XML 25 R12.htm IDEA: XBRL DOCUMENT v3.4.0.3
Investments in Marketable Securities
 12 Months Ended
Mar. 31, 2016
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:

 

 

 

March 31, 2016

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

2,833

 

 

$

3

 

 

$

(1

)

 

$

2,835

 

Municipal debt securities

 

 

10

 

 

 

1

 

 

 

-

 

 

 

11

 

Certificates of deposit

 

 

500

 

 

 

-

 

 

 

-

 

 

 

500

 

Commercial paper

 

 

50

 

 

 

-

 

 

 

-

 

 

 

50

 

Corporate debt securities

 

 

482

 

 

 

7

 

 

 

(2

)

 

 

487

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

57

 

 

 

2

 

 

 

-

 

 

 

59

 

Non-agency residential

 

 

2

 

 

 

1

 

 

 

-

 

 

 

3

 

Non-agency commercial

 

 

42

 

 

 

1

 

 

 

(1

)

 

 

42

 

Asset-backed securities

 

 

38

 

 

 

-

 

 

 

(1

)

 

 

37

 

Equity instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term floating NAV fund II

 

 

178

 

 

 

-

 

 

 

-

 

 

 

178

 

U.S. government sector fund

 

 

353

 

 

 

6

 

 

 

(1

)

 

 

358

 

Municipal sector fund

 

 

19

 

 

 

-

 

 

 

-

 

 

 

19

 

Investment grade corporate sector fund

 

 

243

 

 

 

8

 

 

 

(5

)

 

 

246

 

High-yield sector fund

 

 

67

 

 

 

-

 

 

 

(1

)

 

 

66

 

Real return sector fund

 

 

201

 

 

 

11

 

 

 

-

 

 

 

212

 

Mortgage sector fund

 

 

297

 

 

 

5

 

 

 

-

 

 

 

302

 

Asset-backed securities sector fund

 

 

117

 

 

 

8

 

 

 

(1

)

 

 

124

 

Emerging market sector fund

 

 

101

 

 

 

1

 

 

 

-

 

 

 

102

 

International sector fund

 

 

145

 

 

 

-

 

 

 

(5

)

 

 

140

 

Total return bond funds

 

 

376

 

 

 

4

 

 

 

-

 

 

 

380

 

Equity mutual fund

 

 

162

 

 

 

227

 

 

 

-

 

 

 

389

 

Total investments in marketable securities

 

$

6,273

 

 

$

285

 

 

$

(18

)

 

$

6,540

 

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, exclusive of the Total return bond 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.

The Total return bond funds are investments in actively traded open-end mutual funds.  Redemptions are subject to normal terms and conditions as described in each fund’s prospectus.


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 March 31, 2016 and 2015.

Realized Gains and Losses on Securities

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

 

 

 

 

 

 

Years Ended March 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains on sales

 

$

59

 

 

$

71

 

 

$

59

 

Realized losses on sales

 

$

(3

)

 

$

(1

)

 

$

(4

)

Other-than-temporary impairment

 

$

(50

)

 

$

-

 

 

$

(55

)

The other-than-temporary impairment write-downs of $50 million and $55 million during the years ended March 31, 2016 and 2014, respectively, were related to our fixed income mutual funds.  Other-than-temporary impairment write-downs were not significant during the year ended March 31, 2015.

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.

 

 

March 31, 2016

 

 

 

Amortized Cost

 

 

Fair Value

 

Available-for-sale debt instruments:

 

 

 

 

 

 

 

 

Due within 1 year

 

$

2,664

 

 

$

2,665

 

Due after 1 year through 5 years

 

 

1,044

 

 

 

1,047

 

Due after 5 years through 10 years

 

 

71

 

 

 

72

 

Due after 10 years

 

 

96

 

 

 

99

 

Mortgage-backed and asset-backed securities1

 

 

139

 

 

 

141

 

Total

 

$

4,014

 

 

$

4,024

 

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