Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Notes)

v3.20.2
Fair Value Measurements (Notes)
 6 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
•Level 1 – Quoted prices in active markets for identical assets and liabilities.
•Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
The Company’s money market funds are measured using Level 1 inputs.
The following table presents available-for-sale securities measured at fair value on a recurring basis as of September 30, 2020:
(in thousands) Total Fair Value
of Asset or
Liability		 Quoted Prices in
Active Markets
for Identical Assets
(Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Balance Sheet
Classification
Assets:
Money market funds $ 11,440  $ 11,440  —  —  Cash and cash
equivalents

The following table presents available-for-sale securities measured at fair value on a recurring basis as of March 31, 2020:
(in thousands) Total Fair Value
of Asset or
Liability		 Quoted Prices in
Active Markets
for Identical Assets
(Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Balance Sheet
Classification
Assets:
Money market funds $ 20,690  $ 20,690  —  —  Cash and cash
equivalents
The fair value of the money market funds approximates their carrying amounts due to the short-term nature of these financial instruments.