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Investments in Marketable Securities
 9 Months Ended
Dec. 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:

 

 

 

December 31, 2016

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

2,721

 

 

$

1

 

 

$

(7

)

 

$

2,715

 

Municipal debt securities

 

 

9

 

 

 

1

 

 

 

-

 

 

 

10

 

Certificates of deposit

 

 

405

 

 

 

-

 

 

 

-

 

 

 

405

 

Corporate debt securities

 

 

384

 

 

 

2

 

 

 

(1

)

 

 

385

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

47

 

 

 

1

 

 

 

(1

)

 

 

47

 

Non-agency residential

 

 

2

 

 

 

-

 

 

 

-

 

 

 

2

 

Non-agency commercial

 

 

34

 

 

 

1

 

 

 

(1

)

 

 

34

 

Asset-backed securities

 

 

30

 

 

 

-

 

 

 

-

 

 

 

30

 

Equity instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term floating NAV fund II

 

 

39

 

 

 

-

 

 

 

-

 

 

 

39

 

U.S. government sector fund

 

 

396

 

 

 

-

 

 

 

(17

)

 

 

379

 

Municipal sector fund

 

 

21

 

 

 

-

 

 

 

(1

)

 

 

20

 

Investment grade corporate sector fund

 

 

254

 

 

 

8

 

 

 

(5

)

 

 

257

 

High-yield sector fund

 

 

83

 

 

 

5

 

 

 

-

 

 

 

88

 

Real return sector fund

 

 

147

 

 

 

5

 

 

 

-

 

 

 

152

 

Mortgage sector fund

 

 

393

 

 

 

-

 

 

 

(6

)

 

 

387

 

Asset-backed securities sector fund

 

 

141

 

 

 

8

 

 

 

(1

)

 

 

148

 

Emerging market sector fund

 

 

106

 

 

 

8

 

 

 

-

 

 

 

114

 

International sector fund

 

 

136

 

 

 

3

 

 

 

-

 

 

 

139

 

Total return bond funds

 

 

386

 

 

 

3

 

 

 

(1

)

 

 

388

 

Total investments in marketable securities

 

$

5,734

 

 

$

46

 

 

$

(41

)

 

$

5,739

 

 

Note 3 – Investments in Marketable Securities (Continued)

 

 

 

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

 

 

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 continuous loss position for less than twelve months and for greater than twelve months were not significant as of December 31, 2016 and March 31, 2016.

Realized Gains and Losses on Securities

The following table represents realized gains and losses on our available-for-sale securities presented in our Consolidated Statement of Income:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains on sales

 

$

158

 

 

$

16

 

 

$

251

 

 

$

42

 

Realized losses on sales

 

$

(1

)

 

$

(1

)

 

$

(1

)

 

$

(2

)

Other-than-temporary impairment

 

$

-

 

 

$

(15

)

 

$

(10

)

 

$

(50

)

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.

 

 

 

December 31, 2016

 

 

 

Amortized Cost

 

 

Fair Value

 

Available-for-sale debt instruments:

 

 

 

 

 

 

 

 

Due within 1 year

 

$

2,563

 

 

$

2,563

 

Due after 1 year through 5 years

 

 

742

 

 

 

741

 

Due after 5 years through 10 years

 

 

132

 

 

 

131

 

Due after 10 years

 

 

82

 

 

 

80

 

Mortgage-backed and asset-backed securities1

 

 

113

 

 

 

113

 

Total

 

$

3,632

 

 

$

3,628

 

 

1

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