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Accounts Receivable Discount Programs
 3 Months Ended
Jun. 30, 2023
Accounts Receivable Discount Programs [Abstract]  
Accounts Receivable Discount Programs
10. 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 accounts receivable discount programs:
   
Three Months Ended
  
 
  
June 30,
  
 
  
2023
    
2022
  
Receivables discounted
  
$
104,332,000
    
$
142,624,000
  
Weighted average number of days collection was accelerated
    
337
      
327
  
Annualized weighted average discount rate
    
6.4
%
    
3.7
%
Amount of discount recognized as interest expense
  
$
6,252,000
    
$
4,874,000