FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Dec. 31, 2016

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 December 31, 2016 and March 31, 2016 (in thousands):



	Fair Value Measurements at
	December 31, 2016
	Level 1		Level 2			Level 3			Total
ASSETS:
Cash and cash equivalents	$	244,833	$	—		$	—		$	244,833
U.S. government and municipal obligations	35,384		70,856			—			106,240
Commercial paper	—		21,153			—			21,153
Corporate bonds	4,683		—			—			4,683
Derivative financial instruments	—		9			—			9
	$	284,900	$	92,018		$	—		$	376,918
LIABILITIES:
Contingent purchase consideration	$	—	$	—		$	(5,410	)	$	(5,410	)
Derivative financial instruments	—		(391		)	—			(391		)
	$	—	$	(391	)	$	(5,410	)	$	(5,801	)



	Fair Value Measurements at
	March 31, 2016
	Level 1		Level 2			Level 3			Total
ASSETS:
Cash and cash equivalents	$	210,711	$	—		$	—		$	210,711
U.S. government and municipal obligations	41,116		82,212			—			123,328
Commercial paper	—		16,172			—			16,172
Corporate bonds	1,864		—			—			1,864
Derivative financial instruments	—		191			—			191
Contingently returnable consideration	—		—			16,131			16,131
	$	253,691	$	98,575		$	16,131		$	368,397
LIABILITIES:
Contingent purchase consideration	$	—	$	—		$	(7,293	)	$	(7,293	)
Derivative financial instruments	—		(158		)	—			(158		)
	$	—	$	(158	)	$	(7,293	)	$	(7,451	)

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 assets and liabilities for the nine months ended December 31, 2016 (in thousands):



	Contingent Purchase Consideration			Contingently Returnable Consideration
Balance at March 31, 2016	$	(7,293	)	$	16,131
Additions to Level 3	(660		)	—
Increase in fair value and accretion expense (included within research and development expense)	(114		)	—
Decrease in fair value	—			(610		)
Gross presentation of contingently returnable consideration to contingent purchase consideration	(3,910		)	3,910
Payment received	—			(19,431		)
Payments made	6,567			—
Balance at December 31, 2016	$	(5,410	)	$	—