Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Cash Equivalents and Marketable Securities

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

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
September 30, 2022	(in thousands)
Money market funds	$	86,806	$	—	$	—		$	86,806
U.S. Treasury mutual fund securities		17,939		—		(3	)		17,936
Total cash equivalents		104,745		—		(3	)		104,742
Short-term U.S. Treasury mutual fund securities		335,024		6		(3,218	)		331,812
Short-term government-backed securities		146,747		—		(2,550	)		144,197
Short-term corporate debt securities		40,681		—		(519	)		40,162
Short-term commercial paper		122,353		—		(487	)		121,866
Total short-term marketable securities		644,805		6		(6,774	)		638,037
Long-term U.S. Treasury mutual fund securities		28,595		—		(1,229	)		27,366
Long-term government-backed securities		93,235		14		(3,744	)		89,505
Total long-term marketable securities		121,830		14		(4,973	)		116,871
Total cash equivalents and marketable securities	$	871,380	$	20	$	(11,750	)	$	859,650

	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 as of September 30, 2022 (amounts in thousands):

	Effective Date	Maturity	Fixed Rate	Aggregate Notional Amount
Pay EUR	October 15, 2019	October 15, 2024	2.75%		EUR 65,000
Receive U.S.$			4.64%		USD 71,468

The following table summarizes the terms of the cross-currency swap as of March 31, 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	September 30, 2022		March 31, 2022
Cross-currency swap	Other assets (other long-term liabilities)	$	8,215	$	(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
September 30, 2022:	(in thousands)
Assets
Money market funds	$	86,806	$	—	$	—	$	86,806
U.S. Treasury mutual fund securities		—		17,936		—		17,936
Short-term U.S. Treasury mutual fund securities		—		331,812		—		331,812
Short-term government-backed securities		—		144,197		—		144,197
Short-term corporate debt securities		—		40,162		—		40,162
Short-term commercial paper		—		121,866		—		121,866
Long-term U.S. Treasury mutual fund securities		—		27,366		—		27,366
Long-term government-backed securities		—		89,505		—		89,505
Investment in Shockwave Medical		46,385		—		—		46,385
Cross-currency swap agreement		—		8,215		—		8,215
Liabilities
Contingent consideration		—		—		14,995		14,995

	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 six months ended September 30, 2022 are as follows:

	(in thousands)
Balance, March 31, 2022	$	70,314
Additions		4,975
Impairments		(1,816	)
Change in fair value, net		52,334
Balance, September 30, 2022	$	125,807

Components of Contingent Consideration Liabilities

The components of contingent consideration are as follows:

	September 30, 2022		March 31, 2022
	(in thousands)
ECP	$	11,495	$	12,010
Breethe		3,500		9,500
Total contingent consideration	$	14,995	$	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 six months ended September 30, 2022:

	(in thousands)
Balance, March 31, 2022	$	21,510
Change in fair value		(6,515	)
Balance, September 30, 2022	$	14,995