Securitized Receivables

9 Months Ended

Dec. 31, 2019

The Company sells trade receivables to unaffiliated financial institutions under three accounts receivable securitization facilities. Under the first facility, the Company continuously sells a designated pool of trade receivables to a special purpose entity, which sells 100% of the receivables to an unaffiliated financial institution. As of December 31, 2019, the investment limit under the first facility was $125,000 of trade receivables. Under the second and third facilities, the Company offers receivables for sale to unaffiliated financial institutions, which are then subject to acceptance by the unaffiliated financial institutions. As of December 31, 2019, the investment limit under the second facility was $125,000 of trade receivables. As of December 31, 2019, the investment limit under the third facility was variable based on qualifying sales.

As the servicer of these facilities, the Company may receive funds that are due to the unaffiliated financial institutions, which are net settled on the next settlement date. As a result of the net settlement, trade and other receivables, net in the condensed consolidated balance sheets has been reduced by $7,504 and $5,208 as of December 31, 2019 and March 31, 2019, respectively, and increased by $78 as of December 31, 2018.

The following summarizes the accounts receivable securitization information:


	December 31,						March 31,
	2019		2018		2019
Receivables outstanding in facility	$	69,741	$	92,445	$	210,672
Beneficial interests	14,385		24,659		40,332
Servicing liability	5		26		90


	Nine Months Ended December 31,
	2019		2018
Cash proceeds for the period ended:
Cash purchase price	$	331,187	$	416,526
Deferred purchase price	174,741		171,565
Service fees	355		435
Total	$	506,283	$	588,526