Stockholders' Equity

9 Months Ended

Dec. 31, 2020

Note 12. Stockholders’ Equity

Class B Preferred Stock

The Company has authorized 1,000,000 shares of Class B Preferred Stock, $.01 par value, of which the Board of Directors can set the designation, rights and privileges. No shares of Class B Preferred Stock have been issued or are outstanding.

Stock Repurchase Program

In August 2019, the Company’s Board of Directors authorized a stock repurchase program for up to $200.0 million of shares of its common stock. Under this stock repurchase program, the Company is authorized to repurchase shares through open market purchases, privately negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The stock repurchase program has no time limit and may be suspended for periods or discontinued at any time. The Company is funding the stock repurchase program with its available cash and marketable securities. The Company did not make any repurchases during the three months ended December 31, 2020. The remaining authorization under the stock repurchase program was $103.8 million as December 31, 2020.

The following table provides shares bought through stock repurchase program during the three and nine months ended December 31, 2020 and 2019:

	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2020		2019		2020		2019
Shares repurchased		—		137,432		67,649		318,361
Average price per share		—	$	181.94	$	167.19	$	188.08
Value of shares repurchased (in millions)		—	$	25.0	$	11.3	$	59.9

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), are as follows (in thousands):

	Nine Months Ended December 31, 2020
	Foreign Currency Translation Gains (Losses)			Unrealized Gains on Investments			Gains (Losses) on Derivative Instruments			Total
Balance, April 1, 2020		(16,860	)		1,672			3,999			(11,189	)
Other comprehensive income (loss)		1,360			1,755			(461	)		2,654
Balance, June 30, 2020		(15,500	)		3,427			3,538			(8,535	)
Other comprehensive income (loss)		2,416			(814	)		(266	)		1,336
Balance, September 30, 2020		(13,084	)		2,613			3,272			(7,199	)
Other comprehensive income (loss)		4,823			(525	)		(1,268	)		3,030
Balance, December 31, 2020	$	(8,261	)	$	2,088		$	2,004		$	(4,169	)

	Nine Months Ended December 31, 2019
	Foreign Currency Translation Gains (Losses)			Unrealized Gains on Investments			Gains (Losses) on Derivative Instruments			Total
Balance, April 1, 2019		(15,028	)		339			—			(14,689	)
Other comprehensive income		2,334			600			—			2,934
Balance, June 30, 2019		(12,694	)		939			—			(11,755	)
Other comprehensive income		(5,716	)		(85	)		—			(5,801	)
Balance, September 30, 2019		(18,410	)		854			—			(17,556	)
Other comprehensive income (loss)		1,945			8			(1,392	)		561
Balance, December 31, 2019	$	(16,465	)	$	862		$	(1,392	)	$	(16,995	)