Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements

The financial instruments measured at fair value in the accompanying consolidated balance sheets consist of the following:

	Recurring Fair Value Measurements as of March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Long term deferred compensation plan asset (2)	5,879		—		—		5,879
Total Assets	$	5,879	$	—	$	—	$	5,879
Liabilities:
Contingent consideration liability (3)	$	—	$	—	$	1,224	$	1,224
Current derivative instruments (1)	—		18,831		—		18,831
Long-term derivative instruments (1)	—		37,819		—		37,819
Long term deferred compensation plan liability (2)	5,879		—		—		5,879
Total Liabilities	$	5,879	$	56,650	$	1,224	$	63,753

	Recurring Fair Value Measurements as of March 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Current derivative instruments (1)	$	—	$	1,790	$	—	$	1,790
Long-term derivative instruments (1)	—		614		—		614
Long term deferred compensation plan asset (2)	$	3,169	$	—	$	—	$	3,169
Total Assets	$	3,169	$	2,404	$	—	$	5,573
Liabilities:
Contingent consideration liability (3)	$	—	$	—	$	1,224	$	1,224
Current derivative instruments (1)	$	—	$	929	$	—	$	929
Long-term derivative instruments (1)	$	—	$	4,347	$	—	$	4,347
Long term deferred compensation plan liability (2)	$	3,169	$	—	$	—	$	3,169
Total liabilities	$	3,169	$	5,276	$	1,224	$	9,669

(1) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 12 to the consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.

(2) Investments in this category consist of primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our consolidated balance sheets.

(3) The Company recognized a contingent consideration liability of $3.6 million in connection with the acquisition of Aquilent in fiscal 2017. As of both March 31, 2020 and 2019, the estimated fair value of the contingent consideration liability was $1.2 million, and was valued using probability-weighted cash flows, which is based on the use of Level 3 fair value measurement inputs.