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Fair Value Measurements
9 Months Ended
Dec. 31, 2016
Fair Value Measurements [Abstract]  
Fair Value, Measurement Inputs, Disclosure [Text Block]
10. Fair Value Measurements
We estimate the fair value of financial instruments using available market information and generally accepted valuation methodologies. We assess the inputs used to measure fair value using a three-tier hierarchy. The hierarchy indicates the extent to which pricing inputs used in measuring fair value are observable in the market. Level 1 inputs include unadjusted quoted prices for identical assets or liabilities and are the most observable. Level 2 inputs include unadjusted quoted prices for similar assets and liabilities that are either directly or indirectly observable, or other observable inputs such as interest rates, foreign currency exchange rates, commodity rates, and yield curves. Level 3 inputs are not observable in the market and include our own judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed in the tables below.
 
There were no significant transfers between Levels 1, 2, and 3 during the nine months ended December 31, 2016 and 2015.

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, 2016
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets:
 
 
 
 
 
 
 
Corporate-owned life insurance — current
$
2,357

 

 

 
$
2,357

Corporate-owned life insurance — non-current
$
782

 

 

 
$
782


 
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, 2016
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets:
 
 
 
 
 
 
 
Corporate-owned life insurance — current
$
2,357

 

 

 
$
2,357

Corporate-owned life insurance — non-current
$
765

 

 

 
$
765

Liabilities:
 
 
 
 
 
 
 
Contingent consideration — current
$
197

 

 

 
$
197


The recorded value of the corporate-owned life insurance policies is adjusted to the cash surrender value of the policies obtained from the third party life insurance providers, which are not observable in the market, and therefore, are classified within Level 3 of the fair value hierarchy. Changes in the cash surrender value of these policies are recorded within “Other (income) expense, net” in the Condensed Consolidated Statements of Operations.

The fair value of the contingent consideration was determined by calculating the probability-weighted earn-out payments based on the assessment of the likelihood that certain milestones would be achieved.

The following table presents a summary of changes in the fair value of the Level 3 assets:
 
Nine months ended
 
December 31,
(In thousands)
2016
 
2015
Corporate-owned life insurance:
 
 
 
Balance on April 1
$
3,122

 
$
2,493

Unrealized gain relating to instruments held at reporting date
16

 
6

Purchases, sales, issuances and settlements, net
1

 
65

Balance on December 31
$
3,139

 
$
2,564



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

 
Nine months ended
 
December 31,
(In thousands)
2016
 
2015
Contingent consideration
 
 
 
Balance on April 1
$
197

 
$
112

Activity, payments and other charges (net)
(197
)
 
(8
)
Balance on December 31
$

 
$
104