Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 103

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 1A
Chunk 103
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 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 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 fiscal years ended March 31, 2025 and 2024 are as follows (in thousands):Twelve Months Ended March 31,20252024Operating lease cost$3,121 $2,587 Short-term lease cost1