Marketable Securities and Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2014

Marketable Securities

The Company’s marketable securities at December 31, 2014 and March 31, 2014 are invested in the following:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in $000’s)
At December 31, 2014:
US Treasury securities	$	19,487	$	—	$	—		$	19,487
Short-term government-backed securities		74,478		5		(24	)		74,459
Long-term government-backed securities		17,997		2		(17	)		17,982
	$	111,962	$	7	$	(41	)	$	111,928
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in $000’s)
At March 31, 2014:
US Treasury securities	$	31,487	$	—	$	—		$	31,487
Short-term government-backed securities		24,174		6		(4	)		24,176
Long-term government-backed securities		41,779		8		(26	)		41,761
	$	97,440	$	14	$	(30	)	$	97,424

Financial Instruments Recorded at Fair Value

The following table presents the Company’s financial instruments recorded at fair value in the condensed consolidated balance sheets, classified according to the three categories described above:

	Level 1		Level 2		Level 3		Fair Value
	(in $000’s)
At December 31, 2014:
Assets
U.S. Treasury securities	$	—	$	19,487	$	—	$	19,487
Short-term government-backed securities		—		74,459		—		74,459
Long-term government-backed securities		—		17,982		—		17,982
Liabilities
Contingent consideration		—		—		6,365		6,365
	Level 1		Level 2		Level 3		Fair Value
	(in $000’s)
At March 31, 2014:
U.S. Treasury securities	$	—	$	31,487	$	—	$	31,487
Short-term government-backed securities		—		24,176		—		24,176
Long-term government-backed securities		—		41,761		—		41,761

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 nine months ended December 31, 2014:

	December 31,
	2014
	(in $000’s)
Beginning balance	$	—
Additions		6,000
Payments		—
Change in fair value		365
Ending balance	$	6,365

Quantitative Information about Inputs and Valuation Methodologies Used for Fair Value Measurements Classified in Level 3

The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements classified in Level 3 as of December 31, 2014:

	Fair Value at December 31, 2014 (in $000’s)			Significant Unobservable Input	Weighted Average (range, if applicable)
Contingent consideration	$	6,365	Probability weighted income approach	Milestone dates	2018 to 2021
				Discount rate Probability of occurrence	8% to 12% 0% to 100%