Investment Securities

12 Months Ended

Mar. 31, 2020

Investment Securities.

Investment Securities

(6) Investment Securities

At March 31, 2020 and 2019, all of the Company’s investment securities were classified as available-for-sale debt securities, time deposits and equity securities. These were carried on its balance sheet at their fair market value. A

fair market value hierarchy based on three levels of inputs was used to measure each security (See Note 8 to our consolidated financial statements for a discussion of the fair value of the Company’s other financial instruments).

The following is a summary of investment securities at March 31, 2020:

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Time Deposits:
Current	$	3,927	$	—		—	$	3,927
Equity securities:
Mutual funds:
Current		5,623		235		—		5,858
Equity Shares/ Options:
Non-current		1		3		—		4
Total investment securities	$	9,551	$	238	$	—	$	9,789

The following is a summary of investment securities at March 31, 2019:

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Available-for-sale debt securities:
Corporate bonds:
Current	$	2,779	$	1	$	(2)	$	2,778
Non-current		—		—		—		—
Preference shares:		188		—		—		188
Agency and short-term notes:
Current		1,492		1		—		1,493
Time deposits:
Current		15,861		—		—		15,861
Equity securities:
Mutual funds:
Current		12,912		94		—		13,006
Equity Shares/ Options:
Non-current		8		126		—		134
Total investment securities	$	33,240	$	222	$	(2)	$	33,460

The Company evaluates investments with unrealized losses to determine if the losses are other than temporary. In making this determination, the Company considered the financial condition, credit ratings and near-term prospects of the issuers, the underlying collateral of the investments, and the magnitude of the losses as compared to the cost and the length of time the investments have been in an unrealized loss position. Additionally, while the Company classifies the securities as available for sale, the Company does not currently intend to sell such investments and it is more likely than not that the Company will not be required to sell such investments prior to the recovery of their carrying value.

During the fiscal year ending March 31, 2019, the issuer of the Company’s investment in preference shares began showing signs of financial distress. This included down-grades to its credit rating and a decrease in trading activity and market pricing for this security. Due to the uncertainty in recovering the amortized cost of this security, the Company has determined the unrealized losses are other-than-temporary and recorded the impairment in earnings. The Company has determined that other unrealized losses at March 31, 2020 and 2019 are temporary.

The following is a summary of other-than-temporary impairment unrealized losses recognized during the fiscal year ended March 31, 2020:

	Year Ended
	March 31, 2020		March 31, 2019
Unrealized losses recognized in other comprehensive income (loss) beginning balance	$	—	$	70
Add: unrealized losses recognized		184		1,341
Less: Other-than-temporary impairment recognized in earnings		(184)		(1,411)
Unrealized losses in other comprehensive income (loss) ending balance	$	—	$	—

The following tables show the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 and 2019:

Less Than 12 Months

			Gross
			Unrealized
	Fair Value		Loss
Available-for-sale debt securities at March 31, 2020:
Corporate bonds	$	—	$	—
Agency bonds		—		—
Preference shares		—		—
Total	$	—	$	—
Available-for-sale debt securities at March 31, 2019:
Corporate bonds	$	253	$	—
Agency bonds		—		—
Mutual funds		—		—
Total	$	253	$	—

Greater Than 12 Months

			Gross
			Unrealized
	Fair Value		Loss
Available-for-sale debt securities at March 31, 2020:
Corporate bonds	$	—	$	—
Agency bonds		—		—
Preference shares		—		—
Total	$	—	$	—
Available-for-sale debt securities at March 31, 2019:
Corporate bonds	$	2,297	$	(2)
Agency bonds		—		—
Preference shares		—		—
Total	$	2,297	$	(2)

At March 31, 2020, there were no investment securities owned by the Company for which the fair value was less than the carrying value for a period greater than 12 months.

Available-for-sale debt securities, time deposits and equity securities by contractual maturity were as follows:

	March 31, 2020
Due in one year or less	$	9,785
Due after 1 year through 5 years		4
Due after 5 years		—
Total	$	9,789

Proceeds from sales of available-for-sale debt securities and equity securities and the gross gains and losses that have been included in earnings as a result of those sales were as follows:

	Year Ended March 31,
	2020		2019		2018
Proceeds from sales or maturities of available-for-sale debt securities and equity securities	$	58,408	$	109,512	$	158,800
Gross gains	$	679	$	1,023	$	1,655
Gross losses		—		(13)		(127)
Net realized gains on sales of available-for-sale debt securities and equity securities	$	679	$	1,010	$	1,528