Fair Value Measurements

12 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 11: — FAIR VALUE MEASUREMENTS

FASB ASC Topic 820 defines fair value as the price that would be received for an asset or paid to transfer a liability, from a selling party’s perspective, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets and liabilities. Active market means a market in which transactions for assets or liabilities occur with “sufficient frequency” and volume to provide pricing information on an ongoing unadjusted basis.

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 assets primarily include derivative instruments. The Level 2 asset values are determined using valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and consider counterparty credit risk in the assessment of fair value.

Level 3: Significant unobservable inputs that are not corroborated by market data. The Company has no Level 3 assets or liabilities.

The fair value of the Company’s financial assets measured at fair value on a recurring basis as of March 31, 2022 and 2021 were as follows:

	March 31, 2022					March 31, 2021
	Quoted Market Prices of Identical Assets		Significant Other Observable Inputs			Quoted Market Prices of Identical Assets		Significant Other Observable Inputs
	(Level 1)		(Level 2)			(Level 1)		(Level 2)
Assets
Short-term marketable securities *	$	522,028	$	—		$	418,480	$	—
Long-term marketable securities *		422,706		—			543,623		—
Long-term debt instruments *		2,449		—			3,033		—
Long-term equity instruments *		10,034		—			10,553		—
Forward contracts		—		808			—		680
	$	957,217	$	808		$	975,689	$	680
Liabilities
Forward contracts	$	—	$	(281	)	$	—	$	(591	)

*Refer to Note 3 for additional details on marketable securities.