Commitments and Contingencies

9 Months Ended

Dec. 31, 2016

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6. Commitments and Contingencies

Government Grant

In 2008, the Company was awarded research and development grant funding from Scottish Enterprise amounting to £1,791, for the development of MosaiQ^TM. The total grant claimed to December 31, 2016 is £1,790. The Company updates Scottish Enterprise periodically with the status of the project and, while the terms of the grant award provide for full repayment of the grant in certain circumstances, the Company does not consider that any repayment is likely.

Hedging arrangements

The Company’s subsidiary in the United Kingdom (“UK”) has entered into six forward exchange contracts to sell $500 and purchase pounds sterling at £1:$1.40 in each calendar month through June 2017, three contracts to sell $500 and purchase pounds sterling at £1:$1.2918 in each calendar month from July 2017 through September 2017 and six contracts to sell $500 in each calendar month from October 2017 through March 2018 at £1:$1.2655 as hedges of its U.S. dollar denominated revenues.

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:

	December 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Pension plan assets (1)	$	—	$	7,117	$	—	$	7,117
Short-term investments (2)		30,009		—		—		30,009
Total assets measured at fair value	$	30,009	$	7,117	$	—	$	37,126

	December 31, 2016
	Level 1		Level 2		Level 3		Total
Liabilities:
Foreign currency forward contracts (3)	$	—	$	499	$	—	$	499
Total liabilities measured at fair value	$	—	$	499	$	—	$	499

	March 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Pension plan assets (1)	$	—	$	4,455	$	—	$	4,455
Total assets measured at fair value	$	—	$	4,455	$	—	$	4,455

	March 31, 2016
	Level 1		Level 2		Level 3		Total
Liabilities:
Foreign currency forward contracts (3)	$	—	$	190	$	—	$	190
Total liabilities measured at fair value	$	—	$	190	$	—	$	190

(1) The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured employees held within the Swiss Life collective investment fund. See Note 9, “Defined Benefit Pension Plans”.

(2) The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date.  See Note 2, “Summary of Significant Accounting Policies – Short-term Investments”.

(3) The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations.