Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2020

Information about financial assets measured at fair value on recurring basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2020 and March 31, 2020 based on the three-tier fair value hierarchy (in thousands):


	Fair Value Measurements as of June 30, 2020
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	102,064	$	—	$	—	$	102,064



Short-term investments:
Certificates of deposit	—		23,229		—		23,229
Commercial paper	—		17,283		—		17,283
Corporate notes and bonds	—		57,120		—		57,120
U.S. treasury securities	474,379		—		—		474,379

Restricted cash:
Money market funds	5,642		—		—		5,642
Total	$	582,085	$	97,632	$	—	$	679,717
Included in cash and cash equivalents							$	102,064
Included in short-term investments							$	572,011
Included in restricted cash							$	5,642

	Fair Value Measurements as of March 31, 2020
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	107,663	$	—	$	—	$	107,663

U.S. treasury securities	27,938		—		—		27,938
U.S. government agencies	—		24,999		—		24,999
Short-term investments:
Certificates of deposit	—		14,986		—		14,986
Commercial paper	—		13,334		—		13,334
Corporate notes and bonds	—		60,319		—		60,319
U.S. treasury securities	422,333		—		—		422,333
U.S. government agencies	—		1,602		—		1,602
Restricted cash:
Money market funds	5,641		—		—		5,641
Total	$	563,575	$	115,240	$	—	$	678,815
Included in cash and cash equivalents							$	160,600
Included in short-term investments							$	512,574
Included in restricted cash							$	5,641

Available-for-sale securities

The following table presents the Company’s available-for-sale securities as of June 30, 2020 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value



Short-term investments:
Certificates of deposit	23,200		29		—		23,229
Commercial paper	17,173		110		—		17,283
Corporate notes and bonds	56,260		860		—		57,120
U.S. treasury securities	469,560		4,819		—		474,379

Total available-for-sale investments	$	566,193	$	5,818	$	—	$	572,011

The following table presents the Company’s available-for-sale securities as of March 31, 2020 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
U.S. treasury securities	$	27,923	$	15	$	—	$	27,938
U.S. government agencies	24,995		4		—		24,999
Short-term investments:
Certificates of deposit	15,000		20		(34)		14,986
Commercial paper	13,318		16		—		13,334
Corporate notes and bonds	60,211		221		(113)		60,319
U.S. treasury securities	415,889		6,444		—		422,333
U.S. government agencies	1,600		2		—		1,602
Total available-for-sale investments	$	558,936	$	6,722	$	(147)	$	565,511

Classification of available-for-sale short-term investments by contractual maturities

The following table classifies the Company’s available-for-sale short-term investments by contractual maturities as of June 30, 2020 and March 31, 2020 (in thousands):


	June 30, 2020		March 31, 2020
Due within one year	$	353,078	$	320,582
Due after one year and within three years	218,933		191,992
Total	$	572,011	$	512,574