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Investments in Marketable Securities
 6 Months Ended
Sep. 30, 2015
Marketable Securities [Abstract]  
Investments in Marketable Securities

Note 3 – Investments in Marketable Securities

We classify all of our investments in marketable securities as available-for-sale.  The amortized cost and estimated fair value of investments in marketable securities and related unrealized gains and losses were as follows:

 

 

 

September 30, 2015

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

3,354

 

 

$

4

 

 

$

-

 

 

$

3,358

 

Municipal debt securities

 

 

10

 

 

 

1

 

 

 

-

 

 

 

11

 

Certificates of deposit

 

 

400

 

 

 

-

 

 

 

-

 

 

 

400

 

Commercial paper

 

 

124

 

 

 

-

 

 

 

-

 

 

 

124

 

Corporate debt securities

 

 

231

 

 

 

3

 

 

 

(3

)

 

 

231

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

51

 

 

 

1

 

 

 

-

 

 

 

52

 

Non-agency residential

 

 

3

 

 

 

1

 

 

 

-

 

 

 

4

 

Non-agency commercial

 

 

41

 

 

 

1

 

 

 

(1

)

 

 

41

 

Asset-backed securities

 

 

36

 

 

 

-

 

 

 

-

 

 

 

36

 

Equity instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term floating NAV fund II

 

 

53

 

 

 

-

 

 

 

-

 

 

 

53

 

U.S. government sector fund

 

 

317

 

 

 

7

 

 

 

-

 

 

 

324

 

Municipal sector fund

 

 

19

 

 

 

1

 

 

 

-

 

 

 

20

 

Investment grade corporate sector fund

 

 

253

 

 

 

11

 

 

 

-

 

 

 

264

 

High-yield sector fund

 

 

97

 

 

 

4

 

 

 

-

 

 

 

101

 

Real return sector fund

 

 

225

 

 

 

-

 

 

 

-

 

 

 

225

 

Mortgage sector fund

 

 

420

 

 

 

10

 

 

 

-

 

 

 

430

 

Asset-backed securities sector fund

 

 

64

 

 

 

9

 

 

 

-

 

 

 

73

 

Emerging market sector fund

 

 

119

 

 

 

-

 

 

 

-

 

 

 

119

 

International sector fund

 

 

161

 

 

 

-

 

 

 

(11

)

 

 

150

 

Equity mutual fund

 

 

175

 

 

 

219

 

 

 

-

 

 

 

394

 

Total investments in marketable securities

 

$

6,153

 

 

$

272

 

 

$

(15

)

 

$

6,410

 

 

Note 3 – Investments in Marketable Securities (Continued)

 

 

 

March 31, 2015

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,357

 

 

$

3

 

 

$

(1

)

 

$

4,359

 

Municipal debt securities

 

 

10

 

 

 

2

 

 

 

-

 

 

 

12

 

Certificates of deposit

 

 

175

 

 

 

-

 

 

 

-

 

 

 

175

 

Commercial paper

 

 

37

 

 

 

-

 

 

 

-

 

 

 

37

 

Corporate debt securities

 

 

138

 

 

 

7

 

 

 

-

 

 

 

145

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

57

 

 

 

2

 

 

 

-

 

 

 

59

 

Non-agency residential

 

 

3

 

 

 

1

 

 

 

-

 

 

 

4

 

Non-agency commercial

 

 

43

 

 

 

1

 

 

 

-

 

 

 

44

 

Asset-backed securities

 

 

39

 

 

 

-

 

 

 

-

 

 

 

39

 

Equity instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term floating NAV fund II

 

 

148

 

 

 

-

 

 

 

-

 

 

 

148

 

Short-term sector fund

 

 

35

 

 

 

2

 

 

 

-

 

 

 

37

 

U.S. government sector fund

 

 

311

 

 

 

24

 

 

 

-

 

 

 

335

 

Municipal sector fund

 

 

19

 

 

 

1

 

 

 

-

 

 

 

20

 

Investment grade corporate sector fund

 

 

256

 

 

 

15

 

 

 

(3

)

 

 

268

 

High-yield sector fund

 

 

50

 

 

 

6

 

 

 

(1

)

 

 

55

 

Real return sector fund

 

 

235

 

 

 

-

 

 

 

(3

)

 

 

232

 

Mortgage sector fund

 

 

390

 

 

 

9

 

 

 

-

 

 

 

399

 

Asset-backed securities sector fund

 

 

63

 

 

 

9

 

 

 

-

 

 

 

72

 

Emerging market sector fund

 

 

73

 

 

 

-

 

 

 

(2

)

 

 

71

 

International sector fund

 

 

146

 

 

 

14

 

 

 

-

 

 

 

160

 

Equity mutual fund

 

 

190

 

 

 

270

 

 

 

-

 

 

 

460

 

Total investments in marketable securities

 

$

6,775

 

 

$

366

 

 

$

(10

)

 

$

7,131

 

 

The fixed income mutual funds are investments in funds that are privately placed and managed by an open-end investment management company (the “Trust”).  If we elect to redeem shares, the Trust will normally redeem all shares for cash, but may, in unusual circumstances, redeem amounts exceeding the lesser of $250 thousand or 1 percent of the Trust’s asset value by payment in kind of securities held by the respective fund during any 90-day period.

Note 3 – Investments in Marketable Securities (Continued)

Unrealized Losses on Securities

Investments in marketable securities in a consecutive loss position for less than twelve months and for greater than twelve months were not significant at September 30, 2015 and March 31, 2015.

Realized Gains and Losses on Securities

The following table represents realized gains and losses by transaction type for the following:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains on sales

 

$

14

 

 

$

32

 

 

$

26

 

 

$

44

 

Realized losses on sales

 

$

-

 

 

$

-

 

 

$

(1

)

 

$

-

 

Other-than-temporary impairment

 

$

(35

)

 

$

-

 

 

$

(35

)

 

$

-

 

 

Other-than-temporary impairment write-downs were not significant during the three and six months ended September 30, 2014.

Contractual Maturities

The amortized cost, fair value, and contractual maturities of available-for-sale debt instruments 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.

 

 

 

September 30, 2015

 

 

 

Amortized Cost

 

 

Fair Value

 

Available-for-sale debt instruments:

 

 

 

 

 

 

 

 

Due within 1 year

 

$

3,367

 

 

$

3,367

 

Due after 1 year through 5 years

 

 

591

 

 

 

594

 

Due after 5 years through 10 years

 

 

76

 

 

 

76

 

Due after 10 years

 

 

85

 

 

 

87

 

Mortgage-backed and asset-backed securities1

 

 

131

 

 

 

133

 

Total

 

$

4,250

 

 

$

4,257

 

 

1

Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities do not have a single maturity date.