Air T (AIRT) 10-Q 12 Feb 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2023	Jan. 31, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-35476
Entity Registrant Name	Air T, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	52-1206400
Entity Address, Street Address	11020 David Taylor Drive, Suite 305
Entity Address, City	Charlotte
Entity Address, State	NC
Entity Address, Zip Code	28262
City Area Code	980
Local Phone Number	595 – 2840
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		2,821,504
Entity Central Index Key	0000353184
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information
Title of each class	Common Stock
Trading Symbol(s)	AIRT
Name of each exchange on which registered	NASDAQ
Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”)
Document Information
Title of each class	Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”)
Trading Symbol(s)	AIRTP
Name of each exchange on which registered	NASDAQ

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Operating Revenues:
Total revenue	$ 63,756	$ 61,396	$ 214,154	$ 172,946
Operating Expenses:
General and administrative	13,554	11,503	39,672	33,898
Depreciation and amortization	699	1,097	2,088	2,984
Inventory write-down	321	638	326	1,658
Asset impairment	0	0	0	516
Operating expenses	65,364	61,261	214,343	171,799
Operating (Loss) Income	(1,608)	135	(189)	1,147
Non-operating (Expense) Income:
Interest expense	(1,528)	(2,204)	(5,189)	(6,021)
Income from equity method investments	1,038	2,118	2,477	2,917
Other	142	(97)	8	(608)
Nonoperating income (expense)	(348)	(183)	(2,704)	(3,712)
Loss before income taxes	(1,956)	(48)	(2,893)	(2,565)
Income Taxes Expense (Benefit)	153	(156)	851	(536)
Net (Loss) Income	(2,109)	108	(3,744)	(2,029)
Net Income Attributable to Non-controlling Interests	(870)	(698)	(1,375)	(1,226)
Net Loss Attributable to Air T, Inc. Stockholders	$ (2,979)	$ (590)	$ (5,119)	$ (3,255)
Loss per share (Note 6)
Basic (in dollars per share)	$ (1.06)	$ (0.21)	$ (1.82)	$ (1.14)
Diluted (in dollars per share)	$ (1.06)	$ (0.21)	$ (1.82)	$ (1.14)
Weighted Average Shares Outstanding:
Basic (in shares)	2,822	2,836	2,820	2,855
Diluted (in shares)	2,822	2,836	2,820	2,855
Overnight air cargo
Operating Revenues:
Total revenue	$ 29,018	$ 21,831	$ 84,944	$ 64,464
Operating Expenses:
Cost of revenue	24,504	19,174	71,841	56,696
Depreciation and amortization	95	22	269	64
Operating (Loss) Income	1,594	1,009	5,568	2,931
Ground equipment sales
Operating Revenues:
Total revenue	8,441	16,147	32,474	39,981
Operating Expenses:
Cost of revenue	6,964	13,492	27,854	32,362
Depreciation and amortization	37	35	107	130
Operating (Loss) Income	(522)	1,093	(619)	3,122
Commercial jet engines and parts
Operating Revenues:
Total revenue	24,139	21,736	90,463	63,577
Operating Expenses:
Cost of revenue	19,322	15,357	72,562	43,685
Depreciation and amortization	185	721	565	1,717
Operating (Loss) Income	(627)	733	2,002	3,603
Corporate and other
Operating Revenues:
Total revenue	2,158	1,682	6,273	4,924
Operating Expenses:
Depreciation and amortization	382	319	1,147	1,073
Operating (Loss) Income	$ (2,053)	$ (2,700)	$ (7,140)	$ (8,509)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (2,109)	$ 108	$ (3,744)	$ (2,029)
Foreign currency translation gain (loss)	216	775	(19)	(360)
Unrealized (loss) gain on interest rate swaps	(38)	(61)	2	1,371
Reclassification of interest rate swaps into earnings	(188)	18	(568)	52
Total Other Comprehensive (Loss) Income	(10)	732	(585)	1,063
Total Comprehensive (Loss) Income	(2,119)	840	(4,329)	(966)
Comprehensive Income Attributable to Non-controlling Interests	(870)	(698)	(1,375)	(1,226)
Comprehensive (Loss) Income Attributable to Air T, Inc. Stockholders	$ (2,989)	$ 142	$ (5,704)	$ (2,192)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Current Assets:
Cash and cash equivalents	$ 4,480	$ 5,806
Marketable securities	326	0
Restricted cash	707	1,284
Restricted investments	1,463	2,161
Accounts receivable, net of allowance for doubtful accounts of $1,371 and $1,160	18,141	27,218
Income tax receivable	354	536
Inventories, net	53,887	71,125
Employee retention credit receivable	0	940
Other current assets	9,971	7,487
Total Current Assets	89,329	116,557
Property and equipment, net of accumulated depreciation of $7,520 and $6,624	20,883	21,439
Intangible assets, net of accumulated amortization of $5,141 and $4,191	11,459	12,103
Right-of-use ("ROU") assets	11,893	11,666
Equity method investments	15,038	13,230
Goodwill	10,624	10,563
Other assets	3,556	4,004
Total Assets	162,782	189,562
Current Liabilities:
Accounts payable	13,537	10,449
Income tax payable	36	304
Accrued expenses and other (Note 4)	12,029	13,133
Current portion of long-term debt	17,367	38,736
Short-term lease liability	1,832	1,664
Total Current Liabilities	44,801	64,286
Long-term debt	83,419	86,349
Deferred income tax liabilities, net	2,581	2,417
Long-term lease liability	10,941	10,771
Other non-current liabilities	0	47
Total Liabilities	141,742	163,870
Redeemable non-controlling interests	13,086	12,710
Commitments and contingencies (Note 15)
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, 3,030,245 and 3,026,495 shares issued, 2,821,504 and 2,818,374 shares outstanding	758	757
Treasury stock, 208,741 shares at $19.63 and 208,121 shares at $19.62	(4,098)	(4,083)
Additional paid-in capital	990	728
Retained earnings	9,014	13,686
Accumulated other comprehensive income	231	816
Total Air T, Inc. Stockholders' Equity	6,895	11,904
Non-controlling Interests	1,059	1,078
Total Equity	7,954	12,982
Total Liabilities and Equity	$ 162,782	$ 189,562

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,371	$ 1,160
Property and equipment, accumulated depreciation	7,520	6,624
Intangible assets, accumulated amortization	$ 5,141	$ 4,191
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)	3,030,245	3,026,495
Common stock, shares outstanding (in shares)	2,821,504	2,818,374
Treasury stock (in shares)	208,741	208,121
Treasury stock average price (in dollars per share)	$ 19.63	$ 19.62

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (3,744)	$ (2,029)
Adjustments to reconcile Net Loss to net cash provided by (used in) operating activities:
Depreciation and amortization	2,088	2,984
Inventory write-down	326	1,658
Asset impairment	0	516
Income from equity method of investments	(2,477)	(2,917)
Other	1,132	614
Change in operating assets and liabilities:
Accounts receivable	8,865	4,936
Inventories	17,061	(12,469)
Accounts payable	3,087	(109)
Accrued expenses	(1,105)	1,447
Employee retention credit receivable	940	2,456
Other	(3,028)	(902)
Net cash provided by (used in) operating activities	23,145	(3,815)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in unconsolidated entities	(1,086)	(2,609)
Capital expenditures related to property & equipment	(678)	(1,008)
Capital expenditures related to assets on lease or held for lease	0	(29)
Other	1,983	556
Net cash provided by (used in) investing activities	219	(3,090)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	84,735	102,015
Payments on lines of credit	(99,426)	(91,865)
Proceeds from term loan	0	8,177
Payments on term loan	(17,116)	(12,300)
Proceeds from issuance of Trust Preferred Securities ("TruPs")	7,285	0
Other	(629)	(1,161)
Net cash (used in) provided by financing activities	(25,151)	4,866
Effect of foreign currency exchange rates on cash and cash equivalents	(116)	181
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(1,903)	(1,858)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	7,090	8,368
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 5,187	$ 6,510

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Balance at the beginning (in shares) at Mar. 31, 2022			3,023,000
Balance at the beginning at Mar. 31, 2022		$ 25,717	$ 756	$ (3,002)	$ 393	$ 26,729	$ (263)	$ 1,104
Balance at the beginning (in shares) at Mar. 31, 2022				156,000
Increase (Decrease) in Stockholders' Equity
Net (loss) income	[1]	(1,439)				(1,433)		(6)
Stock compensation expense		79			79
Foreign currency translation (loss) gain		(529)					(529)
Adjustment to fair value of redeemable non-controlling interest		926				926
Unrealized gain (loss) on interest rate swaps, net of tax		475					475
Reclassification of interest rate swaps into earnings		17					17
Balance at the end (in shares) at Jun. 30, 2022			3,023,000
Balance at the end at Jun. 30, 2022		25,246	$ 756	$ (3,002)	472	26,222	(300)	1,098
Balance at the end (in shares) at Jun. 30, 2022				156,000
Balance at the beginning (in shares) at Mar. 31, 2022			3,023,000
Balance at the beginning at Mar. 31, 2022		25,717	$ 756	$ (3,002)	393	26,729	(263)	1,104
Balance at the beginning (in shares) at Mar. 31, 2022				156,000
Increase (Decrease) in Stockholders' Equity
Foreign currency translation (loss) gain		(360)
Reclassification of interest rate swaps into earnings		52
Balance at the end (in shares) at Dec. 31, 2022			3,026,000
Balance at the end at Dec. 31, 2022		22,452	$ 757	$ (3,995)	650	23,153	800	1,087
Balance at the end (in shares) at Dec. 31, 2022				204,000
Balance at the beginning (in shares) at Jun. 30, 2022			3,023,000
Balance at the beginning at Jun. 30, 2022		25,246	$ 756	$ (3,002)	472	26,222	(300)	1,098
Balance at the beginning (in shares) at Jun. 30, 2022				156,000
Increase (Decrease) in Stockholders' Equity
Net (loss) income	[1]	(1,236)				(1,232)		(4)
Repurchase of common stock (in shares)				19,000
Repurchase of common stock		(351)		$ (351)
Exercises of stock options (in shares)			3,000
Exercise of stock options		21	$ 1		20
Stock compensation expense		79			79
Foreign currency translation (loss) gain		(606)					(606)
Adjustment to fair value of redeemable non-controlling interest		(188)				(188)
Unrealized gain (loss) on interest rate swaps, net of tax		957					957
Reclassification of interest rate swaps into earnings		17					17
Balance at the end (in shares) at Sep. 30, 2022			3,026,000
Balance at the end at Sep. 30, 2022		23,939	$ 757	$ (3,353)	571	24,802	68	1,094
Balance at the end (in shares) at Sep. 30, 2022				175,000
Increase (Decrease) in Stockholders' Equity
Net (loss) income	[1]	(597)				(590)		(7)
Repurchase of common stock (in shares)				29,000
Repurchase of common stock		(642)		$ (642)
Stock compensation expense		79			79
Foreign currency translation (loss) gain		775					775
Adjustment to fair value of redeemable non-controlling interest		(1,059)				(1,059)
Unrealized gain (loss) on interest rate swaps, net of tax		(61)					(61)
Reclassification of interest rate swaps into earnings		18					18
Balance at the end (in shares) at Dec. 31, 2022			3,026,000
Balance at the end at Dec. 31, 2022		$ 22,452	$ 757	$ (3,995)	650	23,153	800	1,087
Balance at the end (in shares) at Dec. 31, 2022				204,000
Balance at the beginning (in shares) at Mar. 31, 2023		2,818,374	3,027,000
Balance at the beginning at Mar. 31, 2023		$ 12,982	$ 757	$ (4,083)	728	13,686	816	1,078
Balance at the beginning (in shares) at Mar. 31, 2023		208,121		208,000
Increase (Decrease) in Stockholders' Equity
Net (loss) income	[1]	$ (540)				(531)		(9)
Repurchase of common stock (in shares)				1,000
Repurchase of common stock		(15)		$ (15)
Stock compensation expense		79			79
Foreign currency translation (loss) gain		(65)					(65)
Adjustment to fair value of redeemable non-controlling interest		134				134
Unrealized gain (loss) on interest rate swaps, net of tax		24					24
Reclassification of interest rate swaps into earnings		(192)					(192)
Balance at the end (in shares) at Jun. 30, 2023			3,027,000
Balance at the end at Jun. 30, 2023		$ 12,407	$ 757	$ (4,098)	807	13,289	583	1,069
Balance at the end (in shares) at Jun. 30, 2023				209,000
Balance at the beginning (in shares) at Mar. 31, 2023		2,818,374	3,027,000
Balance at the beginning at Mar. 31, 2023		$ 12,982	$ 757	$ (4,083)	728	13,686	816	1,078
Balance at the beginning (in shares) at Mar. 31, 2023		208,121		208,000
Increase (Decrease) in Stockholders' Equity
Foreign currency translation (loss) gain		$ (19)
Reclassification of interest rate swaps into earnings		$ (568)
Balance at the end (in shares) at Dec. 31, 2023		2,821,504	3,030,000
Balance at the end at Dec. 31, 2023		$ 7,954	$ 758	$ (4,098)	990	9,014	231	1,059
Balance at the end (in shares) at Dec. 31, 2023		208,741		209,000
Balance at the beginning (in shares) at Jun. 30, 2023			3,027,000
Balance at the beginning at Jun. 30, 2023		$ 12,407	$ 757	$ (4,098)	807	13,289	583	1,069
Balance at the beginning (in shares) at Jun. 30, 2023				209,000
Increase (Decrease) in Stockholders' Equity
Net (loss) income	[1]	(1,628)				(1,609)		(19)
Exercises of stock options (in shares)			3,000
Exercise of stock options		26	$ 1		25
Stock compensation expense		79			79
Foreign currency translation (loss) gain		(170)					(170)
Adjustment to fair value of redeemable non-controlling interest		412				412
Unrealized gain (loss) on interest rate swaps, net of tax		16					16
Reclassification of interest rate swaps into earnings		(188)					(188)
Balance at the end (in shares) at Sep. 30, 2023			3,030,000
Balance at the end at Sep. 30, 2023		10,954	$ 758	$ (4,098)	911	12,092	241	1,050
Balance at the end (in shares) at Sep. 30, 2023				209,000
Increase (Decrease) in Stockholders' Equity
Net (loss) income	[1]	(2,970)				(2,979)		9
Stock compensation expense		79			79
Foreign currency translation (loss) gain		216					216
Adjustment to fair value of redeemable non-controlling interest		(99)				(99)
Unrealized gain (loss) on interest rate swaps, net of tax		(38)					(38)
Reclassification of interest rate swaps into earnings		$ (188)					(188)
Balance at the end (in shares) at Dec. 31, 2023		2,821,504	3,030,000
Balance at the end at Dec. 31, 2023		$ 7,954	$ 758	$ (4,098)	$ 990	$ 9,014	$ 231	$ 1,059
Balance at the end (in shares) at Dec. 31, 2023		208,741		209,000
[1]Excludes amount attributable to redeemable non-controlling interests in Contrail Aviation Support, LLC ("Contrail") and Shanwick B.V. ("Shanwick")

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Financial Statement Presentation	Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2023. The results of operations for the period ended December 31, 2023 are not necessarily indicative of the operating results for the full year. The accompanying financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Liquidity The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As previously reported in the Company's September 30, 2023 Form 10-Q, a condition existed that raised substantial doubt about its ability to continue as a going concern, for which management's plans alleviated such condition. As of the issuance of this report, management has executed their plans and such condition no longer exists. As described in Note 12 , the Company successfully raised $7.3 million of additional funds via sales of our trust preferred securities through the Company's at-the-market offering that commenced on October 18, 2023 and through various private placements. In addition, the Company also implemented cost reduction measures and liquidated select investments as well as reduced capital expenditures. The Company believes they have sufficient cash on hand and available liquidity, to meet its obligations as they become due in the ordinary course of business for at least 12 months following the date these financial statements are issued. Recently Adopted 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 completed the process of converting its material LIBOR-based contracts, hedging relationships, and other transactions to other reference rates as of September 30, 2023. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07- Segment Reporting (Topic 848): Improvements to Reportable Segment Disclosures. The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses utilized by the chief operating decision maker for a company along with details about who the chief operating decision maker is and their title. The Update additionally requires that all annual disclosures under Topic 280 be included in interim periods financial statements, clarifies when an entity can disclose multiple segment measures of profit or loss, and provides new segment disclosure requirements for entities with a single reportable segment. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 31, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements and disclosures.

Acquisitions

Acquisitions	9 Months Ended
	Dec. 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 funded with cash and the loans described in Note 12 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 was 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.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Substantially all of the Company’s non-lease revenue is derived from contracts with an initial expected duration of one year or less. As a result, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price, to expense costs incurred to obtain a contract, and to not disclose the value of unsatisfied performance obligations. The following is a description of the Company’s performance obligations: Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. Support Services The Company provides a variety of support services such as aircraft maintenance and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 842 (Leases) and out of scope under Topic 606 and Other Revenues (Freight, Management Fees, etc.) which are immaterial for disclosure under Topic 606. The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Product Sales Air Cargo $ 10,050 $ 6,416 $ 28,428 $ 20,303 Ground equipment sales 8,080 15,909 31,556 39,125 Commercial jet engines and parts 21,381 18,515 81,535 54,545 Corporate and other 153 112 775 247 Support Services Air Cargo 18,929 15,399 56,378 43,979 Ground equipment sales 223 96 474 396 Commercial jet engines and parts 2,533 2,428 8,393 6,958 Corporate and other 1,478 1,157 3,967 3,155 Leasing Revenue Ground equipment sales 24 42 58 115 Commercial jet engines and parts 12 729 35 1,939 Corporate and other 397 353 1,209 1,223 Other Air Cargo 39 16 138 182 Ground equipment sales 114 100 386 345 Commercial jet engines and parts 213 64 500 135 Corporate and other 130 60 322 299 Total $ 63,756 $ 61,396 $ 214,154 $ 172,946 See Note 13 for the Company's disaggregated revenues by geographic region and Note 14 for the Company’s disaggregated revenues by segment. These notes disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Contract Balances and Costs Contract liabilities relate to deferred 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, 2023 and December 31, 2023 and the amount of contract liabilities as of April 1, 2023 that were recognized as revenue during the nine-month period ended December 31, 2023 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2023 As of December 31, 2023 $ 3,389 As of April 1, 2023 $ 5,000 For the nine months ended December 31, 2023 $ 4,433

Accrued Expenses and Other

Accrued Expenses and Other	9 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other	Accrued Expenses and Other (In thousands) December 31, 2023 March 31, 2023 Salaries, wages and related items $ 5,707 $ 4,748 Profit sharing and bonus 1,379 1,672 Other Deposits 794 2,560 Other 4,149 4,153 Total $ 12,029 $ 13,133

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three-month period ended December 31, 2023, the Company recorded $0.2 million in income tax expense at an effective rate ("ETR") of (7.8)%. The Company has computed the provision for income taxes based on the estimated annual effective tax rate excluding loss jurisdictions with no tax benefit and the application of discrete items, if any, for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended December 31, 2023 were the valuation allowance related to the Company’s U.S. consolidated group, Delphax Technologies, Inc. (“DTI”) and Landing Gear Support Services PTE LTD (“LGSS”), Delphax Solutions, Inc. ("DSI") and BCCM Advisors (Kenya) Limited ("BCCM Kenya"), and the foreign rate differentials for Air T’s operations located in the Netherlands and Puerto Rico. During the three-month period ended December 31, 2022, the Company recorded income tax benefit of $0.2 million at an ETR of 325.0%. The Company records income taxes using an estimated tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended December 31, 2022 were the change in valuation allowance related to the Company's subsidiaries in the corporate and other segment, DSI and DTI, and other capital losses, the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary ("SAIC") under Section 831(b), the foreign rate differentials between the federal and foreign tax rates for Air T's ownership of foreign operations in Puerto Rico, the Netherlands, and Singapore, and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail. During the nine-month period ended December 31, 2023, the Company recorded $0.9 million in income tax expense at an ETR of (29.4)%. The Company has computed the provision for income taxes based on the estimated annual effective tax rate excluding loss jurisdictions with no tax benefit and the application of discrete items, if any, for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the nine-month period ended December 31, 2023, were the valuation allowance related to the Company’s U.S. consolidated group, DTI, LGSS, DSI and BCCM Kenya, and the foreign rate differentials for Air T’s operations located in the Netherlands and Puerto Rico. During the nine-month period ended December 31, 2022, the Company recorded income tax benefit of $0.5 million at an ETR of 20.9%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21% and the Company's effective tax rate for the nine-month period ended December 31, 2022 were the change in valuation allowance related to DSI and DTI and other capital losses, the estimated benefit for the exclusion of income for SAIC under Section 831(b), the foreign rate differentials between the federal and foreign tax rates for Air T's ownership of foreign operations in Puerto Rico, the Netherlands, and Singapore, and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail.

Net Earnings (Loss) Per Share

Net Earnings (Loss) Per Share	9 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Earnings (Loss) Per Share	Net Earnings (Loss) Per Share Basic earnings (loss) per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings (loss) per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. During the three months ended September 30, 2023, 3,750 options were exercised under the Air T's 2012 Stock Option Plan at $7.04 per share, which was disclosed within our condensed consolidated statement of equity. As of September 30, 2023, all stock options under the Air T's 2012 Stock Option Plan have either been exercised or expired. Further, no options under the Air T's 2020 Omnibus Stock and Incentive Plan were exercisable as of December 31, 2023. The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures): Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Net (loss) income $ (2,109) $ 108 $ (3,744) $ (2,029) Net income attributable to non-controlling interests (870) (698) (1375) (1,226) Net loss attributable to Air T, Inc. Stockholders $ (2,979) $ (590) $ (5,119) $ (3,255) Loss per share: Basic $ (1.06) $ (0.21) $ (1.82) $ (1.14) Diluted $ (1.06) $ (0.21) $ (1.82) $ (1.14) Antidilutive shares excluded from computation of loss per share — 5 — 5 Weighted Average Shares Outstanding: Basic 2,822 2,836 2,820 2,855 Diluted 2,822 2,836 2,820 2,855

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible assets as of December 31, 2023 and March 31, 2023 consisted of the following (in thousands): December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 623 $ (484) $ 139 Internally developed software 3,711 (720) 2,991 In-place lease and other intangibles 1,094 (318) 776 Customer relationships 8,162 (1,302) 6,860 Patents 1,112 (1,108) 4 Other 1,768 (1,209) 559 16,470 (5,141) 11,329 In-process software 130 130 Intangible assets, total $ 16,600 $ (5,141) $ 11,459 March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 544 $ (433) $ 111 Internally developed software 3,672 (465) 3,207 In-place lease and other intangibles 1,094 (229) 865 Customer relationships 8,050 (851) 7,199 Patents 1,112 (1,105) 7 Other 1,782 (1,108) 674 16,254 (4,191) 12,063 In-process software 40 — 40 Intangible assets, total $ 16,294 $ (4,191) $ 12,103 Based on the intangible assets recorded at December 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) Year ending March 31, Amortization 2024 (excluding the nine months ended December 31, 2023) $ 310 2025 1,201 2026 1,118 2027 1,045 2028 990 2029 982 Thereafter 5,683 $ 11,329 The carrying amount of goodwill as of December 31, 2023 and March 31, 2023 was $10.6 million. There was no impairment on goodwill during the nine months ended December 31, 2023.

Investments in Securities and D

Investments in Securities and Derivative Instruments	9 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Investments in Securities and Derivative Instruments	Investments in Securities and Derivative Instruments As part of the Company’s interest rate risk management strategy, the Company, from time to time, uses derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated with existing borrowings (Air T Term Note A and Term Note D). To meet these objectives, the Company entered into interest rate swaps with notional amounts consistent with the outstanding debt to provide a fixed rate of 4.56% and 5.09%, respectively, on Term Notes A and D. The swaps mature in January 2028. On August 31, 2021, Air T and Minnesota Bank & Trust ("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) due to the changes in the fair value of the instrument prior to the designation and qualification of this instrument as an effective hedge. After it was deemed an effective hedge, the Company recorded changes in the fair value of the instrument in the consolidated statement of comprehensive income (loss). On March 30, 2023, Contrail made a prepayment of $6.7 million on Contrail - Term Note G. As a result of this prepayment, the Company determined that the interest rate swap on Contrail - Term Note G 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 Contrail - Term Note G at the time of de-designation into earnings over the remainder of its term. In addition, any changes in the fair value of Contrail - Term Note G's swap after March 30, 2023 are recognized directly into earnings. For the swaps related to Air T Term Note D, the effective portion of changes in the fair value on this instrument 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 transaction affects earnings. During the three and nine months ended December 31, 2023, the Company recorded a loss of approximately $38.0 thousand and a gain of $2.0 thousand, net of tax, respectively. During the three and nine months ended December 31, 2022, the Company recorded a loss of approximately $0.1 million and a gain of $1.4 million, net of tax, respectively, with prior year's gain inclusive of Contrail - Term Note G due to its effective hedge designation at the time. These gains and losses are included in the condensed consolidated statement of comprehensive income (loss) for changes in the fair value of these instruments. The interest rate swaps are considered Level 2 fair value measurements. As of December 31, 2023 and March 31, 2023, the fair value of these interest-rate swap contracts was an asset of $1.8 million and $2.4 million, respectively, which is included within other assets in the condensed consolidated balance sheets. The Company also invests in exchange-traded marketable securities and accounts for that activity in accordance with ASC 321, Investments- Equity Securities. Marketable equity securities are carried at fair value, with changes in fair market value included in the determination of net income. The fair market value of marketable equity securities is determined based on quoted market prices in active markets and are therefore, considered Level 1 fair value measurements. During the three months ended December 31, 2023, the Company had a gross unrealized gain aggregating to $0.5 million and no gross unrealized loss. During the nine months ended December 31, 2023, the Company had a gross unrealized gain aggregating to $1.4 million and a gross unrealized loss aggregating to $1.8 million. During the three months ended December 31, 2022, the Company had a gross unrealized gain aggregating to $0.3 million and a gross unrealized loss aggregating to $0.5 million. During the nine months ended December 31, 2022, the Company had a gross unrealized gain aggregating to $0.3 million and a gross unrealized loss aggregating to $0.8 million. These unrealized gains and losses are included in other income (loss) on the condensed consolidated statement of income (loss).

Equity Method Investments

Equity Method Investments	9 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The Company’s investment in Lendway, Inc. - NASDAQ: LDWY ("Lendway"), formerly Insignia Systems, Inc. ("Insignia"), is accounted for under the equity method of accounting. The Company elected a three-month lag upon adoption of the equity method. On August 2, 2023, Insignia reincorporated in the state of Delaware as Lendway, Inc. Subsequent to reincorporation, Lendway sold its legacy business on August 4, 2023 to pivot the business towards non-bank lending. As of December 31, 2023, the Company owned 0.5 million Lendway shares, representing approximately 27.8% of Lendway's outstanding shares. During the three and nine months ended December 31, 2023, the Company's share of Lendway's net income for the three and nine months ended September 30, 2023 was $0.3 million and $0.8 million, respectively, principally driven by the gain recognized on the aforementioned sale of Lendway's legacy business on August 4, 2023. The Company's net investment basis in Lendway is $2.4 million as of December 31, 2023. The Company's 20.1% investment in Cadillac Casting, Inc. ("CCI") is accounted for under the equity method of accounting. Due to the differing fiscal year-ends, the Company has elected a three-month lag to record the CCI investment at cost, with a basis difference of $0.3 million. The Company recorded income of $0.2 million and $1.5 million as its share of CCI's net income for the three and nine months ended December 31, 2023, along with a basis difference adjustment of $12.0 thousand and $37.0 thousand, respectively. The Company's net investment basis in CCI is $4.2 million as of December 31, 2023. Summarized unaudited financial information for the Company's equity method investees for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Revenue $ 34,365 $ 37,532 $ 133,427 $ 111,522 Gross Profit 2,746 4,045 18,076 13,210 Operating (loss) income (124) 13,382 9,100 17,172 Net income 2,050 13,375 10,439 16,180 Net income attributable to Air T, Inc. stockholders $ 499 $ 2,183 $ 2,295 $ 2,926

Inventories

Inventories	9 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): December 31, March 31, Overnight air cargo: Finished goods $ 931 $ 546 Ground equipment manufacturing: Raw materials 5,921 4,589 Work in process 2,997 153 Finished goods 2,344 6,976 Corporate and other: Raw materials 1,118 794 Finished goods 725 726 Commercial jet engines and parts: Whole engines available for sale or tear-down — 10,141 Parts 43,693 50,813 Total inventories 57,729 74,738 Reserves (3,842) (3,613) Total inventories, net of reserves $ 53,887 $ 71,125

Leases

Leases	9 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases The Company has operating leases for the use of real estate, machinery, and office equipment. The majority of our leases have a lease term of 2 to 5 years; however, we have certain leases with longer terms of up to 30 years. Many of our leases include options to extend the lease for an additional period. The lease term for all of the Company’s leases includes the non-cancellable period of the lease, plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor that is considered likely to be exercised. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments. Variable payments are typically operating costs associated with the underlying asset and are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Our leases do not contain residual value guarantees. The Company has elected to combine lease and non-lease components as a single component and not to recognize leases on the balance sheet with an initial term of one year or less. The interest rate implicit in lease contracts is typically not readily determinable, and as such the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease cost for the three and nine months ended December 31, 2023 and 2022 are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Operating lease cost $ 473 $ 537 $ 1,897 $ 1,529 Short-term lease cost 245 193 628 564 Variable lease cost 247 140 610 415 Total lease cost $ 965 $ 870 $ 3,135 $ 2,508 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of December 31, 2023 and March 31, 2023 were as follows (in thousands): December 31, 2023 March 31, 2023 Operating leases Operating lease ROU assets $ 11,893 $ 11,666 Operating lease liabilities $ 12,773 $ 12,435 Weighted-average remaining lease term Operating leases 12 years 12 years, 10 months Weighted-average discount rate Operating leases 5.08 % 4.95 % Maturities of lease liabilities under non-cancellable leases where we are the lessee as of December 31, 2023 are as follows (in thousands): Operating Leases 2024 (excluding the nine months ended December 31, 2023) $ 640 2025 2,344 2026 2,127 2027 1,979 2028 1,438 2029 750 Thereafter 8,225 Total undiscounted lease payments 17,503 Interest (3,840) Discount (890) Total lease liabilities $ 12,773

Financing Arrangements

Financing Arrangements	9 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Borrowings of the Company and its subsidiaries are summarized below at December 31, 2023 and March 31, 2023, respectively. 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%. On May 26, 2023, AirCo 1 executed an Amendment to Main Street Priority Loan Facility Term Loan Agreement with Park State Bank ("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. 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. On September 5, 2023, Contrail entered into the Sixth Amendment to Supplement #2 to Master Loan Agreement and the Fifth Amended and Restated Promissory Note with ONB. The principal purpose of the amended documents was to extend the maturity date of the revolving $25.0 million facility to November 24, 2025 or such earlier date on which the revolving note becomes due and payable pursuant to the supplement or the master loan agreement. The material terms of the revolving facility remain the same, including the payment terms and interest rate except that the change in control event of default provision was revised to provide as follows: "(h) Change in control of operations. If the CEO Joe Kuhn, or a CEO acceptable to ONB, in its reasonable discretion, has its employment with Contrail terminated for any reason, or ceases to oversee the day-to-day operations of Contrail." The revolving line of credit at Air T with MBT ("Revolver - MBT") has $6.5 million outstanding as of December 31, 2023 and matures on August 31, 2024. We are currently seeking to refinance the Revolver - MBT prior to its maturity date; however, there is no assurance that we will be able to execute this refinancing or, if we are able to refinance this obligation, that the terms of such refinancing would be as favorable as the terms of our existing credit facility. The following table provides certain information about the current financing arrangements of the Company and its subsidiaries as of December 31, 2023: (In Thousands) December 31, March 31, Maturity Date Interest Rate Unused commitments at December 31, 2023 Air T Debt Revolver - MBT $ 6,492 $ 8,742 8/31/2024 SOFR + range of 2.25% - 3.25% $ 10,508 Term Note A - MBT 7,160 7,762 8/31/2031 3.42% Term Note B - MBT 2,528 2,740 8/31/2031 3.42% Term Note D - MBT 1,287 1,338 1/1/2028 1-month LIBOR + 2.00% Term Note E - MBT — 800 6/25/2025 Greater of LIBOR + 1.50% or 2.50% Term Note F - MBT 833 983 1/31/2028 Greater of 6.00% or Prime + 1.00% Debt - Trust Preferred Securities 32,662 25,598 6/7/2049 8.00% Total 50,962 47,963 AirCo 1 Debt Term Loan - PSB 5,434 6,393 12/11/2025 3-month SOFR + 3.26% Total 5,434 6,393 Jet Yard Debt Term Loan - MBT 1,776 1,844 8/31/2031 4.14% Total 1,776 1,844 Contrail Debt Revolver - ONB — 12,441 11/24/2025 1-month SOFR + 3.56% $ 25,000 Term Loan G - ONB 24,918 38,180 11/24/2025 1-month SOFR + 3.11% Total 24,918 50,621 Delphax Solutions Debt Canadian Emergency Business Account Loan 30 30 12/31/2025 5.00% Total 30 30 Wolfe Lake Debt Term Loan - Bridgewater 9,393 9,586 12/2/2031 3.65% Total 9,393 9,586 Air T Acquisition 22.1 Term Loan - Bridgewater 4,500 4,500 2/8/2027 4.00% Term Loan A - ING 2,155 2,610 2/1/2027 3.50% Term Loan B - ING 1,105 1,088 5/1/2027 4.00% Total 7,760 8,198 WASI Debt Promissory Note - Seller's Note 958 1,279 1/1/2026 6.00% Total 958 1,279 Total Debt 101,231 125,914 Unamortized Premiums and Debt Issuance Costs (445) (829) Total Debt, net $ 100,786 $ 125,085 At December 31, 2023, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount December 31, 2024 $ 17,367 December 31, 2025 26,335 December 31, 2026 3,075 December 31, 2027 7,219 December 31, 2028 1,755 Thereafter 45,480 101,231 Unamortized Premiums and Debt Issuance Costs (445) $ 100,786 On October 17, 2023, the Company and Air T Funding (the “Trust”) entered into an At-the-Market Offering Agreement (the “ATM Agreement”) with Ascendiant Capital Markets, LLC (the “sales agent” or “Ascendiant”), pursuant to which the Trust may sell and issue its TruPs having an aggregate offering price of up to $6.5 million from time to time through Ascendiant, as the Trust’s sales agent (the “ATM Offering”). During the three months ended December 31, 2023, the Trust issued 15,000 TruPs and received $0.3 million in gross proceeds from the sale of TruPs through a S-3 Registration Statement filed by the Company. The TruPs shares were offered and sold pursuant to the Company’s and the Trust’s shelf registration statement on Form S-3 (File Nos. 333-254110-01 and 333-254110) and a prospectus supplement relating to the ATM Offering filed with the Securities and Exchange Commission on October 18, 2023. During the three months ended December 31, 2023, the Trust also issued 413,000 TruPs and received $7.0 million in gross proceeds from the sale of TruPs under various private placement offerings in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated under the Securities Act. The TruPs were issued solely to “accredited investors” as defined in Rule 501(a) of Regulation D. The proceeds from the sale of the TruPs were used to purchase junior subordinated debentures which funds are available to the Company for general corporate purposes. The amount outstanding on the Company's Debt - Trust Preferred Securities was $32.7 million as of December 31, 2023.

Geographical Information

Geographical Information	9 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Geographical Information	Geographical Information Total tangible long-lived assets, which include property and equipment as well as assets on lease, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States, are summarized in the following table as of December 31, 2023 and March 31, 2023 (in thousands): December 31, 2023 March 31, 2023 United States $ 20,845 $ 21,433 Foreign 51 89 Total tangible long-lived assets, net $ 20,896 $ 21,522 The net book value of tangible long-lived assets located within each individual foreign country at December 31, 2023 and March 31, 2023 is listed below (in thousands): December 31, 2023 March 31, 2023 The Netherlands $ 43 $ 42 Other 8 47 Total tangible long-lived assets, net $ 51 $ 89 Total revenue, in and outside the United States, is summarized in the following table for the nine months ended December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 United States $ 182,334 $ 143,433 Foreign 31,820 29,513 Total revenue $ 214,154 $ 172,946

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has four business segments: overnight air cargo, ground equipment sales, commercial jet engine and parts segment and corporate and other. Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating Revenues by Segment: Overnight Air Cargo Domestic $ 28,818 $ 21,831 $ 84,054 $ 64,464 International 200 — 890 — Total Overnight Air Cargo 29,018 21,831 84,944 64,464 Ground Equipment Sales: Domestic 8,178 16,009 28,709 34,830 International 263 138 3,765 5,151 Total Ground Equipment Sales 8,441 16,147 32,474 39,981 Commercial Jet Engines and Parts: Domestic 15,967 13,704 66,698 42,047 International 8,172 8,032 23,765 21,530 Total Commercial Jet Engines and Parts 24,139 21,736 90,463 63,577 Corporate and Other: Domestic 935 565 2,873 2,092 International 1,223 1,117 3,400 2,832 Total Corporate and Other 2,158 1,682 6,273 4,924 Total 63,756 61,396 214,154 172,946 Operating Income (Loss): Overnight Air Cargo 1,594 1,009 5,568 2,931 Ground Equipment Sales (522) 1,093 (619) 3,122 Commercial Jet Engines and Parts (627) 733 2,002 3,603 Corporate and Other (2,053) (2,700) (7,140) (8,509) Total (1,608) 135 (189) 1,147 Capital Expenditures: Overnight Air Cargo 60 37 263 228 Ground Equipment Sales 24 16 82 32 Commercial Jet Engines and Parts 24 132 166 484 Corporate and Other 12 60 167 293 Total 120 245 678 1,037 Depreciation and Amortization: Overnight Air Cargo 95 22 269 64 Ground Equipment Sales 37 35 107 130 Commercial Jet Engines and Parts 185 721 565 1,717 Corporate and Other 382 319 1,147 1,073 Total $ 699 $ 1,097 $ 2,088 $ 2,984 The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA for the nine months ended December 31, 2023 and 2022 (in thousands): Nine Months Ended December 31, 2023 Total Operating loss $ (189) Depreciation and amortization (excluding leased engines depreciation) 2,088 Asset impairment, restructuring or impairment charges 326 Gain on sale of property and equipment (7) TruPs issuance expenses 277 Adjusted EBITDA $ 2,495 Nine Months Ended December 31, 2022 Total Operating income $ 1,147 Depreciation and amortization (excluding leased engines depreciation) 1,810 Asset impairment, restructuring or impairment charges 2,174 Gain on sale of property and equipment (2) TruPs issuance expenses 38 Adjusted EBITDA $ 5,167

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contrail Put/Call Option Contrail entered into an Operating Agreement (the “Contrail Operating Agreement”) in connection with the acquisition of Contrail providing for the governance of and the terms of membership interests in Contrail and including put and call options with the Seller to require Contrail to purchase all of the Seller’s equity membership interests in Contrail commencing on the fifth anniversary of the acquisition, which occurred on July 18, 2021. The Company has presented this redeemable non-controlling interest in Contrail ("Contrail RNCI") between the liabilities and equity sections of the accompanying condensed consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Contrail RNCI is a Level 3 fair value measurement that is valued at $7.6 million as of December 31, 2023. The change in the redemption value compared to March 31, 2023 is a decrease of $0.4 million, which was driven by the decrease in fair value of $0.5 million and distributions to non-controlling interest of $0.2 million, partially offset by net income attributable to non-controlling interest of $0.3 million. 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 Contrail JV II LLC ("CJVII"). The new venture focuses 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 December 31, 2023, for its Investment Function, the Company has contributed $1.0 million to CAM’s Onshore Series and $7.0 million to CAM’s Offshore 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 December 31, 2023, the Company's net investment basis in CAM is $4.9 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 the Company 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. With respect to the secondary put and call option, as it is priced at fair value, the Company also determined that there is no potential loss or gain upon exercise that would need to be recognized. 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 30.0% 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 30.0% 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 30.0% 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 the Company 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 ("Shanwick RNCI"). 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 $5.5 million as of December 31, 2023, which was comprised of the following (in thousands): Shanwick RNCI Beginning Balance as of April 1, 2023 $ 4,738 Contribution from non-controlling members — Distribution to non-controlling members (326) Net income attributable to non-controlling interests 326 Redemption value adjustments 782 Ending Balance as of December 31, 2023 $ 5,520 2020 Omnibus Stock and Incentive Plan On December 29, 2020, the Company’s Board of Directors unanimously approved the 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. As of December 31, 2023, options to purchase up to 261,000 shares are outstanding 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. For the three and nine months ended December 31, 2023, total compensation cost recognized under the Plan was $79.0 thousand and $0.2 million, respectively. No options were exercisable as of December 31, 2023

Guarantees

Guarantees	9 Months Ended
	Dec. 31, 2023
Guarantees and Product Warranties [Abstract]
Guarantees	Guarantees Financial Guarantees Our financial guarantees consist of debt obligations of certain CJVII Series. Expiration dates vary through 2028, and guarantees will terminate on payment and/or cancellation of the underlying obligation. A payment by us would be triggered by failure of the series to fulfill its obligation covered by the guarantee. We are entitled to recover from amounts paid by us under the guarantee by other unrelated institutional investment partners ("CJVII Series investors"), up to their pro rata ownership of the CJVII Series. The maximum potential payments for financial guarantees were $12.4 million and $13.6 million as of December 31, 2023 and March 31, 2023, respectively. Financial guarantees and indemnifications are recorded at fair value at their inception. Subsequent to initial recognition, the guarantee liability is adjusted at each reporting period to reflect the current estimate of expected payments resulting from possible default events over the remaining life of the guarantee. The financial guarantees were made only for the convenience of other CJVII Series investors in the process of obtaining third-party debt to fund acquisitions of aircraft assets. The guarantees did not provide any value to the debt and, as such, the Company did not record a liability related to these financial guarantees. Nonfinancial Guarantees From time to time, we may issue guarantees or indemnifications to third parties assuring performance of lease agreements pertaining to aircraft assets owned by certain CJVII Series ("nonfinancial guarantees"). Air T's performance under these guarantees would be triggered by failure of the series to perform in accordance with the terms stated in the lease agreements. Nonfinancial guarantees and indemnifications are recorded at fair value at their inception. We regularly review our performance risk under these arrangements, and in the event it becomes probable that we will be required to perform under a guarantee or indemnity, the amount of probable payment will be recorded. The maximum potential payments for nonfinancial guarantees were $4.5 million and $4.0 million at December 31, 2023 and March 31, 2023, respectively. The carrying value of recorded liabilities related to nonfinancial guarantees was $0 at both December 31, 2023 and March 31, 2023.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management performs an evaluation of events that occur after the balance sheet date but before condensed consolidated financial statements are issued for potential recognition or disclosure of such events in its condensed consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Loss Attributable to Air T, Inc. Stockholders	$ (2,979)	$ (590)	$ (5,119)	$ (3,255)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted 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 completed the process of converting its material LIBOR-based contracts, hedging relationships, and other transactions to other reference rates as of September 30, 2023. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07- Segment Reporting (Topic 848): Improvements to Reportable Segment Disclosures. The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses utilized by the chief operating decision maker for a company along with details about who the chief operating decision maker is and their title. The Update additionally requires that all annual disclosures under Topic 280 be included in interim periods financial statements, clarifies when an entity can disclose multiple segment measures of profit or loss, and provides new segment disclosure requirements for entities with a single reportable segment. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 31, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this amendment on its condensed consolidated financial statements and disclosures.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Total Consideration	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
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	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
Schedule of Income Recognized By Acquired Entity	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)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Performance Obligation Terms	The following is a description of the Company’s performance obligations: Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. Support Services The Company provides a variety of support services such as aircraft maintenance and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis.
Schedule of Disaggregation of Revenue	The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Product Sales Air Cargo $ 10,050 $ 6,416 $ 28,428 $ 20,303 Ground equipment sales 8,080 15,909 31,556 39,125 Commercial jet engines and parts 21,381 18,515 81,535 54,545 Corporate and other 153 112 775 247 Support Services Air Cargo 18,929 15,399 56,378 43,979 Ground equipment sales 223 96 474 396 Commercial jet engines and parts 2,533 2,428 8,393 6,958 Corporate and other 1,478 1,157 3,967 3,155 Leasing Revenue Ground equipment sales 24 42 58 115 Commercial jet engines and parts 12 729 35 1,939 Corporate and other 397 353 1,209 1,223 Other Air Cargo 39 16 138 182 Ground equipment sales 114 100 386 345 Commercial jet engines and parts 213 64 500 135 Corporate and other 130 60 322 299 Total $ 63,756 $ 61,396 $ 214,154 $ 172,946
Schedule of Contract with Customer, Asset and Liability	The following table presents outstanding contract liabilities as of April 1, 2023 and December 31, 2023 and the amount of contract liabilities as of April 1, 2023 that were recognized as revenue during the nine-month period ended December 31, 2023 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2023 As of December 31, 2023 $ 3,389 As of April 1, 2023 $ 5,000 For the nine months ended December 31, 2023 $ 4,433

Accrued Expenses and Other (Tab

Accrued Expenses and Other (Tables)	9 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule Accrued Expenses	(In thousands) December 31, 2023 March 31, 2023 Salaries, wages and related items $ 5,707 $ 4,748 Profit sharing and bonus 1,379 1,672 Other Deposits 794 2,560 Other 4,149 4,153 Total $ 12,029 $ 13,133

Net Earnings (Loss) Per Share (

Net Earnings (Loss) Per Share (Tables)	9 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures): Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Net (loss) income $ (2,109) $ 108 $ (3,744) $ (2,029) Net income attributable to non-controlling interests (870) (698) (1375) (1,226) Net loss attributable to Air T, Inc. Stockholders $ (2,979) $ (590) $ (5,119) $ (3,255) Loss per share: Basic $ (1.06) $ (0.21) $ (1.82) $ (1.14) Diluted $ (1.06) $ (0.21) $ (1.82) $ (1.14) Antidilutive shares excluded from computation of loss per share — 5 — 5 Weighted Average Shares Outstanding: Basic 2,822 2,836 2,820 2,855 Diluted 2,822 2,836 2,820 2,855

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets as of December 31, 2023 and March 31, 2023 consisted of the following (in thousands): December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 623 $ (484) $ 139 Internally developed software 3,711 (720) 2,991 In-place lease and other intangibles 1,094 (318) 776 Customer relationships 8,162 (1,302) 6,860 Patents 1,112 (1,108) 4 Other 1,768 (1,209) 559 16,470 (5,141) 11,329 In-process software 130 130 Intangible assets, total $ 16,600 $ (5,141) $ 11,459 March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 544 $ (433) $ 111 Internally developed software 3,672 (465) 3,207 In-place lease and other intangibles 1,094 (229) 865 Customer relationships 8,050 (851) 7,199 Patents 1,112 (1,105) 7 Other 1,782 (1,108) 674 16,254 (4,191) 12,063 In-process software 40 — 40 Intangible assets, total $ 16,294 $ (4,191) $ 12,103
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets recorded at December 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) Year ending March 31, Amortization 2024 (excluding the nine months ended December 31, 2023) $ 310 2025 1,201 2026 1,118 2027 1,045 2028 990 2029 982 Thereafter 5,683 $ 11,329

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summarized Unaudited Financial Information	Summarized unaudited financial information for the Company's equity method investees for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Revenue $ 34,365 $ 37,532 $ 133,427 $ 111,522 Gross Profit 2,746 4,045 18,076 13,210 Operating (loss) income (124) 13,382 9,100 17,172 Net income 2,050 13,375 10,439 16,180 Net income attributable to Air T, Inc. stockholders $ 499 $ 2,183 $ 2,295 $ 2,926

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following (in thousands): December 31, March 31, Overnight air cargo: Finished goods $ 931 $ 546 Ground equipment manufacturing: Raw materials 5,921 4,589 Work in process 2,997 153 Finished goods 2,344 6,976 Corporate and other: Raw materials 1,118 794 Finished goods 725 726 Commercial jet engines and parts: Whole engines available for sale or tear-down — 10,141 Parts 43,693 50,813 Total inventories 57,729 74,738 Reserves (3,842) (3,613) Total inventories, net of reserves $ 53,887 $ 71,125

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Lease Cost	The components of lease cost for the three and nine months ended December 31, 2023 and 2022 are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Operating lease cost $ 473 $ 537 $ 1,897 $ 1,529 Short-term lease cost 245 193 628 564 Variable lease cost 247 140 610 415 Total lease cost $ 965 $ 870 $ 3,135 $ 2,508 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of December 31, 2023 and March 31, 2023 were as follows (in thousands): December 31, 2023 March 31, 2023 Operating leases Operating lease ROU assets $ 11,893 $ 11,666 Operating lease liabilities $ 12,773 $ 12,435 Weighted-average remaining lease term Operating leases 12 years 12 years, 10 months Weighted-average discount rate Operating leases 5.08 % 4.95 %
Schedule of Maturity of Operating Lease Liability	Maturities of lease liabilities under non-cancellable leases where we are the lessee as of December 31, 2023 are as follows (in thousands): Operating Leases 2024 (excluding the nine months ended December 31, 2023) $ 640 2025 2,344 2026 2,127 2027 1,979 2028 1,438 2029 750 Thereafter 8,225 Total undiscounted lease payments 17,503 Interest (3,840) Discount (890) Total lease liabilities $ 12,773

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table provides certain information about the current financing arrangements of the Company and its subsidiaries as of December 31, 2023: (In Thousands) December 31, March 31, Maturity Date Interest Rate Unused commitments at December 31, 2023 Air T Debt Revolver - MBT $ 6,492 $ 8,742 8/31/2024 SOFR + range of 2.25% - 3.25% $ 10,508 Term Note A - MBT 7,160 7,762 8/31/2031 3.42% Term Note B - MBT 2,528 2,740 8/31/2031 3.42% Term Note D - MBT 1,287 1,338 1/1/2028 1-month LIBOR + 2.00% Term Note E - MBT — 800 6/25/2025 Greater of LIBOR + 1.50% or 2.50% Term Note F - MBT 833 983 1/31/2028 Greater of 6.00% or Prime + 1.00% Debt - Trust Preferred Securities 32,662 25,598 6/7/2049 8.00% Total 50,962 47,963 AirCo 1 Debt Term Loan - PSB 5,434 6,393 12/11/2025 3-month SOFR + 3.26% Total 5,434 6,393 Jet Yard Debt Term Loan - MBT 1,776 1,844 8/31/2031 4.14% Total 1,776 1,844 Contrail Debt Revolver - ONB — 12,441 11/24/2025 1-month SOFR + 3.56% $ 25,000 Term Loan G - ONB 24,918 38,180 11/24/2025 1-month SOFR + 3.11% Total 24,918 50,621 Delphax Solutions Debt Canadian Emergency Business Account Loan 30 30 12/31/2025 5.00% Total 30 30 Wolfe Lake Debt Term Loan - Bridgewater 9,393 9,586 12/2/2031 3.65% Total 9,393 9,586 Air T Acquisition 22.1 Term Loan - Bridgewater 4,500 4,500 2/8/2027 4.00% Term Loan A - ING 2,155 2,610 2/1/2027 3.50% Term Loan B - ING 1,105 1,088 5/1/2027 4.00% Total 7,760 8,198 WASI Debt Promissory Note - Seller's Note 958 1,279 1/1/2026 6.00% Total 958 1,279 Total Debt 101,231 125,914 Unamortized Premiums and Debt Issuance Costs (445) (829) Total Debt, net $ 100,786 $ 125,085
Schedule of Maturities of Long-term Debt	At December 31, 2023, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount December 31, 2024 $ 17,367 December 31, 2025 26,335 December 31, 2026 3,075 December 31, 2027 7,219 December 31, 2028 1,755 Thereafter 45,480 101,231 Unamortized Premiums and Debt Issuance Costs (445) $ 100,786

Geographical Information (Table

Geographical Information (Tables)	9 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Long-lived Assets by Geographic Areas	Total tangible long-lived assets, which include property and equipment as well as assets on lease, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States, are summarized in the following table as of December 31, 2023 and March 31, 2023 (in thousands): December 31, 2023 March 31, 2023 United States $ 20,845 $ 21,433 Foreign 51 89 Total tangible long-lived assets, net $ 20,896 $ 21,522 The net book value of tangible long-lived assets located within each individual foreign country at December 31, 2023 and March 31, 2023 is listed below (in thousands): December 31, 2023 March 31, 2023 The Netherlands $ 43 $ 42 Other 8 47 Total tangible long-lived assets, net $ 51 $ 89
Revenue from External Customers by Geographic Areas	Total revenue, in and outside the United States, is summarized in the following table for the nine months ended December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 United States $ 182,334 $ 143,433 Foreign 31,820 29,513 Total revenue $ 214,154 $ 172,946

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating Revenues by Segment: Overnight Air Cargo Domestic $ 28,818 $ 21,831 $ 84,054 $ 64,464 International 200 — 890 — Total Overnight Air Cargo 29,018 21,831 84,944 64,464 Ground Equipment Sales: Domestic 8,178 16,009 28,709 34,830 International 263 138 3,765 5,151 Total Ground Equipment Sales 8,441 16,147 32,474 39,981 Commercial Jet Engines and Parts: Domestic 15,967 13,704 66,698 42,047 International 8,172 8,032 23,765 21,530 Total Commercial Jet Engines and Parts 24,139 21,736 90,463 63,577 Corporate and Other: Domestic 935 565 2,873 2,092 International 1,223 1,117 3,400 2,832 Total Corporate and Other 2,158 1,682 6,273 4,924 Total 63,756 61,396 214,154 172,946 Operating Income (Loss): Overnight Air Cargo 1,594 1,009 5,568 2,931 Ground Equipment Sales (522) 1,093 (619) 3,122 Commercial Jet Engines and Parts (627) 733 2,002 3,603 Corporate and Other (2,053) (2,700) (7,140) (8,509) Total (1,608) 135 (189) 1,147 Capital Expenditures: Overnight Air Cargo 60 37 263 228 Ground Equipment Sales 24 16 82 32 Commercial Jet Engines and Parts 24 132 166 484 Corporate and Other 12 60 167 293 Total 120 245 678 1,037 Depreciation and Amortization: Overnight Air Cargo 95 22 269 64 Ground Equipment Sales 37 35 107 130 Commercial Jet Engines and Parts 185 721 565 1,717 Corporate and Other 382 319 1,147 1,073 Total $ 699 $ 1,097 $ 2,088 $ 2,984
Schedule of EBITDA	The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA for the nine months ended December 31, 2023 and 2022 (in thousands): Nine Months Ended December 31, 2023 Total Operating loss $ (189) Depreciation and amortization (excluding leased engines depreciation) 2,088 Asset impairment, restructuring or impairment charges 326 Gain on sale of property and equipment (7) TruPs issuance expenses 277 Adjusted EBITDA $ 2,495 Nine Months Ended December 31, 2022 Total Operating income $ 1,147 Depreciation and amortization (excluding leased engines depreciation) 1,810 Asset impairment, restructuring or impairment charges 2,174 Gain on sale of property and equipment (2) TruPs issuance expenses 38 Adjusted EBITDA $ 5,167

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Redeemable Noncontrolling Interest	The Shanwick RNCI's estimated redemption value is $5.5 million as of December 31, 2023, which was comprised of the following (in thousands): Shanwick RNCI Beginning Balance as of April 1, 2023 $ 4,738 Contribution from non-controlling members — Distribution to non-controlling members (326) Net income attributable to non-controlling interests 326 Redemption value adjustments 782 Ending Balance as of December 31, 2023 $ 5,520

Financial Statement Presentat_3

Financial Statement Presentation - Narrative (Details) - USD ($) $ in Millions	Oct. 18, 2023	Oct. 17, 2023
Market Offering Agreement | Trust Preferred Capital Security
Line of Credit Facility [Line Items]
Maximum aggregate offering price	$ 7.3	$ 6.5

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) - WASI Debt $ in Thousands	Jan. 31, 2023 USD ($)
Business Acquisition
Cash consideration	$ 1,628
Seller's Note	1,370
Total consideration	$ 2,998

Acquisitions - Schedule of Asse

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Dec. 31, 2023	Mar. 31, 2023
LIABILITIES
Goodwill		$ 10,624	$ 10,563
WASI Debt
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)
Less: Net assets acquired	(2,422)
Goodwill	76
WASI Debt | Trade Name
ASSETS
Intangible assets	342
WASI Debt | Non-competition Agreement
ASSETS
Intangible assets	19
WASI Debt | Customer Relationships
ASSETS
Intangible assets	$ 683

Acquisitions - Schedule of Reve

Acquisitions - Schedule of Revenues and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Business Acquisition
Revenue	$ 63,756	$ 61,396	$ 214,154	$ 172,946
Operating Expenses	65,364	61,261	214,343	171,799
Operating (Loss) Income	(1,608)	135	(189)	1,147
Non-operating expense	(348)	(183)	(2,704)	(3,712)
Net loss	$ (2,979)	$ (590)	$ (5,119)	$ (3,255)
WASI Debt
Business Acquisition
Revenue					$ 929
Cost of Sales					676
Operating Expenses					425
Operating (Loss) Income					(172)
Non-operating expense					(22)
Net loss					$ (194)

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue
Total revenue	$ 63,756	$ 61,396	$ 214,154	$ 172,946
Air Cargo
Disaggregation of Revenue
Total revenue	29,018	21,831	84,944	64,464
Ground equipment sales
Disaggregation of Revenue
Total revenue	8,441	16,147	32,474	39,981
Commercial jet engines and parts
Disaggregation of Revenue
Total revenue	24,139	21,736	90,463	63,577
Corporate and other
Disaggregation of Revenue
Total revenue	2,158	1,682	6,273	4,924
Product Sales | Air Cargo
Disaggregation of Revenue
Revenue from customer contracts	10,050	6,416	28,428	20,303
Product Sales | Ground equipment sales
Disaggregation of Revenue
Revenue from customer contracts	8,080	15,909	31,556	39,125
Product Sales | Commercial jet engines and parts
Disaggregation of Revenue
Revenue from customer contracts	21,381	18,515	81,535	54,545
Product Sales | Corporate and other
Disaggregation of Revenue
Revenue from customer contracts	153	112	775	247
Support Services | Air Cargo
Disaggregation of Revenue
Revenue from customer contracts	18,929	15,399	56,378	43,979
Support Services | Ground equipment sales
Disaggregation of Revenue
Revenue from customer contracts	223	96	474	396
Support Services | Commercial jet engines and parts
Disaggregation of Revenue
Revenue from customer contracts	2,533	2,428	8,393	6,958
Support Services | Corporate and other
Disaggregation of Revenue
Revenue from customer contracts	1,478	1,157	3,967	3,155
Leasing Revenue | Ground equipment sales
Disaggregation of Revenue
Revenue not from customer contracts	24	42	58	115
Leasing Revenue | Commercial jet engines and parts
Disaggregation of Revenue
Revenue not from customer contracts	12	729	35	1,939
Leasing Revenue | Corporate and other
Disaggregation of Revenue
Revenue not from customer contracts	397	353	1,209	1,223
Other | Air Cargo
Disaggregation of Revenue
Revenue not from customer contracts	39	16	138	182
Other | Ground equipment sales
Disaggregation of Revenue
Revenue not from customer contracts	114	100	386	345
Other | Commercial jet engines and parts
Disaggregation of Revenue
Revenue not from customer contracts	213	64	500	135
Other | Corporate and other
Disaggregation of Revenue
Revenue not from customer contracts	$ 130	$ 60	$ 322	$ 299

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Asset and Liability (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2023 USD ($)
Contract With Customers
Contract with customer, liabilities, beginning balance	$ 5,000
Outstanding contract liabilities recognized as revenue	4,433
Contract with customer, liabilities, ending balance	$ 3,389

Accrued Expenses and Other (Det

Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Payables and Accruals [Abstract]
Salaries, wages and related items	$ 5,707	$ 4,748
Profit sharing and bonus	1,379	1,672
Other Deposits	794	2,560
Other	4,149	4,153
Total	$ 12,029	$ 13,133

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 153	$ (156)	$ 851	$ (536)
Effective income tax rate, percent	(7.80%)	325%	(29.40%)	20.90%

Net Earnings (Loss) Per Share -

Net Earnings (Loss) Per Share - Narrative (Details) - Air T's 2012 Stock Option Plan	3 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercises of stock options (in shares)	3,750
Options exercised price (in dollars per share) | $ / shares	$ 7.04
Unexpired options outstanding (in shares)	0

Net Earnings (Loss) Per Share_2

Net Earnings (Loss) Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net (Loss) Income	$ (2,109)	$ 108	$ (3,744)	$ (2,029)
Net income attributable to non-controlling interests	(870)	(698)	(1,375)	(1,226)
Net Loss Attributable to Air T, Inc. Stockholders	$ (2,979)	$ (590)	$ (5,119)	$ (3,255)
Loss per share:
Basic (in dollars per share)	$ (1.06)	$ (0.21)	$ (1.82)	$ (1.14)
Diluted (in dollars per share)	$ (1.06)	$ (0.21)	$ (1.82)	$ (1.14)
Antidilutive shares excluded from computation of loss per share (in shares)	0	5	0	5
Weighted Average Shares Outstanding:
Basic (in shares)	2,822	2,836	2,820	2,855
Diluted (in shares)	2,822	2,836	2,820	2,855

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 16,470	$ 16,254
Accumulated Amortization	(5,141)	(4,191)
Finite-lived intangible assets, net	11,329	12,063
Indefinite-lived intangible assets, gross carrying amount	130	40
Gross carrying value	16,600	16,294
Intangible assets, total	11,459	12,103
Purchased software
Finite-Lived Intangible Assets
Gross Carrying Amount	623	544
Accumulated Amortization	(484)	(433)
Finite-lived intangible assets, net	139	111
Internally developed software
Finite-Lived Intangible Assets
Gross Carrying Amount	3,711	3,672
Accumulated Amortization	(720)	(465)
Finite-lived intangible assets, net	2,991	3,207
In-place lease and other intangibles
Finite-Lived Intangible Assets
Gross Carrying Amount	1,094	1,094
Accumulated Amortization	(318)	(229)
Finite-lived intangible assets, net	776	865
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	8,162	8,050
Accumulated Amortization	(1,302)	(851)
Finite-lived intangible assets, net	6,860	7,199
Patents
Finite-Lived Intangible Assets
Gross Carrying Amount	1,112	1,112
Accumulated Amortization	(1,108)	(1,105)
Finite-lived intangible assets, net	4	7
Other
Finite-Lived Intangible Assets
Gross Carrying Amount	1,768	1,782
Accumulated Amortization	(1,209)	(1,108)
Finite-lived intangible assets, net	$ 559	$ 674

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Amortization
2024 (excluding the nine months ended December 31, 2023)	$ 310
2025	1,201
2026	1,118
2027	1,045
2028	990
2029	982
Thereafter	5,683
Finite-lived intangible assets, net	$ 11,329	$ 12,063

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 10,624	$ 10,563

Investments in Securities and_2

Investments in Securities and Derivative Instruments - Narrative (Details) - USD ($)		2 Months Ended	3 Months Ended						9 Months Ended
	Mar. 30, 2023	Feb. 24, 2022	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	Jan. 07, 2022	Aug. 31, 2021
Derivatives, Fair Value
Long-term debt, gross			$ 101,231,000						$ 101,231,000		$ 125,914,000
Derivative loss		$ 100,000
Repayments of Long-term Debt									17,116,000	$ 12,300,000
Unrealized gain (loss) on interest rate swaps, net of tax			(38,000)	$ 16,000	$ 24,000	$ (61,000)	$ 957,000	$ 475,000
Gross unrealized gain from equity investments			500,000			300,000			1,400,000	300,000
Gross unrealized loss from equity investments			0			500,000			1,800,000	800,000
Unsecured debt | Contrail Debt
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)												4.68%
Long-term debt, gross			24,918,000						24,918,000		50,621,000	$ 43,600,000
Unsecured debt | Parent company
Derivatives, Fair Value
Long-term debt, gross			50,962,000						50,962,000		47,963,000
Interest rate swap
Derivatives, Fair Value
Unrealized gain (loss) on interest rate swaps, net of tax			(38,000)			$ (100,000)			2,000	$ 1,400,000
Interest rate swap | Level 2
Derivatives, Fair Value
Derivative asset			$ 1,800,000						$ 1,800,000		2,400,000
Term Note A - MBT | Unsecured debt | Parent company
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)			3.42%						3.42%				3.42%
Long-term debt, gross			$ 7,160,000						$ 7,160,000		7,762,000
Term Note A - MBT | Interest rate swap | Unsecured debt
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)			4.56%						4.56%
Term Note D - MBT | Unsecured debt | Parent company
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)			5.09%						5.09%
Long-term debt, gross			$ 1,287,000						$ 1,287,000		$ 1,338,000
Term Note G | Unsecured debt | Contrail Debt
Derivatives, Fair Value
Repayments of Long-term Debt	$ 6,700,000

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) - USD ($) shares in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Mar. 31, 2023
Schedule of Equity Method Investments
Income (loss) from equity method investments	$ 1,038,000		$ 2,118,000	$ 2,477,000		$ 2,917,000
Equity method investments	$ 15,038,000			$ 15,038,000			$ 13,230,000
Insignia
Schedule of Equity Method Investments
Number of shares held (in shares)	0.5			0.5
Ownership percentage	27.80%			27.80%
Income (loss) from equity method investments		$ 300,000			$ 800,000
Equity method investments	$ 2,400,000			$ 2,400,000
Cadillac Castings, Inc
Schedule of Equity Method Investments
Ownership percentage	20.10%			20.10%
Income (loss) from equity method investments	$ 200,000			$ 1,500,000
Equity method investments	4,200,000			4,200,000
Difference between carrying amount and underlying equity	300,000			300,000
Investment realized gain (loss) on disposal	$ (12,000)			$ (37,000)

Equity Method Investments - Sum

Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Schedule of Equity Method Investments
Revenue	$ 63,756		$ 61,396		$ 214,154		$ 172,946
Operating (loss) income	(1,608)		135		(189)		1,147
Net income	(2,109)		108		(3,744)		(2,029)
Net Loss Attributable to Air T, Inc. Stockholders	$ (2,979)		$ (590)		$ (5,119)		$ (3,255)
Nonconsolidated investee
Schedule of Equity Method Investments
Revenue		$ 34,365		$ 37,532		$ 133,427		$ 111,522
Gross Profit		2,746		4,045		18,076		13,210
Operating (loss) income		(124)		13,382		9,100		17,172
Net income		2,050		13,375		10,439		16,180
Net Loss Attributable to Air T, Inc. Stockholders		$ 499		$ 2,183		$ 2,295		$ 2,926

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Commercial jet engines and parts:
Whole engines available for sale or tear-down	$ 0	$ 10,141
Parts	43,693	50,813
Total inventories	57,729	74,738
Reserves	(3,842)	(3,613)
Total inventories, net of reserves	53,887	71,125
Overnight air cargo:
Ground equipment manufacturing:
Finished goods	931	546
Corporate and other:
Finished goods	931	546
Ground equipment manufacturing:
Ground equipment manufacturing:
Raw materials	5,921	4,589
Work in process	2,997	153
Finished goods	2,344	6,976
Corporate and other:
Raw materials	5,921	4,589
Finished goods	2,344	6,976
Corporate and other
Ground equipment manufacturing:
Raw materials	1,118	794
Finished goods	725	726
Corporate and other:
Raw materials	1,118	794
Finished goods	$ 725	$ 726

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2023
Real Estate
Lessee, Lease, Description
Lease term	30 years
Minimum
Lessee, Lease, Description
Lease term	2 years
Maximum
Lessee, Lease, Description
Lease term	5 years

Leases - Component of Lease Cos

Leases - Component of Lease Cost and Consolidated Balance Sheet Amounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 473	$ 537	$ 1,897	$ 1,529
Short-term lease cost	245	193	628	564
Variable lease cost	247	140	610	415
Total lease cost	965	$ 870	3,135	$ 2,508
Operating leases
Operating lease ROU assets	11,893		11,893		$ 11,666
Operating lease liabilities	$ 12,773		$ 12,773		$ 12,435
Weighted-average remaining lease term
Operating leases	12 years		12 years		12 years 10 months
Weighted-average discount rate
Operating leases	5.08%		5.08%		4.95%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Operating Leases
2024 (excluding the nine months ended December 31, 2023)	$ 640
2025	2,344
2026	2,127
2027	1,979
2028	1,438
2029	750
Thereafter	8,225
Total undiscounted lease payments	17,503
Interest	(3,840)
Discount	(890)
Total lease liabilities	$ 12,773	$ 12,435

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($) shares in Thousands			3 Months Ended	9 Months Ended
	Jun. 23, 2023	May 26, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 01, 2023	Oct. 18, 2023	Oct. 17, 2023	Mar. 31, 2023	Jan. 07, 2022
Debt Instrument
Long-term debt, gross			$ 101,231,000	$ 101,231,000					$ 125,914,000
Gross proceeds				7,285,000	$ 0
Trust Preferred Capital Security | Market Offering Agreement
Debt Instrument
Maximum aggregate offering price							$ 7,300,000	$ 6,500,000
TruPs issued (in shares)			15
Gross proceeds			$ 300,000
Trust Preferred Capital Security | Private Placement
Debt Instrument
TruPs issued (in shares)			413
Gross proceeds			$ 7,000,000
Unsecured debt | Parent company
Debt Instrument
Long-term debt, gross			50,962,000	50,962,000					47,963,000
Unsecured debt | Contrail Debt
Debt Instrument
Long-term debt, gross			24,918,000	24,918,000					50,621,000	$ 43,600,000
Unsecured debt | AirCo 1 Debt
Debt Instrument
Long-term debt, gross			5,434,000	5,434,000					6,393,000
Term Loan G - ONB | Unsecured debt | Contrail Debt
Debt Instrument
Principle amount		$ 38,200,000
Long-term debt, gross			24,918,000	$ 24,918,000					38,180,000
Term Loan G - ONB | Unsecured debt | Contrail Debt | 1 Month SOFR
Debt Instrument
Basis spread on variable rate (as a percentage)		3.11%		3.11%
Revolver - ONB | Unsecured debt | Contrail Debt
Debt Instrument
Principle amount		$ 25,000,000
Long-term debt, gross			0	$ 0					12,441,000
Revolver - ONB | Unsecured debt | Contrail Debt | 1 Month SOFR
Debt Instrument
Basis spread on variable rate (as a percentage)		3.56%		3.56%
Term Loan - PSB | Unsecured debt | AirCo 1 Debt
Debt Instrument
Principle amount		$ 6,400,000
Long-term debt, gross			5,434,000	$ 5,434,000					6,393,000
Term Loan - PSB | Unsecured debt | AirCo 1 Debt | 3 Month SOFR
Debt Instrument
Basis spread on variable rate (as a percentage)		3.26%		3.26%
Revolver - MBT | Unsecured debt
Debt Instrument
Line of credit facility, maximum seasonal increase amount	$ 2,000,000
Credit facility maximum borrowing capacity	19,000,000					$ 17,000,000
Revolver - MBT | Unsecured debt | Parent company
Debt Instrument
Long-term debt, gross			6,492,000	$ 6,492,000					8,742,000
Revolver - MBT | Unsecured debt | Other Investments
Debt Instrument
Debt instrument, covenant investment in other investments	$ 5,000,000
Revolver - MBT | Unsecured debt | Minimum
Debt Instrument
Commitment fee (as a percentage)	0.11%
Revolver - MBT | Unsecured debt | Maximum
Debt Instrument
Commitment fee (as a percentage)	0.15%
Revolver - MBT | Unsecured debt | SOFR | Minimum
Debt Instrument
Basis spread on variable rate (as a percentage)	2.25%
Revolver - MBT | Unsecured debt | SOFR | Minimum | Parent company
Debt Instrument
Basis spread on variable rate (as a percentage)				2.25%
Revolver - MBT | Unsecured debt | SOFR | Maximum
Debt Instrument
Basis spread on variable rate (as a percentage)	3.25%
Revolver - MBT | Unsecured debt | SOFR | Maximum | Parent company
Debt Instrument
Basis spread on variable rate (as a percentage)				3.25%
Debt - Trust Preferred Securities | Unsecured debt | Parent company
Debt Instrument
Long-term debt, gross			$ 32,662,000	$ 32,662,000					$ 25,598,000

Financing Arrangements - Long-t

Financing Arrangements - Long-term Debt (Details) - USD ($) $ in Thousands			9 Months Ended
	Jun. 23, 2023	May 26, 2023	Dec. 31, 2023	Mar. 31, 2023	Jan. 07, 2022	Aug. 31, 2021
Debt Instrument
Long-term debt, gross			$ 101,231	$ 125,914
Unamortized Premiums and Debt Issuance Costs			(445)	(829)
Total Debt, net			100,786	125,085
AirCo 1 Debt | Unsecured debt
Debt Instrument
Long-term debt, gross			5,434	6,393
Jet Yard Debt | Unsecured debt
Debt Instrument
Long-term debt, gross			1,776	1,844
Contrail Debt | Unsecured debt
Debt Instrument
Long-term debt, gross			24,918	50,621	$ 43,600
Interest rate stated percentage (as a percentage)					4.68%
Delphax Solutions Debt | Notes Payable to Banks
Debt Instrument
Long-term debt, gross			30	30
Wolfe Lake Debt | Notes Payable to Banks
Debt Instrument
Long-term debt, gross			9,393	9,586
Air T Acquisition 22.1 | Notes Payable to Banks
Debt Instrument
Long-term debt, gross			7,760	8,198
WASI Debt | Notes Payable to Banks
Debt Instrument
Long-term debt, gross			958	1,279
Revolver - MBT | Unsecured debt | Minimum | SOFR
Debt Instrument
Basis spread on variable rate (as a percentage)	2.25%
Revolver - MBT | Unsecured debt | Maximum | SOFR
Debt Instrument
Basis spread on variable rate (as a percentage)	3.25%
Term Loan - PSB | AirCo 1 Debt | Unsecured debt
Debt Instrument
Long-term debt, gross			$ 5,434	6,393
Term Loan - PSB | AirCo 1 Debt | Unsecured debt | 3 Month SOFR
Debt Instrument
Basis spread on variable rate (as a percentage)		3.26%	3.26%
Term Loan - MBT | Jet Yard Debt | Unsecured debt
Debt Instrument
Long-term debt, gross			$ 1,776	1,844
Interest rate stated percentage (as a percentage)			4.14%
Revolver - ONB | Contrail Debt | Unsecured debt
Debt Instrument
Long-term debt, gross			$ 0	12,441
Unused commitments			$ 25,000
Revolver - ONB | Contrail Debt | Unsecured debt | 1 Month SOFR
Debt Instrument
Basis spread on variable rate (as a percentage)		3.56%	3.56%
Term Loan G - ONB | Contrail Debt | Unsecured debt
Debt Instrument
Long-term debt, gross			$ 24,918	38,180
Term Loan G - ONB | Contrail Debt | Unsecured debt | 1 Month SOFR
Debt Instrument
Basis spread on variable rate (as a percentage)		3.11%	3.11%
Canadian Emergency Business Account Loan | Delphax Solutions Debt | Notes Payable to Banks
Debt Instrument
Long-term debt, gross			$ 30	30
Interest rate stated percentage (as a percentage)			5%
Term Loan - Bridgewater | Wolfe Lake Debt | Notes Payable to Banks
Debt Instrument
Long-term debt, gross			$ 9,393	9,586
Interest rate stated percentage (as a percentage)			3.65%
Term Loan - Bridgewater | Air T Acquisition 22.1 | Notes Payable to Banks
Debt Instrument
Long-term debt, gross			$ 4,500	4,500
Interest rate stated percentage (as a percentage)			4%
Term Loan A - ING | Air T Acquisition 22.1 | Notes Payable to Banks
Debt Instrument
Long-term debt, gross			$ 2,155	2,610
Interest rate stated percentage (as a percentage)			3.50%
Term Loan B - ING | Air T Acquisition 22.1 | Notes Payable to Banks
Debt Instrument
Long-term debt, gross			$ 1,105	1,088
Interest rate stated percentage (as a percentage)			4%
Promissory Note - Seller's Note | WASI Debt | Notes Payable to Banks
Debt Instrument
Long-term debt, gross			$ 958	1,279
Interest rate stated percentage (as a percentage)			6%
Parent company | Unsecured debt
Debt Instrument
Long-term debt, gross			$ 50,962	47,963
Parent company | Revolver - MBT | Unsecured debt
Debt Instrument
Long-term debt, gross			6,492	8,742
Unused commitments			$ 10,508
Parent company | Revolver - MBT | Unsecured debt | Minimum | SOFR
Debt Instrument
Basis spread on variable rate (as a percentage)			2.25%
Parent company | Revolver - MBT | Unsecured debt | Maximum | SOFR
Debt Instrument
Basis spread on variable rate (as a percentage)			3.25%
Parent company | Term Note A - MBT | Unsecured debt
Debt Instrument
Long-term debt, gross			$ 7,160	7,762
Interest rate stated percentage (as a percentage)			3.42%			3.42%
Parent company | Term Note B - MBT | Unsecured debt
Debt Instrument
Long-term debt, gross			$ 2,528	2,740
Interest rate stated percentage (as a percentage)			3.42%
Parent company | Term Note D - MBT | Unsecured debt
Debt Instrument
Long-term debt, gross			$ 1,287	1,338
Interest rate stated percentage (as a percentage)			5.09%
Parent company | Term Note D - MBT | Unsecured debt | 1-month LIBOR
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			$ 0	800
Interest rate stated percentage (as a percentage)			2.50%
Parent company | Term Note E - MBT | Unsecured debt | LIBOR
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			$ 833	983
Parent company | Term Note F - MBT | Unsecured debt | Prime Rate
Debt Instrument
Basis spread on variable rate (as a percentage)			6%
Interest rate stated percentage (as a percentage)			1%
Parent company | Debt - Trust Preferred Securities | Unsecured debt
Debt Instrument
Long-term debt, gross			$ 32,662	$ 25,598
Interest rate stated percentage (as a percentage)			8%

Financing Arrangements - Contra

Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Due by
December 31, 2024	$ 17,367
December 31, 2025	26,335
December 31, 2026	3,075
December 31, 2027	7,219
December 31, 2028	1,755
Thereafter	45,480
Long-term debt, gross	101,231	$ 125,914
Unamortized Premiums and Debt Issuance Costs	(445)	(829)
Total Debt, net	$ 100,786	$ 125,085

Geographical Information - Long

Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 20,896	$ 21,522
United States
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	20,845	21,433
Foreign
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	51	89
The Netherlands
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	43	42
Other
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 8	$ 47

Geographical Information - Reve

Geographical Information - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer
Total revenue	$ 63,756	$ 61,396	$ 214,154	$ 172,946
United States
Revenue, Major Customer
Total revenue			182,334	143,433
Foreign
Revenue, Major Customer
Total revenue			$ 31,820	$ 29,513

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment Information - Segment D

Segment Information - Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Revenue	$ 63,756	$ 61,396	$ 214,154	$ 172,946
Operating income	(1,608)	135	(189)	1,147
Capital expenditures	120	245	678	1,037
Depreciation and amortization	699	1,097	2,088	2,984
Overnight air cargo
Segment Reporting Information
Revenue	29,018	21,831	84,944	64,464
Operating income	1,594	1,009	5,568	2,931
Capital expenditures	60	37	263	228
Depreciation and amortization	95	22	269	64
Overnight air cargo | Domestic
Segment Reporting Information
Revenue	28,818	21,831	84,054	64,464
Overnight air cargo | International
Segment Reporting Information
Revenue	200	0	890	0
Ground equipment sales
Segment Reporting Information
Revenue	8,441	16,147	32,474	39,981
Operating income	(522)	1,093	(619)	3,122
Capital expenditures	24	16	82	32
Depreciation and amortization	37	35	107	130
Ground equipment sales | Domestic
Segment Reporting Information
Revenue	8,178	16,009	28,709	34,830
Ground equipment sales | International
Segment Reporting Information
Revenue	263	138	3,765	5,151
Commercial jet engines and parts
Segment Reporting Information
Revenue	24,139	21,736	90,463	63,577
Operating income	(627)	733	2,002	3,603
Capital expenditures	24	132	166	484
Depreciation and amortization	185	721	565	1,717
Commercial jet engines and parts | Domestic
Segment Reporting Information
Revenue	15,967	13,704	66,698	42,047
Commercial jet engines and parts | International
Segment Reporting Information
Revenue	8,172	8,032	23,765	21,530
Corporate and other
Segment Reporting Information
Revenue	2,158	1,682	6,273	4,924
Operating income	(2,053)	(2,700)	(7,140)	(8,509)
Capital expenditures	12	60	167	293
Depreciation and amortization	382	319	1,147	1,073
Corporate and other | Domestic
Segment Reporting Information
Revenue	935	565	2,873	2,092
Corporate and other | International
Segment Reporting Information
Revenue	$ 1,223	$ 1,117	$ 3,400	$ 2,832

Segment Information- Schedule o

Segment Information- Schedule of EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Operating (Loss) Income	$ (1,608)	$ 135	$ (189)	$ 1,147
Depreciation and amortization (excluding leased engines depreciation)			2,088	1,810
Asset impairment, restructuring or impairment charges			326	2,174
Gain on sale of property and equipment			(7)	(2)
TruPs issuance expenses			277	38
Adjusted EBITDA			$ 2,495	$ 5,167

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)			3 Months Ended	9 Months Ended
	Dec. 31, 2023 USD ($) shares	May 05, 2021 USD ($) interest	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) installment anniversary shares	Mar. 31, 2023 USD ($)	Feb. 28, 2022	Dec. 29, 2020 shares
Long-termCommitment
Decrease in redemption value				$ (400,000)
Adjustment to fair value of redeemable non-controlling interests				(500,000)
Distributions to non-controlling interest				200,000
Net loss attributable to and and distributions non-controlling interest				300,000
Number of classes of equity interests | interest		2
Equity method investments	$ 15,038,000		$ 15,038,000	15,038,000	$ 13,230,000
Put option issued to co-investor in CAM	1,000,000		1,000,000	$ 1,000,000
Number of anniversary has fixed price put option | anniversary				3
Number of years after execution of agreement (in years)				5 years
Number of installments after exercise | installment				3
Redeemable non-controlling interests	$ 13,086,000		13,086,000	$ 13,086,000	12,710,000
Stock compensation expense			$ 79,000	$ 200,000
2020 Omnibus Stock and Incentive Plan
Long-termCommitment
Shares authorized under the plan (in shares) | shares							420,000
Number of shares granted ( in shares) | shares	261,000		261,000	261,000
Offshore Series
Long-termCommitment
Payments for capital commitments	$ 1,000,000
Onshore Series
Long-termCommitment
Payments for capital commitments	7,000,000
CAM
Long-termCommitment
Equity method investments	4,900,000		$ 4,900,000	$ 4,900,000
CJVII | Capital Commitments
Long-termCommitment
Other commitments	7,000,000		7,000,000	$ 7,000,000
Other commitment, premium rate above fair market value				112.50%
CAM
Long-termCommitment
Ownership percentage (as a percentage)		90%
Minority interest, ownership (percent)		10%
Noncontrolling Interest, Increase from Subsidiary Equity Issuance		$ 1,000,000
CAM | CJVII | Capital Commitments
Long-termCommitment
Other commitments	51,000,000		51,000,000	$ 51,000,000
MRC | CJVII | Capital Commitments
Long-termCommitment
Other commitments	44,000,000		44,000,000	44,000,000
Third Party | Shanwick
Long-termCommitment
Minority interest, ownership (percent)						30%
Option potential exercise multiple						7.5
Shanwick
Long-termCommitment
Redeemable non-controlling interests	5,520,000		5,520,000	5,520,000	$ 4,738,000
Fair Value, Inputs, Level 3 | Contrail RNCI
Long-termCommitment
Fair value of redeemable non-controlling interest	$ 7,600,000		$ 7,600,000	$ 7,600,000

Commitments and Contingencies-

Commitments and Contingencies- Roll forward (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2023 USD ($)
Shanwick RNCI
Balance at the beginning	$ 12,710
Balance at the end	13,086
Shanwick
Shanwick RNCI
Balance at the beginning	4,738
Contribution from non-controlling members	0
Distribution to non-controlling members	(326)
Net income attributable to non-controlling interests	326
Redemption value adjustments	782
Balance at the end	$ 5,520

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Financial guarantee
Guarantor Obligations [Line Items]
Maximum potential payments	$ 12.4	$ 13.6
Non-financial guarantees
Guarantor Obligations [Line Items]
Maximum potential payments	4.5	4
Carrying value	$ 0	$ 0