Marketable Securities and Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2015

Marketable Securities by Balance Sheet Classification

The Company’s marketable securities at March 31, 2015 and 2014 are classified on the balance sheet as follows (in thousands):

	March 31,
	2015		2014
	(in $000’s)
Short-term marketable securities (within one year to maturity)	$	109,557	$	55,663
Long-term marketable securities (one to five years to maturity)		13,996		41,761
	$	123,553	$	97,424

Marketable Securities

The Company’s marketable securities at March 31, 2015 and 2014 are invested in the following (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in $000’s)
At March 31, 2015:
US Treasury mutual fund securities	$	19,487	$	—	$	—		$	19,487
Short-term government-backed securities		90,070		9		(9	)		90,070
Long-term government-backed securities		13,999		2		(5	)		13,996
	$	123,556	$	11	$	(14	)	$	123,553
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in $000’s)
At March 31, 2014:
US Treasury mutual fund 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 Measured at Fair Value

The following table presents the Company’s fair value hierarchy for its financial instruments measured at fair value as of March 31, 2015 and 2014:

	Level 1		Level 2		Level 3		Total
	(in $000’s)
At March 31, 2015:
Assets
U.S. Treasury mutual fund securities	$	—	$	19,487	$	—	$	19,487
Short-term government-backed securities		—		90,070		—		90,070
Long-term government-backed securities		—		13,996		—		13,996
Liabilities
Contingent consideration		—		—		6,510		6,510
	Level 1		Level 2		Level 3		Total
	(in$000’s)
At March 31, 2014:
U.S. Treasury mutual fund 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 year ended March 31, 2015:

	March 31, 2015
	(in $000’s)
Beginning balance	$	—
Additions		6,000
Payments		—
Change in fair value		510
Ending balance	$	6,510

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 as of July 1, 2014 and March 31, 2015 classified in Level 3:

	Valuation Methodology	Significant Unobservable Input	Weighted Average (range, if applicable)
Contingent consideration	Probability weighted income approach	Milestone dates	2018 to 2021
		Discount rate	8% to 12%
		Probability of occurrence	Probability adjusted level of 40% for the base case scenario and 5% to 25% for various upside and downside scenarios