Investments and Fair Value Measurements

6 Months Ended

Sep. 30, 2020

Fair Value Measurements

The following table summarizes the Company’s assets that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):


	Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
As of September 30, 2020
Money market funds (1)	$	291	$	—	$	—	$	291
Commercial paper (2)	—		56,159		—		56,159
Corporate bonds (1)	—		3,000		—		3,000
Municipal bonds (3)	—		512		—		512
U.S. Treasury bills (1)	10,000		—		—		10,000
Total assets	$	10,291	$	59,671	$	—	$	69,962

As of March 31, 2020
Money market funds (1)	$	11,348	$	—	$	—	$	11,348
Commercial paper (4)	—		7,042		—		7,042
Total assets	$	11,348	$	7,042	$	—	$	18,390

(1) Included in cash and cash equivalents.

(2) Includes $39.6 million in cash and cash equivalents and $16.6 million in marketable securities.

(3) Included in marketable securities.

(4) Includes $4.0 million in cash and cash equivalents and $3.0 million in marketable securities.

There were no liabilities measured at fair value on a recurring basis as of September 30, 2020 or March 31, 2020.

- 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.

+ References + Details