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FAIR VALUE MEASUREMENTS | 3 Months Ended
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Jun. 30, 2016
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS |
(9) | FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured at Fair Value on a Recurring Basis The company’s plan assets are accounted for at fair value and are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, with the exception of investments for which fair value is measured using the net asset value (NAV) per share expedient. The following table provides the fair value hierarchy for the supplemental plan assets measured at fair value as of June 30, 2016:
|  |  |  |  |  |  |  |  |  | Significant |  |  | Significant |  |  |  |  |
|  |  |  |  |  | Quoted prices in |  |  | observable |  |  | unobservable |  |  | Measured at |
|  |  |  |  |  | active markets |  |  | inputs |  |  | inputs |  |  | Net Asset |
(In thousands) |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 3,571 |  |  |  | 3,571 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign stock |  |  | 149 |  |  |  | 149 |  |  |  | — |  |  |  | — |  |  |  | — |
American depository receipts |  |  | 1,330 |  |  |  | 1,330 |  |  |  | — |  |  |  | — |  |  |  | — |
Preferred American depository receipts |  |  | 16 |  |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate investment trusts |  |  | 20 |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | — |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government debt securities |  |  | 1,624 |  |  |  | 936 |  |  |  | 688 |  |  |  | — |  |  |  | — |
Open end mutual funds |  |  | 1,709 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,709 |
Cash and cash equivalents |  |  | 577 |  |  |  | 108 |  |  |  | 451 |  |  |  | — |  |  |  | 18 |
Total |  | $ | 8,996 |  |  |  | 6,130 |  |  |  | 1,139 |  |  |  | — |  |  |  | 1,727 |
Other pending transactions |  |  | (77 | ) |  |  | (77 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total fair value of plan assets |  | $ | 8,919 |  |  |  | 6,053 |  |  |  | 1,139 |  |  |  | — |  |  |  | 1,727 |
The following table provides the fair value hierarchy for the plan assets measured at fair value as of March 31, 2016:
|  |  |  |  |  |  |  |  |  | Significant |  |  | Significant |  |  |  |  |
|  |  |  |  |  | Quoted prices in |  |  | observable |  |  | unobservable |  |  | Measured at |
|  |  |  |  |  | active markets |  |  | inputs |  |  | inputs |  |  | Net Asset |
(In thousands) |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 3,290 |  |  |  | 3,290 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign stock |  |  | 159 |  |  |  | 159 |  |  |  | — |  |  |  | — |  |  |  | — |
American depository receipts |  |  | 1,311 |  |  |  | 1,311 |  |  |  | — |  |  |  | — |  |  |  | — |
Preferred American depository receipts |  |  | 13 |  |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate investment trusts |  |  | 61 |  |  |  | 61 |  |  |  | — |  |  |  | — |  |  |  | — |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government debt securities |  |  | 1,711 |  |  |  | 972 |  |  |  | 739 |  |  |  | — |  |  |  | — |
Open end mutual funds |  |  | 1,663 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,663 |
Cash and cash equivalents |  |  | 343 |  |  |  | 13 |  |  |  | 282 |  |  |  | — |  |  |  | 48 |
Total |  | $ | 8,551 |  |  |  | 5,819 |  |  |  | 1,021 |  |  |  | — |  |  |  | 1,711 |
Other pending transactions |  |  | 260 |  |  |  | 291 |  |  |  | (49 | ) |  |  | — |  |  |  | 18 |
Total fair value of plan assets |  | $ | 8,811 |  |  |  | 6,110 |  |  |  | 972 |  |  |  | — |  |  |  | 1,729 |
Other Financial Instruments The company’s primary financial instruments consist of cash and cash equivalents, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities, currency commitments, or to lock in desired interest rates. These transactions are generally spot or forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. The company enters into derivative instruments only to the extent considered necessary to address its risk management objectives and does not use derivative contracts for speculative purposes. The derivative instruments are recorded at fair value using quoted prices and quotes obtainable from the counterparties to the derivative instruments. Cash Equivalents. The company’s cash equivalents, which are securities with maturities less than 90 days, are held in money market funds or time deposit accounts with highly rated financial institutions. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio. Spot Derivatives. Spot derivative financial instruments are short-term in nature and generally settle within two business days. The fair value of spot derivatives approximates the carrying value due to the short-term nature of this instrument, and as a result, no gains or losses are recognized. The company had three outstanding spot contracts at June 30, 2016, which had a notional value $1.0 and settled July 1, 2016. The company had two foreign exchange spot contracts outstanding at March 31, 2016, which had a notional value of $1.4 million and settled April 1, 2016. Forward Derivatives. Forward derivative financial instruments are usually longer-term in nature but generally do not exceed one year. The accounting for gains or losses on forward contracts is dependent on the nature of the risk being hedged and the effectiveness of the hedge. Forward contracts are valued using counterparty quotations, and we validate the information obtained from the counterparties in calculating the ultimate fair values using the market approach and obtaining broker quotations. As such, these derivative contracts are classified as Level 2. At June 30, 2016, the company had twelve Norwegian kroner (NOK) forward contracts outstanding, which are generally intended to hedge the company’s foreign exchange exposure relating to its NOK denominated notes payable as disclosed in Note (6). The forward contracts have expiration dates between July 2016 and November 2016. The combined change in fair value of the forward contracts was $0.4 million, all of which was recorded as a foreign exchange loss during the three months ended June 30, 2016, because the forward contracts did not qualify as hedge instruments. All changes in fair value of the forward contracts were recorded in earnings. At March 31, 2016, the company had 13 Norwegian kroner (NOK) forward contracts outstanding which had expiration dates between July 1, 2016 and November 10, 2016. The combined change in fair value of the outstanding forward contracts was $0.1 million, all of which was recorded as a foreign exchange loss during the fiscal year ended March 31, 2016, because the forward contracts did not qualify as hedge instruments. All changes in fair value of the forward contracts were recorded in earnings. The following table provides the fair value hierarchy for the company’s other financial instruments measured as of June 30, 2016:
|  |  |  |  |  |  |  |  |  | Significant |  |  | Significant |
|  |  |  |  |  | Quoted prices in |  |  | observable |  |  | unobservable |
|  |  |  |  |  | active markets |  |  | inputs |  |  | inputs |
(In thousands) |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Cash equivalents |  | $ | 623,016 |  |  |  | 623,016 |  |  |  | — |  |  |  | — |
Total fair value of assets |  | $ | 623,016 |  |  |  | 623,016 |  |  |  | — |  |  |  | — |
The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2016:
|  |  |  |  |  |  |  |  |  | Significant |  |  | Significant |
|  |  |  |  |  | Quoted prices in |  |  | observable |  |  | unobservable |
|  |  |  |  |  | active markets |  |  | inputs |  |  | inputs |
(In thousands) |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Cash equivalents |  | $ | 643,770 |  |  |  | 643,770 |  |  |  | — |  |  |  | — |
Total fair value of assets |  | $ | 643,770 |  |  |  | 643,770 |  |  |  | — |  |  |  | — |
For disclosures related to assets and liabilities measured at fair value on a nonrecurring basis refer to Note (9).

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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