Securitized Receivables

6 Months Ended

Sep. 30, 2019

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. As of September 30, 2019, the investment limit under the first facility was $125,000 of 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 September 30, 2019, the investment limit under the second facility was $125,000 of trade receivables.

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 $12,446, $5,328, and $5,208 as of September 30, 2019 and 2018, and March 31, 2019, respectively.

The following summarizes the accounts receivable securitization information:


	September 30,						March 31,
	2019		2018		2019
Receivables outstanding in facility	$	126,006	$	81,171	$	210,672
Beneficial interests	25,579		17,512		40,332
Servicing liability	23		—		90

Cash proceeds for the six months ended:
Cash purchase price	$	228,072	$	243,546	$	672,333
Deferred purchase price	127,707		114,212		242,966
Service fees	237		303		576
Total	$	356,016	$	358,061	$	915,875