Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2014

Cash, cash equivalents and marketable securities

The following data summarizes our cash equivalents and marketable securities:



	December 31, 2014

	Amortized		Unrealized		Unrealized		Fair		Cash		Marketable
(In thousands)	cost basis		Gains		Losses		Value		equivalents		securities
Level 2:
Commercial paper	$	2,998	$	—	$	—	$	2,998	$	2,998	$	—
Corporate bonds	5,015		—		—		5,015		—		5,015
Total	$	8,013	$	—	$	—	$	8,013	$	2,998	$	5,015



	March 31, 2014

	Amortized		Unrealized		Unrealized		Fair		Cash		Marketable
(In thousands)	cost basis		Gains		Losses		Value		equivalents		securities
Level 2:
Commercial paper	$	19,993	$	—	$	—	$	19,993	$	19,993	$	—
Certificates of deposit	9,006		—		—		9,006		9,006		—
Total	$	28,999	$	—	$	—	$	28,999	$	28,999	$	—

Assets and liabilities measured at fair value on a recurring basis

The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:



	Fair value measurement used
	Recorded value as of		Active markets for identical assets or liabilities	Quoted prices in similar instruments and observable inputs	Active markets for unobservable inputs
(In thousands)	December 31, 2014		(Level 1)	(Level 2)	(Level 3)
Assets:
Corporate-owned life insurance — non-current	$	2,441			$	2,441
Liabilities:
Contingent consideration — current	$	180			$	180
Contingent consideration — non-current	1,553				1,553



	Fair value measurement used
	Recorded value as of		Active markets for identical assets or liabilities		Quoted prices in similar instruments and observable inputs		Active markets for unobservable inputs
(In thousands)	March 31, 2014		(Level 1)		(Level 2)		(Level 3)
Assets:
Corporate-owned life insurance — current	$	1,989	$	—	$	—	$	1,989
Corporate-owned life insurance — non-current	2,371		—		—		2,371
Liabilities:
Contingent consideration — current	$	127	$	—	$	—	$	127
Contingent consideration — non-current	1,612		—		—		1,612

Summary of changes in the fair value of the Level 3 assets and liabilities Corporate-owned life insurance

The following table presents a summary of changes in the fair value of the Level 3 assets:



	Nine months ended
	December 31,
(In thousands)	2014			2013
Corporate-owned life insurance:
Balance on April 1	$	4,360		$	3,673
Unrealized (loss) gain relating to instruments held at reporting date	25			(6		)
Purchases, sales, issuances and settlements, net	45			87
Proceeds from corporate-owned life insurance policy	(1,989		)	—
Balance on December 31	$	2,441		$	3,754

Fair Value, Liabilities Measured on Recurring Basis Contingent Consideration

The following tables present a summary of changes in the fair value of the Level 3 liabilities:



	Nine months ended
	December 31,
(In thousands)	2014			2013
Contingent consideration
Balance on April 1	$	1,739		$	—
Activity, payments and other charges (net)	(6		)	1,800
Balance on December 31	$	1,733		$	1,800

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details