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Note 12 - Fair Value of Financial Instruments
6 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

12.

Fair Value of Financial Instruments

 

Cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses are reflected in the condensed consolidated balance sheets at carrying value, which approximates fair value due to the short-term maturity of these instruments.

 

On a quarterly basis, the Company estimates the fair values for financial instruments that are recorded at carrying value on the condensed consolidated balance sheets. The estimated fair value for long-term debt (classified as Level 2 in the fair value hierarchy) is determined by the quoted market prices for similar debt (comparable to the Company’s financial strength) or current rates offered to the Company for debt with the same maturities. The fair value and carrying value of the Company’s long-term debt are as follows (in thousands):

 

           

As of:

         
   

September 30,

   

October 1,

   

March 31,

 
   

2023

   

2022

   

2023

 

Carrying value

  $ 511,901     $ 320,345     $ 442,695  

Fair value

  $ 504,262     $ 312,336     $ 436,293