Supplier Finance Programs

12 Months Ended

Mar. 31, 2025

Supplier Finance Programs [Abstract]

12. Supplier Finance Programs

The Company utilizes a supplier finance program, which allows certain of the Company’s suppliers to sell their receivables due from the Company to participating financial institutions at the sole discretion of both the supplier and the financial institutions. The program is administered by a third party. Commitments from participating financial institutions that are available to suppliers under this program increased to $30,000,000 from $15,000,000 during the year ended March 31, 2025. The Company has no economic interest in the sale of these receivables and no direct relationship with the financial institution. Payments to the third-party administrator are based on services rendered and are not related to the volume or number of financing agreements between suppliers, financial institution, and the third-party administrator. The Company is not a party to agreements negotiated between participating suppliers and the financial institution. The Company's obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier's decision to participate in this program. The Company does not provide guarantees and there are no assets pledged to the financial institution or the third-party administrator for the committed payment in connection with this program. At March 31, 2025 and 2024, the Company had $33,661,000 and $1,695,000, respectively, of outstanding supplier obligations confirmed as valid under this program, included in accounts payable in the consolidated balance sheet.

The following is a summary of the changes in outstanding supplier obligations confirmed as valid under this program:


		Year Ended March 31,
		2025

Confirmed obligations outstanding at March 31, 2024	$	1,695,000
Invoices confirmed as valid during the year		91,951,000
Confirmed invoices paid during the year		(59,985,000	)
Confirmed obligations outstanding at March 31, 2025	$	33,661,000