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Fair Value Measurements (Notes)
 6 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures 17. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. We estimate the fair value of financial assets and liabilities using available market information and generally accepted valuation methodologies. The inputs used to measure fair value are classified into three tiers. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring the entity to develop its own assumptions.
The following table shows the fair value of our financial assets and liabilities at September 30, 2024 and March 31, 2024:
  Fair Value Measurements
 Carrying ValueQuoted Prices
in Active Markets
for Identical Assets		Significant Other
Observable Inputs		Significant
Unobservable
Inputs
Level 1Level 2Level 3
September 30,March 31,September 30,March 31,September 30,March 31,September 30,March 31,
Assets:
Cash and cash equivalents$172,195 $207,020 $172,195 $207,020 $— $— $— $— 
Forward and swap contracts (1)
1,028 208 — — 1,028 208 — — 
Equity investments (2)
1,230 4,767 1,230 4,767 — — — — 
Other investments 3,004 2,902 3,004 2,902 — — — — 
Liabilities:
Forward and swap contracts (1)
$929 $1,014 $— $— $929 $1,014 $— $— 
Deferred compensation plans (2)
1,276 1,186 1,276 1,186 — — — — 
Debt (3)
2,236,158 3,206,100 — — 1,983,203 2,895,784 — — 
Contingent consideration obligations (4)
11,442 11,000 — — — — 11,442 11,000 
(1) The fair values of forward and swap contracts are based on period-end forward rates and reflect the value of the amount that we would pay or receive for the contracts involving the same notional amounts and maturity dates.
(2) We maintain a frozen domestic non-qualified deferred compensation plan covering certain employees, which allowed for the deferral of payment of previously earned compensation for an employee-specified term or until retirement or termination. Amounts deferred can be allocated to various hypothetical investment options (compensation deferrals have been frozen under the plan). We hold investments to satisfy the future obligations of the plan. Employees who made deferrals are entitled to receive distributions of their hypothetical account balances (amounts deferred, together with earnings (losses)). Changes in the fair value of these investments are recorded in the "Interest and miscellaneous income" line of the Consolidated Statement of Income. During the first three and six months of fiscal 2025, we recorded gains of $51 and $104, respectively, related to these investments. During the first three and six months of fiscal 2024, we recorded gains of $65 and $138, respectively, related to these investments. We also held other equity investments in which we recorded a loss during the second quarter of fiscal 2025 in the "Loss (gain) on sale of business and equity investment, net" line of the Consolidated Statement of Income.
(3) We estimate the fair value of our debt using discounted cash flow analyses, based on estimated current incremental borrowing rates for similar types of borrowing arrangements. The fair values of our Senior Public Notes are estimated using quoted market prices for the Senior Public Notes.
(4) Contingent consideration obligations arise from prior business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates.
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at September 30, 2024 are summarized as follows:
Contingent Consideration
Balance at March 31, 2024$11,000 
Additions447 
Payments(39)
Currency translation adjustments34 
Balance at September 30, 2024$11,442