Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 352

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 8
Chunk 352
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 (expense) income on the condensed consolidated statements of income (loss), including basis difference adjustments and other comprehensive income adjustments, during the fiscal years ended March 31, 2025 and 2024 is as follows (in thousands):Year Ended March 31, Investment20252024Lendway$(1,609)$659 CCI165 1,041 CAM2,919 (184)Other equity method investments225 173 Total$1,700 $1,689 The Company's equity method investees may, from time to time, make distributions and dividends to the Company in accordance with accumulated earnings at the investee. For the fiscal years ended March 31, 2025 and 2024, the Company received distributions and dividends from equity method investees as follows (in thousands): Year Ended March 31, Investment20252024Lendway $— $— CCI— 452 CAM4,907 2,275 Other equity method investments1,458 465 Total$6,365 $3,192 

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10.     ACCRUED EXPENSES

Year ended March 31,(In thousands)20252024Salaries, wages and related items$6,235 $5,296 Profit sharing and bonus2,980 2,335Other deposits513 1,403Deferred income3,686 2,956Other3,277 3,660Total$16,691 $15,650 

11.    LESSEE ARRANGEMENTS

The Company has operating leases for the use of real estate, machinery, and office equipment. The majority of our leases have a lease term of 2 to 5 years; however, we have certain leases with longer terms of up to 30 years. Many of our leases include options to extend the lease for an additional period. The lease term for all of the Company’s leases includes the non-cancellable period of the lease, plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor that is considered likely to be exercised.Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments. Variable payments are typically operating costs associated with the underlying asset and are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Our leases do not contain residual value