| 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 2021 |
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| Financial assets: |
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| Cash equivalents: |
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| Money market funds |
$ |
346,657Ìý |
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$ |
346,657Ìý |
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$ |
—Ìý |
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$ |
—Ìý |
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| Time deposits |
305,576Ìý |
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305,576Ìý |
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—Ìý |
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—Ìý |
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| Derivative financial instruments |
57,466Ìý |
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—Ìý |
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57,466Ìý |
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—Ìý |
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| Deferred compensation |
139,551Ìý |
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139,551Ìý |
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—Ìý |
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—Ìý |
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| Financial liabilities: |
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| Derivative financial instruments |
32,987Ìý |
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—Ìý |
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32,987Ìý |
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—Ìý |
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| Deferred compensation |
145,399Ìý |
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—Ìý |
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145,399Ìý |
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—Ìý |
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| Contingent consideration |
49,000Ìý |
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—Ìý |
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—Ìý |
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49,000Ìý |
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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 2021 |
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| Financial assets: |
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| Cash equivalents: |
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| Money market funds |
$ |
216,591Ìý |
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$ |
216,591Ìý |
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$ |
—Ìý |
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$ |
—Ìý |
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| Time deposits |
102,914Ìý |
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102,914Ìý |
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—Ìý |
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—Ìý |
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| Short-term investments |
598,806Ìý |
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598,806Ìý |
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—Ìý |
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—Ìý |
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| Derivative financial instruments |
13,257Ìý |
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—Ìý |
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13,257Ìý |
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—Ìý |
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| Deferred compensation |
141,072Ìý |
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141,072Ìý |
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—Ìý |
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—Ìý |
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| Financial liabilities: |
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| Derivative financial instruments |
74,255Ìý |
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—Ìý |
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74,255Ìý |
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—Ìý |
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| Deferred compensation |
150,713Ìý |
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—Ìý |
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150,713Ìý |
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—Ìý |
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| Contingent consideration |
207,000Ìý |
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—Ìý |
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—Ìý |
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207,000Ìý |
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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 |
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Nine Months Ended December 2021 |
| Beginning Balance |
$ |
99,000Ìý
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$ |
207,000Ìý
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| Change in fair value |
(50,000) |
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(158,000) |
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| Ending Balance |
$ |
49,000Ìý
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$ |
49,000Ìý
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