Securitized Receivables

6 Months Ended

Sep. 30, 2023

Transfers and Servicing [Abstract]

Securitized Receivables

Securitized ReceivablesThe Company sells trade receivables to unaffiliated financial institutions under four accounts receivable securitization facilities, two of which are subject to annual renewal. 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 September 30, 2023, the investment limit of this facility was $100,000 of trade receivables. For the other facilities, the Company offers trade receivables for sale to an unaffiliated financial institution, which are then subject to acceptance by the unaffiliated financial institution. As of September 30, 2023, the investment limit under the second facility was $110,000 of trade receivables. As of September 30, 2023, the investment limit under the third and fourth facilities were variable based on qualifying sales. As the servicer of the first and second facilities, the Company may receive funds that are due to the unaffiliated financial institutions, which are net settled on the next settlement date. As of September 30, 2023 and 2022, and March 31, 2023, trade receivables, net in the condensed consolidated balance sheets has been reduced by $10,014, $5,108, and $3,193 as a result of the net settlement, respectively. Refer to "Note 14. Fair Value Measurements" for additional information.

The following summarizes the Company's accounts receivable outstanding in the securitization facilities, which represents trade receivables sold into the program that have not been collected from the customer, and related beneficial interests, which represents the Company's residual interest in receivables sold that have not been collected from the customer:

	September 30, 2023		September 30, 2022		March 31, 2023
Receivables outstanding in facility	$	177,932	$	149,523	$	173,979
Beneficial interests	24,393		22,842		19,522

Cash proceeds from the sale of trade receivables is comprised of a combination of cash and a deferred purchase price receivable. Deferred purchase price receivable is realized after the collection of the underlying trade receivables sold by the purchasers. The following summarizes the Company's cash purchase price and deferred purchase price:

	Six Months Ended
	September 30,
	2023		2022
Cash proceeds:
Cash purchase price	$	344,823	$	320,256
Deferred purchase price	79,296		76,209