Accounts Receivable Discount Programs

12 Months Ended

Mar. 31, 2020

Accounts Receivable Discount Programs [Abstract]

12.	Accounts Receivable Discount Programs

The Company uses receivable discount programs with certain customers and their respective banks. Under these programs, the Company may sell those customers’ receivables to those banks at a discount to be agreed upon at the time the receivables are sold. These discount arrangements allow the Company to accelerate receipt of payment on customers’ receivables.

The following is a summary of the Company’s accounts receivable discount programs:

	Years Ended March 31,
	2020			2019
Receivables discounted	$	461,484,000		$	396,650,000
Weighted average days		346			341
Weighted average discount rate		3.3	%		4.2	%
Amount of discount as interest expense	$	14,780,000		$	15,867,000