Fair Value Measurements

3 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Refer to Note 4, “Fair Value Measurements,” in the Company’s consolidated financial statements in Part IV of the 2024 Annual Report for further information on the Company’s fair value accounting policies.

Assets and liabilities that are measured on a recurring basis at fair value in the condensed consolidated balance sheets are as follows:

	As of		Measured Using
	June 30, 2024		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money-market funds	$	1,079,101	$	1,079,101	$	—	$	—
Other current assets:
Designated Derivative Contracts asset	1,399		—		1,399		—
Other assets:
Non-qualified deferred compensation asset	14,480		14,480		—		—
Total assets measured at fair value	$	1,094,980	$	1,093,581	$	1,399	$	—

	As of		Measured Using
	June 30, 2024		Level 1		Level 2		Level 3
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability	$	(412)	$	(412)	$	—	$	—
Designated Derivative Contracts liability	(267)		—		(267)		—
Other long-term liabilities:
Non-qualified deferred compensation liability	(23,580)		(23,580)		—		—
Total liabilities measured at fair value	$	(24,259)	$	(23,992)	$	(267)	$	—

	As of		Measured Using
	March 31, 2024		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money-market funds	$	1,152,083	$	1,152,083	$	—	$	—
Other assets:
Non-qualified deferred compensation asset	13,553		13,553		—		—
Total assets measured at fair value	$	1,165,636	$	1,165,636	$	—	$	—
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability	$	(408)	$	(408)	$	—	$	—
Other long-term liabilities:
Non-qualified deferred compensation liability	(16,229)		(16,229)		—		—
Total liabilities measured at fair value	$	(16,637)	$	(16,637)	$	—	$	—

The fair value of Designated Derivative Contracts is determined using quoted forward spot rates at the end of the applicable reporting period from counterparties, which are corroborated by market-based pricing (Level 2), with related assets and liabilities recorded in other current assets and other accrued expenses, respectively, in the condensed consolidated balance sheets. Refer to Note 6, “Derivative Instruments,” for further information, including the definition of the term Designated Derivative Contracts.