Fair Value Measurements

6 Months Ended

Sep. 30, 2023

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 September 30, 2023 or March 31, 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 at September 30, 2023 and March 31, 2023.

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

	As of September 30, 2023
	(In thousands)
	Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Estimated Fair Value
Assets:
Level 1:
Securities held in deferred compensation plan (1)	$	1,598	$	(483)	$	427	$	1,542
Total	$	1,598	$	(483)	$	427	$	1,542
Liabilities:
Level 1:
Deferred compensation plan liabilities (2)	$	1,613	$	(298)	$	596	$	1,911
Total	$	1,613	$	(298)	$	596	$	1,911

	As of March 31, 2023
	(In thousands)
	Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Estimated Fair Value
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
Transfer out	(600)						(600)
Subtotal	—		—		—		—
Total	$	1,201	$	(296)	$	563	$	1,468

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

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

(3) As of March 31, 2023, the balance of contingent consideration was short-term and included in accrued liabilities in the Company’s balance sheets. As of September 30, 2023, the balance had been paid in full.

Unrealized losses related to investments are due to interest rate fluctuations as opposed to credit quality. In addition, we do not intend to sell, and it is not more likely than not that, we would be required to sell, any of our investments before recovery of their cost basis. As a result, there was no other-than-temporary impairment for these investments as of September 30, 2023.