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Fair Value Measurements (Tables)
3 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Recurring Fair Value Measurements The financial instruments measured at fair value in the accompanying condensed consolidated balance sheets consist of the following:
 
Recurring Fair Value Measurements
as of June 30, 2020
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Long-term deferred compensation plan asset (1)
12,293

 

 

 
12,293

Total Assets
$
12,293

 
$

 
$

 
$
12,293

Liabilities:
 
 
 
 
 
 
 
Contingent consideration liability (2)
$

 
$

 
$
1,223

 
1,223

Current derivative instruments (3)

 
21,224

 

 
21,224

Long-term derivative instruments (3)

 
37,372

 

 
37,372

Long-term deferred compensation plan liability (1)
12,293

 

 

 
12,293

Total Liabilities
$
12,293

 
$
58,596

 
$
1,223

 
$
72,112

 
Recurring Fair Value Measurements
as of March 31, 2020
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Long-term deferred compensation plan asset (1)
5,879

 

 

 
5,879

Total Assets
$
5,879

 
$

 
$

 
$
5,879

Liabilities:
 
 
 
 
 
 
 
Contingent consideration liability (2)
$

 
$

 
$
1,224

 
$
1,224

Current derivative instruments (3)

 
18,831

 

 
18,831

Long-term derivative instruments (3)

 
37,819

 

 
37,819

Long-term deferred compensation plan liability (1)
5,879

 

 

 
5,879

Total Liabilities
$
5,879

 
$
56,650

 
$
1,224

 
$
63,753


(1) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets.
(2) The Company recognized a contingent consideration liability of $3.6 million in connection with its acquisition of Aquilent in fiscal 2017. As of both June 30, 2020 and March 31, 2020, the estimated fair value of the contingent consideration liability was $1.2 million, and was valued using probability-weighted cash flows, which is based on the use of Level 3 fair value measurement inputs.

(3) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9 to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.