| Cash, Cash Equivalents and Investments |
CASH, CASH EQUIVALENTS, AND INVESTMENTS
The following tables summarize the Company’s cash, cash equivalents, and investments’ adjusted cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category recorded as cash and cash equivalents, short-term, or long-term investments as of March 31, 2017 and 2018 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2017 | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair
Value | | Cash & Cash Equivalents | | Short-term investments (due in 1 year or less) | | Long-term investments (due in 1 to 3 years) | Cash | | $ | 295,877 |
| | $ | — |
| | $ | — |
| | $ | 295,877 |
| | $ | 295,877 |
| | $ | — |
| | $ | — |
| Level 1: | | | | | | | | | | | | | | | Mutual Funds | | 12,079 |
| | 352 |
| | (32 | ) | | 12,399 |
| | — |
| | 12,399 |
| | — |
| US Treasury Notes | | 35,960 |
| | — |
| | (68 | ) | | 35,892 |
| | — |
| | 17,560 |
| | 18,332 |
| Subtotal | | 48,039 |
| | 352 |
| | (100 | ) | | 48,291 |
| | — |
| | 29,959 |
| | 18,332 |
| Level 2: | | | | | | | | | | | | | | | Government Agency Securities | | 54,415 |
| | 20 |
| | (164 | ) | | 54,271 |
| | — |
| | 15,309 |
| | 38,962 |
| Commercial Paper | | 47,152 |
| | — |
| | — |
| | 47,152 |
| | 6,093 |
| | 41,059 |
| | — |
| Corporate Bonds | | 141,508 |
| | 64 |
| | (224 | ) | | 141,348 |
| | — |
| | 73,676 |
| | 67,672 |
| Certificates of Deposits ("CDs") | | 20,383 |
| | 3 |
| | — |
| | 20,386 |
| | — |
| | 18,176 |
| | 2,210 |
| Subtotal | | 263,458 |
| | 87 |
| | (388 | ) | | 263,157 |
| | 6,093 |
| | 148,220 |
| | 108,844 |
| | | | | | | | | | | | | | | | Total cash, cash equivalents
and investments measured at fair value | | $ | 607,374 |
| | $ | 439 |
| | $ | (488 | ) | | $ | 607,325 |
| | $ | 301,970 |
| | $ | 178,179 |
| | $ | 127,176 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2018 | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair
Value | | Cash & Cash Equivalents | | Short-term investments (due in 1 year or less) | | Long-term investments (due in 1 to 3 years) | Cash | | $ | 308,734 |
| | $ | — |
| | $ | — |
| | $ | 308,734 |
| | $ | 308,734 |
| | $ | — |
| | $ | — |
| Level 1: | | | | | | | | | | | | | | | Mutual Funds | | 13,336 |
| | 186 |
| | (67 | ) | | 13,455 |
| | — |
| | 13,455 |
| | — |
| US Treasury Notes | | 129,373 |
| | 7 |
| | (60 | ) | | 129,320 |
| | 30,178 |
| | 99,142 |
| | — |
| Money Market Funds | | 344 |
| | — |
| | — |
| | 344 |
| | 344 |
| | — |
| | — |
| Subtotal | | 143,053 |
| | 193 |
| | (127 | ) | | 143,119 |
| | 30,522 |
| | 112,597 |
| | — |
| Level 2: | | | | | | | | | | | | | | | Government Agency Securities | | 46,354 |
| | — |
| | (56 | ) | | 46,298 |
| | 6,978 |
| | 39,320 |
| | — |
| Municipal Bonds | | 3,591 |
| | — |
| | — |
| | 3,591 |
| | 3,591 |
| | — |
| | — |
| Commercial Paper | | 84,512 |
| | — |
| | — |
| | 84,512 |
| | 40,836 |
| | 43,676 |
| | — |
| Corporate Bonds | | 54,701 |
| | — |
| | (212 | ) | | 54,489 |
| | — |
| | 54,489 |
| | — |
| Certificates of Deposits ("CDs") | | 19,231 |
| | — |
| | — |
| | 19,231 |
| | — |
| | 19,231 |
| | — |
| Subtotal | | 208,389 |
| | — |
| | (268 | ) | | 208,121 |
| | 51,405 |
| | 156,716 |
| | — |
| | | | | | | | | | | | | | | | Total cash, cash equivalents
and investments measured at fair value | | $ | 660,176 |
| | $ | 193 |
| | $ | (395 | ) | | $ | 659,974 |
| | $ | 390,661 |
| | $ | 269,313 |
| | $ | — |
|
As of March 31, 2017 and 2018, with the exception of assets related to the Company's deferred compensation plan, all of the Company's investments are classified as available-for-sale securities. The carrying value of available-for-sale securities included in cash equivalents approximates fair value because of the short maturity of those instruments. During the year ended March, 31, 2018, we sold our long-term investments and recognized a loss on sale of approximately $1.2 million. The Company did not incur any material realized or unrealized gains or losses during Fiscal Year 2017.
There were no transfers between fair value measurement levels during Fiscal Years 2017 and 2018. |