Company: AIRTP
Filing Date: 2025-08-12
Form Type: 10-K/A
Source: 0000353184-25-000069
Chunk: 94

Company: AIR T INC
Filing Date: 2025-08-12
Form: 10-K/A
Chunk 94
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 35% and 21% of the Company’s consolidated accounts receivable at March 31, 2025 and 2024, respectively, were due from FedEx Corporation.

Approximately 13% and 10% of the Company’s consolidated revenues were derived from services performed for American Airlines Corporation by the Company's Commercial Aircraft, Engines and Parts and Ground Support Equipment segments in fiscal 2025 and 2024, respectively. Approximately 19% and 24% of the Company’s consolidated accounts receivable at March 31, 2025 and 2024, respectively, were due from American Airlines Corporation.

3. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company measures and reports financial assets and liabilities at fair value. Fair value measurement is classified and disclosed in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

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Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Assets Measured and Recorded at Fair Value on a Recurring Basis

The following consolidated balance sheet items are measured at fair value on a recurring basis (in thousands):

|                                                                    |     | Fair Value Measurements at March 31, |  2025 |     |   |  2024 |
|:-------------------------------------------------------------------|:----|:-------------------------------------|------:|:----|:--|------:|
| Marketable securities (including restricted investments) (Level 1) |     | $                                    | 1,105 |     | $ | 1,923 |
| Interest rate swaps (liability) asset (Level 2)                    |     |                                      |   -44 |     |   | 1,909 |
| Contrail's earnout (Level 3)                                       |     | $                                    | 1,539 |     | $ |     — |
| Contrail's redeemable non-controlling interest (Level 3)           |     | $                                    |     — |     | $ | 7,437 |

The fair values of our interest rate swaps are based on the market standard methodology of netting the discounted expected future variable cash receipts