Air T (AIRT) 10-Q/A 12 Feb 21 2020 Q3 Quarterly report (amended) Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2020	Jan. 29, 2021
Document Information
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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 Address	5930 Balsom Ridge Road
Entity Address, City	Denver
Entity Address, State	NC
Entity Address, 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)		2,881,853
Entity Central Index Key	0000353184
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	true
Amendment Description	This Amendment to the Form 10-Q (this “Amendment”) amends the Quarterly Report on Form 10-Q of Air T, Inc. for the period ended December 31, 2020 filed on February 12, 2021 (the “Form 10-Q”) for the sole purpose of filing Exhibit 101 (financial information from the Quarterly Report on Form 10-Q for the quarter ended December 31, 2020, formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders Equity, and (v) the Notes to the Condensed Consolidated Financial Statements). No other changes have been made to the Form 10-Q. This Amendment does not reflect events that may have occurred subsequent to the original Form 10-Q, and does not modify or update in any way the disclosures made in the original Form 10-Q.
Common Stock
Document Information
Title of each class	Common Stock
Trading Symbol(s)	AIRT
Name of each exchange on which registered	NASDAQ
Cumulative Capital Securities
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 to purchase AIP
Trading Symbol(s)	AIRTW
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating Revenues:
Total	$ 55,819	$ 73,300	$ 128,394	$ 171,181
Total revenue	55,819	73,300	128,394	171,181
Operating Expenses:
General and administrative	8,303	9,550	24,276	28,670
Depreciation and amortization	886	975	2,644	4,610
Write-down on inventory	0	0	535	0
Asset impairment	0	4	129	18
Loss (Gain) on sale of property and equipment	5	(23)	1	(26)
Operating Expenses	54,751	69,580	131,275	165,996
Operating Income (Loss) from continuing operations	1,068	3,720	(2,881)	5,185
Non-operating Income (Expense):
Other-than-temporary impairment loss on investments	0	(1,095)	0	(2,305)
Interest expense	(1,172)	(1,227)	(3,413)	(4,298)
Gain on settlement of bankruptcy	0	0	0	4,527
Gain (Loss) from equity method investments	510	(282)	(546)	(636)
Other	1,039	81	2,125	(75)
Nonoperating income (expense)	377	(2,523)	(1,834)	(2,787)
Income (Loss) from continuing operations before income taxes	1,445	1,197	(4,715)	2,398
Income Taxes (Benefit) Expense	(318)	616	(2,165)	(52)
Net Income (Loss) from continuing operations	1,763	581	(2,550)	2,450
Loss from discontinued operations, net of tax	0	0	0	(70)
(Loss) Gain on sale of discontinued operations, net of tax	0	(222)	4	8,137
Net Income (Loss)	1,763	359	(2,546)	10,517
Net Loss (Income) Attributable to Non-controlling Interests	335	(789)	884	(3,449)
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ 2,098	$ (430)	$ (1,662)	$ 7,068
Income (Loss) from continuing operations per share (Note 6)
Basic (in dollars per share)	$ 0.73	$ (0.07)	$ (0.58)	$ (0.36)
Diluted (in dollars per share)	0.73	(0.07)	(0.58)	(0.36)
(Loss) Income from discontinued operations per share (Note 6)
Basic (in dollars per share)	0	(0.07)	0	2.93
Diluted (in dollars per share)	0	(0.07)	0	2.93
Income (Loss) per share (Note 6)
Basic (in dollars per share)	0.73	(0.14)	(0.58)	2.57
Diluted (in dollars per share)	$ 0.73	$ (0.14)	$ (0.58)	$ 2.57
Weighted Average Shares Outstanding:
Basic (in shares)	2,882	2,973	2,882	2,752
Diluted (in shares)	2,887	2,973	2,882	2,756
Overnight air cargo
Operating Revenues:
Total	$ 16,322	$ 18,706	$ 49,789	$ 56,771
Operating Expenses:
Cost of Revenue	14,505	16,806	43,906	51,031
Operating Income (Loss) from continuing operations	490	638	1,617	909
Ground equipment sales
Operating Revenues:
Total	20,769	15,949	48,656	40,939
Operating Expenses:
Cost of Revenue	14,966	12,960	36,923	33,049
Operating Income (Loss) from continuing operations	4,229	1,644	7,369	4,212
Commercial jet engines and parts
Operating Revenues:
Total	18,078	38,536	28,886	72,665
Operating Expenses:
Cost of Revenue	16,086	29,308	22,861	48,644
Corporate and other
Operating Revenues:
Total	650	109	1,063	806
Corporate and other	650	109	1,063	806
Operating Expenses:
Operating Income (Loss) from continuing operations	$ (2,053)	$ (2,002)	$ (7,091)	$ (6,347)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 1,763	$ 359	$ (2,546)	$ 10,517
Foreign currency translation loss	(22)	(53)	(157)	(29)
Unrealized gain (loss) on interest rate swaps, net of tax	71	94	100	(170)
Reclassification of interest rate swaps into earnings	(1)	0	(17)	0
Total Other Comprehensive Income (Loss)	48	41	(74)	(199)
Total Comprehensive Income (Loss)	1,811	400	(2,620)	10,318
Comprehensive Loss (Income) Attributable to Non-controlling Interests	335	(789)	884	(3,464)
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$ 2,146	$ (389)	$ (1,736)	$ 6,854

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Current Assets:
Cash and cash equivalents	$ 43,352	$ 5,952
Marketable securities	2,234	1,677
Restricted cash	5,473	9,619
Restricted investments	736	1,085
Accounts receivable, net of allowance for doubtful accounts of $1,093 and $680	19,448	13,077
Income tax receivable	3,451	1,174
Inventories, net	67,671	60,623
Other current assets	5,344	5,279
Total Current Assets	147,709	98,486
Assets on lease or held for lease, net of accumulated depreciation of $1,295 and $6,526	10,225	27,945
Property and equipment, net of accumulated depreciation of $4,785 and $4,319	7,588	5,272
Right-of-use assets	7,895	8,116
Equity method investments	4,443	5,208
Goodwill	4,227	4,227
Other assets	3,151	2,173
Total Assets	185,238	151,427
Current Liabilities:
Accounts payable	7,950	10,864
Accrued expenses and other (Note 4)	11,968	13,024
Current portion of long-term debt	42,388	42,684
Short-term lease liability	1,357	1,174
Total Current Liabilities	63,663	67,746
Long-term debt	85,019	43,136
Deferred income tax liabilities, net	609	579
Long-term lease liability	7,176	7,473
Other non-current liabilities	1,289	1,402
Total Liabilities	157,756	120,336
Redeemable non-controlling interest	5,554	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	1,287	2,636
Retained earnings	22,105	23,768
Accumulated other comprehensive loss	(594)	(537)
Total Air T, Inc. Stockholders' Equity	20,937	24,006
Non-controlling Interests	991	1,005
Total Equity	21,928	25,011
Total Liabilities and Equity	$ 185,238	$ 151,427

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,093	$ 680
Assets on lease, accumulated depreciation	1,295	6,526
Property and equipment, accumulated depreciation	$ 4,785	$ 4,319
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 (in shares)	140,892	140,892
Treasury stock average price (in dollars per share)	$ 18.58	$ 18.58

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$ (2,546)	$ 10,517
Loss from discontinued operations, net of income tax	0	70
Gain on sale of discontinued operations, net of income tax	(4)	(8,137)
Net (loss) income from continuing operations	(2,550)	2,450
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	2,644	4,640
Impairment of investment	0	2,305
Profit from sale of assets on lease	(26)	(3,846)
Gain on settlement of bankruptcy	0	(4,527)
Other	694	726
Change in operating assets and liabilities:
Accounts receivable	(6,784)	(4,708)
Inventories	6,118	(7,866)
Accounts payable	(2,913)	1,753
Accrued expenses	(1,056)	1,106
Other	(2,788)	(2,925)
Net cash used in operating activities - continuing operations	(6,661)	(10,892)
Net cash provided by operating activities - discontinued operations	4	1,201
Net cash used in operating activities	(6,657)	(9,691)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(659)	(1,103)
Sale of marketable securities	2,445	631
Proceeds from sale of assets on lease	1,900	16,956
Acquisition of businesses, net of cash acquired	0	(500)
Investment in unconsolidated entities	0	(2,811)
Capital expenditures related to property & equipment	(3,415)	(1,017)
Capital expenditures related to assets on lease or held for lease	(124)	(39,885)
Other	(455)	157
Net cash used in investing activities - continuing operations	(308)	(27,572)
Net cash provided by investing activities - discontinued operations	0	20,174
Net cash used in investing activities	(308)	(7,398)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	47,886	133,068
Payments on lines of credit	(54,738)	(100,884)
Proceeds from term loan	59,277	27,449
Payments on term loan	(18,176)	(36,187)
Proceeds from Payroll Protection Program loan ("PPP loan")	8,215	0
Proceeds received from issuance of Trust Preferred Securities ("TruPs")	1	6,041
Other	(2,082)	(3,323)
Net cash provided by financing activities - continuing operations	40,383	26,164
Effect of foreign currency exchange rates on cash and cash equivalents	(164)	(10)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	33,254	9,065
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	15,571	12,540
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 48,825	$ 21,605

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands		Total	Adjustment	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Retained EarningsAdjustment	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Balance at Mar. 31, 2019		$ 23,358	$ (41)	$ 506	$ 0	$ 2,866	$ 21,191	$ (41)	$ (205)	$ (1,000)
Balance (in shares) at Mar. 31, 2019				2,022	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	3,816					1,782			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 gain (loss) on interest rate swaps, net of tax		(176)							(176)
Foreign currency translation (loss) gain		(18)							(30)	12
Adjustment to fair value of redeemable non-controlling interests		(985)				(985)
Balance at Jun. 30, 2019		20,988		$ 754	$ 0	1,629	17,970		(411)	1,046
Balance (in shares) at Jun. 30, 2019				3,015	0
Balance at Mar. 31, 2019		23,358	$ (41)	$ 506	$ 0	2,866	21,191	$ (41)	(205)	(1,000)
Balance (in shares) at Mar. 31, 2019				2,022	0
Increase (Decrease) in Stockholders' Equity
Unrealized gain (loss) on interest rate swaps, net of tax		(170)
Foreign currency translation (loss) gain		(29)
Balance at Dec. 31, 2019		23,401		$ 756	$ (2,157)	1,029	23,180		(420)	1,013
Balance (in shares) at Dec. 31, 2019				3,023	(110)
Balance at Jun. 30, 2019		20,988		$ 754	$ 0	1,629	17,970		(411)	1,046
Balance (in shares) at Jun. 30, 2019				3,015	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	5,698					5,715			(17)
Repurchase of Common Stock		(73)		$ 2			(75)
Repurchase of Common Stock (in shares)				8
Unrealized gain (loss) on interest rate swaps, net of tax		(88)							(88)
Foreign currency translation (loss) gain		41							38	3
Adjustment to fair value of redeemable non-controlling interests		781				781
Balance at Sep. 30, 2019		27,347		$ 756	$ 0	2,410	23,610		(461)	1,032
Balance (in shares) at Sep. 30, 2019				3,023	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	(449)					(430)			(19)
Repurchase of Common Stock		(2,157)			$ (2,157)
Repurchase of Common Stock (in shares)					110
Unrealized gain (loss) on interest rate swaps, net of tax		94							94
Foreign currency translation (loss) gain		(53)							(53)
Adjustment to fair value of redeemable non-controlling interests		(1,381)				(1,381)
Balance at Dec. 31, 2019		23,401		$ 756	$ (2,157)	1,029	23,180		(420)	1,013
Balance (in shares) at Dec. 31, 2019				3,023	(110)
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
Net income (loss)	[1]	(846)					(841)			(5)
Unrealized gain (loss) on interest rate swaps, net of tax		(26)							(26)
Foreign currency translation (loss) gain		(67)							(67)
Adjustment to fair value of redeemable non-controlling interests		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)
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
Unrealized gain (loss) on interest rate swaps, net of tax		100
Foreign currency translation (loss) gain		(157)
Balance at Dec. 31, 2020		21,928		$ 756	$ (2,617)	1,287	22,105		(594)	991
Balance (in shares) at Dec. 31, 2020				3,023	(141)
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)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	(2,928)					(2,920)			(8)
Unrealized gain (loss) on interest rate swaps, net of tax		55							55
Foreign currency translation (loss) gain		(68)							(68)
Adjustment to fair value of redeemable non-controlling interests		(890)				(890)
Balance at Sep. 30, 2020		20,670		$ 756	$ (2,617)	2,175	20,007		(643)	992
Balance (in shares) at Sep. 30, 2020				3,023	(141)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	2,097					2,098			(1)
Unrealized gain (loss) on interest rate swaps, net of tax		71							71
Foreign currency translation (loss) gain		(22)							(22)
Adjustment to fair value of redeemable non-controlling interests		(888)				(888)
Balance at Dec. 31, 2020		$ 21,928		$ 756	$ (2,617)	$ 1,287	$ 22,105		$ (594)	$ 991
Balance (in shares) at Dec. 31, 2020				3,023	(141)
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail.

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Dec. 31, 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 December 31, 2020 are not necessarily indicative of the operating results for the full year. Certain reclassifications have been made to the prior period amounts to conform to the current presentation. Discontinued Operations On September 30, 2019, the Company completed the sale of Global Aviation Services, LLC ("GAS"). The results of operations of GAS are reported as discontinued operations in the condensed consolidated statements of operations for the three and nine months ended December 31, 2020 and 2019. Refer to Footnote 3 - "Discontinued Operations" for additional information. Unless otherwise indicated, the disclosures accompanying the condensed consolidated financial statements reflect the Company's continuing operations. 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. On September 25, 2020, Contrail entered into a Third Amendment to Supplement #2 to Master Loan Agreement dated June 24, 2019 with Old National Bank ("ONB"). The material changes within the Third Amendment are: (a) to extend the date for compliance with the provision where Contrail is required to pay down the total outstanding principal balance of its revolver to zero for at least thirty consecutive days to September 5, 2021; and (b) to extend the date for compliance with the required quarterly debt service coverage ratio covenant such that Contrail shall commence compliance with the covenant commencing on March 31, 2022 and on the last day of each fiscal quarter thereafter. On November 24, 2020, Contrail and ONB entered into Supplement #8 to Master Loan Agreement and related documentation for a loan in the aggregate amount of $43.6 million (the “Contrail Main Street Loan”) for which ONB served as lender pursuant to the Main Street Priority Loan Facility as established by the U.S. Federal Reserve (the "Fed"). The Contrail Main Street Loan was approved by the Fed and completed by December 8, 2020. The loan proceeds are to be used as working capital to support the operations of Contrail in the ordinary course of business, which includes the acquisition from time to time of aircraft and engines. The proceeds will also be used to pay down the Contrail Revolver. The indebtedness incurred is subject to the terms and provisions of the Master Loan Agreement. The principal terms of the Contrail Main Street Loan ("Term Note G") are: (a) interest on the loan accrues at a floating rate of LIBOR plus 3.00% and interest is payable commencing November 24, 2021; (b) 15% principal payments plus 15% of the amount of capitalized interest are due on November 24, 2023 and 2024, with the remainder due on the loan maturity date – November 24, 2025; (c) the loan is not guaranteed; and, (d) a 2% origination fee was paid on funding of the loan. The loan contains affirmative covenants as to cash flow coverage and tangible net worth. The terms of the loan provide for customary events of default, including, among others, those relating to a failure to make payment, breaches of representations and covenants, and the occurrence of certain events. The loan is secured by a security interest in the assets of Contrail. AirCo 1, LLC ("AirCo 1") is a wholly-owned subsidiary of AirCo, LLC, which is a wholly-owned subsidiary of Stratus Aero Partners LLC, which is a wholly-owned subsidiary of the Company in the Commercial Jet Engines and Parts segment. On December 11, 2020, AirCo 1 and Park State Bank (“PSB”), entered into a loan in the aggregate amount of $6.2 million (the “AirCo 1 Main Street Loan”) for which PSB served as lender pursuant to the Main Street Priority Loan Facility as established by the Fed. The AirCo 1 Main Street Loan was approved by the Fed and completed by December 22, 2020. The loan proceeds were used to pay off the AirCo 1 revolving line of credit with Minnesota Bank & Trust ("MBT"). The principal terms of the AirCo 1 Main Street Loan ("Term Loan - PSB") are: (a) interest on the loan accrues at a floating rate of LIBOR plus 3.00% and interest is payable commencing December 11, 2021; (b) 15% principal payments (including any capitalized interest accrued thereon) are due on December 11, 2023, and 2024, with the remainder due on the loan maturity date – December 11, 2025; (c) the loan is not guaranteed; and, (d) a 2% origination fee was paid on funding of the loan. The loan contains an affirmative covenant relating to collateral valuation. The terms of the loan provide for customary events of default, including, among others, those relating to a failure to make payment, breaches of representations and covenants, and the occurrence of certain events. The loan is secured by a security interest in the assets of AirCo 1 and a pledge of AirCo’s membership interest in AirCo 1. The revolving line of credit at Air T with MBT has a due date or expires within the next twelve months. We are currently seeking to refinance this obligation prior to August 31, 2021; however, there is no assurance that we will be able to execute this refinancing or, if we are able to refinance this obligation, that the terms of such refinancing would be as favorable as the terms of our existing credit facility. 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 will apply to 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 and other recent financings, 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. Even though the Company undertook measures to attempt to limit the effect of the pandemic and its impact on the Company, the Company continued to experience a decrease in revenues during the third fiscal quarter and the month of January. 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, including the effectiveness and rollout of vaccines and the direct and indirect economic effects of the pandemic and containment measures, among others. Financial Instruments Designated for Trading Except for short sales of equity securities, the Company accounts for all other financial instruments (including derivative instruments) designated for trading in accordance with ASC 815. All changes in the fair value of the financial instruments designed for trading are recognized in earnings as they occur. Further, all gains and losses on derivative instruments designated for trading are presented net on the condensed consolidated Statements of Income (Loss). The fair value of derivative instruments designated for trading in a gain position are recorded in Other Current Assets and the fair value of derivative instruments designed for trading in a loss position are recorded in Accrued Expenses and Other on the condensed consolidated Balance Sheets. The Company accounts for short sales of equity securities in accordance with ASC 942 and ASC 860. The obligations incurred in short sales are reported in Accrued Expenses and Other on the condensed consolidated Balance Sheets. They are subsequently measured at fair value through the income statement at each reporting date with gains and losses on securities. Interest on the short positions are accrued periodically and reported as interest expense. The market value of the Company’s equity securities and cash held by the broker are used as collateral against any outstanding margin account borrowings for purposes of short selling equities. This collateral is recorded in Other Current Assets on the condensed consolidated Balance Sheets. The Company reports all cash receipts and payments resulting from the purchases and sales of securities, loans, and other assets that are acquired specifically for resale as operating cash flows. 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 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 December 31, 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 December 31, 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 December 31, 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	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Product Sales Air Cargo $ 4,970 $ 6,014 $ 15,013 $ 18,108 Ground equipment sales 20,365 15,640 47,935 40,132 Commercial jet engines and parts 16,471 35,463 23,450 59,851 Corporate and other 73 3 106 72 Support Services Air Cargo 11,342 12,644 34,751 38,572 Ground equipment sales 109 161 193 370 Commercial jet engines and parts 1,191 797 3,771 3,804 Corporate and other 47 116 72 383 Leasing Revenue Air Cargo — — — — Ground equipment sales 39 58 110 111 Commercial jet engines and parts 373 2,245 1,537 8,901 Corporate and other 36 36 178 117 Other Air Cargo 10 48 25 91 Ground equipment sales 256 90 418 326 Commercial jet engines and parts 43 31 128 109 Corporate and other 494 (46) 707 234 Total $ 55,819 $ 73,300 $ 128,394 $ 171,181 See Note 12 for the Company's disaggregated revenues by geographic region and Note 13 for the Company’s disaggregated revenues by segment. These notes disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Contract Balances and Costs Contract liabilities relate to deferred income and advanced customer deposits with respect to product sales. The following table presents outstanding contract liabilities as of April 1, 2020 and December 31, 2020 and the amount of contract liabilities that were recognized as revenue during the nine-month period ended December 31, 2020 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2020 As of December 31, 2020 $ 1,661 As of April 1, 2020 1,853 For the nine months ended December 31, 2020 785

Discontinued Operations

Discontinued Operations	9 Months Ended
	Dec. 31, 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 the Company’s wholly-owned subsidiary, Global Aviation Services, LLC ("GAS") to PrimeFlight Aviation Services, Inc., a Delaware corporation. The agreement included a purchase price of $21 million as well as an earn-out provision of $4 million if certain performance metrics were achieved by March 31, 2020. Those metrics were not achieved per the final settlement statement received during the second quarter ended September 30, 2020. The Company received approximately $20.5 million of total proceeds at closing after the initial net working capital adjustment. The Company recognized a pre-tax gain on the sale of GAS of approximately $10.8 million with a tax impact of $2.4 million for a net of tax gain of $8.4 million in the second quarter of 2019. Summarized results of operations of GAS for the three and nine months ended December 31, 2020 and 2019 through the date of disposition are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Net sales $ — $ — $ — $ 16,637 Operating Income (Expense) — — 4 (17,319) Gain/(Loss) from discontinued operations before income taxes — — 4 (682) Income tax benefit — — — (612) Gain/(Loss) from discontinued operations, net of tax $ — $ — $ 4 $ (70)

Accrued Expenses

Accrued Expenses	9 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses (in thousands) December 31, 2020 March 31, 2020 Salaries, wages and related items $ 4,723 $ 3,616 Profit sharing and bonus 2,111 3,349 Other 5,134 6,059 Total $ 11,968 $ 13,024

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three-month period ended December 31, 2020, the Company recorded $0.3 million in income tax benefit at an effective tax rate ("ETR") of (22.0)%. 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 21.0% and the Company's effective tax rate for the three-month period ended December 31, 2020 were the tax rate differential for carryback tax losses at a rate higher than the statutory tax rate, the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary ("SAIC") under Section 831(b), and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail. During the three-month period ended December 31, 2019, the Company recorded $0.6 million in income tax benefit at an ETR of 51.5%. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended December 31, 2019 were the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for SAIC under Section 831(b), the estimated deduction for foreign derived intangible income, and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail. During the nine-month period ended December 31, 2020, the Company recorded $2.2 million in income tax benefit at an ETR of 45.9%. 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 21.0% and the Company's effective tax rate for the nine-month period ended December 31, 2020 were the tax rate differential for carryback tax losses at a rate higher than the statutory tax rate, the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for SAIC under Section 831(b) and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail. During the nine-month period ended December 31, 2019, the Company recorded $0.1 million in income tax benefit which resulted in an effective tax rate of (2.2)%. The primary factors contributing to the difference between the federal statutory rate and the Company's effective tax rate for the nine-month period ended December 31, 2019 were related to the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for SAIC under Section 831(b), the estimated deduction for foreign derived intangible income, and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail.

Net Earnings Per Share

Net Earnings Per Share	9 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share Basic earnings per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures): Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Net income (loss) from continuing operations $ 1,763 $ 581 $ (2,550) $ 2,450 Net loss (income) from continuing operations attributable to non-controlling interests 335 (789) 884 (3,449) Net income (loss) from continuing operations attributable to Air T, Inc. Stockholders 2,098 (208) (1,666) (999) Income (Loss) from continuing operations per share: Basic $ 0.73 $ (0.07) $ (0.58) $ (0.36) Diluted $ 0.73 $ (0.07) $ (0.58) $ (0.36) Antidilutive shares excluded from computation of loss per share from continuing operations — 4 5 4 Loss from discontinued operations, net of tax — — — (70) (Loss) Gain on sale of discontinued operations, net of tax — (222) 4 8,137 (Loss) Income from discontinued operations attributable to Air T, Inc. stockholders — (222) 4 8,067 (Loss) Income from discontinued operations per share: Basic $ — $ (0.07) $ — $ 2.93 Diluted $ — $ (0.07) $ — $ 2.93 Antidilutive shares excluded from computation of loss per share from discontinued operations — 4 — — Income (Loss) per share: Basic $ 0.73 $ (0.14) $ (0.58) $ 2.57 Diluted $ 0.73 $ (0.14) $ (0.58) $ 2.57 Antidilutive shares excluded from computation of loss per share — 4 5 — Weighted Average Shares Outstanding: Basic 2,882 2,973 2,882 2,752 Diluted 2,887 2,973 2,882 2,756 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 stockholders of record as of June 4, 2019. All share and earnings per share information have been retroactively adjusted to reflect the stock split and the incremental par value of the newly-issued shares was recorded with the offset to additional paid-in capital.

Investments in Securities and D

Investments in Securities and Derivative Instruments	9 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Investments in Securities and Derivative Instruments	Investments in Securities and Derivative Instruments 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 are designated as effective cash flow hedging instruments in accordance with ASC 815. 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 hedged transaction affects earnings. The interest rate swaps are considered Level 2 fair value measurements. As of December 31, 2020 and March 31, 2020, the fair value of the interest-rate swap contracts was a liability of $0.8 million and $0.9 million, respectively, which is included within other non-current liabilities in the condensed consolidated balance sheets. During the three and nine months ended December 31, 2020, the Company recorded a gain of approximately $71.0 thousand and $0.1 million, net of tax, in the condensed consolidated statement of comprehensive income (loss) for changes in the fair value of the instruments. The Company may, from time to time, employ trading strategies designed to profit from market anomalies and opportunities it identifies. Management uses derivative financial instruments to execute those strategies, which may include options, and futures contracts. These derivative instruments are priced using publicly quoted market prices and are considered Level 1 fair value measurements. During the three months ended December 31, 2020, related to these derivative instruments, the Company had a gross gain aggregating to $0.1 million and a gross loss aggregating to $1.6 thousand, respectively. During the nine months ended December 31, 2020, related to these derivative instruments, the Company had a gross gain aggregating to $0.8 million and a gross loss aggregating to $23.7 thousand, respectively. The following table presents these derivative instruments at fair value in the condensed consolidated balance sheets as of December 31, 2020 and March 31, 2020 (in thousands): (In thousands) December 31, 2020 March 31, 2020 Assets: Exchange-traded options & futures Other current assets $ 76 $ 6 Total assets 76 6 Liabilities: Exchange-traded options & futures Accrued Expenses and other 7 36 Total liabilities $ 7 $ 36 The Company also invests in exchange-traded marketable securities and accounts for that activity in accordance with ASC 321, Investments- Equity Securities. Marketable equity securities are carried at fair value, with changes in fair market value included in the determination of net income. The fair market value of marketable equity securities is determined based on quoted market prices in active markets. During the three months ended December 31, 2020, the Company had a gross unrealized gain aggregating to $0.8 million and a gross unrealized loss aggregating to $0.3 million. During the nine months ended December 31, 2020, the Company had a gross unrealized gain aggregating to $1.6 million and a gross unrealized loss aggregating to $1.1 million. These unrealized gains and losses are included in Other Income (Loss) on the condensed consolidated Statement of Income. The market value of the Company’s equity securities and cash held by the broker are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2020 and 2019, the Company had outstanding borrowings of $0.7 million and $0.4 million under its margin account, respectively, which is reflected in accrued expenses and other on the condensed consolidated balance sheets. As of December 31, 2020 and 2019, the Company had cash margin balances related to exchange-traded equity securities and securities sold short of $1.3 million and $0.3 million, respectively, which is reflected in other current assets on the condensed consolidated balance sheets. The interest rate on margin account borrowings was 9.5% as of December 31, 2020.

Equity Method Investments

Equity Method Investments	9 Months Ended
	Dec. 31, 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. On December 31, 2020, Insignia effected a seven-for-one reverse stock split of its outstanding common stock. As such, as of December 31, 2020, the number of Insignia's shares owned by the Company was adjusted to 0.5 million, representing approximately 28% of the outstanding shares. The Company recorded approximately $0.2 million and $1.0 million as its share of Insignia’s net loss for the three and nine months ended September 30, 2020 along with a basis difference adjustment of approximately $24.0 thousand and $72.0 thousand, respectively. The Company's net investment basis in Insignia is $0.2 million as of December 31, 2020. On November 8, 2019, the Company made an investment of $2.8 million to purchase a 19.90% ownership stake in Cadillac Casting, Inc. ("CCI"), subsequently reduced to a 18.98% ownership stake as of September 30, 2020. 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. The Company recorded a gain of $0.6 million and $0.3 million as its share of CCI's net income for the three and nine months ended September 30, 2020, along with a basis difference adjustment of $12.0 thousand and $37.0 thousand, respectively. The Company's net investment basis in CCI is $3.5 million as of December 31, 2020. Summarized unaudited financial information for the Company's equity method investees for the three and nine months ended September 30, 2020 and 2019 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Revenue $ 27,327 $ 25,325 $ 61,402 $ 85,546 Gross Profit 3,231 1,071 5,196 4,688 Operating income (loss) 891 (2,374) (3,496) (5,746) Net income (loss) 2,242 (2,556) (2,075) (6,528) Net income (loss) attributable to Air T, Inc. stockholders $ 355 $ (285) $ (705) $ (749)

Inventories

Inventories	9 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): December 31, March 31, Ground equipment manufacturing: Raw materials $ 6,356 $ 4,192 Work in process 2,564 2,731 Finished goods 1,809 1,725 Corporate and Other: Raw materials 558 464 Finished goods 890 910 Commercial jet engines and parts 56,405 51,084 Total inventories $ 68,582 $ 61,106 Reserves (911) (483) Total inventories, net of reserves $ 67,671 $ 60,623

Leases

Leases	9 Months Ended
	Dec. 31, 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 three and nine months ended December 31, 2020 and 2019 are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Operating lease cost $ 547 $ 569 $ 1,599 $ 1,489 Short-term lease cost 50 63 251 318 Variable lease cost 241 97 532 304 Total lease cost $ 838 $ 729 $ 2,382 $ 2,111 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of the quarter ended December 31, 2020 and March 31, 2020 were as follows (in thousands): December 31, 2020 March 31, 2020 Operating leases Operating lease right-of-use assets $ 7,895 $ 8,116 Operating lease liabilities 8,533 8,647 Weighted-average remaining lease term Operating leases 13 years, 10 months 14 years, 4 months Weighted-average discount rate Operating leases 4.3 % 4.5 % Maturities of lease liabilities under non-cancellable leases where we are the lessee as of the quarter ended December 31, 2020 are as follows (in thousands): Operating Leases 2021 (excluding the nine months ended December 31, 2020) $ 444 2022 1,634 2023 1,455 2024 1,086 2025 761 2026 546 Thereafter 5,852 Total undiscounted lease payments $ 11,778 Less: Interest (2,719) Less: Discount (526) Total lease liabilities $ 8,533

Financing Arrangements

Financing Arrangements	9 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Borrowings of the Company and its subsidiaries are summarized below at December 31, 2020 and March 31, 2020, respectively. On April 13, 2020, the Company entered into a loan with MBT in a principal amount of $8.2 million pursuant to a 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 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 ("SBA"). The Company will 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 13, 2020, calculated in accordance with the terms of the CARES Act. The PPP Loan bears interest at a fixed annual rate of one percent (1%). Once the forgiveness determination is made, the Company will be required to make repayments plus interest on any unforgiven amount. As of December 31, 2020, the Company has used the funds received from the PPP loan on eligible expenses as outlined in the CARES Act. On September 25, 2020, Contrail entered into a Third Amendment to Supplement #2 to Master Loan Agreement dated June 24, 2019 with ONB. The material changes within the Third Amendment are: (a) to extend the date for compliance with the provision where Contrail is required to pay down the total outstanding principal balance of its revolver to zero for at least thirty consecutive days to September 5, 2021; and (b) to extend the date for compliance with the required quarterly debt service coverage ratio covenant such that Contrail shall commence compliance with the covenant commencing on March 31, 2022 and on the last day of each fiscal quarter thereafter. On November 24, 2020, Contrail and ONB entered into Supplement #8 to Master Loan Agreement and related documentation for a loan in the aggregate amount of $43.6 million for which ONB served as lender pursuant to the Main Street Priority Loan Facility as established by the U.S. Federal Reserve. The Contrail Main Street Loan was approved by the Fed and completed by December 8, 2020. The loan proceeds are to be used as working capital to support the operations of Contrail in the ordinary course of business, which includes the acquisition from time to time of aircraft and engines. The proceeds will also be used to pay down the Contrail Revolver. The indebtedness incurred is subject to the terms and provisions of the Master Loan Agreement. The principal terms of the Term Note G are: (a) interest on the loan accrues at a floating rate of LIBOR plus 3.00% and interest is payable commencing November 24, 2021; (b) 15% principal payments plus 15% of the amount of capitalized interest are due on November 24, 2023 and 2024, with the remainder due on the loan maturity date – November 24, 2025; (c) the loan is not guaranteed; and, (d) a 2% origination fee was paid on funding of the loan. The loan contains affirmative covenants as to cash flow coverage and tangible net worth. The terms of the loan provide for customary events of default, including, among others, those relating to a failure to make payment, breaches of representations and covenants, and the occurrence of certain events. The loan is secured by a security interest in the assets of Contrail. On December 11, 2020, AirCo 1 and PSB entered into a loan in the aggregate amount of $6.2 million for which PSB served as lender pursuant to the Main Street Priority Loan Facility as established by the U.S. Federal Reserve. The AirCo 1 Main Street Loan was approved by the Fed and completed by December 22, 2020. The loan proceeds were used to pay off the AirCo 1 revolving line of credit with MBT. The principal terms of the Term Loan - PSB are: (a) interest on the loan accrues at a floating rate of LIBOR plus 3.00% and interest is payable commencing December 11, 2021; (b) 15% principal payments (including any capitalized interest accrued thereon) are due on December 11, 2023, and 2024, with the remainder due on the loan maturity date – December 11, 2025; (c) the loan is not guaranteed; and, (d) a 2% origination fee was paid on funding of the loan. The loan contains an affirmative covenant relating to collateral valuation. The terms of the loan provide for customary events of default, including, among others, those relating to a failure to make payment, breaches of representations and covenants, and the occurrence of certain events. The loan is secured by a security interest in the assets of AirCo 1 and a pledge of AirCo’s membership interest in AirCo 1. The following table provides certain information about the current financing arrangements of the Company's and its subsidiaries as of December 31, 2020: (In Thousands) December 31, March 31, Maturity Date Interest Rate Unused commitments Air T Debt Revolver - MBT $ 9,074 $ — August 31, 2021 Greater of 2.5% or Prime - 1% $ 7,926 Supplemental Revolver- MBT — 9,550 June 30, 2020 Greater of 1-month LIBOR + 1.25% and 3% Term Note A - MBT 7,000 7,750 January 1, 2028 1-month LIBOR + 2% Term Note B - MBT 3,500 3,875 January 1, 2028 4.50% Term Note D - MBT 1,489 1,540 January 1, 2028 1-month LIBOR + 2% Term Note E - MBT 5,308 — June 25, 2025 Greater of LIBOR + 1.5% or 2.5% Debt - Trust Preferred Securities 12,878 12,877 June 7, 2049 8.00% PPP Loan 8,215 — December 24, 2022 1 1.00% Total 47,464 35,592 AirCo 1 Debt Revolver - MBT — 8,335 August 31, 2021 2 Greater of 6.50% or Prime + 2% Term Loan - PSB 6,200 — December 11, 2025 1-month LIBOR + 3% Total 6,200 8,335 Contrail Debt Revolver - ONB 23,243 21,284 September 5, 2021 1-month LIBOR + 3.45% 16,757 Term Loan A - ONB 3,508 6,285 January 26, 2021 1-month LIBOR + 3.75% Term Loan E - ONB 4,597 6,320 December 1, 2022 1-month LIBOR + 3.75% Term Loan F - ONB — 8,358 May 1, 2025 1-month LIBOR + 3.75% Term Loan G - ONB 43,598 — November 24, 2025 1-month LIBOR + 3% Total 74,946 42,247 Delphax Solutions Debt Canadian Emergency Business Account Loan 31 — December 31, 2025 5.00% Total 31 — Total Debt 128,641 86,174 Less: Unamortized Debt Issuance Costs (1,234) (354) Total Debt, net $ 127,407 $ 85,820 At December 31, 2020, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount December 31, 2021 $ 42,388 December 31, 2022 9,383 December 31, 2023 9,037 December 31, 2024 9,037 December 31, 2025 41,764 Thereafter 17,032 128,641 Less: Unamortized Debt Issuance Costs (1,234) $ 127,407 On June 10, 2019, the Company completed a transaction with all holders of the Company’s Common Stock to receive a special, pro-rata distribution of three securities as enumerated below: • A dividend of one additional share for every two shares already held (a 50% stock dividend, or the equivalent of a 3-for-2 stock split). See Footnote 6 for discussion. • The Company issued and distributed to existing common stockholders an aggregate of 1.6 million trust preferred capital security ("TruPs") shares (aggregate $4.0 million stated value) and an aggregate of 8.4 million warrants ("Warrants") (representing warrants to purchase $21.0 million in stated value of TruPs). 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 December 31, 2020, 3.6 million Warrants have been exercised. As a result, the amount outstanding on the Company's Debt - Trust Preferred Securities is $12.9 million as of December 31, 2020. At December 31, 2020, the Company had Warrants outstanding and exercisable to purchase 4.8 million shares of its TruPs at an exercise price of $2.40 per one-tenth of a share. On January 11, 2021, the Company announced the extension of the expiration date of the Warrants. The Warrants, previously scheduled to expire on January 15, 2021, are extended and now will expire on August 30, 2021 or earlier upon redemption or liquidation. Fair Value Measurement as of December 31, 2020 Warrant liability (Level 2) $ 485 As of December 31, 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).

Geographical Information

Geographical Information	9 Months Ended
	Dec. 31, 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 December 31, 2020 and March 31, 2020 (in thousands): December 31, 2020 March 31, 2020 United States $ 7,727 $ 19,086 Foreign 10,086 14,131 Total tangible long-lived assets, net $ 17,813 $ 33,217 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at December 31, 2020. The net book value located within each individual country at December 31, 2020 and March 31, 2020 is listed below (in thousands): December 31, 2020 March 31, 2020 Spain $ 10,013 $ — Netherlands — 4,778 Estonia — 7,408 Mexico — 1,845 Other 73 100 Total tangible long-lived assets, net $ 10,086 $ 14,131 Total revenue from continuing operations, in and outside the United States is summarized in the following table for the nine months ended December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 December 31, 2019 United States $ 113,563 $ 127,115 Foreign 14,831 44,066 Total revenue $ 128,394 $ 171,181

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has four business segments: overnight air cargo, ground equipment sales, commercial jet engine and parts segment and corporate and other. Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Operating Revenues by Segment: Overnight Air Cargo $ 16,322 $ 18,706 $ 49,789 $ 56,771 Ground Equipment Sales: Domestic 13,680 13,505 40,486 36,466 International 7,089 2,444 8,170 4,473 Total Ground Equipment Sales 20,769 15,949 48,656 40,939 Commercial Jet Engines and Parts: Domestic 15,851 19,651 22,476 33,941 International 2,227 18,885 6,410 38,724 Total Commercial Jet Engines and Parts 18,078 38,536 28,886 72,665 Corporate and other: Domestic 548 32 811 609 International 102 77 252 197 Total Corporate and other 650 109 1,063 806 Total $ 55,819 $ 73,300 $ 128,394 $ 171,181 Operating Income (Loss): Overnight Air Cargo 490 638 1,617 909 Ground Equipment Sales 4,229 1,644 7,369 4,212 Commercial Jet Engines and Parts (1,598) 3,440 (4,776) 6,411 Corporate and other (2,053) (2,002) (7,091) (6,347) Total $ 1,068 $ 3,720 $ (2,881) $ 5,185 Capital Expenditures: Overnight Air Cargo 85 140 228 196 Ground Equipment Sales 4 834 115 844 Commercial Jet Engines and Parts 1,656 16,595 3,166 34,251 Corporate and other 2 213 30 285 Total $ 1,747 $ 17,782 $ 3,539 $ 35,576 Depreciation and Amortization: Overnight Air Cargo 17 18 52 55 Ground Equipment Sales 38 75 152 177 Commercial Jet Engines and Parts 754 753 2,114 3,946 Corporate and other 77 129 326 432 Total $ 886 $ 975 $ 2,644 $ 4,610

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under ASC 810 - Consolidation, an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its 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. Delphax is included within our Corporate and other segment. 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 $9.0 thousand and $0.5 million, as of December 31, 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 December 31, 2020 and December 31, 2019, Delphax did not recognize any revenue, respectively. For the three months ended December 31, 2020, Delphax recorded a net loss of $8.0 thousand, broken out between an operating loss of $2.0 thousand and non-operating loss of $6.0 thousand. For the three months ended December 31, 2019, Delphax recorded net loss and operating loss of $57.0 thousand. For the nine months ended December 31, 2020 and December 31, 2019, Delphax did not recognize any revenue, respectively. For the nine months ended December 31, 2020, Delphax recorded net loss and operating loss of $40.0 thousand. For the nine months ended December 31, 2019, Delphax recorded net income of $6.1 million, broken out between an operating loss of $0.2 million 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesContrail Aviation entered into an Operating Agreement (the “Operating Agreement”) in connection with the acquisition of Contrail Aviation in 1996 providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options with the Seller of Contrail (“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 $5.6 million as of December 31, 2020. The change in the redemption value compared to March 31, 2020 is a net decrease of $0.5 million. The decrease was driven by $1.9 million of net loss attributable to and distributions made to the non-controlling interest as of December 31, 2020, partially offset by a $1.4 million increase related to the net change in fair value during the nine months ended December 31, 2020, which is reflected on our condensed consolidated statements of equity. The offsetting increase is primarily attributable to the value associated with Contrail's potential investment in an aircraft asset management joint venture, as announced publicly in our 8-K dated December 23, 2020.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn January 11, 2021, the Company announced that the Warrants to purchase its TruPs have been extended through August 30, 2021. The Warrants were scheduled to expire on January 15, 2021.

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Financial Instruments Designated for Trading	Financial Instruments Designated for Trading Except for short sales of equity securities, the Company accounts for all other financial instruments (including derivative instruments) designated for trading in accordance with ASC 815. All changes in the fair value of the financial instruments designed for trading are recognized in earnings as they occur. Further, all gains and losses on derivative instruments designated for trading are presented net on the condensed consolidated Statements of Income (Loss). The fair value of derivative instruments designated for trading in a gain position are recorded in Other Current Assets and the fair value of derivative instruments designed for trading in a loss position are recorded in Accrued Expenses and Other on the condensed consolidated Balance Sheets. The Company accounts for short sales of equity securities in accordance with ASC 942 and ASC 860. The obligations incurred in short sales are reported in Accrued Expenses and Other on the condensed consolidated Balance Sheets. They are subsequently measured at fair value through the income statement at each reporting date with gains and losses on securities. Interest on the short positions are accrued periodically and reported as interest expense. The market value of the Company’s equity securities and cash held by the broker are used as collateral against any outstanding margin account borrowings for purposes of short selling equities. This collateral is recorded in Other Current Assets on the condensed consolidated Balance Sheets. The Company reports all cash receipts and payments resulting from the purchases and sales of securities, loans, and other assets that are acquired specifically for resale as operating cash flows.
Recently Adopted 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 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 December 31, 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 December 31, 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 December 31, 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)	9 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Performance Obligation Terms	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.
Disaggregation of Revenue	The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Product Sales Air Cargo $ 4,970 $ 6,014 $ 15,013 $ 18,108 Ground equipment sales 20,365 15,640 47,935 40,132 Commercial jet engines and parts 16,471 35,463 23,450 59,851 Corporate and other 73 3 106 72 Support Services Air Cargo 11,342 12,644 34,751 38,572 Ground equipment sales 109 161 193 370 Commercial jet engines and parts 1,191 797 3,771 3,804 Corporate and other 47 116 72 383 Leasing Revenue Air Cargo — — — — Ground equipment sales 39 58 110 111 Commercial jet engines and parts 373 2,245 1,537 8,901 Corporate and other 36 36 178 117 Other Air Cargo 10 48 25 91 Ground equipment sales 256 90 418 326 Commercial jet engines and parts 43 31 128 109 Corporate and other 494 (46) 707 234 Total $ 55,819 $ 73,300 $ 128,394 $ 171,181
Contract with Customer, Asset and Liability	The following table presents outstanding contract liabilities as of April 1, 2020 and December 31, 2020 and the amount of contract liabilities that were recognized as revenue during the nine-month period ended December 31, 2020 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2020 As of December 31, 2020 $ 1,661 As of April 1, 2020 1,853 For the nine months ended December 31, 2020 785

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Summary of Discontinued Operations	Summarized results of operations of GAS for the three and nine months ended December 31, 2020 and 2019 through the date of disposition are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Net sales $ — $ — $ — $ 16,637 Operating Income (Expense) — — 4 (17,319) Gain/(Loss) from discontinued operations before income taxes — — 4 (682) Income tax benefit — — — (612) Gain/(Loss) from discontinued operations, net of tax $ — $ — $ 4 $ (70)

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule Accrued Expenses	(in thousands) December 31, 2020 March 31, 2020 Salaries, wages and related items $ 4,723 $ 3,616 Profit sharing and bonus 2,111 3,349 Other 5,134 6,059 Total $ 11,968 $ 13,024

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Net income (loss) from continuing operations $ 1,763 $ 581 $ (2,550) $ 2,450 Net loss (income) from continuing operations attributable to non-controlling interests 335 (789) 884 (3,449) Net income (loss) from continuing operations attributable to Air T, Inc. Stockholders 2,098 (208) (1,666) (999) Income (Loss) from continuing operations per share: Basic $ 0.73 $ (0.07) $ (0.58) $ (0.36) Diluted $ 0.73 $ (0.07) $ (0.58) $ (0.36) Antidilutive shares excluded from computation of loss per share from continuing operations — 4 5 4 Loss from discontinued operations, net of tax — — — (70) (Loss) Gain on sale of discontinued operations, net of tax — (222) 4 8,137 (Loss) Income from discontinued operations attributable to Air T, Inc. stockholders — (222) 4 8,067 (Loss) Income from discontinued operations per share: Basic $ — $ (0.07) $ — $ 2.93 Diluted $ — $ (0.07) $ — $ 2.93 Antidilutive shares excluded from computation of loss per share from discontinued operations — 4 — — Income (Loss) per share: Basic $ 0.73 $ (0.14) $ (0.58) $ 2.57 Diluted $ 0.73 $ (0.14) $ (0.58) $ 2.57 Antidilutive shares excluded from computation of loss per share — 4 5 — Weighted Average Shares Outstanding: Basic 2,882 2,973 2,882 2,752 Diluted 2,887 2,973 2,882 2,756

Investments in Securities and_2

Investments in Securities and Derivative Instruments (Tables)	9 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position	The following table presents these derivative instruments at fair value in the condensed consolidated balance sheets as of December 31, 2020 and March 31, 2020 (in thousands): (In thousands) December 31, 2020 March 31, 2020 Assets: Exchange-traded options & futures Other current assets $ 76 $ 6 Total assets 76 6 Liabilities: Exchange-traded options & futures Accrued Expenses and other 7 36 Total liabilities $ 7 $ 36

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Dec. 31, 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 and nine months ended September 30, 2020 and 2019 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Revenue $ 27,327 $ 25,325 $ 61,402 $ 85,546 Gross Profit 3,231 1,071 5,196 4,688 Operating income (loss) 891 (2,374) (3,496) (5,746) Net income (loss) 2,242 (2,556) (2,075) (6,528) Net income (loss) attributable to Air T, Inc. stockholders $ 355 $ (285) $ (705) $ (749)

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following (in thousands): December 31, March 31, Ground equipment manufacturing: Raw materials $ 6,356 $ 4,192 Work in process 2,564 2,731 Finished goods 1,809 1,725 Corporate and Other: Raw materials 558 464 Finished goods 890 910 Commercial jet engines and parts 56,405 51,084 Total inventories $ 68,582 $ 61,106 Reserves (911) (483) Total inventories, net of reserves $ 67,671 $ 60,623

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease, Cost	The components of lease cost for the three and nine months ended December 31, 2020 and 2019 are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Operating lease cost $ 547 $ 569 $ 1,599 $ 1,489 Short-term lease cost 50 63 251 318 Variable lease cost 241 97 532 304 Total lease cost $ 838 $ 729 $ 2,382 $ 2,111 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of the quarter ended December 31, 2020 and March 31, 2020 were as follows (in thousands): December 31, 2020 March 31, 2020 Operating leases Operating lease right-of-use assets $ 7,895 $ 8,116 Operating lease liabilities 8,533 8,647 Weighted-average remaining lease term Operating leases 13 years, 10 months 14 years, 4 months Weighted-average discount rate Operating leases 4.3 % 4.5 %
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities under non-cancellable leases where we are the lessee as of the quarter ended December 31, 2020 are as follows (in thousands): Operating Leases 2021 (excluding the nine months ended December 31, 2020) $ 444 2022 1,634 2023 1,455 2024 1,086 2025 761 2026 546 Thereafter 5,852 Total undiscounted lease payments $ 11,778 Less: Interest (2,719) Less: Discount (526) Total lease liabilities $ 8,533

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following table provides certain information about the current financing arrangements of the Company's and its subsidiaries as of December 31, 2020: (In Thousands) December 31, March 31, Maturity Date Interest Rate Unused commitments Air T Debt Revolver - MBT $ 9,074 $ — August 31, 2021 Greater of 2.5% or Prime - 1% $ 7,926 Supplemental Revolver- MBT — 9,550 June 30, 2020 Greater of 1-month LIBOR + 1.25% and 3% Term Note A - MBT 7,000 7,750 January 1, 2028 1-month LIBOR + 2% Term Note B - MBT 3,500 3,875 January 1, 2028 4.50% Term Note D - MBT 1,489 1,540 January 1, 2028 1-month LIBOR + 2% Term Note E - MBT 5,308 — June 25, 2025 Greater of LIBOR + 1.5% or 2.5% Debt - Trust Preferred Securities 12,878 12,877 June 7, 2049 8.00% PPP Loan 8,215 — December 24, 2022 1 1.00% Total 47,464 35,592 AirCo 1 Debt Revolver - MBT — 8,335 August 31, 2021 2 Greater of 6.50% or Prime + 2% Term Loan - PSB 6,200 — December 11, 2025 1-month LIBOR + 3% Total 6,200 8,335 Contrail Debt Revolver - ONB 23,243 21,284 September 5, 2021 1-month LIBOR + 3.45% 16,757 Term Loan A - ONB 3,508 6,285 January 26, 2021 1-month LIBOR + 3.75% Term Loan E - ONB 4,597 6,320 December 1, 2022 1-month LIBOR + 3.75% Term Loan F - ONB — 8,358 May 1, 2025 1-month LIBOR + 3.75% Term Loan G - ONB 43,598 — November 24, 2025 1-month LIBOR + 3% Total 74,946 42,247 Delphax Solutions Debt Canadian Emergency Business Account Loan 31 — December 31, 2025 5.00% Total 31 — Total Debt 128,641 86,174 Less: Unamortized Debt Issuance Costs (1,234) (354) Total Debt, net $ 127,407 $ 85,820
Schedule of Maturities of Long-term Debt	At December 31, 2020, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount December 31, 2021 $ 42,388 December 31, 2022 9,383 December 31, 2023 9,037 December 31, 2024 9,037 December 31, 2025 41,764 Thereafter 17,032 128,641 Less: Unamortized Debt Issuance Costs (1,234) $ 127,407
Schedule of Warrant Fair Value	Fair Value Measurement as of December 31, 2020 Warrant liability (Level 2) $ 485

Geographical Information (Table

Geographical Information (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 2020 and March 31, 2020 (in thousands): December 31, 2020 March 31, 2020 United States $ 7,727 $ 19,086 Foreign 10,086 14,131 Total tangible long-lived assets, net $ 17,813 $ 33,217 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at December 31, 2020. The net book value located within each individual country at December 31, 2020 and March 31, 2020 is listed below (in thousands): December 31, 2020 March 31, 2020 Spain $ 10,013 $ — Netherlands — 4,778 Estonia — 7,408 Mexico — 1,845 Other 73 100 Total tangible long-lived assets, net $ 10,086 $ 14,131
Revenue from External Customers by Geographic Areas	Total revenue from continuing operations, in and outside the United States is summarized in the following table for the nine months ended December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 December 31, 2019 United States $ 113,563 $ 127,115 Foreign 14,831 44,066 Total revenue $ 128,394 $ 171,181

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Operating Revenues by Segment: Overnight Air Cargo $ 16,322 $ 18,706 $ 49,789 $ 56,771 Ground Equipment Sales: Domestic 13,680 13,505 40,486 36,466 International 7,089 2,444 8,170 4,473 Total Ground Equipment Sales 20,769 15,949 48,656 40,939 Commercial Jet Engines and Parts: Domestic 15,851 19,651 22,476 33,941 International 2,227 18,885 6,410 38,724 Total Commercial Jet Engines and Parts 18,078 38,536 28,886 72,665 Corporate and other: Domestic 548 32 811 609 International 102 77 252 197 Total Corporate and other 650 109 1,063 806 Total $ 55,819 $ 73,300 $ 128,394 $ 171,181 Operating Income (Loss): Overnight Air Cargo 490 638 1,617 909 Ground Equipment Sales 4,229 1,644 7,369 4,212 Commercial Jet Engines and Parts (1,598) 3,440 (4,776) 6,411 Corporate and other (2,053) (2,002) (7,091) (6,347) Total $ 1,068 $ 3,720 $ (2,881) $ 5,185 Capital Expenditures: Overnight Air Cargo 85 140 228 196 Ground Equipment Sales 4 834 115 844 Commercial Jet Engines and Parts 1,656 16,595 3,166 34,251 Corporate and other 2 213 30 285 Total $ 1,747 $ 17,782 $ 3,539 $ 35,576 Depreciation and Amortization: Overnight Air Cargo 17 18 52 55 Ground Equipment Sales 38 75 152 177 Commercial Jet Engines and Parts 754 753 2,114 3,946 Corporate and other 77 129 326 432 Total $ 886 $ 975 $ 2,644 $ 4,610

Financial Statement Presentat_3

Financial Statement Presentation - Textual (Details)	Dec. 11, 2020USD ($)	Nov. 24, 2020USD ($)	Apr. 30, 2020USD ($)	Dec. 31, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle
Minimum debt service coverage ratio				1.25
Minimum net worth required for compliance				$ 15,000,000
AIRT Small Business Administration S B A C A R E S Act Paycheck Protection Program
New Accounting Pronouncements or Change in Accounting Principle
Payments for (proceeds from) loans and leases			$ 8,200,000
Term Loan G - ONB
New Accounting Pronouncements or Change in Accounting Principle
Principle amount		$ 43,600,000
Debt instrument, periodic payment, principal percentage		15.00%
Debt instrument, capitalized interest rate		15.00%
Debt instrument fee, origination fee percentage		2.00%
Term Loan - PSB
New Accounting Pronouncements or Change in Accounting Principle
Principle amount	$ 6,200,000
Debt instrument, periodic payment, principal percentage	15.00%
Debt instrument fee, origination fee percentage	2.00%
London Interbank Offered Rate (LIBOR) | Term Loan G - ONB
New Accounting Pronouncements or Change in Accounting Principle
Basis spread on variable rate		3.00%
London Interbank Offered Rate (LIBOR) | Term Loan - PSB
New Accounting Pronouncements or Change in Accounting Principle
Basis spread on variable rate	3.00%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue
Total	$ 55,819	$ 73,300	$ 128,394	$ 171,181
Air Cargo
Disaggregation of Revenue
Total	16,322	18,706	49,789	56,771
Air Cargo | Product Sales
Disaggregation of Revenue
Total	4,970	6,014	15,013	18,108
Air Cargo | Support Services
Disaggregation of Revenue
Total	11,342	12,644	34,751	38,572
Air Cargo | Leasing Revenue
Disaggregation of Revenue
Total	0	0	0	0
Air Cargo | Other
Disaggregation of Revenue
Total	10	48	25	91
Ground equipment sales
Disaggregation of Revenue
Total	20,769	15,949	48,656	40,939
Ground equipment sales | Product Sales
Disaggregation of Revenue
Total	20,365	15,640	47,935	40,132
Ground equipment sales | Support Services
Disaggregation of Revenue
Total	109	161	193	370
Ground equipment sales | Leasing Revenue
Disaggregation of Revenue
Total	39	58	110	111
Ground equipment sales | Other
Disaggregation of Revenue
Total	256	90	418	326
Commercial jet engines and parts
Disaggregation of Revenue
Total	18,078	38,536	28,886	72,665
Commercial jet engines and parts | Product Sales
Disaggregation of Revenue
Total	16,471	35,463	23,450	59,851
Commercial jet engines and parts | Support Services
Disaggregation of Revenue
Total	1,191	797	3,771	3,804
Commercial jet engines and parts | Leasing Revenue
Disaggregation of Revenue
Total	373	2,245	1,537	8,901
Commercial jet engines and parts | Other
Disaggregation of Revenue
Total	43	31	128	109
Corporate and other
Disaggregation of Revenue
Total	650	109	1,063	806
Corporate and other | Product Sales
Disaggregation of Revenue
Total	73	3	106	72
Corporate and other | Support Services
Disaggregation of Revenue
Total	47	116	72	383
Corporate and other | Leasing Revenue
Disaggregation of Revenue
Total	36	36	178	117
Corporate and other | Other
Disaggregation of Revenue
Total	$ 494	$ (46)	$ 707	$ 234

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Asset and Liability (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2020USD ($)
Contract With Customers
Contract with customer, liabilities, beginning balance	$ 1,853
Outstanding contract liabilities recognized as revenue	785
Contract with customer, liabilities, ending balance	$ 1,661

Discontinued Operations - Textu

Discontinued Operations - Textual (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
(Loss) Gain on sale of discontinued operations, net of tax		$ 0	$ (222)		$ 4	$ 8,137
Discontinued Operations, Disposed of by Sale | Global Aviation Services, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Ownership percentage	100.00%			100.00%
Purchase price consideration	$ 21,000			$ 21,000
Consideration earn-out provision	4,000			4,000
Proceeds from divestiture of businesses	$ 20,500
Recognition of pre-tax gain on sale of GAS				10,800
Tax expense on disposal				2,400
(Loss) Gain on sale of discontinued operations, net of tax				$ 8,400

Discontinued Operations - Incom

Discontinued Operations - Income Statement Summary of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Gain/(Loss) from discontinued operations, net of tax	$ 0	$ 0	$ 0	$ (70)
Discontinued Operations, Disposed of by Sale | Global Aviation Services, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Net sales	0	0	0	16,637
Operating Income (Expense)	0	0	4	(17,319)
Gain/(Loss) from discontinued operations before income taxes	0	0	4	(682)
Income tax benefit	0	0	0	(612)
Gain/(Loss) from discontinued operations, net of tax	$ 0	$ 0	$ 4	$ (70)

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Salaries, wages and related items	$ 4,723	$ 3,616
Profit sharing and bonus	2,111	3,349
Other	5,134	6,059
Total	$ 11,968	$ 13,024

Income Taxes - Textual (Details

Income Taxes - Textual (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax benefit	$ 0.3	$ 0.6	$ 2.2	$ 0.1
Effective income tax rate, percent	(22.00%)	51.50%	45.90%	(2.20%)

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		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net income (loss) from continuing operations	$ 1,763	$ 581	$ (2,550)	$ 2,450
Net Loss (Income) Attributable to Non-controlling Interests	335	(789)	884	(3,449)
Net income (loss) from continuing operations attributable to Air T, Inc. Stockholders	$ 2,098	$ (208)	$ (1,666)	$ (999)
Income (Loss) from continuing operations per share:
Basic (in dollars per share)	$ 0.73	$ (0.07)	$ (0.58)	$ (0.36)
Diluted (in dollars per share)	$ 0.73	$ (0.07)	$ (0.58)	$ (0.36)
Antidilutive shares excluded from computation of loss per share (shares)	0	4	5	0
Loss from discontinued operations, net of tax	$ 0	$ 0	$ 0	$ (70)
(Loss) Gain on sale of discontinued operations, net of tax	0	(222)	4	8,137
(Loss) Income from discontinued operations attributable to Air T, Inc. stockholders	$ 0	$ (222)	$ 4	$ 8,067
(Loss) Income from discontinued operations per share:
Basic (in dollars per share)	$ 0	$ (0.07)	$ 0	$ 2.93
Diluted (in dollars per share)	0	(0.07)	0	2.93
Income (Loss) per share:
Basic (in dollars per share)	0.73	(0.14)	(0.58)	2.57
Diluted (in dollars per share)	$ 0.73	$ (0.14)	$ (0.58)	$ 2.57
Weighted Average Shares Outstanding:
Basic (in shares)	2,882	2,973	2,882	2,752
Diluted (in shares)	2,887	2,973	2,882	2,756
Continuing Operations
Income (Loss) from continuing operations per share:
Antidilutive shares excluded from computation of loss per share (shares)	0	4	5	4
Discontinued Operations
Income (Loss) from continuing operations per share:
Antidilutive shares excluded from computation of loss per share (shares)	0	4	0	0

Net Earnings Per Share - Textua

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

Investments in Securities and_3

Investments in Securities and Derivative Instruments - Textual (Details) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Derivatives, Fair Value
Unrealized gain (loss) on interest rate swaps, net of tax	$ 71,000	$ 55,000	$ (26,000)	$ 94,000	$ (88,000)	$ (176,000)	$ 100,000	$ (170,000)
Gain from equity investments	800,000						1,600,000
Loss from equity investments	300,000						1,100,000
Margin accounts outstanding	700,000			400,000			700,000	400,000
Cash margin balances related to exchange-traded equity securities	$ 1,300,000			$ 300,000			$ 1,300,000	$ 300,000
Interest rate on margin account borrowings (percent)	9.50%						9.50%
Level 1
Derivatives, Fair Value
Gross gain from derivative instrument	$ 800,000						$ 100,000
Gross loss from derivative instrument	23,700						1,600
Interest Rate Swap
Derivatives, Fair Value
Unrealized gain (loss) on interest rate swaps, net of tax	71,000						100,000
Interest Rate Swap | Level 2 | Other non-current liabilities
Derivatives, Fair Value
Derivative liability	$ 800,000						$ 800,000		$ 900,000
Unsecured Debt | Interest Rate Swap | Term Note A - MBT
Derivatives, Fair Value
Interest rate	4.56%						4.56%
Unsecured Debt | Interest Rate Swap | Term Note D - MBT
Derivatives, Fair Value
Interest rate	5.09%						5.09%

Investments in Securities and_4

Investments in Securities and Derivative Instruments - Fair Value in the Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Assets:
Derivative asset	$ 76	$ 6
Liabilities:
Derivative liability	7	36
Exchange-traded options & futures
Assets:
Derivative asset
Liabilities:
Derivative liability
Other current assets
Assets:
Derivative asset	76	6
Accrued Expenses and other
Liabilities:
Derivative liability	$ 7	$ 36

Equity Method Investments- Text

Equity Method Investments- Textuals (Details) shares in Millions	Dec. 31, 2020USD ($)shares	Nov. 08, 2019USD ($)	Jun. 04, 2019	Dec. 31, 2020USD ($)shares	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)shares	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)
Schedule of Equity Method Investments
Stock split conversion ratio			1.5
Loss from equity method investments				$ (510,000)		$ 282,000	$ 546,000		$ 636,000
Equity method investments	$ 4,443,000			$ 4,443,000			$ 4,443,000			$ 5,208,000
Insignia
Schedule of Equity Method Investments
Number of shares held (in shares) | shares	0.5			0.5			0.5
Stock split conversion ratio	0.143
Ownership percentage	28.00%			28.00%			28.00%
Loss from equity method investments					$ 200,000			$ 1,000,000
Investment realized gain (loss) on disposal				$ (24,000)			$ (72,000)
Equity method investments	$ 200,000			200,000			200,000
Cadillac Castings, Inc
Schedule of Equity Method Investments
Ownership percentage		19.90%			18.98%			18.98%
Loss from equity method investments					$ (600,000)			$ (300,000)
Investment realized gain (loss) on disposal				(12,000)			(37,000)
Equity method investments	$ 3,500,000			$ 3,500,000			$ 3,500,000
Payments to acquire equity method investment		$ 2,800,000
Difference between carrying amount and underlying equity		$ 300,000

Equity Method Investments - Sum

Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Schedule of Equity Method Investments
Revenue	$ 55,819		$ 73,300		$ 128,394		$ 171,181
Operating income (loss)	1,068		3,720		(2,881)		5,185
Net income (loss)	2,098		(430)		(1,662)		7,068
Net income (loss) attributable to Air T, Inc. stockholders	$ 510		$ (282)		$ (546)		$ (636)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments
Revenue		$ 27,327		$ 25,325		$ 61,402		$ 85,546
Gross Profit		3,231		1,071		5,196		4,688
Operating income (loss)		891		(2,374)		(3,496)		(5,746)
Net income (loss)		2,242		(2,556)		(2,075)		(6,528)
Net income (loss) attributable to Air T, Inc. stockholders		$ 355		$ (285)		$ (705)		$ (749)

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Corporate and Other:
Commercial jet engines and parts	$ 56,405	$ 51,084
Total inventories	68,582	61,106
Reserves	(911)	(483)
Total inventories, net of reserves	67,671	60,623
Ground equipment manufacturing:
Ground equipment manufacturing:
Raw materials	6,356	4,192
Work in process	2,564	2,731
Finished goods	1,809	1,725
Corporate and Other:
Raw materials	6,356	4,192
Finished goods	1,809	1,725
Corporate and Other:
Ground equipment manufacturing:
Raw materials	558	464
Finished goods	890	910
Corporate and Other:
Raw materials	558	464
Finished goods	$ 890	$ 910

Leases - Textual (Details)

Leases - Textual (Details)	Dec. 31, 2020
Minimum
Lessee, Lease, Description
Lease term	2 years
Maximum
Lessee, Lease, Description
Lease term	5 years
Real Estate
Lessee, Lease, Description
Lease term	30 years

Leases - Component of Lease Cos

Leases - Component of Lease Cost and Consolidated Balance Sheet Amounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 547	$ 569	$ 1,599	$ 1,489
Short-term lease cost	50	63	251	318
Variable lease cost	241	97	532	304
Total lease cost	838	$ 729	2,382	$ 2,111
Operating leases
Operating lease right-of-use assets	7,895		7,895		$ 8,116
Operating lease liabilities	$ 8,533		$ 8,533		$ 8,647
Weighted-average remaining lease term
Operating leases	13 years 10 months		13 years 10 months		14 years 4 months
Weighted-average discount rate
Operating leases	4.30%		4.30%		4.50%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Operating Leases
2021 (excluding the nine months ended December 31, 2020)	$ 444
2022	1,634
2023	1,455
2024	1,086
2025	761
2026	546
Thereafter	5,852
Total undiscounted lease payments	11,778
Less: Interest	(2,719)
Less: Discount	(526)
Total lease liabilities	$ 8,533	$ 8,647

Financing Arrangements - Textua

Financing Arrangements - Textual (Details) $ / shares in Units, shares in Millions	Dec. 11, 2020USD ($)	Nov. 24, 2020USD ($)	Jan. 14, 2020$ / shares	Jun. 10, 2019USD ($)shares	Jun. 04, 2019	Dec. 31, 2020USD ($)$ / sharesshares	Apr. 13, 2020USD ($)	Mar. 31, 2020USD ($)
Debt Instrument
Common stock dividend rate percentage				50.00%
Stock split conversion ratio					1.5
Exercise price of warrants (in usd per share) | $ / shares			$ 2.40			$ 2.40
Discount from market price (as a percentage)			4.00%
Face value price of warrant (in usd per share) | $ / shares			$ 2.50
Warrants exercised (in shares) | shares						3.6
Long-term debt, gross						$ 128,641,000		$ 86,174,000
Warrants outstanding and exercisable (in shares) | shares						4.8
Trust Preferred Capital Security
Debt Instrument
Stock split conversion ratio			0.10
Stockholders equity note stock split stated value per share (in dollars per share) | $ / shares			$ 25
Air T Funding | Trust Preferred Capital Security
Debt Instrument
Issuance of Common Stock (in shares) | shares				1.6
Value of new issues				$ 4,000,000
Air T Funding | Warrant
Debt Instrument
Issuance of Common Stock (in shares) | shares				8.4
Value of new issues				$ 21,000,000
Trust Preferred Securities | Parent Company
Debt Instrument
Long-term debt, gross						$ 12,900,000
Term Loan G - ONB
Debt Instrument
Principle amount		$ 43,600,000
Debt instrument, periodic payment, principal percentage		15.00%
Debt instrument, capitalized interest rate		15.00%
Debt instrument fee, origination fee percentage		2.00%
Term Loan G - ONB | London Interbank Offered Rate (LIBOR)
Debt Instrument
Basis spread on variable rate		3.00%
Term Loan - PSB
Debt Instrument
Principle amount	$ 6,200,000
Debt instrument, periodic payment, principal percentage	15.00%
Debt instrument fee, origination fee percentage	2.00%
Term Loan - PSB | London Interbank Offered Rate (LIBOR)
Debt Instrument
Basis spread on variable rate	3.00%
Unsecured Debt | Parent Company
Debt Instrument
Long-term debt, gross						47,464,000		35,592,000
Unsecured Debt | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross						$ 74,946,000		42,247,000
Unsecured Debt | PPP Loan
Debt Instrument
Principle amount							$ 8,200,000
Unsecured Debt | PPP Loan | Parent Company
Debt Instrument
Interest rate stated percentage (as a percentage)						1.00%	1.00%
Long-term debt, gross						$ 8,215,000		0
Unsecured Debt | Trust Preferred Securities | Parent Company
Debt Instrument
Interest rate stated percentage (as a percentage)						8.00%
Long-term debt, gross						$ 12,878,000		12,877,000
Unsecured Debt | Term Loan G - ONB
Debt Instrument
Principle amount		$ 43,600,000
Debt instrument, periodic payment, principal percentage		15.00%
Debt instrument, capitalized interest rate		15.00%
Debt instrument fee, origination fee percentage		2.00%
Unsecured Debt | Term Loan G - ONB | London Interbank Offered Rate (LIBOR)
Debt Instrument
Basis spread on variable rate		3.00%
Unsecured Debt | Term Loan G - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross						$ 43,598,000		$ 0
Unsecured Debt | Term Loan - PSB
Debt Instrument
Principle amount		$ 6,200,000
Debt instrument, periodic payment, principal percentage		15.00%
Debt instrument fee, origination fee percentage		2.00%
Unsecured Debt | Term Loan - PSB | London Interbank Offered Rate (LIBOR)
Debt Instrument
Basis spread on variable rate		3.00%

Financing Arrangements - Long-t

Financing Arrangements - Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 11, 2020	Nov. 24, 2020	Dec. 31, 2020	Apr. 13, 2020	Mar. 31, 2020
Debt Instrument
Long-term debt, gross			$ 128,641		$ 86,174
Less: Unamortized Debt Issuance Costs			(1,234)		(354)
Total Debt, net			127,407		85,820
London Interbank Offered Rate (LIBOR) | Term Loan - PSB
Debt Instrument
Basis spread on variable rate	3.00%
London Interbank Offered Rate (LIBOR) | Term Loan G - ONB
Debt Instrument
Basis spread on variable rate		3.00%
Parent Company | Debt - Trust Preferred Securities
Debt Instrument
Long-term debt, gross			12,900
Unsecured Debt | AirCo 1
Debt Instrument
Long-term debt, gross			6,200		8,335
Unsecured Debt | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross			74,946		42,247
Unsecured Debt | Revolver - MBT | AirCo 1
Debt Instrument
Long-term debt, gross			$ 0		8,335
Interest rate stated percentage (as a percentage)			6.50%
Unused commitments
Unsecured Debt | Term Loan - PSB | AirCo 1
Debt Instrument
Long-term debt, gross			6,200		0
Unsecured Debt | Revolver - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross			23,243		21,284
Unused commitments			16,757
Unsecured Debt | Term Loan A - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross			3,508		6,285
Unsecured Debt | Term Loan E - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross			4,597		6,320
Unsecured Debt | Term Loan F - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross			0		8,358
Unsecured Debt | Term Loan G - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross			$ 43,598		0
Unsecured Debt | Prime Rate | Revolver - MBT | AirCo 1
Debt Instrument
Basis spread on variable rate			2.00%
Unsecured Debt | London Interbank Offered Rate (LIBOR) | Term Loan - PSB
Debt Instrument
Basis spread on variable rate		3.00%
Unsecured Debt | London Interbank Offered Rate (LIBOR) | Term Loan G - ONB
Debt Instrument
Basis spread on variable rate		3.00%
Unsecured Debt | 1-month LIBOR | Term Loan - PSB | AirCo 1
Debt Instrument
Basis spread on variable rate			3.00%
Unsecured Debt | 1-month LIBOR | Revolver - ONB | Contrail Aviation Inc.
Debt Instrument
Basis spread on variable rate			3.45%
Unsecured Debt | 1-month LIBOR | Term Loan A - ONB | Contrail Aviation Inc.
Debt Instrument
Basis spread on variable rate			3.75%
Unsecured Debt | 1-month LIBOR | Term Loan E - ONB | Contrail Aviation Inc.
Debt Instrument
Basis spread on variable rate			3.75%
Unsecured Debt | 1-month LIBOR | Term Loan F - ONB | Contrail Aviation Inc.
Debt Instrument
Basis spread on variable rate			3.75%
Unsecured Debt | 1-month LIBOR | Term Loan G - ONB | Contrail Aviation Inc.
Debt Instrument
Basis spread on variable rate			3.00%
Unsecured Debt | Parent Company
Debt Instrument
Long-term debt, gross			$ 47,464		35,592
Unsecured Debt | Parent Company | Revolver - MBT
Debt Instrument
Long-term debt, gross			$ 9,074		0
Interest rate stated percentage (as a percentage)			2.50%
Unused commitments			$ 7,926
Unsecured Debt | Parent Company | Supplemental Revolver- MBT
Debt Instrument
Long-term debt, gross			0		9,550
Unsecured Debt | Parent Company | Term Note A - MBT
Debt Instrument
Long-term debt, gross			7,000		7,750
Unsecured Debt | Parent Company | Term Note B - MBT
Debt Instrument
Long-term debt, gross			$ 3,500		3,875
Interest rate stated percentage (as a percentage)			4.50%
Unsecured Debt | Parent Company | Term Note D - MBT
Debt Instrument
Long-term debt, gross			$ 1,489		1,540
Unsecured Debt | Parent Company | Term Note E - MBT
Debt Instrument
Long-term debt, gross			$ 5,308		0
Interest rate stated percentage (as a percentage)			2.50%
Unsecured Debt | Parent Company | Debt - Trust Preferred Securities
Debt Instrument
Long-term debt, gross			$ 12,878		12,877
Interest rate stated percentage (as a percentage)			8.00%
Unsecured Debt | Parent Company | PPP Loan
Debt Instrument
Long-term debt, gross			$ 8,215		0
Interest rate stated percentage (as a percentage)			1.00%	1.00%
Unsecured Debt | Parent Company | Prime Rate | Revolver - MBT
Debt Instrument
Basis spread on variable rate			1.00%
Unsecured Debt | Parent Company | London Interbank Offered Rate (LIBOR) | Supplemental Revolver- MBT
Debt Instrument
Interest rate stated percentage (as a percentage)			3.00%
Unsecured Debt | Parent Company | London Interbank Offered Rate (LIBOR) | Term Note E - MBT
Debt Instrument
Basis spread on variable rate			1.50%
Unsecured Debt | Parent Company | 1-month LIBOR | Supplemental Revolver- MBT
Debt Instrument
Basis spread on variable rate			1.25%
Unsecured Debt | Parent Company | 1-month LIBOR | Term Note A - MBT
Debt Instrument
Basis spread on variable rate			2.00%
Unsecured Debt | Parent Company | 1-month LIBOR | Term Note D - MBT
Debt Instrument
Basis spread on variable rate			2.00%
Notes Payable to Banks | Delphax Solutions Debt
Debt Instrument
Long-term debt, gross			$ 31		0
Notes Payable to Banks | Canadian Emergency Business Account Loan | Delphax Solutions Debt
Debt Instrument
Long-term debt, gross			$ 31		$ 0
Interest rate stated percentage (as a percentage)			5.00%

Financing Arrangements - Contra

Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Debt Disclosure [Abstract]
December 31, 2021	$ 42,388
December 31, 2022	9,383
December 31, 2023	9,037
December 31, 2024	9,037
December 31, 2025	41,764
Thereafter	17,032
Long-term debt, gross	128,641	$ 86,174
Less: Unamortized Debt Issuance Costs	(1,234)	(354)
Total Debt, net	$ 127,407	$ 85,820

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Warrant Fair Value (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
Warrant liability (Level 2)	$ 485

Geographical Information - Long

Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 17,813	$ 33,217
United States
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	7,727	19,086
Foreign
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	10,086	14,131
Spain
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	10,013	0
Netherlands
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	0	4,778
Estonia
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	0	7,408
Mexico
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	0	1,845
Other
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 73	$ 100

Geographical Information - Reve

Geographical Information - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenue, Major Customer
Total revenue	$ 55,819	$ 73,300	$ 128,394	$ 171,181
United States
Revenue, Major Customer
Total revenue			113,563	127,115
Foreign
Revenue, Major Customer
Total revenue			$ 14,831	$ 44,066

Segment Information - Textual (

Segment Information - Textual (Details)	9 Months Ended
	Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment Information - Segment D

Segment Information - Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Operating revenues	$ 55,819	$ 73,300	$ 128,394	$ 171,181
Operating income (loss)	1,068	3,720	(2,881)	5,185
Capital expenditures	1,747	17,782	3,539	35,576
Depreciation and amortization	886	975	2,644	4,610
Air Cargo
Segment Reporting Information [Line Items]
Operating revenues	16,322	18,706	49,789	56,771
Operating income (loss)	490	638	1,617	909
Capital expenditures	85	140	228	196
Depreciation and amortization	17	18	52	55
Ground equipment sales
Segment Reporting Information [Line Items]
Operating revenues	20,769	15,949	48,656	40,939
Operating income (loss)	4,229	1,644	7,369	4,212
Capital expenditures	4	834	115	844
Depreciation and amortization	38	75	152	177
Ground equipment sales | Domestic
Segment Reporting Information [Line Items]
Operating revenues	13,680	13,505	40,486	36,466
Ground equipment sales | International
Segment Reporting Information [Line Items]
Operating revenues	7,089	2,444	8,170	4,473
Commercial Jet Engines and Parts
Segment Reporting Information [Line Items]
Operating revenues	18,078	38,536	28,886	72,665
Operating income (loss)	(1,598)	3,440	(4,776)	6,411
Capital expenditures	1,656	16,595	3,166	34,251
Depreciation and amortization	754	753	2,114	3,946
Commercial Jet Engines and Parts | Domestic
Segment Reporting Information [Line Items]
Operating revenues	15,851	19,651	22,476	33,941
Commercial Jet Engines and Parts | International
Segment Reporting Information [Line Items]
Operating revenues	2,227	18,885	6,410	38,724
Corporate and other
Segment Reporting Information [Line Items]
Operating revenues	650	109	1,063	806
Operating income (loss)	(2,053)	(2,002)	(7,091)	(6,347)
Capital expenditures	2	213	30	285
Depreciation and amortization	77	129	326	432
Corporate and other | Domestic
Segment Reporting Information [Line Items]
Operating revenues	548	32	811	609
Corporate and other | International
Segment Reporting Information [Line Items]
Operating revenues	$ 102	$ 77	$ 252	$ 197

Variable Interest Entities - Te

Variable Interest Entities - Textual (Details) - USD ($)	3 Months Ended			9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Variable Interest Entity [Line Items]
Gain on settlement of bankruptcy	$ 0	$ 0		$ 0	$ 4,527,000
Assets	185,238,000			185,238,000		$ 151,427,000
Liabilities	157,756,000			157,756,000		120,336,000
Net (Loss) Income	1,763,000	359,000		(2,546,000)	10,517,000
Operating income (loss)	1,068,000	3,720,000		(2,881,000)	5,185,000
Nonoperating income (expense)	377,000	(2,523,000)		(1,834,000)	(2,787,000)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Gain on settlement of bankruptcy			$ 4,500,000		4,500,000
Assets	9,000			9,000		11,000
Liabilities	500,000			500,000		$ 500,000
Net (Loss) Income	(8,000)	$ (57,000)		$ (40,000)	(6,100,000)
Operating income (loss)	(2,000)				(200,000)
Nonoperating income (expense)	$ (6,000)				$ 6,200,000

Commitments and Contingencies -

Commitments and Contingencies - Textual (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Fair value of redeemable non-controlling interest	$ 5.6
Change in redemption value		$ (0.5)
Adjustment to fair value of redeemable non-controlling interests	(1.4)
Net loss attributable to and and distributions non-controlling interest	$ (1.9)

Uncategorized Items - airt-2020

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