Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE

v2.4.1.9
FAIR VALUE
9 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
FAIR VALUE
FAIR VALUE
Our assets measured and recorded at fair value on a recurring basis consist of money market funds, which are included in cash and cash equivalents in our Condensed Consolidated Balance Sheets, and are valued using quoted market prices (level 1 fair value measurements) at the respective balance sheet dates (in thousands):
 
As of
 
December 31, 2014
 
March 31, 2014
Money market funds
$
65,562

 
$
93,077



We did not record impairments to any non-financial assets in the third quarter or first nine months of fiscal 2015 or 2014. We do not have any non-financial liabilities measured and recorded at fair value on a non-recurring basis.
Our financial liabilities were comprised primarily of convertible subordinated debt at December 31, 2014 and March 31, 2014. The carrying value and fair value based on quoted market prices in less active markets (level 2 fair value measurement) were as follows (in thousands):
 
As of
 
December 31, 2014
 
March 31, 2014
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Convertible subordinated debt
$
203,735

 
$
219,820

 
$
203,735

 
$
203,820