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Accounts Receivable Discount Programs

9 Months Ended

Dec. 31, 2023

Accounts Receivable Discount Programs [Abstract]

Accounts Receivable Discount Programs

10. Accounts Receivable Discount Programs

The Company uses accounts receivable discount programs offered by 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:

		Nine Months Ended
		December 31,
		2023				2022
Receivables discounted		$	465,073,000			$	428,868,000
Weighted average number of days collection was accelerated			334				323
Annualized weighted average discount rate			6.8	%			5.0	%
Amount of discount recognized as interest expense		$	29,395,000			$	19,131,000

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- Definition

Describes the nature of the entity's non-recourse receivable discount programs with its customers and their respective banks.

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