| 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) |
|
Level 1 |
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Level 2 |
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Level 3 |
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| December 2021 |
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| Financial assets: |
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| Cash equivalents: |
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| Money market funds |
$ |
346,657 |
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|
$ |
346,657 |
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|
$ |
— |
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|
$ |
— |
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| Time deposits |
305,576 |
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|
305,576 |
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— |
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— |
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| Derivative financial instruments |
57,466 |
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— |
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57,466 |
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— |
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| Deferred compensation |
139,551 |
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|
139,551 |
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— |
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— |
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| Financial liabilities: |
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| Derivative financial instruments |
32,987 |
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— |
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|
32,987 |
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— |
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| Deferred compensation |
145,399 |
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— |
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145,399 |
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— |
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| Contingent consideration |
49,000 |
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— |
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— |
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49,000 |
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Total Fair Value |
|
Fair Value Measurement Using (a)
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| (In thousands) |
|
Level 1 |
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Level 2 |
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Level 3 |
|
| March 2021 |
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| Financial assets: |
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| Cash equivalents: |
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| Money market funds |
$ |
216,591 |
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|
$ |
216,591 |
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|
$ |
— |
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$ |
— |
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| Time deposits |
102,914 |
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|
102,914 |
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— |
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— |
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| Short-term investments |
598,806 |
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|
598,806 |
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— |
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— |
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| Derivative financial instruments |
13,257 |
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— |
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|
13,257 |
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— |
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| Deferred compensation |
141,072 |
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|
141,072 |
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— |
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— |
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| Financial liabilities: |
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| Derivative financial instruments |
74,255 |
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— |
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74,255 |
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— |
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| Deferred compensation |
150,713 |
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— |
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|
150,713 |
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— |
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| Contingent consideration |
207,000 |
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— |
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— |
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|
207,000 |
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(a)There were no transfers among the levels within the fair value hierarchy during the nine months ended December 2021 or the year ended March 2021.
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| Schedule of Contingent Consideration Liability Designated as Level 3 |
The following table presents the changes in fair value of the contingent consideration liability designated as Level 3:
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| (In thousands) |
Three Months Ended December 2021 |
|
Nine Months Ended December 2021 |
| Beginning Balance |
$ |
99,000
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|
|
$ |
207,000
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| Change in fair value |
(50,000) |
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|
(158,000) |
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| Ending Balance |
$ |
49,000
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|
$ |
49,000
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