Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Cash Equivalents and Marketable Securities

The Company’s cash equivalents and marketable securities at March 31, 2020 and 2019 are invested in the following:

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
March 31, 2020:	(in $000's)
Money market funds	$	115,019	$	—	$	—		$	115,019
Repurchase agreements		20,000		—		—			20,000
Total cash equivalents		135,019		—		—			135,019
Short-term U.S. Treasury securities		42,236		412		—			42,648
Short-term government-backed securities		67,594		401		—			67,995
Short-term corporate debt securities		107,290		94		(83	)		107,301
Short-term commercial paper		32,757		74		—			32,831
Total short-term marketable securities		249,877		981		(83	)		250,775
Long-term government-backed securities		90,911		153		—			91,064
Long-term corporate debt securities		116,110		851		(230	)		116,731
Total long-term marketable securities		207,021		1,004		(230	)		207,795
	$	591,917	$	1,985	$	(313	)	$	593,589

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
March 31, 2019:	(in $000's)
Money market funds	$	60,089	$	—	$	—		$	60,089
Repurchase agreements		20,000		—		—			20,000
Total cash equivalents		80,089		—		—			80,089
Short-term U.S. Treasury securities		58,786		13		(12	)		58,787
Short-term government-backed securities		126,336		60		(15	)		126,381
Short-term corporate debt securities		128,626		97		(9	)		128,714
Short-term commercial paper		56,780		16		(1	)		56,795
Total short-term marketable securities		370,528		186		(37	)		370,677
Long-term corporate debt securities		21,529		189		—			21,718
Total long-term marketable securities		21,529		189		—			21,718
	$	472,146	$	375	$	(37	)	$	472,484

Schedule of Cross-Currency Rate Swap Derivatives Agreement

The following table summarizes the terms of the cross-currency swap agreement as of March 31, 2020 (dollar amounts in thousands):

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

Schedule of Fair Value of Company's Derivative Instrument

The following table presents the fair value of the Company’s derivative instrument as of March 31, 2020:

		March 31, 2020
Derivatives designated as hedging instruments under ASC 815	Balance Sheet classification	Fair Value (in$000's)
Cross-currency swap	Other assets (long-term liabilities)	$	3,786

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, 2020 and 2019:

	Level 1		Level 2		Level 3		Total
March 31, 2020:	(in $000's)
Assets
Money market funds	$	115,019	$	—	$	—	$	115,019
Repurchase agreements		—		20,000		—		20,000
Short-term U.S. Treasury securities		—		42,648		—		42,648
Short-term government-backed securities		—		67,995		—		67,995
Short-term corporate debt securities		—		107,301		—		107,301
Short-term commercial paper		—		32,831		—		32,831
Long-term government-backed securities		—		91,064		—		91,064
Long-term corporate debt securities		—		116,731		—		116,731
Cross currency swap agreement		—		3,786		—		3,786
Investment in Shockwave Medical		55,704		—		—		55,704
Liabilities
Contingent consideration		—		—		9,000		9,000

	Level 1		Level 2		Level 3		Total
March 31, 2019:	(in $000's)
Assets
Money market funds	$	60,089	$	—	$	—	$	60,089
Repurchase agreements		—		20,000		—		20,000
Short-term U.S. Treasury securities		—		58,787		—		58,787
Short-term government-backed securities		—		126,381		—		126,381
Short-term corporate debt securities		—		128,714		—		128,714
Short-term commercial paper		—		56,795		—		56,795
Long-term U.S. Treasury securities		—		21,718		—		21,718
Investment in Shockwave Medical		56,195		—		—		56,195
Liabilities
Contingent consideration		—		—		9,575		9,575

Valuation Method Used to Calculate Level 3 Liabilities Measured at Estimated Fair Value of Contingent Consideration

The contingent consideration liability is reported as Level 3 as the estimated fair value requires significant management judgment or estimation and is calculated using the following valuation methods:

	Milestone Payment		Fair Value at March 31, 2020		Valuation Methodology	Significant Unobservable Input	Weighted Average (range, if applicable)
	(in $000's)
Clinical and regulatory milestone	$	7,000	$	5,362	Probability weighted income approach	Projected fiscal year of milestone payments	2022 to 2024
						Discount rate	3.72% to 3.90%
						Probability of occurrence	Probability adjusted level of 40% for the base case scenario and 5% to 40% for various downside and upside scenarios
Revenue-based milestone		8,000		3,638	Monte Carlo simulation model	Projected fiscal year of milestone payments	2026 to 2035
						Discount rate	15%
						Expected volatility for forecasted revenues	50%
						Probability of payment (risk-neutral)	62.7%
	$	15,000	$	9,000

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 fiscal years ended March 31, 2020, 2019 and 2018:  

	Fiscal Years Ended March 31,
		2020			2019			2018
	(in $000's)
Level 3 liabilities, beginning balance	$	9,575		$	10,490		$	9,153
Additions		—			—			—
Payments		—			—			—
Change in fair value		(575	)		(915	)		1,337
Level 3 liabilities, ending balance	$	9,000		$	9,575		$	10,490