Fair Value Measurements

3 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The fair values of the Company's cash and cash equivalents, net trade accounts receivable, prepaid expenses, income taxes receivable, other current assets, short-term borrowings, trade accounts payable, accrued payroll, other accrued expenses, income taxes payable, and value added tax payable approximate their carrying values due to the relatively short maturities of these assets and liabilities. The fair values of the Company's long-term liabilities do not significantly differ from their carrying values.

The inputs used to measure fair value are prioritized into the following hierarchy:

• Level 1: Quoted prices in active markets for identical assets or liabilities.

• Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities.

• Level 3: Unobservable inputs in which little or no market activity exists, therefore requiring the reporting entity to develop its own assumptions.

The assets and liabilities that are measured on a recurring basis at fair value are summarized as follows:

	Fair Value as of June 30, 2018			Measured Using
				Level 1			Level 2		Level 3
Assets (liabilities) at fair value
Non-qualified deferred compensation asset	$	7,320		$	7,320		$	—	$	—
Non-qualified deferred compensation liability	(4,402		)	(4,402		)	—		—
Designated Derivative Contracts asset	8,182			—			8,182		—
Non-Designated Derivative Contracts asset	478			—			478		—

	Fair Value as of March 31, 2018			Measured Using
				Level 1			Level 2			Level 3
Assets (liabilities) at fair value
Non-qualified deferred compensation asset	$	7,172		$	7,172		$	—		$	—
Non-qualified deferred compensation liability	(4,296		)	(4,296		)	—			—
Designated Derivative Contracts asset	950			—			950			—
Designated Derivative Contracts liability	(143		)	—			(143		)	—
Non-Designated Derivative Contracts liability	(10		)	—			(10		)	—

In 2010, the Company established a non-qualified deferred compensation program that permits a select group of management employees to defer earnings to a future date on a non-qualified basis. The value of the deferred compensation is recognized based on the fair value of the participants' accounts. The Company has established a rabbi trust for the purpose of supporting the benefits payable under this program, with the assets invested in Company-owned life insurance policies. As of June 30, 2018, the non-qualified deferred compensation asset of $7,320 is recorded in other assets in the condensed consolidated balance sheets. As of June 30, 2018, the non-qualified deferred compensation liability of $4,402 is recorded in the condensed consolidated balance sheets, with $789 in other accrued expenses and $3,613 in other long-term liabilities.

The Level 2 inputs consist of forward spot rates at the end of the applicable reporting period. The fair values of assets and liabilities associated with derivative instruments and hedging activities are recorded in other current assets and other accrued expenses, respectively, in the condensed consolidated balance sheets. Refer to Note 9, "Foreign Currency Exchange Rate Contracts and Hedging," for further information on these derivative instruments.