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Financial Instruments (Tables)

9 Months Ended

Dec. 31, 2021

Cash Equivalents and Marketable Securities

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

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
December 31, 2021	(in thousands)
Money market funds	$	61,245	$	—	$	(2	)	$	61,243
Repurchase agreements		10,000		—		—			10,000
Total cash equivalents		71,245		—		(2	)		71,243
Short-term U.S. Treasury mutual fund securities		143,488		1		(101	)		143,388
Short-term government-backed securities		126,586		1		(88	)		126,499
Short-term corporate debt securities		63,549		233		(21	)		63,761
Short-term commercial paper		191,373		4		(59	)		191,318
Total short-term marketable securities		524,996		239		(269	)		524,966
Long-term U.S. Treasury mutual fund securities		128,705		—		(357	)		128,348
Long-term government-backed securities		114,681		1		(725	)		113,957
Long-term corporate debt securities		20,435		—		(105	)		20,330
Total long-term marketable securities		263,821		1		(1,187	)		262,635
Total cash equivalents and marketable securities	$	860,062	$	240	$	(1,458	)	$	858,844

	Amortized		Gross Unrealized		Gross Unrealized			Fair Market
	Cost		Gains		Losses			Value
March 31, 2021:	(in thousands)
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
Total cash equivalents and marketable securities		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 December 31, 2021 (amounts in thousands):


	Effective Date	Maturity	Fixed Rate	Aggregate Notional Amount
Pay EUR	October 15, 2019	October 15, 2024	2.75%		EUR 85,000
Receive U.S.$	October 15, 2019	October 15, 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 (in thousands):

Derivatives designated as hedging instruments under ASC 815		Balance Sheet classification		December 31, 2021				March 31, 2021
Cross-currency swap		Other long-term liabilities		$	2,131			$	4,298

Financial Instruments Measured at Fair Value

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:

	Level 1		Level 2		Level 3		Total
December 31, 2021	(in thousands)
Assets
Money market funds	$	61,243	$	—	$	—	$	61,243
Repurchase agreements		—		10,000		—		10,000
Short-term U.S. Treasury mutual fund securities		—		143,388		—		143,388
Short-term government-backed securities		—		126,499		—		126,499
Short-term corporate debt securities		—		63,761		—		63,761
Short-term commercial paper		—		191,318		—		191,318
Long-term U.S. Treasury mutual fund securities		—		128,348		—		128,348
Long-term government-backed securities		—		113,957		—		113,957
Long-term corporate debt securities		—		20,330		—		20,330
Investment in Shockwave Medical		52,920		—		—		52,920
Liabilities
Cross-currency swap agreement		—		2,131		—		2,131
Contingent consideration		—		—		21,539		21,539

	Level 1		Level 2		Level 3		Total
March 31, 2021	(in thousands)
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

Schedule Of Portfolio Of Equity Method and Other Investments and Change in Balance

The Company’s other investments are classified as a Level 3 assets and are not included in the fair value table above. The carrying value of the Company’s portfolio of other investments and the change in the balance for the nine months ended December 31, 2021 are as follows:


	(in thousands)
Balance, March 31, 2021	$	62,995
Additions		7,067
Change in investment upon acquisition (Note 3)		(11,443	)
Balance, December 31, 2021	$	58,619

Components of Contingent Consideration Liabilities

The components of contingent consideration are as follows:

	December 31, 2021		March 31, 2021
	(in thousands)
ECP	$	11,239	$	10,306
Breethe		10,300		14,400
Total contingent consideration	$	21,539	$	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 nine months ended December 31, 2021:

	(in thousands)
Balance, March 31, 2021	$	24,706
Payment of Breethe contingent consideration at acquisition date fair value		(2,334	)
Change in fair value		(833	)
Balance, December 31, 2021	$	21,539