FAIR VALUE MEASUREMENTS

9 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

The following tables represent the Company’s fair value hierarchy for its financial assets and liabilities:

Fair Values as of December 31, 2011:

(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash	$	161,069	$	—	$	—	$	161,069
Commercial Paper	—		12,494		—		12,494
Money Market Accounts	4,500		—		—		4,500
Short-term investments:
U.S. Treasury Bills and Government Agency Securities	32,026		44,516		—		76,542
Commercial Paper	—		15,680		—		15,680
Corporate Bonds	—		24,353		—		24,353
CDs	—		2,884		—		2,884
Long-term investments:
Government Agency Securities	—		39,192		—		39,192
Corporate Bonds	—		20,767		—		20,767
CDs	—		2,002		—		2,002
Other current assets:
Derivative assets	—		4,876		—		4,876
Total assets measured at fair value	$	197,595	$	166,764	$	—	$	364,359
Accrued liabilities:
Derivative liabilities	$	11	$	2,428	$	—	$	2,439

Fair Values as of March 31, 2011:

(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash	$	136,804	$	—	$	—	$	136,804
U.S. Treasury Bills and Government Agency Securities	74,991		—		—		74,991
Commercial Paper	—		22,495		—		22,495
Corporate Bonds	—		3,082		—		3,082
CDs	—		2,001				2,001
Money Market Accounts	38,000		—		—		38,000
Short-term investments:
U.S. Treasury Bills and Government Agency Securities	71,756		34,107		—		105,863
Commercial Paper	—		30,075		—		30,075
Corporate Bonds	—		11,216		—		11,216
CDs	—		5,429		—		5,429
Long-term investments:
U.S. Treasury Bills and Government Agency Securities	7,955		9,436		—		17,391
Corporate Bonds	—		19,059		—		19,059
CDs	—		2,882		—		2,882
Other current assets:
Derivative assets	—		360		—		360
Total assets measured at fair value	$	329,506	$	140,142	$	—	$	469,648
Accrued liabilities:
Derivative liabilities	$	27	$	4,174	$	—	$	4,201

Level 1 financial assets consist of cash, money market accounts and United States ("U.S.") Treasury Bills.  Level 1 financial liabilities consist of foreign exchange forward contracts not designated as hedges.  The fair value of Level 1 financial instruments is measured based on the quoted market price of identical securities.

Level 2 financial assets and liabilities consist of Government Agency Securities, Commercial Paper, Corporate Bonds, CDs and derivative foreign currency call and put option contracts.  Fair value for investment securities is determined based on other observable inputs, including multiple non-binding quotes from independent pricing services. Non-binding quotes are based on proprietary valuation models that are prepared by the independent pricing services and use algorithms based on inputs such as observable market data, quoted market prices for similar securities, issuer spreads and internal assumptions of the broker. The Company corroborates the reasonableness of non-binding quotes received from the independent pricing services using a variety of techniques depending on the underlying instrument, including: (i) comparing them to actual experience gained from the purchases and maturities of investment securities, (ii) comparing them to internally developed cash flow models based on observable inputs, and (iii) monitoring changes in ratings of similar securities and the related impact on fair value. Derivative foreign currency call and put option contracts are valued using pricing models that use observable market inputs. During the nine months ended December 31, 2011, the Company did not have any transfers between Level 1 and Level 2 fair value instruments.

The Company had no Level 3 financial assets or liabilities as of December 31, 2011 or March 31, 2011.