Company: AIRTP
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0000353184-25-000009
Chunk: 50

Company: AIR T INC
Filing Date: 2025-02-12
Form: 10-Q
Item: Item 8
Chunk 50
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13.    Shares Repurchased

On May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000 (retrospectively adjusted to 1,125,000 after the stock split on June 10, 2019) shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period. During the nine months ended December 31, 2024, the Company repurchased 31,136 shares at an aggregate cost of $0.7 million. All of these repurchased shares were recorded as treasury shares as of December 31, 2024.On August 16, 2022, President Biden signed the Inflation Reduction Act ("IRA") into law. The IRA enacted a 15% corporate minimum tax rate, a 1% excise tax on share repurchases made after December 31, 2022 (subject to certain thresholds being met), and created and extended certain tax-related energy incentives.

As a result of the IRA's enactment into law, the Company is now subject to a 1% excise tax on share repurchases, effective for share repurchases made after December 31, 2022. This excise tax may be reduced for the value of certain share issuances. The excise tax incurred in connection with the Company's stock repurchases during the nine months ended December 31, 2024 was not material. 

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14.    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, 2024 and March 31, 2024 (in thousands):December 31, 2024March 31, 2024United States$20,473 $20,807 Foreign15,340 306 Total tangible long-lived assets, net$35,813 $21,113 The net book value of tangible long-lived assets located within each individual foreign country at December 31, 2024 and March 31, 2024 is listed below (in thousands):December 31, 2024March 31, 2024Bulgaria$15,017 $