FAIR VALUE MEASUREMENTS

3 Months Ended

Jun. 30, 2012

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 June 30, 2012:

(in thousands)	Level 1		Level 2		Total
Cash and cash equivalents:
Cash	$	159,846	$	—	$	159,846
U.S. Treasury Bills	25,000		—		25,000
Commercial Paper	—		19,793		19,793
Short-term investments:
U.S. Treasury Bills and Government Agency Securities	1,501		84,070		85,571
Commercial Paper	—		14,129		14,129
Corporate Bonds	—		46,150		46,150
CDs	—		4,884		4,884
Long-term investments:
U.S. Treasury Bills and Government Agency Securities	5,150		5,003		10,153
Corporate Bonds	—		19,157		19,157
Other current assets:
Derivative assets	—		3,029		3,029
Total assets measured at fair value	$	191,497	$	196,215	$	387,712
Accrued liabilities:
Derivative liabilities	$	14	$	580	$	594

Fair Values as of March 31, 2012:

(in thousands)	Level 1		Level 2		Total
Cash and cash equivalents:
Cash	$	147,338	$	—	$	147,338
U.S. Treasury Bills	50,000		—		50,000
Commercial Paper	—		11,997		11,997
Short-term investments:
U.S. Treasury Bills and Government Agency Securities	12,898		48,998		61,896
Commercial Paper	—		20,039		20,039
Corporate Bonds	—		38,356		38,356
CDs	—		4,886		4,886
Long-term investments:
U.S. Treasury Bills and Government Agency Securities	6,647		23,190		29,837
Corporate Bonds	—		25,510		25,510
Other current assets:
Derivative assets	—		2,658		2,658
Total assets measured at fair value	$	216,883	$	175,634	$	392,517
Accrued liabilities:
Derivative liabilities	$	7	$	714	$	721

Refer to Note 11, Foreign Currency Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of June 30, 2012 and March 31, 2012.

Level 1 financial assets consist of cash and U.S. Treasury Bills. Level 1 financial liabilities consist of derivative contracts that have closed but have not settled. 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. The fair value of Level 2 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. The fair value of Level 2 derivative foreign currency call and put option contracts is determined using pricing models that use observable market inputs.

During the three months ended June 30, 2012, the Company did not have any transfers between Level 1 and Level 2 fair value instruments.