Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2015

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)	March 31, 2015		(Level 1)		(Level 2)		(Level 3)
Assets:
Corporate-owned life insurance — non-current	2,493		—		—		2,493
Liabilities:
Contingent consideration — current	$	8	$	—	$	—	$	8
Contingent consideration — non-current	104		—		—		104



	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:
Investments	$	28,999	$	—	$	28,999	$	—
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 corporate-owned life insurance Level 3 asset for the fiscal years ended March 31, 2015 and 2014:



	Level 3 assets and liabilities
(In thousands)	2015			2014
Corporate-owned life insurance:
Balance on April 1	$	4,360		$	3,673
Realized gains	57			—
Unrealized gain relating to instruments held at reporting date	65			600
Purchases, sales, issuances and settlements, net	(1,989		)	87
Balance on March 31	$	2,493		$	4,360

Summary of changes in the fair value of the Level 3 assets and liabilities

The following table presents a summary of changes in the fair value of the contingent consideration Level 3 liability for fiscal years ended March 31, 2015 and 2014:



	Level 3 assets and liabilities
(In thousands)	2015			2014
Contingent consideration:
Balance on April 1	$	1,739		$	—
Activity, payments and other charges (net)	(9		)	1,739
Fair value adjustment	(1,618		)	—
Balance on March 31	$	112		$	1,739

The fair value of the contingent consideration related to the TMC acquisition was determined by calculating the probability-weighted earn-out payments based on the assessment of the likelihood that certain revenue milestones would be achieved. As of March 31, 2015, due to a decrease in expected revenues associated with the contingent consideration, we recorded a gain of $1.6 million within "Asset write-offs and other fair value adjustments" in the Consolidated Statements of Operations.

- 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.

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