Cash and Short-Term Investments

12 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Cash and Short-Term Investments

Cash and Short-Term Investments

The following is a summary of cash, cash equivalents and available-for-sale investments by type of instrument (in thousands):

	March 31, 2016									March 31, 2015
	Amortized Cost		Gross Unrealized					Estimated Fair Value		Amortized Cost		Gross Unrealized					Estimated Fair Value
			Gains		Losses							Gains		Losses
Cash *	$	23,510	$	—	$	—		$	23,510	$	33,936	$	—	$	—		$	33,936
Cash equivalents	1,555		—		—			1,555		2,559		—		—			2,559
U.S. Treasury and agency securities	14,863		38		(3		)	14,898		1,230		—		—			1,230
Corporate bonds	28,047		221		(5		)	28,263		10,772		28		(6		)	10,794
Asset-backed and mortgage-backed securities	13,565		13		(27		)	13,551		—		15		—			15
Municipal bonds	2,052		16		—			2,068		—		—		—			—
Mutual funds	—		—		—			—		24,895		1,955		(59		)	26,791
Preferred stock	—		—		—			—		11		22		—			33
	$	83,592	$	288	$	(35	)	$	83,845	$	73,403	$	2,020	$	(65	)	$	75,358
Reported as:
Cash and cash equivalents								$	25,065								$	36,495
Short-term investments available-for-sale								58,780									38,863
								$	83,845								$	75,358

*Includes $1.2 million and $1.1 million restricted cash related to its voluntary disability insurance as of March 31, 2016 and 2015, respectively.

The established guidelines for measuring fair value and expanded disclosures regarding fair value measurements are defined as a three-level valuation hierarchy for disclosure of fair value measurements as follows:

Level 1 —	Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 —	Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3 —	Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.

The following is a summary of cash, cash equivalents and available-for-sale investments by type of instruments measured at fair value on a recurring basis (in thousands):

	March 31, 2016								March 31, 2015
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash	$	23,510	$	—	$	—	$	23,510	$	33,936	$	—	$	—	$	33,936
Cash equivalents	1,555		—		—		1,555		2,559		—		—		2,559
U.S. Treasury and agency securities	14,898		—		—		14,898		1,230		—		—		1,230
Corporate bonds	—		28,263		—		28,263		—		10,794		—		10,794
Asset-backed and mortgage-backed securities	—		13,551		—		13,551		—		15		—		15
Municipal bonds	—		2,068		—		2,068		—		—		—		—
Mutual funds	—		—		—		—		26,791		—		—		26,791
Preferred stock	—		—		—		—		—		33		—		33
	$	39,963	$	43,882	$	—	$	83,845	$	64,516	$	10,842	$	—	$	75,358

There were no significant transfers in and out of Level 1 and Level 2 fair value measurements during the fiscal years ended March 31, 2016 and 2015.

The following is a summary of the cost and estimated fair values of available-for-sale securities with stated maturities, which include U.S. Treasury and agency securities, corporate bonds, mortgage-backed and asset-backed securities and municipal bonds, by contractual maturity (in thousands):

	March 31, 2016
	Cost		Estimated Fair Value
Less than 1 year	$	13,993	$	13,983
Mature in 1 – 2 years	33,227		33,328
Mature after 3 years	10,544		10,701
Mature after 5 years	763		768
	$	58,527	$	58,780

The following is a summary of gross unrealized losses (in thousands):

	Less Than 12 Months of Unrealized Losses					12 Months or More of Unrealized Losses				Total
As of March 31, 2016	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
U.S. Treasury and agency securities	$	9,396	$	(3	)	$	—	$	—	$	9,396	$	(3	)
Corporate bonds	4,601		(5		)	—		—		4,601		(5		)
Asset-backed and mortgage-backed securities	8,394		(27		)	—		—		8,394		$	(27	)
	$	22,391	$	(35	)	$	—	$	—	$	22,391	$	(35	)

	Less Than 12 Months of Unrealized Losses					12 Months or More of Unrealized Losses					Total
As of March 31, 2015	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
Corporate bonds	$	878	$	(6	)	$	—	$	—		$	878	$	(6	)
Mutual funds	14,592		(17		)	475		(42		)	15,067		(59		)
	$	15,470	$	(23	)	$	475	$	(42	)	$	15,945	$	(65	)

Based on an evaluation of securities that have been in a continuous loss position, the Company did not recognize any other-than-temporary impairment charges for the fiscal years ended March 31, 2016, 2015 and 2014.