Air T (AIRT) 10-Q 12 Nov 21 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information
Title of each class	Common Stock
Trading Symbol(s)	AIRT
Name of each exchange on which registered	NASDAQ
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Revenues:
Total revenue	$ 43,238	$ 35,604	$ 80,206	$ 72,576
Operating Expenses:
General and administrative	8,615	9,088	16,836	16,638
Depreciation and amortization	323	1,149	703	1,758
Loss (Gain) on sale of property and equipment	0	(3)	3	(4)
Operating Expenses	42,534	39,288	79,507	76,525
Operating Income (Loss) from continuing operations	704	(3,684)	699	(3,949)
Non-operating Income (Expense):
Interest expense	(1,167)	(1,081)	(2,105)	(2,242)
Gain (Loss) from equity method investments	14	(498)	97	(1,056)
Gain on forgiveness of Paycheck Protection Program (“PPP”) loan	8,331	0	8,331	0
Other	159	359	1,340	1,086
Nonoperating income (expense)	7,337	(1,220)	7,663	(2,212)
Income (Loss) from continuing operations before income taxes	8,041	(4,904)	8,362	(6,161)
Income Taxes Expense (Benefit)	38	(1,547)	33	(1,847)
Net income (loss) from continuing operations	8,003	(3,357)	8,329	(4,314)
Gain on sale of discontinued operations, net of tax	0	4	0	4
Net Income (Loss)	8,003	(3,353)	8,329	(4,310)
Net (Income) Loss Attributable to Non-controlling Interests	(448)	433	(486)	549
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ 7,555	$ (2,920)	$ 7,843	$ (3,761)
Income (Loss) from continuing operations per share (Note 5)
Basic (in dollars per share)	$ 2.62	$ (1.01)	$ 2.72	$ (1.31)
Diluted (in dollars per share)	2.60	(1.01)	2.71	(1.31)
Income from discontinued operations per share (Note 5)
Basic (in dollars per share)	0	0	0	0
Diluted (in dollars per share)	0	0	0	0
Income (Loss) per share (Note 5)
Basic (in dollars per share)	2.62	(1.01)	2.72	(1.31)
Diluted (in dollars per share)	$ 2.60	$ (1.01)	$ 2.71	$ (1.31)
Weighted Average Shares Outstanding:
Basic (in shares)	2,882	2,882	2,882	2,882
Diluted (in shares)	2,901	2,882	2,893	2,882
Overnight air cargo
Operating Revenues:
Total revenue	$ 18,847	$ 17,295	$ 37,697	$ 33,466
Operating Expenses:
Cost of Revenue	16,553	15,234	33,297	29,401
Operating Income (Loss) from continuing operations	857	573	1,589	1,127
Ground equipment sales
Operating Revenues:
Total revenue	9,189	12,060	17,371	27,888
Operating Expenses:
Cost of Revenue	8,033	9,758	13,562	21,956
Operating Income (Loss) from continuing operations	43	924	1,465	3,140
Commercial jet engines and parts
Operating Revenues:
Total revenue	14,916	6,114	24,510	10,808
Operating Expenses:
Cost of Revenue	9,010	4,062	15,106	6,776
Operating Income (Loss) from continuing operations	1,902	(2,275)	1,664	(3,177)
Corporate and other
Operating Revenues:
Total revenue	286	135	628	414
Operating Expenses:
Operating Income (Loss) from continuing operations	$ (2,098)	$ (2,906)	$ (4,019)	$ (5,039)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 8,003	$ (3,353)	$ 8,329	$ (4,310)
Foreign currency translation gain (loss)	103	(68)	54	(135)
Unrealized gain on interest rate swaps	46	55	57	29
Reclassification of interest rate swaps into earnings	(2)	(16)	(3)	(16)
Total Other Comprehensive Income (Loss)	147	(29)	108	(122)
Total Comprehensive Income (Loss)	8,150	(3,382)	8,437	(4,432)
Comprehensive (Income) Loss Attributable to Non-controlling Interests	(448)	433	(486)	549
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$ 7,702	$ (2,949)	$ 7,951	$ (3,883)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Current Assets:
Cash and cash equivalents	$ 2,472	$ 10,996
Marketable securities	2,703	1,407
Restricted cash	3,802	4,931
Restricted investments	849	1,507
Accounts receivable, net of allowance for doubtful accounts of $1,500 and $1,177	16,819	6,505
Income tax receivable	4,444	4,389
Inventories, net	82,589	71,971
Other current assets	5,337	4,068
Total Current Assets	119,015	105,774
Assets on lease or held for lease, net of accumulated depreciation of $597 and $436	1,682	2,131
Property and equipment, net of accumulated depreciation of $4,866 and $4,510	8,912	8,519
Right-of-use ("ROU") assets	7,738	7,757
Equity method investments	5,657	4,475
Goodwill	4,227	4,227
Other assets	8,404	7,867
Total Assets	155,635	140,750
Current Liabilities:
Accounts payable	11,053	8,344
Income tax payable	0	39
Accrued expenses and other (Note 3)	8,424	12,787
Current portion of long-term debt	1,319	5,639
Short-term lease liability	1,428	1,370
Total Current Liabilities	22,224	28,179
Long-term debt	93,363	81,857
Deferred income tax liabilities, net	606	595
Long-term lease liability	7,049	7,075
Other non-current liabilities	2,124	1,732
Total Liabilities	125,366	119,438
Redeemable non-controlling interest	7,281	6,598
Commitments and contingencies (Note 13)
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	236	0
Retained earnings	24,059	16,270
Accumulated other comprehensive loss	(576)	(684)
Total Air T, Inc. Stockholders' Equity	21,858	13,725
Non-controlling Interests	1,130	989
Total Equity	22,988	14,714
Total Liabilities and Equity	$ 155,635	$ 140,750

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,500	$ 1,177
Assets on lease, accumulated depreciation	597	436
Property and equipment, accumulated depreciation	$ 4,866	$ 4,510
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	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 8,329	$ (4,310)
Gain on sale of discontinued operations, net of income tax	0	(4)
Net Income (Loss) from continuing operations	8,329	(4,314)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	703	1,758
Gain on forgiveness of PPP loan	(8,331)	0
Other	(1,169)	1,741
Change in operating assets and liabilities:
Accounts receivable	(10,637)	2,202
Inventories	(10,120)	(1,942)
Accounts payable	2,721	(1,730)
Accrued expenses	(3,782)	(730)
Other	(467)	(2,611)
Net cash used in operating activities - continued operations	(22,753)	(5,626)
Net cash provided by operating activities - discontinued operations	0	4
Net cash used in operating activities	(22,753)	(5,622)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	0	(659)
Investment in unconsolidated entities	(1,085)	0
Capital expenditures related to property & equipment	(842)	(1,708)
Capital expenditures related to assets on lease or held for lease	0	(85)
Other	(449)	1,837
Net cash used in investing activities	(2,376)	(615)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	36,742	14,130
Payments on lines of credit	(31,892)	(22,257)
Proceeds from term loan	4,667	9,479
Payments on term loan	(2,012)	(4,875)
Proceeds from PPP loan	0	8,215
Proceeds received from issuance of Trust Preferred Securities ("TruPs")	7,810	0
Other	110	(1,030)
Net cash provided by financing activities	15,425	3,662
Effect of foreign currency exchange rates on cash and cash equivalents	51	(127)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(9,653)	(2,702)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	15,927	15,571
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 6,274	$ 12,869

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands		Total		Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings		Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Balance 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		(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		29
Foreign currency translation loss		(135)
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
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		(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
Balance at Mar. 31, 2021		14,714		$ 756	$ (2,617)	0	16,270		(684)	989
Balance (in shares) at Mar. 31, 2021				3,023	141
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	442					289			153
Unrealized gain (loss) on interest rate swaps, net of tax		11							11
Foreign currency translation loss		(49)							(49)
Adjustment to fair value of redeemable non-controlling interests		(238)					(238)
Reclassification of interest rate swaps into earnings		(1)							(1)
Balance at Jun. 30, 2021		14,879		$ 756	$ (2,617)	0	16,321		(723)	1,142
Balance (in shares) at Jun. 30, 2021				3,023	141
Balance at Mar. 31, 2021		14,714		$ 756	$ (2,617)	0	16,270		(684)	989
Balance (in shares) at Mar. 31, 2021				3,023	141
Increase (Decrease) in Stockholders' Equity
Unrealized gain (loss) on interest rate swaps, net of tax		57
Foreign currency translation loss		54
Balance at Sep. 30, 2021		22,988		$ 756	$ (2,617)	236	24,059		(576)	1,130
Balance (in shares) at Sep. 30, 2021				3,023	141
Balance at Jun. 30, 2021		14,879		$ 756	$ (2,617)	0	16,321		(723)	1,142
Balance (in shares) at Jun. 30, 2021				3,023	141
Increase (Decrease) in Stockholders' Equity
Net income (loss)		7,543	[1]				7,555	[1]		(12)
Stock compensation expense		236				236
Unrealized gain (loss) on interest rate swaps, net of tax		46							46
Foreign currency translation loss		103							103
Adjustment to fair value of redeemable non-controlling interests		183					183
Reclassification of interest rate swaps into earnings		(2)							(2)
Balance at Sep. 30, 2021		$ 22,988		$ 756	$ (2,617)	$ 236	$ 24,059		$ (576)	$ 1,130
Balance (in shares) at Sep. 30, 2021				3,023	141
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail.

Financial Statement Presentatio

Financial Statement Presentation	6 Months Ended
	Sep. 30, 2021
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, 2021. The results of operations for the period ended September 30, 2021 are not necessarily indicative of the operating results for the full year. Discontinued Operations On September 30, 2019, the Company completed the sale of Global Aviation Services, LLC ("GAS"). The results of operations of GAS are reported as discontinued operations in the condensed consolidated statements of operations for the three and six months ended September 30, 2021 and 2020. Unless otherwise indicated, the disclosures accompanying the condensed consolidated financial statements reflect the Company's continuing operations. Formation of new entities On May 5, 2021, the Company formed a new aircraft asset management business called Contrail Asset Management, LLC (“CAM”), and a new aircraft capital joint venture called Contrail JV II LLC (“CJVII”). The Company and Mill Road Capital (“MRC”) have agreed to become common members in CAM. CAM will serve two separate and distinct functions: 1) to direct the sourcing, acquisition and management of aircraft assets owned by CJVII (“Asset Management Function”), and 2) to directly invest into CJVII alongside other institutional investment partners (“Investment Function”). For the Asset Management Function, CAM will receive origination fees, management fees, consignment fees (where applicable) and a carried interest. For its Investment Function, CAM has an initial commitment to CJVII of approximately $53.0 million, which is comprised of an $8.0 million initial commitment from the Company and an approximately $45.0 million initial commitment from MRC. Any investment returns will be shared pro-rata between the Company and MRC. COVID-19 Pandemic COVID-19 and its impact on the current financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to our financial condition and results of operations. Each of our businesses implemented measures to attempt to limit the impact of COVID-19 but we still experienced a substantial number of disruptions, and we experienced and continue to experience a reduction in demand for commercial aircraft, jet engines and parts compared to historical periods. Many of our businesses may continue to generate reduced operating cash flow and may continue to operate at a loss from time to time during the remainder of fiscal 2022. We expect that the impact of COVID-19 will continue to some extent. The fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions and our businesses in particular, and, as a result, present material uncertainty and risk with respect to us and our results of operations. Recently Issued Accounting Pronouncements 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. 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. In July 2021, the FASB updated the Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. The amendments in this Update address stakeholders’ concerns by amending the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1. The lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3. 2. The lessor would have otherwise recognized a day-one loss. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. The leased asset continues to be subject to the measurement and impairment requirements under other applicable GAAP. The amendments in this Update are effective for fiscal years beginning after December 15, 2021, for all entities, and interim periods within those fiscal years for public business entities. The Company is currently evaluating the impact of this amendment on its consolidated financial statements and disclosures.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Substantially all of the Company’s non-lease 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. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. 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. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 842 (Leases) and out of scope under Topic 606 and Other Revenues (Freight, Management Fees, etc.) which are immaterial for disclosure under Topic 606. The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Product Sales Air Cargo $ 5,615 $ 5,728 $ 12,188 $ 10,043 Ground equipment sales 8,928 11,833 16,926 27,571 Commercial jet engines and parts 13,157 4,283 20,449 6,979 Corporate and other 37 — 114 33 Support Services Air Cargo 13,222 11,558 25,494 23,408 Ground equipment sales 69 67 134 84 Commercial jet engines and parts 1,554 956 3,656 2,580 Corporate and other 54 6 117 24 Leasing Revenue Air Cargo — — — — Ground equipment sales 39 23 78 71 Commercial jet engines and parts 177 791 343 1,164 Corporate and other 37 107 76 142 Other Air Cargo 10 9 15 15 Ground equipment sales 153 137 233 162 Commercial jet engines and parts 28 84 62 85 Corporate and other 158 22 321 215 Total $ 43,238 $ 35,604 $ 80,206 $ 72,576 See Note 11 for the Company's disaggregated revenues by geographic region and Note 12 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, 2021 and September 30, 2021 and the amount of contract liabilities as of April 1, 2021 that were recognized as revenue during the six-month period ended September 30, 2021 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2021 As of September 30, 2021 $ 1,978 As of April 1, 2021 $ 1,358 For the six months ended September 30, 2021 $ 638

Accrued Expenses

Accrued Expenses	6 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses (in thousands) September 30, 2021 March 31, 2021 Salaries, wages and related items $ 4,217 $ 5,427 Profit sharing and bonus 371 2,706 Other Deposits 1,797 1,251 Other 2,039 3,403 Total $ 8,424 $ 12,787

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three-month period ended September 30, 2021, the Company recorded $38.0 thousand in income tax expense at an effective tax rate ("ETR") of 0.5%. 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 September 30, 2021 were the change in valuation allowance related to the Company's subsidiaries in the corporate and other segment, Delphax Solutions, Inc. and Delphax Technologies, Inc. (collectively known as "Delphax"), the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary ("SAIC") under Section 831(b), the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail, and the exclusion from taxable income of the PPP loan forgiveness income, as directed by the CARES Act enacted in 2020, and any accrued interest forgiven as a part of that Act. During the three-month period ended September 30, 2020, the Company recorded $1.5 million in income tax benefit at an ETR of 31.5%. 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 September 30, 2020 were 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 six-month period ended September 30, 2021, the Company recorded $33.0 thousand in income tax expense at an effective rate of 0.4%. 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 six-month period ended September 30, 2021 were the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for SAIC under Section 831(b), the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail, the exclusion from taxable income of the PPP loan forgiveness income, as directed by the CARES Act enacted in 2020, and any accrued interest forgiven as a part of that Act. During the six-month period ended September 30, 2020, the Company recorded $1.8 million in income tax benefit which resulted in an effective tax rate of 30.0%. The primary factors contributing to the difference between the federal statutory rate and the Company's effective tax rate for the six-month period ended September 30, 2020 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), and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail.

Net Earnings (Loss) Per Share

Net Earnings (Loss) Per Share	6 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Earnings (Loss) Per Share	Net Earnings (Loss) 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 (loss) 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 September 30, Six Months Ended September 30, 2021 2020 2021 2020 Net income (loss) from continuing operations $ 8,003 $ (3,357) $ 8,329 $ (4,314) Net (income) loss from continuing operations attributable to non-controlling interests (448) 433 (486) 549 Net income (loss) from continuing operations attributable to Air T, Inc. Stockholders 7,555 (2,924) 7,843 (3,765) Income (Loss) from continuing operations per share: Basic $ 2.62 $ (1.01) $ 2.72 $ (1.31) Diluted $ 2.60 $ (1.01) $ 2.71 $ (1.31) Antidilutive shares excluded from computation of income (loss) per share from continuing operations — 5 — 5 Gain on sale of discontinued operations, net of tax — 4 — 4 Income from discontinued operation attributable to Air T, Inc. stockholders — 4 — 4 Income from discontinued operations per share: Basic — — — — Diluted — — — — Income (Loss) per share: Basic $ 2.62 $ (1.01) $ 2.72 $ (1.31) Diluted $ 2.60 $ (1.01) $ 2.71 $ (1.31) Antidilutive shares excluded from computation of income (loss) per share — 5 — 5 Weighted Average Shares Outstanding: Basic 2,882 2,882 2,882 2,882 Diluted 2,901 2,882 2,893 2,882

Investments in Securities and D

Investments in Securities and Derivative Instruments	6 Months Ended
	Sep. 30, 2021
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 mentioned in Note 10 , on August 31, 2021, Air T and MBT refinanced Term Note A and fixed its interest rate at 3.42%. As a result of this refinancing, the Company determined that the interest rate swap on Term Note A was no longer an effective hedge. The Company will amortize the fair value of the interest-rate swap contract included in accumulated other comprehensive income associated with Term Note A at the time of de-designation into earnings over the remainder of its term. In addition, any changes in the fair value of Term Note A's swap after August 31, 2021 are recognized directly into earnings. The remaining swap contract associated with Term Note D is designated as an effective cash flow hedging instrument in accordance with ASC 815. The effective portion of changes in the fair value on this instrument is recorded in other comprehensive income and is reclassified into the condensed consolidated statement of income (loss) as interest expense in the same period in which the underlying hedged transaction affects earnings. This interest rate swap is considered a Level 2 fair value measurement. As of September 30, 2021 and March 31, 2021, the fair value of this interest-rate swap contract was a liability of $0.5 million and $0.6 million, respectively, which is included within other non-current liabilities in the condensed consolidated balance sheets. During the three and six months ended September 30, 2021, the Company recorded a gain of approximately $46.0 thousand and $57.0 thousand, net of tax, respectively, in the condensed consolidated statement of comprehensive income (loss) for changes in the fair value of this instrument. 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 and six months ended September 30, 2021, the Company did not record any gain or loss related to these derivative instruments. During the three months ended September 30, 2020, the Company had a gross gain aggregating to $0.4 million and $0.1 million gross loss related to these derivative instruments. During the six months ended September 30, 2020, the Company had a gross gain aggregating to $0.7 million and $0.1 million gross loss related to these derivative instruments. 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 September 30, 2021, the Company had a gross unrealized gain aggregating $0.4 million and a gross unrealized loss aggregating $0.1 million. During the six months ended September 30, 2021, the Company had a gross unrealized gain aggregating $0.8 million and a gross unrealized loss aggregating $0.2 million. During the three months ended September 30, 2020, the Company had a gross unrealized gain aggregating $0.1 million and a gross unrealized loss aggregating $0.3 million. During the six months ended September 30, 2020, the Company had a gross unrealized gain aggregating $0.7 million and a gross unrealized loss aggregating $0.7 million. These unrealized gains and losses are included in Other Income (Loss) on the condensed consolidated statement of income (loss).

Equity Method Investments

Equity Method Investments	6 Months Ended
	Sep. 30, 2021
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. As of September 30, 2021, the number of Insignia's shares owned by the Company was 0.5 million, representing approximately 28% of the outstanding shares. During the fiscal year ended March 31, 2021, due to loss attributions and impairments taken in prior fiscal years, the Company's net investment basis in Insignia was reduced to $0. As such, the Company did not record any additional share of Insignia's net loss as of September 30, 2021. On August 23, 2021, Insignia restated its 10-K for the fiscal year ended December 31, 2020 and its 10-Q for the quarter ended March 31, 2021. The Company evaluated these restatements and determined that they would not result in any additional impact on the Company's condensed consolidated financial statements. The Company's 18.98% investment in Cadillac Casting, Inc. ("CCI") is accounted for 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 loss of $0.3 million and $0.5 million as its share of CCI's net loss for the three and six months ended September 30, 2021, along with a basis difference adjustment of $13.0 thousand and $25.0 thousand, respectively. The Company's net investment basis in CCI is $3.2 million as of September 30, 2021. Summarized unaudited financial information for the Company's equity method investees for the three and six months ended June 30, 2021 and 2020 is as follows (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenue $ 27,715 $ 12,138 $ 57,988 $ 34,074 Gross Profit 1,097 1,161 1,904 1,966 Operating loss (2,110) (1,814) (5,205) (4,192) Net loss (2,268) (1,925) (4,413) (4,211) Net loss attributable to Air T, Inc. stockholders $ (273) $ (542) $ (568) $ (1,112)

Inventories

Inventories	6 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): September 30, March 31, Ground equipment manufacturing: Raw materials $ 4,722 $ 4,695 Work in process 9,350 5,820 Finished goods 6,113 1,691 Corporate and Other: Raw materials 488 462 Finished goods 889 889 Commercial jet engines and parts 62,894 60,516 Total inventories $ 84,456 $ 74,073 Reserves (1,867) (2,102) Total inventories, net of reserves $ 82,589 $ 71,971

Leases

Leases	6 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases The Company has operating leases for the use of real estate, machinery, and office equipment. The majority of our leases have a lease term of 2 to 5 years; however, we have certain leases with longer terms of up to 30 years. Many of our leases include options to extend the lease for an additional period. The lease term for all of the Company’s leases includes the non-cancellable period of the lease, plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor that is considered likely to be exercised. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments. Variable payments are typically operating costs associated with the underlying asset and are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Our leases do not contain residual value guarantees. The Company has elected to combine lease and non-lease components as a single component and not to recognize leases on the balance sheet with an initial term of one year or less. The interest rate implicit in lease contracts is typically not readily determinable, and as such the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease cost for the three and six months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 420 $ 481 $ 867 $ 1,052 Short-term lease cost 376 139 658 201 Variable lease cost 143 216 290 291 Total lease cost $ 939 $ 836 $ 1,815 $ 1,544 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of September 30, 2021 and March 31, 2021 were as follows (in thousands): September 30, 2021 March 31, 2021 Operating leases Operating lease ROU assets 7,738 7,757 Operating lease liabilities 8,477 8,445 Weighted-average remaining lease term Operating leases 13 years, 4 months 13 years, 9 months Weighted-average discount rate Operating leases 4.38 % 4.37 % Maturities of lease liabilities under non-cancellable leases where we are the lessee as of September 30, 2021 are as follows (in thousands): Operating Leases 2022 (excluding the six months ended September 30, 2021) $ 895 2023 1,689 2024 1,326 2025 1,023 2026 725 2027 596 Thereafter 5,301 Total undiscounted lease payments $ 11,555 Less: Interest (2,572) Less: Discount (506) Total lease liabilities $ 8,477

Financing Arrangements

Financing Arrangements	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements On August 31, 2021, Air T entered into a Third Amended and Restated Credit Agreement with Minnesota Bank & Trust ("MBT"). The terms of the Amended and Restated Credit Agreement were revised to extend the Air T revolver's termination date to August 31, 2023. The maximum amount available under the revolving facility remains at $17 million and interest will be due on the outstanding balance at the rate of 2.5% or the prime rate plus 1%, whichever is greater. Air T and MBT also revised Term Note A to extend the maturity date to August 30, 2031 and to increase the principal amount to $9 million. The revised note utilizes a fixed 3.42% interest rate. Air T and MBT also revised Term Note B to extend the maturity date to August 30, 2031. The principal balance was set at the then current balance amount of $3.2 million. The interest rate on Term Note B is fixed at 3.42%. A prepayment penalty provision was added to Term Note A and Term Note B that provides for a 3% premium payment if prepayment occurs in year 1, 1% in years 2-3 and 0% thereafter. 20% of the loan amount can be prepaid without penalty each year and no penalty payment is due for prepayments made to cure a covenant violation. Term Note E was restated to set the principal amount of the note at the then current balance due amount ($3.7 million), which amount reflects principal payments through August 31, 2021. The parties also agreed to add the Company’s indirect subsidiary, Jet Yard, LLC ("Jet Yard") as a co-Borrower. Jet Yard entered into a promissory note with MBT in the principal amount of $2 million. The Jet Yard Note matures on August 30, 2031 and has a fixed interest rate of 4.14%. Jet Yard intends to use the proceeds of the note for leasehold improvements at Jet Yard’s facility in Marana, AZ. On September 2, 2021, Contrail Aviation Support, LLC (“Contrail”), a 79%-owned subsidiary of Air T, Inc. entered into a Fourth Amendment to Supplement #2 to Master Loan Agreement (the “Amendment”) and Third Amended and Restated Promissory Note Revolving Note with Old National Bank ("ONB"). The principal revisions to Contrail’s existing credit facility with ONB as contained in the Amendment and the Restated Promissory Note Revolving Note are summarized below: a. The termination date of the facility was extended to September 5, 2023; b. The Revolving Note principal amount was revised from $40 million to $25 million; c. The net worth covenant was amended and the definition of “net worth” was revised. The net worth covenant now requires that the borrower maintain a net worth of at least: (i) $8 million at all times prior to March 31, 2023; (ii) $10 million at all times during the period beginning March 31, 2023 and ending on March 30, 2024; and (iii) $12 million at all times on or after March 31, 2024. On April 13, 2020, the Company entered into a loan with MBT with a principal amount of $8.2 million pursuant to the Payroll Protection Program ("PPP Loan"), backed by the Small Business Administration ("SBA"), under the CARES Act. As of September 30, 2021, the Company's PPP Loan was fully forgiven by the SBA. As such, the Company accounted for its then outstanding principal and accrued interest as a gain on extinguishment in accordance with ASC 470. The following table provides certain information about the current financing arrangements of the Company's and its subsidiaries as of September 30, 2021: (In Thousands) September 30, March 31, Maturity Date Interest Rate Unused commitments Air T Debt Revolver - MBT $ 4,732 $ — August 31, 2023 Greater of 2.5% or Prime - 1% $ 12,268 Term Note A - MBT 8,923 6,750 August 31, 2031 3.42% Term Note B - MBT 3,148 3,375 August 31, 2031 3.42% Term Note D - MBT 1,439 1,472 January 1, 2028 1-month LIBOR + 2% Term Note E - MBT 3,456 4,706 June 25, 2025 Greater of LIBOR + 1.5% or 2.5% Debt - Trust Preferred Securities 22,099 14,289 June 7, 2049 8.00% PPP Loan — 8,215 December 24, 2022 1 1.00% Total 43,797 38,807 AirCo 1 Debt Term Loan - PSB 6,200 6,200 December 11, 2025 3-month LIBOR + 3.00% Total 6,200 6,200 Jet Yard Debt Term Loan - MBT 1,992 — August 31, 2031 4.14% Total 1,992 — Contrail Debt Revolver - ONB 118 — September 5, 2023 1-month LIBOR + 3.45% 24,882 Term Loan G - ONB 43,598 43,598 November 24, 2025 1-month LIBOR + 3.00% Total 43,716 43,598 Delphax Solutions Debt Canadian Emergency Business Account Loan 31 32 December 31, 2025 5.00% Total 31 32 Total Debt 95,736 88,637 Less: Unamortized Debt Issuance Costs (1,054) (1,141) Total Debt, net $ 94,682 $ 87,496 At September 30, 2021, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount September 30, 2022 $ 1,319 September 30, 2023 5,974 September 30, 2024 8,752 September 30, 2025 12,253 September 30, 2026 36,263 Thereafter 31,175 95,736 Less: Unamortized Debt Issuance Costs (1,054) $ 94,682 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). • The Company issued and distributed to existing common stockholders an aggregate of 1.6 million 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 September 30, 2021, 5.3 million Warrants have been exercised. The remaining 3.1 million Warrants were not exercised and expired on August 30, 2021. On May 14, 2021, the Company entered into an At the Market Offering Agreement (the “ATM Agreement”) with Ascendiant Capital Markets, LLC (the “sales agent” or “Ascendiant”), pursuant to which it may sell and issue its TruPs having an aggregate offering price of up to $8.0 million from time to time. The Company has no obligation to sell any TruPs, and may at any time suspend offers under the ATM Agreement or terminate the ATM Agreement. As of September 30, 2021, the Company has sold 0.2 million shares of TruPs under the ATM agreement for net proceeds of $5.0 million.

Geographical Information

Geographical Information	6 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and March 31, 2021 (in thousands): September 30, 2021 March 31, 2021 United States $ 8,994 $ 8,632 Foreign 1,600 2,018 Total tangible long-lived assets, net $ 10,594 $ 10,650 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at September 30, 2021. The net book value located within each individual country at September 30, 2021 and March 31, 2021 is listed below (in thousands): September 30, 2021 March 31, 2021 Macau $ 1,489 $ 1,896 Other 111 122 Total tangible long-lived assets, net $ 1,600 $ 2,018 Total revenue, in and outside the United States, is summarized in the following table for the six months ended September 30, 2021 and September 30, 2020 (in thousands): September 30, 2021 September 30, 2020 United States $ 69,225 $ 67,163 Foreign 10,981 5,413 Total revenue $ 80,206 $ 72,576

Segment Information

Segment Information	6 Months Ended
	Sep. 30, 2021
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. We have presented prior periods based on the current presentation. Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Six Months Ended 2021 2020 2021 2020 Operating Revenues by Segment: Overnight Air Cargo Domestic $ 18,607 $ 17,295 $ 37,375 $ 33,466 International 240 — 322 — Total Overnight Air Cargo 18,847 17,295 37,697 33,466 Ground Equipment Sales: Domestic 8,178 10,996 14,156 26,807 International 1,011 1,064 3,215 1,081 Total Ground Equipment Sales 9,189 12,060 17,371 27,888 Commercial Jet Engines and Parts: Domestic 10,461 4,155 17,230 6,625 International 4,455 1,959 7,280 4,183 Total Commercial Jet Engines and Parts 14,916 6,114 24,510 10,808 Corporate and other: Domestic 210 67 464 264 International 76 68 164 150 Total Corporate and other 286 135 628 414 Total $ 43,238 $ 35,604 $ 80,206 $ 72,576 Operating Income (Loss): Overnight Air Cargo 857 573 1,589 1,127 Ground Equipment Sales 43 924 1,465 3,140 Commercial Jet Engines and Parts 1,902 (2,275) 1,664 (3,177) Corporate and other (2,098) (2,906) (4,019) (5,039) Total $ 704 $ (3,684) $ 699 $ (3,949) Capital Expenditures: Overnight Air Cargo 44 93 68 144 Ground Equipment Sales 4 — 17 111 Commercial Jet Engines and Parts 646 1,054 738 1,510 Corporate and other 12 — 19 28 Total $ 706 $ 1,147 $ 842 $ 1,793 Depreciation and Amortization: Overnight Air Cargo 14 19 27 35 Ground Equipment Sales 32 46 64 114 Commercial Jet Engines and Parts 214 978 479 1,360 Corporate and other 62 106 133 249 Total $ 322 $ 1,149 $ 703 $ 1,758

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Redeemable Non-controlling Interest Contrail entered into an Operating Agreement (the “Contrail Operating Agreement”) in connection with the acquisition of Contrail providing for the governance of and the terms of membership interests in Contrail and including put and call options with the Seller of Contrail (“Contrail Put/Call Option”). The Contrail Put/Call Option permits the Seller to require Contrail to purchase all of the Seller’s equity membership interests in Contrail commencing on the fifth anniversary of the acquisition, which was on July 18, 2021. The Company has presented this redeemable non-controlling interest in Contrail ("Contrail RNCI") 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 $7.3 million as of September 30, 2021. The change in the redemption value compared to March 31, 2021 is an increase of $0.7 million. The increase was driven by $0.3 million of contributions made from the non-controlling interest and $0.1 million of the net change in fair value, in addition to $0.3 million of net income attributable to the non-controlling interest during the six months ended September 30, 2021. As of the date of this filing, neither the Seller nor Air T has indicated an intent to exercise the put and call options. If either side were to exercise the option, the Company anticipates that the price would approximate the fair value of the Contrail RNCI, as determined on the transaction date. The Company currently expects that it would fund any required payment from cash provided by operations. On May 5, 2021, the Company formed a new aircraft asset management business called CAM, and a new aircraft capital joint venture called CJVII. The new venture will focus on acquiring commercial aircraft and jet engines for leasing, trading and disassembly. CJVII will target investments in current generation narrow-body aircraft and engines, building on Contrail’s origination and asset management expertise. CAM will serve two separate and distinct functions: 1) to direct the sourcing, acquisition and management of aircraft assets owned by CJVII, and 2) to directly invest into CJVII alongside other institutional investment partners. CAM has an initial commitment to CJVII of approximately $53 million, which is comprised of an $8 million initial commitment from the Company and an approximately $45 million initial commitment from MRC. As of September 30, 2021, CAM's unfunded capital commitments are approximately $6.9 million from the Company and $43.9 million from MRC. 2020 Omnibus Stock and Incentive Plan

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsManagement performs an evaluation of events that occur after the balance sheet date but before condensed consolidated financial statements are issued for potential recognition or disclosure of such events in its condensed consolidated financial statements.

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements 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. 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. In July 2021, the FASB updated the Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. The amendments in this Update address stakeholders’ concerns by amending the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1. The lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3. 2. The lessor would have otherwise recognized a day-one loss. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. The leased asset continues to be subject to the measurement and impairment requirements under other applicable GAAP. The amendments in this Update are effective for fiscal years beginning after December 15, 2021, for all entities, and interim periods within those fiscal years for public business entities. The Company is currently evaluating the impact of this amendment on its consolidated financial statements and disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2021
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. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. 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. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis.
Disaggregation of Revenue	The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Product Sales Air Cargo $ 5,615 $ 5,728 $ 12,188 $ 10,043 Ground equipment sales 8,928 11,833 16,926 27,571 Commercial jet engines and parts 13,157 4,283 20,449 6,979 Corporate and other 37 — 114 33 Support Services Air Cargo 13,222 11,558 25,494 23,408 Ground equipment sales 69 67 134 84 Commercial jet engines and parts 1,554 956 3,656 2,580 Corporate and other 54 6 117 24 Leasing Revenue Air Cargo — — — — Ground equipment sales 39 23 78 71 Commercial jet engines and parts 177 791 343 1,164 Corporate and other 37 107 76 142 Other Air Cargo 10 9 15 15 Ground equipment sales 153 137 233 162 Commercial jet engines and parts 28 84 62 85 Corporate and other 158 22 321 215 Total $ 43,238 $ 35,604 $ 80,206 $ 72,576
Contract with Customer, Asset and Liability	The following table presents outstanding contract liabilities as of April 1, 2021 and September 30, 2021 and the amount of contract liabilities as of April 1, 2021 that were recognized as revenue during the six-month period ended September 30, 2021 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2021 As of September 30, 2021 $ 1,978 As of April 1, 2021 $ 1,358 For the six months ended September 30, 2021 $ 638

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule Accrued Expenses	(in thousands) September 30, 2021 March 31, 2021 Salaries, wages and related items $ 4,217 $ 5,427 Profit sharing and bonus 371 2,706 Other Deposits 1,797 1,251 Other 2,039 3,403 Total $ 8,424 $ 12,787

Net Earnings (Loss) Per Share (

Net Earnings (Loss) Per Share (Tables)	6 Months Ended
	Sep. 30, 2021
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 September 30, Six Months Ended September 30, 2021 2020 2021 2020 Net income (loss) from continuing operations $ 8,003 $ (3,357) $ 8,329 $ (4,314) Net (income) loss from continuing operations attributable to non-controlling interests (448) 433 (486) 549 Net income (loss) from continuing operations attributable to Air T, Inc. Stockholders 7,555 (2,924) 7,843 (3,765) Income (Loss) from continuing operations per share: Basic $ 2.62 $ (1.01) $ 2.72 $ (1.31) Diluted $ 2.60 $ (1.01) $ 2.71 $ (1.31) Antidilutive shares excluded from computation of income (loss) per share from continuing operations — 5 — 5 Gain on sale of discontinued operations, net of tax — 4 — 4 Income from discontinued operation attributable to Air T, Inc. stockholders — 4 — 4 Income from discontinued operations per share: Basic — — — — Diluted — — — — Income (Loss) per share: Basic $ 2.62 $ (1.01) $ 2.72 $ (1.31) Diluted $ 2.60 $ (1.01) $ 2.71 $ (1.31) Antidilutive shares excluded from computation of income (loss) per share — 5 — 5 Weighted Average Shares Outstanding: Basic 2,882 2,882 2,882 2,882 Diluted 2,901 2,882 2,893 2,882

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Sep. 30, 2021
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 six months ended June 30, 2021 and 2020 is as follows (in thousands): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Revenue $ 27,715 $ 12,138 $ 57,988 $ 34,074 Gross Profit 1,097 1,161 1,904 1,966 Operating loss (2,110) (1,814) (5,205) (4,192) Net loss (2,268) (1,925) (4,413) (4,211) Net loss attributable to Air T, Inc. stockholders $ (273) $ (542) $ (568) $ (1,112)

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following (in thousands): September 30, March 31, Ground equipment manufacturing: Raw materials $ 4,722 $ 4,695 Work in process 9,350 5,820 Finished goods 6,113 1,691 Corporate and Other: Raw materials 488 462 Finished goods 889 889 Commercial jet engines and parts 62,894 60,516 Total inventories $ 84,456 $ 74,073 Reserves (1,867) (2,102) Total inventories, net of reserves $ 82,589 $ 71,971

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lease, Cost	The components of lease cost for the three and six months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 420 $ 481 $ 867 $ 1,052 Short-term lease cost 376 139 658 201 Variable lease cost 143 216 290 291 Total lease cost $ 939 $ 836 $ 1,815 $ 1,544 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of September 30, 2021 and March 31, 2021 were as follows (in thousands): September 30, 2021 March 31, 2021 Operating leases Operating lease ROU assets 7,738 7,757 Operating lease liabilities 8,477 8,445 Weighted-average remaining lease term Operating leases 13 years, 4 months 13 years, 9 months Weighted-average discount rate Operating leases 4.38 % 4.37 %
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities under non-cancellable leases where we are the lessee as of September 30, 2021 are as follows (in thousands): Operating Leases 2022 (excluding the six months ended September 30, 2021) $ 895 2023 1,689 2024 1,326 2025 1,023 2026 725 2027 596 Thereafter 5,301 Total undiscounted lease payments $ 11,555 Less: Interest (2,572) Less: Discount (506) Total lease liabilities $ 8,477

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Sep. 30, 2021
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 September 30, 2021: (In Thousands) September 30, March 31, Maturity Date Interest Rate Unused commitments Air T Debt Revolver - MBT $ 4,732 $ — August 31, 2023 Greater of 2.5% or Prime - 1% $ 12,268 Term Note A - MBT 8,923 6,750 August 31, 2031 3.42% Term Note B - MBT 3,148 3,375 August 31, 2031 3.42% Term Note D - MBT 1,439 1,472 January 1, 2028 1-month LIBOR + 2% Term Note E - MBT 3,456 4,706 June 25, 2025 Greater of LIBOR + 1.5% or 2.5% Debt - Trust Preferred Securities 22,099 14,289 June 7, 2049 8.00% PPP Loan — 8,215 December 24, 2022 1 1.00% Total 43,797 38,807 AirCo 1 Debt Term Loan - PSB 6,200 6,200 December 11, 2025 3-month LIBOR + 3.00% Total 6,200 6,200 Jet Yard Debt Term Loan - MBT 1,992 — August 31, 2031 4.14% Total 1,992 — Contrail Debt Revolver - ONB 118 — September 5, 2023 1-month LIBOR + 3.45% 24,882 Term Loan G - ONB 43,598 43,598 November 24, 2025 1-month LIBOR + 3.00% Total 43,716 43,598 Delphax Solutions Debt Canadian Emergency Business Account Loan 31 32 December 31, 2025 5.00% Total 31 32 Total Debt 95,736 88,637 Less: Unamortized Debt Issuance Costs (1,054) (1,141) Total Debt, net $ 94,682 $ 87,496
Schedule of Maturities of Long-term Debt	At September 30, 2021, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount September 30, 2022 $ 1,319 September 30, 2023 5,974 September 30, 2024 8,752 September 30, 2025 12,253 September 30, 2026 36,263 Thereafter 31,175 95,736 Less: Unamortized Debt Issuance Costs (1,054) $ 94,682

Geographical Information (Table

Geographical Information (Tables)	6 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and March 31, 2021 (in thousands): September 30, 2021 March 31, 2021 United States $ 8,994 $ 8,632 Foreign 1,600 2,018 Total tangible long-lived assets, net $ 10,594 $ 10,650 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at September 30, 2021. The net book value located within each individual country at September 30, 2021 and March 31, 2021 is listed below (in thousands): September 30, 2021 March 31, 2021 Macau $ 1,489 $ 1,896 Other 111 122 Total tangible long-lived assets, net $ 1,600 $ 2,018
Revenue from External Customers by Geographic Areas	Total revenue, in and outside the United States, is summarized in the following table for the six months ended September 30, 2021 and September 30, 2020 (in thousands): September 30, 2021 September 30, 2020 United States $ 69,225 $ 67,163 Foreign 10,981 5,413 Total revenue $ 80,206 $ 72,576

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Six Months Ended 2021 2020 2021 2020 Operating Revenues by Segment: Overnight Air Cargo Domestic $ 18,607 $ 17,295 $ 37,375 $ 33,466 International 240 — 322 — Total Overnight Air Cargo 18,847 17,295 37,697 33,466 Ground Equipment Sales: Domestic 8,178 10,996 14,156 26,807 International 1,011 1,064 3,215 1,081 Total Ground Equipment Sales 9,189 12,060 17,371 27,888 Commercial Jet Engines and Parts: Domestic 10,461 4,155 17,230 6,625 International 4,455 1,959 7,280 4,183 Total Commercial Jet Engines and Parts 14,916 6,114 24,510 10,808 Corporate and other: Domestic 210 67 464 264 International 76 68 164 150 Total Corporate and other 286 135 628 414 Total $ 43,238 $ 35,604 $ 80,206 $ 72,576 Operating Income (Loss): Overnight Air Cargo 857 573 1,589 1,127 Ground Equipment Sales 43 924 1,465 3,140 Commercial Jet Engines and Parts 1,902 (2,275) 1,664 (3,177) Corporate and other (2,098) (2,906) (4,019) (5,039) Total $ 704 $ (3,684) $ 699 $ (3,949) Capital Expenditures: Overnight Air Cargo 44 93 68 144 Ground Equipment Sales 4 — 17 111 Commercial Jet Engines and Parts 646 1,054 738 1,510 Corporate and other 12 — 19 28 Total $ 706 $ 1,147 $ 842 $ 1,793 Depreciation and Amortization: Overnight Air Cargo 14 19 27 35 Ground Equipment Sales 32 46 64 114 Commercial Jet Engines and Parts 214 978 479 1,360 Corporate and other 62 106 133 249 Total $ 322 $ 1,149 $ 703 $ 1,758

Financial Statement Presentat_3

Financial Statement Presentation - Textual (Details) - CJVII - Capital Commitments - USD ($) $ in Millions	Sep. 30, 2021	May 05, 2021
New Accounting Pronouncements or Change in Accounting Principle
Other commitments	$ 6.9	$ 8
CAM
New Accounting Pronouncements or Change in Accounting Principle
Other commitments		53
MRC
New Accounting Pronouncements or Change in Accounting Principle
Other commitments	$ 43.9	$ 45

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue
Total revenue	$ 43,238	$ 35,604	$ 80,206	$ 72,576
Air Cargo
Disaggregation of Revenue
Total revenue	18,847	17,295	37,697	33,466
Air Cargo | Product Sales
Disaggregation of Revenue
Revenue from customer contracts	5,615	5,728	12,188	10,043
Air Cargo | Support Services
Disaggregation of Revenue
Revenue from customer contracts	13,222	11,558	25,494	23,408
Air Cargo | Leasing Revenue
Disaggregation of Revenue
Revenue not from customer contracts	0	0	0	0
Air Cargo | Other
Disaggregation of Revenue
Revenue not from customer contracts	10	9	15	15
Ground equipment sales
Disaggregation of Revenue
Total revenue	9,189	12,060	17,371	27,888
Ground equipment sales | Product Sales
Disaggregation of Revenue
Revenue from customer contracts	8,928	11,833	16,926	27,571
Ground equipment sales | Support Services
Disaggregation of Revenue
Revenue from customer contracts	69	67	134	84
Ground equipment sales | Leasing Revenue
Disaggregation of Revenue
Revenue not from customer contracts	39	23	78	71
Ground equipment sales | Other
Disaggregation of Revenue
Revenue not from customer contracts	153	137	233	162
Commercial jet engines and parts
Disaggregation of Revenue
Total revenue	14,916	6,114	24,510	10,808
Commercial jet engines and parts | Product Sales
Disaggregation of Revenue
Revenue from customer contracts	13,157	4,283	20,449	6,979
Commercial jet engines and parts | Support Services
Disaggregation of Revenue
Revenue from customer contracts	1,554	956	3,656	2,580
Commercial jet engines and parts | Leasing Revenue
Disaggregation of Revenue
Revenue not from customer contracts	177	791	343	1,164
Commercial jet engines and parts | Other
Disaggregation of Revenue
Revenue not from customer contracts	28	84	62	85
Corporate and other
Disaggregation of Revenue
Total revenue	286	135	628	414
Corporate and other | Product Sales
Disaggregation of Revenue
Revenue from customer contracts	37	0	114	33
Corporate and other | Support Services
Disaggregation of Revenue
Revenue from customer contracts	54	6	117	24
Corporate and other | Leasing Revenue
Disaggregation of Revenue
Revenue not from customer contracts	37	107	76	142
Corporate and other | Other
Disaggregation of Revenue
Revenue not from customer contracts	$ 158	$ 22	$ 321	$ 215

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Asset and Liability (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2021USD ($)
Contract With Customers
Contract with customer, liabilities, beginning balance	$ 1,358
Outstanding contract liabilities recognized as revenue	638
Contract with customer, liabilities, ending balance	$ 1,978

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Payables and Accruals [Abstract]
Salaries, wages and related items	$ 4,217	$ 5,427
Profit sharing and bonus	371	2,706
Other Deposits	1,797	1,251
Other	2,039	3,403
Total	$ 8,424	$ 12,787

Income Taxes - Textual (Details

Income Taxes - Textual (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefit	$ (38)	$ 1,547	$ (33)	$ 1,847
Effective income tax rate, percent	0.50%	31.50%	0.40%	30.00%

Net Earnings (Loss) Per Share -

Net Earnings (Loss) Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net Income (Loss) from continuing operations	$ 8,003	$ (3,357)	$ 8,329	$ (4,314)
Net (income) loss from continuing operations attributable to non-controlling interests	(448)	433	(486)	549
Net income (loss) from continuing operations attributable to Air T, Inc. Stockholders	$ 7,555	$ (2,924)	$ 7,843	$ (3,765)
Income (Loss) from continuing operations per share:
Basic (in dollars per share)	$ 2.62	$ (1.01)	$ 2.72	$ (1.31)
Diluted (in dollars per share)	$ 2.60	$ (1.01)	$ 2.71	$ (1.31)
Antidilutive shares excluded from computation of income (loss) per share (shares)	0	5	0	5
Gain on sale of discontinued operations, net of tax	$ 0	$ 4	$ 0	$ 4
Income from discontinued operation attributable to Air T, Inc. stockholders	$ 0	$ 4	$ 0	$ 4
Income from discontinued operations per share:
Basic (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Diluted (in dollars per share)	0	0	0	0
Income (Loss) per share:
Basic (in dollars per share)	2.62	(1.01)	2.72	(1.31)
Diluted (in dollars per share)	$ 2.60	$ (1.01)	$ 2.71	$ (1.31)
Weighted Average Shares Outstanding:
Basic (in shares)	2,882	2,882	2,882	2,882
Diluted (in shares)	2,901	2,882	2,893	2,882
Continuing Operations
Income (Loss) from continuing operations per share:
Antidilutive shares excluded from computation of income (loss) per share (shares)	0	5	0	5

Investments in Securities and_2

Investments in Securities and Derivative Instruments - Textual (Details) - USD ($)	3 Months Ended				6 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Aug. 31, 2021	Mar. 31, 2021
Derivatives, Fair Value
Unrealized gain on interest rate swaps	$ 46,000	$ 11,000	$ 55,000	$ (26,000)	$ 57,000	$ 29,000
Gain from equity investments	400,000		100,000		800,000	700,000
Loss from equity investments	100,000		300,000		200,000	700,000
Margin accounts outstanding	0		600,000		0	600,000
Cash margin balances related to exchange-traded equity securities	0		700,000		0	700,000
Level 1
Derivatives, Fair Value
Gross gain from derivative instrument	400,000				700,000
Gross loss from derivative instrument	100,000				100,000
Interest Rate Swap
Derivatives, Fair Value
Unrealized gain on interest rate swaps	46,000		$ 57,000		46,000	$ 57,000
Interest Rate Swap | Level 2 | Other non-current liabilities
Derivatives, Fair Value
Derivative liability	$ 500,000				$ 500,000			$ 600,000
Unsecured Debt | Term Note A - MBT | Parent Company
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)	3.42%				3.42%		3.42%
Unsecured Debt | Term Note D - MBT | Parent Company
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)	5.09%				5.09%
Unsecured Debt | Interest Rate Swap | Term Note A - MBT
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)	4.56%				4.56%

Equity Method Investments- Text

Equity Method Investments- Textuals (Details) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Schedule of Equity Method Investments
Equity method investments	$ 5,657,000		$ 5,657,000		$ 4,475,000
Loss from equity method investments	$ (14,000)	$ 498,000	$ (97,000)	$ 1,056,000
Insignia
Schedule of Equity Method Investments
Number of shares held (in shares)	0.5		0.5
Ownership percentage	28.00%		28.00%
Equity method investments	$ 0		$ 0
Loss from equity method investments			$ 0
Cadillac Castings, Inc
Schedule of Equity Method Investments
Ownership percentage	18.98%		18.98%
Equity method investments	$ 3,200,000		$ 3,200,000
Loss from equity method investments	300,000		500,000
Difference between carrying amount and underlying equity	300,000		300,000
Investment realized gain (loss) on disposal	$ (25,000)		$ (13,000)

Equity Method Investments - Sum

Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Schedule of Equity Method Investments
Revenue	$ 43,238		$ 35,604		$ 80,206		$ 72,576
Operating loss	704		(3,684)		699		(3,949)
Net loss	7,555		(2,920)		7,843		(3,761)
Gain (Loss) from equity method investments	$ 14		$ (498)		$ 97		$ (1,056)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments
Revenue		$ 27,715		$ 12,138		$ 57,988		$ 34,074
Gross Profit		1,097		1,161		1,904		1,966
Operating loss		(2,110)		(1,814)		(5,205)		(4,192)
Net loss		(2,268)		(1,925)		(4,413)		(4,211)
Gain (Loss) from equity method investments		$ (273)		$ (542)		$ (568)		$ (1,112)

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Corporate and Other:
Commercial jet engines and parts	$ 62,894	$ 60,516
Total inventories	84,456	74,073
Reserves	(1,867)	(2,102)
Total inventories, net of reserves	82,589	71,971
Ground equipment manufacturing:
Ground equipment manufacturing:
Raw materials	4,722	4,695
Work in process	9,350	5,820
Finished goods	6,113	1,691
Corporate and Other:
Raw materials	4,722	4,695
Finished goods	6,113	1,691
Corporate and Other:
Ground equipment manufacturing:
Raw materials	488	462
Finished goods	889	889
Corporate and Other:
Raw materials	488	462
Finished goods	$ 889	$ 889

Leases - Textual (Details)

Leases - Textual (Details)	Sep. 30, 2021
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		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 420	$ 481	$ 867	$ 1,052
Short-term lease cost	376	139	658	201
Variable lease cost	143	216	290	291
Total lease cost	939	$ 836	1,815	$ 1,544
Operating leases
Operating lease ROU assets	7,738		7,738		$ 7,757
Operating lease liabilities	$ 8,477		$ 8,477		$ 8,445
Weighted-average remaining lease term
Operating leases	13 years 4 months		13 years 4 months		13 years 9 months
Weighted-average discount rate
Operating leases	4.38%		4.38%		4.37%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Operating Leases
2022 (excluding the six months ended September 30, 2021)	$ 895
2023	1,689
2024	1,326
2025	1,023
2026	725
2027	596
Thereafter	5,301
Total undiscounted lease payments	11,555
Less: Interest	(2,572)
Less: Discount	(506)
Total lease liabilities	$ 8,477	$ 8,445

Financing Arrangements - Textua

Financing Arrangements - Textual (Details)	Sep. 02, 2021USD ($)	Aug. 31, 2021USD ($)	Jan. 14, 2020$ / shares	Jun. 10, 2019USD ($)shares	Jun. 04, 2019	Sep. 30, 2021USD ($)shares	Sep. 01, 2021USD ($)	May 14, 2021USD ($)	Apr. 13, 2020USD ($)
Debt Instrument
Common stock dividend rate percentage				50.00%
Stock split conversion ratio					1.5
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
Exercise price of warrants (in usd per share) | $ / shares			$ 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						5,300,000
Warrants outstanding and exercisable (in shares) | shares						3,100,000
Trust Preferred Capital Security | ATM
Debt Instrument
Issuance of common stock (in shares) | shares						200,000
Shares authorized for distribution								$ 8,000,000
Proceeds from sale						$ 5,000,000
Amount outstanding						$ 22,100,000
Contrail Aviation Inc.
Debt Instrument
Ownership percentage (as a percentage)	79.00%
Air T Funding | Warrant
Debt Instrument
Issuance of common stock (in shares) | shares				8,400,000
Value of new issues				$ 21,000,000
Air T Funding | Trust Preferred Capital Security
Debt Instrument
Issuance of common stock (in shares) | shares				1,600,000
Value of new issues				$ 4,000,000
Unsecured Debt | Third Amended And Restated Credit Agreement | MBT
Debt Instrument
Credit facility maximum borrowing capacity		$ 17,000,000
Interest rate		2.50%
Unsecured Debt | Third Amended And Restated Credit Agreement | MBT | Prime Rate
Debt Instrument
Basis spread on variable rate		1.00%
Unsecured Debt | Term Note A - MBT | MBT
Debt Instrument
Principle amount		$ 9,000,000
Interest rate stated percentage (as a percentage)		3.42%
Prepaid loan without penalty percentage (as a percentage)		20.00%
Unsecured Debt | Term Note A - MBT | MBT | Year One
Debt Instrument
Prepayment penalty (as a percentage)		3.00%
Unsecured Debt | Term Note A - MBT | MBT | Year Two To Three
Debt Instrument
Prepayment penalty (as a percentage)		1.00%
Unsecured Debt | Term Note A - MBT | MBT | After Year Three
Debt Instrument
Prepayment penalty (as a percentage)		0.00%
Unsecured Debt | Term Note B - MBT | MBT
Debt Instrument
Principle amount		$ 3,200,000
Interest rate stated percentage (as a percentage)		3.42%
Prepaid loan without penalty percentage (as a percentage)		20.00%
Unsecured Debt | Term Note B - MBT | MBT | Year One
Debt Instrument
Prepayment penalty (as a percentage)		3.00%
Unsecured Debt | Term Note B - MBT | MBT | Year Two To Three
Debt Instrument
Prepayment penalty (as a percentage)		1.00%
Unsecured Debt | Term Note B - MBT | MBT | After Year Three
Debt Instrument
Prepayment penalty (as a percentage)		0.00%
Unsecured Debt | Term Note E - MBT | MBT
Debt Instrument
Principle amount		$ 3,700,000
Unsecured Debt | Term Loan - MBT | Jet Yard
Debt Instrument
Interest rate stated percentage (as a percentage)						4.14%
Unsecured Debt | Term Loan - MBT | MBT | Jet Yard
Debt Instrument
Principle amount		$ 2,000,000
Interest rate stated percentage (as a percentage)		4.14%
Unsecured Debt | PPP Loan | MBT
Debt Instrument
Principle amount									$ 8,200,000
Unsecured Debt | Revolver - ONB | Contrail Aviation Inc.
Debt Instrument
Principle amount	$ 25,000,000						$ 40,000,000
Unsecured Debt | Revolver - ONB | Contrail Aviation Inc. | Prior To March 31, 2023
Debt Instrument
Net worth amount	8,000,000
Unsecured Debt | Revolver - ONB | Contrail Aviation Inc. | From March 31, 2023 To March 30, 2024
Debt Instrument
Net worth amount	10,000,000
Unsecured Debt | Revolver - ONB | Contrail Aviation Inc. | On Or After March 31, 2024
Debt Instrument
Net worth amount	$ 12,000,000

Financing Arrangements - Long-t

Financing Arrangements - Long-term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Aug. 31, 2021	Mar. 31, 2021
Debt Instrument
Long-term debt, gross	$ 95,736		$ 88,637
Less: Unamortized Debt Issuance Costs	(1,054)		(1,141)
Total Debt, net	94,682		87,496
Unsecured Debt | AirCo 1
Debt Instrument
Long-term debt, gross	6,200		6,200
Unsecured Debt | Jet Yard
Debt Instrument
Long-term debt, gross	1,992		0
Unsecured Debt | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	43,716		43,598
Unsecured Debt | Term Loan - PSB | AirCo 1
Debt Instrument
Long-term debt, gross	6,200		6,200
Unsecured Debt | Term Loan - MBT | Jet Yard
Debt Instrument
Long-term debt, gross	$ 1,992		0
Interest rate stated percentage (as a percentage)	4.14%
Unsecured Debt | Revolver - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 118		0
Unused commitments	24,882
Unsecured Debt | Term Loan G - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 43,598		43,598
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 G - ONB | Contrail Aviation Inc.
Debt Instrument
Basis spread on variable rate	3.00%
Unsecured Debt | 3-month LIBOR | Term Loan - PSB | AirCo 1
Debt Instrument
Basis spread on variable rate	3.00%
Unsecured Debt | Parent Company
Debt Instrument
Long-term debt, gross	$ 43,797		38,807
Unsecured Debt | Parent Company | Third Amended And Restated Credit Agreement
Debt Instrument
Long-term debt, gross	$ 4,732		0
Interest rate stated percentage (as a percentage)	2.50%
Unused commitments	$ 12,268
Unsecured Debt | Parent Company | Term Note A - MBT
Debt Instrument
Long-term debt, gross	$ 8,923		6,750
Interest rate stated percentage (as a percentage)	3.42%	3.42%
Unsecured Debt | Parent Company | Term Note B - MBT
Debt Instrument
Long-term debt, gross	$ 3,148		3,375
Interest rate stated percentage (as a percentage)	3.42%
Unsecured Debt | Parent Company | Term Note D - MBT
Debt Instrument
Long-term debt, gross	$ 1,439		1,472
Interest rate stated percentage (as a percentage)	5.09%
Unsecured Debt | Parent Company | Term Note E - MBT
Debt Instrument
Long-term debt, gross	$ 3,456		4,706
Interest rate stated percentage (as a percentage)	2.50%
Unsecured Debt | Parent Company | Debt - Trust Preferred Securities
Debt Instrument
Long-term debt, gross	$ 22,099		14,289
Interest rate stated percentage (as a percentage)	8.00%
Unsecured Debt | Parent Company | PPP Loan
Debt Instrument
Long-term debt, gross	$ 0		8,215
Interest rate stated percentage (as a percentage)	1.00%
Unsecured Debt | Parent Company | Prime Rate | Third Amended And Restated Credit Agreement
Debt Instrument
Basis spread on variable rate	1.00%
Unsecured Debt | Parent Company | 1-month LIBOR | Term Note D - MBT
Debt Instrument
Basis spread on variable rate	2.00%
Unsecured Debt | Parent Company | LIBOR | Term Note E - MBT
Debt Instrument
Basis spread on variable rate	1.50%
Notes Payable to Banks | Delphax Solutions Debt
Debt Instrument
Long-term debt, gross	$ 31		32
Notes Payable to Banks | Canadian Emergency Business Account Loan | Delphax Solutions Debt
Debt Instrument
Long-term debt, gross	$ 31		$ 32
Interest rate stated percentage (as a percentage)	5.00%

Financing Arrangements - Contra

Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Due by
September 30, 2022	$ 1,319
September 30, 2023	5,974
September 30, 2024	8,752
September 30, 2025	12,253
September 30, 2026	36,263
Thereafter	31,175
Long-term debt, gross	95,736	$ 88,637
Less: Unamortized Debt Issuance Costs	(1,054)	(1,141)
Total Debt, net	$ 94,682	$ 87,496

Geographical Information - Long

Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 10,594	$ 10,650
United States
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	8,994	8,632
Foreign
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	1,600	2,018
Macau
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	1,489	1,896
Other
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 111	$ 122

Geographical Information - Reve

Geographical Information - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue, Major Customer
Total revenue	$ 43,238	$ 35,604	$ 80,206	$ 72,576
United States
Revenue, Major Customer
Total revenue			69,225	67,163
Foreign
Revenue, Major Customer
Total revenue			$ 10,981	$ 5,413

Segment Information - Textual (

Segment Information - Textual (Details)	6 Months Ended
	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment Information - Segment D

Segment Information - Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information
Revenue	$ 43,238	$ 35,604	$ 80,206	$ 72,576
Operating income (loss)	704	(3,684)	699	(3,949)
Capital expenditures	706	1,147	842	1,793
Depreciation and amortization	322	1,149	703	1,758
Air Cargo
Segment Reporting Information
Revenue	18,847	17,295	37,697	33,466
Operating income (loss)	857	573	1,589	1,127
Capital expenditures	44	93	68	144
Depreciation and amortization	14	19	27	35
Air Cargo | Domestic
Segment Reporting Information
Revenue	18,607	17,295	37,375	33,466
Air Cargo | International
Segment Reporting Information
Revenue	240	0	322	0
Ground equipment sales
Segment Reporting Information
Revenue	9,189	12,060	17,371	27,888
Operating income (loss)	43	924	1,465	3,140
Capital expenditures	4	0	17	111
Depreciation and amortization	32	46	64	114
Ground equipment sales | Domestic
Segment Reporting Information
Revenue	8,178	10,996	14,156	26,807
Ground equipment sales | International
Segment Reporting Information
Revenue	1,011	1,064	3,215	1,081
Commercial jet engines and parts
Segment Reporting Information
Revenue	14,916	6,114	24,510	10,808
Operating income (loss)	1,902	(2,275)	1,664	(3,177)
Capital expenditures	646	1,054	738	1,510
Depreciation and amortization	214	978	479	1,360
Commercial jet engines and parts | Domestic
Segment Reporting Information
Revenue	10,461	4,155	17,230	6,625
Commercial jet engines and parts | International
Segment Reporting Information
Revenue	4,455	1,959	7,280	4,183
Corporate and other
Segment Reporting Information
Revenue	286	135	628	414
Operating income (loss)	(2,098)	(2,906)	(4,019)	(5,039)
Capital expenditures	12	0	19	28
Depreciation and amortization	62	106	133	249
Corporate and other | Domestic
Segment Reporting Information
Revenue	210	67	464	264
Corporate and other | International
Segment Reporting Information
Revenue	$ 76	$ 68	$ 164	$ 150

Commitments and Contingencies -

Commitments and Contingencies - Textual (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	May 05, 2021	Dec. 29, 2020
Long-termCommitment
Fair value of redeemable non-controlling interest	$ 7,300
Change in redemption value		$ 700
Contributions from redeemable non-controlling interest	300
Adjustment to fair value of redeemable non-controlling interests	100
Net loss attributable to and and distributions non-controlling interest	(300)
Cumulative Share Based Compensation Expense	$ 200
2020 Omnibus Stock and Incentive Plan
Long-termCommitment
Shares authorized under the plan (in shares)				420,000
Number of shares granted ( in shares)	326,000
CJVII | Capital Commitments
Long-termCommitment
Other commitments	$ 6,900		$ 8,000
CAM | CJVII | Capital Commitments
Long-termCommitment
Other commitments			53,000
MRC | CJVII | Capital Commitments
Long-termCommitment
Other commitments	$ 43,900		$ 45,000