FAIR VALUE MEASUREMENTS

12 Months Ended

Mar. 31, 2020

Cash, cash equivalents and available-for-sale investments were (in thousands):



As of March 31, 2020	Amortized Costs		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	21,002	$	—	$	—		$	21,002	$	21,002	$	—	$	—
Level 1:
Money market funds	110,796		—		—			110,796		110,796		—		—
Treasuries	6,192		116		—			6,308		—		—		6,308
Subtotal	137,990		116		—			138,106		131,798		—		6,308
Level 2:
Commercial paper	14,979		6		—			14,985		5,596		9,389		—
Corporate debt	34,153		32		(341		)	33,844		—		24,069		9,775
Subtotal	49,132		38		(341		)	48,829		5,596		33,458		9,775
Total assets	$	187,122	$	154	$	(341	)	$	186,935	$	137,394	$	33,458	$	16,083



As of March 31, 2019	Amortized Costs		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value		Cash and Cash Equivalents		Short-Term Investments
Cash	$	25,364	$	—	$	—		$	25,364	$	25,364	$	—
Level 1:
Money market funds	251,219		—		—			251,219		251,219		—
Subtotal	276,583		—		—			276,583		276,583		—
Level 2:
Corporate debt	46,516		51		(29		)	46,538		—		46,538
Municipal securities	5,511		17		—			5,528		—		5,528
Asset backed securities	13,596		9		(17		)	13,588		—		13,588
Agency bond	4,260		—		(15		)	4,245		—		4,245
Subtotal	69,883		77		(61		)	69,899		—		69,899
Total assets	$	346,466	$	77	$	(61	)	$	346,482	$	276,583	$	69,899

As of March 31, 2020, the estimated fair value of the Company's Notes was $309.6 million, which was determined based on the closing price for the Notes on the last trading day of the reporting period and is considered to be Level 2 in the fair value hierarchy due to limited trading activity of the Notes.

- 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.

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