| Schedule of Financial Assets and Liabilities |
The following
tables present the Company’s financial assets and liabilities
measured on a recurring basis using the fair value hierarchy as of
March 31, 2013 and 2012. The fair value hierarchy has three
levels based on the reliability of the inputs used to determine
fair value. Level 1 refers to fair values determined based on
quoted prices in active markets for identical assets. Level 2
refers to fair values estimated using significant other observable
inputs, and Level 3 includes fair values estimated using
significant non-observable inputs.
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Fair Value Measurements
at
March 31,
2013 |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Total |
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ASSETS:
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|
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|
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Cash and cash
equivalents
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|
$ |
99,930 |
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$ |
0 |
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$ |
0 |
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$ |
99,930 |
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U.S. government and
municipal obligations
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|
31,645 |
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|
0 |
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|
0 |
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|
31,645 |
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Commercial paper
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|
0 |
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12,390 |
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|
0 |
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|
12,390 |
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Corporate bonds
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5,166 |
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|
0 |
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0 |
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|
5,166 |
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Certificate of
deposits
|
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|
0 |
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|
4,960 |
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|
0 |
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|
4,960 |
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Derivative financial
instruments
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0 |
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|
71 |
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0 |
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71 |
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$ |
136,741 |
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$ |
17,421 |
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$ |
0 |
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$ |
154,162 |
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LIABILITIES:
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Contingent
consideration
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$ |
0 |
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$ |
0 |
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$ |
(5,087 |
) |
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$ |
(5,087 |
) |
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Contingent contractual
non-compliance liability
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0 |
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0 |
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(246 |
) |
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|
(246 |
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Derivative financial
instruments
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0 |
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(249 |
) |
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0 |
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|
(249 |
) |
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$ |
0 |
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$ |
(249 |
) |
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$ |
(5,333 |
) |
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$ |
(5,582 |
) |
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Fair Value Measurements
at
March 31,
2012 |
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| |
|
Level 1 |
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Level 2 |
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Level 3 |
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Total |
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ASSETS:
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Cash and cash
equivalents
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$ |
117,255 |
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$ |
0 |
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$ |
0 |
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$ |
117,255 |
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U.S. government and
municipal obligations
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|
31,635 |
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0 |
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0 |
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31,635 |
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Commercial paper
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0 |
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22,469 |
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0 |
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22,469 |
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Corporate bonds
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19,877 |
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0 |
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0 |
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19,877 |
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Certificate of
deposits
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0 |
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3,207 |
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0 |
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3,207 |
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Auction rate
securities
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0 |
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17,612 |
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|
1,461 |
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|
19,073 |
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Derivative financial
instruments
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0 |
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|
150 |
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0 |
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|
150 |
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$ |
168,767 |
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$ |
43,438 |
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$ |
1,461 |
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$ |
213,666 |
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LIABILITIES:
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Contingent
consideration
|
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$ |
0 |
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$ |
0 |
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$ |
(8,213 |
) |
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$ |
(8,213 |
) |
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Contingent contractual
non-compliance liability
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0 |
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|
0 |
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(700 |
) |
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|
(700 |
) |
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Derivative financial
instruments
|
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|
0 |
|
|
|
(166 |
) |
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|
0 |
|
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|
(166 |
) |
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$ |
0 |
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$ |
(166 |
) |
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$ |
(8,913 |
) |
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$ |
(9,079 |
) |
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| Reconciliation of Changes in Fair Value of Level III Financial Assets |
The following
table sets forth a reconciliation of changes in the fair value of
the Company’s Level 3 financial assets for the year ended
March 31, 2013 (in thousands):
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Auction Rate
Securities |
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Contingent
Purchase
Consideration |
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Contingent
Contractual
Non-compliance
Liability |
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Balance at March 31,
2012
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$ |
1,461 |
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$ |
8,213 |
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$ |
700 |
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Change in fair value
(included within research and development expense)
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0 |
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|
912 |
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(184 |
) |
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ARSs redeemed by
issuers
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(1,650 |
) |
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0 |
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0 |
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Unrealized gains included
in accumulated other comprehensive income (loss)
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|
190 |
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0 |
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0 |
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Unrealized gain (loss)
included in earnings
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(1 |
) |
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0 |
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0 |
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Payments
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|
0 |
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(4,038 |
) |
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(270 |
) |
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Balance at March 31,
2013
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$ |
0 |
|
|
$ |
5,087 |
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$ |
246 |
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The following
table sets forth a reconciliation of changes in the fair value of
the Company’s Level 3 financial assets for the year ended
March 31, 2012 (in thousands):
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Auction Rate
Securities |
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Contingent
Purchase
Consideration |
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Contingent
Contractual
Non-compliance
Liability |
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Balance at March 31,
2011
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$ |
17,482 |
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$ |
0 |
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$ |
0 |
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Additions to Level
3
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|
0 |
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|
8,000 |
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|
1,600 |
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|
Transfers out of Level
3
|
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|
(17,612 |
) |
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Change in fair value
(included within research and development expense)
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|
0 |
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|
1,059 |
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|
(900 |
) |
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ARSs redeemed by issuers at
par
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|
(500 |
) |
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|
0 |
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|
0 |
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Unrealized gains included
in accumulated other comprehensive income (loss)
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|
2,112 |
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0 |
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|
0 |
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Unrealized gain (loss)
included in earnings
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(21 |
) |
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|
0 |
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|
0 |
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Payments
|
|
|
0 |
|
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|
(846 |
) |
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|
0 |
|
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Balance at March 31,
2012
|
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$ |
1,461 |
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$ |
8,213 |
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$ |
700 |
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