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5. FINANCIAL INSTRUMENTS | 6 Months Ended
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Sep. 30, 2014
Financial Instruments. |
NOTE 5-FINANCIAL INSTRUMENTS | NOTE 5—FINANCIAL INSTRUMENTS Fair value measurements The authoritative accounting guidance for fair value measurements provides a framework for measuring fair value and related disclosures. The guidance applies to all financial assets and financial liabilities that are measured on a recurring basis. The guidance requires fair value measurement to be classified and disclosed in one of the following three categories: Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities. The fair value of available-for-sale securities included in the Level 1 category is based on quoted prices that are readily and regularly available in an active market. As of September 30, 2014, the Level 1 category included money market funds of $1.1 million, which were included in cash and cash equivalents in the Condensed Consolidated Balance Sheet. Level 2: Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. The fair value of available-for-sale securities included in the Level 2 category is based on the market values obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well established independent pricing vendors and broker-dealers. As of September 30, 2014, the Level 2 category included short-term investments of $28.0 million and long-term investments of $19.0 million, which were comprised of certificates of deposit, corporate debt securities and government and agency securities. Level 3: Valuations based on inputs that are unobservable and involve management judgment and the reporting entity’s own assumptions about market participants and pricing. As of September 30, 2014, the Company had no Level 3 financial assets measured at fair value in the Condensed Consolidated Balance Sheet. As of September 30, 2014, there were no liabilities measured at fair value on a recurring basis. The fair value of financial assets measured on a recurring basis is as follows (in thousands):
|  |  |  |  | Fair Value Measurements at Reporting Date Using
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets and Liabilities |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
|  | September 30, 2014 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 1,135 |  | $ | 1,135 |  | $ | — |  | $ | —
Marketable securities |  |  | 46,982 |  |  | — |  |  | 46,982 |  |  | —
Total |  | $ | 48,117 |  | $ | 1,135 |  | $ | 46,982 |  | $ | —
|  |  |  |  | Fair Value Measurements at Reporting Date Using
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets and Liabilities |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
|  | March 31, 2014 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 3,852 |  | $ | 3,852 |  | $ | — |  | $ | —
Marketable securities |  |  | 68,231 |  |  | — |  |  | 68,231 |  |  | —
Total |  | $ | 72,083 |  | $ | 3,852 |  | $ | 68,231 |  | $ | —
Short-term and long-term investments All of the Company’s short-term and long-term investments are classified as available-for-sale. Available-for-sale debt securities with maturities greater than twelve months are classified as long-term investments when they are not intended for use in current operations. Investments in available-for-sale securities are reported at fair value with unrecognized gains (losses), net of tax, as a component of accumulated other comprehensive income in the Condensed Consolidated Balance Sheets. The Company had money market funds of $1.1 million and $3.9 million at September 30, 2014 and March 31, 2014, respectively, included in cash and cash equivalents in the Condensed Consolidated Balance Sheet. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when declines are determined to be other-than-temporary. The following table summarizes the Company’s available-for-sale investments:
|  | September 30, 2014
|  |  |  |  | Gross |  | Gross |  |  |
|  |  |  |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
|  | (In thousands)
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | $ | 11,581 |  | $ | 4 |  | $ | — |  | $ | 11,585
Corporate notes |  |  | 7,366 |  |  | 12 |  |  | — |  |  | 7,378
Agency bonds |  |  | 1,001 |  |  | 1 |  |  | — |  |  | 1,002
Certificates of deposit |  |  | 8,000 |  |  | 6 |  |  | — |  |  | 8,006
Total short-term investments |  | $ | 27,948 |  | $ | 23 |  | $ | — |  | $ | 27,971
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | $ | 1,074 |  | $ | 5 |  | $ | — |  | $ | 1,079
Corporate notes |  |  | 3,017 |  |  | 9 |  |  | — |  |  | 3,026
Certificates of deposit |  |  | 10,250 |  |  | — |  |  | (12) |  |  | 10,238
Agency bonds |  |  | 3,008 |  |  | — |  |  | (9) |  |  | 2,999
International government obligations |  |  | 1,676 |  |  | — |  |  | (7) |  |  | 1,669
Total long-term investments |  | $ | 19,025 |  | $ | 14 |  | $ | (28) |  | $ | 19,011
|  | March 31, 2014
|  |  |  |  | Gross |  | Gross |  |  |
|  |  |  |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
|  | (In thousands)
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | $ | 8,336 |  | $ | 4 |  | $ | — |  | $ | 8,340
Corporate notes |  |  | 5,023 |  |  | 12 |  |  | — |  |  | 5,035
Agency bonds |  |  | 3,523 |  |  | 2 |  |  | — |  |  | 3,525
Certificates of deposit |  |  | 14,997 |  |  | 6 |  |  | — |  |  | 15,003
International government obligations |  |  | 7,507 |  |  | 2 |  |  | — |  |  | 7,509
Total short-term investments |  | $ | 39,386 |  | $ | 26 |  | $ | — |  | $ | 39,412
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | $ | 8,227 |  | $ | 10 |  | $ | — |  | $ | 8,237
Corporate notes |  |  | 6,392 |  |  | 16 |  |  |  |  |  | 6,408
Certificates of deposit |  |  | 10,500 |  |  | — |  |  | (2) |  |  | 10,498
Agency bonds |  |  | 2,011 |  |  | — |  |  | (5) |  |  | 2,006
International government obligations |  |  | 1,670 |  |  | — |  |  | — |  |  | 1,670
Total long-term investments |  | $ | 28,800 |  | $ | 26 |  | $ | (7) |  | $ | 28,819
The Company’s investment portfolio consists of both corporate and governmental securities that have a maximum maturity of three years. All unrealized gains are due to changes in interest rates and bond yields. Subject to normal credit risks, the Company has the ability to realize the full value of all these investments upon maturity. The deferred tax liability related to unrecognized gains and losses on short-term and long-term investments was $0 a nd $11,000 at September 30, 2014 and March 31, 2014, respectively. As of September 30, 2014, contractual maturities of the Company’s available-for-sale non-equity investments were as follows:
|  |  |  |  |  |  |  |  |  |  | Fair
|  |  |  |  |  |  |  | Cost |  | Value
|  |  |  |  |  |  |  | (In thousands)
Maturing within one year |  |  |  |  |  |  |  | $ | 27,948 |  | $ | 27,971
Maturing in one to three years |  |  |  |  |  |  |  |  | 19,025 |  |  | 19,011
Maturing in more than three years |  |  |  |  |  |  |  |  | — |  |  | —
|  |  |  |  |  |  |  | $ | 46,973 |  | $ | 46,982
The Company classifies its short-term investments as “available-for-sale” as they are intended to be available for use in current operations.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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