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FAIR VALUE MEASURESMENTS - Note 2 | 12 Months Ended
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Mar. 31, 2016
Cash and Cash Equivalents [Abstract] |
FAIR VALUE MEASURESMENTS - Note 2 | 2. FAIR VALUE MEASURESMENTS Cash, cash equivalents, available-for-sale investments, and contingent consideration were (in thousands):
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |  | Cash and |  |  |
|  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |  |  | Cash |  |  | Short-Term
As of March 31, 2016 |  |  | Costs |  |  | Gain |  |  | Loss |  |  | Fair Value |  |  | Equivalents |  |  | Investments
Cash |  | $ | 18,596 |  | $ | - |  | $ | - |  | $ | 18,596 |  | $ | 18,596 |  | $ | -
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 14,980 |  |  | - |  |  | - |  |  | 14,980 |  |  | 14,980 |  |  | -
Mutual funds |  |  | 2,000 |  |  | - |  |  | (187) |  |  | 1,813 |  |  | - |  |  | 1,813
Subtotal |  |  | 35,576 |  |  | - |  |  | (187) |  |  | 35,389 |  |  | 33,576 |  |  | 1,813
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 6,794 |  |  | 2 |  |  | - |  |  | 6,796 |  |  | - |  |  | 6,796
Corporate debt |  |  | 85,164 |  |  | 78 |  |  | (28) |  |  | 85,214 |  |  | - |  |  | 85,214
Municipal securities |  |  | 1,007 |  |  | - |  |  | (1) |  |  | 1,006 |  |  | - |  |  | 1,006
Asset backed securities |  |  | 24,614 |  |  | 7 |  |  | (11) |  |  | 24,610 |  |  | - |  |  | 24,610
Mortgage backed securities |  |  | 2,045 |  |  | - |  |  | (17) |  |  | 2,028 |  |  | - |  |  | 2,028
Agency bond |  |  | 6,805 |  |  | 1 |  |  | - |  |  | 6,806 |  |  | - |  |  | 6,806
International government securities |  |  | 1,000 |  |  | 1 |  |  | - |  |  | 1,001 |  |  | - |  |  | 1,001
Subtotal |  |  | 127,429 |  |  | 89 |  |  | (57) |  |  | 127,461 |  |  | - |  |  | 127,461
Total assets |  | $ | 163,005 |  | $ | 89 |  | $ | (244) |  | $ | 162,850 |  | $ | 33,576 |  | $ | 129,274
Level 3: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | - |  | $ | - |  | $ | - |  | $ | 341 |  | $ | - |  | $ | -
Total liabilities |  | $ | - |  | $ | - |  | $ | - |  | $ | 341 |  | $ | - |  | $ | -
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |  | Cash and |  |  |
|  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |  |  | Cash |  |  | Short-Term
As of March 31, 2015 |  |  | Costs |  |  | Gain |  |  | Loss |  |  | Fair Value |  |  | Equivalents |  |  | Investments
Cash |  | $ | 24,734 |  | $ | - |  | $ | - |  | $ | 24,734 |  | $ | 24,734 |  | $ | -
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 28,376 |  |  | - |  |  | - |  |  | 28,376 |  |  | 28,376 |  |  | -
Mutual funds |  |  | 2,000 |  |  | - |  |  | (107) |  |  | 1,893 |  |  | - |  |  | 1,893
Subtotal |  |  | 55,110 |  |  | - |  |  | (107) |  |  | 55,003 |  |  | 53,110 |  |  | 1,893
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 9,043 |  |  | 1 |  |  | - |  |  | 9,044 |  |  | - |  |  | 9,044
Corporate debt |  |  | 75,284 |  |  | 57 |  |  | (10) |  |  | 75,331 |  |  | - |  |  | 75,331
Municipal securities |  |  | 5,435 |  |  | 2 |  |  | (1) |  |  | 5,436 |  |  | - |  |  | 5,436
Asset backed securities |  |  | 21,503 |  |  | 4 |  |  | (5) |  |  | 21,502 |  |  | - |  |  | 21,502
Mortgage backed securities |  |  | 5,822 |  |  | - |  |  | (52) |  |  | 5,770 |  |  | - |  |  | 5,770
Agency bond |  |  | 4,201 |  |  | 3 |  |  | - |  |  | 4,204 |  |  | - |  |  | 4,204
International government securities |  |  | 800 |  |  | 4 |  |  | - |  |  | 804 |  |  | - |  |  | 804
Subtotal |  |  | 122,088 |  |  | 71 |  |  | (68) |  |  | 122,091 |  |  | - |  |  | 122,091
Total |  | $ | 177,198 |  | $ | 71 |  | $ | (175) |  | $ | 177,094 |  | $ | 53,110 |  | $ | 123,984
Contractual maturities of investments as of March 31, 2016 are set forth below (in thousands):
|  |  | Estimated
|  |  | Fair Value
Due within one year |  | $ | 71,071
Due after one year |  |  | 58,203
Total |  | $ | 129,274
Contingent Consideration and Escrow Liability The Company's contingent consideration liability and escrow liability, included in other accrued liabilities and noncurrent liabilities on the consolidated balance sheets, was associated with the Quality Software Corporation (QSC) acquisition made in the first quarter of fiscal 2016. Amounts held in escrow were measure at fair value using present value computations. The contingent consideration was measured at fair value using a probability weighted average of the potential payment outcomes that would occur should certain contract milestones be reached. There is no market data available to use in valuing the contingent consideration; therefore, the Company developed its own assumptions related to the achievement of the milestones to evaluate the fair value of the liability. As such, the contingent consideration is classified within Level 3 as described below. The items are classified as Level 3 within the valuation hierarchy, consisting of contingent consideration and escrow liability related to the QSC acquisition, were valued based on an estimate of the probability of success of the milestones being achieved and present value computations, respectively. The table below presents a roll-forward of the contingent consideration and escrow liability valued using a Level 3 input (in thousands):
|  |  | Years Ended March 31,
|  |  | 2016 |  |  | 2015
Balance at beginning of period |  | $ | - |  | $ | -
Purchase price contingent consideration |  |  | 541 |  |  | -
Contingent consideration payments |  |  | (200) |  |  | -
Balance at end of period |  | $ | 341 |  | $ | -

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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