Contract Assets

9 Months Ended

Dec. 31, 2021

Contract Assets [Abstract]

Contract Assets

5. Contract Assets

During the three months ended December 31, 2021 and 2020, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $846,000 and $1,304,000, respectively. During the nine months ended December 31, 2021 and 2020, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $3,517,000 and $3,580,000, respectively.

Contract assets are comprised of the following:

	December 31, 2021		March 31, 2021
Short-term contract assets
Cores expected to be returned by customers	$	14,172,000	$	17,657,000
Upfront payments to customers		540,000		684,000
Finished goods premiums paid to customers		613,000		405,000
Core premiums paid to customers		11,284,000		8,194,000
Total short-term contract assets	$	26,609,000	$	26,940,000
Remanufactured cores held at customers’ locations	$	257,609,000	$	229,918,000
Upfront payments to customers		231,000		486,000
Finished goods premiums paid to customers		2,926,000		2,731,000
Core premiums paid to customers		45,421,000		31,509,000
Long-term core inventory deposits		5,569,000		5,569,000
Total long-term contract assets	$	311,756,000	$	270,213,000