Financing Arrangements (Tables)

3 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of debt

Borrowings of the Company and its subsidiaries are summarized below at June 30, 2020 and March 31, 2020, respectively. AirCo and Contrail are subsidiaries of the Company in the commercial jet engines and parts segment.

	June 30, 2020		March 31, 2020		Maturity Date	Interest Rate	Unused commitments
Air T Debt
Revolver - MBT	$	—	$	—	August 31, 2021	Greater of 2.5% or Prime - 1%	$	17,000
Supplemental Revolver - MBT	—		9,550		June 30, 2020	Greater of 1-month LIBOR + 1.25% and 3%
Term Note A - MBT	7,500		7,750		January 1, 2028	1-month LIBOR + 2%
Term Note B - MBT	3,750		3,875		January 1, 2028	4.50%
Term Note D - MBT	1,523		1,540		January 1, 2028	1-month LIBOR + 2%
Term Note E - MBT	9,449		—		June 25, 2025	Greater of LIBOR + 1.5% or 2.5%
Debt - Trust Preferred Securities	12,877		12,877		June 7, 2049	8.00%
PPP Loan	8,215		—		April 10, 2022	1.00%
Total	43,314		35,592
AirCo Debt
Revolver - MBT	7,500		8,335		August 31, 2021	Greater of 6.5% or Prime + 2%	2,500
Total	7,500		8,335
Contrail Debt
Revolver - ONB	20,634		21,284		September 5, 20211	1-month LIBOR + 3.45%	19,366
Term Loan A - ONB	5,793		6,285		January 26, 2021	1-month LIBOR + 3.75%
Term Loan E - ONB	5,746		6,320		December 1, 2022	1-month LIBOR + 3.75%
Term Loan F - ONB	8,217		8,358		May 1, 20252	1-month LIBOR + 3.75%
Total	40,390		42,247
Delphax Solutions Debt
Canadian Emergency Business Account Loan	29		—		December 31, 2025	5.00%
Total	29		—
Total Debt	$	91,233	$	86,174
Less: Unamortized Debt Issuance Costs	$	(281)	$	(354)
Total Debt, net	$	90,952	$	85,820

Schedule of maturities of long-term debt

At June 30, 2020, our contractual financing obligations, including payments due by period, are as follows (in thousands):

Due by	Amount
June 30, 2021	$	37,249
June 30, 2022	19,512
June 30, 2023	6,308
June 30, 2024	5,206
June 30, 2025	5,143
Thereafter	17,815
	91,233
Less: Unamortized Debt Issuance Costs	(281)
	$	90,952

Schedule of warrant fair value

(in thousands)	Fair Value Measurement as of June 30, 2020
Warrant liability (Level 2)	$	485