| 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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| Ìý |
Total Fair Value |
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Fair Value Measurement Using (a)
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| (In thousands) |
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LevelÌý1 |
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LevelÌý2 |
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LevelÌý3 |
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| December 2020 |
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| Financial assets: |
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| Cash equivalents: |
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| Money market funds |
$ |
546,719Ìý |
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$ |
546,719Ìý |
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$ |
—Ìý |
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$ |
—Ìý |
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| Time deposits |
17,408Ìý |
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17,408Ìý |
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—Ìý |
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—Ìý |
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| Short-term investments |
599,403Ìý |
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599,403Ìý |
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—Ìý |
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—Ìý |
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| Derivative financial instruments |
16,209Ìý |
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—Ìý |
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16,209Ìý |
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—Ìý |
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| Deferred compensation |
135,710Ìý |
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135,710Ìý |
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—Ìý |
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—Ìý |
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| Financial liabilities: |
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| Derivative financial instruments |
97,835Ìý |
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—Ìý |
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97,835Ìý |
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—Ìý |
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| Deferred compensation |
148,179Ìý |
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—Ìý |
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148,179Ìý |
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—Ìý |
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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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LevelÌý1 |
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LevelÌý2 |
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LevelÌý3 |
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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 |
$ |
1,211,887Ìý |
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$ |
1,211,887Ìý |
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$ |
—Ìý |
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$ |
—Ìý |
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| Time deposits |
1,932Ìý |
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1,932Ìý |
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—Ìý |
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—Ìý |
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| Derivative financial instruments |
91,834Ìý |
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—Ìý |
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91,834Ìý |
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—Ìý |
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| Deferred compensation |
105,706Ìý |
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105,706Ìý |
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—Ìý |
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—Ìý |
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| Financial liabilities: |
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| Derivative financial instruments |
14,531Ìý |
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—Ìý |
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14,531Ìý |
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—Ìý |
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| Deferred compensation |
113,289Ìý |
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—Ìý |
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113,289Ìý |
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—Ìý |
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(a)There were no transfers among the levels within the fair value hierarchy during the nine months ended December 2020 or the year ended March 2020.
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