Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 276

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 8
Chunk 276
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 Ground support equipment542 459 Commercial aircraft, engines and parts749 695 Corporate and other991 403 Total$291,850 $286,834 See Note 18 for the Company's disaggregated revenues by geographic region and Note 19 for the Company’s disaggregated revenues by segment. These notes disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.Contract Balances and CostsContract liabilities relate to deferred revenue, our unconditional right to receive consideration in advance of performance with respect to subscription revenue and advanced customer deposits with respect to product sales. The following table presents outstanding contract liabilities as of April 1, 2024 and March 31, 2025 and the amount of contract liabilities that were recognized as revenue during the year ended March 31, 2025 (in thousands):Outstanding contract liabilitiesOutstanding contract liabilities as of April 1, 2024Recognized as RevenueAs of March 31, 2025$4,199 As of April 1, 2024$4,359 For the year ended March 31, 2025$(3,705)

16.    EMPLOYEE BENEFITS

79

The Company has a 401(k) defined contribution plan covering domestic employees and an 1165(e) defined contribution plan covering Puerto Rico based employees (“Plans”). All employees of the Company are immediately eligible to participate in the Plans. The Company’s contribution to the Plans for the fiscal years ended March 31, 2025 and 2024 was approximately $1.0 million and $0.9 million, respectively, and was recorded in the consolidated statements of income (loss).The Company, in each of the past three years, has paid a discretionary profit sharing bonus in which all employees have participated. Profit sharing expense in fiscal 2025 and 2024 was approximately $3.8 million and $2.2 million, respectively, and was recorded in general and administrative expenses in the consolidated statements of income (loss).

17.    INCOME TAXES

Loss from continuing operations before income taxes as shown in the Consolidated Statements of Income (Loss) consists of the following:Year Ended March 31,20252024Domestic$(4,791)$(3,468)Foreign(197)(487)Total$(4,988)$(3,955)Income tax expense (benefit) attributable to pretax loss