Fair Value Measurements

12 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. This accounting standard established a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required:

• 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 Company to develop its own assumptions.

The carrying amount of the Company’s financial instruments, which principally include cash and cash equivalents, trade accounts receivable, trade accounts payable, accrued payroll and other accrued expenses, approximates fair value due to their short-term nature. The carrying amount of the Company’s short-term borrowings and mortgage payable, which are considered Level 2 liabilities, approximates fair value based upon current rates and terms available to the Company for similar debt.

The assets and liabilities that are measured on a recurring basis at fair value as of the dates below are as follows:

	As of			Measured Using
	March 31, 2019			Level 1			Level 2		Level 3
Non-qualified deferred compensation asset	$	7,300		$	7,300		$	—	$	—
Non-qualified deferred compensation liability	(4,447		)	(4,447		)	—		—

	As of			Measured Using
	March 31, 2018			Level 1			Level 2			Level 3
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		)	—

As of March 31, 2019, the non-qualified deferred compensation asset of $7,300 was recorded in other assets in the consolidated balance sheets. As of March 31, 2019, the non-qualified deferred compensation liability of $4,447 was recorded in the consolidated balance sheets, with $578 in other accrued expenses and $3,869 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 consolidated balance sheets. Refer to Note 9, “Derivative Instruments,” for further information.