Accounts Receivable Discount Programs

3 Months Ended

Jun. 30, 2015

Accounts Receivable Discount Programs [Abstract]

Accounts Receivable Discount Programs

8. 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 collection of customers’ receivables.

The following is a summary of the Company’s accounts receivable discount programs:

	Three Months Ended June 30,
	2015			2014
Receivables discounted	$	79,247,000		$	68,608,000
Weighted average days		342			337
Annualized weighted average discount rate		2.1	%		2.0	%
Amount of discount as interest expense	$	1,579,000		$	1,292,000