Investments

12 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands):


	As of March 31, 2022
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Commercial paper	$	2,686	$	—	$	—	$	2,686

Money market funds	20,072		—		—		20,072

Total cash equivalents	22,758		—		—		22,758
Marketable securities:
Asset-backed securities	7,791		—		(51)		7,740

Commercial paper	9,436		—		(53)		9,383
Corporate notes and bonds	129,900		—		(1,796)		128,104
Sovereign bonds	8,770		—		(334)		8,436
U.S. government and agency securities	549,901		—		(18,260)		531,641
Total marketable securities	705,798		—		(20,494)		685,304
Total cash equivalents and marketable securities	$	728,556	$	—	$	(20,494)	$	708,062

As of March 31, 2022, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):


	Fair Value
Due within one year	$	157,948
Due in one year to three years	530,042
Total	$	687,990

The cost, gross unrealized gains and losses, and fair value of investments were as follows (in thousands):


	As of March 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Commercial paper	$	2,290	$	—	$	—	$	2,290
Corporate notes and bonds	3,517		—		(1)		3,516
Money market funds	9,838		—		—		9,838
Certificates of deposit	1,301		—		—		1,301
Total cash equivalents	16,946		—		(1)		16,945
Marketable securities:
Asset-backed securities	3,264		—		(1)		3,263
Certificates of deposit	4,867		1		—		4,868
Commercial paper	16,411		1		—		16,412
Corporate notes and bonds	46,662		3		(24)		46,641
Sovereign bonds	1,100		—		(1)		1,099
U.S. government and agency securities	3,857		1		—		3,858
Total marketable securities	76,161		6		(26)		76,141
Total cash equivalents and marketable securities	$	93,107	$	6	$	(27)	$	93,086

As of March 31, 2022 and 2021, the Company has recognized accrued interest of $2.1 million and $0.3 million, respectively, which is included in prepaid expenses and other current assets in the consolidated balance sheets.

The unrealized losses associated with the Company’s debt securities were $20.5 million as of March 31, 2022. As the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or until the cost basis is recovered, the Company did not recognize any impairment on these securities as of March 31, 2022. The Company did not recognize any credit losses related to the Company’s debt securities during the fiscal year ended March 31, 2022. The fair value related to the debt securities with unrealized loss for which no credit losses were recognized was $684.7 million as of March 31, 2022.

The unrealized losses associated with the Company’s debt securities were not material as of March 31, 2021. The Company did not recognize any credit losses related to the Company’s debt securities during the fiscal year ended March 31, 2021.