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Accounts Receivable Discount Programs
 12 Months Ended
Mar. 31, 2022
Accounts Receivable Discount Programs [Abstract]  
Accounts Receivable Discount Programs
11. 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:

 
  
Fiscal Years Ended March 31,
  
 
  
2022
    
2021
  
 
            
Receivables discounted
  
$
525,441,000
    
$
491,285,000
  
Weighted average days
    
336
      
334
  
Weighted average discount rate
    
1.9
%
    
2.1
%
Amount of discount as interest expense
  
$
9,197,000
    
$
9,513,000