Fair Value Measurements

6 Months Ended

Sep. 30, 2026

The Company measures certain financial assets and liabilities at fair value on a recurring basis in the condensed

consolidated balance sheets, which are as follows:


	As of	Measured Using
	September 30, 2026	Level 1	Level 2	Level 3
Assets:
Cash equivalents:
Money-market funds	$667,512	$667,512	$—	$—
Other current assets:
Designated Derivative Contracts asset	8,505	—	8,505	—
Non-Designated Derivative Contracts asset	988	—	988	—
Other assets:
Non-qualified deferred compensation asset	27,263	27,263	—	—
Total assets measured at fair value	$704,268	$694,775	$9,493	$—

Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability	$(2,748)	$(2,748)	$—	$—
Other long-term liabilities:
Non-qualified deferred compensation liability	(35,483)	(35,483)	—	—
Total liabilities measured at fair value	$(38,231)	$(38,231)	$—	$—


	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)	$—	$—

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 9, “Derivative

Instruments,” for further information on Designated Derivative Contracts and Non-Designated Derivative Contracts,

including the term definitions.

- 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.

+ References

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+ Details