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FAIR VALUE MEASUREMENTS | 3 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Recurring fair value measurements The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, prepaid expenses and other, accounts payable, and accrued expenses and other current liabilities, approximate fair value because of their short maturities. We follow a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This 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 or liabilities. •Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data. •Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. The table below segregates all assets and liabilities that are measured at fair value on a recurring basis (which is measured at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.
|  |  | June 30, 2025
|  |  | Quoted prices in active markets for identical assets (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3) |  | Total
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  |  | $ | 1,506.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,506.8 |
Bank-time deposits |  |  | 251.1 |  |  | — |  |  | — |  |  | 251.1 |
Short-term investments: |  |  |  |  |  |  |  |  |
Bank-time deposits |  |  | 10.1 |  |  | — |  |  | — |  |  | 10.1 |
Restricted cash and cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  |  | 11.9 |  |  | — |  |  | — |  |  | 11.9 |
Bank-time deposits |  |  | 1.6 |  |  | — |  |  | — |  |  | 1.6 |
Restricted cash and cash equivalents, long term: |  |  |  |  |  |  |  |  |
Money market funds |  |  | 76.7 |  |  | — |  |  | — |  |  | 76.7 |
Other assets: |  |  |  |  |  |  |  |  |
Private equity |  |  | — |  |  | — |  |  | 25.6 |  |  | 25.6 |
Equity securities |  |  | 5.7 |  |  | — |  |  | — |  |  | 5.7 |
Foreign currency forward contracts |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Total financial assets |  |  | $ | 1,863.9 |  |  | $ | 0.1 |  |  | $ | 25.6 |  |  | $ | 1,889.6 |
Liabilities: |  |  |  |  |  |  |  |  |
Long-term debt, net: |  |  |  |  |  |  |  |  |
Convertible notes |  |  | — |  |  | 31.1 |  |  | — |  |  | 31.1 |
Total financial liabilities |  |  | $ | — |  |  | $ | 31.1 |  |  | $ | — |  |  | $ | 31.1 |
|  | March 31, 2025
|  | Quoted prices in active markets for identical assets (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3) |  | Total
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 842.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 842.6 |
Bank-time deposits |  | 296.4 |  |  | — |  |  | — |  |  | 296.4 |
Short-term investments: |  |  |  |  |  |  |  |
Bank-time deposits |  | 9.4 |  |  | — |  |  | — |  |  | 9.4 |
Restricted cash and cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | 12.0 |  |  | — |  |  | — |  |  | 12.0 |
Bank-time deposits |  | 1.9 |  |  | — |  |  | — |  |  | 1.9 |
Restricted cash and cash equivalents, long term: |  |  |  |  |  |  |  |
Money market funds |  | 88.2 |  |  | — |  |  | — |  |  | 88.2 |
Other assets: |  |  |  |  |  |  |  |
Equity securities |  | 7.3 |  |  | — |  |  | — |  |  | 7.3 |
Private equity |  | — |  |  | — |  |  | 24.3 |  |  | 24.3 |
Total financial assets |  | $ | 1,257.8 |  |  | $ | — |  |  | $ | 24.3 |  |  | $ | 1,282.1 |
Liabilities: |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |
Long-term debt, net: |  |  |  |  |  |  |  |
Convertible notes |  | — |  |  | 28.5 |  |  | — |  |  | 28.5 |
Total financial liabilities |  | $ | — |  |  | $ | 28.6 |  |  | $ | — |  |  | $ | 28.6 |
We did not have any transfers between Level 1 and Level 2 fair value measurements, nor did we have any transfers into or out of Level 3 during the three months ended June 30, 2025. Nonrecurring fair value measurements We hold equity investments in certain unconsolidated entities without a readily determinable fair value. These strategic investments represent less than a 20% ownership interest in each of the privately-held affiliates, and we do not maintain significant influence over or control of the entities. We have elected the practical expedient in Topic 321, Investments-Equity Securities, to measure these investments at cost less any impairment, adjusted for observable price changes, if any. Based on these considerations, we estimate that the carrying value of the acquired shares represents the fair value of the investment. At June 30, 2025, and March 31, 2025, we held $8.0 and $8.0, respectively, of such investments in Other assets within our Condensed Consolidated Balance Sheet.

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- 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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