Fair Value Measurements

9 Months Ended

Dec. 31, 2017

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2017 and March 31, 2017 based on the three-tier fair value hierarchy (in thousands):



	Fair Value Measurements as of December 31, 2017
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	42,280	$	—	$	—	$	42,280
Commercial paper	—		6,486		—		6,486
U.S. treasury securities	2,997		—		—		2,997
U.S. government agencies	—		3,925		—		3,925
Short-term investments:
Certificates of deposit	—		25,601		—		25,601
Commercial paper	—		12,648		—		12,648
Corporate notes and bonds	—		15,837		—		15,837
U.S. treasury securities	18,937		—		—		18,937
U.S. government agencies	—		34,776		—		34,776
Restricted cash:
Money market funds	8,202		—		—		8,202
Total	$	72,416	$	99,273	$	—	$	171,689
Included in cash and cash equivalents							$	55,688
Included in short-term investments							$	107,799
Included in restricted cash							$	8,202

	Fair Value Measurements as of March 31, 2017
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Money market funds	$	36,180	$	—	$	—	$	36,180
Commercial paper	—		5,441		—		5,441
U.S. government agencies	—		2,600		—		2,600
Short-term investments:
Certificates of deposit	—		28,210		—		28,210
Commercial paper	—		10,549		—		10,549
Corporate notes and bonds	—		17,378		—		17,378
U.S. treasury securities	11,276		—		—		11,276
U.S. government agencies	—		50,688		—		50,688
Restricted cash:
Money market funds	8,115		—		—		8,115
Total	$	55,571	$	114,866	$	—	$	170,437
Included in cash and cash equivalents							$	44,221
Included in short-term investments							$	118,101
Included in restricted cash							$	8,115

There were no transfers between fair value measurement levels during the nine months ended December 31, 2017 and 2016.

Gross unrealized gains or losses for cash equivalents and short-term investments as of December 31, 2017 and March 31, 2017 were not significant. As of December 31, 2017 and March 31, 2017, there were no securities that were in an unrealized loss position for more than 12 months.

The following table classifies the Company’s available-for-sale short-term investments by contractual maturities as of December 31, 2017 and March 31, 2017 (in thousands):



	December 31, 2017		March 31, 2017
Due within one year	$	92,163	$	92,874
Due in one to two years	15,636		25,227
Total	$	107,799	$	118,101

For certain other financial instruments, including accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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