| Classes of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis |
The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis:
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Total Fair Value |
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Fair Value Measurement Using (a)
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| (In thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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| September 2020 |
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| Financial assets: |
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| Cash equivalents: |
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| Money market funds |
$ |
948,543 |
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$ |
948,543 |
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$ |
— |
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$ |
— |
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| Time deposits |
11,872 |
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11,872 |
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— |
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— |
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| Short-term investments: |
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| Managed income fund |
600,000 |
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600,000 |
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— |
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— |
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| Time deposits |
200,000 |
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200,000 |
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— |
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— |
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| Derivative financial instruments |
33,176 |
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— |
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33,176 |
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— |
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| Deferred compensation |
122,956 |
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122,956 |
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— |
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— |
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| Financial liabilities: |
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| Derivative financial instruments |
32,318 |
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— |
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32,318 |
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— |
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| Deferred compensation |
132,094 |
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— |
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132,094 |
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— |
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Total Fair Value |
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Fair Value Measurement Using (a)
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| (In thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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| March 2020 |
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| Financial assets: |
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| Cash equivalents: |
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| Money market funds |
$ |
1,211,887 |
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$ |
1,211,887 |
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$ |
— |
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$ |
— |
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| Time deposits |
1,932 |
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1,932 |
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— |
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— |
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| Derivative financial instruments |
91,834 |
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— |
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91,834 |
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— |
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| Deferred compensation |
105,706 |
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105,706 |
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— |
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— |
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| Financial liabilities: |
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| Derivative financial instruments |
14,531 |
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— |
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14,531 |
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— |
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| Deferred compensation |
113,289 |
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— |
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113,289 |
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— |
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(a)There were no transfers among the levels within the fair value hierarchy during the six months ended September 2020 or the year ended March 2020.
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