The Company’s subsidiary in the United Kingdom (“UK”) has entered into three contracts to sell $500 and purchase pounds sterling at £1:$1.3245 in each calendar month from January 2020 through March 2020, three contracts to sell $500 and purchase pounds sterling at £1:$1.30 in each calendar month from April 2020 through June 2020, three contracts to sell $500 and purchase pounds sterling at £1:$1.28 in each calendar month from July 2020 through September 2020 and three contracts to sell $500 and purchase pounds sterling at £:$1.2520 in each calendar month from October 2020 through December 2020 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, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Pension plan assets⁽¹⁾	$	—	$	11,355	$	—	$	11,355
Short-term investments⁽²⁾		133,371		—		—		133,371
Foreign currency forward contracts⁽³⁾	$	—	$	146	$	—	$	146
Total assets measured at fair value	$	133,371	$	11,501	$	—	$	144,872

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Liabilities:
Foreign currency forward contracts⁽³⁾	$	—	$	7	$	—	$	7
Total liabilities measured at fair value	$	—	$	7	$	—	$	7

	March 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Pension plan assets⁽¹⁾	$	—	$	10,416	$	—	$	10,416
Short-term investments⁽²⁾		90,729		—		—		90,729
Total assets measured at fair value	$	90,729	$	10,416	$	—	$	101,145

	March 31, 2019
	Level 1		Level 2		Level 3		Total
Liabilities:
Foreign currency forward contracts⁽³⁾	$	—	$	70	$	—	$	70
Total liabilities measured at fair value	$	—	$	70	$	—	$	70

(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 10, “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.

The Company's subsidiaries, Quotient Suisse SA and QBD (QS-IP) Limited, are involved in an arbitration with Ortho related to the termination of the Company's former supply and distribution agreement with Ortho for the commercialization and distribution of certain MosaiQ products. See Note 2, “Summary of Significant Accounting Policies—Revenue Recognition,” for information regarding this agreement. Ortho is seeking a declaration that the Company's subsidiaries do not have the right to terminate the agreement, specific performance of certain provisions of the agreement, and damages. The Company is pursuing counterclaims against Ortho, including for damages. Although the Company believes that Ortho's allegations are without merit, the Company cannot currently estimate a reasonably possible loss or range of loss for this arbitration due to the complexities and uncertainty surrounding the arbitration (including that the arbitration is in its early stages) and the nature of the claims.