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Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2021

Cash Equivalents and Marketable Securities

The Company’s cash equivalents and marketable securities at September 30, 2021 and March 31, 2021 are invested in the following:

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
September 30, 2021	(in thousands)
Money market funds	$	92,012	$	—	$	—		$	92,012
Repurchase agreements		75,998		—		—			75,998
Total cash equivalents		168,010		—		—			168,010

Short-term U.S. Treasury mutual fund securities		73,893		5		(2	)		73,896
Short-term government-backed securities		73,672		49		(3	)		73,718
Short-term corporate debt securities		65,596		126		(6	)		65,716
Short-term commercial paper		195,339		13		(5	)		195,347
Total short-term marketable securities		408,500		193		(16	)		408,677

Long-term U.S. Treasury mutual fund securities		19,349		—		(6	)		19,343
Long-term government-backed securities		152,698		91		(63	)		152,726
Long-term corporate debt securities		38,569		363		(22	)		38,910
Total long-term marketable securities		210,616		454		(91	)		210,979

Total cash equivalents and marketable securities	$	787,126	$	647	$	(107	)	$	787,666

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
March 31, 2021:	(in thousands)
Money market funds	$	124,297	$	—	$	—		$	124,297
Repurchase agreements		33,000		—		—			33,000
Total cash equivalents		157,297		—		—			157,297

Short-term U.S. Treasury mutual fund securities		72,221		28		—			72,249
Short-term government-backed securities		128,668		13		(12	)		128,669
Short-term corporate debt securities		104,253		581		(2	)		104,832
Short-term commercial paper		45,237		1		(3	)		45,235
Total short-term marketable securities		350,379		623		(17	)		350,985

Long-term government-backed securities		225,231		190		(37	)		225,384
Long-term corporate debt securities		38,091		630		(20	)		38,701
Total long-term marketable securities		263,322		820		(57	)		264,085

Total cash equivalents and marketable securities		770,998		1,443		(74	)		772,367

Schedule of Cross-Currency Rate Swap Derivatives Agreement

The following table summarizes the terms of the cross-currency swap agreement as of September 30, 2021:


	Effective Date	Maturity	Fixed Rate	Aggregate Notional Amount (in thousands)
Pay EUR	October 15,	October 15,	2.75%		EUR 85,000
Receive U.S.$	2019	2024	4.64%		USD 93,457

Schedule of Fair Value of Company's Derivative Instrument

The following table presents the fair value of the Company’s derivative instrument:

Derivatives designated as hedging instruments under ASC 815		Balance Sheet classification		September 30, 2021				March 31, 2021
Cross-currency swap		Other long-term liabilities		$	2,767			$	4,298

Financial Instruments Measured at Fair Value

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:

	Level 1		Level 2		Level 3		Total
September 30, 2021	(in thousands)
Assets
Money market funds	$	92,012	$	—	$	—	$	92,012
Repurchase agreements		—		75,998		—		75,998
Short-term U.S. Treasury mutual fund securities		—		73,896		—		73,896
Short-term government-backed securities		—		73,718		—		73,718
Short-term corporate debt securities		—		65,716		—		65,716
Short-term commercial paper		—		195,347		—		195,347
Long-term U.S. Treasury mutual fund securities		—		19,343		—		19,343
Long-term government-backed securities		—		152,726		—		152,726
Long-term corporate debt securities		—		38,910		—		38,910
Investment in Shockwave Medical		61,096		—		—		61,096
Liabilities
Contingent consideration		—		—		24,814		24,814
Cross-currency swap agreement		—		2,767		—		2,767

	Level 1		Level 2		Level 3		Total
March 31, 2021	(in thousands)
Assets
Money market funds	$	124,297	$	—	$	—	$	124,297
Repurchase agreements		—		33,000		—		33,000
Short-term U.S. Treasury mutual fund securities		—		72,249		—		72,249
Short-term government-backed securities		—		128,669		—		128,669
Short-term corporate debt securities		—		104,832		—		104,832
Short-term commercial paper		—		45,235		—		45,235
Long-term government-backed securities		—		225,384		—		225,384
Long-term corporate debt securities		—		38,701		—		38,701
Investment in Shockwave Medical		38,655		—		—		38,655
Liabilities
Cross currency swap agreement		—		4,298		—		4,298
Contingent consideration		—		—		24,706		24,706

Schedule Of Portfolio Of Equity Method and Other Investments and Change in Balance

The Company’s other investments balance is classified as a Level 3 asset and is not included in the fair value table above. The carrying value of the Company’s portfolio of other investments and the change in the balance for the six months ended September 30, 2021 are as follows:


	(in thousands)
Balance, March 31, 2021	$	62,995
Additions		3,866
Change in investment upon acquisition (Note 3)		(11,443	)
Balance, September 30, 2021	$	55,418

Components of Contingent Consideration Liabilities

The components of contingent consideration are as follows:

	September 30, 2021		March 31, 2021
	(in thousands)
ECP	$	10,814	$	10,306
Breethe		14,000		14,400
Total contingent consideration	$	24,814	$	24,706

Schedule Of Supplemental Balance Sheet Information Related to Contingent Consideration

The following table presents supplemental balance sheet information related to contingent consideration:

	September 30, 2021		March 31, 2021
	(in thousands)
Contingent consideration in other current liabilities	$	2,500	$	—
Contingent consideration		22,314		24,706
Total contingent consideration	$	24,814	$	24,706

Change in Fair Value of Contingent Consideration as Determined by Level 3 Inputs

The following table summarizes the change in fair value, as determined by Level 3 inputs, of the contingent consideration for the six months ended September 30, 2021:

(in thousands)

Balance, March 31, 2021

Change in fair value

Balance, September 30, 2021