FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jun. 30, 2015

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 at June 30, 2015 and March 31, 2015 (in thousands):



	Fair Value Measurements at
	June 30, 2015
	Level 1		Level 2			Level 3			Total
ASSETS:
Cash and cash equivalents	$	94,352	$	—		$	—		$	94,352
U.S. government and municipal obligations	58,769		101,317			—			160,086
Commercial paper	—		5,099			—			5,099
Corporate bonds	7,975		—			—			7,975
Derivative financial instruments	—		97			—			97
	$	161,096	$	106,513		$	—		$	267,609
LIABILITIES:
Contingent purchase consideration	$	—	$	—		$	(4,521	)	$	(4,521	)
Derivative financial instruments	—		(456		)	—			(456		)
	$	—	$	(456	)	$	(4,521	)	$	(4,977	)



	Fair Value Measurements at
	March 31, 2015
	Level 1		Level 2			Level 3			Total
ASSETS:
Cash and cash equivalents	$	104,893	$	—		$	—		$	104,893
U.S. government and municipal obligations	46,564		98,781			—			145,345
Commercial paper	—		5,095			—			5,095
Corporate bonds	9,524		—			—			9,524
Derivative financial instruments	—		15			—			15
	$	160,981	$	103,891		$	—		$	264,872
LIABILITIES:
Contingent purchase consideration	$	—	$	—		$	(4,484	)	$	(4,484	)
Derivative financial instruments	—		(1,664		)	—			(1,664		)
	$	—	$	(1,664	)	$	(4,484	)	$	(6,148	)

Schedule of 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 liability for the three months ended June 30, 2015 (in thousands):



	Contingent Purchase Consideration
Balance at beginning of period	$	(4,484	)
Increase in fair value and accretion expense (included within research and development expense)	(37		)
Balance at end of period	$	(4,521	)