Contract Assets

6 Months Ended

Sep. 30, 2023

Contract Assets [Abstract]

Contract Assets

5. Contract Assets

During the three months ended September 30, 2023 and 2022, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $1,995,000 and $1,269,000, respectively. During the six months ended September 30, 2023 and 2022, the Company reduced the carrying value of Remanufactured Cores held at customers’ locations by $2,773,000 and $1,841,000, respectively.

Contract assets are comprised of the following:

	September 30, 2023		March 31, 2023
Short-term contract assets
Cores expected to be returned by customers	$	17,982,000	$	13,463,000
Core premiums paid to customers		9,669,000		9,812,000
Upfront payments to customers		1,509,000		1,593,000
Finished goods premiums paid to customers		786,000		575,000
Total short-term contract assets	$	29,946,000	$	25,443,000
Long-term contract assets
Remanufactured cores held at customers’ locations	$	269,371,000	$	271,628,000
Core premiums paid to customers		34,493,000		38,310,000
Long-term core inventory deposits		5,569,000		5,569,000
Finished goods premiums paid to customers		2,604,000		2,530,000
Upfront payments to customers		1,576,000		344,000
Total long-term contract assets	$	313,613,000	$	318,381,000