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

6 Months Ended

Sep. 30, 2020

Cash Equivalents and Marketable Securities

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

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
September 30, 2020	(in $000's)
Money market funds	$	104,305	$	—	$	—		$	104,305
Repurchase agreements		20,000		—		—			20,000
Total cash equivalents		124,305		—		—			124,305

Short-term U.S. Treasury mutual fund securities		75,505		85		(1	)		75,589
Short-term government-backed securities		85,360		105		(9	)		85,456
Short-term corporate debt securities		128,738		1,043		—			129,781
Short-term commercial paper		39,991		31		(5	)		40,017
Total short-term marketable securities		329,594		1,264		(15	)		330,843

Long-term U.S. Treasury mutual fund securities		10,246		2		—			10,248
Long-term government-backed securities		141,378		164		(6	)		141,536
Long-term corporate debt securities		49,627		1,202		—			50,829
Total long-term marketable securities		201,251		1,368		(6	)		202,613

	$	655,150	$	2,632	$	(21	)	$	657,761

	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 September 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 September 30, 2020:


Derivatives designated as hedging instruments under ASC 815	Balance Sheet classification	Fair Value
Cross-currency swap	Other assets (long-term liabilities)	$	(2,860	)

Components of Contingent Consideration Liabilities

The components of contingent consideration liability are as follows:


	September 30, 2020		March 31, 2020
	(in $000's)
ECP	$	10,117	$	9,000
Breethe, Inc.		14,300		—
	$	24,417	$	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 September 30, 2020 and March 31, 2020:

	Level 1		Level 2		Level 3		Total
September 30, 2020	(in $000's)
Assets
Money market funds	$	104,305	$	—	$	—	$	104,305
Repurchase agreements		—		20,000		—		20,000
Short-term government-backed securities		—		85,456		—		85,456
Short-term corporate debt securities		—		129,781		—		129,781
Short-term commercial paper		—		40,017		—		40,017
Short-term U.S. Treasury mutual fund securities		—		75,589		—		75,589
Long-term U.S. Treasury mutual fund securities		—		10,248		—		10,248
Long-term government-backed securities		—		141,536		—		141,536
Long-term corporate debt securities		—		50,829		—		50,829
Investment in Shockwave Medical		22,494		—		—		22,494
Liabilities
Contingent consideration		—		—		24,417		24,417
Cross-currency swap agreement		—		2,860		—		2,860

	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 and six months ended September 30, 2020 and 2019:

	For the Three Months Ended September 30,				For the Six Months Ended September 30,
		2020		2019		2020		2019
	(in $000's)
Beginning balance	$	23,701	$	9,931	$	9,000	$	9,575
Additions		—		—		13,300		—
Change in fair value		716		305		2,117		661
Ending balance	$	24,417	$	10,236	$	24,417	$	10,236