Financial Instruments (Tables)

3 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Cash Equivalents and Marketable Securities

The Company’s cash equivalents and marketable securities at June 30, 2022 and March 31, 2022 are invested in the following:

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
June 30, 2022	(in thousands)
Money market funds	$	59,296	$	—	$	—		$	59,296
Commercial paper		5,997		—		(2	)		5,995
Total cash equivalents		65,293		—		(2	)		65,291
Short-term U.S. Treasury mutual fund securities		359,213		—		(3,010	)		356,203
Short-term government-backed securities		160,288		1		(1,875	)		158,414
Short-term corporate debt securities		33,110		—		(179	)		32,931
Short-term commercial paper		116,738		—		(457	)		116,281
Total short-term marketable securities		669,349		1		(5,521	)		663,829
Long-term U.S. Treasury mutual fund securities		48,631		—		(1,428	)		47,203
Long-term government-backed securities		105,838		—		(3,026	)		102,812
Long-term corporate debt securities		10,185		—		(324	)		9,861
Total long-term marketable securities		164,654		—		(4,778	)		159,876
Total cash equivalents and marketable securities	$	899,296	$	1	$	(10,301	)	$	888,996

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
March 31, 2022:	(in thousands)
Money market funds	$	32,955	$	—	$	—		$	32,955
Commercial paper		28,961		—		(3	)		28,958
Total cash equivalents		61,916		—		(3	)		61,913
Short-term U.S. Treasury mutual fund securities		287,010		—		(1,384	)		285,626
Short-term government-backed securities		131,954		1		(554	)		131,401
Short-term corporate debt securities		61,108		36		(113	)		61,031
Short-term commercial paper		148,128		—		(397	)		147,731
Total short-term marketable securities		628,200		37		(2,448	)		625,789
Long-term U.S. Treasury mutual fund securities		89,168		—		(1,796	)		87,372
Long-term government-backed securities		126,150		—		(3,378	)		122,772
Long-term corporate debt securities		10,226		—		(281	)		9,945
Total long-term marketable securities		225,544		—		(5,455	)		220,089
Total cash equivalents and marketable securities	$	915,660	$	37	$	(7,906	)	$	907,791

Schedule of Cross-Currency Rate Swap Derivatives Agreement

The following table summarizes the terms of the cross-currency swap agreement as of June 30, 2022 (amounts in thousands):

	Effective Date	Maturity	Fixed Rate	Aggregate Notional Amount
Pay EUR	October 15, 2019	October 15, 2024	2.75%		EUR 85,000
Receive U.S.$			4.64%		USD 93,457

Schedule of Fair Value of Company's Derivative Instrument

The following table presents the fair value of the cross-currency swap (amounts in thousands):

Derivatives designated as hedging instruments under ASC 815	Balance Sheet classification	June 30, 2022		March 31, 2022
Cross-currency swap	Other assets (other long-term liabilities)	$	4,508	$	(489	)

Financial Instruments Measured at Fair Value

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:

	Level 1		Level 2		Level 3		Total
June 30, 2022:	(in thousands)
Assets
Money market funds	$	59,296	$	—	$	—	$	59,296
Commercial paper		—		5,995		—		5,995
Short-term U.S. Treasury mutual fund securities		—		356,203		—		356,203
Short-term government-backed securities		—		158,414		—		158,414
Short-term corporate debt securities		—		32,931		—		32,931
Short-term commercial paper		—		116,281		—		116,281
Long-term U.S. Treasury mutual fund securities		—		47,203		—		47,203
Long-term government-backed securities		—		102,812		—		102,812
Long-term corporate debt securities		—		9,861		—		9,861
Investment in Shockwave Medical		56,730		—		—		56,730
Cross-currency swap agreement		—		4,508		—		4,508
Liabilities
Contingent consideration		—		—		18,151		18,151

	Level 1		Level 2		Level 3		Total
March 31, 2022:	(in thousands)
Assets
Money market funds	$	32,955	$	—	$	—	$	32,955
Commercial paper		—		28,958		—		28,958
Short-term U.S. Treasury mutual fund securities		—		285,626		—		285,626
Short-term government-backed securities		—		131,401		—		131,401
Short-term corporate debt securities		—		61,031		—		61,031
Short-term commercial paper		—		147,731		—		147,731
Long-term U.S. Treasury mutual fund securities		—		87,372		—		87,372
Long-term government-backed securities		—		122,772		—		122,772
Long-term corporate debt securities		—		9,945		—		9,945
Investment in Shockwave Medical		61,535		—		—		61,535
Liabilities
Cross-currency swap agreement		—		489		—		489
Contingent consideration		—		—		21,510		21,510

Schedule Of Portfolio Of Equity Method and Other Investments and Change in Balance

The carrying value of the Company’s portfolio of other investments and the change in the balance for the three months ended June 30, 2022 are as follows:

	(in thousands)
Balance, March 31, 2022	$	70,314
Additions		4,591
Change in fair value, net		4,731
Balance, June 30, 2022	$	79,636

Components of Contingent Consideration Liabilities

The components of contingent consideration are as follows:

	June 30, 2022		March 31, 2022
	(in thousands)
ECP	$	11,651	$	12,010
Breethe		6,500		9,500
Total contingent consideration	$	18,151	$	21,510

Change in Fair Value of Contingent Consideration as Determined by Level 3 Inputs

The following table summarizes the change in fair value, as determined by Level 3 inputs of the contingent consideration for the three months ended June 30, 2022:

	(in thousands)
Balance, March 31, 2022	$	21,510
Change in fair value		(3,359	)
Balance, June 30, 2022	$	18,151