Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2021

Financial Instruments, Owned, at Fair Value [Abstract]

Schedule of Financial Assets and Liabilities, Classified by Level

The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis, excluding assets related to the Company’s defined benefit pension plans, classified by the level within the fair value hierarchy (in thousands): 

	September 30, 2021						March 31, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	402,219	$	—	$	—	$	669,759	$	—	$	—
Trading investments for deferred compensation plan included in other assets:
Cash	$	63	$	—	$	—	$	31	$	—	$	—
Common stock	1,850		—		—		1,569		—		—
Money market funds	7,661		—		—		6,734		—		—
Mutual funds	18,801		—		—		16,475		—		—
Total of trading investments for deferred compensation plan	$	28,375	$	—	$	—	$	24,809	$	—	$	—
Currency exchange derivative assets included in other current assets	$	—	$	2,153	$	—	$	—	$	5,452	$	—
Liabilities:
Contingent consideration for business acquisition included in accrued and other current liabilities	$	—	$	—	$	10,032	$	—	$	—	$	6,430
Contingent consideration for business acquisition included in other non-current liabilities	$	—	$	—	$	3,971	$	—	$	—	$	—
Currency exchange derivative liabilities included in accrued and other current liabilities	$	—	$	109	$	—	$	—	$	100	$	—

Change in Fair Value of Contingent Consideration

The following table summarizes the change in the fair value of the Company's contingent consideration balance during the six months ended September 30, 2021 and 2020 (in thousands):

	Six Months Ended September 30,
	2021		2020
Beginning of the period	$	6,967	$	23,284
Fair value of contingent consideration upon acquisition (1)	9,973		—
Change in fair value of contingent consideration	(2,399)		5,716
End of the period (2)	$	14,541	$	29,000

(1) Fair value of contingent consideration includes the earn-out of the immaterial technology acquisition. See Contingent Consideration for Business Acquisitions section below for details.

(2) As of June 30, 2020, the earn-out period was completed in connection with our acquisition of General Workings, Inc. ("Streamlabs") (discussed below). The earn-out payment of $29.0 million was based on the actual net sales of Streamlabs services during the earn-out period and was no longer subject to fair value measurement and was accordingly transferred out of Level 3. During the third quarter of fiscal year 2021, $28.5 million of the contingent consideration was transferred from other current liabilities to equity upon settlement of the contingent consideration through the issuance of shares out of treasury stock. The remaining $0.5 million is held back in escrow for claims made against the escrow and for the payment of taxes.