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Fair Value Measurements | 9 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company accounts for fair value in accordance with ASC 820, Fair Value Measurements and Disclosures. Valuation techniques used to ensure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. 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 and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in thousands):
| As of December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 22,981 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,981 |
Total cash equivalents | 22,981 |  |  | — |  |  | — |  |  | 22,981 |
Marketable securities: |  |  |  |  |  |  |
Asset-backed securities | — |  |  | 3,565 |  |  | — |  |  | 3,565 |
Certificates of deposit | — |  |  | 137 |  |  | — |  |  | 137 |
Commercial paper | — |  |  | 2,653 |  |  | — |  |  | 2,653 |
Corporate notes and bonds | — |  |  | 102,187 |  |  | — |  |  | 102,187 |
Sovereign bonds | — |  |  | 8,691 |  |  | — |  |  | 8,691 |
U.S. government and agency securities | 561,777 |  |  | 1,489 |  |  | — |  |  | 563,266 |
Total marketable securities | 561,777 |  |  | 118,722 |  |  | — |  |  | 680,499 |
Total cash equivalents and marketable securities | $ | 584,758 |  |  | $ | 118,722 |  |  | $ | — |  |  | $ | 703,480 |
| As of March 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |
Commercial paper | $ | — |  |  | $ | 2,290 |  |  | $ | — |  |  | $ | 2,290 |
Corporate notes and bonds | — |  |  | 3,516 |  |  | — |  |  | 3,516 |
Money market funds | 9,838 |  |  | — |  |  | — |  |  | 9,838 |
Certificates of deposit | — |  |  | 1,301 |  |  | — |  |  | 1,301 |
Total cash equivalents | 9,838 |  |  | 7,107 |  |  | — |  |  | 16,945 |
Marketable securities: |  |  |  |  |  |  |
Asset-backed securities | — |  |  | 3,263 |  |  | — |  |  | 3,263 |
Certificates of deposit | — |  |  | 4,868 |  |  | — |  |  | 4,868 |
Commercial paper | — |  |  | 16,412 |  |  | — |  |  | 16,412 |
Corporate notes and bonds | — |  |  | 46,641 |  |  | — |  |  | 46,641 |
Sovereign bonds | — |  |  | 1,099 |  |  | — |  |  | 1,099 |
U.S. government and agency securities | 3,858 |  |  | — |  |  | — |  |  | 3,858 |
Total marketable securities | 3,858 |  |  | 72,283 |  |  | — |  |  | 76,141 |
Total cash equivalents and marketable securities | $ | 13,696 |  |  | $ | 79,390 |  |  | $ | — |  |  | $ | 93,086 |
During the nine months ended December 31, 2021 and 2020, the Company had no transfers between levels of the fair value hierarchy. Fair Value Measurements of Other Financial Instruments The carrying values of accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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