FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

Level 1—Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

The Company has deferred compensation plans for its officers and certain other employees. Amounts deferred under the plans are invested in hypothetical investments selected by the participant or the participant's investment manager. The Company's deferred compensation plan assets are included in other noncurrent assets on the consolidated balance sheets and include investments in equity securities that are valued using active market prices.

Level 2—Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount.

The Company's cash equivalents are comprised of bank deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value.

The Company's deferred compensation plan assets also include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy.

Level 3—Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company has accrued for contingent consideration in connection with its business acquisitions as applicable, which is measured at fair value based on certain internal models and unobservable inputs. There were no contingent consideration liabilities outstanding as of March 31, 2019 and 2018.

There were no transfers between levels in the fair value hierarchy during fiscal years 2019 and 2018.

Financial Instruments Measured at Fair Value on a Recurring Basis

The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and 2018:



	Fair Value Measurements as of March 31, 2019
	Level 1		Level 2			Level 3		Total
	(In thousands)
Assets:
Money market funds and time deposits (Note 2)	$	—	$	473,888		$	—	$	473,888
Foreign exchange forward contracts (Note 8)	—		27,277			—		27,277
Deferred compensation plan assets:
Mutual funds, money market accounts and equity securities	2,845		76,852			—		79,697
Liabilities:
Foreign exchange forward contracts (Note 8)	$	—	$	(27,426	)	$	—	$	(27,426	)



	Fair Value Measurements as of March 31, 2018
	Level 1		Level 2			Level 3		Total
	(In thousands)
Assets:
Money market funds and time deposits (Note 2)	$	—	$	452,622		$	—	$	452,622
Foreign exchange forward contracts (Note 8)	—		43,334			—		43,334
Deferred compensation plan assets:
Mutual funds, money market accounts and equity securities	7,196		67,532			—		74,728
Liabilities:
Foreign exchange forward contracts (Note 8)	$	—	$	(25,311	)	$	—	$	(25,311	)

Other financial instruments

The following table presents the Company's liabilities not carried at fair value as of March 31, 2019 and 2018:



	As of March 31, 2019				As of March 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
	(In thousands)				(In thousands)
4.625% Notes due February 2020	$	500,000	$	499,950	$	500,000	$	513,596	Level 1
Term Loan, including current portion, due in installments through November 2021	671,563		670,724		687,813		689,966		Level 1
Term Loan, including current portion, due in installments through June 2022	458,531		457,958		483,656		485,470		Level 1
5.000% Notes due February 2023	500,000		499,950		500,000		525,292		Level 1
4.750% Notes due June 2025	596,815		599,940		596,387		627,407		Level 1
Euro Term Loan due September 2020	52,746		52,746		59,443		59,443		Level 2
Euro Term Loan due January 2022	112,524		112,524		123,518		123,518		Level 2
India Facilities	170,206		170,206		—		—		Level 2
Total	$	3,062,385	$	3,063,998	$	2,950,817	$	3,024,692

The Term Loans due November 2021 and June 2022, and the Notes due February 2020, February 2023 and June 2025 are valued based on broker trading prices in active markets.

The Company values its Euro Term Loans due September 2020 and January 2022, and India Facilities based on the current market rate, and as of March 31, 2019, the carrying amounts approximate fair values.