SALE OF RECEIVABLES

9 Months Ended

Dec. 31, 2018

The Company sells trade receivables to unaffiliated financial institutions under two 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. During the nine months ended December 31, 2018, the investment limit of this program was decreased from $155,000 trade receivables to $125,000 trade receivables. Under the second facility, the Company offers receivables for sale to an unaffiliated financial institution, which are then subject to acceptance by the unaffiliated financial institution. As of December 31, 2018, the investment limit under the second facility was $125,000 trade receivables.

The Company is the servicer of both facilities and 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 increased by $78 as of December 31, 2018 and reduced by $7,953 and $10,858 as of December 31, 2017 and March 31, 2018, respectively.

16. SALE OF RECEIVABLES (continued)

The following summarizes the accounts receivable securitization information:


	December 31,						March 31,
	2018		2017		2018
Receivables outstanding in facility	$	92,445	$	125,581	$	228,621
Beneficial interest	24,659		26,272		48,715
Servicing liability	26		55		81

Cash proceeds:
Cash purchase price	$	416,526	$	402,402	$	694,517
Deferred purchase price	171,565		183,610		263,670
Service fees	435		359		473
Total	$	588,526	$	586,371	$	958,660