Marketable Securities and Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Marketable Securities by Balance Sheet Classification

The Company’s marketable securities at March 31, 2016 and 2015 are classified on the balance sheet as follows:

	March 31, 2016		March 31, 2015
	(in $000's)
Short-term marketable securities (within one year to maturity)	$	163,822	$	109,557
Long-term marketable securities (one to five years to maturity)		1,000		13,996
	$	164,822	$	123,553

Marketable Securities

The Company’s marketable securities at March 31, 2016 and 2015 are invested in the following:

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
	(in $000's)
March 31, 2016:
US Treasury mutual fund securities	$	45,635	$	21	$	—		$	45,656
Short-term government-backed securities		118,125		45		(4	)		118,166
Long-term government-backed securities		999		1		—			1,000
	$	164,759	$	67	$	(4	)	$	164,822

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
	(in $000's)
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

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, 2016 and 2015:

	Level 1		Level 2		Level 3		Total
March 31, 2016:	(in $000's)
Assets
U.S. Treasury mutual fund securities	$	—	$	45,656	$	—	$	45,656
Short-term government-backed securities		—		118,166		—		118,166
Long-term government-backed securities		—		1,000		—		1,000
Liabilities
Contingent consideration		—		—		7,563		7,563

	Level 1		Level 2		Level 3		Total
March 31, 2015:	(in $000's)
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

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

The following table summarizes the change in fair value of the contingent consideration for the fiscal years ended March 31, 2016 and 2015:  

	Fiscal Years Ended March 31,
		2016		2015
	(in $000's)
Level 3 liabilities, beginning balance	$	6,510	$	—
Additions		—		6,000
Payments		—		—
Change in fair value		1,053		510
Level 3 liabilities, ending balance	$	7,563	$	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 March 31, 2016 classified in Level 3:

	Fair Value at				Weighted Average
	March 31, 2016			Significant	(range, if
	(in $000's)		Valuation Methodology	Unobservable Input	applicable)
Contingent consideration	$	7,563	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 30% for various upside and downside scenarios