Air T (AIRT) 10-Q 14 Feb 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2021	Jan. 31, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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)		2,876,953
Entity Central Index Key	0000353184
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Operating Revenues:
Total revenue	$ 45,433	$ 55,819	$ 125,640	$ 128,394
Operating Expenses:
General and administrative	9,168	8,303	26,004	24,940
Depreciation and amortization	442	886	1,146	2,644
Loss on sale of property and equipment	0	5	3	1
Operating Expenses	45,408	54,751	124,916	131,275
Operating Income (Loss) from continuing operations	25	1,068	724	(2,881)
Non-operating Income (Expense):
Interest expense	(1,236)	(1,172)	(3,341)	(3,413)
Income (Loss) from equity method investments	99	510	197	(546)
Gain on forgiveness of Paycheck Protection Program (“PPP”) loan	0	0	8,331	0
Other-than-temporary impairment loss on investments	(348)	0	(348)	0
Other	(11)	1,039	1,329	2,125
Nonoperating income (expense)	(1,496)	377	6,168	(1,834)
(Loss) Income from continuing operations before income taxes	(1,471)	1,445	6,892	(4,715)
Income Taxes Benefit	(282)	(318)	(249)	(2,165)
Net (loss) income from continuing operations	(1,189)	1,763	7,141	(2,550)
Gain on sale of discontinued operations, net of tax	0	0	0	4
Net (Loss) Income	(1,189)	1,763	7,141	(2,546)
Net (Income) Loss Attributable to Non-controlling Interests	(73)	335	(559)	884
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (1,262)	$ 2,098	$ 6,582	$ (1,662)
(Loss) Income from continuing operations per share (Note 6)
Basic (in dollars per share)	$ (0.44)	$ 0.73	$ 2.28	$ (0.58)
Diluted (in dollars per share)	(0.44)	0.73	2.28	(0.58)
Income from discontinued operations per share (Note 6)
Basic (in dollars per share)	0	0	0	0
Diluted (in dollars per share)	0	0	0	0
(Loss) Income per share (Note 6)
Basic (in dollars per share)	(0.44)	0.73	2.28	(0.58)
Diluted (in dollars per share)	$ (0.44)	$ 0.73	$ 2.28	$ (0.58)
Weighted Average Shares Outstanding:
Basic (in shares)	2,882	2,882	2,882	2,882
Diluted (in shares)	2,882	2,887	2,893	2,882
Overnight air cargo
Operating Revenues:
Total revenue	$ 18,248	$ 16,322	$ 55,946	$ 49,789
Operating Expenses:
Cost of Revenue	16,209	14,505	49,506	43,906
Operating Income (Loss) from continuing operations	475	490	2,063	1,617
Ground equipment sales
Operating Revenues:
Total revenue	15,232	20,769	32,603	48,656
Operating Expenses:
Cost of Revenue	11,988	14,966	25,550	36,923
Operating Income (Loss) from continuing operations	1,463	4,229	2,929	7,369
Commercial jet engines and parts
Operating Revenues:
Total revenue	11,392	18,078	35,902	28,886
Operating Expenses:
Cost of Revenue	7,601	16,086	22,707	22,861
Operating Income (Loss) from continuing operations	336	(1,598)	2,000	(4,776)
Corporate and other
Operating Revenues:
Total revenue	561	650	1,189	1,063
Operating Expenses:
Operating Income (Loss) from continuing operations	$ (2,249)	$ (2,053)	$ (6,268)	$ (7,091)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (1,189)	$ 1,763	$ 7,141	$ (2,546)
Foreign currency translation gain (loss)	19	(22)	73	(157)
Unrealized (loss) gain on interest rate swaps	(20)	71	37	100
Reclassification of interest rate swaps into earnings	22	(1)	19	(17)
Total Other Comprehensive Income (Loss)	21	48	129	(74)
Total Comprehensive (Loss) Income	(1,168)	1,811	7,270	(2,620)
Comprehensive (Income) Loss Attributable to Non-controlling Interests	(73)	335	(559)	884
Comprehensive (Loss) Income Attributable to Air T, Inc. Stockholders	$ (1,241)	$ 2,146	$ 6,711	$ (1,736)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Current Assets:
Cash and cash equivalents	$ 2,576	$ 10,996
Marketable securities	2,630	1,407
Restricted cash	3,263	4,931
Restricted investments	714	1,507
Accounts receivable, net of allowance for doubtful accounts of $1,513 and $1,177	10,548	6,505
Income tax receivable	4,735	4,389
Inventories, net	76,446	71,971
Other current assets	5,884	4,068
Total Current Assets	106,796	105,774
Assets on lease or held for lease, net of accumulated depreciation of $728 and $436	5,896	2,131
Property and equipment, net of accumulated depreciation of $5,111 and $4,510	21,328	8,519
Right-of-use ("ROU") assets	7,099	7,757
Equity method investments	8,785	4,475
Goodwill	4,227	4,227
Other assets	9,665	7,867
Total Assets	163,796	140,750
Current Liabilities:
Accounts payable	7,952	8,344
Income tax payable	0	39
Accrued expenses and other (Note 4)	8,959	12,787
Current portion of long-term debt	2,962	5,639
Short-term lease liability	1,337	1,370
Total Current Liabilities	21,210	28,179
Long-term debt	105,436	81,857
Deferred income tax liabilities, net	607	595
Long-term lease liability	6,555	7,075
Other non-current liabilities	808	1,732
Total Liabilities	134,616	119,438
Redeemable non-controlling interest	7,885	6,598
Commitments and contingencies (Note 14)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized		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	315	0
Retained earnings	22,283	16,270
Accumulated other comprehensive loss	(555)	(684)
Total Air T, Inc. Stockholders' Equity	20,182	13,725
Non-controlling Interests	1,113	989
Total Equity	21,295	14,714
Total Liabilities and Equity	$ 163,796	$ 140,750

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,513	$ 1,177
Assets on lease, accumulated depreciation	728	436
Property and equipment, accumulated depreciation	$ 5,111	$ 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	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$ 7,141	$ (2,546)
Gain on sale of discontinued operations, net of income tax	0	(4)
Net (Loss) Income from continuing operations	7,141	(2,550)
Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities:
Depreciation and amortization	1,146	2,644
Gain on forgiveness of PPP loan	(8,331)	0
Other	(225)	668
Change in operating assets and liabilities:
Accounts receivable	(4,378)	(6,784)
Inventories	(8,593)	6,118
Accounts payable	(379)	(2,913)
Accrued expenses	(3,247)	(1,056)
Other	(2,824)	(2,788)
Net cash used in operating activities - continued operations	(19,690)	(6,661)
Net cash provided by operating activities - discontinued operations	0	4
Net cash used in operating activities	(19,690)	(6,657)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	0	(659)
Sale of marketable securities	6	2,445
Proceeds from sale of assets on lease	0	1,900
Investment in unconsolidated entities	(4,461)	0
Acquisition of assets	(13,408)	0
Capital expenditures related to property & equipment	(1,205)	(3,415)
Capital expenditures related to assets on lease or held for lease	0	(124)
Other	(478)	(455)
Net cash used in investing activities	(19,546)	(308)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	59,247	47,886
Payments on lines of credit	(54,063)	(54,738)
Proceeds from term loan	16,080	59,277
Payments on term loan	(2,909)	(18,176)
Proceeds from PPP loan	0	8,215
Proceeds received from issuance of Trust Preferred Securities ("TruPs")	10,671	1
Other	53	(2,082)
Net cash provided by financing activities	29,079	40,383
Effect of foreign currency exchange rates on cash and cash equivalents	69	(164)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(10,088)	33,254
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	$ 5,839	$ 48,825

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		100
Foreign currency translation loss		(157)
Balance at Dec. 31, 2020		21,928		$ 756	$ (2,617)	1,287	22,105		(594)	991
Balance (in shares) at Dec. 31, 2020				3,023	141
Balance at Jun. 30, 2020		24,501		$ 756	$ (2,617)	3,065	22,927		(630)	1,000
Balance (in shares) at Jun. 30, 2020				3,023	141
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	(2,928)					(2,920)			(8)
Unrealized gain (loss) on interest rate swaps, net of tax		55							55
Foreign currency translation loss		(68)							(68)
Adjustment to fair value of redeemable non-controlling interests		(890)				(890)
Balance at Sep. 30, 2020		20,670		$ 756	$ (2,617)	2,175	20,007		(643)	992
Balance (in shares) at Sep. 30, 2020				3,023	141
Increase (Decrease) in Stockholders' Equity
Net income (loss)		2,097					2,098			(1)
Unrealized gain (loss) on interest rate swaps, net of tax		71							71
Foreign currency translation loss		(22)							(22)
Adjustment to fair value of redeemable non-controlling interests		(888)				(888)
Balance at Dec. 31, 2020		21,928		$ 756	$ (2,617)	1,287	22,105		(594)	991
Balance (in shares) at Dec. 31, 2020				3,023	141
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		37
Foreign currency translation loss		73
Balance at Dec. 31, 2021		21,295		$ 756	$ (2,617)	315	22,283		(555)	1,113
Balance (in shares) at Dec. 31, 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
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(1,279)					(1,262)			(17)
Stock compensation expense		79				79
Unrealized gain (loss) on interest rate swaps, net of tax		(20)							(20)
Foreign currency translation loss		19							19
Adjustment to fair value of redeemable non-controlling interests		(514)					(514)
Reclassification of interest rate swaps into earnings		22							22
Balance at Dec. 31, 2021		$ 21,295		$ 756	$ (2,617)	$ 315	$ 22,283		$ (555)	$ 1,113
Balance (in shares) at Dec. 31, 2021				3,023	141
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail.

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Dec. 31, 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 December 31, 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 nine months ended December 31, 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 and beyond. 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.

Acquisitions

Acquisitions	9 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On December 2, 2021, the Company, through its wholly-owned subsidiary Wolfe Lake HQ, LLC, completed the purchase of the real estate located at 5000 36th Street West, St. Louis Park, Minnesota pursuant to the real estate purchase agreement with WLPC East, LLC, a Minnesota limited liability company dated October 11, 2021. The real estate purchased consists of a 2-story office building, asphalt-paved driveways and parking areas, and landscaping. The building was constructed in 2004 with an estimated 54,742 total square feet of space. The real estate purchased is where the Air T's executive office is currently located. With this purchase, the Company assumed 11 leases from existing tenants occupying the building. The total amount recorded for the real estate was $13.4 million, which included the purchase price of $13.2 million and total direct capitalized acquisition costs of $0.2 million. The consideration paid for the real estate consisted of approximately $3.3 million in cash and a new secured loan from Bridgewater Bank ("Bridgewater") with an aggregate principal amount of $9.9 million and a fixed interest rate of 3.65% which matures on December 2, 2031. See Note 11 . In accordance with ASC 805, the purchase price consideration was allocated as follows (in thousands): Land $ 2,794 Building 8,439 Site Improvements 798 Tenant Improvements 269 Above market leases 3 Below market leases (139) Intangible origination costs 512 Absorption period costs 732 $ 13,408

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 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, 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 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 December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Product Sales Air Cargo $ 5,493 $ 4,970 $ 17,680 $ 15,013 Ground equipment sales 14,674 20,365 31,600 47,935 Commercial jet engines and parts 9,379 16,471 29,827 23,450 Corporate and other 85 73 199 106 Support Services Air Cargo 12,734 11,342 38,228 34,751 Ground equipment sales 173 109 306 193 Commercial jet engines and parts 1,686 1,191 5,342 3,771 Corporate and other 72 47 189 72 Leasing Revenue Air Cargo — — — — Ground equipment sales 141 39 219 110 Commercial jet engines and parts 298 373 642 1,537 Corporate and other 145 36 221 178 Other Air Cargo 21 10 38 25 Ground equipment sales 244 256 478 418 Commercial jet engines and parts 29 43 91 128 Corporate and other 259 494 580 707 Total $ 45,433 $ 55,819 $ 125,640 $ 128,394 See Note 1 2 for the Company's disaggregated revenues by geographic region and Note 1 3 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 December 31, 2021 and the amount of contract liabilities as of April 1, 2021 that were recognized as revenue during the nine-month period ended December 31, 2021 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2021 As of December 31, 2021 $ 1,585 As of April 1, 2021 $ 1,358 For the nine months ended December 31, 2021 $ 1,180

Accrued Expenses and Other

Accrued Expenses and Other	9 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other	Accrued Expenses and Other (in thousands) December 31, 2021 March 31, 2021 Salaries, wages and related items $ 4,356 $ 5,427 Profit sharing and bonus 387 2,706 Other Deposits 1,352 1,251 Other 2,864 3,403 Total $ 8,959 $ 12,787

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three-month period ended December 31, 2021, the Company recorded $0.3 million in income tax benefit at an effective tax rate ("ETR") of 19.2%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended December 31, 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) and the exclusion from the tax provision of the minority owned portion of the pretax income of the Company's 79%-owned subsidiary ("Contrail"). During the three-month period ended December 31, 2020, the Company recorded $0.3 million in income tax benefit at an ETR of (22.0)%. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended December 31, 2020 were the tax rate differential for carryback tax losses at a rate higher than the statutory tax rate, the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for SAIC under Section 831(b) and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail. During the nine-month period ended December 31, 2021, the Company recorded $0.2 million in income tax benefit at an effective rate of (3.6)%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the nine-month period ended December 31, 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 nine-month period ended December 31, 2020, the Company recorded $2.2 million in income tax benefit which resulted in an effective tax rate of 45.9%. The primary factors contributing to the difference between the federal statutory rate and the Company's effective tax rate for the nine-month period ended December 31, 2020 were the tax rate differential for carryback tax losses at a rate higher than the statutory tax rate, the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for SAIC under Section 831(b), and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail.

Net Earnings (Loss) Per Share

Net Earnings (Loss) Per Share	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Net (loss) income from continuing operations $ (1,189) $ 1,763 $ 7,141 $ (2,550) Net (income) loss from continuing operations attributable to non-controlling interests (73) 335 (559) 884 Net (loss) income from continuing operations attributable to Air T, Inc. Stockholders (1,262) 2,098 6,582 (1,666) (Loss) Income from continuing operations per share: Basic $ (0.44) $ 0.73 $ 2.28 $ (0.58) Diluted $ (0.44) $ 0.73 $ 2.28 $ (0.58) Antidilutive shares excluded from computation of loss per share from continuing operations 11 — — 5 Gain on sale of discontinued operations, net of tax — — — 4 Income from discontinued operation attributable to Air T, Inc. stockholders — — — 4 Income from discontinued operations per share: Basic $ — $ — $ — $ — Diluted $ — $ — $ — $ — (Loss) Income per share: Basic $ (0.44) $ 0.73 $ 2.28 $ (0.58) Diluted $ (0.44) $ 0.73 $ 2.28 $ (0.58) Antidilutive shares excluded from computation of loss per share 11 — — 5 Weighted Average Shares Outstanding: Basic 2,882 2,882 2,882 2,882 Diluted 2,882 2,887 2,893 2,882

Investments in Securities and D

Investments in Securities and Derivative Instruments	9 Months Ended
	Dec. 31, 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 1 1 , 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 December 31, 2021 and March 31, 2021, the fair value of this interest-rate swap contract was a liability of $0.4 million and $0.6 million, respectively, which is included within other non-current liabilities in the condensed consolidated balance sheets. During the three and nine months ended December 31, 2021, the Company recorded a loss of approximately $20.0 thousand and a gain of $37.0 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 nine months ended December 31, 2021, the Company did not record any gain or loss related to these derivative instruments. During the three months ended December 31, 2020, the Company had a gross gain aggregating to $0.1 million and gross loss aggregating to $1.6 thousand related to these derivative instruments. During the nine months ended December 31, 2020, the Company had a gross gain aggregating to $0.8 million and a gross loss aggregating to $23.7 thousand 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 and are therefore, considered Level 1 fair value measurements. During the three months ended December 31, 2021, the Company had a gross unrealized gain aggregating to $1.7 million and a gross unrealized loss aggregating to $1.9 million. During the nine months ended December 31, 2021, the Company had a gross unrealized gain aggregating to $2.5 million and a gross unrealized loss aggregating to $2.1 million. During the three months ended December 31, 2020, the Company had a gross unrealized gain aggregating to $0.8 million and a gross unrealized loss aggregating to $0.3 million. During the nine months ended December 31, 2020, the Company had a gross unrealized gain aggregating to $1.6 million and a gross unrealized loss aggregating to $1.1 million. These unrealized gains and losses are included in Other Income (Loss) on the condensed consolidated statement of income (loss).

Equity Method Investments

Equity Method Investments	9 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 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 $0.1 million and $0.6 million as its share of CCI's net loss for the three and nine months ended December 31, 2021, along with a basis difference adjustment of $13.0 thousand and $38.0 thousand, respectively. Additionally, due to the adverse financial results as reported in CCI's financial statements for the quarters ended June 30, 2021 and September 30, 2021, in addition to consideration of industry reports and other qualitative factors, the Company determined that it has suffered from an other-than-temporary impairment in its investment in CCI. As such, the Company recorded an impairment charge of $0.3 million during the quarter ended December 31, 2021. After the impairment, the Company's net investment basis in CCI is $2.8 million as of December 31, 2021. Summarized unaudited financial information for the Company's equity method investees for the three and nine months ended September 30, 2021 and 2020 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Revenue $ 29,408 $ 27,327 $ 87,396 $ 61,402 Gross Profit 1,256 3,231 3,160 5,196 Operating loss (1,339) 891 (6,544) (3,496) Net loss (1,434) 2,242 (5,847) (2,075) Net loss attributable to Air T, Inc. stockholders $ (110) $ 355 $ (678) $ (705)

Inventories

Inventories	9 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): December 31, March 31, Overnight air cargo $ 30 $ — Ground equipment manufacturing: Raw materials 4,509 4,695 Work in process 2,120 5,820 Finished goods 8,714 1,691 Corporate and other: Raw materials 650 462 Finished goods 728 889 Commercial jet engines and parts 61,583 60,516 Total inventories $ 78,334 $ 74,073 Reserves (1,888) (2,102) Total inventories, net of reserves $ 76,446 $ 71,971

Leases

Leases	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2021 and 2020 are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Operating lease cost $ 499 $ 547 $ 1,366 $ 1,599 Short-term lease cost 325 50 983 251 Variable lease cost 174 241 464 532 Total lease cost $ 998 $ 838 $ 2,813 $ 2,382 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of December 31, 2021 and March 31, 2021 were as follows (in thousands): December 31, 2021 March 31, 2021 Operating leases Operating lease ROU assets 7,099 7,757 Operating lease liabilities 7,892 8,445 Weighted-average remaining lease term Operating leases 13 years, 10 months 13 years, 9 months Weighted-average discount rate Operating leases 4.33 % 4.37 % Maturities of lease liabilities under non-cancellable leases where we are the lessee as of December 31, 2021 are as follows (in thousands): Operating Leases 2022 (excluding the nine months ended December 31, 2021) $ 440 2023 1,733 2024 1,372 2025 1,116 2026 870 2027 704 Thereafter 5,300 Total undiscounted lease payments $ 11,535 Less: Interest (3,144) Less: Discount (499) Total lease liabilities $ 7,892

Financing Arrangements

Financing Arrangements	9 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements As mentioned in Note 2 , on December 2, 2021, the Company, through its wholly-owned subsidiary Wolfe Lake HQ, LLC, completed the purchase of the real estate located at 5000 36th Street West, St. Louis Park, Minnesota pursuant to the real estate purchase agreement with WLPC East, LLC, a Minnesota limited liability company dated October 11, 2021. The purchase price was $13.2 million, which was paid for with approximately $3.3 million in cash and a new secured loan from Bridgewater with an aggregate principal amount of $9.9 million and a fixed interest rate of 3.65% which matures on December 2, 2031 ("Wolfe Lake Debt"). The promissory note provides for monthly payments of principal and interest commencing January 1, 2022 and continuing to the maturity date in the amount of $50.9 thousand. On April 13, 2020, the Company entered into a loan with Minnesota Bank & Trust ("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 December 31, 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 December 31, 2021: (In Thousands) December 31, March 31, Maturity Date Interest Rate Unused commitments Air T Debt Revolver - MBT $ 3,680 $ — August 31, 2023 Greater of 2.5% or Prime - 1% $ 13,320 Term Note A - MBT 8,734 6,750 August 31, 2031 3.42% Term Note B - MBT 3,081 3,375 August 31, 2031 3.42% Term Note D - MBT 1,422 1,472 January 1, 2028 1-month LIBOR + 2% Term Note E - MBT 2,856 4,706 June 25, 2025 Greater of LIBOR + 1.5% or 2.5% Debt - Trust Preferred Securities 24,960 14,289 June 7, 2049 8.00% PPP Loan — 8,215 December 24, 2022 1 1.00% Total 44,733 38,807 AirCo 1 Debt Term Loan - PSB 6,393 6,200 December 11, 2025 3-month LIBOR + 3.00% Total 6,393 6,200 Jet Yard Debt Term Loan - MBT 1,968 — August 31, 2031 4.14% Total 1,968 — Contrail Debt Revolver - Old National Bank ("ONB") 1,503 — September 5, 2023 1-month LIBOR + 3.45% 23,497 Term Loan G - ONB 44,918 43,598 November 24, 2025 1-month LIBOR + 3.00% Total 46,421 43,598 Delphax Solutions Debt Canadian Emergency Business Account Loan 32 32 December 31, 2025 5.00% Total 32 32 Wolfe Lake Debt Term Loan - Bridgewater 9,900 — December 2, 2031 3.65% Total 9,900 — Total Debt 109,447 88,637 Less: Unamortized Debt Issuance Costs (1,049) (1,141) Total Debt, net $ 108,398 $ 87,496 At December 31, 2021, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount December 31, 2022 $ 2,963 December 31, 2023 12,688 December 31, 2024 9,058 December 31, 2025 40,817 December 31, 2026 1,672 Thereafter 42,249 109,447 Less: Unamortized Debt Issuance Costs (1,049) $ 108,398 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 December 31, 2021, 5.3 million Warrants have been exercised. The remaining 3.1 million Warrants were not exercised and expired on August 30, 2021. During the first three quarters of fiscal 2022, the Company received $7.9 million in gross proceeds from the sale of TruPs through a S-3 Registration Statement filed by the Company. The TruPs were sold and issued under the S-3 “shelf” Registration Statement base prospectus filed with the Securities and Exchange Commission on March 10, 2021 and declared effective by the SEC on March 19, 2021, and under an At the Market Offering Agreement and a First Amendment to the At the Market Offering Agreement filed with the SEC on May 14, 2021 and November 19, 2021, respectively, and prospectus supplements filed with the SEC on May 14, 2021 and November 19, 2021, respectively.

Geographical Information

Geographical Information	9 Months Ended
	Dec. 31, 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 December 31, 2021 and March 31, 2021 (in thousands): December 31, 2021 March 31, 2021 United States $ 25,683 $ 8,632 Foreign 1,541 2,018 Total tangible long-lived assets, net $ 27,224 $ 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 December 31, 2021. The net book value located within each individual country at December 31, 2021 and March 31, 2021 is listed below (in thousands): December 31, 2021 March 31, 2021 Macau $ 1,430 $ 1,896 Other 111 122 Total tangible long-lived assets, net $ 1,541 $ 2,018 Total revenue, in and outside the United States, is summarized in the following table for the nine months ended December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 December 31, 2020 United States $ 109,261 $ 113,563 Foreign 16,379 14,831 Total revenue $ 125,640 $ 128,394

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 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 Nine Months Ended 2021 2020 2021 2020 Operating Revenues by Segment: Overnight Air Cargo Domestic $ 18,248 $ 16,322 $ 55,694 $ 49,789 International — — 252 — Total Overnight Air Cargo 18,248 16,322 55,946 49,789 Ground Equipment Sales: Domestic 12,835 13,680 26,991 40,486 International 2,397 7,089 5,612 8,170 Total Ground Equipment Sales 15,232 20,769 32,603 48,656 Commercial Jet Engines and Parts: Domestic 8,426 15,851 25,656 22,476 International 2,966 2,227 10,246 6,410 Total Commercial Jet Engines and Parts 11,392 18,078 35,902 28,886 Corporate and Other: Domestic 456 548 920 811 International 105 102 269 252 Total Corporate and Other 561 650 1,189 1,063 Total $ 45,433 $ 55,819 $ 125,640 $ 128,394 Operating Income (Loss): Overnight Air Cargo 475 490 2,063 1,617 Ground Equipment Sales 1,463 4,229 2,929 7,369 Commercial Jet Engines and Parts 336 (1,598) 2,000 (4,776) Corporate and Other (2,249) (2,053) (6,268) (7,091) Total $ 25 $ 1,068 $ 724 $ (2,881) Capital Expenditures: Overnight Air Cargo 15 85 82 228 Ground Equipment Sales 97 4 114 115 Commercial Jet Engines and Parts 239 1,656 977 3,166 Corporate and Other 12 2 32 30 Total $ 363 $ 1,747 $ 1,205 $ 3,539 Depreciation and Amortization: Overnight Air Cargo 14 17 41 52 Ground Equipment Sales 81 38 145 152 Commercial Jet Engines and Parts 234 754 714 2,114 Corporate and Other 113 77 246 326 Total $ 442 $ 886 $ 1,146 $ 2,644

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 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 Contrail RNCI is a Level 3 fair value measurement that is valued at $7.9 million as of December 31, 2021. The change in the redemption value compared to March 31, 2021 is an increase of $1.3 million. The increase was driven by $0.3 million of contributions made from the non-controlling interest and $0.6 million of the net change in fair value, in addition to $0.4 million of net income attributable to the non-controlling interest during the nine months ended December 31, 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 $53.0 million, which is comprised of an $8.0 million initial commitment from the Company and an approximately $45.0 million initial commitment from MRC. As of December 31, 2021, CAM's remaining capital commitments are approximately $4.2 million from the Company and $28.9 million from MRC. 2020 Omnibus Stock and Incentive Plan

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Contrail's Interest Rate Swap On January 7, 2022, Contrail completed an interest rate swap transaction with ONB with respect to the $43.6 million loan made to Contrail in November 2020 pursuant to the Main Street Priority Loan Facility as established by the U.S. Federal Reserve. The purpose of the floating-to-fixed interest rate swap transaction was to effectively fix the loan interest rate at 4.68%. Notwithstanding the terms of the interest rate swap transaction, Contrail is ultimately obligated for all amounts due and payable under the financing. Employee Retention Credit On January 24, 2022, the Company filed an application with the Internal Revenue Service for an Employee Retention Credit in an amount approximating $9.1 million. The Employee Retention Credit, originally included in the CARES Act in 2020 and subsequently modified by Congress, is a refundable tax credit against certain employment taxes equal to 50-70% of the qualified wages an eligible employer pays to its employees. The Company’s application was made with respect to wages paid between the period January 1, 2001 and September 30, 2021. There is no assurance that the Company will qualify for this credit or when, or in what amount, the application will be approved. GdW Beheer B.V. acquisition

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	9 Months Ended
	Dec. 31, 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.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Asset Acquisition	In accordance with ASC 805, the purchase price consideration was allocated as follows (in thousands): Land $ 2,794 Building 8,439 Site Improvements 798 Tenant Improvements 269 Above market leases 3 Below market leases (139) Intangible origination costs 512 Absorption period costs 732 $ 13,408

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 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, 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 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 December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Product Sales Air Cargo $ 5,493 $ 4,970 $ 17,680 $ 15,013 Ground equipment sales 14,674 20,365 31,600 47,935 Commercial jet engines and parts 9,379 16,471 29,827 23,450 Corporate and other 85 73 199 106 Support Services Air Cargo 12,734 11,342 38,228 34,751 Ground equipment sales 173 109 306 193 Commercial jet engines and parts 1,686 1,191 5,342 3,771 Corporate and other 72 47 189 72 Leasing Revenue Air Cargo — — — — Ground equipment sales 141 39 219 110 Commercial jet engines and parts 298 373 642 1,537 Corporate and other 145 36 221 178 Other Air Cargo 21 10 38 25 Ground equipment sales 244 256 478 418 Commercial jet engines and parts 29 43 91 128 Corporate and other 259 494 580 707 Total $ 45,433 $ 55,819 $ 125,640 $ 128,394
Contract with Customer, Asset and Liability	The following table presents outstanding contract liabilities as of April 1, 2021 and December 31, 2021 and the amount of contract liabilities as of April 1, 2021 that were recognized as revenue during the nine-month period ended December 31, 2021 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2021 As of December 31, 2021 $ 1,585 As of April 1, 2021 $ 1,358 For the nine months ended December 31, 2021 $ 1,180

Accrued Expenses and Other (Tab

Accrued Expenses and Other (Tables)	9 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule Accrued Expenses	(in thousands) December 31, 2021 March 31, 2021 Salaries, wages and related items $ 4,356 $ 5,427 Profit sharing and bonus 387 2,706 Other Deposits 1,352 1,251 Other 2,864 3,403 Total $ 8,959 $ 12,787

Net Earnings (Loss) Per Share (

Net Earnings (Loss) Per Share (Tables)	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Net (loss) income from continuing operations $ (1,189) $ 1,763 $ 7,141 $ (2,550) Net (income) loss from continuing operations attributable to non-controlling interests (73) 335 (559) 884 Net (loss) income from continuing operations attributable to Air T, Inc. Stockholders (1,262) 2,098 6,582 (1,666) (Loss) Income from continuing operations per share: Basic $ (0.44) $ 0.73 $ 2.28 $ (0.58) Diluted $ (0.44) $ 0.73 $ 2.28 $ (0.58) Antidilutive shares excluded from computation of loss per share from continuing operations 11 — — 5 Gain on sale of discontinued operations, net of tax — — — 4 Income from discontinued operation attributable to Air T, Inc. stockholders — — — 4 Income from discontinued operations per share: Basic $ — $ — $ — $ — Diluted $ — $ — $ — $ — (Loss) Income per share: Basic $ (0.44) $ 0.73 $ 2.28 $ (0.58) Diluted $ (0.44) $ 0.73 $ 2.28 $ (0.58) Antidilutive shares excluded from computation of loss per share 11 — — 5 Weighted Average Shares Outstanding: Basic 2,882 2,882 2,882 2,882 Diluted 2,882 2,887 2,893 2,882

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Dec. 31, 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 nine months ended September 30, 2021 and 2020 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Revenue $ 29,408 $ 27,327 $ 87,396 $ 61,402 Gross Profit 1,256 3,231 3,160 5,196 Operating loss (1,339) 891 (6,544) (3,496) Net loss (1,434) 2,242 (5,847) (2,075) Net loss attributable to Air T, Inc. stockholders $ (110) $ 355 $ (678) $ (705)

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following (in thousands): December 31, March 31, Overnight air cargo $ 30 $ — Ground equipment manufacturing: Raw materials 4,509 4,695 Work in process 2,120 5,820 Finished goods 8,714 1,691 Corporate and other: Raw materials 650 462 Finished goods 728 889 Commercial jet engines and parts 61,583 60,516 Total inventories $ 78,334 $ 74,073 Reserves (1,888) (2,102) Total inventories, net of reserves $ 76,446 $ 71,971

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lease, Cost	The components of lease cost for the three and nine months ended December 31, 2021 and 2020 are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Operating lease cost $ 499 $ 547 $ 1,366 $ 1,599 Short-term lease cost 325 50 983 251 Variable lease cost 174 241 464 532 Total lease cost $ 998 $ 838 $ 2,813 $ 2,382 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of December 31, 2021 and March 31, 2021 were as follows (in thousands): December 31, 2021 March 31, 2021 Operating leases Operating lease ROU assets 7,099 7,757 Operating lease liabilities 7,892 8,445 Weighted-average remaining lease term Operating leases 13 years, 10 months 13 years, 9 months Weighted-average discount rate Operating leases 4.33 % 4.37 %
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities under non-cancellable leases where we are the lessee as of December 31, 2021 are as follows (in thousands): Operating Leases 2022 (excluding the nine months ended December 31, 2021) $ 440 2023 1,733 2024 1,372 2025 1,116 2026 870 2027 704 Thereafter 5,300 Total undiscounted lease payments $ 11,535 Less: Interest (3,144) Less: Discount (499) Total lease liabilities $ 7,892

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 2021: (In Thousands) December 31, March 31, Maturity Date Interest Rate Unused commitments Air T Debt Revolver - MBT $ 3,680 $ — August 31, 2023 Greater of 2.5% or Prime - 1% $ 13,320 Term Note A - MBT 8,734 6,750 August 31, 2031 3.42% Term Note B - MBT 3,081 3,375 August 31, 2031 3.42% Term Note D - MBT 1,422 1,472 January 1, 2028 1-month LIBOR + 2% Term Note E - MBT 2,856 4,706 June 25, 2025 Greater of LIBOR + 1.5% or 2.5% Debt - Trust Preferred Securities 24,960 14,289 June 7, 2049 8.00% PPP Loan — 8,215 December 24, 2022 1 1.00% Total 44,733 38,807 AirCo 1 Debt Term Loan - PSB 6,393 6,200 December 11, 2025 3-month LIBOR + 3.00% Total 6,393 6,200 Jet Yard Debt Term Loan - MBT 1,968 — August 31, 2031 4.14% Total 1,968 — Contrail Debt Revolver - Old National Bank ("ONB") 1,503 — September 5, 2023 1-month LIBOR + 3.45% 23,497 Term Loan G - ONB 44,918 43,598 November 24, 2025 1-month LIBOR + 3.00% Total 46,421 43,598 Delphax Solutions Debt Canadian Emergency Business Account Loan 32 32 December 31, 2025 5.00% Total 32 32 Wolfe Lake Debt Term Loan - Bridgewater 9,900 — December 2, 2031 3.65% Total 9,900 — Total Debt 109,447 88,637 Less: Unamortized Debt Issuance Costs (1,049) (1,141) Total Debt, net $ 108,398 $ 87,496
Schedule of Maturities of Long-term Debt	At December 31, 2021, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount December 31, 2022 $ 2,963 December 31, 2023 12,688 December 31, 2024 9,058 December 31, 2025 40,817 December 31, 2026 1,672 Thereafter 42,249 109,447 Less: Unamortized Debt Issuance Costs (1,049) $ 108,398

Geographical Information (Table

Geographical Information (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 2021 and March 31, 2021 (in thousands): December 31, 2021 March 31, 2021 United States $ 25,683 $ 8,632 Foreign 1,541 2,018 Total tangible long-lived assets, net $ 27,224 $ 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 December 31, 2021. The net book value located within each individual country at December 31, 2021 and March 31, 2021 is listed below (in thousands): December 31, 2021 March 31, 2021 Macau $ 1,430 $ 1,896 Other 111 122 Total tangible long-lived assets, net $ 1,541 $ 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 nine months ended December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 December 31, 2020 United States $ 109,261 $ 113,563 Foreign 16,379 14,831 Total revenue $ 125,640 $ 128,394

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating Revenues by Segment: Overnight Air Cargo Domestic $ 18,248 $ 16,322 $ 55,694 $ 49,789 International — — 252 — Total Overnight Air Cargo 18,248 16,322 55,946 49,789 Ground Equipment Sales: Domestic 12,835 13,680 26,991 40,486 International 2,397 7,089 5,612 8,170 Total Ground Equipment Sales 15,232 20,769 32,603 48,656 Commercial Jet Engines and Parts: Domestic 8,426 15,851 25,656 22,476 International 2,966 2,227 10,246 6,410 Total Commercial Jet Engines and Parts 11,392 18,078 35,902 28,886 Corporate and Other: Domestic 456 548 920 811 International 105 102 269 252 Total Corporate and Other 561 650 1,189 1,063 Total $ 45,433 $ 55,819 $ 125,640 $ 128,394 Operating Income (Loss): Overnight Air Cargo 475 490 2,063 1,617 Ground Equipment Sales 1,463 4,229 2,929 7,369 Commercial Jet Engines and Parts 336 (1,598) 2,000 (4,776) Corporate and Other (2,249) (2,053) (6,268) (7,091) Total $ 25 $ 1,068 $ 724 $ (2,881) Capital Expenditures: Overnight Air Cargo 15 85 82 228 Ground Equipment Sales 97 4 114 115 Commercial Jet Engines and Parts 239 1,656 977 3,166 Corporate and Other 12 2 32 30 Total $ 363 $ 1,747 $ 1,205 $ 3,539 Depreciation and Amortization: Overnight Air Cargo 14 17 41 52 Ground Equipment Sales 81 38 145 152 Commercial Jet Engines and Parts 234 754 714 2,114 Corporate and Other 113 77 246 326 Total $ 442 $ 886 $ 1,146 $ 2,644

Financial Statement Presentat_3

Financial Statement Presentation - Textual (Details) - CJVII - Capital Commitments - USD ($) $ in Millions	Dec. 31, 2021	May 05, 2021
New Accounting Pronouncements or Change in Accounting Principle
Other commitments	$ 4.2	$ 8
CAM
New Accounting Pronouncements or Change in Accounting Principle
Other commitments	$ 28.9	53
MRC
New Accounting Pronouncements or Change in Accounting Principle
Other commitments		$ 45

Acquisitions (Details)

Acquisitions (Details)	Dec. 02, 2021USD ($)ft²lease	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Asset Acquisition
Payments for acquisitions		$ 13,408,000	$ 0
Secured Debt | Bridgewater
Asset Acquisition
Principle amount	$ 9,900,000
Interest rate stated percentage (as a percentage)	3.65%
Property Located In St Louis Park, Mn
Asset Acquisition
Area of land | ft²	54,742
Number of leases acquired | lease	11
Consideration to acquire real estate	$ 13,400,000
Payments for acquisitions	13,200,000
Payments to acquire real estate	3,300,000
Capitalized acquisition costs	$ 200,000

Acquisitions - Assets Acquired

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - Property Located In St Louis Park, Mn $ in Thousands	Dec. 02, 2021USD ($)
Asset Acquisition
Above market leases	$ 3
Below market leases	(139)
Intangible origination costs	512
Absorption period costs	732
Consideration to acquire real estate	13,408
Land
Asset Acquisition
Fixed assets	2,794
Building
Asset Acquisition
Fixed assets	8,439
Site Improvements
Asset Acquisition
Fixed assets	798
Tenant Improvements
Asset Acquisition
Fixed assets	$ 269

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue
Total revenue	$ 45,433	$ 55,819	$ 125,640	$ 128,394
Air Cargo
Disaggregation of Revenue
Total revenue	18,248	16,322	55,946	49,789
Air Cargo | Product Sales
Disaggregation of Revenue
Revenue from customer contracts	5,493	4,970	17,680	15,013
Air Cargo | Support Services
Disaggregation of Revenue
Revenue from customer contracts	12,734	11,342	38,228	34,751
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	21	10	38	25
Ground equipment sales
Disaggregation of Revenue
Total revenue	15,232	20,769	32,603	48,656
Ground equipment sales | Product Sales
Disaggregation of Revenue
Revenue from customer contracts	14,674	20,365	31,600	47,935
Ground equipment sales | Support Services
Disaggregation of Revenue
Revenue from customer contracts	173	109	306	193
Ground equipment sales | Leasing Revenue
Disaggregation of Revenue
Revenue not from customer contracts	141	39	219	110
Ground equipment sales | Other
Disaggregation of Revenue
Revenue not from customer contracts	244	256	478	418
Commercial jet engines and parts
Disaggregation of Revenue
Total revenue	11,392	18,078	35,902	28,886
Commercial jet engines and parts | Product Sales
Disaggregation of Revenue
Revenue from customer contracts	9,379	16,471	29,827	23,450
Commercial jet engines and parts | Support Services
Disaggregation of Revenue
Revenue from customer contracts	1,686	1,191	5,342	3,771
Commercial jet engines and parts | Leasing Revenue
Disaggregation of Revenue
Revenue not from customer contracts	298	373	642	1,537
Commercial jet engines and parts | Other
Disaggregation of Revenue
Revenue not from customer contracts	29	43	91	128
Corporate and other
Disaggregation of Revenue
Total revenue	561	650	1,189	1,063
Corporate and other | Product Sales
Disaggregation of Revenue
Revenue from customer contracts	85	73	199	106
Corporate and other | Support Services
Disaggregation of Revenue
Revenue from customer contracts	72	47	189	72
Corporate and other | Leasing Revenue
Disaggregation of Revenue
Revenue not from customer contracts	145	36	221	178
Corporate and other | Other
Disaggregation of Revenue
Revenue not from customer contracts	$ 259	$ 494	$ 580	$ 707

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Asset and Liability (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2021USD ($)
Contract With Customers
Contract with customer, liabilities, beginning balance	$ 1,358
Outstanding contract liabilities recognized as revenue	1,180
Contract with customer, liabilities, ending balance	$ 1,585

Accrued Expenses and Other (Det

Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Payables and Accruals [Abstract]
Salaries, wages and related items	$ 4,356	$ 5,427
Profit sharing and bonus	387	2,706
Other Deposits	1,352	1,251
Other	2,864	3,403
Total	$ 8,959	$ 12,787

Income Taxes - Textual (Details

Income Taxes - Textual (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax benefit	$ 282	$ 318	$ 249	$ 2,165
Effective income tax rate, percent	19.20%	(22.00%)	(3.60%)	45.90%
Tax exempt income due to SAIC, percent			79.00%

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		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net (Loss) Income from continuing operations	$ (1,189)	$ 1,763	$ 7,141	$ (2,550)
Net (income) loss from continuing operations attributable to non-controlling interests	(73)	335	(559)	884
Net (loss) income from continuing operations attributable to Air T, Inc. Stockholders	$ (1,262)	$ 2,098	$ 6,582	$ (1,666)
(Loss) Income from continuing operations per share:
Basic (in dollars per share)	$ (0.44)	$ 0.73	$ 2.28	$ (0.58)
Diluted (in dollars per share)	$ (0.44)	$ 0.73	$ 2.28	$ (0.58)
Antidilutive shares excluded from computation of loss per share (shares)	11	0	0	5
Gain on sale of discontinued operations, net of tax	$ 0	$ 0	$ 0	$ 4
Income from discontinued operation attributable to Air T, Inc. stockholders	$ 0	$ 0	$ 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
(Loss) Income per share:
Basic (in dollars per share)	(0.44)	0.73	2.28	(0.58)
Diluted (in dollars per share)	$ (0.44)	$ 0.73	$ 2.28	$ (0.58)
Weighted Average Shares Outstanding:
Basic (in shares)	2,882	2,882	2,882	2,882
Diluted (in shares)	2,882	2,887	2,893	2,882
Continuing Operations
(Loss) Income from continuing operations per share:
Antidilutive shares excluded from computation of loss per share (shares)	11	0	0	5

Investments in Securities and_2

Investments in Securities and Derivative Instruments - Textual (Details) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2021	Mar. 31, 2021
Derivatives, Fair Value
Unrealized (loss) gain on interest rate swaps	$ (20,000)	$ 46,000	$ 11,000	$ 71,000	$ 55,000	$ (26,000)	$ 37,000	$ 100,000
Gain from equity investments	1,700,000			800,000			2,500,000	1,600,000
Loss from equity investments	1,900,000			300,000			2,100,000	1,100,000
Margin accounts outstanding	0			700,000			0	700,000
Cash margin balances related to exchange-traded equity securities	0			1,300,000			0	1,300,000
Level 1
Derivatives, Fair Value
Gross gain from derivative instrument				100,000				800,000
Gross loss from derivative instrument				$ 1,600				$ 23,700
Interest Rate Swap
Derivatives, Fair Value
Unrealized (loss) gain on interest rate swaps	(20,000)						37,000
Interest Rate Swap | Level 2 | Other non-current liabilities
Derivatives, Fair Value
Derivative liability	$ 400,000						$ 400,000			$ 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		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Schedule of Equity Method Investments
Equity method investments	$ 8,785,000		$ 8,785,000		$ 4,475,000
Loss from equity method investments	(99,000)	$ (510,000)	(197,000)	$ 546,000
Other-than-temporary impairment loss on investments	$ 348,000	$ 0	$ 348,000	$ 0
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	$ 2,800,000		$ 2,800,000
Loss from equity method investments	100,000		600,000
Difference between carrying amount and underlying equity	300,000		300,000
Investment realized gain (loss) on disposal	(13,000)		$ (38,000)
Other-than-temporary impairment loss on investments	$ 300,000

Equity Method Investments - Sum

Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Schedule of Equity Method Investments
Revenue	$ 45,433		$ 55,819		$ 125,640		$ 128,394
Operating loss	25		1,068		724		(2,881)
Net loss	(1,262)		2,098		6,582		(1,662)
Income (Loss) from equity method investments	$ 99		$ 510		$ 197		$ (546)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments
Revenue		$ 29,408		$ 27,327		$ 87,396		$ 61,402
Gross Profit		1,256		3,231		3,160		5,196
Operating loss		(1,339)		891		(6,544)		(3,496)
Net loss		(1,434)		2,242		(5,847)		(2,075)
Income (Loss) from equity method investments		$ (110)		$ 355		$ (678)		$ (705)

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Corporate and other:
Commercial jet engines and parts	$ 61,583	$ 60,516
Total inventories	78,334	74,073
Reserves	(1,888)	(2,102)
Total inventories, net of reserves	76,446	71,971
Overnight air cargo
Ground equipment manufacturing:
Finished goods	30	0
Corporate and other:
Finished goods	30	0
Ground equipment manufacturing:
Ground equipment manufacturing:
Raw materials	4,509	4,695
Work in process	2,120	5,820
Finished goods	8,714	1,691
Corporate and other:
Raw materials	4,509	4,695
Finished goods	8,714	1,691
Corporate and other
Ground equipment manufacturing:
Raw materials	650	462
Finished goods	728	889
Corporate and other:
Raw materials	650	462
Finished goods	$ 728	$ 889

Leases - Textual (Details)

Leases - Textual (Details)	Dec. 31, 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		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 499	$ 547	$ 1,366	$ 1,599
Short-term lease cost	325	50	983	251
Variable lease cost	174	241	464	532
Total lease cost	998	$ 838	2,813	$ 2,382
Operating leases
Operating lease ROU assets	7,099		7,099		$ 7,757
Operating lease liabilities	$ 7,892		$ 7,892		$ 8,445
Weighted-average remaining lease term
Operating leases	13 years 10 months		13 years 10 months		13 years 9 months
Weighted-average discount rate
Operating leases	4.33%		4.33%		4.37%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Operating Leases
2022 (excluding the nine months ended December 31, 2021)	$ 440
2023	1,733
2024	1,372
2025	1,116
2026	870
2027	704
Thereafter	5,300
Total undiscounted lease payments	11,535
Less: Interest	(3,144)
Less: Discount	(499)
Total lease liabilities	$ 7,892	$ 8,445

Financing Arrangements - Textua

Financing Arrangements - Textual (Details)	Dec. 02, 2021USD ($)	Jan. 14, 2020$ / shares	Jun. 10, 2019USD ($)shares	Jun. 04, 2019	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Apr. 13, 2020USD ($)
Debt Instrument
Payments for acquisitions					$ 13,408,000	$ 0
Common stock dividend rate percentage			50.00%
Stock split conversion ratio				1.5
Property Located In St Louis Park, Mn
Debt Instrument
Payments for acquisitions	$ 13,200,000
Payments to acquire real estate	3,300,000
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
Proceeds from sale					$ 7,900,000
Amount outstanding					$ 25,000,000
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 | Term Loan - MBT | Jet Yard
Debt Instrument
Interest rate stated percentage (as a percentage)					4.14%
Unsecured Debt | PPP Loan | MBT
Debt Instrument
Principle amount							$ 8,200,000
Secured Debt | Bridgewater
Debt Instrument
Principle amount	$ 9,900,000
Interest rate stated percentage (as a percentage)	3.65%
Periodic payments	$ 50,900

Financing Arrangements - Long-t

Financing Arrangements - Long-term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Aug. 31, 2021	Mar. 31, 2021	Nov. 20, 2020
Debt Instrument
Long-term debt, gross	$ 109,447		$ 88,637
Less: Unamortized Debt Issuance Costs	(1,049)		(1,141)
Total Debt, net	108,398		87,496
Unsecured Debt | AirCo 1
Debt Instrument
Long-term debt, gross	6,393		6,200
Unsecured Debt | Jet Yard
Debt Instrument
Long-term debt, gross	1,968		0
Unsecured Debt | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	46,421		43,598	$ 43,600
Unsecured Debt | Term Loan - PSB | AirCo 1
Debt Instrument
Long-term debt, gross	$ 6,393		6,200
Unsecured Debt | Term Loan - PSB | AirCo 1 | 3-month LIBOR
Debt Instrument
Basis spread on variable rate	3.00%
Unsecured Debt | Term Loan - MBT | Jet Yard
Debt Instrument
Long-term debt, gross	$ 1,968		0
Interest rate stated percentage (as a percentage)	4.14%
Unsecured Debt | Revolver - Old National Bank ("ONB") | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 1,503		0
Unused commitments	$ 23,497
Unsecured Debt | Revolver - Old National Bank ("ONB") | Contrail Aviation Inc. | 1-month LIBOR
Debt Instrument
Basis spread on variable rate	3.45%
Unsecured Debt | Term Loan G - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 44,918		43,598
Unsecured Debt | Term Loan G - ONB | Contrail Aviation Inc. | 1-month LIBOR
Debt Instrument
Basis spread on variable rate	3.00%
Unsecured Debt | Parent Company
Debt Instrument
Long-term debt, gross	$ 44,733		38,807
Unsecured Debt | Parent Company | Third Amended And Restated Credit Agreement
Debt Instrument
Long-term debt, gross	$ 3,680		0
Interest rate stated percentage (as a percentage)	2.50%
Unused commitments	$ 13,320
Unsecured Debt | Parent Company | Third Amended And Restated Credit Agreement | Prime Rate
Debt Instrument
Basis spread on variable rate	1.00%
Unsecured Debt | Parent Company | Term Note A - MBT
Debt Instrument
Long-term debt, gross	$ 8,734		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	$ 3,081		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	$ 1,422		1,472
Interest rate stated percentage (as a percentage)	5.09%
Unsecured Debt | Parent Company | Term Note D - MBT | 1-month LIBOR
Debt Instrument
Basis spread on variable rate	2.00%
Unsecured Debt | Parent Company | Term Note E - MBT
Debt Instrument
Long-term debt, gross	$ 2,856		4,706
Interest rate stated percentage (as a percentage)	2.50%
Unsecured Debt | Parent Company | Term Note E - MBT | LIBOR
Debt Instrument
Basis spread on variable rate	1.50%
Unsecured Debt | Parent Company | Debt - Trust Preferred Securities
Debt Instrument
Long-term debt, gross	$ 24,960		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%
Notes Payable to Banks | Delphax Solutions Debt
Debt Instrument
Long-term debt, gross	$ 32		32
Notes Payable to Banks | Wolfe Lake Debt
Debt Instrument
Long-term debt, gross	9,900		0
Notes Payable to Banks | Canadian Emergency Business Account Loan | Delphax Solutions Debt
Debt Instrument
Long-term debt, gross	$ 32		$ 32
Interest rate stated percentage (as a percentage)	5.00%
Notes Payable to Banks | Bridgewater | Wolfe Lake Debt
Debt Instrument
Long-term debt, gross	$ 9,900
Interest rate stated percentage (as a percentage)	3.65%

Financing Arrangements - Contra

Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Due by
December 31, 2022	$ 2,963
December 31, 2023	12,688
December 31, 2024	9,058
December 31, 2025	40,817
December 31, 2026	1,672
Thereafter	42,249
Long-term debt, gross	109,447	$ 88,637
Less: Unamortized Debt Issuance Costs	(1,049)	(1,141)
Total Debt, net	$ 108,398	$ 87,496

Geographical Information - Long

Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 27,224	$ 10,650
United States
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	25,683	8,632
Foreign
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	1,541	2,018
Macau
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	1,430	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		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenue, Major Customer
Total revenue	$ 45,433	$ 55,819	$ 125,640	$ 128,394
United States
Revenue, Major Customer
Total revenue			109,261	113,563
Foreign
Revenue, Major Customer
Total revenue			$ 16,379	$ 14,831

Segment Information - Textual (

Segment Information - Textual (Details)	9 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment Information - Segment D

Segment Information - Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Revenue	$ 45,433	$ 55,819	$ 125,640	$ 128,394
Operating income (loss)	25	1,068	724	(2,881)
Capital expenditures	363	1,747	1,205	3,539
Depreciation and amortization	442	886	1,146	2,644
Air Cargo
Segment Reporting Information
Revenue	18,248	16,322	55,946	49,789
Operating income (loss)	475	490	2,063	1,617
Capital expenditures	15	85	82	228
Depreciation and amortization	14	17	41	52
Air Cargo | Domestic
Segment Reporting Information
Revenue	18,248	16,322	55,694	49,789
Air Cargo | International
Segment Reporting Information
Revenue	0	0	252	0
Ground equipment sales
Segment Reporting Information
Revenue	15,232	20,769	32,603	48,656
Operating income (loss)	1,463	4,229	2,929	7,369
Capital expenditures	97	4	114	115
Depreciation and amortization	81	38	145	152
Ground equipment sales | Domestic
Segment Reporting Information
Revenue	12,835	13,680	26,991	40,486
Ground equipment sales | International
Segment Reporting Information
Revenue	2,397	7,089	5,612	8,170
Commercial jet engines and parts
Segment Reporting Information
Revenue	11,392	18,078	35,902	28,886
Operating income (loss)	336	(1,598)	2,000	(4,776)
Capital expenditures	239	1,656	977	3,166
Depreciation and amortization	234	754	714	2,114
Commercial jet engines and parts | Domestic
Segment Reporting Information
Revenue	8,426	15,851	25,656	22,476
Commercial jet engines and parts | International
Segment Reporting Information
Revenue	2,966	2,227	10,246	6,410
Corporate and other
Segment Reporting Information
Revenue	561	650	1,189	1,063
Operating income (loss)	(2,249)	(2,053)	(6,268)	(7,091)
Capital expenditures	12	2	32	30
Depreciation and amortization	113	77	246	326
Corporate and other | Domestic
Segment Reporting Information
Revenue	456	548	920	811
Corporate and other | International
Segment Reporting Information
Revenue	$ 105	$ 102	$ 269	$ 252

Commitments and Contingencies -

Commitments and Contingencies - Textual (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	May 05, 2021	Dec. 29, 2020
Long-termCommitment
Change in redemption value		$ 1,300
Contributions from redeemable non-controlling interest	$ 300
Adjustment to fair value of redeemable non-controlling interests	600
Net loss attributable to and and distributions non-controlling interest	400
Cumulative share based compensation expense	$ 300
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	$ 4,200		$ 8,000
Contrail RNCI | Fair Value, Inputs, Level 3
Long-termCommitment
Fair value of redeemable non-controlling interest	7,900
CAM | CJVII | Capital Commitments
Long-termCommitment
Other commitments	$ 28,900		53,000
MRC | CJVII | Capital Commitments
Long-termCommitment
Other commitments			$ 45,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Feb. 08, 2022	Feb. 10, 2022	Jan. 24, 2022	Jan. 07, 2022	Dec. 31, 2021	Mar. 31, 2021	Nov. 20, 2020
Subsequent Event
Long-term debt, gross					$ 109,447,000	$ 88,637,000
Unsecured Debt | Contrail Aviation Inc.
Subsequent Event
Long-term debt, gross					$ 46,421,000	$ 43,598,000	$ 43,600,000
Subsequent Event
Subsequent Event
Employee retention credit, CARES Act			$ 9,100,000
Subsequent Event | Air T Acquisition 22.1, LLC | Trust Preferred Capital Security
Subsequent Event
Pledged asset	$ 5,000,000
Cumulative dividend rate (percent)	8.00%
Subsequent Event | Air T Acquisition 22.1, LLC | Trust Preferred Capital Security | GdW Beheer B.V.
Subsequent Event
Ownership interest acquired (percent)		70.00%
Subsequent Event | Unsecured Debt | Contrail Aviation Inc.
Subsequent Event
Interest rate stated percentage (as a percentage)				4.68%
Subsequent Event | Notes Payable to Banks | Air T Acquisition 22.1, LLC | Bridgewater
Subsequent Event
Interest rate stated percentage (as a percentage)	4.00%
Principle amount	$ 5,000,000
Periodic payments	$ 500,000