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Investments in Marketable Securities (Tables)
 9 Months Ended
Dec. 31, 2023
Marketable Securities [Abstract]  
Summary of Investments in Marketable Securities

Investments in marketable securities consisted of the following:

 

 

 

December 31, 2023

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

814

 

 

$

2

 

 

$

(71

)

 

$

745

 

Foreign government and agency obligations

 

 

10

 

 

 

-

 

 

 

(1

)

 

 

9

 

Municipal debt securities

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Corporate debt securities

 

 

466

 

 

 

3

 

 

 

(47

)

 

 

422

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

120

 

 

 

1

 

 

 

(3

)

 

 

118

 

Non-agency residential

 

 

9

 

 

 

-

 

 

 

(1

)

 

 

8

 

Non-agency commercial

 

 

65

 

 

 

-

 

 

 

(9

)

 

 

56

 

Asset-backed securities

 

 

124

 

 

 

1

 

 

 

(6

)

 

 

119

 

Total available-for-sale debt securities

 

$

1,616

 

 

$

7

 

 

$

(138

)

 

$

1,485

 

Equity investments

 

 

 

 

 

 

 

 

 

 

 

3,388

 

Total investments in marketable securities

 

 

 

 

 

 

 

 

 

 

$

4,873

 

 

 

March 31, 2023

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

796

 

 

$

7

 

 

$

(59

)

 

$

744

 

Foreign government and agency obligations

 

 

14

 

 

 

-

 

 

 

(2

)

 

 

12

 

Municipal debt securities

 

 

8

 

 

 

1

 

 

 

(1

)

 

 

8

 

Corporate debt securities

 

 

487

 

 

 

2

 

 

 

(59

)

 

 

430

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

76

 

 

 

-

 

 

 

(3

)

 

 

73

 

Non-agency residential

 

 

10

 

 

 

-

 

 

 

(1

)

 

 

9

 

Non-agency commercial

 

 

66

 

 

 

-

 

 

 

(8

)

 

 

58

 

Asset-backed securities

 

 

127

 

 

 

-

 

 

 

(7

)

 

 

120

 

Total available-for-sale debt securities

 

$

1,584

 

 

$

10

 

 

$

(140

)

 

$

1,454

 

Equity investments

 

 

 

 

 

 

 

 

 

 

 

3,583

 

Total investments in marketable securities

 

 

 

 

 

 

 

 

 

 

$

5,037

 
Schedule of Continuous Unrealized Losses on Available-For-Sale Debt Securities

The following table presents the aggregate fair value and unrealized losses on AFS debt securities in a continuous unrealized loss position:

 

 

 

December 31, 2023

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

Available-for-sale debt securities:

 

Fair value

 

 

Unrealized losses

 

 

Fair value

 

 

Unrealized losses

 

 

Fair value

 

 

Unrealized losses

 

U.S. government and agency obligations

 

$

322

 

 

$

(7

)

 

$

322

 

 

$

(64

)

 

$

644

 

 

$

(71

)

Foreign government and agency obligations

 

 

1

 

 

 

-

 

 

 

9

 

 

 

(1

)

 

 

10

 

 

 

(1

)

Municipal debt securities

 

 

-

 

 

 

-

 

 

 

2

 

 

 

-

 

 

 

2

 

 

 

-

 

Corporate debt securities

 

 

18

 

 

 

(2

)

 

 

346

 

 

 

(45

)

 

 

364

 

 

 

(47

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency

 

 

33

 

 

 

-

 

 

 

42

 

 

 

(3

)

 

 

75

 

 

 

(3

)

Non-agency residential

 

 

-

 

 

 

-

 

 

 

8

 

 

 

(1

)

 

 

8

 

 

 

(1

)

Non-agency commercial

 

 

1

 

 

 

-

 

 

 

53

 

 

 

(9

)

 

 

54

 

 

 

(9

)

Asset-backed securities

 

 

4

 

 

 

(1

)

 

 

58

 

 

 

(5

)

 

 

62

 

 

 

(6

)

Total available-for-sale debt securities

 

$

379

 

 

$

(10

)

 

$

840

 

 

$

(128

)

 

$

1,219

 

 

$

(138

)

 

 

March 31, 2023

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

Available-for-sale debt securities:

 

Fair value

 

 

Unrealized losses

 

 

Fair value

 

 

Unrealized losses

 

 

Fair value

 

 

Unrealized losses

 

U.S. government and agency obligations

 

$

90

 

 

$

(3

)

 

$

304

 

 

$

(56

)

 

$

394

 

 

$

(59

)

Foreign government and agency obligations

 

 

-

 

 

 

-

 

 

 

11

 

 

 

(2

)

 

 

11

 

 

 

(2

)

Municipal debt securities

 

 

-

 

 

 

-

 

 

 

2

 

 

 

(1

)

 

 

2

 

 

 

(1

)

Corporate debt securities

 

 

46

 

 

 

(2

)

 

 

352

 

 

 

(57

)

 

 

398

 

 

 

(59

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency

 

 

38

 

 

 

(1

)

 

 

17

 

 

 

(2

)

 

 

55

 

 

 

(3

)

Non-agency residential

 

 

-

 

 

 

-

 

 

 

8

 

 

 

(1

)

 

 

8

 

 

 

(1

)

Non-agency commercial

 

 

-

 

 

 

-

 

 

 

57

 

 

 

(8

)

 

 

57

 

 

 

(8

)

Asset-backed securities

 

 

47

 

 

 

(1

)

 

 

59

 

 

 

(6

)

 

 

106

 

 

 

(7

)

Total available-for-sale debt securities

 

$

221

 

 

$

(7

)

 

$

810

 

 

$

(133

)

 

$

1,031

 

 

$

(140

)
Schedule of Gains and Losses on Investments in Marketable Securities Presented in Our Consolidated Statement of Income

The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income:

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on securities for which the fair value option was elected

 

$

50

 

 

$

16

 

 

$

-

 

 

$

(41

)

Realized losses on sales

 

$

(1

)

 

$

(8

)

 

$

(3

)

 

$

(33

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses)

 

$

318

 

 

$

80

 

 

$

184

 

 

$

(415

)

Realized losses on sales

 

$

(78

)

 

$

(4

)

 

$

(78

)

 

$

(19

)
Summary of Contractual Maturities of Available-For-Sale Debt Securities

The amortized cost and fair value by contractual maturities of available-for-sale debt securities are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

 

 

 

December 31, 2023

 

 

 

Amortized cost

 

 

Fair value

 

Available-for-sale debt securities:

 

 

 

 

 

 

Due within 1 year

 

$

61

 

 

$

60

 

Due after 1 year through 5 years

 

 

312

 

 

 

297

 

Due after 5 years through 10 years

 

 

486

 

 

 

464

 

Due after 10 years

 

 

439

 

 

 

363

 

Mortgage-backed and asset-backed securities 1

 

 

318

 

 

 

301

 

Total

 

$

1,616

 

 

$

1,485

 

1. Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.