Fair Value Measurements (Tables)

6 Months Ended

Sep. 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 September 30, 2020 and March 31, 2020 based on the three-tier fair value hierarchy (in thousands):


	Fair Value Measurements as of September 30, 2020
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	113,047	$	—	$	—	$	113,047



Short-term investments:
Certificates of deposit	—		26,713		—		26,713
Commercial paper	—		20,788		—		20,788
Corporate notes and bonds	—		51,881		—		51,881
U.S. treasury securities	463,557		—		—		463,557

Restricted cash:
Money market funds	5,642		—		—		5,642
Total	$	582,246	$	99,382	$	—	$	681,628
Included in cash and cash equivalents							$	113,047
Included in short-term investments							$	562,939
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 September 30, 2020 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value



Short-term investments:
Certificates of deposit	$	26,700	$	13	$	—	$	26,713
Commercial paper	20,741		47		—		20,788
Corporate notes and bonds	51,204		677		—		51,881
U.S. treasury securities	460,188		3,410		(41)		463,557

Total available-for-sale investments	$	558,833	$	4,147	$	(41)	$	562,939

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 September 30, 2020 and March 31, 2020 (in thousands):


	September 30, 2020		March 31, 2020
Due within one year	$	308,212	$	320,582
Due after one year and within three years	254,727		191,992
Total	$	562,939	$	512,574