Equity Investments

12 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

EQUITY INVESTMENTS

In 2019, we made strategic equity securities investments to increase our digital capabilities. The accounting guidance related to the classification and measurement of certain equity investments requires us to account for these investments at fair value or to elect to account for these investments under the "practicability exception," which permits measurement of these investments at cost, minus impairments, plus or minus observable changes in price from orderly transactions for the identical or a similar investment of the same issuer for each reporting period. We elected this practicability exception and for the year ended March 31, 2023, we recognized an impairment of $0.7 million as we made a qualitative assessment of the investment after observing impairment indicators upon receipt of the most recent financial statements and third party valuation reports. The fair value was determined by reviewing the financial information and financial performance indicating a significant adverse change in the general market condition the investee operates. We have not recognized any upward adjustments on either an annual or cumulative basis due to observable price changes.

The carrying value of our equity securities was included in the following line item in our consolidated balance sheets (in thousands):


	Measurement Alternative - No Readily Determinable Fair Value
	As of March 31,
	2023		2022
Other assets	$	292	$	1,000