Cash Equivalents, Marketable Securities and Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Cash Equivalents and Marketable Securities

The Company’s cash equivalents and marketable securities at June 30, 2020 and March 31, 2020 are invested in the following:

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
June 30, 2020:	(in $000's)
Money market funds	$	130,012	$	—	$	—		$	130,012
Repurchase agreements		20,000		—		—			20,000
Total cash equivalents		150,012		—		—			150,012
Short-term U.S. Treasury mutual fund securities		42,180		227		—			42,407
Short-term government-backed securities		39,921		210		—			40,131
Short-term corporate debt securities		109,426		588		—			110,014
Short-term commercial paper		19,898		86		—			19,984
Total short-term marketable securities		211,425		1,111		—			212,536
Long-term government-backed securities		75,483		66		(5	)		75,544
Long-term corporate debt securities		91,868		2,256		—			94,124
Total long-term marketable securities		167,351		2,322		(5	)		169,668
	$	528,788	$	3,433	$	(5	)	$	532,216

	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

Schedule of Cross-Currency Rate Swap Derivatives Agreement

The following table summarizes the terms of the cross-currency swap agreement as of June 30, 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 June 30, 2020:

Derivatives designated as hedging instruments under ASC 815	Balance Sheet classification	Fair Value
Cross-currency swap	Other assets (long-term liabilities)	$	1,504

Components of Contingent Consideration Liabilities

The components of contingent consideration liabilities are as follows:

	June 30, 2020		March 31, 2020
	(in $000's)
ECP	$	9,801	$	9,000
Breethe, Inc.		13,900		—
	$	23,701	$	9,000

Financial Instruments Measured at Fair Value

The following tables present the Company’s fair value hierarchy for its financial instruments measured at fair value as of June 30, 2020 and March 31, 2020:

	Level 1		Level 2		Level 3		Total
June 30, 2020	(in $000's)
Assets
Money market funds	$	130,012	$	—	$	—	$	130,012
Repurchase agreements		—		20,000		—		20,000
Short-term U.S. Treasury mutual fund securities		—		42,407		—		42,407
Short-term government-backed securities		—		40,131		—		40,131
Short-term corporate debt securities		—		110,014		—		110,014
Short-term commercial paper		—		19,984		—		19,984
Long-term government-backed securities		—		75,544		—		75,544
Long-term corporate debt securities		—		94,124		—		94,124
Cross-currency swap agreement		—		1,504		—		1,504
Investment in Shockwave Medical		79,527		—		—		79,527
Liabilities
Contingent consideration		—		—		23,701		23,701

	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

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 three months ended June 30, 2020 and 2019:

	For the Three Months Ended June 30,
		2020		2019
	(in $000's)
Beginning balance	$	9,000	$	9,575
Additions		13,900		—
Payments		—		—
Change in fair value		801		356
Ending balance	$	23,701	$	9,931