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Investments and Fair Value Measurements

12 Months Ended

Mar. 31, 2020

Fair Value Measurements

As of March 31, 2020, the Company’s $3.0 million marketable securities balance consisted of available-for-sale commercial paper. There were no material unrealized gains or losses on marketable securities as of March 31, 2020. There were no marketable securities as of March 31, 2019.

Fair Value Measurements

As of March 31, 2020, assets measured at fair value on a recurring basis consisted of money market funds and commercial paper, which are included in cash and cash equivalents on the consolidated balance sheets, and commercial paper, which is included in marketable securities on the consolidated balance sheets. The following table summarizes these assets and their assigned levels within the fair value hierarchy (in thousands):



	March 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Money market funds	$	11,348	$	—	$	—	$	11,348
Commercial paper	—		7,042		—		7,042
Total assets	$	11,348	$	7,042	$	—	$	18,390

As of March 31, 2019, assets measured at fair value on a recurring basis consisted of money market funds and commercial paper, which are included in cash and cash equivalents on the consolidated balance sheet. The following table summarizes these assets and their assigned levels within the fair value hierarchy (in thousands):



	March 31, 2019
	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Money market funds	$	83	$	—	$	—	$	83
Commercial paper	—		126,050		—		126,050
Total assets	$	83	$	126,050	$	—	$	126,133

Money market funds are included in Level 1 of the fair value hierarchy and are valued at the closing price reported by an actively traded exchange. Commercial paper is included in Level 2 of the fair value hierarchy and is valued using third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly.

There were no liabilities measured at fair value on a recurring basis as of March 31, 2020 or 2019. There were no transfers of assets or liabilities between the fair value hierarchy levels that occurred during the years ended March 31, 2020, 2019 or 2018.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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