Company: AIRTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000353184-25-000126
Chunk: 36

Company: AIR T INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 8
Chunk 36
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)$10,020 The increase in customer relationships from March 31, 2025 to September 30, 2025 relates to the quarterly changes in foreign currency translation adjustments at Shanwick.Based on the intangible assets recorded at September 30, 2025 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,Amortization2026 (excluding the 6 months ended September 30, 2025)$627 20271,20320281,12020291,03020301,02520311,024Thereafter3,944 $9,973 The carrying amount of goodwill as of September 30, 2025 and March 31, 2025 was $11.9 million and $10.5 million, respectively. The increase from the prior fiscal year end balance is attributable to the Royal acquisition within the overnight air cargo segment (as described in Note 2) of $1.0 million and the $0.4 million change in foreign currency translation adjustments related to the goodwill balance at Shanwick within the digital solutions segment.  There was no impairment on goodwill during the six months ended September 30, 2025. Goodwill for relevant segments and corporate and other, at original cost, consists of the following (in thousands):September 30, 2025March 31, 2025Overnight air cargo$1,113 $76 Commercial aircraft, engines and parts4,227 4,227 Digital solutions6,562 6,239 Total reportable segment goodwill, at cost11,902 10,542 Corporate and other376 376 Less accumulated impairment(376)(376)Goodwill, net of impairment$11,902 $10,542 

8.    Investments in Securities and Derivative Instruments

The Company 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 

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determination of net income (loss). 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. The Company's gross unrealized gains and losses on equity securities for the three and six months ended September 30, 202