Fair Value Measurements

12 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

. Fair Value Measurements

We did not have any material financial assets or liabilities measured at fair value on a recurring basis using Level 3 inputs as of March 31, 2022 or 2021. Our non-financial assets, such as goodwill, intangible assets, property and equipment, securities held in the deferred compensation plan and the liabilities associated with the deferred compensation plan, and acquired assets and liabilities assumed are measured at fair value on a non-recurring basis, generally when there is a transaction involving those assets. In Fiscal 2022, Fiscal 2021 and Fiscal 2020, Level 3 inputs were used to evaluate the fair value of the contingent consideration and goodwill of the Company. No other non-financial assets were measured at fair value as of March 31, 2022 and March 31, 2021.

The following tables present the Company's financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy:

	As of March 31, 2022
	Amortized Cost		Gross Unrealized Loss			Gross Unrealized Gain		Estimated Fair Value
Assets:	(In thousands)
Level 1:
Money market funds	$	71	$	—		$	—	$	71
Securities held in deferred compensation plan (1)	998		(106)			73		965
Subtotal	1,069		(106)			73		1,036
Level 2:
Commercial paper	7,499		—			—		7,499
Corporate notes and bonds	—		—			—		—
US treasuries	7,798		—			—		7,798
Subtotal	15,297		—			—		15,297
Total	$	16,366	$	(106)		$	73	$	16,333
Liabilities:
Level 1:
Deferred compensation plan liabilities (2)	$	1,013	$	(106)		$	72	$	979
Level 3:
Contingent consideration (3)	600		—		—	—		600
Total	$	1,613	$	(106)		$	72	$	1,579

	As of March 31, 2021
	Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Estimated Fair Value
	(In thousands)
Level 1:
Money market funds	$	4,676	$	—	$	—	$	4,676
Securities held in deferred compensation plan (1)	89		—		11		100
Subtotal	4,765		—		11		4,776
Level 2:
Commercial paper	4,999		—		—		4,999
Corporate notes and bonds	1,085		—		—		1,085
US treasuries	4,600		—		—		4,600
Subtotal	10,684		—		—		10,684
Total	$	15,449	$	—	$	11	$	15,460
Liabilities:
Level 1:
Deferred compensation plan liabilities (2)	$	100	$	—	$	11	$	111
Level 3:
Contingent consideration (3)	$	600	$	—	$	—	$	600
Total	$	700	$	—	$	11	$	711

(1) Included in prepaid expenses and other current assets on the Company’s consolidated balance sheet.

(2) Included in accrued payroll and related expenses on the Company’s consolidated balance sheet.

(3) Included in other long-term liabilities on the Company’s consolidated balance sheet.

Unrealized losses related to these investments are due to interest rate fluctuations as opposed to credit quality. In addition, we do not intend to sell, and it is not more likely than not that we would be required to sell, these investments before recovery of their cost basis. As a result, there is no other-than-temporary impairment for these investments as of March 31, 2022.