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Fair Value Measurements
 3 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3).
A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The financial instruments measured at fair value in the accompanying condensed consolidated balance sheets consist of the following:
Recurring Fair Value Measurements
as of June 30, 2024
Level 1Level 2Level 3Total
Assets:
Current derivative instruments (1)
$— $8,289 $— $8,289 
Long-term derivative instruments (1)
— 645 — 645 
Long-term deferred compensation plan asset (2)
37,163 — — 37,163 
Total Assets$37,163 $8,934 $— $46,097 
Liabilities:
Long-term derivative instruments (1)
— 1,686 — 1,686 
Long-term deferred compensation plan liability (2)
37,163 — — 37,163 
Total Liabilities$37,163 $1,686 $— $38,849 
Recurring Fair Value Measurements
as of March 31, 2024
Level 1Level 2Level 3Total
Assets:
Current derivative instruments (1)
$— $8,713 $— $8,713 
Long-term derivative instruments (1)
— 1,556 — 1,556 
Long-term deferred compensation plan asset (2)
28,957 — — 28,957 
Total Assets$28,957 $10,269 $— $39,226 
Liabilities:
Long-term deferred compensation plan liability (2)
28,957 — — 28,957 
Total Liabilities$28,957 $— $— $28,957 
(1) 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 9, “Derivatives,” to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.
(2) Investments in this category consist 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 and liabilities 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 condensed consolidated balance sheets.
The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying value at June 30, 2024 and March 31, 2024. The Company’s cash and cash equivalent balances presented on the accompanying condensed consolidated balance sheets include $98.2 million and $192.7 million of marketable securities in money market funds as of June 30, 2024 and March 31, 2024, respectively.
The Company's long-term debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair values are determined using quoted prices or other market information obtained from recent trading activity of the debt in markets that are not active (Level 2 inputs). The fair value is corroborated by prices derived from the interest rate spreads of recently completed leveraged loan transactions of a similar credit profile, industry, and terms to that of the Company. The fair value of the Senior Notes are determined using quoted prices or other market information obtained from recent trading activity in the high-yield bond market (Level 2 inputs). The carrying amount and estimated fair value of long-term debt consists of the following:
June 30, 2024March 31, 2024
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Term Loan A$1,577,813 $1,573,868 $1,588,125 $1,582,170 
3.875% Senior Notes due 2028
700,000 659,785 700,000 656,677 
4.000% Senior Notes due 2029
500,000 469,020 500,000 465,470 
5.950% Senior Notes due 2033
650,000 667,654 650,000 672,815 
For our investments that are measured at fair value on a non-recurring basis, we did not have any material measurement adjustments during the three months ended June 30, 2024, with the exception of the assets and liabilities acquired through our acquisitions (see Note 5, “Acquisition, Goodwill and Intangible Assets,” to the condensed consolidated financial statements).