Air T (AIRT) 10-K/A 28 Jun 23 2023 FY Annual report (amended) Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Mar. 31, 2023	May 31, 2023	Sep. 30, 2022
Document Information
Document Type	10-K/A
Document Annual Report	true
Current Fiscal Year End Date	--03-31
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-35476
Entity Registrant Name	Air T, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1206400
Entity Address, Street	11020 David Taylor Drive, Suite 305
Entity Address, City	Charlotte
Entity Address, State	NC
Entity Address, Postal Zip Code	28262
City Area Code	980
Local Phone Number	595 – 2840
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 17,244,993
Entity Common Stock, Shares Outstanding (in shares)		2,817,754
Documents Incorporated by Reference	Portions of the Company’s definitive proxy statement for its 2023 annual meeting of stockholders to be filed within 120 days of the registrant's fiscal year end are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000353184
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	true
Common Stock
Document Information
Title of each class	Common Stock
Trading Symbol(s)	AIRT
Name of each exchange on which registered	NASDAQ
Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) ("TruPs")*
Document Information
Title of each class	Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) ("TruPs")*
Trading Symbol(s)	AIRTP
Name of each exchange on which registered	NASDAQ

Audit Information

Audit Information	12 Months Ended
	Mar. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Minneapolis, Minnesota

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Revenues:
Revenue	$ 247,323	$ 177,077
Operating Expenses:
General and administrative	45,384	29,817
Depreciation and amortization	4,162	1,860
Inventory write-down	7,324	768
Impairment of long-lived assets	516	37
Loss on sale of property and equipment	8	5
Operating Expenses	251,730	168,322
Operating (Loss) Income	(4,407)	8,755
Non-operating (Expense) Income:
Interest expense, net	(7,935)	(4,948)
Gain on forgiveness of PPP	0	8,331
Income from equity method investments	1,460	37
Other	(471)	1,221
Non-operating income (expense)	(6,946)	4,641
(Loss) Income before income taxes	(11,353)	13,396
Income Tax Expense	432	1,169
Net (Loss) Income	(11,785)	12,227
Net Income Attributable to Non-controlling Interests	(510)	(1,299)
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (12,295)	$ 10,928
(Loss) Income per share (Note 23)
Basic (in dollars per share)	$ (4.32)	$ 3.79
Diluted (in dollars per share)	$ (4.32)	$ 3.78
Weighted Average Shares Outstanding:
Basic (in shares)	2,847,000	2,880,000
Diluted (in shares)	2,847,000	2,888,000
Overnight air cargo:
Operating Revenues:
Revenue	$ 90,543	$ 74,409
Operating Expenses:
Cost of Sales	79,720	65,694
Depreciation and amortization	115	58
Operating (Loss) Income	4,047	2,794
Ground equipment sales
Operating Revenues:
Revenue	48,485	42,239
Operating Expenses:
Cost of Sales	39,328	33,538
Depreciation and amortization	164	234
Operating (Loss) Income	3,141	3,220
Commercial jet engines and parts
Operating Revenues:
Revenue	101,737	57,689
Operating Expenses:
Cost of Sales	75,288	36,603
Depreciation and amortization	2,382	965
Operating (Loss) Income	(957)	3,619
Corporate and other
Operating Revenues:
Revenue	6,558	2,740
Operating Expenses:
Depreciation and amortization	1,501	603
Operating (Loss) Income	$ (10,638)	$ (878)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (11,785)	$ 12,227
Other Comprehensive Income:
Foreign currency translation income (loss)	4	(549)
Unrealized gain on interest rate swaps, net of tax of $332 and $294	998	929
Reclassification of interest rate swaps into earnings	77	41
Total Other Comprehensive Income	1,079	421
Total Comprehensive (Loss) Income	(10,706)	12,648
Comprehensive Income Attributable to Non-controlling Interests	(510)	(1,299)
Comprehensive (Loss) Income Attributable to Air T, Inc. Stockholders	$ (11,216)	$ 11,349

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain on interest rate swaps, tax	$ 332	$ 294

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Current Assets:
Cash and cash equivalents	$ 5,806	$ 5,616
Marketable securities	0	859
Restricted cash	1,284	2,752
Restricted investments	2,161	1,691
Accounts receivable, net of allowance for doubtful accounts of $1,160 and $1,368	27,218	19,684
Income tax receivable	536	3,230
Inventories, net	71,125	75,167
Employee retention credit receivable	940	9,138
Other current assets	7,487	10,106
Total Current Assets	116,557	128,243
Assets on lease or held for lease, net of accumulated depreciation of $223 and $780	83	14,509
Property and equipment, net of accumulated depreciation of $6,624 and $5,405	21,439	21,212
Intangible assets, net of accumulated amortization of $4,191 and $2,947	12,103	13,260
Right-of-use assets	11,666	7,354
Equity method investments	13,230	9,864
Goodwill	10,563	10,126
Other assets	3,921	3,031
Total Assets	189,562	207,599
Current Liabilities:
Accounts payable	10,449	9,397
Income tax payable	304	194
Accrued expenses and other (Note 12)	13,133	13,391
Current portion of long-term debt	38,736	6,482
Short-term lease liability	1,664	1,443
Total Current Liabilities	64,286	30,907
Long-term debt	86,349	129,326
Deferred income tax liabilities, net	2,417	2,812
Long-term lease liability	10,771	6,734
Other non-current liabilities	47	1,342
Total Liabilities	163,870	171,121
Redeemable non-controlling interest	12,710	10,761
Commitments and contingencies (Note 24)
Air T, Inc. Stockholders' Equity:
Preferred stock, $1.00 par value, 2,000,000 shares authorized	0	0
Common stock, $0.25 par value; 4,000,000 shares authorized, 3,026,495 shares issued, 2,818,374 and 2,866,418 shares outstanding	757	756
Treasury stock, 208,121 at $19.62 and 156,327 shares at $19.20	(4,083)	(3,002)
Additional paid-in capital	728	393
Retained earnings	13,686	26,729
Accumulated other comprehensive income (loss)	816	(263)
Total Air T, Inc. Stockholders' Equity	11,904	24,613
Non-controlling Interests	1,078	1,104
Total Equity	12,982	25,717
Total Liabilities and Equity	$ 189,562	$ 207,599

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,160	$ 1,368
Assets on lease, accumulated depreciation	223	780
Property and equipment, accumulated depreciation	6,624	5,405
Accumulated amortization	$ 4,191	$ 2,947
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
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)	3,026,495	3,026,495
Common stock, shares outstanding (in shares)	2,818,374	2,866,418
Treasury stock (in shares)	208,121	156,327
Treasury stock, average price per share (in dollars per share)	$ 19.62	$ 19.20

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (9,755)	$ (802)	$ 5,086	$ 327	$ (11,785)	$ 12,227
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and  amortization					4,162	1,860
Gain on forgiveness of PPP loan					0	(8,331)
Income from equity method of investments					(1,460)	(37)
Inventory write-down					7,324	768
Impairment of long-lived assets					516	37
Other					769	876
Change in operating assets and liabilities:
Accounts receivable					(6,290)	(12,654)
Inventories					10,163	(17,602)
Accounts payable					992	1,050
Accrued expenses					(893)	(485)
Employee retention credit receivable					8,198	(9,138)
Other					5,213	(1,655)
Total adjustments					17,383	(40,484)
Net cash provided by (used in) operating activities					16,909	(33,084)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale of marketable securities					0	815
Acquisition of businesses, net of cash acquired					(2,498)	(12,804)
Investment in unconsolidated entities					(3,064)	(6,797)
Acquisition of assets					0	(13,408)
Capital expenditures related to property & equipment					(1,178)	(1,530)
Capital expenditures related to assets on lease or held for lease					0	(28)
Other					572	364
Net cash used in investing activities					(6,168)	(33,388)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit					139,329	99,363
Payments on lines of credit					(132,958)	(84,551)
Proceeds from term loan					10,627	34,232
Payments on term loan					(27,850)	(3,813)
Proceeds received from issuance of TruPs					0	11,278
Other					(1,528)	2,745
Net cash (used in) provided by financing activities					(12,380)	59,254
Effect of foreign currency exchange rates on cash and cash equivalents					361	(341)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH					(1,278)	(7,559)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		$ 8,368		$ 15,927	8,368	15,927
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 7,090		$ 8,368		7,090	8,368
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Equipment leased or held for lease transferred to inventory					12,700	12
Equipment in inventory transferred to assets on lease					33	13,100
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Operating cash payments for operating leases					1,881	1,824
Cash paid during the year for interest					5,867	1,523
Cash paid during the year for income taxes					$ 1,026	$ 429

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity
Balance at the beginning		$ 25,717	$ 14,714
Balance at the beginning (in shares)		2,866,418
Balance at the beginning (in shares)		156,327
Net Income		$ (12,321)	11,043
Repurchase of common stock		(1,081)	$ (385)
Exercise of stock options		$ 21
Exercise of stock options (in shares)		3,750	0
Stock compensation expense		$ 315	$ 393
Foreign currency translation loss		4	(549)
Adjustment to fair value of redeemable non-controlling interest		(1,748)	531
Unrealized gain of interest rate swaps, net of tax		998	929
Reversal of Put option issued to co-investor in CAM (Note 24)		1,000	(1,000)
Reclassification of interest rate swaps into earnings		77	41
Balance at the end		$ 12,982	$ 25,717
Balance at the end (in shares)		2,818,374	2,866,418
Balance at the end (in shares)		208,121	156,327
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance at the beginning		$ 756	$ 756
Balance at the beginning (in shares)		3,023,000	3,023,000
Exercise of stock options		$ 1
Exercise of stock options (in shares)		4,000
Balance at the end		$ 757	$ 756
Balance at the end (in shares)		3,027,000	3,023,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance at the beginning		$ (3,002)	$ (2,617)
Balance at the beginning (in shares)		156,000	141,000
Repurchase of common stock		$ (1,081)	$ (385)
Repurchase of common stock (in shares)		52,000	15,000
Balance at the end		$ (4,083)	$ (3,002)
Balance at the end (in shares)		208,000	156,000
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity
Balance at the beginning		$ 393	$ 0
Exercise of stock options		20
Stock compensation expense		315	393
Balance at the end		728	393
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Balance at the beginning		26,729	16,270
Net Income		(12,295)	10,928	[1]
Adjustment to fair value of redeemable non-controlling interest		(1,748)	531
Reversal of Put option issued to co-investor in CAM (Note 24)		1,000	(1,000)
Balance at the end		13,686	26,729
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity
Balance at the beginning		(263)	(684)
Foreign currency translation loss		4	(549)
Unrealized gain of interest rate swaps, net of tax		998	929
Reclassification of interest rate swaps into earnings		77	41
Balance at the end		816	(263)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity
Balance at the beginning	[1]	1,104	989
Net Income	[1]	(26)	115
Balance at the end	[1]	$ 1,078	$ 1,104
[1]Excludes amount attributable to redeemable non-controlling interest in Contrail and Shanwick.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as well as its non-wholly owned subsidiaries, Contrail, Shanwick and Delphax. All intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to the prior period amounts to conform to the current presentation. Accounting Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of assets and liabilities and amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Future economic developments such as inflation and increased interest rates as well as further business issues such as supply chain issues 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 and economic and business issues but we still experienced disruptions, and we experienced 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 flows and could operate at a loss from time to time beyond fiscal 2023. We expect that issues caused by the pandemic and other economic and business issue will continue to some extent. The fluidity of this situation precludes any prediction as to the ultimate adverse impact these issues on economic and market conditions and our businesses in particular, and, as a result, presents material uncertainty and risk with respect to us and our results of operations. The Company believes the estimates and assumptions underlying the Company’s consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2023, however; uncertainty over the ultimate direct and indirect impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of March 31, 2023 inherently less certain than they would be absent the current and potential impacts of COVID-19. Segments - The Company has four reportable operating segments: overnight air cargo, ground equipment sales, commercial jet engine and parts and corporate and other. The Company assesses the performance of these segments on an individual basis (see Note 22 ). Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information by business segment for purposes of allocating resources and evaluating financial performance. Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income (loss) and Adjusted EBITDA. Variable Interest Entities – In accordance with the applicable accounting guidance for the consolidation of variable interest entities, the Company analyzes its variable interests to determine if an entity in which we have a variable interest is a variable interest entity. Our analysis includes both quantitative and qualitative reviews to determine if we must consolidate a variable interest entity as its primary beneficiary. Business Combinations – The Company accounts for business combinations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations . Consistent with ASC 805, the Company accounts for each business combination by applying the acquisition method. Under the acquisition method, the Company records the identifiable assets acquired and liabilities assumed at their respective fair values on the acquisition date. Goodwill is recognized for the excess of the purchase consideration over the fair value of identifiable net assets acquired. Included in purchase consideration is the estimated acquisition date fair value of any earn-out obligation incurred. For business combinations where non-controlling interests remain after the acquisition, assets (including goodwill) and liabilities of the acquired business are recorded at the full fair value and the portion of the acquisition date fair value attributable to non-controlling interests is recorded as a separate line item within the equity section or, as applicable to redeemable non-controlling interests, between the liabilities and equity sections of the Company’s consolidated balance sheets . The acquisition method permits the Company a period of time after the acquisition date during which the Company may adjust the provisional amounts recognized in a business combination. This period of time is referred to as the “measurement period”. The measurement period provides an acquirer with a reasonable time to obtain the information necessary to identify and measure the assets acquired and liabilities assumed. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete. Accordingly, the Company is required to recognize adjustments to the provisional amounts, with a corresponding adjustment to goodwill, in the reporting period in which the adjustments to the provisional amounts are determined. Thus, the Company would adjust its consolidated financial statements as needed, including recognizing in its current-period earnings the full effect of changes in depreciation, amortization, or other income effects, by line item, if any, as a result of the change to the provisional amounts calculated as if the accounting had been completed at the acquisition date. Income statement activity of an acquired business is reflected within the Company’s consolidated statements of income (loss) commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded. Acquisition-related costs are costs the Company incurs to affect a business combination. Those costs may include such items as finder’s fees, advisory, legal, accounting, valuation, and other professional or consulting fees, and general administrative costs. The Company accounts for such acquisition-related costs as expenses in the period in which the costs are incurred and the services are received. Changes in estimates of the fair value of earn-out obligations subsequent to the acquisition date are not accounted for as part of the acquisition, rather, they are recognized directly in earnings. Cash and Cash Equivalents – Cash equivalents consist of liquid investments with maturities of three months or less when purchased. Financial Instruments Designated for Trading – Except for short sales of equity securities, the Company accounts for all other financial instruments (including derivative instruments) designated for trading in accordance with ASC 815. All changes in the fair value of the financial instruments designated for trading are recognized in earnings as they occur. Further, all gains and losses on derivative instruments designated for trading are presented net on the consolidated Statements of Income (Loss). The fair value of derivative instruments designated for trading in a gain position are recorded in Other Current Assets and the fair value of derivative instruments designated for trading in a loss position are recorded in Accrued Expenses and Other on the consolidated Balance Sheets. The Company accounts for short sales of equity securities in accordance with ASC 942 and ASC 860. The obligations incurred in short sales are reported in Accrued Expenses and Other on the consolidated Balance Sheets. They are subsequently measured at fair value through the income statement at each reporting date with gains and losses on securities. Interest on the short positions are accrued periodically and reported as interest expense. The market value of the Company’s equity securities and cash held by the broker are used as collateral against any outstanding margin account borrowings for purposes of short selling equities. This collateral is recorded in Other Current Assets on the consolidated Balance Sheets. The Company reports all cash receipts and payments resulting from the purchases and sales of securities, loans, and other assets that are acquired specifically for resale as operating cash flows. Inventories – Inventories are carried at the lower of cost or net realizable value. When finished goods units are leased to customers under operating leases, the units are transferred to Assets on Lease or Held For Lease. The classification of cash flows associated with the purchase and sale of finished goods is based on the activity that is likely to be the predominant source or use of cash flows for the items. Consistent with aviation industry practice, the Company includes expendable aircraft parts and supplies in current assets, although a certain portion of these inventories may not be used or sold within one year. The Company periodically evaluates the carrying value of inventory. In these evaluations, the Company is required to make estimates regarding the net realizable value, which includes the consideration of sales patterns and expected future demand. Any slow moving, obsolete or damaged inventory and inventory with costs exceeding net realizable value are evaluated for write-downs. These estimates could vary significantly from actual amounts based upon future economic conditions, customer inventory levels, or competitive factors that were not foreseen or did not exist when the estimated write-downs were made. In accordance with industry practice, all inventories are classified as a current asset including portions with long production cycles, some of which may not be realized within one year. Investments under the Equity Method – The Company utilizes the equity method to account for investments when the Company possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The Company applies the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. For investments that have a different fiscal year-end, if the difference is not more than three months, the Company elects a 3-month lag to record the change in the investment. The Company assesses the carrying value of its investments whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount of the investment to the estimated future undiscounted cash flows of the investment, which take into account current, and expectations for future, market conditions and the Company’s intent with respect to holding or disposing of the investment. Changes in economic and operating conditions, including those occurring as a result of the impact of the COVID-19 pandemic, that occur subsequent to a current impairment analysis and the Company’s ultimate use of the investment could impact the assumptions and result in future impairment losses to the investments. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through quoted prices in active markets or various valuation techniques, including internally developed discounted cash flow models or comparable market transactions. Goodwill - The Company evaluates goodwill on an annual basis or anytime events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company is permitted to first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying value, including goodwill. In qualitatively evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company assesses relevant events and circumstances such as macroeconomic conditions, industry and market developments, cost factors, and the overall financial performance of the reporting unit. If, after assessing these events and circumstances, it is determined that there may be an impairment, then a quantitative analysis is performed. In the first step of the quantitative method, recoverability of goodwill is evaluated by estimating the fair value of the reporting unit’s goodwill using multiple techniques, including a discounted cash flow model income approach and a market approach. The estimated fair value is then compared to the carrying value of the reporting unit. The Company will recognize an impairment charge for the amount by which the carrying value of the reporting unit exceeds its fair value, if any. Goodwill consisted of the following (in thousands): Year Ended March 31, 2023 2022 Goodwill, at original cost $ 10,939 $ 10,502 Accumulated impairment (376) (376) Goodwill, net of impairment $ 10,563 $ 10,126 As of March 31, 2023, $4.2 million of the goodwill balance is attributable to the acquisition of Contrail and included within the Commercial Jet Engines and Parts segment. $6.3 million of the goodwill balance is attributable to the acquisition of Shanwick in February 2022, and included within the Corporate and Other segment. $0.1 million of the goodwill balance is attributable to the acquisition of WASI in January 2023, and included within the Overnight Air Cargo segment. We performed our annual impairment assessment for goodwill of our reporting units at March 31, 2023. In the fiscal year 2023, COVID-19 continued to have some impact on the macroeconomic conditions and the outlook of the airline industry. Due to this, the Company performed a quantitative analysis using a combination of the income approach, utilizing a discounted cash flow analysis, and the market approach, utilizing the guideline public company method. Our discounted cash flow analysis requires significant management judgment with respect to forecasts of revenue, operating margins, capital expenditures, and the selection and use of an appropriate discount rate. The forecasts and assumptions are based on our annual and long-term business plans. The market approach requires management to make significant assumptions related to market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating characteristics as our reporting units. Based on the results of our annual quantitative assessment conducted as of March 31, 2023, the fair value of our reporting units exceeded their carrying values, and management concluded that no impairment charge was warranted. Intangible Assets – Amortizable intangible assets consist of acquired patents, tradenames, customer relationships, and other finite-lived identifiable intangibles. Such intangibles are initially recorded at fair value and subsequently subject to amortization. Amortization is recorded using the straight-line method over the estimated useful lives of the assets. In accordance with the applicable accounting guidance, the Company evaluates the recoverability of amortizable intangible assets whenever events occur that indicate potential impairment. In doing so, the Company assesses whether the carrying amount of the asset is unrecoverable by estimating the sum of the future cash flows expected to result from the asset, undiscounted and without interest charges. If the carrying amount is more than the recoverable amount, an impairment charge must be recognized based on the estimated fair value of the asset. The estimated amortizable lives of the intangible assets are as follows: Years Purchased software 3 Internally developed software 10-15 In-place lease and other intangibles Over lease term Trade names 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationships 10-15 Property and Equipment and Assets on Lease or Held for Lease – Property and equipment is stated initially at cost, or fair value if purchased as part of a business combination. Depreciation and amortization are provided on a straight-line basis over the asset’s useful life. Equipment leased to customers is depreciated using the straight line method. Useful lives range from three years for computer equipment, seven years for flight equipment, ten years for deicers and other equipment leased to customers and thirty years for buildings. Engine assets on lease or held for lease are stated at cost, less accumulated depreciation. Certain costs incurred in connection with the acquisition of engine assets are capitalized as part of the cost of such assets. If assets are not actively being leased (i.e. held for lease), then they are not being depreciated. Major overhauls which improve functionality or extend original useful life are capitalized and depreciated over the engine assets' useful life to a residual value. The Company depreciates the engines on a straight-line basis over the assets' useful life from the acquisition date to a residual value. The Company adjusts its estimates annually for these older generation assets, including updating estimates of an engine’s or aircraft’s remaining operating life. The Company believes this methodology accurately reflects the typical holding period for the assets and that the residual value assumption, which is dependent on the Company's eventual plan for the engine assets (i.e. whole asset sale, part-out, etc.), reasonably approximates the selling price of the assets. When engine assets are committed for sales, the assets are transferred to Inventory. The classification of cash flows associated with the purchase and sale of engine assets is based on the activity that is likely to be the predominant source or use of cash flows for the items. The Company assesses long-lived assets for impairment when events and circumstances indicate the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amount. When evaluating the future cash flows that an asset will generate, we make assumptions regarding the lease market for specific engine models, including estimates of market lease rates and future demand. These assumptions are based upon lease rates that we are obtaining in the current market as well as our expectation of future demand for the specific engine/aircraft model. We determine fair value of the assets by reference to independent appraisals, quoted market prices (e.g., an offer to purchase) and other factors such as current data from manufacturers as well as specific market sales. In the event it is determined that the carrying values of long-lived assets are in excess of the estimated undiscounted cash flows from those assets, the Company then will write-down the value of the assets by the excess of carrying value over fair value. Accounting for Debt - Trust Preferred Securities and Warrant Liability – On June 10, 2019, the Company issued an aggregate of 1.6 million TruPs in the amount of $4.0 million in a non-cash transaction. In connection with the issuance of these TruPs, the Company also issued an aggregate of 8.4 million warrants (representing warrants to purchase $21.0 million in stated value of TruPs). A warrant for mandatorily redeemable shares conditionally obligates the issuer to ultimately transfer assets—the obligation is conditioned only on the warrant's being exercised because the shares will be redeemed. Thus, warrants for mandatorily redeemable shares are liabilities under ASC 480. In total, 5.3 million Warrants were exercised and the remaining 3.1 million Warrants expired on August 30, 2021. On May 14, 2021, the Company entered into an At the Market Offering Agreement (the “ATM Agreement”) with Ascendiant Capital Markets, LLC (the “sales agent” or “Ascendiant”), pursuant to which it may sell and issue its TruPs having an aggregate offering price of up to $8.0 million from time to time. The Company has no obligation to sell any TruPs, and may at any time suspend offers under the ATM Agreement or terminate the ATM Agreement. These TruPs are mandatorily redeemable preferred security obligations of the Company. In accordance with ASC 480, the Company presented mandatorily redeemable preferred securities that do not contain a conversion option as a liability on the balance sheet. Further, as the redemption date and the redemption amount are both fixed, in accordance with ASC 825, we measured these TruPs at the present value of the amount to be paid at settlement, discounted by using the implicit rate at inception. Income Taxes – Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance against net deferred tax assets is recorded when it is more likely than not that such assets will not be fully realized. Tax credits are accounted for as a reduction of income taxes in the year in which the credit originates. All deferred income taxes are classified as non-current in the consolidated balance sheets. The Company recognizes the benefit of a tax position taken on a tax return, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. An uncertain income tax position is not recognized if it has a less than a 50% likelihood of being sustained. Accounting for Redeemable Non-Controlling Interest – In 2016, in connection with the Company's acquisition of Contrail, Contrail entered into an Operating Agreement (the “Operating Agreement”) with the Seller providing for the governance of and the terms of membership interests in Contrail. The Operating Agreement includes put and call options (“Contrail Put/Call Option”) with regard to the 21% non-controlling interest retained by the Seller. The Seller is the founder of Contrail and its current Chief Executive Officer. 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. Per the agreement, the price is to be agreed upon by the parties or, failing such agreement, to be determined pursuant to third-party appraisals in a process specified in the agreement. In February 2022, in connection with the Company's acquisition of GdW, a consolidated subsidiary of Shanwick, the Company entered into a shareholder agreement with the 30% non-controlling interest owners of Shanwick, providing for the governance of and the terms of membership interests in Shanwick. The shareholder agreement includes put and call options (“Shanwick Put/Call Option”) with regard to the 30% non-controlling interest. The non-controlling interest holders are the executive management of the underlying business. The Shanwick Put/Call Option grants the Company an option to purchase the 30% interest at the call option price ("Call Option") that equals to the average EBIT over the 3 Financial Years prior to the exercise of the Call Option multiplied by 8. In addition, the Shanwick Put/Call Option also grants the non-controlling interest owners an option ("Put Option") to require Air T to purchase from them their respective ownership interests at the Put Option price, that is equal to the average EBIT over the 3 Financial Years prior to the exercise of the Put Option multiplied by 7.5. The Call Option and the Put Option may be exercised at any time from the fifth anniversary of the shareholder agreement and then only at the end of each fiscal year of Air T. Applicable accounting guidance requires an equity instrument that is redeemable for cash or other assets to be classified outside of permanent equity if it is redeemable (a) at a fixed or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event that is not solely within the control of the issuer. As a result of this feature, the Company recorded the non-controlling interests as redeemable and classified them in temporary equity within its Consolidated Balance Sheets initially at their acquisition-date estimated redemption value or fair value. Per the Operating Agreement, the Contrail's non-controlling interest is redeemable at fair value, which is determined using a combination of the income approach, utilizing a discounted cash flow analysis, and the market approach, utilizing the guideline public company method. Contrail's discounted cash flow analysis requires significant management judgment with respect to forecasts of revenue, operating margins, capital expenditures, and the selection and use of an appropriate discount rate. The forecasts and assumptions are based on our annual and long-term business plans. Contrail’s market approach requires management to make significant assumptions related to market multiples of earnings derived from comparable publicly-traded companies with similar operating characteristics as Contrail. The Contrail's non-controlling interest is adjusted each reporting period for income (or loss) attributable to the non-controlling interest as well as any applicable distributions made. A measurement period adjustment, if any, is then made to adjust the non-controlling interest to the higher of the redemption value (fair value) or carrying value each reporting period. These fair value adjustments are recognized through retained earnings and are not reflected in the Company's Consolidated Statements of Income (Loss). When calculating earnings per share attributable to the Company, the Company adjusts net income attributable to the Company for the measurement period adjustment to the extent the redemption value exceeds the fair value of the non-controlling interest on a cumulative basis. As of March 31, 2023, the fair value of the Contrail's redeemable non-controlling interest is $8.0 million. See Note 24 , Commitments and Contingencies. The Shanwick's non-controlling interest is redeemable at established multiples of EBIT and, as such, is considered redeemable at other than fair value. It is recorded on our consolidated balance sheets at estimated redemption value within redeemable non-controlling interests, and changes in its estimated redemption value are recorded on our consolidated statements of operations within non-controlling interests. As of March 31, 2023, the estimated redemption value of Shanwick's redeemable non-controlling interest is $4.7 million. See Note 24 , Commitments and Contingencies. Revenue Recognition – Substantially all of the Company’s revenue is derived from contracts with an initial expected duration of one year or less. As a result, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price, to expense costs incurred to obtain a contract, and to not disclose the value of unsatisfied performance obligations.We evaluate gross versus net presentation on revenues from products or services purchased and resold in accordance with the revenue recognition criteria outlined in ASC 606-10, Principal Agent Considerations. The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income (loss). These pass-through costs totaled $29.2 million and $23.0 million for the years ended March 31, 2023 and 2022, respectively. 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. In December 2022, the FASB issued ASU 2022-06- Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this Update defer the implementation deadline of Topic 848 from December 31, 2022, to December 31, 2024. The Company is currently in the process of converting our LIBOR-based contracts, hedging relationships, and other transactions to other reference rates. We anticipate to be completed by September 30, 2023.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Worldwide Aviation Services, Inc. On January 31, 2023, the Company acquired Worldwide Aircraft Services, Inc. ("WASI"), a Kansas corporation that services the aircraft industry across the United States and internationally through the operation of a repair station which is located in Springfield, Missouri at the Branson National Airport. The acquisition was was funded with cash and the loans described in Note 14 of this report. WASI is included within the Overnight air cargo segment. The acquisition date's fair value of the consideration is summarized in the table below (in thousands): January 31, 2023 Cash consideration $ 1,628 Seller's Note $ 1,370 Total consideration $ 2,998 The transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their fair values as of January 31, 2023, with the excess of total consideration above fair value of net assets acquired recorded as goodwill. The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of January 31, 2023 (in thousands): January 31, 2023 ASSETS Accounts receivable $ 1,037 Inventory 517 Other current assets 97 Property, plant and equipment, net 403 Intangible -Trade Name 342 Intangible - Non-competition Agreement 19 Intangible - Customer Relationships 683 Other assets 20 Total assets $ 3,118 LIABILITIES Accounts payable 61 Accrued expenses and deferred revenue 635 Total liabilities $ 696 Net assets acquired $ 2,422 Consideration paid 2,998 Less: Cash acquired (500) Less: Net assets acquired (2,422) Goodwill $ 76 As of March 31, 2023, the purchase price allocation is final. The following table sets forth the revenue and expenses of WASI that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2023 (in thousands): Income Statement Revenue $ 929 Cost of Sales 676 Operating Expenses 425 Operating Loss (172) Non-operating expense (22) Net loss $ (194) Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements. Wolfe Lake HQ, LLC 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 a real estate purchase agreement with WLPC East, LLC, a Minnesota limited liability company (an unaffiliated third-party) 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 Air T's Minnesota 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 14 . 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 In-place lease and other intangibles 1,108 $ 13,408 GdW Beheer B.V. On February 10, 2022, the Company acquired GdW, a Dutch holding company in the business of providing global aviation data and information. The acquisition was completed through a wholly-owned subsidiary of the Company, Air T Acquisition 22.1, LLC ("Air T Acquisition 22.1"), a Minnesota limited liability company, through its Dutch subsidiary, Shanwick, and was funded with cash, investment by executive management of the underlying business, and the loans described in Note 14 . As part of the transaction, the executive management of the underlying business purchased 30.0% of Shanwick. Air T Acquisition 22.1 and its consolidated subsidiaries are included within the Corporate and other segment. Subsequent to the acquisition date, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in an increase to goodwill of $0.3 million. The increase is attributable to a measurement period adjustment of $0.3 million related to certain intangible assets acquired and related deferred tax liabilities assumed due to clarification of information utilized to determine fair value during the measurement period. As of June 30, 2022, the measurement period was completed and all adjustments are reflected in the tables below. Total consideration is summarized in the table below (in thousands): February 10, 2022 Consideration paid $ 15,256 Less: Cash acquired (2,452) Less: Net assets acquired (6,520) Goodwill $ 6,284 The transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their fair values as of February 10, 2022, with the excess of total consideration over fair value of net assets acquired recorded as goodwill. The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of February 10, 2022 (in thousands): February 10, 2022 ASSETS Accounts Receivable $ 715 Other current assets 67 Property, plant and equipment, net 40 Intangible - Proprietary Database 2,576 Intangible - Customer Relationships 7,267 Total assets 10,665 LIABILITIES Accounts payable 15 Accrued expenses and deferred revenue 1,670 Deferred income tax liabilities, net 2,460 Total liabilities 4,145 Net assets acquired $ 6,520 The following table sets forth the revenue and expenses of GdW, prior to intercompany eliminations, that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2022 (in thousands): Income Statement Revenue $ 887 Cost of Sales 145 Operating Expenses 701 Operating Income 41 Non-operating income 19 Net income $ 60 Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements.

MAJOR CUSTOMER

MAJOR CUSTOMER	12 Months Ended
	Mar. 31, 2023
Contract with Customer, Liability [Abstract]
MAJOR CUSTOMER	MAJOR CUSTOMERApproximately 36% and 41% of the Company’s consolidated revenues were derived from services performed for FedEx Corporation in fiscal 2023 and 2022, respectively. Approximately 16% and 15% of the Company’s consolidated accounts receivable at March 31, 2023 and 2022, respectively, were due from FedEx Corporation.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures and reports financial assets and liabilities at fair value. Fair value measurement is classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Assets Measured and Recorded at Fair Value on a Recurring Basis The following consolidated balance sheet items are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2023 2022 Marketable securities (including restricted investments) (Level 1) $ 2,161 $ 2,550 Interest rate swaps (Level 2) 2,420 889 Contrail's redeemable non-controlling interest (Level 3) $ 7,972 $ 7,178 The fair values of our interest rate swaps are based on the market standard methodology of netting the discounted expected future variable cash receipts and the discounted future fixed cash payments. The variable cash receipts are based on an expectation of future interest rates derived from observed market interest rate forward curves. Since these inputs are observable in active markets over the terms that the instruments are held, the derivatives are classified as Level 2 in the hierarchy. See Note 9 . The fair value of Contrail's redeemable non-controlling interest is based on a combination of market approach and income approach and is classified as Level 3 in the hierarchy. See Note 24 . The fair value measurements which use significant observable inputs (Level 3), changed due to the following (in thousands): Contrail's Redeemable Non-Controlling Beginning Balance as of April 1, 2022 $ 7,178 Contribution from non-controlling member — Distribution to non-controlling member — Net loss attributable to non-controlling interests (954) Fair value adjustment - Contrail (Note 24) 1,748 Ending Balance as of March 31, 2023 $ 7,972 The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, notes receivable and accounts payable approximate their fair values at March 31, 2023 and 2022. Assets Measured and Recorded at Fair Value on a Nonrecurring Basis The Company determines fair value of engine assets on lease or held for lease by reference to independent appraisals, quoted market prices (e.g. an offer to purchase) and other factors such as current data from manufacturers as well as specific market sales. An impairment charge is recorded when the carrying value of the asset exceeds its fair value. The Company used Level 2 inputs to measure write-downs of engine assets on lease or held for lease. As of March 31, 2023, as a result of our year-end valuation, we did not identify any impairment on our engine assets on lease or held for lease.

INVENTORIES

INVENTORIES	12 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in thousands): Year Ended March 31, 2023 2022 Overnight air cargo: Finished goods 546 28 Ground equipment manufacturing: Raw materials 4,589 4,688 Work in process 153 2,437 Finished goods 6,976 9,264 Corporate and other: Raw materials 794 705 Finished goods 726 728 Commercial jet engines and parts: Whole engines available for sale or tear-down 10,141 15,403 Parts 50,813 45,036 Total inventories 74,738 78,289 Reserves (3,613) (3,122) Total inventories, net of reserves $ 71,125 $ 75,167

LESSOR ARRANGEMENTS

LESSOR ARRANGEMENTS	12 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LESSOR ARRANGEMENTS	LESSOR ARRANGEMENTS Assets on lease The Company leases equipment to third parties, primarily through Contrail which leases engines to aviation customers with lease terms between 1 and 3 years under operating lease agreements. For the assets currently on lease, there are no options for the lessees to purchase the assets at the end of the leases. The Company depreciates the engines on a straight-line basis over the assets' useful life from the acquisition date to a residual value. Depreciation expense relating to engines on lease was $1.6 million and $0.3 million for the fiscal years ended March 31, 2023 and 2022, respectively. Future minimum rental payments to be received do not include contingent rentals that may be received under certain leases because amounts are based on usage. Contingent rent earned totaled approximately $0 and $0.1 million for the fiscal years ended March 31, 2023 and 2022, respectively. As of March 31, 2023, future minimum rental payments to be received under non-cancelable leases are as follows (in thousands): Year ended March 31, 2024 $ 94 2025 83 2026 7 2027 — 2028 — Thereafter — Total $ 184 As of March 31, 2023, Contrail has received its return-to-condition compensation ("engine compensation") in the amount of $4.6 million on a previously leased engine that terminated in December 2022. Office leases The Company, through its wholly owned subsidiary, Wolfe Lake, leases offices to third parties with lease terms between 5 and 29 years under operating lease agreements. For the offices currently on lease, there are no options for the lessees to purchase the spaces at the end of the leases. The Company depreciates the assets on a straight-line basis over the assets' useful life. Depreciation expense relating to office leases was $0.3 million and $0.1 million for the fiscal years ended March 31, 2023 and 2022, respectively. We recognized rental and other revenues related to operating lease payments of $1.4 million and $0.4 million, respectively, of which variable lease payments were $0.6 million and $0.2 million during the fiscal years ended March 31, 2023 and 2022, respectively. Future minimum rental payments to be received do not include variable lease payments that may be received under certain leases because amounts are based on usage. The following table sets forth the undiscounted cash flows for future minimum base rents to be received from customers for office leases in effect as of March 31, 2023: Year ended March 31, 2024 $ 921 2025 863 2026 852 2027 839 2028 727 Thereafter 3,139 Total $ 7,341

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment consisted of the following (in thousands): Year Ended March 31, 2023 2022 Furniture, fixtures and equipment $ 6,547 $ 6,470 Leasehold improvements 7,666 6,297 Building 13,850 13,850 28,063 26,617 Accumulated depreciation (6,624) (5,405) Property and equipment, net $ 21,439 $ 21,212

INTANGIBLES

INTANGIBLES	12 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES	INTANGIBLES Intangibles consisted of the following (in thousands): Year Ended March 31, 2023 2022 Purchased software $ 544 $ 447 Internally developed software 3,672 4,112 In-place lease and other intangibles 1,094 1,108 Customer relationships 8,050 7,694 Patents 1,112 1,112 Other 1,782 1,391 16,254 15,864 Accumulated amortization (4,191) (2,947) 12,063 12,917 In-process software 40 343 Intangible assets, total $ 12,103 $ 13,260 In the fiscal year ended March 31, 2023, the Company impaired $0.3 million of previously capitalized costs related to a software project that was deemed no longer probable to be completed and placed in service. The components of purchased intangible assets for WASI were as follows (in thousands): March 31, 2023 Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Amount Customer relationships 8 years, 10 months $ 683 $ 13 670 Other 14 years, 4 months 361 4 357 10 years, 9 months $ 1,044 $ 17 $ 1,027 Based on the intangible assets recorded at March 31, 2023 and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated annual amortization expense is expected to be as follows: (In thousands) Amortization 2024 $ 1,236 2025 1,165 2026 1,081 2027 1,025 2028 976 Thereafter 6,580 $ 12,063

INVESTMENTS IN SECURITIES AND D

INVESTMENTS IN SECURITIES AND DERIVATIVE INSTRUMENTS	12 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN SECURITIES AND DERIVATIVE INSTRUMENTS	NVESTMENTS 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 Air T - 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. 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 (loss) 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. On January 7, 2022, Contrail completed an interest rate swap transaction with Old National Bank ("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 ("Contrail - Term Note G"). The purpose of the floating-to-fixed interest rate swap transaction was to effectively fix the loan interest rate at 4.68%. As of February 24, 2022, this swap contract has been designated as a cash flow hedging instrument and qualified as an effective hedge in accordance with ASC 815. During the period between January 7, 2022 and February 24, 2022, the Company recorded a loss of approximately $0.1 million in the consolidated statement of income (loss) For the swaps related to Air T Term Note D and Contrail - Term Note G (prior to March 30, 2023), the effective portion of changes in the fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the consolidated statement of income (loss) as interest expense in the same period in which the underlying hedged transactions affect earnings. The interest rate swaps are considered Level 2 fair value measurements. As of March 31, 2023 and March 31, 2022, the fair value of the interest-rate swap contracts was an asset of $2.4 million and $0.9 million, respectively, which is included within other assets in the consolidated balance sheets. During the years ended March 31, 2023 and 2022, the Company recorded a gain of approximately $1.0 million and $0.9 million, net of tax, respectively, in the consolidated statement of comprehensive income (loss) for changes in the fair value of the instruments. The Company may, from time to time, employ trading strategies designed to profit from market anomalies and opportunities it identifies. Management uses derivative financial instruments to execute those strategies, which may include options, and futures contracts. These derivative instruments are priced using publicly quoted market prices and are considered Level 1 fair value measurements. During the fiscal year ended March 31, 2023, the Company recorded no gain and $0.3 million loss related to these derivative instruments. During the fiscal year ended March 31, 2022, the Company did not record any gain or loss related to these derivative instruments. The following table presents these derivative instruments at fair value in the condensed consolidated balance sheets as of March 31, 2023 and March 31, 2022 (in thousands): (In thousands) March 31, 2023 March 31, 2022 Assets: Exchange-traded options & futures Other current assets $ 179 $ — Total assets 179 — Liabilities: Exchange-traded options & futures Accrued Expenses and other 2 — Total liabilities $ 2 $ — 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 (loss). The fair market value of marketable equity securities is determined based on quoted market prices in active markets. During the fiscal year ended March 31, 2023, the Company had a gross unrealized gain aggregating to $0.5 million and a gross unrealized loss aggregating to $0.9 million. During the fiscal year ended March 31, 2022, the Company had a gross unrealized gain aggregating to $2.8 million and a gross unrealized loss aggregating to $2.4 million. These unrealized gains and losses are included in Other income (loss) on the consolidated statement of income (loss). The market value of the Company’s equity securities and cash held by the broker are periodically used as collateral against any outstanding margin account borrowings. As of March 31, 2023 and 2022, the Company had $0.1 million and $0 of outstanding borrowings under its margin account, respectively. As of March 31, 2023 and 2022, the Company had cash margin balances related to exchange-traded equity securities and securities sold short of $0.2 million and $0, respectively, which is reflected in other current assets on the consolidated balance sheets. The interest rate on margin account borrowings was 6.33% as of March 31, 2023.

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	12 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS The Company’s investment in 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 March 31, 2023, the number of Insignia's shares owned by the Company was 0.5 million, representing approximately 27% 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. 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. During the three months ended September 30, 2022, Insignia recorded net income of $11.8 million, which was primarily driven by a gain on litigation settlement of $12.0 million. During the fiscal year ended March 31, 2023, the Company's share of Insignia's net income for twelve months ended December 31, 2022 was $3.1 million. The Company applied $1.4 million to offset the cumulative value of unrecorded share of losses, resulting in net income recognition of $1.7 million. As of March 31, 2023, the Company's net investment basis in Insignia is $1.7 million. The Company's 20.1% investment in 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. For the fiscal year ended March 31, 2023, the Company recorded income of $0.8 million as its share of CCI's net income for the twelve months ended December 31, 2022, along with a basis difference adjustment of $50.0 thousand. The Company's net investment basis in CCI is $3.1 million as of March 31, 2023. During the quarter ended December 31, 2022, the Company also paid off the $2.0 million promissory note payable to CCI. See Note 14 . Summarized audited financial information for the Company's equity method investees for the twelve months ended December 31, 2022 and December 31, 2021 are as follows (in thousands): Twelve Months Ended Twelve Months Ended Revenue $ 146,399 $ 115,051 Gross Profit 20,668 5,642 Operating income (loss) 16,631 (9,627) Net income (loss) 14,256 (7,473) Net income (loss) attributable to Air T, Inc. stockholders $ 2,473 $ (815)

EMPLOYEE RETENTION CREDIT

EMPLOYEE RETENTION CREDIT	12 Months Ended
	Mar. 31, 2023
Postemployment Benefits [Abstract]
EMPLOYEE RETENTION CREDIT	EMPLOYEE RETENTION CREDIT The ERC, as originally enacted on March 27, 2020 by the CARES Act, is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. The Taxpayer Certainty and Disaster Tax Relief Act (the “Relief Act”), enacted on December 27, 2020, amended, and extended the ERC. The Relief Act extended and enhanced the ERC for qualified wages paid after December 31, 2020 through June 30, 2021. Under the Relief Act, eligible employers may claim a refundable tax credit against certain employment taxes equal to 70% of the qualified wages an eligible employer pays to employees after December 31, 2020 through June 30, 2021. Under the American Rescue Plan Act of 2021 ("ARPA"), which was signed into law on March 11, 2021, the ERC was further extended through December 31, 2021. The purpose of the ERC is to encourage employers to keep employees on the payroll, even if they are not working during the covered period because of the COVID-19 outbreak. The Company qualified for federal government assistance through the ERC provisions for the period between January 1, 2021 and September 30, 2021. As of March 31, 2022, we recognized the one-time refunds totaling $9.1 million which was included on the Consolidated Balance Sheets as an Employee Retention Credit receivable, as well as on the Consolidated Statements of Income (Loss) as an offset to the related employee expenses within general and administrative expenses in the fiscal year ended March 31, 2022. During the fiscal year ended March 31, 2023, the Company received $8.2 million of the total refunds, leaving $0.9 million in the Employee Retention Credit receivable.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Year ended March 31, (In thousands) 2023 2022 Salaries, wages and related items $ 4,748 $ 4,232 Profit sharing and bonus 1,672 1,365 Other deposits 2,560 2,948 Other 4,153 4,846 Total $ 13,133 $ 13,391

LESSEE ARRANGEMENTS

LESSEE ARRANGEMENTS	12 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LESSEE ARRANGEMENTS	LESSEE ARRANGEMENTS 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 fiscal years ended March 31, 2023 and 2022 are as follows (in thousands): Twelve Months Ended March 31, 2023 Twelve Months Ended March 31, 2022 Operating lease cost $ 2,078 $ 2,102 Short-term lease cost 730 603 Variable lease cost 625 722 Total lease cost $ 3,433 $ 3,427 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of the fiscal years ended March 31, 2023 and 2022 were as follows (in thousands): March 31, 2023 March 31, 2022 Operating leases Operating lease ROU assets $ 11,666 $ 7,354 Operating lease liabilities $ 12,435 $ 8,177 Weighted-average remaining lease term Operating leases 12 years, 10 months 13 years, 5 months Weighted-average discount rate Operating leases 4.95 % 4.33 % Maturities of lease liabilities under non-cancellable leases where we are the lessee as of the fiscal year ended March 31, 2023 are as follows (in thousands): Operating Leases 2024 $ 2,265 2025 2,112 2026 1,827 2027 1,674 2028 1,202 Thereafter 8,944 Total undiscounted lease payments 18,024 Interest (4,698) Discount (891) Total lease liabilities $ 12,435

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	12 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS Borrowings of the Company and its subsidiaries are summarized below at March 31, 2023 and March 31, 2022, respectively. On June 9, 2022, the Company, Jet Yard and MBT entered into Amendment No. 1 to Third Amended and Restated Credit Agreement (“Amendment”) and a related Overline Note (“Overline Note”) in the original principal amount of $5.0 million. The Amendment and Note memorialize an increase to the amount that may be drawn by the Company on the MBT revolving credit agreement from $17.0 million to $22.0 million. The borrowing base calculation methodology remains unchanged. The interest rate on borrowings under the facility that are less than $17.0 million remains at the greater of 2.50% or Prime minus 1.00%. The interest rate applicable to borrowings under the facility that exceed $17.0 million is the greater of 2.50% or Prime plus 0.50%. The commitment fee on unused borrowings below $17.0 million remains at 0.11%. The commitment fee on unused borrowings above $17.0 million is 0.20%. The Amendment also includes an additional covenant to the credit agreement, namely the requirement that the Company provide inventory appraisals for AirCo, AirCo Services and Worthington to MBT twice a year. Each of the Company subsidiaries that has guaranteed the MBT revolving facility executed a guaranty acknowledgment in which they agreed to guaranty the Overline Note and acknowledged, among other things, that the Overline Note would not impair the lenders rights under the previously executed guaranty or security agreement. The Overline Note and commitment matures on the earlier of March 31, 2023 or the date on which the Company receives all funds from the Company’s Employee Retention Credit ("ERC") application (estimated at approximately $9.1 million) plus the full receipt of the Company’s carryback tax refund for the year (estimated at approximately $2.6 million). As of March 31, 2023, the Overline Note was paid in full and terminated. On September 30, 2022, the Company executed a promissory note payable to CCI ("Promissory Note - CCI") for $2.0 million that bears interest at 10.00% per annum and matured on December 30, 2022. As of December 31, 2022, this note has been repaid without penalty. On November 8, 2022, Contrail entered into the Second Amendment to Master Loan Agreement (the “Amendment”) with ONB. The Amendment amends the Master Loan Agreement dated as of June 24, 2019, as amended. The principal revisions made in the Amendment are: (i) the tangible net worth covenant was revised to require that Contrail maintain a tangible net worth of at least $12.0 million at all times prior to March 31, 2024 and $15.0 million at all times on or following March 31, 2024; and, (ii) that all proceeds from certain asset sales during the period beginning on October 1, 2022 and ending on March 31, 2023 be applied as prepayments on Term Loan G. Contrail executed a Collateral Assignment of two Aircraft engines in connection with the Amendment. On January 31, 2022 the Company funded the WASI acquisition through (i) a promissory note to Worldwide Aviation, LLC, (ii) cash, and (iii) an additional secured loan from MBT. The promissory note to Worldwide Aviation, LLC in the amount of $1.5 million bears a fixed interest rate of 6.00% and is payable via periodic payments up to the January 1, 2026 maturity date. In connection with the acquisition, the Company and Jet Yard entered Amendment No. 2 to the Third Amended and Restated Credit Agreement (“Amendment No. 2”) with MBT. Amendment No. 2 amends the Third Amended and Restated Credit Agreement dated as of August 31, 2021 as amended by that certain Amendment No. 1 to the Third Amended and Restated Credit Agreement dated June 9, 2022. Amendment No. 2 provides for a new term loan (“Term Loan F”) in the amount of $1.0 million to help finance a portion of the consideration paid by the Company for WASI. Pursuant to the amendment, the Company executed Term Note F in favor of MBT in the original principal amount of $1.0 million. The note bears interest at a rate equal to the greater of six percent (6.00%) or the prime rate plus one percent (1.00%). The note obligates the Company to make monthly payments of principal plus accrued interest commencing March 1, 2023. The note may be prepaid, in whole or part, at any time without penalty and final payment of all amounts due under the note is due January 31, 2028. On March 22, 2023, Contrail entered into the First Amendment to Second Amendment to Master Loan Agreement and Third Amendment to Master Loan Agreement ("the Amendment") with ONB. The Amendment amends the Master Loan Agreement dated June 24, 2019 with principal revisions to: (i) Section 3 of the Second Amendment was revised so that exclusion of certain gains and losses from the definition of “net income” applies through September 30, 2023, not March 31, 2023; (ii) Section 5 of the Second Amendment relating to prepayment of Term Loan G was amended to eliminate the requirement that all asset sales during the period beginning with October 1, 2022 and ending on March 31, 2023 be applied as prepayments on Term Loan G; instead, the Amendment provision now reflects the agreement that voluntary payments totaling $20.0 million would be made by the borrower on Term Loan G no later than September 30, 2023; and, (iii) a revolving note resting period covenant was added to the Amendment whereby the outstanding principal balance on the revolving note would be paid to zero (0) for at least thirty (30) consecutive days during each annual period ending on the anniversary date of the revolving note, provided the borrower has not achieved a debt service coverage ratio of 1.10:1. As mentioned in Note 9 , during the quarter ended March 31, 2023, Contrail made a prepayment of $6.7 million on Term Loan G without penalty. The following table provides certain information about the current financing arrangements of the Company's and its subsidiaries as of March 31, 2023 and 2022: (In Thousands) March 31, 2023 March 31, 2022 Maturity Date Interest Rate Unused commitments Air T Debt Revolver - MBT $ 8,742 $ 10,969 8/31/2023 1 Greater of 2.50% or Prime - 1.00% $ 8,258 Overline Note - MBT — — 3/31/2023 2 Greater of 2.50% or Prime + 0.50% Term Note A - MBT 7,762 8,542 8/31/2031 3.42% Term Note B - MBT 2,740 3,014 8/31/2031 3.42% Term Note D - MBT 1,338 1,405 1/1/2028 1-month LIBOR + 2.00% Term Note E - MBT 800 2,316 6/25/2025 Greater of LIBOR + 1.50% or 2.50% Term Note F - MBT 983 — 1/31/2028 Greater of 6.00% or Prime + 1.00% Promissory Note - CCI — — 12/30/2022 10.00% Debt - Trust Preferred Securities 25,598 25,567 6/7/2049 8.00% Total 47,963 51,813 AirCo 1 Debt Term Loan - Park State Bank ("PSB") 6,393 6,393 12/11/2025 3-month LIBOR + 3.00% 3 Total 6,393 6,393 Jet Yard Debt Term Loan - MBT 1,844 1,943 8/31/2031 4.14% Total 1,844 1,943 Contrail Debt Revolver - ONB 12,441 3,843 9/5/2023 1-month LIBOR + 3.45% 4 12,559 Term Loan G - ONB 38,180 44,918 11/24/2025 1-month LIBOR + 3.00% 5 Term Loan H - ONB — 8,698 8/18/2023 Wall Street Journal (WSJ) Prime Rate + 0.75% Total 50,621 57,459 Delphax Solutions Debt Canadian Emergency Business Account Loan 30 32 12/31/2025 5.00% Total 30 32 Wolfe Lake Debt Term Loan - Bridgewater 9,586 9,837 12/2/2031 3.65% Total 9,586 9,837 Air T Acquisition 22.1 Term Loan - Bridgewater 4,500 5,000 2/8/2027 4.00% Term Loan A - ING 2,610 3,341 2/1/2027 3.50% Term Loan B - ING 1,088 1,114 5/1/2027 4.00% Total 8,198 9,455 WASI Debt Promissory Note - Seller's Note 1,279 — 1/1/2026 6.00% Total 1,279 — Total Debt 125,914 136,932 Unamortized Debt Issuance Costs (829) (1,124) Total Debt, net $ 125,085 $ 135,808 Fiscal 2023's weighted average interest rate on short term borrowings outstanding was 7.77% . The weighted average interest rate on short term borrowings outstanding as of March 31, 2022 was 3.90%. The Air T revolving credit facility and the Contrail revolving credit facility contain affirmative and negative covenants, including covenants that restrict the ability of the Company and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of its business, and engage in transactions with affiliates. The obligations of Contrail under the Contrail Credit Agreement with ONB are secured by a first-priority security interest in substantially all of the assets of Contrail. The obligations of Contrail under the Contrail Credit Agreement are also guaranteed by the Company, up to a maximum of $1.6 million, plus costs of collection. The Company is not liable for any other assets or liabilities of Contrail and there are no cross-default provisions with respect to Contrail’s debt in any of the Company’s debt agreements with MBT. At March 31, 2023, our contractual financing obligations, including payments due by period, are as follows (in thousands): Fiscal year ended Amount 2024 $ 38,736 2025 10,878 2026 27,034 2027 5,538 2028 4,016 Thereafter 39,712 125,914 Unamortized Debt Issuance Costs (829) $ 125,085 The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements. Fair Value of Debts - As of March 31, 2023 and 2022, the carrying amounts reported in the consolidated balance sheets for the Company’s debt instruments approximate the fair values. Estimated fair values are determined by comparing current borrowing rates and risk spreads offered in the market (Level 2 fair value measures) or quoted market prices (Level 1 fair value measures), when available, to the stated interest rates and spreads on the Company’s debts. Interest Expense, net - The components of net interest expense during the years ended March 31, 2023 and March 31, 2022 are as follows (in thousands): March 31, 2023 March 31, 2022 Contractual interest $ 7,932 $ 4,808 Amortization of deferred financing costs 331 367 Interest income (328) (227) Total $ 7,935 $ 4,948

RELATED PARTY MATTERS

RELATED PARTY MATTERS	12 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY MATTERS	RELATED PARTY MATTERS Contrail leases its corporate and operating facilities at Verona, Wisconsin from Cohen Kuhn Properties, LLC, a limited liability company whose membership interests are owned by Mr. Joseph Kuhn, Contrail's Chief Executive Officer and Mrs. Miriam Cohen-Kuhn, Contrail's Chief Financial Officer, equally. The facility consists of approximately 21,000 square feet of warehouse and office space. The Company paid aggregate rental payments of approximately $0.2 million to Cohen Kuhn Properties, LLC pursuant to such lease during the period from April 1, 2022 through March 31, 2023. This lease expires on July 17, 2026. The lease agreement provides that the Company shall be responsible for maintenance of the leased facilities and for utilities, taxes and insurance. The Company believes that the terms of such leases are no less favorable to the Company than would be available from an independent third party. Gary S. Kohler, a director of the Company, entered into an employment agreement with Blue Clay Capital Management, a wholly-owned subsidiary of the Company, in the Corporate and other segment, to serve as its Chief Investment Officer in return for an annual salary of $51.5 thousand plus variable compensation based on the management and incentive fees to be paid to the subsidiary by certain of these investment funds and eligibility to participate in discretionary annual bonuses. Nick Swenson, CEO of the Company, is also the majority shareholder of CCI. As of March 31, 2023, Mr. Swenson owned 69.9% of ownership interests in CCI. Under the VIE model, Mr. Swenson is the primary beneficiary of CCI due to the high extent of his ownership relative to other shareholders of CCI, and the lack of shared power between Mr. Swenson and the Company ("the related party group") to direct the activities of CCI that most significantly impact CCI’s economic performance. Air T Acquisition 22.1's term loan with Bridgewater is secured by a first lien on all of the assets of the Subsidiary, a pledge of $5.0 million, 8.0% TruPs, and a personal guaranty of the Company’s Chairman, President and Chief Executive Officer Nicholas Swenson.

EMPLOYEE AND NON-EMPLOYEE STOCK

EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS	12 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS	EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS Air T, Inc. maintains two stock option plans for the benefit of certain eligible employees and directors. The first Air T stock option plan is the 2012 Stock Option Plan. The second Air T stock option plan is the 2020 Omnibus Stock and Incentive Plan. In addition, Delphax maintains a number of stock option plans. Compensation expense is recognized over the requisite service period for stock options which are expected to vest based on their grant-date fair values. The Company uses the Black-Scholes option pricing model to value stock options granted under the Air T, Inc. plans and the Delphax plans. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. Air T's 2012 Stock Option Plan No options were granted under Air T, Inc.’s 2012 Stock Option Plan during the fiscal years ended March 31, 2023 and 2022. No stock-based compensation expense with respect to this plan was recognized for the year ended March 31, 2023 and 2022, respectively. At March 31, 2023, there was no unrecognized compensation expense related to the Air T's 2012 stock options. In Fiscal 2023, 3,750 options were exercised under the Air T's 2012 Stock Option Plan at $5.75 per share, which was disclosed within our condensed consolidated statement of equity. 7,500 unexpired options remain outstanding under this plan as of March 31, 2023. Option activity during the fiscal years ended March 31, 2022 and 2023 is summarized below (in thousands, except for shares): Shares Weighted Weighted Aggregate Outstanding at March 31, 2021 11,250 $ 6.61 2.07 $ 193,000 Granted — — Exercised — — Forfeited — — Repurchased — — Outstanding at March 31, 2022 11,250 6.61 1.07 182,000 Granted — — Exercised (3,750) 5.75 Forfeited — — Repurchased — — Outstanding at March 31, 2023 7,500 7.04 0.40 135,000 Exercisable at March 31, 2023 7,500 $ 7.04 0.40 $ 135,000 Air T's 2020 Omnibus Stock and Incentive Plan On December 29, 2020, the Company’s Board of Directors unanimously approved the 2020 Omnibus Stock and Incentive Plan (the "Plan"), which was subsequently approved by the Company's stockholders at the August 18, 2021 Annual Meeting of Stockholders. The total number of shares authorized under the Plan is 420,000. Among other instruments, the Plan permits the Company to grant stock option awards. Through March 31, 2023, options to purchase up to 326,000 shares have been granted under the Plan. Vesting of options is based on the grantee meeting specified service conditions. Furthermore, the number of vested options that a grantee is able to exercise, if any, is based on the Company’s stock price as of the vesting dates specified in the respective option grant agreements. As of the first vesting date on June 30, 2022, 32,600 shares did not meet the stock price condition and therefore, could not be exercised. As of March 31, 2023, the remaining number of options that grantees are able to exercise is 293,400. The Company uses the Black-Scholes option pricing model to value stock options granted under the Air T's 2020 Omnibus Stock and Incentive Plan. We determined that the fair value of the Plan at inception was $1.3 million. The key assumptions used in the Plan's Black-Scholes option pricing model are as follows: Risk-free interest rate 0.94 % Expected dividend yield — Expected term 10 years Expected volatility 44.29 % We do not anticipate significant forfeitures and elected to account for forfeitures as they occur. During fiscal years ended March 31, 2023 and 2022, total compensation cost recognized under the Plan was $0.3 million and $0.4 million, respectively. The unrecognized compensation cost related to nonvested awards is $0.6 million, which is expected to be recognized over a weighted average period of 8.25 years.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Mar. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Performance Obligations 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 as of March 31, 2023: Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, printing equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. Support Services The Company provides a variety of support services such as aircraft maintenance, printer maintenance, and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 842 (Leases) and out of scope under Topic 606 and Other Revenues (Freight, Management Fees, etc.) which are immaterial for disclosure under Topic 606. The following table summarizes disaggregated revenues by type (in thousands): Year Ended March 31, 2023 Year Ended March 31, 2022 Product Sales Air Cargo $ 29,493 $ 23,011 Ground equipment sales 47,100 40,676 Commercial jet engines and parts 89,700 49,356 Corporate and other 266 285 Support Services Air Cargo 60,857 51,344 Ground equipment sales 587 518 Commercial jet engines and parts 9,539 7,049 Corporate and other 4,328 1,167 Leasing Revenue Air Cargo — — Ground equipment sales 154 383 Commercial jet engines and parts 2,365 1,156 Corporate and other 1,582 571 Other Air Cargo 193 54 Ground equipment sales 644 662 Commercial jet engines and parts 133 128 Corporate and other 382 717 Total $ 247,323 $ 177,077 See Note 21 for the Company's disaggregated revenues by geographic region and Note 22 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 revenue, our unconditional right to receive consideration in advance of performance with respect to subscription revenue and advanced customer deposits with respect to product sales. The following table presents outstanding contract liabilities as of April 1, 2022 and March 31, 2023 and the amount of contract liabilities that were recognized as revenue during the year ended March 31, 2023 (in thousands): Outstanding Contract Liabilities Outstanding Contract Liabilities As of March 31, 2023 $ 5,000 As of April 1, 2022 4,727 For the Year ended March 31, 2023 $ (3,984)

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	12 Months Ended
	Mar. 31, 2023
Defined Benefit Plan, Expected Future Employer Contributions [Abstract]
EMPLOYEE BENEFITS	EMPLOYEE BENEFITS The Company has a 401(k) defined contribution plan covering domestic employees and an 1165(e) defined contribution plan covering Puerto Rico based employees (“Plans”). All employees of the Company are immediately eligible to participate in the Plans. The Company’s contribution to the Plans for the years ended March 31, 2023 and 2022 was approximately $0.7 million and $0.6 million, respectively, and was recorded in the consolidated statements of income (loss). The Company, in each of the past three years, has paid a discretionary profit sharing bonus in which all employees have participated. Profit sharing expense in fiscal 2023 and 2022 was approximately $2.4 million and $2.0 million, respectively, and was recorded in general and administrative expenses in the consolidated statements of income (loss).

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NCOME TAXES Income tax expense (benefit) attributable to (loss) income from continuing operations consists of (in thousands): Year Ended March 31, 2023 2022 Current: Federal $ 46 $ 1,358 State 150 44 Foreign 845 134 Total current 1,041 1,536 Deferred: Federal 29 (507) State (442) 140 Foreign (196) — Total deferred (609) (367) Total $ 432 $ 1,169 Income tax expense attributable to income (loss) from continuing operations differed from the amounts computed by applying the U.S. Federal income tax rate of 21.0% to pretax income (loss) from continuing operations as follows (in thousands): Year Ended March 31, 2023 2022 Expected Federal income tax expense (benefit) U.S. statutory rate $ (2,384) 21.0 % $ 2,813 21.0 % State income taxes, net of federal benefit (558) 4.9 % 177 1.3 % Permanent Items 28 -0.2 % (165) -1.2 % Micro-captive insurance benefit (274) 2.4 % (233) -1.8 % Change in valuation allowance 3,149 -27.7 % (2,251) -16.8 % Income attributable to minority interest - Contrail 190 -1.7 % (174) -1.3 % Write-off Delphax Tech SAS — 0.0 % 2,225 16.6 % PPP Loan Forgiveness — 0.0 % (1,650) -12.3 % Other differences, net 281 -2.5 % 427 3.2 % Income tax expense (benefit) $ 432 -3.8 % $ 1,169 8.7 % The Company did not record any liabilities for uncertain tax positions for the fiscal years ended March 31, 2023 and March 31, 2022. The Company (exclusive of Delphax which has a full valuation allowance) has federal gross operating losses of $1.7 million and state gross operating losses of $9.4 million at March 31, 2023. These net operating losses will begin to expire in tax year 2031. The Company has foreign tax credits of $0.4 million that will begin to expire in tax year 2029. DSI and Delphax (collectively known as the “Delphax entities”) are not included in Air T’s consolidated tax return. During the year ended March 31, 2023, DSI and Delphax accounted for $0.3 million and $0.0 million, respectively, of fiscal year 2023's valuation allowance effect. During the year ended March 31, 2022, each entity, respectively, accounted for $0.2 million and $(2.2) million of the fiscal year 2022's valuation allowance effect. Deferred tax assets and liabilities were comprised of the following (in thousands): 2023 2022 Net operating loss & attribute carryforwards $ 5,968 $ 3,794 Unrealized losses on investments 1,740 1,669 Inventory reserve 851 682 Accrued vacation 421 327 Foreign tax credit 391 263 Accounts and notes receivable 182 235 Interest rate swaps 77 138 Investment in partnerships 1,723 671 Lease liabilities 3,000 1,691 Other deferred tax assets 115 286 Total deferred tax assets 14,468 9,756 Bargain purchase gain (191) (447) Property and equipment (1,804) (1,532) Right-of-use assets (2,815) (1,511) Capital gain deferment (1,799) (1,696) Foreign intangible assets (2,159) (2,572) Other deferred tax liabilities (110) (36) Total deferred tax liabilities (8,878) (7,794) Net deferred tax assets $ 5,590 $ 1,962 Less valuation allowance (8,007) (4,774) Net deferred tax liabilities $ (2,417) $ (2,812) Delphax entities Effective on November 24, 2015, Air T, Inc. purchased interests in Delphax. With an equity investment level by the Company of approximately 67%, Delphax is required to continue filing a separate United States corporate tax return. Furthermore, Delphax historically had foreign subsidiaries located in France, Canada and the United Kingdom; all of which file(d) tax returns in those jurisdictions. With few exceptions, Delphax, is no longer subject to examinations by income tax authorities for tax years before 2016. Delphax maintains a September 30 fiscal year end and DSI maintains a March 31 fiscal year end. The returns for the fiscal years ended September 30, 2022 and March 31, 2023 have not yet been filed. The gross deferred tax balances related to the Delphax entities includes estimated foreign, U.S. federal and U.S. state loss carryforwards of $5.4 million, $8.4 million and $2.2 million, respectively. The net operating losses expire in varying amounts beginning in the tax year 2027. The provisions of ASC 740 require an assessment of both positive and negative evidence when determining whether it is more-likely-than-not that deferred tax assets will be recovered. In accounting for the Delphax entities' tax attributes, the Company has established a full valuation allowance of $3.4 million at March 31, 2023, and $3.1 million at March 31, 2022. The cumulative tax losses incurred by the Delphax entities in recent years was the primary basis for the Company’s determination that a full valuation allowance should be established against the Delphax entities’ net deferred tax assets. The Company continues to assert that it will permanently reinvest any foreign earnings of DSI in a foreign country and will not repatriate those earnings back to the U.S. As a result of its permanent reinvestment assertion, the Company has not recorded deferred taxes related to DSI under the indefinite exception. Valuation Allowance Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended March 31, 2023. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth.

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Mar. 31, 2023
Quarterly Financial Data [Abstract]
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (in thousands, except per share data) First Second Third Fourth 2023 Operating Revenues $ 50,862 $ 60,688 $ 61,396 $ 74,377 Operating (Loss) Income, net of tax (802) (1,336) 108 (9,755) Less: (Income) Loss attributable to non-controlling interests (631) 104 (698) 715 Loss attributable to Air T, Inc. Stockholders (1,433) (1,232) (590) (9,040) Basic Loss per share $ (0.50) $ (0.43) $ (0.21) $ (3.15) Diluted Loss per share $ (0.50) $ (0.43) $ (0.21) $ (3.15) Antidilutive shares excluded from computation of income (loss) per share 7 4 5 5 2022 Operating Revenues 36,968 43,238 45,433 51,438 Operating Income (Loss), net of tax 327 8,003 (1,189) 5,086 Less: Income attributable to non-controlling interests (38) (448) (73) (740) Income (Loss) attributable to Air T, Inc. Stockholders 289 7,555 (1,262) 4,346 Basic Income (Loss) per share $ 0.10 $ 2.62 $ (0.44) $ 1.51 Diluted Income (Loss) per share $ 0.10 $ 2.60 $ (0.44) $ 1.51 Antidilutive shares excluded from computation of income (loss) per share — — 11 —

GEOGRAPHICAL INFORMATION

GEOGRAPHICAL INFORMATION	12 Months Ended
	Mar. 31, 2023
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 similar tangible long-lived assets, net of accumulated depreciation, held outside the United States are summarized in the following table as of March 31, 2023 and March 31, 2022 (in thousands): March 31, 2023 March 31, 2022 United States $ 21,433 $ 34,067 Foreign 89 1,654 Total tangible long-lived assets, net $ 21,522 $ 35,721 The Company’s tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent primarily engines on lease or held for lease at March 31, 2023. The net book value located within each individual country at March 31, 2023 is listed below (in thousands): Country March 31, 2023 March 31, 2022 Macau $ — $ 1,351 Other 89 303 Total tangible long-lived assets, net $ 89 $ 1,654 Total revenue, located in the United States, and outside the United States is summarized in the following table as of March 31, 2023 and March 31, 2022 (in thousands): March 31, 2023 March 31, 2022 United States $ 199,572 $ 142,898 Foreign 47,751 34,179 Total revenue $ 247,323 $ 177,077

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has four reportable segments: overnight air cargo, ground equipment sales, commercial jet engine and parts and corporate and other. Segment data is summarized as follows (in thousands): (In Thousands) Year Ended March 31, 2023 2022 Operating Revenues: Overnight Air Cargo: Domestic $ 90,370 $ 65,441 International 173 8,968 Total Overnight Air Cargo 90,543 74,409 Ground Equipment Sales: Domestic 38,652 35,089 International 9,833 7,150 Total Ground Equipment Sales 48,485 42,239 Commercial Jet Engines and Parts: Domestic 67,599 40,798 International 34,138 16,891 Total Commercial Jet Engines and Parts 101,737 57,689 Corporate and Other: Domestic 2,952 1,571 International 3,606 1,169 Total Corporate and Other 6,558 2,740 Total 247,323 177,077 Operating (Loss) Income: Overnight Air Cargo 4,047 2,794 Ground Equipment Sales 3,141 3,220 Commercial Jet Engines and Parts (957) 3,619 Corporate and Other (10,638) (878) Total (4,407) 8,755 Capital Expenditures: Overnight Air Cargo 307 148 Ground Equipment Sales 35 156 Commercial Jet Engines and Parts 572 1,204 Corporate and Other 293 50 Total 1,207 1,558 Depreciation and Amortization: Overnight Air Cargo 115 58 Ground Equipment Sales 164 234 Commercial Jet Engines and Parts 2,382 965 Corporate and Other 1,501 603 Total $ 4,162 $ 1,860 The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the fiscal year ended March 31, 2023 and 2022 (in thousands): Fiscal year 2023 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) from continuing operations $ 4,047 $ 3,141 $ (957) $ (10,638) $ (4,407) Depreciation and amortization (excluding leased engines depreciation) 115 164 745 1,501 2,525 Asset impairment, restructuring or impairment charges 342 — 7,319 6 179 7,840 Loss (Gain) on sale of property and equipment 1 9 (2) — 8 Securities expenses — — — 63 63 Adjusted EBITDA $ 4,505 $ 3,314 $ 7,105 $ (8,895) $ 6,029 Fiscal year 2022 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) from continuing operations $ 2,794 $ 3,220 $ 3,619 $ (878) $ 8,755 Depreciation and amortization (excluding leased engines depreciation) 58 234 694 603 1,589 Asset impairment, restructuring or impairment charges — — 885 (80) 805 Loss on sale of property and equipment 2 1 2 — 5 Securities expenses — — — 252 252 Adjusted EBITDA $ 2,854 $ 3,455 $ 5,200 $ (103) $ 11,406

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE Basic earnings per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of earnings per common share is as follows (in thousands, except per share data): Year Ended March 31, 2023 2022 Net (loss) income from operations $ (11,785) $ 12,227 Net income from operations attributable to non-controlling interests (510) (1,299) Net (loss) income from operations attributable to Air T, Inc. Stockholders (12,295) 10,928 (Loss) income from operations per share: Basic $ (4.32) $ 3.79 Diluted $ (4.32) $ 3.78 Antidilutive shares excluded from computation of (loss) income per share 5 — Weighted Average Shares Outstanding: Basic 2,847 2,880 Diluted 2,847 2,888

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Contrail Put/Call Option Contrail entered into an 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. 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 between the liabilities and equity sections of the accompanying consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Contrail RNCI is a Level 3 fair value measurement that is valued at $8.0 million as of March 31, 2023. The change in the redemption value compared to March 31, 2022 is an increase of $0.8 million. The increase was driven by $1.8 million of the net change in fair value, offset by $1.0 million of net loss attributable to the non-controlling interest. 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. Contrail Asset Management, LLC and CJVII, LLC On May 5, 2021, the Company formed an aircraft asset management business called Contrail Asset Management, LLC (“CAM”), and an aircraft capital joint venture called CJVII, LLC (“CJVII”). The new ventures focus on acquiring commercial aircraft and jet engines for leasing, trading and disassembly. The joint venture, CJVII, was formed as a series LLC ("CJVII Series"). It consists of several individual series that target investments in current generation narrow-body aircraft and engines, building on Contrail’s origination and asset management expertise. CAM was formed to serve two separate and distinct functions: 1) to direct the sourcing, acquisition and management of aircraft assets owned by CJVII Series as governed by the Management Agreement between CJVII and CAM (“Asset Management Function”), and 2) to directly invest into CJVII Series alongside other institutional investment partners (“Investment Function”). CAM has two classes of equity interests: 1) common interests and 2) investor interests. Neither interest votes as the entity is operated by a Board of Directors. The common interests of CAM relate to its Asset Management Function. The investor interests of CAM relate to the Company’s and Mill Road Capital’s (“MRC”) investments through CAM into CJVII (the Investment Function) and ultimately into the individual CJVII Series. With regard to CAM’s common interests, the Company currently owns 90% of the economic common interests in CAM, and MRC owns the remaining 10%. MRC invested $1.0 million directly into CAM in exchange for 10% of the common interests. For the Asset Management Function, CAM receives origination fees, management fees, consignment fees (where applicable) and a carried interest from the direct investors into each CJVII Series. Such fee income and carried interest will be distributed to the Company and MRC in proportion to their respective common interests. For its Investment Function, CAM’s initial commitment to CJVII was approximately $51.0 million. The Company and MRC have commitments to CAM in the respective amounts of $7.0 million and $44.0 million. These represent the investor interests of CAM, separate and distinct from the common interests. Any investment returns on CAM’s investor interests are shared pro-rata between the Company and MRC for each individual investment at the CJVII Series. As of March 31, 2023, Air T has fulfilled its Investment Function initial commitment to CAM. Per its Operating Agreement, CAM is comprised of only two Series: the Onshore and the Offshore Series. Participation in each is determined solely based on whether a potential investment at the CJVII Series is a domestic (Onshore) or international (Offshore) investment. As of March 31, 2023, for its Investment Function, the Company has contributed $6.9 million to CAM’s Offshore Series and $0.6 million to CAM’s Onshore Series. The Company determined that CAM is a variable interest entity and that the Company is not the primary beneficiary. This is primarily the result of the Company's conclusion that it does not control CAM’s Board of Directors, which has the power to direct the activities that most significantly impact the economic performance of CAM. Accordingly, the Company does not consolidate CAM and has determined to account for this investment using equity method accounting. As of March 31, 2023, the Company's net investment basis in CAM is $5.7 million. In connection with the formation of CAM, MRC has a fixed price put option of $1.0 million to sell its common equity in CAM to Air T at each of the first three (3) anniversary dates. At the later of (a) five (5) years after execution of the agreement and (b) distributions to MRC per the waterfall equal to their capital contributions, Air T has a call option and MRC has a put option on the MRC common interests in CAM. If either party exercises the option, the exercise price will be fair market value if Air T pays in cash at closing or 112.5% of fair market value if Air T opts to pay in three (3) equal annual installments after exercise. The Company previously recognized $1.0 million within “ Other non-current liabilities Shanwick Put/Call Option In February 2022, in connection with the Company's acquisition of GdW, a consolidated subsidiary of Shanwick, the Company entered into a shareholder agreement with the 30% non-controlling interest owners of Shanwick, providing for the governance of and the terms of membership interests in Shanwick. The shareholder agreement includes the Shanwick Put/Call Option with regard to the 30% non-controlling interest. The non-controlling interest holders are the executive management of the underlying business. The Shanwick Put/Call Option grants the Company an option to purchase the 30% interest at the call option price that equals to the average EBIT over the 3 Financial Years prior to the exercise of the Call Option multiplied by 8. In addition, the Shanwick Put/Call Option also grants the non-controlling interest owners an option to require Air T to purchase from them their respective ownership interests at the Put Option price, that is equal to the average EBIT over the 3 Financial Years prior to the exercise of the Put Option multiplied by 7.5. The Call Option and the Put Option may be exercised at any time from the fifth anniversary of the shareholder agreement and then only at the end of each fiscal year of Air T. The Company has presented this redeemable non-controlling interest in Shanwick 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 estimated redemption value at the end of each reporting period. As the Shanwick RNCI will be redeemed at established multiples of EBIT, it is considered redeemable at other than fair value. Changes in its estimated redemption value are recorded on our consolidated statements of operations within non-controlling interests. The Shanwick RNCI's estimated redemption value is $4.7 million as of March 31, 2023, which was comprised of the following (in thousands): Shanwick's Redeemable Beginning Balance as of April 1, 2022 $ 3,584 Contribution from non-controlling members — Distribution to non-controlling members (336) Net income attributable to non-controlling interests 189 Redemption value adjustments 1,301 Ending Balance as of March 31, 2023 $ 4,738

SHARES REPURCHASE

SHARES REPURCHASE	12 Months Ended
	Mar. 31, 2023
Class of Stock Disclosures [Abstract]
SHARES REPURCHASE	SHARES REPURCHASE On May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000 (retrospectively adjusted to 1,125,000 after the stock split on June 10, 2019) shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period. During the year ended March 31, 2023, the Company repurchased 51,794 shares at an aggregate cost of $1.1 million, in which all were recorded as treasury shares. The Company has a total of 208,121 treasury shares as of March 31, 2023. On August 16, 2022, President Biden signed the Inflation Reduction Act ("IRA") into law. The IRA enacted a 15% corporate minimum tax rate (subject to certain thresholds being met) that will be applicable to the Company beginning in its Fiscal 2024, a 1% excise tax on share repurchases made after December 31, 2022, and created and extended certain tax-related energy incentives. The Company does not currently expect that the tax-related provisions of the IRA will have a material impact on its consolidated financial statements. As a result of the IRA's enactment into law, the Company is now subject to a 1% excise tax on share repurchases, effective for share repurchases made after December 31, 2022. This excise tax may be reduced for the value of certain share issuances. The excise tax incurred in connection with the Company's stock repurchases during the fourth quarter of Fiscal 2023 was not material.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Amendment of ONB loans Effective May 26, 2023, Contrail entered into the Fourth Amendment to Master Loan Agreement and the Amended and Restated Promissory Note Term Note G with ONB. The purpose of the amended documents was to replace the one-month LIBOR based interest rate with a one-month SOFR-based rate. All other material terms of the obligations remain the same. The principal amount of the loan was $38.2 million on the effective date of the amended documents and the applicable interest rate is now the one-month SOFR based rate, as defined in the loan agreement, plus 3.11%. Effective May 26, 2023, Contrail entered into the First Amendment to Supplement #8 to Master Loan Agreement, the Fifth Amendment to Supplement #2 to the Master Loan Agreement and the Fourth Amended and Restated Promissory Note Revolving Note with ONB. The purpose of the amended documents was to replace the LIBOR based interest rate with a one-month SOFR based rate. All other material terms of the obligation remain the same. The maximum principal amount of the revolving note remains at $25.0 million and the applicable interest rate is now the one-month SOFR-based rate, as defined in the loan agreement, plus 3.56%. Amendment of PSB Loan Agreement On May 26, 2023, AirCo 1 executed an Amendment to Main Street Priority Loan Facility Term Loan Agreement with PSB. The Amendment replaces the three-month LIBOR benchmark applicable to the loan with a three-month SOFR based rate, which is defined as the three-month SOFR rate plus 3.26%. The principal amount of the loan was $6.4 million on the effective date of the amended agreement. The interest rate is to be determined on the 11th day of each month on the amounts that remain outstanding, commencing June 11, 2023. Amendment of MBT Revolving Credit Agreement On June 23, 2023, the Company and MBT entered into amendments to the MBT revolving credit agreement and related promissory note. The amendments extended the maturity date of the credit facility to August 31, 2024 and include the following changes: 1. A $2.0 million seasonal increase in the maximum amount available under the facility. The maximum amount of the facility will now increase to $19.0 million between May 1 and November 30 of each year and will decrease to $17.0 million between December 1 and April 30 of each year; 2. The reference rate for the interest rate payable on the revolving facility will change from Prime to SOFR, plus a spread. The exact spread over SOFR will change every September 30 and March 31 based on the Company calculated funded debt leverage ratio (defined as total debt divided by EBITDA). Depending on the result of the calculation, the interest rate spread applicable to the facility will range between 2.25% and 3.25%; 3. The unused commitment fee on the revolving credit facility will increase from 0.11% to 0.15%; and, 4. The covenant restricting the Company’s use of funds for “Other Investments” was revised to limit the Company to $5.0 million of “Other Investments” per year.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as well as its non-wholly owned subsidiaries, Contrail, Shanwick and Delphax. All intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to the prior period amounts to conform to the current presentation.
Accounting Estimates	Accounting Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of assets and liabilities and amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Segments	Segments - The Company has four reportable operating segments: overnight air cargo, ground equipment sales, commercial jet engine and parts and corporate and other. The Company assesses the performance of these segments on an individual basis (see Note 22 ). Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information by business segment for purposes of allocating resources and evaluating financial performance. Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income (loss) and Adjusted EBITDA.
Variable Interest Entities	Variable Interest Entities – In accordance with the applicable accounting guidance for the consolidation of variable interest entities, the Company analyzes its variable interests to determine if an entity in which we have a variable interest is a variable interest entity. Our analysis includes both quantitative and qualitative reviews to determine if we must consolidate a variable interest entity as its primary beneficiary.
Business Combinations	Business Combinations – The Company accounts for business combinations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations . Consistent with ASC 805, the Company accounts for each business combination by applying the acquisition method. Under the acquisition method, the Company records the identifiable assets acquired and liabilities assumed at their respective fair values on the acquisition date. Goodwill is recognized for the excess of the purchase consideration over the fair value of identifiable net assets acquired. Included in purchase consideration is the estimated acquisition date fair value of any earn-out obligation incurred. For business combinations where non-controlling interests remain after the acquisition, assets (including goodwill) and liabilities of the acquired business are recorded at the full fair value and the portion of the acquisition date fair value attributable to non-controlling interests is recorded as a separate line item within the equity section or, as applicable to redeemable non-controlling interests, between the liabilities and equity sections of the Company’s consolidated balance sheets . The acquisition method permits the Company a period of time after the acquisition date during which the Company may adjust the provisional amounts recognized in a business combination. This period of time is referred to as the “measurement period”. The measurement period provides an acquirer with a reasonable time to obtain the information necessary to identify and measure the assets acquired and liabilities assumed. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete. Accordingly, the Company is required to recognize adjustments to the provisional amounts, with a corresponding adjustment to goodwill, in the reporting period in which the adjustments to the provisional amounts are determined. Thus, the Company would adjust its consolidated financial statements as needed, including recognizing in its current-period earnings the full effect of changes in depreciation, amortization, or other income effects, by line item, if any, as a result of the change to the provisional amounts calculated as if the accounting had been completed at the acquisition date. Income statement activity of an acquired business is reflected within the Company’s consolidated statements of income (loss) commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded. Acquisition-related costs are costs the Company incurs to affect a business combination. Those costs may include such items as finder’s fees, advisory, legal, accounting, valuation, and other professional or consulting fees, and general administrative costs. The Company accounts for such acquisition-related costs as expenses in the period in which the costs are incurred and the services are received. Changes in estimates of the fair value of earn-out obligations subsequent to the acquisition date are not accounted for as part of the acquisition, rather, they are recognized directly in earnings.
Cash and Cash Equivalents	Cash and Cash Equivalents – Cash equivalents consist of liquid investments with maturities of three months or less when purchased.
Financial Instruments Designated For Trading	Financial Instruments Designated for Trading – Except for short sales of equity securities, the Company accounts for all other financial instruments (including derivative instruments) designated for trading in accordance with ASC 815. All changes in the fair value of the financial instruments designated for trading are recognized in earnings as they occur. Further, all gains and losses on derivative instruments designated for trading are presented net on the consolidated Statements of Income (Loss). The fair value of derivative instruments designated for trading in a gain position are recorded in Other Current Assets and the fair value of derivative instruments designated for trading in a loss position are recorded in Accrued Expenses and Other on the consolidated Balance Sheets. The Company accounts for short sales of equity securities in accordance with ASC 942 and ASC 860. The obligations incurred in short sales are reported in Accrued Expenses and Other on the consolidated Balance Sheets. They are subsequently measured at fair value through the income statement at each reporting date with gains and losses on securities. Interest on the short positions are accrued periodically and reported as interest expense. The market value of the Company’s equity securities and cash held by the broker are used as collateral against any outstanding margin account borrowings for purposes of short selling equities. This collateral is recorded in Other Current Assets on the consolidated Balance Sheets. The Company reports all cash receipts and payments resulting from the purchases and sales of securities, loans, and other assets that are acquired specifically for resale as operating cash flows.
Inventories	Inventories – Inventories are carried at the lower of cost or net realizable value. When finished goods units are leased to customers under operating leases, the units are transferred to Assets on Lease or Held For Lease. The classification of cash flows associated with the purchase and sale of finished goods is based on the activity that is likely to be the predominant source or use of cash flows for the items. Consistent with aviation industry practice, the Company includes expendable aircraft parts and supplies in current assets, although a certain portion of these inventories may not be used or sold within one year. The Company periodically evaluates the carrying value of inventory. In these evaluations, the Company is required to make estimates regarding the net realizable value, which includes the consideration of sales patterns and expected future demand. Any slow moving, obsolete or damaged inventory and inventory with costs exceeding net realizable value are evaluated for write-downs. These estimates could vary significantly from actual amounts based upon future economic conditions, customer inventory levels, or competitive factors that were not foreseen or did not exist when the estimated write-downs were made. In accordance with industry practice, all inventories are classified as a current asset including portions with long production cycles, some of which may not be realized within one year.
Investments under the Equity Method	Investments under the Equity Method – The Company utilizes the equity method to account for investments when the Company possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The Company applies the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. For investments that have a different fiscal year-end, if the difference is not more than three months, the Company elects a 3-month lag to record the change in the investment. The Company assesses the carrying value of its investments whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount of the investment to the estimated future undiscounted cash flows of the investment, which take into account current, and expectations for future, market conditions and the Company’s intent with respect to holding or disposing of the investment. Changes in economic and operating conditions, including those occurring as a result of the impact of the COVID-19 pandemic, that occur subsequent to a current impairment analysis and the Company’s ultimate use of the investment could impact the assumptions and result in future impairment losses to the investments. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through quoted prices in active markets or various valuation techniques, including internally developed discounted cash flow models or comparable market transactions.
Goodwill	Goodwill - The Company evaluates goodwill on an annual basis or anytime events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company is permitted to first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying value, including goodwill. In qualitatively evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company assesses relevant events and circumstances such as macroeconomic conditions, industry and market developments, cost factors, and the overall financial performance of the reporting unit. If, after assessing these events and circumstances, it is determined that there may be an impairment, then a quantitative analysis is performed. In the first step of the quantitative method, recoverability of goodwill is evaluated by estimating the fair value of the reporting unit’s goodwill using multiple techniques, including a discounted cash flow model income approach and a market approach. The estimated fair value is then compared to the carrying value of the reporting unit. The Company will recognize an impairment charge for the amount by which the carrying value of the reporting unit exceeds its fair value, if any.
Intangible Assets	Intangible Assets – Amortizable intangible assets consist of acquired patents, tradenames, customer relationships, and other finite-lived identifiable intangibles. Such intangibles are initially recorded at fair value and subsequently subject to amortization. Amortization is recorded using the straight-line method over the estimated useful lives of the assets. In accordance with the applicable accounting guidance, the Company evaluates the recoverability of amortizable intangible assets whenever events occur that indicate potential impairment. In doing so, the Company assesses whether the carrying amount of the asset is unrecoverable by estimating the sum of the future cash flows expected to result from the asset, undiscounted and without interest charges. If the carrying amount is more than the recoverable amount, an impairment charge must be recognized based on the estimated fair value of the asset. The estimated amortizable lives of the intangible assets are as follows: Years Purchased software 3 Internally developed software 10-15 In-place lease and other intangibles Over lease term Trade names 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationships 10-15
Property and Equipment and Assets on Lease or Held for Lease	Property and Equipment and Assets on Lease or Held for Lease – Property and equipment is stated initially at cost, or fair value if purchased as part of a business combination. Depreciation and amortization are provided on a straight-line basis over the asset’s useful life. Equipment leased to customers is depreciated using the straight line method. Useful lives range from three years for computer equipment, seven years for flight equipment, ten years for deicers and other equipment leased to customers and thirty years for buildings. Engine assets on lease or held for lease are stated at cost, less accumulated depreciation. Certain costs incurred in connection with the acquisition of engine assets are capitalized as part of the cost of such assets. If assets are not actively being leased (i.e. held for lease), then they are not being depreciated. Major overhauls which improve functionality or extend original useful life are capitalized and depreciated over the engine assets' useful life to a residual value. The Company depreciates the engines on a straight-line basis over the assets' useful life from the acquisition date to a residual value. The Company adjusts its estimates annually for these older generation assets, including updating estimates of an engine’s or aircraft’s remaining operating life. The Company believes this methodology accurately reflects the typical holding period for the assets and that the residual value assumption, which is dependent on the Company's eventual plan for the engine assets (i.e. whole asset sale, part-out, etc.), reasonably approximates the selling price of the assets. When engine assets are committed for sales, the assets are transferred to Inventory. The classification of cash flows associated with the purchase and sale of engine assets is based on the activity that is likely to be the predominant source or use of cash flows for the items.
Accounting for Debt - Trust Preferred Securities and Warrant Liability	Accounting for Debt - Trust Preferred Securities and Warrant Liability – On June 10, 2019, the Company issued an aggregate of 1.6 million TruPs in the amount of $4.0 million in a non-cash transaction. In connection with the issuance of these TruPs, the Company also issued an aggregate of 8.4 million warrants (representing warrants to purchase $21.0 million in stated value of TruPs). A warrant for mandatorily redeemable shares conditionally obligates the issuer to ultimately transfer assets—the obligation is conditioned only on the warrant's being exercised because the shares will be redeemed. Thus, warrants for mandatorily redeemable shares are liabilities under ASC 480. In total, 5.3 million Warrants were exercised and the remaining 3.1 million Warrants expired on August 30, 2021. On May 14, 2021, the Company entered into an At the Market Offering Agreement (the “ATM Agreement”) with Ascendiant Capital Markets, LLC (the “sales agent” or “Ascendiant”), pursuant to which it may sell and issue its TruPs having an aggregate offering price of up to $8.0 million from time to time. The Company has no obligation to sell any TruPs, and may at any time suspend offers under the ATM Agreement or terminate the ATM Agreement.
Income Taxes	Income Taxes – Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance against net deferred tax assets is recorded when it is more likely than not that such assets will not be fully realized. Tax credits are accounted for as a reduction of income taxes in the year in which the credit originates. All deferred income taxes are classified as non-current in the consolidated balance sheets. The Company recognizes the benefit of a tax position taken on a tax return, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. An uncertain income tax position is not recognized if it has a less than a 50% likelihood of being sustained.
Accounting for Redeemable Non-Controlling Interest	Accounting for Redeemable Non-Controlling Interest – In 2016, in connection with the Company's acquisition of Contrail, Contrail entered into an Operating Agreement (the “Operating Agreement”) with the Seller providing for the governance of and the terms of membership interests in Contrail. The Operating Agreement includes put and call options (“Contrail Put/Call Option”) with regard to the 21% non-controlling interest retained by the Seller. The Seller is the founder of Contrail and its current Chief Executive Officer. 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. Per the agreement, the price is to be agreed upon by the parties or, failing such agreement, to be determined pursuant to third-party appraisals in a process specified in the agreement. In February 2022, in connection with the Company's acquisition of GdW, a consolidated subsidiary of Shanwick, the Company entered into a shareholder agreement with the 30% non-controlling interest owners of Shanwick, providing for the governance of and the terms of membership interests in Shanwick. The shareholder agreement includes put and call options (“Shanwick Put/Call Option”) with regard to the 30% non-controlling interest. The non-controlling interest holders are the executive management of the underlying business. The Shanwick Put/Call Option grants the Company an option to purchase the 30% interest at the call option price ("Call Option") that equals to the average EBIT over the 3 Financial Years prior to the exercise of the Call Option multiplied by 8. In addition, the Shanwick Put/Call Option also grants the non-controlling interest owners an option ("Put Option") to require Air T to purchase from them their respective ownership interests at the Put Option price, that is equal to the average EBIT over the 3 Financial Years prior to the exercise of the Put Option multiplied by 7.5. The Call Option and the Put Option may be exercised at any time from the fifth anniversary of the shareholder agreement and then only at the end of each fiscal year of Air T. Applicable accounting guidance requires an equity instrument that is redeemable for cash or other assets to be classified outside of permanent equity if it is redeemable (a) at a fixed or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event that is not solely within the control of the issuer. As a result of this feature, the Company recorded the non-controlling interests as redeemable and classified them in temporary equity within its Consolidated Balance Sheets initially at their acquisition-date estimated redemption value or fair value. Per the Operating Agreement, the Contrail's non-controlling interest is redeemable at fair value, which is determined using a combination of the income approach, utilizing a discounted cash flow analysis, and the market approach, utilizing the guideline public company method. Contrail's discounted cash flow analysis requires significant management judgment with respect to forecasts of revenue, operating margins, capital expenditures, and the selection and use of an appropriate discount rate. The forecasts and assumptions are based on our annual and long-term business plans. Contrail’s market approach requires management to make significant assumptions related to market multiples of earnings derived from comparable publicly-traded companies with similar operating characteristics as Contrail. The Contrail's non-controlling interest is adjusted each reporting period for income (or loss) attributable to the non-controlling interest as well as any applicable distributions made. A measurement period adjustment, if any, is then made to adjust the non-controlling interest to the higher of the redemption value (fair value) or carrying value each reporting period. These fair value adjustments are recognized through retained earnings and are not reflected in the Company's Consolidated Statements of Income (Loss). When calculating earnings per share attributable to the Company, the Company adjusts net income attributable to the Company for the measurement period adjustment to the extent the redemption value exceeds the fair value of the non-controlling interest on a cumulative basis. As of March 31, 2023, the fair value of the Contrail's redeemable non-controlling interest is $8.0 million. See Note 24 , Commitments and Contingencies.
Revenue Recognition	Revenue Recognition – Substantially all of the Company’s revenue is derived from contracts with an initial expected duration of one year or less. As a result, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price, to expense costs incurred to obtain a contract, and to not disclose the value of unsatisfied performance obligations.We evaluate gross versus net presentation on revenues from products or services purchased and resold in accordance with the revenue recognition criteria outlined in ASC 606-10, Principal Agent Considerations.
Recently Issued 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. In December 2022, the FASB issued ASU 2022-06- Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this Update defer the implementation deadline of Topic 848 from December 31, 2022, to December 31, 2024. The Company is currently in the process of converting our LIBOR-based contracts, hedging relationships, and other transactions to other reference rates. We anticipate to be completed by September 30, 2023.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Goodwill	Goodwill consisted of the following (in thousands): Year Ended March 31, 2023 2022 Goodwill, at original cost $ 10,939 $ 10,502 Accumulated impairment (376) (376) Goodwill, net of impairment $ 10,563 $ 10,126
Schedule of Finite-Lived Intangible Assets	The estimated amortizable lives of the intangible assets are as follows: Years Purchased software 3 Internally developed software 10-15 In-place lease and other intangibles Over lease term Trade names 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationships 10-15 Intangibles consisted of the following (in thousands): Year Ended March 31, 2023 2022 Purchased software $ 544 $ 447 Internally developed software 3,672 4,112 In-place lease and other intangibles 1,094 1,108 Customer relationships 8,050 7,694 Patents 1,112 1,112 Other 1,782 1,391 16,254 15,864 Accumulated amortization (4,191) (2,947) 12,063 12,917 In-process software 40 343 Intangible assets, total $ 12,103 $ 13,260

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquisition Date's Fair Value	The acquisition date's fair value of the consideration is summarized in the table below (in thousands): January 31, 2023 Cash consideration $ 1,628 Seller's Note $ 1,370 Total consideration $ 2,998 Total consideration is summarized in the table below (in thousands): February 10, 2022 Consideration paid $ 15,256 Less: Cash acquired (2,452) Less: Net assets acquired (6,520) Goodwill $ 6,284
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their fair values as of January 31, 2023, with the excess of total consideration above fair value of net assets acquired recorded as goodwill. The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of January 31, 2023 (in thousands): January 31, 2023 ASSETS Accounts receivable $ 1,037 Inventory 517 Other current assets 97 Property, plant and equipment, net 403 Intangible -Trade Name 342 Intangible - Non-competition Agreement 19 Intangible - Customer Relationships 683 Other assets 20 Total assets $ 3,118 LIABILITIES Accounts payable 61 Accrued expenses and deferred revenue 635 Total liabilities $ 696 Net assets acquired $ 2,422 Consideration paid 2,998 Less: Cash acquired (500) Less: Net assets acquired (2,422) Goodwill $ 76 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 In-place lease and other intangibles 1,108 $ 13,408 February 10, 2022 ASSETS Accounts Receivable $ 715 Other current assets 67 Property, plant and equipment, net 40 Intangible - Proprietary Database 2,576 Intangible - Customer Relationships 7,267 Total assets 10,665 LIABILITIES Accounts payable 15 Accrued expenses and deferred revenue 1,670 Deferred income tax liabilities, net 2,460 Total liabilities 4,145 Net assets acquired $ 6,520
Schedule of Recognized Identified Operations	The following table sets forth the revenue and expenses of WASI that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2023 (in thousands): Income Statement Revenue $ 929 Cost of Sales 676 Operating Expenses 425 Operating Loss (172) Non-operating expense (22) Net loss $ (194) The following table sets forth the revenue and expenses of GdW, prior to intercompany eliminations, that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2022 (in thousands): Income Statement Revenue $ 887 Cost of Sales 145 Operating Expenses 701 Operating Income 41 Non-operating income 19 Net income $ 60

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following consolidated balance sheet items are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2023 2022 Marketable securities (including restricted investments) (Level 1) $ 2,161 $ 2,550 Interest rate swaps (Level 2) 2,420 889 Contrail's redeemable non-controlling interest (Level 3) $ 7,972 $ 7,178
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The fair value measurements which use significant observable inputs (Level 3), changed due to the following (in thousands): Contrail's Redeemable Non-Controlling Beginning Balance as of April 1, 2022 $ 7,178 Contribution from non-controlling member — Distribution to non-controlling member — Net loss attributable to non-controlling interests (954) Fair value adjustment - Contrail (Note 24) 1,748 Ending Balance as of March 31, 2023 $ 7,972

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): Year Ended March 31, 2023 2022 Overnight air cargo: Finished goods 546 28 Ground equipment manufacturing: Raw materials 4,589 4,688 Work in process 153 2,437 Finished goods 6,976 9,264 Corporate and other: Raw materials 794 705 Finished goods 726 728 Commercial jet engines and parts: Whole engines available for sale or tear-down 10,141 15,403 Parts 50,813 45,036 Total inventories 74,738 78,289 Reserves (3,613) (3,122) Total inventories, net of reserves $ 71,125 $ 75,167

LESSOR ARRANGEMENTS (Tables)

LESSOR ARRANGEMENTS (Tables)	12 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Future Fixed Rental Payments	As of March 31, 2023, future minimum rental payments to be received under non-cancelable leases are as follows (in thousands): Year ended March 31, 2024 $ 94 2025 83 2026 7 2027 — 2028 — Thereafter — Total $ 184 Year ended March 31, 2024 $ 921 2025 863 2026 852 2027 839 2028 727 Thereafter 3,139 Total $ 7,341

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property and equipment consisted of the following (in thousands): Year Ended March 31, 2023 2022 Furniture, fixtures and equipment $ 6,547 $ 6,470 Leasehold improvements 7,666 6,297 Building 13,850 13,850 28,063 26,617 Accumulated depreciation (6,624) (5,405) Property and equipment, net $ 21,439 $ 21,212

INTANGIBLES (Tables)

INTANGIBLES (Tables)	12 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The estimated amortizable lives of the intangible assets are as follows: Years Purchased software 3 Internally developed software 10-15 In-place lease and other intangibles Over lease term Trade names 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationships 10-15 Intangibles consisted of the following (in thousands): Year Ended March 31, 2023 2022 Purchased software $ 544 $ 447 Internally developed software 3,672 4,112 In-place lease and other intangibles 1,094 1,108 Customer relationships 8,050 7,694 Patents 1,112 1,112 Other 1,782 1,391 16,254 15,864 Accumulated amortization (4,191) (2,947) 12,063 12,917 In-process software 40 343 Intangible assets, total $ 12,103 $ 13,260
Schedule of Finite-lived Intangible Assets Acquired	The components of purchased intangible assets for WASI were as follows (in thousands): March 31, 2023 Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Amount Customer relationships 8 years, 10 months $ 683 $ 13 670 Other 14 years, 4 months 361 4 357 10 years, 9 months $ 1,044 $ 17 $ 1,027
Schedule of Estimated Annual Amortization Expense	Based on the intangible assets recorded at March 31, 2023 and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated annual amortization expense is expected to be as follows: (In thousands) Amortization 2024 $ 1,236 2025 1,165 2026 1,081 2027 1,025 2028 976 Thereafter 6,580 $ 12,063

INVESTMENTS IN SECURITIES AND_2

INVESTMENTS IN SECURITIES AND DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Derivative Instruments	The following table presents these derivative instruments at fair value in the condensed consolidated balance sheets as of March 31, 2023 and March 31, 2022 (in thousands): (In thousands) March 31, 2023 March 31, 2022 Assets: Exchange-traded options & futures Other current assets $ 179 $ — Total assets 179 — Liabilities: Exchange-traded options & futures Accrued Expenses and other 2 — Total liabilities $ 2 $ —

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	12 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Summarized audited financial information for the Company's equity method investees for the twelve months ended December 31, 2022 and December 31, 2021 are as follows (in thousands): Twelve Months Ended Twelve Months Ended Revenue $ 146,399 $ 115,051 Gross Profit 20,668 5,642 Operating income (loss) 16,631 (9,627) Net income (loss) 14,256 (7,473) Net income (loss) attributable to Air T, Inc. stockholders $ 2,473 $ (815)

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Year ended March 31, (In thousands) 2023 2022 Salaries, wages and related items $ 4,748 $ 4,232 Profit sharing and bonus 1,672 1,365 Other deposits 2,560 2,948 Other 4,153 4,846 Total $ 13,133 $ 13,391

LESSEE ARRANGEMENTS (Tables)

LESSEE ARRANGEMENTS (Tables)	12 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Lease Cost	The components of lease cost for the fiscal years ended March 31, 2023 and 2022 are as follows (in thousands): Twelve Months Ended March 31, 2023 Twelve Months Ended March 31, 2022 Operating lease cost $ 2,078 $ 2,102 Short-term lease cost 730 603 Variable lease cost 625 722 Total lease cost $ 3,433 $ 3,427 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of the fiscal years ended March 31, 2023 and 2022 were as follows (in thousands): March 31, 2023 March 31, 2022 Operating leases Operating lease ROU assets $ 11,666 $ 7,354 Operating lease liabilities $ 12,435 $ 8,177 Weighted-average remaining lease term Operating leases 12 years, 10 months 13 years, 5 months Weighted-average discount rate Operating leases 4.95 % 4.33 %
Schedule of Maturities of Lease Liabilities under Non-cancellable leases	Maturities of lease liabilities under non-cancellable leases where we are the lessee as of the fiscal year ended March 31, 2023 are as follows (in thousands): Operating Leases 2024 $ 2,265 2025 2,112 2026 1,827 2027 1,674 2028 1,202 Thereafter 8,944 Total undiscounted lease payments 18,024 Interest (4,698) Discount (891) Total lease liabilities $ 12,435

FINANCING ARRANGEMENTS (Tables)

FINANCING ARRANGEMENTS (Tables)	12 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and 2022: (In Thousands) March 31, 2023 March 31, 2022 Maturity Date Interest Rate Unused commitments Air T Debt Revolver - MBT $ 8,742 $ 10,969 8/31/2023 1 Greater of 2.50% or Prime - 1.00% $ 8,258 Overline Note - MBT — — 3/31/2023 2 Greater of 2.50% or Prime + 0.50% Term Note A - MBT 7,762 8,542 8/31/2031 3.42% Term Note B - MBT 2,740 3,014 8/31/2031 3.42% Term Note D - MBT 1,338 1,405 1/1/2028 1-month LIBOR + 2.00% Term Note E - MBT 800 2,316 6/25/2025 Greater of LIBOR + 1.50% or 2.50% Term Note F - MBT 983 — 1/31/2028 Greater of 6.00% or Prime + 1.00% Promissory Note - CCI — — 12/30/2022 10.00% Debt - Trust Preferred Securities 25,598 25,567 6/7/2049 8.00% Total 47,963 51,813 AirCo 1 Debt Term Loan - Park State Bank ("PSB") 6,393 6,393 12/11/2025 3-month LIBOR + 3.00% 3 Total 6,393 6,393 Jet Yard Debt Term Loan - MBT 1,844 1,943 8/31/2031 4.14% Total 1,844 1,943 Contrail Debt Revolver - ONB 12,441 3,843 9/5/2023 1-month LIBOR + 3.45% 4 12,559 Term Loan G - ONB 38,180 44,918 11/24/2025 1-month LIBOR + 3.00% 5 Term Loan H - ONB — 8,698 8/18/2023 Wall Street Journal (WSJ) Prime Rate + 0.75% Total 50,621 57,459 Delphax Solutions Debt Canadian Emergency Business Account Loan 30 32 12/31/2025 5.00% Total 30 32 Wolfe Lake Debt Term Loan - Bridgewater 9,586 9,837 12/2/2031 3.65% Total 9,586 9,837 Air T Acquisition 22.1 Term Loan - Bridgewater 4,500 5,000 2/8/2027 4.00% Term Loan A - ING 2,610 3,341 2/1/2027 3.50% Term Loan B - ING 1,088 1,114 5/1/2027 4.00% Total 8,198 9,455 WASI Debt Promissory Note - Seller's Note 1,279 — 1/1/2026 6.00% Total 1,279 — Total Debt 125,914 136,932 Unamortized Debt Issuance Costs (829) (1,124) Total Debt, net $ 125,085 $ 135,808
Schedule of Maturities of Long-term Debt	At March 31, 2023, our contractual financing obligations, including payments due by period, are as follows (in thousands): Fiscal year ended Amount 2024 $ 38,736 2025 10,878 2026 27,034 2027 5,538 2028 4,016 Thereafter 39,712 125,914 Unamortized Debt Issuance Costs (829) $ 125,085
Schedule of Interest Income and Interest Expense Disclosure	The components of net interest expense during the years ended March 31, 2023 and March 31, 2022 are as follows (in thousands): March 31, 2023 March 31, 2022 Contractual interest $ 7,932 $ 4,808 Amortization of deferred financing costs 331 367 Interest income (328) (227) Total $ 7,935 $ 4,948

EMPLOYEE AND NON-EMPLOYEE STO_2

EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS (Tables)	12 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Option Activity	Option activity during the fiscal years ended March 31, 2022 and 2023 is summarized below (in thousands, except for shares): Shares Weighted Weighted Aggregate Outstanding at March 31, 2021 11,250 $ 6.61 2.07 $ 193,000 Granted — — Exercised — — Forfeited — — Repurchased — — Outstanding at March 31, 2022 11,250 6.61 1.07 182,000 Granted — — Exercised (3,750) 5.75 Forfeited — — Repurchased — — Outstanding at March 31, 2023 7,500 7.04 0.40 135,000 Exercisable at March 31, 2023 7,500 $ 7.04 0.40 $ 135,000
Schedule of Black-Scholes Option Pricing Model	The key assumptions used in the Plan's Black-Scholes option pricing model are as follows: Risk-free interest rate 0.94 % Expected dividend yield — Expected term 10 years Expected volatility 44.29 %

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Mar. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes disaggregated revenues by type (in thousands): Year Ended March 31, 2023 Year Ended March 31, 2022 Product Sales Air Cargo $ 29,493 $ 23,011 Ground equipment sales 47,100 40,676 Commercial jet engines and parts 89,700 49,356 Corporate and other 266 285 Support Services Air Cargo 60,857 51,344 Ground equipment sales 587 518 Commercial jet engines and parts 9,539 7,049 Corporate and other 4,328 1,167 Leasing Revenue Air Cargo — — Ground equipment sales 154 383 Commercial jet engines and parts 2,365 1,156 Corporate and other 1,582 571 Other Air Cargo 193 54 Ground equipment sales 644 662 Commercial jet engines and parts 133 128 Corporate and other 382 717 Total $ 247,323 $ 177,077
Schedule of Contract with Customer, Liability	The following table presents outstanding contract liabilities as of April 1, 2022 and March 31, 2023 and the amount of contract liabilities that were recognized as revenue during the year ended March 31, 2023 (in thousands): Outstanding Contract Liabilities Outstanding Contract Liabilities As of March 31, 2023 $ 5,000 As of April 1, 2022 4,727 For the Year ended March 31, 2023 $ (3,984)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income tax expense (benefit) attributable to (loss) income from continuing operations consists of (in thousands): Year Ended March 31, 2023 2022 Current: Federal $ 46 $ 1,358 State 150 44 Foreign 845 134 Total current 1,041 1,536 Deferred: Federal 29 (507) State (442) 140 Foreign (196) — Total deferred (609) (367) Total $ 432 $ 1,169
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense attributable to income (loss) from continuing operations differed from the amounts computed by applying the U.S. Federal income tax rate of 21.0% to pretax income (loss) from continuing operations as follows (in thousands): Year Ended March 31, 2023 2022 Expected Federal income tax expense (benefit) U.S. statutory rate $ (2,384) 21.0 % $ 2,813 21.0 % State income taxes, net of federal benefit (558) 4.9 % 177 1.3 % Permanent Items 28 -0.2 % (165) -1.2 % Micro-captive insurance benefit (274) 2.4 % (233) -1.8 % Change in valuation allowance 3,149 -27.7 % (2,251) -16.8 % Income attributable to minority interest - Contrail 190 -1.7 % (174) -1.3 % Write-off Delphax Tech SAS — 0.0 % 2,225 16.6 % PPP Loan Forgiveness — 0.0 % (1,650) -12.3 % Other differences, net 281 -2.5 % 427 3.2 % Income tax expense (benefit) $ 432 -3.8 % $ 1,169 8.7 %
Schedule of Deferred Tax Assets and Liabilities	Deferred tax assets and liabilities were comprised of the following (in thousands): 2023 2022 Net operating loss & attribute carryforwards $ 5,968 $ 3,794 Unrealized losses on investments 1,740 1,669 Inventory reserve 851 682 Accrued vacation 421 327 Foreign tax credit 391 263 Accounts and notes receivable 182 235 Interest rate swaps 77 138 Investment in partnerships 1,723 671 Lease liabilities 3,000 1,691 Other deferred tax assets 115 286 Total deferred tax assets 14,468 9,756 Bargain purchase gain (191) (447) Property and equipment (1,804) (1,532) Right-of-use assets (2,815) (1,511) Capital gain deferment (1,799) (1,696) Foreign intangible assets (2,159) (2,572) Other deferred tax liabilities (110) (36) Total deferred tax liabilities (8,878) (7,794) Net deferred tax assets $ 5,590 $ 1,962 Less valuation allowance (8,007) (4,774) Net deferred tax liabilities $ (2,417) $ (2,812)

QUARTERLY FINANCIAL INFORMATI_2

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Mar. 31, 2023
Quarterly Financial Data [Abstract]
Summary of Quarterly Financial Information	(in thousands, except per share data) First Second Third Fourth 2023 Operating Revenues $ 50,862 $ 60,688 $ 61,396 $ 74,377 Operating (Loss) Income, net of tax (802) (1,336) 108 (9,755) Less: (Income) Loss attributable to non-controlling interests (631) 104 (698) 715 Loss attributable to Air T, Inc. Stockholders (1,433) (1,232) (590) (9,040) Basic Loss per share $ (0.50) $ (0.43) $ (0.21) $ (3.15) Diluted Loss per share $ (0.50) $ (0.43) $ (0.21) $ (3.15) Antidilutive shares excluded from computation of income (loss) per share 7 4 5 5 2022 Operating Revenues 36,968 43,238 45,433 51,438 Operating Income (Loss), net of tax 327 8,003 (1,189) 5,086 Less: Income attributable to non-controlling interests (38) (448) (73) (740) Income (Loss) attributable to Air T, Inc. Stockholders 289 7,555 (1,262) 4,346 Basic Income (Loss) per share $ 0.10 $ 2.62 $ (0.44) $ 1.51 Diluted Income (Loss) per share $ 0.10 $ 2.60 $ (0.44) $ 1.51 Antidilutive shares excluded from computation of income (loss) per share — — 11 —

GEOGRAPHICAL INFORMATION (Table

GEOGRAPHICAL INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of 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 similar tangible long-lived assets, net of accumulated depreciation, held outside the United States are summarized in the following table as of March 31, 2023 and March 31, 2022 (in thousands): March 31, 2023 March 31, 2022 United States $ 21,433 $ 34,067 Foreign 89 1,654 Total tangible long-lived assets, net $ 21,522 $ 35,721 Country March 31, 2023 March 31, 2022 Macau $ — $ 1,351 Other 89 303 Total tangible long-lived assets, net $ 89 $ 1,654
Schedule of Revenue from External Customers by Geographic Areas	Total revenue, located in the United States, and outside the United States is summarized in the following table as of March 31, 2023 and March 31, 2022 (in thousands): March 31, 2023 March 31, 2022 United States $ 199,572 $ 142,898 Foreign 47,751 34,179 Total revenue $ 247,323 $ 177,077

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment data is summarized as follows (in thousands): (In Thousands) Year Ended March 31, 2023 2022 Operating Revenues: Overnight Air Cargo: Domestic $ 90,370 $ 65,441 International 173 8,968 Total Overnight Air Cargo 90,543 74,409 Ground Equipment Sales: Domestic 38,652 35,089 International 9,833 7,150 Total Ground Equipment Sales 48,485 42,239 Commercial Jet Engines and Parts: Domestic 67,599 40,798 International 34,138 16,891 Total Commercial Jet Engines and Parts 101,737 57,689 Corporate and Other: Domestic 2,952 1,571 International 3,606 1,169 Total Corporate and Other 6,558 2,740 Total 247,323 177,077 Operating (Loss) Income: Overnight Air Cargo 4,047 2,794 Ground Equipment Sales 3,141 3,220 Commercial Jet Engines and Parts (957) 3,619 Corporate and Other (10,638) (878) Total (4,407) 8,755 Capital Expenditures: Overnight Air Cargo 307 148 Ground Equipment Sales 35 156 Commercial Jet Engines and Parts 572 1,204 Corporate and Other 293 50 Total 1,207 1,558 Depreciation and Amortization: Overnight Air Cargo 115 58 Ground Equipment Sales 164 234 Commercial Jet Engines and Parts 2,382 965 Corporate and Other 1,501 603 Total $ 4,162 $ 1,860
Schedule of EBITDA	The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the fiscal year ended March 31, 2023 and 2022 (in thousands): Fiscal year 2023 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) from continuing operations $ 4,047 $ 3,141 $ (957) $ (10,638) $ (4,407) Depreciation and amortization (excluding leased engines depreciation) 115 164 745 1,501 2,525 Asset impairment, restructuring or impairment charges 342 — 7,319 6 179 7,840 Loss (Gain) on sale of property and equipment 1 9 (2) — 8 Securities expenses — — — 63 63 Adjusted EBITDA $ 4,505 $ 3,314 $ 7,105 $ (8,895) $ 6,029 Fiscal year 2022 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) from continuing operations $ 2,794 $ 3,220 $ 3,619 $ (878) $ 8,755 Depreciation and amortization (excluding leased engines depreciation) 58 234 694 603 1,589 Asset impairment, restructuring or impairment charges — — 885 (80) 805 Loss on sale of property and equipment 2 1 2 — 5 Securities expenses — — — 252 252 Adjusted EBITDA $ 2,854 $ 3,455 $ 5,200 $ (103) $ 11,406

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of earnings per common share is as follows (in thousands, except per share data): Year Ended March 31, 2023 2022 Net (loss) income from operations $ (11,785) $ 12,227 Net income from operations attributable to non-controlling interests (510) (1,299) Net (loss) income from operations attributable to Air T, Inc. Stockholders (12,295) 10,928 (Loss) income from operations per share: Basic $ (4.32) $ 3.79 Diluted $ (4.32) $ 3.78 Antidilutive shares excluded from computation of (loss) income per share 5 — Weighted Average Shares Outstanding: Basic 2,847 2,880 Diluted 2,847 2,888

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Redeemable Noncontrolling Interest	The Shanwick RNCI's estimated redemption value is $4.7 million as of March 31, 2023, which was comprised of the following (in thousands): Shanwick's Redeemable Beginning Balance as of April 1, 2022 $ 3,584 Contribution from non-controlling members — Distribution to non-controlling members (336) Net income attributable to non-controlling interests 189 Redemption value adjustments 1,301 Ending Balance as of March 31, 2023 $ 4,738

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)		12 Months Ended
	Jun. 10, 2019 USD ($) shares	Mar. 31, 2023 USD ($) segment shares	Mar. 31, 2022 USD ($)	Feb. 28, 2022	May 14, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle
Number of reportable segments | segment		4
Goodwill		$ 10,563,000	$ 10,126,000
Passthrough cost		29,200,000	23,000,000
Fair Value, Inputs, Level 3
New Accounting Pronouncements or Change in Accounting Principle
Contrail's redeemable non-controlling interest (Level 3)		7,972,000	$ 7,178,000
Air T Funding | Warrant
New Accounting Pronouncements or Change in Accounting Principle
Stock issued during period (in shares) | shares	8,400,000
Stock issued during period	$ 21,000,000
Third Party | Shanwick
New Accounting Pronouncements or Change in Accounting Principle
Ownership interest in subsidiary				30%
Contrail R N C I | Fair Value, Inputs, Level 3
New Accounting Pronouncements or Change in Accounting Principle
Contrail's redeemable non-controlling interest (Level 3)		8,000,000
Shanwick
New Accounting Pronouncements or Change in Accounting Principle
Contrail's redeemable non-controlling interest (Level 3)		$ 4,700,000
Trust Preferred Capital Security
New Accounting Pronouncements or Change in Accounting Principle
Warrant exercised (in shares) | shares		5,300,000
Warrants outstanding and exercisable (in shares) | shares		3,100,000
Trust Preferred Capital Security | Market Offering Agreement
New Accounting Pronouncements or Change in Accounting Principle
Maximum aggregate offering price					$ 8,000,000
Trust Preferred Capital Security | Air T Funding
New Accounting Pronouncements or Change in Accounting Principle
Stock issued during period (in shares) | shares	1,600,000
Stock issued during period	$ 4,000,000
Computer Equipment
New Accounting Pronouncements or Change in Accounting Principle
Property, plant and equipment, useful life		3 years
Flight Equipment
New Accounting Pronouncements or Change in Accounting Principle
Property, plant and equipment, useful life		7 years
Deicers and Other Equipment
New Accounting Pronouncements or Change in Accounting Principle
Property, plant and equipment, useful life		10 years
Building
New Accounting Pronouncements or Change in Accounting Principle
Property, plant and equipment, useful life		30 years
Commercial jet engines and parts
New Accounting Pronouncements or Change in Accounting Principle
Goodwill		$ 4,200,000
Corporate and other
New Accounting Pronouncements or Change in Accounting Principle
Goodwill		6,300,000
Overnight air cargo:
New Accounting Pronouncements or Change in Accounting Principle
Goodwill		$ 100,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Goodwill, at original cost	$ 10,939	$ 10,502
Accumulated impairment	(376)	(376)
Goodwill, net of impairment	$ 10,563	$ 10,126

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of finite-lived intangible asset useful lives (Details)	12 Months Ended
	Mar. 31, 2023
Purchased software
Finite-Lived Intangible Assets
Intangible asset, useful life (year)	3 years
Internally developed software | Minimum
Finite-Lived Intangible Assets
Intangible asset, useful life (year)	10 years
Internally developed software | Maximum
Finite-Lived Intangible Assets
Intangible asset, useful life (year)	15 years
Trade names
Finite-Lived Intangible Assets
Intangible asset, useful life (year)	5 years
Certification
Finite-Lived Intangible Assets
Intangible asset, useful life (year)	5 years
Non-compete
Finite-Lived Intangible Assets
Intangible asset, useful life (year)	5 years
License
Finite-Lived Intangible Assets
Intangible asset, useful life (year)	5 years
Patents
Finite-Lived Intangible Assets
Intangible asset, useful life (year)	9 years
Customer relationships | Minimum
Finite-Lived Intangible Assets
Intangible asset, useful life (year)	10 years
Customer relationships | Maximum
Finite-Lived Intangible Assets
Intangible asset, useful life (year)	15 years

ACQUISITIONS - Schedule of Busi

ACQUISITIONS - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Feb. 10, 2022	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition
Goodwill			$ 10,563	$ 10,126
Worldwide Aviation Services, Inc.
Business Acquisition
Cash consideration	$ 1,628
Seller's Note	1,370
Total consideration	2,998
Less: Cash acquired	(500)
Less: Net assets acquired	(2,422)
Goodwill	$ 76
GdW
Business Acquisition
Cash consideration		$ 15,256
Less: Cash acquired		(2,452)
Less: Net assets acquired		(6,520)
Goodwill		$ 6,284

ACQUISITIONS - Schedule of Reco

ACQUISITIONS - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 31, 2023	Feb. 10, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 02, 2021
LIABILITIES
Less: Net assets acquired	$ (2,422)		$ (2,498)	$ (12,804)
Goodwill			$ 10,563	$ 10,126
Worldwide Aviation Services, Inc.
ASSETS
Accounts receivable	1,037
Inventory	517
Other current assets	97
Property, plant and equipment, net	403
Other assets	20
Total assets	3,118
LIABILITIES
Accounts payable	61
Accrued expenses and deferred revenue	635
Total liabilities	696
Net assets acquired	2,422
Consideration paid	2,998
Less: Cash acquired	(500)
Goodwill	76
Worldwide Aviation Services, Inc. | Trade names
ASSETS
Intangible assets	342
Worldwide Aviation Services, Inc. | Non-compete
ASSETS
Intangible assets	19
Worldwide Aviation Services, Inc. | Customer relationships
ASSETS
Intangible assets	$ 683
Wolfe Lake HQ, LLC
ASSETS
Land					$ 2,794
Building					8,439
Site Improvements					798
Tenant Improvements					269
Intangible assets					1,108
Total assets					$ 13,408
GdW
ASSETS
Accounts receivable		$ 715
Other current assets		67
Property, plant and equipment, net		40
Total assets		10,665
LIABILITIES
Accounts payable		15
Accrued expenses and deferred revenue		1,670
Deferred income tax liabilities, net		2,460
Total liabilities		4,145
Net assets acquired		6,520
Less: Cash acquired		(2,452)
Goodwill		6,284
GdW | Proprietary Database
ASSETS
Intangible assets		2,576
GdW | Customer relationships
ASSETS
Intangible assets		$ 7,267

ACQUISITIONS - Schedule of Reve

ACQUISITIONS - Schedule of Revenues and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition
Revenue	$ 74,377	$ 61,396	$ 60,688	$ 50,862	$ 51,438	$ 45,433	$ 43,238	$ 36,968	$ 247,323	$ 177,077
Operating Expenses									251,730	168,322
Operating Loss									(4,407)	8,755
Non-operating income									(6,946)	4,641
Net income (loss) attributable to Air T, Inc. stockholders	$ (9,040)	$ (590)	$ (1,232)	$ (1,433)	$ 4,346	$ (1,262)	$ 7,555	$ 289	(12,295)	10,928
Worldwide Aviation Services, Inc.
Business Acquisition
Revenue									929
Cost of Sales									676
Operating Expenses									425
Operating Loss									(172)
Non-operating income									(22)
Net income (loss) attributable to Air T, Inc. stockholders									$ (194)
GdW
Business Acquisition
Revenue										887
Cost of Sales										145
Operating Expenses										701
Operating Loss										41
Non-operating income										19
Net income (loss) attributable to Air T, Inc. stockholders										$ 60

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details)			5 Months Ended
	Feb. 10, 2022 USD ($)	Dec. 02, 2021 USD ($) ft² lease	Jun. 30, 2022 USD ($)
Wolfe Lake HQ, LLC
Business Acquisition
Area of land | ft²		54,742
Number of leases acquired | lease		11
Consideration paid		$ 13,400,000
Cash consideration		13,200,000
Capitalized acquisition costs		200,000
Payments to acquire real estate		3,300,000
Wolfe Lake HQ, LLC | Term Loan - Bridgewater | Secured Debt
Business Acquisition
Principle amount		$ 9,900,000
Interest rate stated percentage (as a percentage)		3.65%
GdW
Business Acquisition
Cash consideration	$ 15,256,000
Goodwill			$ 300,000
Adjustment of intangible assets			$ 300,000
Shanwick | GdW
Business Acquisition
Voting interests acquired (as a percentage)	30%

MAJOR CUSTOMER (Details)

MAJOR CUSTOMER (Details) - FedEx Corporation - Customer Concentration Risk	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue Benchmark
Concentration Risk
Concentration risk (as a percentage)	36%	41%
Accounts Receivable
Concentration Risk
Concentration risk (as a percentage)	16%	15%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Fair Value, Inputs, Level 1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Marketable securities (including restricted investments) (Level 1)	$ 2,161	$ 2,550
Fair Value, Inputs, Level 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Interest rate swaps (Level 2)	2,420	889
Fair Value, Inputs, Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Contrail's redeemable non-controlling interest (Level 3)	$ 7,972	$ 7,178

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Contrail's Redeemable Non-Controlling Interest $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning balance	$ 7,178
Contribution from non-controlling member	0
Distribution to non-controlling member	0
Net loss attributable to non-controlling interests	(954)
Fair value adjustment - Contrail (Note 24)	1,748
Ending balance	$ 7,972

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Inventory
Total inventories	$ 74,738	$ 78,289
Reserves	(3,613)	(3,122)
Total inventories, net of reserves	71,125	75,167
Overnight air cargo:
Inventory
Finished goods	546	28
Ground equipment sales
Inventory
Finished goods	6,976	9,264
Raw materials	4,589	4,688
Work in process	153	2,437
Corporate and other
Inventory
Finished goods	726	728
Raw materials	794	705
Commercial jet engines and parts
Inventory
Whole engines available for sale or tear-down	10,141	15,403
Parts	$ 50,813	$ 45,036

INVENTORIES - Narratives (Detai

INVENTORIES - Narratives (Details) - Commercial jet engines and parts $ in Millions	12 Months Ended
	Mar. 31, 2023 USD ($) engine
Inventory
Inventory write-down	$ 7.3
Inventory write down on finished goods held for sale	$ 5.4
Number of engines held for sale | engine	3

LESSOR ARRANGEMENTS - Narrative

LESSOR ARRANGEMENTS - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessor, Lease, Description
Depreciation and  amortization	$ 4,162	$ 1,860
Office leases
Lessor, Lease, Description
Depreciation and  amortization	300	100
Operating lease income	1,400	400
Operating lease income, variable	$ 600	200
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag	operating lease payments
Flight Equipment
Lessor, Lease, Description
Depreciation and  amortization	$ 1,600	300
Contingent rent receivables	0	$ 100
Fixed engine compensation	$ 4,600
Minimum | Office leases
Lessor, Lease, Description
Term of contract (in years)	5 years
Minimum | Flight Equipment
Lessor, Lease, Description
Term of contract (in years)	1 year
Maximum | Office leases
Lessor, Lease, Description
Term of contract (in years)	29 years
Maximum | Flight Equipment
Lessor, Lease, Description
Term of contract (in years)	3 years

LESSOR ARRANGEMENTS - Schedule

LESSOR ARRANGEMENTS - Schedule of Future Fixed Rental Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Office leases
Lessor, Operating Lease, Payments
2024	$ 921
2025	863
2026	852
2027	839
2028	727
Thereafter	3,139
Total	7,341
Flight Equipment
Lessor, Operating Lease, Payments
2024	94
2025	83
2026	7
2027	0
2028	0
Thereafter	0
Total	$ 184

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment, Net
Property and equipment, gross	$ 28,063	$ 26,617
Accumulated depreciation	(6,624)	(5,405)
Property and equipment, net	21,439	21,212
Furniture, fixtures and equipment
Property, Plant and Equipment, Net
Property and equipment, gross	6,547	6,470
Leasehold improvements
Property, Plant and Equipment, Net
Property and equipment, gross	7,666	6,297
Building
Property, Plant and Equipment, Net
Property and equipment, gross	$ 13,850	$ 13,850

INTANGIBLES - Schedule of Finit

INTANGIBLES - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 16,254	$ 15,864
Accumulated amortization	(4,191)	(2,947)
Finite- lived intangible assets, net	12,063	12,917
In-process software	40	343
Intangible Assets, Net (Excluding Goodwill)	12,103	13,260
Capitalized computer software, impairments	300
Purchased software
Finite-Lived Intangible Assets
Gross Carrying Amount	544	447
Internally developed software
Finite-Lived Intangible Assets
Gross Carrying Amount	3,672	4,112
In-place lease and other intangibles
Finite-Lived Intangible Assets
Gross Carrying Amount	1,094	1,108
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	8,050	7,694
Patents
Finite-Lived Intangible Assets
Gross Carrying Amount	1,112	1,112
Other
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 1,782	$ 1,391

INTANGIBLES - Schedule of Fin_2

INTANGIBLES - Schedule of Finite-lived Intangible Assets Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 16,254	$ 15,864
Accumulated amortization	4,191	2,947
Intangible assets, net of accumulated amortization of $4,191 and $2,947	$ 12,063	$ 12,917
WASI Debt
Finite-Lived Intangible Assets
Average Remaining Amortization Period	10 years 9 months
Gross Carrying Amount	$ 1,044
Accumulated amortization	17
Intangible assets, net of accumulated amortization of $4,191 and $2,947	$ 1,027
Trade names | WASI Debt
Finite-Lived Intangible Assets
Average Remaining Amortization Period	8 years 10 months
Gross Carrying Amount	$ 683
Accumulated amortization	13
Intangible assets, net of accumulated amortization of $4,191 and $2,947	$ 670
Non-compete | WASI Debt
Finite-Lived Intangible Assets
Average Remaining Amortization Period	14 years 4 months
Gross Carrying Amount	$ 361
Accumulated amortization	4
Intangible assets, net of accumulated amortization of $4,191 and $2,947	$ 357

INTANGIBLES - Schedule of Estim

INTANGIBLES - Schedule of Estimated Annual Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Amortization
2024	$ 1,236
2025	1,165
2026	1,081
2027	1,025
2028	976
Thereafter	6,580
Finite- lived intangible assets, net	$ 12,063	$ 12,917

INVESTMENTS IN SECURITIES AND_3

INVESTMENTS IN SECURITIES AND DERIVATIVE INSTRUMENTS - Narratives (Details) - USD ($)		2 Months Ended	12 Months Ended
	Mar. 30, 2023	Feb. 24, 2022	Mar. 31, 2023	Mar. 31, 2022	Jan. 07, 2022	Aug. 31, 2021
Derivatives, Fair Value
Long-term debt gross			$ 125,914,000	$ 136,932,000
Derivative loss		$ 100,000
Repayments of long-term debt			27,850,000	3,813,000
Unrealized gain of interest rate swaps, net of tax			998,000	929,000
Gross loss from derivative instrument			300,000	0
Gross gain from derivative instrument				0
Gain from equity investments			500,000	2,400,000
Loss from equity investments			900,000	2,800,000
Margin account outstanding			100,000	0
Cash margin balance			200,000	$ 0
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]				(Loss) Income before income taxes
Fair Value, Inputs, Level 2
Derivatives, Fair Value
Derivative asset			2,420,000	$ 889,000
Unsecured Debt | Contrail Debt
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)					4.68%
Long-term debt gross			$ 50,621,000	57,459,000	$ 43,600,000
Repayments of long-term debt	$ 6,700,000
Margin Account Borrowings
Derivatives, Fair Value
Debt instrument, interest rate borrowings (as a percentage)			6.33%
Interest Rate Swap
Derivatives, Fair Value
Unrealized gain of interest rate swaps, net of tax			$ 1,000,000	900,000
Interest Rate Swap | Fair Value, Inputs, Level 2
Derivatives, Fair Value
Derivative asset			2,400,000	900,000
Parent Company | Unsecured Debt
Derivatives, Fair Value
Long-term debt gross			$ 47,963,000	51,813,000
Term Note A - MBT | Parent Company | Unsecured Debt
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)			3.42%			3.42%
Long-term debt gross			$ 7,762,000	8,542,000
Term Note A - MBT | Parent Company | Interest Rate Swap | Unsecured Debt
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)			4.56%
Term Note D - MBT | Parent Company | Unsecured Debt
Derivatives, Fair Value
Long-term debt gross			$ 1,338,000	$ 1,405,000
Term Note D - MBT | Parent Company | Interest Rate Swap | Unsecured Debt
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)			5.09%

INVESTMENTS IN SECURITIES AND_4

INVESTMENTS IN SECURITIES AND DERIVATIVE INSTRUMENTS - Fair Value in the Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Exchange-traded options & futures
Derivative asset	$ 179	$ 0
Exchange-traded options & futures
Derivative liability	2	0
Exchange-traded options & futures
Exchange-traded options & futures
Derivative asset	179	0
Exchange-traded options & futures
Derivative liability	$ 2	$ 0

EQUITY METHOD INVESTMENTS - Nar

EQUITY METHOD INVESTMENTS - Narrative (Details) - USD ($) shares in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Schedule of Equity Method Investments
Equity method investments	$ 13,230,000				$ 9,864,000				$ 13,230,000		$ 9,864,000
Net (loss) income	(9,755,000)	$ 108,000	$ (1,336,000)	$ (802,000)	5,086,000	$ (1,189,000)	$ 8,003,000	$ 327,000	(11,785,000)		12,227,000
Income from equity method investments									1,460,000		37,000
Promissory Note - CCI
Schedule of Equity Method Investments
Minimum net worth required for compliance	$ 2,000,000								$ 2,000,000
Insignia
Schedule of Equity Method Investments
Net (loss) income			11,800,000
Insignia
Schedule of Equity Method Investments
Number of shares held (in shares)	0.5								0.5
Ownership (as a percentage)	27%								27%
Equity method investments	$ 1,700,000				$ 0				$ 1,700,000		$ 0
Gain (loss) related to litigation settlement			$ 12,000,000
Income from equity method investments	1,700,000								3,100,000
Income from equity method investments allocated to cumulative unrecorded share of losses	$ 1,400,000								$ 1,400,000
Cadillac Castings, Inc
Schedule of Equity Method Investments
Ownership (as a percentage)	20.10%								20.10%
Equity method investments	$ 3,100,000								$ 3,100,000
Income from equity method investments										$ 800,000
Difference between carrying amount and underlying equity	$ 300,000					$ (50,000)			$ 300,000

EQUITY METHOD INVESTMENTS - Sch

EQUITY METHOD INVESTMENTS - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments
Revenue	$ 74,377	$ 61,396	$ 60,688	$ 50,862	$ 51,438	$ 45,433	$ 43,238	$ 36,968	$ 247,323		$ 177,077
Operating income (loss)									(4,407)		8,755
Net (loss) income	(9,755)	108	(1,336)	(802)	5,086	(1,189)	8,003	327	(11,785)		12,227
Net income (loss) attributable to Air T, Inc. stockholders	$ (9,040)	$ (590)	(1,232)	$ (1,433)	$ 4,346	$ (1,262)	$ 7,555	$ 289	$ (12,295)		$ 10,928
Insignia
Schedule of Equity Method Investments
Net (loss) income			$ 11,800
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments
Revenue										$ 146,399		$ 115,051
Gross Profit										20,668		5,642
Operating income (loss)										16,631		(9,627)
Net (loss) income										14,256		(7,473)
Net income (loss) attributable to Air T, Inc. stockholders										$ 2,473		$ (815)

EMPLOYEE RETENTION CREDIT (Deta

EMPLOYEE RETENTION CREDIT (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Postemployment Benefits [Abstract]
Employee retention credit receivable	$ 940	$ 9,138
Proceeds from employee retention credit	$ 8,200

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Payables and Accruals [Abstract]
Salaries, wages and related items	$ 4,748	$ 4,232
Profit sharing and bonus	1,672	1,365
Other deposits	2,560	2,948
Other	4,153	4,846
Total	$ 13,133	$ 13,391

LESSEE ARRANGEMENTS - Narrative

LESSEE ARRANGEMENTS - Narrative (Details)	Mar. 31, 2023
Real Estate
Lessee, Lease, Description
Lease term (in years)	30 years
Minimum
Lessee, Lease, Description
Lease term (in years)	2 years
Maximum
Lessee, Lease, Description
Lease term (in years)	5 years

LESSEE ARRANGEMENTS - Lease Cos

LESSEE ARRANGEMENTS - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 2,078	$ 2,102
Short-term lease cost	730	603
Variable lease cost	625	722
Total lease cost	3,433	3,427
Operating leases
Operating lease ROU assets	11,666	7,354
Operating lease liabilities	$ 12,435	$ 8,177
Weighted-average remaining lease term
Operating leases	12 years 10 months	13 years 5 months
Weighted-average discount rate
Operating leases	4.95%	4.33%

LESSEE ARRANGEMENTS - Operating

LESSEE ARRANGEMENTS - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Operating Leases
2024	$ 2,265
2025	2,112
2026	1,827
2027	1,674
2028	1,202
Thereafter	8,944
Total undiscounted lease payments	18,024
Interest	(4,698)
Discount	(891)
Total lease liabilities	$ 12,435	$ 8,177

FINANCING ARRANGEMENTS - Narrat

FINANCING ARRANGEMENTS - Narrative (Details) - USD ($)			12 Months Ended
	Mar. 30, 2023	Jun. 09, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Nov. 08, 2022	Jun. 08, 2022	Jan. 31, 2022	Jan. 07, 2022
Debt Instrument
Long-term debt gross			$ 125,914,000	$ 136,932,000
Debt instrument, covenant debt service coverage ratio			1.10
Repayments of long-term debt			$ 27,850,000	$ 3,813,000
Weighted average interest rate (as a percentage)			7.77%	3.90%
Unsecured Debt
Debt Instrument
Guarantor obligations			$ 1,600,000
Unsecured Debt | Parent Company
Debt Instrument
Long-term debt gross			47,963,000	$ 51,813,000
Unsecured Debt | Jet Yard Debt
Debt Instrument
Long-term debt gross			1,844,000	1,943,000
Unsecured Debt | Contrail Debt
Debt Instrument
Interest rate stated percentage (as a percentage)									4.68%
Long-term debt gross			50,621,000	57,459,000					$ 43,600,000
Repayments of long-term debt	$ 6,700,000
Unsecured Debt | Contrail Debt | Period One
Debt Instrument
Debt covenant tangible asset net worth						$ 12,000,000
Unsecured Debt | Contrail Debt | Period Two
Debt Instrument
Debt covenant tangible asset net worth						$ 15,000,000
Unsecured Debt | Worldwide Aviation, LLC
Debt Instrument
Interest rate stated percentage (as a percentage)								6%
Long-term debt gross								$ 1,500,000
Promissory Note - CCI
Debt Instrument
Minimum net worth required for compliance			$ 2,000,000
Promissory Note - CCI | Unsecured Debt | Parent Company
Debt Instrument
Minimum net worth required for compliance					$ 2,000,000
Interest rate stated percentage (as a percentage)			10%		10%
Long-term debt gross			$ 0	0
Promissory Note - CCI | Unsecured Debt | Jet Yard Debt
Debt Instrument
Minimum net worth required for compliance		$ 5,000,000
Line of credit maximum borrowing capacity		22,000,000					$ 17,000,000
Amended Promissory Note | Unsecured Debt | Jet Yard Debt
Debt Instrument
Debt instrument, outstanding credit rate trigger		$ 17,000,000
Amended Promissory Note | Unsecured Debt | Jet Yard Debt | Below 17m outstanding
Debt Instrument
Interest rate stated percentage (as a percentage)		2.50%
Amended Promissory Note | Unsecured Debt | Jet Yard Debt | Below 17m outstanding | Prime Rate
Debt Instrument
Basis spread on variable rate (as a percentage)		1%
Commitment fee (as a percentage)		0.11%
Amended Promissory Note | Unsecured Debt | Jet Yard Debt | Above 17m outstanding
Debt Instrument
Interest rate stated percentage (as a percentage)		2.50%
Amended Promissory Note | Unsecured Debt | Jet Yard Debt | Above 17m outstanding | Prime Rate
Debt Instrument
Basis spread on variable rate (as a percentage)		0.50%
Commitment fee (as a percentage)		0.20%
Overline Note - MBT | Unsecured Debt
Debt Instrument
Employee retention tax credit		$ 9,100,000
Received refunds		$ 2,600,000
Overline Note - MBT | Unsecured Debt | Parent Company
Debt Instrument
Interest rate stated percentage (as a percentage)			2.50%
Employee retention tax credit				9,100,000
Long-term debt gross			$ 0	0
Overline Note - MBT | Unsecured Debt | Prime Rate | Parent Company
Debt Instrument
Basis spread on variable rate (as a percentage)			0.50%
Revolver - MBT | Unsecured Debt | Parent Company
Debt Instrument
Interest rate stated percentage (as a percentage)			2.50%
Long-term debt gross			$ 8,742,000	10,969,000
Revolver - MBT | Unsecured Debt | Prime Rate | Parent Company
Debt Instrument
Basis spread on variable rate (as a percentage)			1%
Master Loan Agreement
Debt Instrument
Debt instrument, principal payments			$ 20,000,000
Term Loan G - ONB | Unsecured Debt | Contrail Debt
Debt Instrument
Basis spread on variable rate (as a percentage)			3%
Long-term debt gross			$ 38,180,000	$ 44,918,000
Repayments of long-term debt			$ 6,700,000

FINANCING ARRANGEMENTS - Schedu

FINANCING ARRANGEMENTS - Schedule of Debt (Details) - USD ($)		3 Months Ended	12 Months Ended
	May 26, 2023	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 09, 2022	Mar. 31, 2022	Jan. 07, 2022	Aug. 31, 2021
Debt Instrument
Long-term debt gross		$ 125,914,000	$ 125,914,000			$ 136,932,000
Unamortized Debt Issuance Costs		(829,000)	(829,000)			(1,124,000)
Total Debt, net		125,085,000	125,085,000			135,808,000
AirCo 1 Debt | Unsecured Debt
Debt Instrument
Long-term debt gross		6,393,000	6,393,000			6,393,000
Jet Yard Debt | Unsecured Debt
Debt Instrument
Long-term debt gross		1,844,000	1,844,000			1,943,000
Contrail Debt | Unsecured Debt
Debt Instrument
Long-term debt gross		50,621,000	50,621,000			57,459,000	$ 43,600,000
Interest rate stated percentage (as a percentage)							4.68%
Delphax Solutions Debt | Notes Payable to Banks
Debt Instrument
Long-term debt gross		30,000	30,000			32,000
Wolfe Lake Debt | Notes Payable to Banks
Debt Instrument
Long-term debt gross		9,586,000	9,586,000			9,837,000
Air T Acquisition 22.1 | Notes Payable to Banks
Debt Instrument
Long-term debt gross		8,198,000	8,198,000			9,455,000
WASI Debt | Notes Payable to Banks
Debt Instrument
Long-term debt gross		1,279,000	1,279,000			0
Overline Note - MBT | Unsecured Debt
Debt Instrument
Employee retention tax credit					$ 9,100,000
Term Note F - MBT | Unsecured Debt
Debt Instrument
Long-term debt gross					$ 1,000,000
Interest rate stated percentage (as a percentage)					6%
Term Note F - MBT | Prime Rate | Unsecured Debt
Debt Instrument
Interest rate stated percentage (as a percentage)					1%
Promissory Note - CCI
Debt Instrument
Minimum net worth required for compliance		2,000,000	2,000,000
Promissory Note - CCI | Jet Yard Debt | Unsecured Debt
Debt Instrument
Minimum net worth required for compliance					$ 5,000,000
Term Loan - Park State Bank ("PSB") | AirCo 1 Debt | Unsecured Debt
Debt Instrument
Long-term debt gross		6,393,000	$ 6,393,000			6,393,000
Basis spread on variable rate (as a percentage)			3%
Term Loan - Park State Bank ("PSB") | AirCo 1 Debt | Unsecured Debt | Subsequent Event
Debt Instrument
Minimum net worth required for compliance	$ 6,400,000
Term Loan - MBT | Jet Yard Debt | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 1,844,000	$ 1,844,000			1,943,000
Interest rate stated percentage (as a percentage)		4.14%	4.14%
Revolver - ONB | Contrail Debt | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 12,441,000	$ 12,441,000			3,843,000
Basis spread on variable rate (as a percentage)			3.45%
Unused commitments		12,559,000	$ 12,559,000
Revolver - ONB | Contrail Debt | Unsecured Debt | Subsequent Event
Debt Instrument
Minimum net worth required for compliance	$ 25,000,000
Revolver - ONB | Contrail Debt | 1 Month LIBOR | Unsecured Debt | Subsequent Event
Debt Instrument
Basis spread on variable rate (as a percentage)	3.56%
Term Loan G - ONB | Contrail Debt | Unsecured Debt
Debt Instrument
Long-term debt gross		38,180,000	$ 38,180,000			44,918,000
Basis spread on variable rate (as a percentage)			3%
Term Loan G - ONB | Contrail Debt | Unsecured Debt | Subsequent Event
Debt Instrument
Minimum net worth required for compliance	$ 38,200,000
Term Loan G - ONB | Contrail Debt | 1 Month LIBOR | Unsecured Debt | Subsequent Event
Debt Instrument
Basis spread on variable rate (as a percentage)	3.11%
Minimum net worth required for compliance	$ 38,200,000
Term Loan H - ONB | Contrail Debt | Unsecured Debt
Debt Instrument
Long-term debt gross		0	$ 0			8,698,000
Term Loan H - ONB | Contrail Debt | Prime Rate | Unsecured Debt
Debt Instrument
Basis spread on variable rate (as a percentage)			0.75%
Canadian Emergency Business Account Loan | Delphax Solutions Debt | Notes Payable to Banks
Debt Instrument
Long-term debt gross		$ 30,000	$ 30,000			32,000
Interest rate stated percentage (as a percentage)		5%	5%
Term Loan - Bridgewater | Wolfe Lake Debt | Notes Payable to Banks
Debt Instrument
Long-term debt gross		$ 9,586,000	$ 9,586,000			9,837,000
Interest rate stated percentage (as a percentage)		3.65%	3.65%
Term Loan - Bridgewater | Air T Acquisition 22.1 | Notes Payable to Banks
Debt Instrument
Long-term debt gross		$ 4,500,000	$ 4,500,000			5,000,000
Interest rate stated percentage (as a percentage)		4%	4%
Term Loan A - ING | Air T Acquisition 22.1 | Notes Payable to Banks
Debt Instrument
Long-term debt gross		$ 2,610,000	$ 2,610,000			3,341,000
Interest rate stated percentage (as a percentage)		3.50%	3.50%
Term Loan B - ING | Air T Acquisition 22.1 | Notes Payable to Banks
Debt Instrument
Long-term debt gross		$ 1,088,000	$ 1,088,000			1,114,000
Interest rate stated percentage (as a percentage)		4%	4%
Promissory Note - Seller's Note | WASI Debt | Notes Payable to Banks
Debt Instrument
Long-term debt gross		$ 1,279,000	$ 1,279,000			0
Interest rate stated percentage (as a percentage)		6%	6%
Parent Company | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 47,963,000	$ 47,963,000			51,813,000
Parent Company | Revolver - MBT | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 8,742,000	$ 8,742,000			10,969,000
Interest rate stated percentage (as a percentage)		2.50%	2.50%
Unused commitments		$ 8,258,000	$ 8,258,000
Parent Company | Revolver - MBT | Prime Rate | Unsecured Debt
Debt Instrument
Basis spread on variable rate (as a percentage)			1%
Parent Company | Overline Note - MBT | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 0	$ 0			0
Interest rate stated percentage (as a percentage)		2.50%	2.50%
Received refunds		$ 2,600,000
Employee retention tax credit						9,100,000
Parent Company | Overline Note - MBT | Prime Rate | Unsecured Debt
Debt Instrument
Basis spread on variable rate (as a percentage)			0.50%
Parent Company | Term Note A - MBT | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 7,762,000	$ 7,762,000			8,542,000
Interest rate stated percentage (as a percentage)		3.42%	3.42%					3.42%
Parent Company | Term Note B - MBT | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 2,740,000	$ 2,740,000			3,014,000
Interest rate stated percentage (as a percentage)		3.42%	3.42%
Parent Company | Term Note D - MBT | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 1,338,000	$ 1,338,000			1,405,000
Parent Company | Term Note D - MBT | 1 Month LIBOR | Unsecured Debt
Debt Instrument
Basis spread on variable rate (as a percentage)			2%
Parent Company | Term Note E - MBT | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 800,000	$ 800,000			2,316,000
Interest rate stated percentage (as a percentage)		2.50%	2.50%
Parent Company | Term Note E - MBT | London Interbank Offered Rate (LIBOR) | Unsecured Debt
Debt Instrument
Basis spread on variable rate (as a percentage)			1.50%
Parent Company | Term Note F - MBT | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 983,000	$ 983,000			0
Parent Company | Term Note F - MBT | Prime Rate | Unsecured Debt
Debt Instrument
Basis spread on variable rate (as a percentage)			1%
Interest rate stated percentage (as a percentage)		6%	6%
Parent Company | Promissory Note - CCI | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 0	$ 0			0
Interest rate stated percentage (as a percentage)		10%	10%	10%
Minimum net worth required for compliance				$ 2,000,000
Parent Company | Debt - Trust Preferred Securities | Unsecured Debt
Debt Instrument
Long-term debt gross		$ 25,598,000	$ 25,598,000			$ 25,567,000
Interest rate stated percentage (as a percentage)		8%	8%

FINANCING ARRANGEMENTS - Sche_2

FINANCING ARRANGEMENTS - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Long-term Debt, Fiscal Year Maturity
2024	$ 38,736
2025	10,878
2026	27,034
2027	5,538
2028	4,016
Thereafter	39,712
Long-term debt gross	125,914	$ 136,932
Unamortized Debt Issuance Costs	(829)	(1,124)
Total Debt, net	$ 125,085	$ 135,808

FINANCING ARRANGEMENTS - Intere

FINANCING ARRANGEMENTS - Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Contractual interest	$ 7,932	$ 4,808
Amortization of deferred financing costs	331	367
Interest income	(328)	(227)
Total	$ 7,935	$ 4,948

RELATED PARTY MATTERS (Details)

RELATED PARTY MATTERS (Details)	12 Months Ended
	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)
Related Party Transaction
Operating cash payments for operating leases	$ 1,881,000	$ 1,824,000
Total current assets	116,557,000	$ 128,243,000
Chief Investment Officer
Related Party Transaction
Payment for earnest money deposit	$ 51,500
Cadillac Castings, Inc
Related Party Transaction
Ownership (as a percentage)	20.10%
Cadillac Castings, Inc | Chief Executive Officer
Related Party Transaction
Ownership (as a percentage)	69.90%
Air T Acquisition 22.1 | Asset Pledged as Collateral with Right | Trust Preferred Capital Security
Related Party Transaction
Total current assets	$ 5,000,000
Cumulative dividend rate (as a percentage)	8%
Contrail Aviation Support, Inc. | Contrail
Related Party Transaction
Area of real estate property | ft²	21,000
Operating cash payments for operating leases	$ 200,000
Thomas Funds Americas, LLC
Related Party Transaction
Service rendered	$ 100,000

EMPLOYEE AND NON-EMPLOYEE STO_3

EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS - Narrative (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Mar. 31, 2021	Dec. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Options, grants in period (in shares)	0	0
Exercise of stock options (in shares)	3,750	0
Exercised (in USD per share)	$ 5.75	$ 0
Exercisable (in shares)	7,500
Fair value	$ 135,000	$ 182,000		$ 193,000
Employee and Non Employee Director Options
Share-based Compensation Arrangement by Share-based Payment Award
Options, grants in period (in shares)	0	0
Stock-based compensation expense	$ 0	$ 0
Unrecognized compensation expense	$ 0
Air T's 2012 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Exercise of stock options (in shares)	3,750
Exercised (in USD per share)	$ 5.75
Omnibus Stock And Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 300,000	$ 400,000
Shares authorized under the plan (in shares)					420,000
Number of shares granted (in shares)	326,000
Stock price condition (in shares)			32,600
Exercisable (in shares)	293,400
Fair value					$ 1,300,000
Unrecognized compensation cost	$ 600,000
Weighted average period	8 years 3 months

EMPLOYEE AND NON-EMPLOYEE STO_4

EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS - Share-based Payment Arrangement, Option, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Shares
Outstanding beginning balance (in shares)	11,250	11,250
Granted (in shares)	0	0
Exercised, shares (in shares)	(3,750)	0
Forfeited (in shares)	0	0
Repurchased (in shares)	0	0
Outstanding ending balance (in shares)	7,500	11,250	11,250
Exercisable (in shares)	7,500
Weighted Average Exercise Price Per Share
Outstanding beginning balance (in USD per share)	$ 6.61	$ 6.61
Granted (in USD per share)	0	0
Exercised (in USD per share)	5.75	0
Forfeited (in USD per share)	0	0
Repurchased (in USD per share)	0	0
Outstanding ending balance (in USD per share)	7.04	$ 6.61	$ 6.61
Exercisable (in USD per share)	$ 7.04
Weighted Average Remaining Life (Years)	4 months 24 days	1 year 25 days	2 years 25 days
Weighted Average Remaining Life, Exercisable (Years)	4 months 24 days
Aggregate Intrinsic Value	$ 135	$ 182	$ 193
Aggregate Intrinsic Value, Exercisable	$ 135

EMPLOYEE AND NON-EMPLOYEE STO_5

EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS - Plan's Black-Scholes Option Pricing Model (Details)	12 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	0.94%
Expected dividend yield	0%
Expected term	10 years
Expected volatility	44.29%

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue
Revenue	$ 74,377	$ 61,396	$ 60,688	$ 50,862	$ 51,438	$ 45,433	$ 43,238	$ 36,968	$ 247,323	$ 177,077
Air Cargo
Disaggregation of Revenue
Revenue									90,543	74,409
Ground equipment sales
Disaggregation of Revenue
Revenue									48,485	42,239
Commercial jet engines and parts
Disaggregation of Revenue
Revenue									101,737	57,689
Corporate and other
Disaggregation of Revenue
Revenue									6,558	2,740
Product Sales | Air Cargo
Disaggregation of Revenue
Revenue from customer contracts									29,493	23,011
Product Sales | Ground equipment sales
Disaggregation of Revenue
Revenue from customer contracts									47,100	40,676
Product Sales | Commercial jet engines and parts
Disaggregation of Revenue
Revenue from customer contracts									89,700	49,356
Product Sales | Corporate and other
Disaggregation of Revenue
Revenue from customer contracts									266	285
Support Services | Air Cargo
Disaggregation of Revenue
Revenue from customer contracts									60,857	51,344
Support Services | Ground equipment sales
Disaggregation of Revenue
Revenue from customer contracts									587	518
Support Services | Commercial jet engines and parts
Disaggregation of Revenue
Revenue from customer contracts									9,539	7,049
Support Services | Corporate and other
Disaggregation of Revenue
Revenue from customer contracts									4,328	1,167
Leasing Revenue | Air Cargo
Disaggregation of Revenue
Revenue not from customer contracts									0	0
Leasing Revenue | Ground equipment sales
Disaggregation of Revenue
Revenue not from customer contracts									154	383
Leasing Revenue | Commercial jet engines and parts
Disaggregation of Revenue
Revenue not from customer contracts									2,365	1,156
Leasing Revenue | Corporate and other
Disaggregation of Revenue
Revenue not from customer contracts									1,582	571
Other | Air Cargo
Disaggregation of Revenue
Revenue not from customer contracts									193	54
Other | Ground equipment sales
Disaggregation of Revenue
Revenue not from customer contracts									644	662
Other | Commercial jet engines and parts
Disaggregation of Revenue
Revenue not from customer contracts									133	128
Other | Corporate and other
Disaggregation of Revenue
Revenue not from customer contracts									$ 382	$ 717

REVENUE RECOGNITION - Schedul_2

REVENUE RECOGNITION - Schedule of Contract with Customer, Asset and Liability (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($)
Contract With Customers
Contract with customer, liabilities, beginning balance	$ 4,727
Outstanding contract liabilities recognized as revenue	(3,984)
Contract with customer, liabilities, ending balance	$ 5,000

EMPLOYEE BENEFITS (Details)

EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan, Expected Future Employer Contributions [Abstract]
Employer discretionary contribution amount	$ 0.7	$ 0.6
Profit sharing expenses	$ 2.4	$ 2

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Current:
Federal	$ 46	$ 1,358
State	150	44
Foreign	845	134
Total current	1,041	1,536
Deferred:
Federal	29	(507)
State	(442)	140
Foreign	(196)	0
Total deferred	(609)	(367)
Income tax expense (benefit)	$ 432	$ 1,169

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Nov. 24, 2015
Income Tax Examination
Expected Federal income tax expense (benefit) U.S. statutory rate	21%	21%
Foreign tax credit carryforward	$ 391	$ 263
Change in valuation allowance	3,149	(2,251)
Valuation allowance	8,007	4,774
Delphax
Income Tax Examination
Ownership (as a percentage)			67%
Delphax Solutions
Income Tax Examination
Change in valuation allowance	300
Delphax Technologies
Income Tax Examination
Change in valuation allowance		200
Delphax
Income Tax Examination
Change in valuation allowance	0	(2,200)
Federal Tax Authority
Income Tax Examination
Total operating loss carryforwards	1,700
Federal Tax Authority | Delphax
Income Tax Examination
Total operating loss carryforwards	8,400
Foreign Tax Authority | Delphax
Income Tax Examination
Total operating loss carryforwards	5,400
Foreign Tax Authority | Delphax | Research Tax Credit Carryforward
Income Tax Examination
Valuation allowance	3,400	$ 3,100
State
Income Tax Examination
Total operating loss carryforwards	9,400
State | Delphax
Income Tax Examination
Total operating loss carryforwards	$ 2,200

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effective Income Tax Rate Reconciliation, Amount
Expected Federal income tax expense (benefit) U.S. statutory rate	$ (2,384)	$ 2,813
State income taxes, net of federal benefit	(558)	177
Permanent Items	28	(165)
Micro-captive insurance benefit	(274)	(233)
Change in valuation allowance	3,149	(2,251)
Income attributable to minority interest - Contrail	190	(174)
Write-off Delphax Tech SAS	0	2,225
PPP Loan Forgiveness	0	(1,650)
Other differences, net	281	427
Income tax expense (benefit)	$ 432	$ 1,169
Effective Income Tax Rate Reconciliation, Percent
Expected Federal income tax expense (benefit) U.S. statutory rate	21%	21%
State income taxes, net of federal benefit	4.90%	1.30%
Permanent Items	(0.20%)	(1.20%)
Micro-captive insurance benefit	2.40%	(1.80%)
Change in valuation allowance	(27.70%)	(16.80%)
Income attributable to minority interest - Contrail	(1.70%)	(1.30%)
Write-off Delphax Tech SAS	0%	16.60%
PPP Loan Forgiveness	0%	(12.30%)
Other differences, net	(2.50%)	3.20%
Income tax expense (benefit)	(3.80%)	8.70%

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Total deferred tax assets
Net operating loss & attribute carryforwards	$ 5,968	$ 3,794
Unrealized losses on investments	1,740	1,669
Inventory reserve	851	682
Accrued vacation	421	327
Foreign tax credit	391	263
Accounts and notes receivable	182	235
Interest rate swaps	77	138
Investment in partnerships	1,723	671
Lease liabilities	3,000	1,691
Other deferred tax assets	115	286
Total deferred tax assets	14,468	9,756
Total deferred tax liabilities
Bargain purchase gain	(191)	(447)
Property and equipment	(1,804)	(1,532)
Right-of-use assets	(2,815)	(1,511)
Capital gain deferment	(1,799)	(1,696)
Foreign intangible assets	(2,159)	(2,572)
Other deferred tax liabilities	(110)	(36)
Total deferred tax liabilities	(8,878)	(7,794)
Net deferred tax assets	5,590	1,962
Less valuation allowance	(8,007)	(4,774)
Net deferred tax liabilities	$ (2,417)	$ (2,812)

QUARTERLY FINANCIAL INFORMATI_3

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Quarterly Financial Data [Abstract]
Revenue	$ 74,377	$ 61,396	$ 60,688	$ 50,862	$ 51,438	$ 45,433	$ 43,238	$ 36,968	$ 247,323	$ 177,077
Net (loss) income	(9,755)	108	(1,336)	(802)	5,086	(1,189)	8,003	327	(11,785)	12,227
Less: (Income) Loss attributable to non-controlling interests	715	(698)	104	(631)	(740)	(73)	(448)	(38)	(510)	(1,299)
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (9,040)	$ (590)	$ (1,232)	$ (1,433)	$ 4,346	$ (1,262)	$ 7,555	$ 289	$ (12,295)	$ 10,928
Basic Income (Loss) per share from continuing operations (in dollars per share)	$ (3.15)	$ (0.21)	$ (0.43)	$ (0.50)	$ 1.51	$ (0.44)	$ 2.62	$ 0.10
Diluted Income (Loss) per share from continuing operations (in dollars per share)	$ (3.15)	$ (0.21)	$ (0.43)	$ (0.50)
Basic (in dollars per share)					$ 1.51	$ (0.44)	$ 2.60	$ 0.10	$ (4.32)	$ 3.79
Antidilutive shares excluded from computation of income (loss) per share (in shares)	5	5	4	7	0	11	0	0	5	0

GEOGRAPHICAL INFORMATION - Sche

GEOGRAPHICAL INFORMATION - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Total tangible long-lived assets, net	$ 21,522	$ 35,721
United States
Segment Reporting Information
Total tangible long-lived assets, net	21,433	34,067
Foreign
Segment Reporting Information
Total tangible long-lived assets, net	89	1,654
Macau
Segment Reporting Information
Total tangible long-lived assets, net	0	1,351
Other
Segment Reporting Information
Total tangible long-lived assets, net	$ 89	$ 303

GEOGRAPHICAL INFORMATION - Sc_2

GEOGRAPHICAL INFORMATION - Schedule of Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Revenue, Major Customer
Total revenue	$ 74,377	$ 61,396	$ 60,688	$ 50,862	$ 51,438	$ 45,433	$ 43,238	$ 36,968	$ 247,323	$ 177,077
United States
Revenue, Major Customer
Total revenue									199,572	142,898
Foreign
Revenue, Major Customer
Total revenue									$ 47,751	$ 34,179

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	4

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Total revenue	$ 74,377	$ 61,396	$ 60,688	$ 50,862	$ 51,438	$ 45,433	$ 43,238	$ 36,968	$ 247,323	$ 177,077
Operating income (loss)									(4,407)	8,755
Capital expenditures									1,207	1,558
Depreciation and amortization									4,162	1,860
Overnight air cargo:
Segment Reporting Information
Total revenue									90,543	74,409
Operating income (loss)									4,047	2,794
Capital expenditures									307	148
Depreciation and amortization									115	58
Overnight air cargo: | Domestic
Segment Reporting Information
Total revenue									90,370	65,441
Overnight air cargo: | International
Segment Reporting Information
Total revenue									173	8,968
Ground equipment sales
Segment Reporting Information
Total revenue									48,485	42,239
Operating income (loss)									3,141	3,220
Capital expenditures									35	156
Depreciation and amortization									164	234
Ground equipment sales | Domestic
Segment Reporting Information
Total revenue									38,652	35,089
Operating income (loss)									3,141	3,220
Ground equipment sales | International
Segment Reporting Information
Total revenue									9,833	7,150
Commercial jet engines and parts
Segment Reporting Information
Total revenue									101,737	57,689
Operating income (loss)									(957)	3,619
Capital expenditures									572	1,204
Depreciation and amortization									2,382	965
Commercial jet engines and parts | Domestic
Segment Reporting Information
Total revenue									67,599	40,798
Operating income (loss)									(957)	3,619
Commercial jet engines and parts | International
Segment Reporting Information
Total revenue									34,138	16,891
Corporate and other
Segment Reporting Information
Total revenue									6,558	2,740
Operating income (loss)									(10,638)	(878)
Capital expenditures									293	50
Depreciation and amortization									1,501	603
Corporate and other | Domestic
Segment Reporting Information
Total revenue									2,952	1,571
Corporate and other | International
Segment Reporting Information
Total revenue									$ 3,606	$ 1,169

SEGMENT INFORMATION - Adjusted

SEGMENT INFORMATION - Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Operating (Loss) Income	$ (4,407)	$ 8,755
Depreciation and amortization (excluding leased engines depreciation)	2,525	1,589
Asset impairment, restructuring or impairment charges	7,840	805
Loss (Gain) on sale of property and equipment	8	5
Securities expenses	63	252
Adjusted EBITDA	6,029	11,406
Overnight air cargo:
Segment Reporting Information
Operating (Loss) Income	4,047	2,794
Depreciation and amortization (excluding leased engines depreciation)	115	58
Asset impairment, restructuring or impairment charges	342	0
Loss (Gain) on sale of property and equipment	1	2
Securities expenses	0	0
Adjusted EBITDA	4,505	2,854
Ground equipment sales
Segment Reporting Information
Operating (Loss) Income	3,141	3,220
Ground equipment sales | Domestic
Segment Reporting Information
Operating (Loss) Income	3,141	3,220
Depreciation and amortization (excluding leased engines depreciation)	164	234
Asset impairment, restructuring or impairment charges	0	0
Loss (Gain) on sale of property and equipment	9	1
Securities expenses	0	0
Adjusted EBITDA	3,314	3,455
Commercial jet engines and parts
Segment Reporting Information
Operating (Loss) Income	(957)	3,619
Commercial jet engines and parts | Domestic
Segment Reporting Information
Operating (Loss) Income	(957)	3,619
Depreciation and amortization (excluding leased engines depreciation)	745	694
Asset impairment, restructuring or impairment charges	7,319	885
Loss (Gain) on sale of property and equipment	(2)	2
Securities expenses	0	0
Adjusted EBITDA	7,105	5,200
Corporate and other
Segment Reporting Information
Operating (Loss) Income	(10,638)	(878)
Depreciation and amortization (excluding leased engines depreciation)	1,501	603
Asset impairment, restructuring or impairment charges	179	(80)
Loss (Gain) on sale of property and equipment	0	0
Securities expenses	63	252
Adjusted EBITDA	$ (8,895)	$ (103)

EARNINGS PER COMMON SHARE - Sch

EARNINGS PER COMMON SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net (loss) income	$ (9,755)	$ 108	$ (1,336)	$ (802)	$ 5,086	$ (1,189)	$ 8,003	$ 327	$ (11,785)	$ 12,227
Net Income Attributable to Non-controlling Interests	715	(698)	104	(631)	(740)	(73)	(448)	(38)	(510)	(1,299)
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (9,040)	$ (590)	$ (1,232)	$ (1,433)	$ 4,346	$ (1,262)	$ 7,555	$ 289	$ (12,295)	$ 10,928
(Loss) income from operations per share:
Basic (in dollars per share)					$ 1.51	$ (0.44)	$ 2.60	$ 0.10	$ (4.32)	$ 3.79
Diluted (in dollars per share)									$ (4.32)	$ 3.78
Antidilutive shares excluded from computation of income (loss) per share from continuing operations (in shares)	5,000	5,000	4,000	7,000	0	11,000	0	0	5,000	0
Weighted Average Shares Outstanding:
Basic (in shares)									2,847,000	2,880,000
Diluted (in shares)									2,847,000	2,888,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands		12 Months Ended
	May 05, 2021 USD ($) interest	Mar. 31, 2023 USD ($) installment anniversary	Mar. 31, 2022 USD ($)	Feb. 28, 2022
Commitments and Contingencies
Change in redemption value		$ 800
Net loss attributable to and and distributions non-controlling interest		(1,000)
Adjustment to fair value of redeemable non-controlling interests		1,800
Number of classes of equity interests | interest	2
Equity method investments		$ 13,230	$ 9,864
Put option issued to co-investor in CAM			1,000
Number of anniversary has fixed price put option | anniversary		3
Number of years after execution of agreement (in years)		5 years
Eexercise price at fair value (as a percentage)		112.50%
Number of installments after exercise | installment		3
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other non-current liabilities
CAM
Commitments and Contingencies
Ownership interest in subsidiary	90%
Minority interest, ownership (as a percentage)	10%
Noncontrolling interest, increase from subsidiary equity issuance	$ 1,000
Offshore Series
Commitments and Contingencies
Payments for capital commitments		$ 6,900
Onshore Series
Commitments and Contingencies
Payments for capital commitments		600
C JV II | Capital Commitments
Commitments and Contingencies
Capital commitment		7,000
CAM
Commitments and Contingencies
Equity method investments		5,700
CAM | C JV II | Capital Commitments
Commitments and Contingencies
Capital commitment		51,000
MRC | C JV II | Capital Commitments
Commitments and Contingencies
Capital commitment		44,000
Third Party | Shanwick
Commitments and Contingencies
Ownership interest in subsidiary				30%
Minority interest, ownership (as a percentage)				30%
Shanwick
Commitments and Contingencies
Contrail's redeemable non-controlling interest (Level 3)		4,700
Fair Value, Inputs, Level 3
Commitments and Contingencies
Contrail's redeemable non-controlling interest (Level 3)		7,972	$ 7,178
Fair Value, Inputs, Level 3 | Contrail R N C I
Commitments and Contingencies
Contrail's redeemable non-controlling interest (Level 3)		$ 8,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Rollforward (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($)
Shanwick's Redeemable Non-Controlling Interest
Beginning balance	$ 10,761
Ending balance	12,710
Shanwick
Shanwick's Redeemable Non-Controlling Interest
Beginning balance	3,584
Contribution from non-controlling members	0
Distribution to non-controlling members	(336)
Net income attributable to non-controlling interests	189
Redemption value adjustments	1,301
Ending balance	$ 4,738

SHARES REPURCHASE (Details)

SHARES REPURCHASE (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Jun. 10, 2019	May 14, 2014
Class of Stock Disclosures [Abstract]
Stock repurchase program, number of shares authorized to be repurchased		1,125,000	750,000
Stock repurchased during period (in shares)	51,794
Stock repurchased during period, value	$ 1.1
Treasury stock (in shares)	208,121

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Unsecured Debt - USD ($)			12 Months Ended
	Jun. 23, 2023	May 26, 2023	Mar. 31, 2023	Dec. 01, 2023
Term Loan G - ONB | Contrail Debt
Subsequent Event
Basis spread on variable rate (as a percentage)			3%
Term Loan G - ONB | Subsequent Event | Contrail Debt
Subsequent Event
Minimum net worth required for compliance		$ 38,200,000
Term Loan G - ONB | Subsequent Event | Contrail Debt | 1 Month LIBOR
Subsequent Event
Minimum net worth required for compliance		$ 38,200,000
Basis spread on variable rate (as a percentage)		3.11%
Revolver - ONB | Contrail Debt
Subsequent Event
Basis spread on variable rate (as a percentage)			3.45%
Revolver - ONB | Subsequent Event | Contrail Debt
Subsequent Event
Minimum net worth required for compliance		$ 25,000,000
Revolver - ONB | Subsequent Event | Contrail Debt | 1 Month LIBOR
Subsequent Event
Basis spread on variable rate (as a percentage)		3.56%
Term Loan - Park State Bank ("PSB") | AirCo 1 Debt
Subsequent Event
Basis spread on variable rate (as a percentage)			3%
Term Loan - Park State Bank ("PSB") | Subsequent Event | AirCo 1 Debt
Subsequent Event
Minimum net worth required for compliance		$ 6,400,000
Term Loan - Park State Bank ("PSB") | Subsequent Event | AirCo 1 Debt | 3 Month LIBOR
Subsequent Event
Basis spread on variable rate (as a percentage)		3.26%
Revolver - MBT | Subsequent Event
Subsequent Event
Line of credit facility, maximum seasonal increase amount	$ 2,000,000
Line of credit maximum borrowing capacity	19,000,000
Revolver - MBT | Subsequent Event | Forecast
Subsequent Event
Line of credit maximum borrowing capacity				$ 17,000,000
Revolver - MBT | Subsequent Event | Other Investments
Subsequent Event
Debt instrument, covenant investment in other investments	$ 5,000,000
Revolver - MBT | Subsequent Event | Minimum
Subsequent Event
Commitment fee (as a percentage)	0.11%
Revolver - MBT | Subsequent Event | Maximum
Subsequent Event
Commitment fee (as a percentage)	0.15%
Revolver - MBT | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Subsequent Event
Basis spread on variable rate (as a percentage)	2.25%
Revolver - MBT | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Subsequent Event
Basis spread on variable rate (as a percentage)	3.25%