Accounts Receivable Discount Programs

3 Months Ended

Jun. 30, 2018

Accounts Receivable Discount Programs [Abstract]

Accounts Receivable Discount Programs

11. 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 the Company’s accounts receivable discount programs:

	Three Months Ended June 30,
	2018			2017
Receivables discounted	$	86,785,000		$	86,520,000
Weighted average days		334			342
Annualized weighted average discount rate		4.1	%		3.1	%
Amount of discount as interest expense	$	3,324,000		$	2,522,000