covenants that restrict the ability of Contrail and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of its business, and engage in transactions with affiliates. The Contrail Credit Agreement also contains quarterly financial covenants applicable to Contrail and its subsidiaries, including a minimum debt service coverage ratio of 1.25 to 1.0 and a minimum tangible net worth of $15 million. As of June 30, 2020, Contrail's management believes based on forecasted results for the fiscal year ended March 31, 2021, it is probable that it will not be in compliance with the debt service coverage ratio for the quarter ended September 30, 2020. Non-compliance with a debt covenant that is not subsequently cured gives Old National Bank ("ONB") the right to declare the entire amount of Contrail’s outstanding debt at the time of non-compliance immediately due and payable and exercise its remedies with respect to the collateral that secures the debt as described in Note 11 . Additionally, the Contrail Credit Agreement contains a provision whereby Contrail is required to pay down the total outstanding principal balance of the Contrail revolving credit facility to zero for at least thirty consecutive days during each fiscal year. With the next paydown requirement date on March 31, 2021, it is probable that Contrail will not be in compliance with this provision. Contrail management is currently in discussion with ONB to obtain a waiver to its financial covenants and applicable paydown provision mentioned above, to seek to revise the financing documents and/or to secure alternative financing to avoid an event of non-compliance. With respect to alternative financing, Contrail intends to access debt financing under the Main Street Lending Program ("Main Street loan"), established by the Federal Reserve in response to economic uncertainty caused by the COVID-19 pandemic. Main Street loans are intended to provide additional credit to companies that were in sound condition prior to the onset of the COVID-19 pandemic. While Contrail believes that they qualify under the criteria set forth under the Main Street Lending Program, there is no assurance that Contrail will obtain funding under the Main Street Lending Program or if such credit is obtained that it would be sufficient. The obligations of Contrail under the Contrail Credit Agreement are also guaranteed by the Company, up to a maximum of $1.6 million, plus costs of collection. The Company is not liable for any other assets or liabilities of Contrail and there are no cross-default provisions with respect to Contrail’s debt in any of the Company’s debt agreements with other lenders. If Contrail were to cease operations, the Company believes it, along with the rest of its businesses, will continue to operate, given the maximum guarantee of Contrail’s obligations of $1.6 million, plus costs of collection. In April 2020, the Company obtained loans under the PPP, as authorized by the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), of $8.2 million to help pay for payroll costs, mortgage interest, rent and utility costs. The Company may apply to Minnesota Bank & Trust ("MBT") for forgiveness of the PPP Loan, however, forgiveness is not fully assured. The Company believes it is probable that the cash on hand (including that obtained from the PPP), net cash provided by operations from its remaining operating segments, 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. COVID-19 Pandemic - The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business. As a result of the COVID-19 pandemic and measures taken to limit the pandemic and its impact, the Company continued to experience decreases in revenues during the month of July. The extent to which the COVID-19 pandemic continues to impact the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables. The standard requires an entity to estimate its lifetime “expected credit loss” for such assets at inception, and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The Company adopted this standard on April 1, 2020. As of June 30, 2020, the standard did not have a material impact on the Company's condensed consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU simplifies how an entity is required to test goodwill for impairment by eliminating Step Two from the goodwill impairment test. Step Two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under this standard, an entity will recognize an impairment charge for the amount by which the carrying value of a reporting unit exceeds its fair value. The Company adopted this amendment on April 1, 2020. As of June 30, 2020, the amendment did not have a material impact on the Company's condensed consolidated financial statements and disclosures. 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 Company adopted this amendment on April 1, 2020. As of June 30, 2020, the amendment did not have a material impact on the Company's condensed 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 the 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 early adopted this amendment as of April 1, 2020. The amendment resulted in an immaterial impact to its condensed consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements 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 condensed consolidated financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04- Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Further, in accordance with the amendments in this Update, an entity may make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of this ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact of this amendment on our contracts, hedging relationships, and other transactions affected by reference rate reform.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2020
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 Three Months Ended Product Sales Air Cargo $ 4,315 $ 5,414 Ground equipment sales 15,738 12,002 Commercial jet engines and parts 2,695 11,171 Printing equipment and maintenance 28 48 Corporate and other 5 — Support Services Air Cargo 11,850 12,894 Ground equipment sales 18 105 Commercial jet engines and parts 1,625 1,410 Printing equipment and maintenance 5 11 Corporate and other 13 41 Leasing Revenue Air Cargo — — Ground equipment sales 48 20 Commercial jet engines and parts 373 3,714 Printing equipment and maintenance — — Corporate and other 34 45 Other Air Cargo 6 12 Ground equipment sales 24 122 Commercial jet engines and parts — 32 Printing equipment and maintenance 55 5 Corporate and other 138 142 Total $ 36,970 $ 47,188 See Note 13 for the Company's disaggregated revenues by geographic region and Note 14 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 and the amount of outstanding April 1, 2020 contract liabilities that were recognized as revenue during the quarter June 30, 2020 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2020 As of June 30, 2020 1,790 As of April 1, 2020 1,853 For the quarter ended June 30, 2020 49

Discontinued Operations

Discontinued Operations	3 Months Ended
	Jun. 30, 2020
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 GAS to PrimeFlight Aviation Services, Inc., a Delaware corporation. The agreement included a purchase price of $21.0 million as well as an earn-out provision of $4.0 million if certain performance metrics were achieved by March 31, 2020. The Company received approximately $20.5 million of total proceeds at closing after the initial net working capital adjustment, and has concluded that the performance metrics with regard to the earn-out provision have not been met. The Company recognized a pre-tax gain on the sale of GAS of approximately $10.5 million with tax impact of $2.3 million for a net of tax gain of $8.2 million during the fiscal year ended March 31, 2020. The gain is subject to change pending final transaction costs and net working capital adjustments. As of June 30, 2020, the settlement statement has not been finalized. Summarized results of operations of GAS for the three months ended June 30, 2020 and 2019 are as follows (in thousands): Three Months Ended 2020 2019 Net sales $ — $ 8,517 Operating Expense — (8,303) Income from discontinued operations before income taxes — 214 Income tax expense — (53) Income from discontinued operations, net of tax $ — $ 161

Accrued Expenses

Accrued Expenses	3 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses (in thousands) June 30, 2020 March 31, 2020 Salaries, wages and related items $ 3,532 $ 3,616 Profit sharing and bonus 2,408 3,349 Other deposits 2,009 1,722 Other 6,046 4,337 Total $ 13,995 $ 13,024

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended June 30, 2020, the Company recorded $0.3 million income tax benefit at an effective rate of 23.89%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21% and the Company's effective tax rate for the three months ended June 30, 2020 were the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary under Section 831(b) and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail Aviation Support, LLC. During the three months ended June 30, 2019, the Company recorded $0.4 million income tax benefit which resulted in an effective tax rate of (10.42)%. The primary factors contributing to the difference between the federal statutory rate and the Company's effective tax rate for the three months ended June 30, 2019 were the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary under Section 831(b), the liquidation of Delphax UK and Delphax Canada as mentioned in Note 12 and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail Aviation Support, LLC.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per ShareBasic 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. The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures): Three Months Ended June 30, 2020 2019 Net loss from continuing operations $ (956) $ 3,995 Net loss (income) from continuing operations attributable to non-controlling interests 115 (2,373) Net (loss) income from continuing operations attributable to Air T, Inc. Stockholders $ (841) $ 1,622 (Loss) income from continuing operations per share: Basic (0.29) 0.72 Diluted (0.29) 0.72 Antidilutive shares excluded from computation of (loss) income per share from continuing operations (in shares) 5 — Income from discontinued operations attributable to Air T, Inc. stockholders — 161 Income from discontinued operations per share: Basic — 0.07 Diluted — 0.07 (Loss) income per share: Basic (0.29) 0.79 Diluted (0.29) 0.79 Antidilutive shares excluded from computation of (loss) income per share (in shares) 5 — Weighted Average Shares Outstanding: Basic 2,882 2,253 Diluted 2,882 2,257 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. With respect to our June 30, 2019 Quarterly Report on Form 10-Q, the effect of the stock split was recognized retroactively in the stockholders’ equity accounts in the Condensed Consolidated Balance Sheets, and in all share data in the Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Investments in Securities

Investments in Securities	3 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	Investments in SecuritiesThe Company may, from time to time, employ trading strategies designed to profit from market anomalies and opportunities it identifies. Those strategies may include purchasing or selling exchange-traded equity securities, options, and futures contracts, and selling certain equity securities short. All investments in marketable securities are priced using publicly quoted market prices and are considered Level 1 fair value measurements.

Equity Method Investments

Equity Method Investments	3 Months Ended
	Jun. 30, 2020
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 June 30, 2020, the Company held approximately 3.5 million shares of Insignia’s common stock representing approximately 30% of Insignia's outstanding shares. For the quarter ended June 30, 2020, the Company recorded approximately $0.3 million as its share of Insignia’s net loss for the three months ended March 31, 2020 along with a basis difference adjustment of approximately $24,000. The Company's net investment basis in Insignia is $1.0 million as of June 30, 2020. On November 8, 2019, the Company made an investment of $2.8 million to purchase a 19.90% ownership stake in Cadillac Castings, Inc. ("CCI"). The Company accounts for this investment under the equity method of accounting. Due to the differing fiscal year-ends, the Company has elected a three-month lag to record the CCI investment at cost, with a basis difference of $0.3 million. For the three months ended June 30, 2020, Air T recorded loss of $0.3 million as its share of CCI's net loss for the three months ended March 31, 2020, along with a basis difference adjustment of $12,000. The Company's net investment basis in CCI is $3.1 million as of June 30, 2020. Summarized unaudited financial information for the Company's equity method investees for the three months ended March 31, 2020 and March 31, 2019 is as follows (in thousands): Three Months Ended Three Months Ended Revenue $ 21,936 $ 30,337 Gross Profit 805 1,059 Operating loss (2,378) (2,326) Net loss (2,286) (2,849) Net loss attributable to Air T, Inc. stockholders $ (570) $ (322)

Inventories

Inventories	3 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): June 30, March 31, Ground equipment manufacturing: Raw materials 5,421 4,192 Work in process 1,833 2,731 Finished goods 1,897 1,725 Printing equipment and maintenance Raw materials 468 464 Finished goods 909 910 Commercial jet engines and parts 53,936 51,084 Total inventories $ 64,464 $ 61,106 Reserves (585) (483) Total inventories, net of reserves $ 63,879 $ 60,623

Leases

Leases	3 Months Ended
	Jun. 30, 2020
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 quarters ended are as follows (in thousands): Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Operating lease cost 571 406 Short-term lease cost 62 204 Variable lease cost 75 100 Sublease income — — Total lease cost $ 708 $ 710 Amounts reported in the condensed consolidated balance sheets for leases where we are the lessee as of June 30, 2020 and March 31, 2020 were as follows (in thousands): June 30, 2020 March 31, 2020 Operating leases Operating lease right-of-use assets $ 7,851 $ 8,116 Operating lease liabilities 8,433 8,647 Weighted-average remaining lease term Operating leases 14 years, 5 months 14 years, 4 months Weighted-average discount rate Operating leases 4.30 % 4.50 % Maturities of lease liabilities under non-cancellable leases where we are the lessee as of the quarter ended June 30, 2020 are as follows (in thousands): Operating Leases 2021 (excluding the three months ended June 30, 2020) 1,268 2022 1,594 2023 1,412 2024 1,041 2025 748 2026 537 Thereafter 5,852 Total undiscounted lease payments 12,452 Less: Interest (3,458) Less: Discount (561) Total lease liabilities 8,433

Financing Arrangements

Financing Arrangements	3 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements On April 10, 2020, the Company entered into a loan with MBT in a principal amount of $8.2 million pursuant to the PPP Loan under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan is evidenced by a promissory note (“Note”). The PPP Loan bears interest at a fixed annual rate of one percent (1%), with the first six months of interest deferred. Beginning on November 10, 2020, the Company will make seventeen (17) equal monthly installments of principal and interest payments with the final payment due on April 10, 2022. The Note provides for customary events of default including, among other things, cross-defaults on any other loan with MBT. The PPP Loan may be accelerated upon the occurrence of an event of default. The PPP Loan is unsecured and guaranteed by the United States Small Business Administration. The Company may apply to MBT for forgiveness of the PPP Loan, with the amount which may be forgiven equal to the sum of payroll costs, covered rent and mortgage obligations, and covered utility payments incurred by the Company during the 24-week period beginning on April 10, 2020, calculated in accordance with the terms of the CARES Act. As of June 30, 2020, the Company has used the funds received from the PPP loan on eligible expenses as outlined in the CARES Act. On June 26, 2020, the Company entered into a Second Amended and Restated Credit Agreement with MBT, together with certain related documents. Pursuant to the Amended Credit Agreement, MBT agreed to convert outstanding revolving credit advances in an amount equal to $9.5 million to a Term Loan. The new Term Loan ("Term Note E") has a maturity date of June 25, 2025. The new Term Loan, together with the existing Air T Revolving Credit Facility and other existing Term Loans are and continue to be guaranteed by certain subsidiaries of the Company and secured under the existing Security Agreement executed by the Company and the guarantors, certain real property and by certain pledged collateral accounts. In connection with the execution and delivery of the Amended Credit Agreement, certain subsidiaries of the Company entered into new collateral account pledge agreements. In connection with the Amended Credit Agreement, MBT further agreed to reduce the interest rate floor applicable to the existing Revolving Credit Facility from 4.00% to 2.50%. Borrowings of the Company and its subsidiaries are summarized below at June 30, 2020 and March 31, 2020, respectively. AirCo and Contrail are subsidiaries of the Company in the commercial jet engines and parts segment. June 30, March 31, Maturity Date Interest Rate Unused commitments Air T Debt Revolver - MBT $ — $ — August 31, 2021 Greater of 2.5% or Prime - 1% $ 17,000 Supplemental Revolver - MBT — 9,550 June 30, 2020 Greater of 1-month LIBOR + 1.25% and 3% Term Note A - MBT 7,500 7,750 January 1, 2028 1-month LIBOR + 2% Term Note B - MBT 3,750 3,875 January 1, 2028 4.50% Term Note D - MBT 1,523 1,540 January 1, 2028 1-month LIBOR + 2% Term Note E - MBT 9,449 — June 25, 2025 Greater of LIBOR + 1.5% or 2.5% Debt - Trust Preferred Securities 12,877 12,877 June 7, 2049 8.00% PPP Loan 8,215 — April 10, 2022 1.00% Total 43,314 35,592 AirCo Debt Revolver - MBT 7,500 8,335 August 31, 2021 Greater of 6.5% or Prime + 2% 2,500 Total 7,500 8,335 Contrail Debt Revolver - ONB 20,634 21,284 September 5, 2021 1 1-month LIBOR + 3.45% 19,366 Term Loan A - ONB 5,793 6,285 January 26, 2021 1-month LIBOR + 3.75% Term Loan E - ONB 5,746 6,320 December 1, 2022 1-month LIBOR + 3.75% Term Loan F - ONB 8,217 8,358 May 1, 2025 2 1-month LIBOR + 3.75% Total 40,390 42,247 Delphax Solutions Debt Canadian Emergency Business Account Loan 29 — December 31, 2025 5.00% Total 29 — Total Debt $ 91,233 $ 86,174 Less: Unamortized Debt Issuance Costs $ (281) $ (354) Total Debt, net $ 90,952 $ 85,820 At June 30, 2020, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount June 30, 2021 $ 37,249 June 30, 2022 19,512 June 30, 2023 6,308 June 30, 2024 5,206 June 30, 2025 5,143 Thereafter 17,815 91,233 Less: Unamortized Debt Issuance Costs (281) $ 90,952 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 the securities 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 Note 6 . • The Company issued and distributed to existing common shareholders, via a non-cash transaction from equity, an aggregate of 1.6 million trust preferred capital security shares ("TruPs") (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). Debt Preferred Securities and Warrants - On January 14, 2020, Air T effected a one-for-ten reverse split of its TruPs. As a result of the reverse split, the stated value of the TruPs will be $25.00 per share. Further, each Warrant conferred upon its holder the right to purchase one-tenth of a share of TruPs for $2.40, representing a 4% discount to the new stated value of $2.50 for one-tenth of a share. As of June 30, 2020, 3.6 million Warrants to purchase TruPs have been exercised. As a result, the amount outstanding on the Company's Debt - Trust Preferred Securities is $12.9 million. At June 30, 2020, the Company had 4.8 million Warrants to purchase TruPs outstanding and exercisable to purchase its TruPs at an exercise price of $2.40 per one-tenth of a share. On June 9, 2020, the Company announced the extension of the expiration date of the Warrants. The Warrants, previously scheduled to expire on June 10, 2020, are extended and now will expire on September 8, 2020 or earlier upon redemption or liquidation. (in thousands) Fair Value Measurement as of June 30, 2020 Warrant liability (Level 2) $ 485 As of June 30, 2020, the Warrants are recorded within "Other non-current liabilities" on our condensed 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). Derivatives and Hedging Activities - 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 condensed consolidated statement of income as interest expense in the same period in which the underlying hedge transaction affects earnings. As of June 30, 2020 and March 31, 2020, the fair value of the interest-rate swap contracts was a liability of $0.9 million, which is included within other non-current liabilities in the condensed consolidated balance sheets. During the three months ended June 30, 2020, the Company recorded a loss of approximately $26.0 thousand, net of tax, in the condensed consolidated statement of comprehensive income for changes in the fair value of the instruments.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [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 condensed 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 condensed consolidated financial statements beginning on that date. 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 also fully dissolved Delphax UK. As such, the only Delphax entity that remains in existence as of March 31, 2020 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 had total assets and liabilities with carrying values of $19.0 thousand and $0.5 million, as of June 30, 2020 and $11.0 thousand and $0.5 million, as of March 31, 2020. Delphax’s components of net income (loss) are included in our condensed consolidated statements of income and comprehensive income herein. For the three months ended June 30, 2020 and June 30, 2019, Delphax did not recognize any revenue. For the three months ended June 30, 2020, Delphax recorded net loss of $16.0 thousand, broken out between an operating loss of $19.0 thousand and non-operating income of $3.0 thousand. For the three months ended June 30, 2019, Delphax recorded net income of $6.2 million, broken out between an operating loss of $73.0 thousand and non-operating income of $6.2 million, the majority of which was the result of the gain on dissolution of entities of $4.5 million.

Geographical information

Geographical information	3 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Geographical information	Geographical information Total tangible long-lived assets, 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 June 30, 2020 and March 31, 2020 (in thousands): June 30, 2020 March 31, 2020 United States $ 23,968 $ 19,086 Foreign 6,547 14,131 Total tangible long-lived assets, net $ 30,515 $ 33,217 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent primarily engines and aircraft on lease or held for lease at June 30, 2020. The net book value located within each individual country at June 30, 2020 and March 31, 2020 is listed below (in thousands): June 30, 2020 March 31, 2020 Mexico $ 1,857 $ 1,845 Netherlands 4,588 4,778 Estonia — 7,408 Other 102 100 Total tangible long-lived assets, net $ 6,547 $ 14,131 Total revenue, in and outside the United States is summarized in the following table for the three months ended June 30, 2020 and June 30, 2019 (in thousands): June 30, 2020 June 30, 2019 United States $ 34,649 $ 37,611 Foreign 2,321 9,577 Total revenue $ 36,970 $ 47,188

Segment Information

Segment Information	3 Months Ended
	Jun. 30, 2020
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: Three Months Ended June 30, 2020 2019 Operating Revenues by Segment: Overnight Air Cargo $ 16,171 $ 18,320 Ground Equipment Sales: Domestic 15,811 10,859 International 17 1,390 Total Ground Equipment Sales 15,828 12,249 Printing Equipment and Maintenance: Domestic 7 18 International 81 46 Total Printing Equipment and Maintenance 88 64 Commercial Jet Engines and Parts: Domestic 2,470 8,186 International 2,223 8,141 Total Commercial Jet Engines and Parts 4,693 16,327 Corporate and other 190 228 Total $ 36,970 $ 47,188 Operating Income (Loss): Overnight Air Cargo $ 555 $ 17 Ground Equipment Sales 2,216 1,347 Printing Equipment and Maintenance (223) (382) Commercial Jet Engines and Parts (902) 1,888 Corporate and other (1,912) (1,872) Total $ (266) $ 998 Capital Expenditures: Overnight Air Cargo $ 51 $ 8 Ground Equipment Sales 111 10 Printing Equipment and Maintenance — — Commercial Jet Engines and Parts 457 3,465 Corporate and other 27 65 Total $ 646 $ 3,548 Depreciation and Amortization: Overnight Air Cargo 16 $ 18 Ground Equipment Sales 68 46 Printing Equipment and Maintenance 2 2 Commercial Jet Engines and Parts 382 1,735 Corporate and other 141 140 Total $ 609 $ 1,941

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesContrail 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 condensed 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 $5.5 million. The change in the redemption value for the three months ended June 30, 2020 is $0.5 million, of which $0.4 million related to the change in fair value, which is reflected on our condensed consolidated statements of equity.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn August 11, 2020, AirCo 1, LLC (“AirCo 1”), a wholly-owned subsidiary of Air T Inc. and subsidiaries, and MBT, entered into Amendment No.2 to the Amended and Restated Loan Agreement (the "Second Amendment”). The Second Amendment reduces the total amount of credit available under the revolving line of credit from $10.0 million to $7.5 million.

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	3 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables. The standard requires an entity to estimate its lifetime “expected credit loss” for such assets at inception, and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The Company adopted this standard on April 1, 2020. As of June 30, 2020, the standard did not have a material impact on the Company's condensed consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU simplifies how an entity is required to test goodwill for impairment by eliminating Step Two from the goodwill impairment test. Step Two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under this standard, an entity will recognize an impairment charge for the amount by which the carrying value of a reporting unit exceeds its fair value. The Company adopted this amendment on April 1, 2020. As of June 30, 2020, the amendment did not have a material impact on the Company's condensed consolidated financial statements and disclosures. 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 Company adopted this amendment on April 1, 2020. As of June 30, 2020, the amendment did not have a material impact on the Company's condensed 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 the 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 early adopted this amendment as of April 1, 2020. The amendment resulted in an immaterial impact to its condensed consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements 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 condensed consolidated financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04- Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Further, in accordance with the amendments in this Update, an entity may make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of this ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact of this amendment on our contracts, hedging relationships, and other transactions affected by reference rate reform.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended Three Months Ended Product Sales Air Cargo $ 4,315 $ 5,414 Ground equipment sales 15,738 12,002 Commercial jet engines and parts 2,695 11,171 Printing equipment and maintenance 28 48 Corporate and other 5 — Support Services Air Cargo 11,850 12,894 Ground equipment sales 18 105 Commercial jet engines and parts 1,625 1,410 Printing equipment and maintenance 5 11 Corporate and other 13 41 Leasing Revenue Air Cargo — — Ground equipment sales 48 20 Commercial jet engines and parts 373 3,714 Printing equipment and maintenance — — Corporate and other 34 45 Other Air Cargo 6 12 Ground equipment sales 24 122 Commercial jet engines and parts — 32 Printing equipment and maintenance 55 5 Corporate and other 138 142 Total $ 36,970 $ 47,188
Contract with customer, asset and liability	The following table presents outstanding contract liabilities and the amount of outstanding April 1, 2020 contract liabilities that were recognized as revenue during the quarter June 30, 2020 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2020 As of June 30, 2020 1,790 As of April 1, 2020 1,853 For the quarter ended June 30, 2020 49

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal groups, including discontinued operations	Summarized results of operations of GAS for the three months ended June 30, 2020 and 2019 are as follows (in thousands): Three Months Ended 2020 2019 Net sales $ — $ 8,517 Operating Expense — (8,303) Income from discontinued operations before income taxes — 214 Income tax expense — (53) Income from discontinued operations, net of tax $ — $ 161

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Schedule of accrued expenses	(in thousands) June 30, 2020 March 31, 2020 Salaries, wages and related items $ 3,532 $ 3,616 Profit sharing and bonus 2,408 3,349 Other deposits 2,009 1,722 Other 6,046 4,337 Total $ 13,995 $ 13,024

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2020
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, except for per share figures): Three Months Ended June 30, 2020 2019 Net loss from continuing operations $ (956) $ 3,995 Net loss (income) from continuing operations attributable to non-controlling interests 115 (2,373) Net (loss) income from continuing operations attributable to Air T, Inc. Stockholders $ (841) $ 1,622 (Loss) income from continuing operations per share: Basic (0.29) 0.72 Diluted (0.29) 0.72 Antidilutive shares excluded from computation of (loss) income per share from continuing operations (in shares) 5 — Income from discontinued operations attributable to Air T, Inc. stockholders — 161 Income from discontinued operations per share: Basic — 0.07 Diluted — 0.07 (Loss) income per share: Basic (0.29) 0.79 Diluted (0.29) 0.79 Antidilutive shares excluded from computation of (loss) income per share (in shares) 5 — Weighted Average Shares Outstanding: Basic 2,882 2,253 Diluted 2,882 2,257

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Summarized unaudited financial information	Summarized unaudited financial information for the Company's equity method investees for the three months ended March 31, 2020 and March 31, 2019 is as follows (in thousands): Three Months Ended Three Months Ended Revenue $ 21,936 $ 30,337 Gross Profit 805 1,059 Operating loss (2,378) (2,326) Net loss (2,286) (2,849) Net loss attributable to Air T, Inc. stockholders $ (570) $ (322)

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of inventory, current	Inventories consisted of the following (in thousands): June 30, March 31, Ground equipment manufacturing: Raw materials 5,421 4,192 Work in process 1,833 2,731 Finished goods 1,897 1,725 Printing equipment and maintenance Raw materials 468 464 Finished goods 909 910 Commercial jet engines and parts 53,936 51,084 Total inventories $ 64,464 $ 61,106 Reserves (585) (483) Total inventories, net of reserves $ 63,879 $ 60,623

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lease, cost	The components of lease cost for the quarters ended are as follows (in thousands): Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Operating lease cost 571 406 Short-term lease cost 62 204 Variable lease cost 75 100 Sublease income — — Total lease cost $ 708 $ 710 Amounts reported in the condensed consolidated balance sheets for leases where we are the lessee as of June 30, 2020 and March 31, 2020 were as follows (in thousands): June 30, 2020 March 31, 2020 Operating leases Operating lease right-of-use assets $ 7,851 $ 8,116 Operating lease liabilities 8,433 8,647 Weighted-average remaining lease term Operating leases 14 years, 5 months 14 years, 4 months Weighted-average discount rate Operating leases 4.30 % 4.50 %
Lessee, operating lease, liability, maturity	Maturities of lease liabilities under non-cancellable leases where we are the lessee as of the quarter ended June 30, 2020 are as follows (in thousands): Operating Leases 2021 (excluding the three months ended June 30, 2020) 1,268 2022 1,594 2023 1,412 2024 1,041 2025 748 2026 537 Thereafter 5,852 Total undiscounted lease payments 12,452 Less: Interest (3,458) Less: Discount (561) Total lease liabilities 8,433

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of debt	Borrowings of the Company and its subsidiaries are summarized below at June 30, 2020 and March 31, 2020, respectively. AirCo and Contrail are subsidiaries of the Company in the commercial jet engines and parts segment. June 30, March 31, Maturity Date Interest Rate Unused commitments Air T Debt Revolver - MBT $ — $ — August 31, 2021 Greater of 2.5% or Prime - 1% $ 17,000 Supplemental Revolver - MBT — 9,550 June 30, 2020 Greater of 1-month LIBOR + 1.25% and 3% Term Note A - MBT 7,500 7,750 January 1, 2028 1-month LIBOR + 2% Term Note B - MBT 3,750 3,875 January 1, 2028 4.50% Term Note D - MBT 1,523 1,540 January 1, 2028 1-month LIBOR + 2% Term Note E - MBT 9,449 — June 25, 2025 Greater of LIBOR + 1.5% or 2.5% Debt - Trust Preferred Securities 12,877 12,877 June 7, 2049 8.00% PPP Loan 8,215 — April 10, 2022 1.00% Total 43,314 35,592 AirCo Debt Revolver - MBT 7,500 8,335 August 31, 2021 Greater of 6.5% or Prime + 2% 2,500 Total 7,500 8,335 Contrail Debt Revolver - ONB 20,634 21,284 September 5, 2021 1 1-month LIBOR + 3.45% 19,366 Term Loan A - ONB 5,793 6,285 January 26, 2021 1-month LIBOR + 3.75% Term Loan E - ONB 5,746 6,320 December 1, 2022 1-month LIBOR + 3.75% Term Loan F - ONB 8,217 8,358 May 1, 2025 2 1-month LIBOR + 3.75% Total 40,390 42,247 Delphax Solutions Debt Canadian Emergency Business Account Loan 29 — December 31, 2025 5.00% Total 29 — Total Debt $ 91,233 $ 86,174 Less: Unamortized Debt Issuance Costs $ (281) $ (354) Total Debt, net $ 90,952 $ 85,820
Schedule of maturities of long-term debt	At June 30, 2020, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount June 30, 2021 $ 37,249 June 30, 2022 19,512 June 30, 2023 6,308 June 30, 2024 5,206 June 30, 2025 5,143 Thereafter 17,815 91,233 Less: Unamortized Debt Issuance Costs (281) $ 90,952
Schedule of warrant fair value	(in thousands) Fair Value Measurement as of June 30, 2020 Warrant liability (Level 2) $ 485

Geographical information (Table

Geographical information (Tables)	3 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Long-lived assets by geographic areas	Total tangible long-lived assets, 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 June 30, 2020 and March 31, 2020 (in thousands): June 30, 2020 March 31, 2020 United States $ 23,968 $ 19,086 Foreign 6,547 14,131 Total tangible long-lived assets, net $ 30,515 $ 33,217 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent primarily engines and aircraft on lease or held for lease at June 30, 2020. The net book value located within each individual country at June 30, 2020 and March 31, 2020 is listed below (in thousands): June 30, 2020 March 31, 2020 Mexico $ 1,857 $ 1,845 Netherlands 4,588 4,778 Estonia — 7,408 Other 102 100 Total tangible long-lived assets, net $ 6,547 $ 14,131
Revenue from external customers by geographic areas	Total revenue, in and outside the United States is summarized in the following table for the three months ended June 30, 2020 and June 30, 2019 (in thousands): June 30, 2020 June 30, 2019 United States $ 34,649 $ 37,611 Foreign 2,321 9,577 Total revenue $ 36,970 $ 47,188

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Segment data is summarized as follows: Three Months Ended June 30, 2020 2019 Operating Revenues by Segment: Overnight Air Cargo $ 16,171 $ 18,320 Ground Equipment Sales: Domestic 15,811 10,859 International 17 1,390 Total Ground Equipment Sales 15,828 12,249 Printing Equipment and Maintenance: Domestic 7 18 International 81 46 Total Printing Equipment and Maintenance 88 64 Commercial Jet Engines and Parts: Domestic 2,470 8,186 International 2,223 8,141 Total Commercial Jet Engines and Parts 4,693 16,327 Corporate and other 190 228 Total $ 36,970 $ 47,188 Operating Income (Loss): Overnight Air Cargo $ 555 $ 17 Ground Equipment Sales 2,216 1,347 Printing Equipment and Maintenance (223) (382) Commercial Jet Engines and Parts (902) 1,888 Corporate and other (1,912) (1,872) Total $ (266) $ 998 Capital Expenditures: Overnight Air Cargo $ 51 $ 8 Ground Equipment Sales 111 10 Printing Equipment and Maintenance — — Commercial Jet Engines and Parts 457 3,465 Corporate and other 27 65 Total $ 646 $ 3,548 Depreciation and Amortization: Overnight Air Cargo 16 $ 18 Ground Equipment Sales 68 46 Printing Equipment and Maintenance 2 2 Commercial Jet Engines and Parts 382 1,735 Corporate and other 141 140 Total $ 609 $ 1,941

Financial Statement Presentat_3

Financial Statement Presentation (Details)	Apr. 10, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Minimum debt service coverage ratio		1.25
Minimum net worth required for compliance		$ 15,000,000
Long-term debt, gross		91,233,000	$ 86,174,000
AIRT Small Business Administration S B A C A R E S Act Paycheck Protection Program
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments for (proceeds from) loans and leases	$ 8,200,000
Global Aviation Services, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage (as a percentage)				100.00%
Revolving Credit Facility | Contrail Aviation Inc.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt, gross		$ 1,600,000

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 36,970	$ 47,188
Air Cargo
Disaggregation of Revenue [Line Items]
Total revenue	16,171	18,320
Air Cargo | Product Sales
Disaggregation of Revenue [Line Items]
Operating Revenues	4,315	5,414
Air Cargo | Support Services
Disaggregation of Revenue [Line Items]
Operating Revenues	11,850	12,894
Air Cargo | Leasing Revenue
Disaggregation of Revenue [Line Items]
Leasing Revenue	0	0
Air Cargo | Other
Disaggregation of Revenue [Line Items]
Other	6	12
Ground equipment sales
Disaggregation of Revenue [Line Items]
Total revenue	15,828	12,249
Ground equipment sales | Product Sales
Disaggregation of Revenue [Line Items]
Operating Revenues	15,738	12,002
Ground equipment sales | Support Services
Disaggregation of Revenue [Line Items]
Operating Revenues	18	105
Ground equipment sales | Leasing Revenue
Disaggregation of Revenue [Line Items]
Leasing Revenue	48	20
Ground equipment sales | Other
Disaggregation of Revenue [Line Items]
Other	24	122
Commercial jet engines and parts
Disaggregation of Revenue [Line Items]
Total revenue	4,693	16,327
Commercial jet engines and parts | Product Sales
Disaggregation of Revenue [Line Items]
Operating Revenues	2,695	11,171
Commercial jet engines and parts | Support Services
Disaggregation of Revenue [Line Items]
Operating Revenues	1,625	1,410
Commercial jet engines and parts | Leasing Revenue
Disaggregation of Revenue [Line Items]
Leasing Revenue	373	3,714
Commercial jet engines and parts | Other
Disaggregation of Revenue [Line Items]
Other	0	32
Printing equipment and maintenance
Disaggregation of Revenue [Line Items]
Operating Revenues	5
Total revenue	88	64
Printing equipment and maintenance | Product Sales
Disaggregation of Revenue [Line Items]
Operating Revenues	28	48
Printing equipment and maintenance | Support Services
Disaggregation of Revenue [Line Items]
Operating Revenues		11
Printing equipment and maintenance | Leasing Revenue
Disaggregation of Revenue [Line Items]
Leasing Revenue	0	0
Printing equipment and maintenance | Other
Disaggregation of Revenue [Line Items]
Other	55	5
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenue	190	228
Corporate and other | Product Sales
Disaggregation of Revenue [Line Items]
Operating Revenues	5	0
Corporate and other | Support Services
Disaggregation of Revenue [Line Items]
Operating Revenues	13	41
Corporate and other | Leasing Revenue
Disaggregation of Revenue [Line Items]
Leasing Revenue	34	45
Corporate and other | Other
Disaggregation of Revenue [Line Items]
Other	$ 138	$ 142

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Apr. 01, 2020
Revenue from Contract with Customer [Abstract]
Contract with customer, liabilities	$ 1,790	$ 1,853
Outstanding contract liabilities recognized as revenue	$ 49

Discontinued Operations (Detail

Discontinued Operations (Details) - Global Aviation Services, LLC - USD ($) $ in Millions	Sep. 30, 2019	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage (as a percentage)	100.00%
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage (as a percentage)	100.00%
Purchase price	$ 21
Earn-out provision	4
Proceeds from divestiture of businesses	$ 20.5
Recognition of pre-tax gain on sale of GAS		$ 10.5
Tax expense on disposal		2.3
Gain on sale of discontinued operations, net of tax		$ 8.2

Discontinued Operations - Incom

Discontinued Operations - Income Statement Summary of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Net sales	$ 0	$ 8,517
Operating Expense	0	(8,303)
Income from discontinued operations before income taxes	0	214
Income tax expense	0	(53)
Income from Discontinued Operations, net of tax	$ 0	$ 161

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Salaries, wages and related items	$ 3,532	$ 3,616
Profit sharing and bonus	2,408	3,349
Other deposits	2,009	1,722
Other	6,046	4,337
Total	$ 13,995	$ 13,024

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax benefit	$ 300	$ 377
Effective income tax rate, percent (as a percentage)	23.89%	(10.42%)

Net Earnings Per Share - Earnin

Net Earnings Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (Loss) Income from Continuing Operations	$ (956)	$ 3,995
Net loss from continuing operations	(841)	1,783
Net loss (income) from continuing operations attributable to non-controlling interests	115	(2,373)
Net (loss) income from continuing operations attributable to Air T, Inc. Stockholders	$ (841)	$ 1,622
(Loss) income from continuing operations per share:
Basic (in dollars per share)	$ (0.29)	$ 0.72
Diluted (in dollars per share)	$ (0.29)	$ 0.72
Antidilutive securities excluded from computation of (loss) income per share (in dollar per share)	5	0
Income from discontinued operations attributable to Air T, Inc. stockholders	$ 0	$ 161
Income from discontinued operations per share:
Basic (in dollars per share)	$ 0	$ 0.07
Diluted (in dollars per share)	0	0.07
(Loss) Income per share (Note 6)
Basic (in dollars per share)	(0.29)	0.79
Diluted (in dollars per share)	$ (0.29)	$ 0.79
Weighted Average Shares Outstanding:
Basic (in shares)	2,882	2,253
Diluted (in shares)	2,882	2,257
Continuing Operations
(Loss) income from continuing operations per share:
Antidilutive securities excluded from computation of (loss) income per share (in dollar per share)	5	0

Net Earnings Per Share (Details

Net Earnings Per Share (Details)	Jun. 10, 2019	Jun. 04, 2019
Earnings Per Share [Abstract]
Stock split conversion ratio	1.5	1.5
Common stock dividend rate percentage (as a percentage)	50.00%

Investments in Securities (Deta

Investments in Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Margin accounts outstanding	$ 2.4	$ 0
Cash margin balances related to exchange-traded equity securities	$ 3	$ 0
Interest rate on margin account borrowings (percent)	2.08%
Aggregate unrealized gain	$ 0.6
Aggregate unrealized loss	$ 0.4

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands, shares in Millions	Nov. 08, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Loss from equity method investments		$ (558)	$ (321)
Equity method investments		$ 4,650		$ 5,208
Insignia
Schedule of Equity Method Investments [Line Items]
Number of shares held (in shares)		3.5
Ownership percentage (as a percentage)		30.00%
Loss from equity method investments		$ (300)
Difference between carrying amount and underlying equity		24
Equity method investments		1,000
Cadillac Castings, Inc
Schedule of Equity Method Investments [Line Items]
Ownership percentage (as a percentage)	19.90%
Loss from equity method investments				$ (300)
Difference between carrying amount and underlying equity	$ 300	12
Equity method investments		$ 3,100
Payments to acquire equity method investments	$ 2,800

Equity Method Investments - Sum

Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenue	$ 36,970		$ 47,188
Operating income (loss)	(266)		998
Net loss	(956)		4,156
Net Income (Loss) Attributable to Parent	$ (841)		$ 1,783
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenue		$ 21,936		$ 30,337
Gross Profit		805		1,059
Operating income (loss)		(2,378)		(2,326)
Net loss		(2,286)		(2,849)
Net Income (Loss) Attributable to Parent		$ (570)		$ (322)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Printing equipment and maintenance
Commercial jet engines and parts	$ 53,936	$ 51,084
Total inventories	64,464	61,106
Reserves	(585)	(483)
Total inventories, net of reserves	63,879	60,623
Ground equipment manufacturing:
Ground equipment manufacturing:
Raw materials	5,421	4,192
Work in process	1,833	2,731
Finished goods	1,897	1,725
Printing equipment and maintenance
Raw materials	5,421	4,192
Finished goods	1,897	1,725
Printing equipment and maintenance
Ground equipment manufacturing:
Raw materials	468	464
Finished goods	909	910
Printing equipment and maintenance
Raw materials	468	464
Finished goods	$ 909	$ 910

Leases (Details)

Leases (Details)	Jun. 30, 2020
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
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 571	$ 406
Short-term lease cost	62	204
Variable lease cost	75	100
Sublease income	0	0
Total lease cost	708	$ 710
Operating leases
Operating lease right-of-use assets	7,851		$ 8,116
Operating lease liabilities	$ 8,433		$ 8,647
Weighted-average remaining lease term
Operating leases	14 years 5 months		14 years 4 months
Weighted-average discount rate
Operating Leases (as a percentage)	4.30%		4.50%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Leases [Abstract]
2021 (excluding the three months ended June 30, 2020)	$ 1,268
2022	1,594
2023	1,412
2024	1,041
2025	748
2026	537
Thereafter	5,852
Total undiscounted lease payments	12,452
Less: Interest	(3,458)
Less: Discount	(561)
Operating lease liabilities	$ 8,433	$ 8,647

Financing Arrangements (Details

Financing Arrangements (Details) $ / shares in Units, shares in Millions	Jan. 14, 2020$ / shares	Jun. 10, 2019USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)	Jun. 26, 2020USD ($)	Jun. 25, 2020	Apr. 10, 2020USD ($)segment	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Long-term debt, gross			$ 91,233,000					$ 86,174,000
Common stock dividend rate percentage (as a percentage)		50.00%
Stockholders equity note stock split stated value per share (in dollars per share) | $ / shares	$ 25
Exercise price of warrants (in dollars per share) | $ / shares	$ 2.40		$ 2.40
Discount from market price (as a percentage)	4.00%
Face value price of warrant (in dollars per share) | $ / shares	$ 2.50
Warrants exercised (in shares) | shares			3.6
Warrants outstanding and exercisable (in shares) | shares			4.8
Unrealized loss on interest rate swaps, net of tax			$ (26,000)	$ (176,000)
Interest Rate Swap
Debt Instrument [Line Items]
Fair value of interest-rate swap contracts			900,000					900,000
Unrealized loss on interest rate swaps, net of tax			$ (26,000)
Term Note A - MBT | Interest Rate Swap | MBT
Debt Instrument [Line Items]
Fixed interest rate, percentage (as a percentage)			4.56%
Term Note D - MBT | Interest Rate Swap | MBT
Debt Instrument [Line Items]
Fixed interest rate, percentage (as a percentage)			5.09%
Trust Preferred Securities
Debt Instrument [Line Items]
Long-term debt, gross			$ 12,900,000
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross			43,314,000					35,592,000
Unsecured Debt | Paycheck Protection Program Loan M B T
Debt Instrument [Line Items]
Principle amount							$ 8,200,000
Long-term debt, gross			$ 8,215,000					0
Interest rate stated percentage (as a percentage)			1.00%				1.00%
Debt instrument monthly installments | segment							17
Unsecured Debt | Term Note E
Debt Instrument [Line Items]
Principle amount					$ 9,500,000
Interest rate stated percentage (as a percentage)					2.50%	4.00%
Unsecured Debt | Term Note A - MBT
Debt Instrument [Line Items]
Long-term debt, gross			$ 7,500,000					7,750,000
Unsecured Debt | Term Note D - MBT
Debt Instrument [Line Items]
Long-term debt, gross			1,523,000					1,540,000
Unsecured Debt | Trust Preferred Securities
Debt Instrument [Line Items]
Long-term debt, gross			$ 12,877,000					$ 12,877,000
Interest rate stated percentage (as a percentage)			8.00%
Air T Funding | Trust Preferred Capital Security
Debt Instrument [Line Items]
Shares issued during period (in shares) | shares		1.6
Value of new issues		$ 4,000,000
Air T Funding | Warrant
Debt Instrument [Line Items]
Shares issued during period (in shares) | shares		8.4
Value of new issues		$ 21,000,000

Financing Arrangements - Long-t

Financing Arrangements - Long-term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Apr. 10, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 91,233		$ 86,174
Less: Unamortized Debt Issuance Costs	(281)		(354)
Total Debt	90,952		85,820
Debt - Trust Preferred Securities
Debt Instrument [Line Items]
Long-term debt, gross	12,900
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	43,314		35,592
Unsecured Debt | Supplemental Revolver - MBT
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		9,550
Interest rate stated percentage (as a percentage)	3.00%
Unsecured Debt | Term Note B - MBT
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,750		$ 3,875
Interest rate stated percentage (as a percentage)			4.50%
Unsecured Debt | Term Note D - MBT
Debt Instrument [Line Items]
Long-term debt, gross	1,523		$ 1,540
Unsecured Debt | Revolver - ONB
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		0
Interest rate stated percentage (as a percentage)	2.50%
Unused commitments	$ 17,000
Unsecured Debt | Term Loan A - ONB
Debt Instrument [Line Items]
Long-term debt, gross	7,500		7,750
Unsecured Debt | Term Loan E - ONB
Debt Instrument [Line Items]
Long-term debt, gross	$ 9,449		0
Interest rate stated percentage (as a percentage)	2.50%
Unsecured Debt | Debt - Trust Preferred Securities
Debt Instrument [Line Items]
Long-term debt, gross	$ 12,877		12,877
Interest rate stated percentage (as a percentage)	8.00%
Unsecured Debt | Paycheck Protection Program Loan M B T
Debt Instrument [Line Items]
Long-term debt, gross	$ 8,215		0
Interest rate stated percentage (as a percentage)	1.00%	1.00%
AirCo | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 7,500		8,335
AirCo | Line of Credit | Revolver - ONB
Debt Instrument [Line Items]
Long-term debt, gross	$ 7,500		8,335
Interest rate stated percentage (as a percentage)	6.50%
Unused commitments	$ 2,500
Basis spread on variable rate (as a percentage)	2.00%
Contrail Aviation Inc. | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 40,390		42,247
Contrail Aviation Inc. | Line of Credit | Revolver - ONB
Debt Instrument [Line Items]
Long-term debt, gross	20,634		21,284
Unused commitments	19,366
Contrail Aviation Inc. | Line of Credit | Term Loan A - ONB
Debt Instrument [Line Items]
Long-term debt, gross	5,793		6,285
Contrail Aviation Inc. | Line of Credit | Term Loan E - ONB
Debt Instrument [Line Items]
Long-term debt, gross	5,746		6,320
Contrail Aviation Inc. | Line of Credit | Term Loan F - ONB
Debt Instrument [Line Items]
Long-term debt, gross	8,217		8,358
Delphax Solutions Debt | Business Account Loan
Debt Instrument [Line Items]
Long-term debt, gross	29		0
Delphax Solutions Debt | Business Account Loan | Canadian Emergency Business Account Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 29		$ 0
Interest rate stated percentage (as a percentage)	5.00%
Prime Rate | Unsecured Debt | Revolver - ONB
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	1.00%
1-month LIBOR | Unsecured Debt | Supplemental Revolver - MBT
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	0.0125%
1-month LIBOR | Unsecured Debt | Term Note D - MBT
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	2.00%
1-month LIBOR | Unsecured Debt | Term Loan A - ONB
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	2.00%
1-month LIBOR | Contrail Aviation Inc. | Line of Credit | Revolver - ONB
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	3.45%
1-month LIBOR | Contrail Aviation Inc. | Line of Credit | Term Loan A - ONB
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	3.75%
1-month LIBOR | Contrail Aviation Inc. | Line of Credit | Term Loan E - ONB
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	3.75%
1-month LIBOR | Contrail Aviation Inc. | Line of Credit | Term Loan F - ONB
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	3.75%
London Interbank Offered Rate (LIBOR) | Unsecured Debt | Term Loan E - ONB
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	1.50%

Financing Arrangements - Contra

Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Debt Disclosure [Abstract]
June 30, 2021	$ 37,249
June 30, 2022	19,512
June 30, 2023	6,308
June 30, 2024	5,206
June 30, 2025	5,143
Thereafter	17,815
Long-term debt, gross	91,233	$ 86,174
Less: Unamortized Debt Issuance Costs	(281)	(354)
Total Debt	$ 90,952	$ 85,820

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Warrant Fair Value (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Disclosure [Abstract]
Warrant liability (Level 2)	$ 485

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Variable Interest Entity [Line Items]
Gain on settlement of bankruptcy	$ 0	$ 4,509,000
Assets	153,150,000		$ 151,427,000
Liabilities	123,109,000		120,336,000
Net (Loss) Income	(956,000)	4,156,000
Operating income (loss)	(266,000)	998,000
Nonoperating income (expense)	(990,000)	2,620,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Gain on settlement of bankruptcy		4,500,000
Assets	19,000		11,000
Liabilities	500,000		$ 500,000
Net (Loss) Income	(16,000)	6,200,000
Operating income (loss)	(19,000)	(73,000)
Nonoperating income (expense)	$ 3,000	$ 6,200,000

Geographical information - Long

Geographical information - Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	$ 30,515	$ 33,217
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	23,968	19,086
Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	6,547	14,131
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	1,857	1,845
Netherlands
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	4,588	4,778
Estonia
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	0	7,408
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	$ 102	$ 100

Geographical information - Reve

Geographical information - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Revenue, Major Customer [Line Items]
Total revenue	$ 36,970	$ 47,188
United States
Revenue, Major Customer [Line Items]
Total revenue	34,649	37,611
Foreign
Revenue, Major Customer [Line Items]
Total revenue	$ 2,321	$ 9,577

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Jun. 30, 2020segment
Segment Reporting [Abstract]
Number of operating segments	5

Segment Information - Segment D

Segment Information - Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total revenue	$ 36,970	$ 47,188
Operating Income (Loss):	(266)	998
Capital Expenditures:	646	3,548
Depreciation and Amortization:	609	1,941
Overnight air cargo
Segment Reporting Information [Line Items]
Total revenue	16,171	18,320
Operating Income (Loss):	555	17
Capital Expenditures:	51	8
Depreciation and Amortization:	16	18
Ground equipment sales
Segment Reporting Information [Line Items]
Total revenue	15,828	12,249
Operating Income (Loss):	2,216	1,347
Capital Expenditures:	111	10
Depreciation and Amortization:	68	46
Ground equipment sales | Domestic
Segment Reporting Information [Line Items]
Total revenue	15,811	10,859
Ground equipment sales | International
Segment Reporting Information [Line Items]
Total revenue	17	1,390
Printing equipment and maintenance
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	5
Total revenue	88	64
Operating Income (Loss):	(223)	(382)
Capital Expenditures:	0	0
Depreciation and Amortization:	2	2
Printing equipment and maintenance | Domestic
Segment Reporting Information [Line Items]
Total revenue	7	18
Printing equipment and maintenance | International
Segment Reporting Information [Line Items]
Total revenue	81	46
Commercial Jet Engines and Parts
Segment Reporting Information [Line Items]
Total revenue	4,693	16,327
Operating Income (Loss):	(902)	1,888
Capital Expenditures:	457	3,465
Depreciation and Amortization:	382	1,735
Commercial Jet Engines and Parts | Domestic
Segment Reporting Information [Line Items]
Total revenue	2,470	8,186
Commercial Jet Engines and Parts | International
Segment Reporting Information [Line Items]
Total revenue	2,223	8,141
Corporate and other
Segment Reporting Information [Line Items]
Total revenue	190	228
Operating Income (Loss):	(1,912)	(1,872)
Capital Expenditures:	27	65
Depreciation and Amortization:	$ 141	$ 140

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Fair value of redeemable non-controlling interest	$ 5,500
Change in redemption value	(500)
Adjustment to fair value of redeemable non-controlling interest	$ 429	$ (985)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Aug. 11, 2020	Aug. 10, 2020
Subsequent Event | Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit maximum available revolving line	$ 7,500,000	$ 10,000,000

Uncategorized Items - airt-2020

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201602Member