Accounts Receivable Discount Programs

9 Months Ended

Dec. 31, 2022

Accounts Receivable Discount Programs [Abstract]

Accounts Receivable Discount Programs

10. 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 accounts receivable discount programs:

	Nine Months Ended
	December 31,
	2022			2021
Receivables discounted	$	428,868,000		$	418,044,000
Weighted average number of days collection was accelerated		323			335
Annualized weighted average discount rate		5.0	%		1.7	%
Amount of discount recognized as interest expense	$	19,131,000		$	6,798,000