FAIR VALUE OF FINANCIAL INSTRUMENTS:

12 Months Ended

Mar. 31, 2016

FAIR VALUE OF FINANCIAL INSTRUMENTS:

FAIR VALUE OF FINANCIAL INSTRUMENTS:

16.FAIR VALUE OF FINANCIAL INSTRUMENTS:

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Cash and cash equivalents, trade receivables, unbilled and notes receivable, short-term borrowings and trade payables - The carrying amount approximates fair value because of the short maturity of these instruments.

Long-term debt - The interest rate on the term loan and revolving credit agreement is adjusted for changes in market rates and therefore the carrying value of these loans approximates fair value.  The estimated fair value of other long-term debt was determined based upon the present value of the expected cash flows considering expected maturities and using interest rates currently available to the Company for long-term borrowings with similar terms.  At March 31, 2016, the estimated fair value of long-term debt approximates its carrying value.

Derivative instruments included in other liabilities - The carrying value is adjusted to fair value through other comprehensive income (loss) at each balance sheet date.  The fair value is determined from an interest-rate futures model.

Under applicable accounting standards financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company assigned assets and liabilities to the hierarchy in the accounting standards, which is Level 1 - quoted prices in active markets for identical assets or liabilities, Level 2 - significant other observable inputs and Level 3 - significant unobservable inputs.

The following table presents the balances of financial assets and liabilities measured at fair value as of March 31, 2016 and 2015 (dollars in thousands):

As of March 31, 2016	Level 1		Level 2		Level 3		Total
Assets:
Other current assets	$	12,532	$	—	$	—	$	12,532
Total assets	$	12,532	$	—	$	—	$	12,532
Liabilities:
Other accrued expenses	$	—	$	115	$	—	$	115
Total liabilities	$	—	$	115	$	—	$	115

As of March 31, 2015	Level 1		Level 2		Level 3		Total
Assets:
Other current assets	$	14,174	$	—	$	—	$	14,174
Total assets	$	14,174	$	—	$	—	$	14,174
Liabilities:
Other noncurrent liabilities	$	—	$	199	$	—	$	199
Total liabilities	$	—	$	199	$	—	$	199