XML 88 R48.htm IDEA: XBRL DOCUMENT v3.22.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measurements The financial instruments measured at fair value in the accompanying consolidated balance sheets consist of the following:
Recurring Fair Value Measurements
as of March 31, 2022
Level 1Level 2Level 3Total
Assets:
Long term deferred compensation plan asset (1)16,512 — — 16,512 
Long-term derivative instruments (3)— 4,088 — 4,088 
Total Assets$16,512 $4,088 $— $20,600 
Liabilities:
Current derivative instruments (3)— 4,324 — 4,324 
Long-term derivative instruments (3)— 39 — 39 
Long term deferred compensation plan liability (1)16,512 — — 16,512 
Total Liabilities$16,512 $4,363 $— $20,875 
Recurring Fair Value Measurements
as of March 31, 2021
Level 1Level 2Level 3Total
Assets:
Long term deferred compensation plan asset (1)$14,142 $— $— $14,142 
Total Assets$14,142 $— $— $14,142 
Liabilities:
Contingent consideration liability (2)$— $— $1,223 $1,223 
Current derivative instruments (3)$— $17,163 $— $17,163 
Long-term derivative instruments (3)$— $20,999 $— $20,999 
Long term deferred compensation plan liability (1)$14,142 $— $— $14,142 
Total liabilities$14,142 $38,162 $1,223 $53,527 

(1) Investments in this category consist of primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our consolidated balance sheets.

(2) The Company recognized a contingent consideration liability of $3.6 million in connection with the acquisition of Aquilent in fiscal 2017. As of March 31, 2021, the estimated fair value of the contingent consideration liability was $1.2 million, and was valued using probability-weighted cash flows, which is based on the use of Level 3 fair value measurement inputs. As of March 31, 2022 the relevant statute of limitations pertaining to the contingent liability expired at which point the Company wrote off the existing liability balance.

(3) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 11 to the consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.