Fair Value Measurements (Notes)
|6 Months Ended
Sep. 30, 2019
|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:
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, 2019:
The following table presents available-for-sale securities measured at fair value on a recurring basis as of March 31, 2019:
The fair value of the money market funds approximates their carrying amounts due to the short-term nature of these financial assets.