FAIR VALUE MEASUREMENTS

9 Months Ended

Dec. 31, 2024

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Refer to Note 4, “Fair Value Measurements,” in the Company’s consolidated financial statements in Part IV of the 2024 Annual Report for further information on the Company’s fair value accounting policies.

Assets and liabilities that are measured on a recurring basis at fair value in the condensed consolidated balance sheets are as follows:


	As of		Measured Using
	December 31, 2024		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money-market funds	$	1,704,902	$	1,704,902	$	—	$	—
Other current assets:
Designated Derivative Contracts asset	3,380		—		3,380		—

Other assets:
Non-qualified deferred compensation asset	16,824		16,824		—		—
Total assets measured at fair value	$	1,725,106	$	1,721,726	$	3,380	$	—

Liabilities:
Other accrued expenses:

Non-qualified deferred compensation liability	$	(1,192)	$	(1,192)	$	—	$	—
Other long-term liabilities:
Non-qualified deferred compensation liability	(24,731)		(24,731)		—		—

Total liabilities measured at fair value	$	(25,923)	$	(25,923)	$	—	$	—


	As of		Measured Using
	March 31, 2024		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money-market funds	$	1,152,083	$	1,152,083	$	—	$	—



Other assets:
Non-qualified deferred compensation asset	13,553		13,553		—		—
Total assets measured at fair value	$	1,165,636	$	1,165,636	$	—	$	—

Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability	$	(408)	$	(408)	$	—	$	—

Other long-term liabilities:
Non-qualified deferred compensation liability	(16,229)		(16,229)		—		—

Total liabilities measured at fair value	$	(16,637)	$	(16,637)	$	—	$	—

The fair value of Designated Derivative Contracts is determined using quoted forward spot rates at the end of the applicable reporting period from counterparties, which are corroborated by market-based pricing (Level 2), with related assets and liabilities recorded in other current assets and other accrued expenses, respectively, in the condensed consolidated balance sheets. Refer to Note 7, “Derivative Instruments,” for further information, including the definition of the term Designated Derivative Contracts.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

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