XML 43 R29.htm IDEA: XBRL DOCUMENT

Financial Instruments (Tables)

3 Months Ended

Jun. 30, 2021

Cash Equivalents and Marketable Securities

The Company’s cash equivalents and marketable securities at June 30, 2021 and March 31, 2021 are invested in the following:

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
June 30, 2021	(in $000's)
Money market funds	$	45,996	$	—	$	—		$	45,996
Repurchase agreements		47,000		—		—			47,000
Total cash equivalents		92,996		—		—			92,996

Short-term U.S. Treasury mutual fund securities		110,826		12		(9	)		110,829
Short-term government-backed securities		89,954		15		(5	)		89,964
Short-term corporate debt securities		101,488		320		(5	)		101,803
Short-term commercial paper		44,986		1		(6	)		44,981
Total short-term marketable securities		347,254		348		(25	)		347,577

Long-term U.S. Treasury mutual fund securities		20,402		—		(9	)		20,393
Long-term government-backed securities		224,785		110		(141	)		224,754
Long-term corporate debt securities		36,178		481		(30	)		36,629
Total long-term marketable securities		281,365		591		(180	)		281,776

	$	721,615	$	939	$	(205	)	$	722,349

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
March 31, 2021:	(in $000's)
Money market funds	$	124,297	$	—	$	—		$	124,297
Repurchase agreements		33,000		—		—			33,000
Total cash equivalents		157,297		—		—			157,297

Short-term U.S. Treasury mutual fund securities		72,221		28		—			72,249
Short-term government-backed securities		128,668		13		(12	)		128,669
Short-term corporate debt securities		104,253		581		(2	)		104,832
Short-term commercial paper		45,237		1		(3	)		45,235
Total short-term marketable securities		350,379		623		(17	)		350,985

Long-term government-backed securities		225,231		190		(37	)		225,384
Long-term corporate debt securities		38,091		630		(20	)		38,701
Total long-term marketable securities		263,322		820		(57	)		264,085

		770,998		1,443		(74	)		772,367

Schedule of Cross-Currency Rate Swap Derivatives Agreement

The following table summarizes the terms of the cross-currency swap agreement as of June 30, 2021 (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, 2021:

Derivatives designated as hedging instruments under ASC 815		Balance Sheet classification		June 30, 2021				March 31, 2021
Cross-currency swap		Other long-term liabilities		$	5,559			$	4,298

Components of Contingent Consideration Liabilities

The components of contingent consideration liability are as follows:

	June 30, 2021		March 31, 2021
	(in $000's)
ECP	$	10,677	$	10,306
Breethe		14,900		14,400
	$	25,577	$	24,706

Financial Instruments Measured at Fair Value

The following tables present the Company’s fair value hierarchy for its financial instruments measured at fair value:

	Level 1		Level 2		Level 3		Total
June 30, 2021	(in $000's)
Assets
Money market funds	$	45,996	$	—	$	—	$	45,996
Repurchase agreements		—		47,000		—		47,000
Short-term U.S. Treasury mutual fund securities		—		110,829		—		110,829
Short-term government-backed securities		—		89,964		—		89,964
Short-term corporate debt securities		—		101,803		—		101,803
Short-term commercial paper		—		44,981		—		44,981
Long-term U.S. Treasury mutual fund securities		—		20,393		—		20,393
Long-term government-backed securities		—		224,754		—		224,754
Long-term corporate debt securities		—		36,629		—		36,629
Investment in Shockwave Medical		56,303		—		—		56,303
Liabilities
Contingent consideration		—		—		25,577		25,577
Cross-currency swap agreement		—		5,559		—		5,559

	Level 1		Level 2		Level 3		Total
March 31, 2021	(in $000's)
Assets
Money market funds	$	124,297	$	—	$	—	$	124,297
Repurchase agreements		—		33,000		—		33,000
Short-term U.S. Treasury mutual fund securities		—		72,249		—		72,249
Short-term government-backed securities		—		128,669		—		128,669
Short-term corporate debt securities		—		104,832		—		104,832
Short-term commercial paper		—		45,235		—		45,235
Long-term government-backed securities		—		225,384		—		225,384
Long-term corporate debt securities		—		38,701		—		38,701
Investment in Shockwave Medical		38,655		—		—		38,655
Liabilities
Cross currency swap agreement		—		4,298		—		4,298
Contingent consideration		—		—		24,706		24,706

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, 2021:

(in $000's)

Balance, March 31, 2021

Change in fair value

Balance, June 30, 2021