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Contract Assets

6 Months Ended

Sep. 30, 2021

5. Contract Assets

During the three months ended September 30, 2021 and 2020, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $1,687,000 and $892,000, respectively. During the six months ended September 30, 2021 and 2020, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $2,671,000 and $2,276,000, respectively.

Contract assets are comprised of the following:

	September 30, 2021		March 31, 2021
Short-term contract assets
Cores expected to be returned by customers	$	19,704,000	$	17,657,000
Upfront payments to customers		577,000		684,000
Finished goods premiums paid to customers		631,000		405,000
Core premiums paid to customers		11,417,000		8,194,000
Total short-term contract assets	$	32,329,000	$	26,940,000

Remanufactured cores held at customers' locations	$	248,902,000	$	229,918,000
Upfront payments to customers		357,000		486,000
Finished goods premiums paid to customers		3,062,000		2,731,000
Core premiums paid to customers		48,101,000		31,509,000
Long-term core inventory deposits		5,569,000		5,569,000
Total long-term contract assets	$	305,991,000	$	270,213,000