Fair Value Measurements

12 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We measure fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As described in more detail in Note 1, Description of Business and Summary of Significant Accounting Policies, fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value.

We did not have any material financial assets or liabilities measured at fair value on a recurring basis using Level 3 inputs as of March 31, 2024 or 2023. Our non-financial assets, such as goodwill, intangible assets and property and equipment, are measured at fair value on a nonrecurring basis, generally when there is a transaction involving those assets such as a purchase transaction, a business combination or an adjustment for impairment. No non-financial assets were measured at fair value as of March 31, 2024 and March 31, 2023.

The following tables present the Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy:

	As of March 31, 2024
	Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Estimated Fair Value
	(In thousands)
Assets:
Level 1:
Securities held in deferred compensation plan (1)	$	1,539	$	(542)	$	650	$	1,647
Total	$	1,539	$	(542)	$	650	$	1,647
Liabilities:
Level 1:
Deferred compensation plan liabilities (2)	$	1,415	$	(485)	$	633	$	1,563
Total	$	1,415	$	(485)	$	633	$	1,563

	As of March 31, 2023
	Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Estimated Fair Value
	(In thousands)
Assets:
Level 1:
Securities held in deferred compensation plan (1)	$	1,426	$	(437)	$	321	$	1,310
Total	$	1,426	$	(437)	$	321	$	1,310
Liabilities:
Level 1:
Deferred compensation plan liabilities (2)	$	1,201	$	(296)	$	563	$	1,468
Level 3:
Contingent consideration (3)	600		—		—		600
Transfers out (3)	(600)		—		—		(600)
Subtotal	—		—		—		—
Total	$	1,201	$	(296)	$	563	$	1,468

(1) Included in prepaid expenses and other current assets on the Company’s balance sheets.

(2) Included in accrued payroll and related expenses on the Company’s balance sheets.

(3) As of March 31, 2023, the inputs related to determination of the balance of the earnout were resolved and the final balance due was all short-term and included in accrued liabilities on the Company's balance sheet. As of March 31, 2024, the balance had been paid in full.

Unrealized losses related to these investments are due to interest rate fluctuations as opposed to credit quality. In addition, we do not intend to sell, nor is it more likely than not that we would be required to sell, these investments before recovery of their cost basis. As a result, there is no other-than-temporary impairment for these investments as of March 31, 2024.