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FAIR VALUE MEASUREMENTS
6 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3).
A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The financial instruments measured at fair value in the accompanying condensed consolidated balance sheets consist of the following:
Recurring Fair Value Measurements
as of September 30, 2022
Level 1Level 2Level 3Total
Assets:
Current derivative instruments (2)
$— $9,451 $— $9,451 
Long-term deferred compensation plan asset (1)
18,730 — — 18,730 
Long term derivative instruments (2)
— 8,632 — 8,632 
Total Assets$18,730 $18,083 $— $36,813 
Liabilities:
Long-term deferred compensation plan liability (1)
18,730 — — 18,730 
Total Liabilities$18,730 $— $— $18,730 
Recurring Fair Value Measurements
as of March 31, 2022
Level 1Level 2Level 3Total
Assets:
Long-term deferred compensation plan asset (1)
$16,512 $— $— $16,512 
Long term derivative instruments (2)
— 4,088 — 4,088 
Total Assets$16,512 $4,088 $— $20,600 
Liabilities:
Current derivative instruments (2)
$— $4,324 $— $4,324 
Long-term derivative instruments (2)
— 39 — 39 
Long-term deferred compensation plan liability (1)
16,512 — — 16,512 
Total Liabilities$16,512 $4,363 $— $20,875 
(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 and liabilities 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’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.
The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying values at September 30, 2022 and March 31, 2022.
The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair values of debt are determined using quoted prices or other market information obtained from recent trading activity of the debt in markets that are not active (Level 2 inputs). The fair value is corroborated by prices derived from the interest rate spreads of recently completed leveraged loan transactions of a similar credit profile, industry, and terms to that of the Company. The fair value of the Senior Notes due 2029 and the Senior Notes due 2028 are determined using quoted prices or other market information obtained from recent trading activity in the high-yield bond market (Level 2 inputs). The carrying amount and estimated fair value of debt consists of the following:
September 30, 2022March 31, 2022
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
New Term Loan A$1,650,000 $1,619,063 $— $— 
Existing Term Loan A Loans— — 1,241,398 1,218,122 
Existing Term Loan B Loans— — 380,321 379,461 
3.88% Senior Notes due 2028
700,000 601,685 700,000 676,228 
4.00% Senior Notes due 2029
500,000 428,725 500,000 488,335