v3.26.1
Fair Value Measurements
 12 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The accounting standard for fair value measurements provides a framework for measuring fair value, which is
defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in
the principal or most advantageous market in an orderly transaction between market participants on the
measurement date. The fair value hierarchy under this accounting standard requires an entity to maximize the use
of observable inputs, where available.
The following summarizes the three levels of inputs required:
•Level 1: Quoted prices in active markets for identical assets and liabilities.
•Level 2: Observable inputs other than quoted prices in active markets for identical assets and
liabilities.
•Level 3: Unobservable inputs in which little or no market activity exists, therefore requiring the
Company to develop its own assumptions.
The carrying amount of the Company’s financial instruments, which principally include cash and cash equivalents,
trade accounts receivable, net, trade accounts payable, accrued payroll, and other accrued expenses, approximates
fair value due to their short-term nature. When the Company makes short-term borrowings, the carrying amounts,
which are considered Level 2 liabilities, approximate fair value based upon current rates and terms available to the
Company for similar debt. The Company does not currently have any Level 3 assets or liabilities.
Assets and liabilities that are measured on a recurring basis at fair value in the consolidated balance sheets are as
follows:
As of
Measured Using
March 31, 2026
Level 1
Level 2
Level 3
Assets:
Cash equivalents:
Money-market funds
$1,462,683
$1,462,683
$—
$—
Other current assets:
Designated Derivative Contracts asset
7,316
—
7,316
—
Non-Designated Derivative Contracts asset
370
—
370
—
Other assets:
Non-qualified deferred compensation asset
22,845
22,845
—
—
Total assets measured at fair value
$1,493,214
$1,485,528
$7,686
$—
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability
$(2,407)
$(2,407)
$—
$—
Other long-term liabilities:
Non-qualified deferred compensation liability
(29,291)
(29,291)
—
—
Total liabilities measured at fair value
$(31,698)
$(31,698)
$—
$—
As of
Measured Using
March 31, 2025
Level 1
Level 2
Level 3
Assets:
Cash equivalents:
Money-market funds
$1,485,555
$1,485,555
$—
$—
Other current assets:
Designated Derivative Contracts asset
2,163
—
2,163
—
Non-Designated Derivative Contracts asset
75
—
75
—
Other assets:
Non-qualified deferred compensation asset
16,967
16,967
—
—
Total assets measured at fair value
$1,504,760
$1,502,522
$2,238
$—
As of
Measured Using
March 31, 2025
Level 1
Level 2
Level 3
Liabilities:
Other accrued expenses:
Designated Derivative Contracts liability
$(64)
$—
$(64)
—
Non-qualified deferred compensation liability
(2,345)
(2,345)
—
—
Other long-term liabilities:
Non-qualified deferred compensation liability
(22,793)
(22,793)
—
—
Total liabilities measured at fair value
$(25,202)
$(25,138)
$(64)
$—
The fair value of Designated Derivative Contracts and Non-Designated Derivative Contracts is determined by using
quoted market prices of the same or similar instruments, including spot and forward currency exchange rates,
adjusted for counterparty exposure and the Company’s own credit risk, if any. Refer to Note 10, “Derivative
Instruments,” for further information regarding Designated Derivative Contracts and Non-Designated Derivative
Contracts.
The Company’s non-financial assets, such as other long-lived assets and definite-lived intangible assets, which
include operating lease assets, machinery and equipment, leasehold improvements, definite-lived trademarks; as
well as indefinite-lived intangible assets and goodwill, are not required to be carried at fair value on a recurring basis
and are reported at carrying value. Instead, these assets are tested for impairment annually, or when an event
occurs or changes in circumstances indicate the carrying value may not be recoverable. When determining fair
value, Level 3 measurements are used for the estimates and assumptions, including undiscounted future cash flows
expected to be generated by the asset groups based upon historical experience, expected market conditions, as
well as management’s plans.