Investment Securities

3 Months Ended

Jun. 30, 2020

Investment Securities.

Investment Securities

(5) Investment Securities

At June 30, 2020 and March 31, 2020, all of the Company’s investment securities were classified as time deposits, available-for-sale debt securities 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 6 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 June 30, 2020:

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Time deposits:
Current	$	3,307	$	—	$	—	$	3,307
Equity securities:
Mutual funds:
Current		633		95		—		728
Equity shares/ options:
Non-current		1		6		—		7
Total investment securities	$	3,941	$	101	$	—	$	4,042

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 Company evaluates available-for-sale debt securities with unrealized losses to determine whether a credit loss exists. The estimate of credit loss is determined by considering available information relevant to the collectability of the security and information about past events, current conditions, and reasonable and supportable forecasts. The allowance for credit loss is recorded as a charge to other income (expense), not to exceed the amount of the unrealized loss. Any excess unrealized loss greater than the credit loss is recognized in accumulated other comprehensive income ("AOCI"). We assess expected credit losses at the end of each reporting period and adjust the allowance through other income (expense). The Company does not hold any available-for-sale debt securities as of June 30, 2020 and March 31, 2020.

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

	Three Months Ended
	June 30,
	2020		2019
Proceeds from sales or maturities of available-for-sale debt securities and equity securities	$	5,781	$	19,817
Gross gains	$	176	$	228
Gross losses		—		—
Net realized gains on sales of available-for-sale debt securities and equity securities	$	176	$	228