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

9 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Cash Equivalents and Marketable Securities

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

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
December 31, 2020	(in $000's)
Money market funds	$	82,579	$	—	$	—		$	82,579
Repurchase agreements		33,000		—		—			33,000
Total cash equivalents		115,579		—		—			115,579
Short-term U.S. Treasury mutual fund securities		77,718		16		—			77,734
Short-term government-backed securities		90,002		48		(3	)		90,047
Short-term corporate debt securities		88,897		733		—			89,630
Short-term commercial paper		48,026		1		(4	)		48,023
Total short-term marketable securities		304,643		798		(7	)		305,434
Long-term government-backed securities		251,297		356		(1	)		251,652
Long-term corporate debt securities		48,724		940		(1	)		49,663
Total long-term marketable securities		300,021		1,296		(2	)		301,315
	$	720,243	$	2,094	$	(9	)	$	722,328

	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 December 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 December 31, 2020:

Derivatives designated as hedging instruments under ASC 815	Balance Sheet classification	Fair Value
Cross-currency swap	Other assets (long-term liabilities)	$	(8,323	)

Components of Contingent Consideration Liabilities

The components of contingent consideration liability are as follows:

	December 31, 2020		March 31, 2020
	(in $000's)
ECP	$	10,516	$	9,000
Breethe		14,800		—
	$	25,316	$	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 December 31, 2020 and March 31, 2020:

	Level 1		Level 2		Level 3		Total
December 31, 2020	(in $000's)
Assets
Money market funds	$	82,579	$	—	$	—	$	82,579
Repurchase agreements		—		33,000		—		33,000
Short-term government-backed securities		—		90,047		—		90,047
Short-term corporate debt securities		—		89,630		—		89,630
Short-term commercial paper		—		48,023		—		48,023
Short-term U.S. Treasury mutual fund securities		—		77,734		—		77,734
Long-term government-backed securities		—		251,652		—		251,652
Long-term corporate debt securities		—		49,663		—		49,663
Investment in Shockwave Medical		30,779		—		—		30,779
Liabilities
Contingent consideration		—		—		25,316		25,316
Cross-currency swap agreement		—		8,323		—		8,323

	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 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
	(in $000's)
Beginning balance	$	24,417	$	10,236	$	9,000	$	9,575
Additions		—		—		13,300		—
Change in fair value		899		204		3,016		865
Ending balance	$	25,316	$	10,440	$	25,316	$	10,440