XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Fair Value Measurements (Notes) | 3 Months Ended
--- | ---
Jun. 30, 2018
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] |
Fair Value Measurements | Fair Value Measurements Accounting rules for fair value clarify that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1- | Observable inputs such as quoted prices in active markets;
Level 2- | Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
Level 3- | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Marketable Debt Instruments Marketable debt instruments include instruments such as corporate bonds and debt, government agency bonds, bank deposits, municipal bonds, and money market mutual funds. When the Company uses observable market prices for identical securities that are traded in less active markets, the Company classifies its marketable debt instruments as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. The Company corroborates non-binding market consensus prices with observable market data using statistical models when observable market data exists. The discounted cash flow model uses observable market inputs, such as LIBOR-based yield curves, currency spot and forward rates, and credit ratings. Assets Measured at Fair Value on a Recurring Basis Assets measured at fair value on a recurring basis at June 30, 2018 are as follows (in millions):
| Quoted Prices in Active Markets for Identical Instruments (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Total Balance
Assets |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |
Money market mutual funds | $ | 46.4 |  |  | $ | — |  |  | $ | 46.4 |
Deposit accounts | — |  |  | 588.8 |  |  | 588.8 |
Short-term investments: |  |  |  |  |
Marketable equity securities | 3.2 |  |  | — |  |  | 3.2 |
Time deposits | — |  |  | 11.3 |  |  | 11.3 |
Total assets measured at fair value | $ | 49.6 |  |  | $ | 600.1 |  |  | $ | 649.7 |
Assets measured at fair value on a recurring basis at March 31, 2018 are as follows (in millions):
| Quoted Prices in Active Markets for Identical Instruments (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Total Balance
Assets |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |
Money market mutual funds | $ | 121.0 |  |  | $ | — |  |  | $ | 121.0 |
Deposit accounts | — |  |  | 641.6 |  |  | 641.6 |
Commercial Paper | — |  |  | 118.7 |  |  | 118.7 |
Government agency bonds | — |  |  | 20.0 |  |  | 20.0 |
Short-term investments: |  |  |  |  |
Marketable equity securities | 2.8 |  |  | — |  |  | 2.8 |
Corporate bonds and debt | — |  |  | 542.9 |  |  | 542.9 |
Time deposits | — |  |  | 11.5 |  |  | 11.5 |
Government agency bonds | — |  |  | 723.2 |  |  | 723.2 |
Municipal bonds - taxable | — |  |  | 14.9 |  |  | 14.9 |
Total assets measured at fair value | $ | 123.8 |  |  | $ | 2,072.8 |  |  | $ | 2,196.6 |
There were no transfers between Level 1 and Level 2 during the three months ended June 30, 2018 or the fiscal year ended March 31, 2018. There were no assets measured on a recurring basis using significant unobservable inputs (Level 3). Assets and Liabilities Measured and Recorded at Fair Value on a Non-Recurring Basis The Company's non-marketable equity, cost method investments, certain acquired liabilities and non-financial assets, such as intangible assets, assets held for sale and property, plant and equipment, are recorded at fair value on a non-recurring basis. These assets are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. The Company's non-marketable and cost method investments are monitored on a quarterly basis for impairment charges. The fair values of these investments have been determined as Level 3 fair value measurements because the valuations use unobservable inputs that require management's judgment due to the absence of quoted market prices. There were no impairment charges recognized on these investments during each of the three-month periods ended June 30, 2018 and June 30, 2017. These investments are included in other assets on the condensed consolidated balance sheets. The fair value measurements related to the Company's non-financial assets, such as intangible assets, assets held for sale and property, plant and equipment are based on available market prices at the measurement date based on transactions of similar assets and third-party independent appraisals, less costs to sell where appropriate. The Company classifies these measurements as Level 2.

X
- References No definition available. + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration