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Contract Assets

9 Months Ended

Dec. 31, 2022

5. Contract Assets

During the three months ended December 31, 2022 and 2021, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $863,000 and $846,000, respectively. During the nine months ended December 31, 2022 and 2021, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $2,704,000 and $3,517,000, respectively.

Contract assets are comprised of the following:

	December 31, 2022		March 31, 2022
Short-term contract assets
Cores expected to be returned by customers	$	17,454,000	$	15,778,000
Core premiums paid to customers		9,605,000		10,621,000
Upfront payments to customers		1,454,000		517,000
Finished goods premiums paid to customers		559,000		584,000
Total short-term contract assets	$	29,072,000	$	27,500,000

Remanufactured cores held at customers’ locations	$	265,378,000	$	258,376,000
Core premiums paid to customers		40,475,000		43,294,000
Long-term core inventory deposits		5,569,000		5,569,000
Finished goods premiums paid to customers		2,588,000		2,806,000
Upfront payments to customers		25,000		210,000
Total long-term contract assets	$	314,035,000	$	310,255,000