XML 39 R28.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Cash and Cash Equivalents and Investments in Marketable Securities (Tables)
 12 Months Ended
Mar. 31, 2024
Marketable Securities [Abstract]  
Summary of Investments in Marketable Securities

Investments in marketable securities consisted of the following:

 

 

 

March 31, 2024

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

783

 

 

$

1

 

 

$

(87

)

 

$

697

 

Foreign government and agency obligations

 

 

13

 

 

 

-

 

 

 

(1

)

 

 

12

 

Municipal debt securities

 

 

8

 

 

 

-

 

 

 

(1

)

 

 

7

 

Corporate debt securities

 

 

477

 

 

 

2

 

 

 

(49

)

 

 

430

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

123

 

 

 

-

 

 

 

(5

)

 

 

118

 

Non-agency residential

 

 

12

 

 

 

-

 

 

 

(1

)

 

 

11

 

Non-agency commercial

 

 

64

 

 

 

-

 

 

 

(9

)

 

 

55

 

Asset-backed securities

 

 

142

 

 

 

1

 

 

 

(5

)

 

 

138

 

Total available-for-sale debt securities

 

$

1,622

 

 

$

4

 

 

$

(158

)

 

$

1,468

 

Equity investments

 

 

 

 

 

 

 

 

 

 

 

3,037

 

Total investments in marketable securities

 

 

 

 

 

 

 

 

 

 

$

4,505

 

 

 

 

March 31, 2023

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

796

 

 

$

7

 

 

$

(59

)

 

$

744

 

Foreign government and agency obligations

 

 

14

 

 

 

-

 

 

 

(2

)

 

 

12

 

Municipal debt securities

 

 

8

 

 

 

1

 

 

 

(1

)

 

 

8

 

Corporate debt securities

 

 

487

 

 

 

2

 

 

 

(59

)

 

 

430

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

76

 

 

 

-

 

 

 

(3

)

 

 

73

 

Non-agency residential

 

 

10

 

 

 

-

 

 

 

(1

)

 

 

9

 

Non-agency commercial

 

 

66

 

 

 

-

 

 

 

(8

)

 

 

58

 

Asset-backed securities

 

 

127

 

 

 

-

 

 

 

(7

)

 

 

120

 

Total available-for-sale debt securities

 

$

1,584

 

 

$

10

 

 

$

(140

)

 

$

1,454

 

Equity investments

 

 

 

 

 

 

 

 

 

 

 

3,583

 

Total investments in marketable securities

 

 

 

 

 

 

 

 

 

 

$

5,037

 
Schedule of Continuous Unrealized Losses on Available-For-Sale Debt Securities

The following table presents the aggregate fair value and unrealized losses on AFS debt securities in a continuous unrealized loss position:

 

 

 

March 31, 2024

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

Available-for-sale debt securities:

 

Fair value

 

 

Unrealized losses

 

 

Fair value

 

 

Unrealized losses

 

 

Fair value

 

 

Unrealized losses

 

U.S. government and agency obligations

 

$

317

 

 

$

(13

)

 

$

336

 

 

$

(74

)

 

$

653

 

 

$

(87

)

Foreign government and agency obligations

 

 

1

 

 

 

-

 

 

 

8

 

 

 

(1

)

 

 

9

 

 

 

(1

)

Municipal debt securities

 

 

-

 

 

 

-

 

 

 

2

 

 

 

(1

)

 

 

2

 

 

 

(1

)

Corporate debt securities

 

 

31

 

 

 

(3

)

 

 

339

 

 

 

(46

)

 

 

370

 

 

 

(49

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency

 

 

51

 

 

 

(1

)

 

 

49

 

 

 

(4

)

 

 

100

 

 

 

(5

)

Non-agency residential

 

 

1

 

 

 

-

 

 

 

7

 

 

 

(1

)

 

 

8

 

 

 

(1

)

Non-agency commercial

 

 

1

 

 

 

-

 

 

 

53

 

 

 

(9

)

 

 

54

 

 

 

(9

)

Asset-backed securities

 

 

17

 

 

 

-

 

 

 

58

 

 

 

(5

)

 

 

75

 

 

 

(5

)

Total available-for-sale debt securities

 

$

419

 

 

$

(17

)

 

$

852

 

 

$

(141

)

 

$

1,271

 

 

$

(158

)

 

 

 

March 31, 2023

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

Available-for-sale debt securities:

 

Fair value

 

 

Unrealized losses

 

 

Fair value

 

 

Unrealized losses

 

 

Fair value

 

 

Unrealized losses

 

U.S. government and agency obligations

 

$

90

 

 

$

(3

)

 

$

304

 

 

$

(56

)

 

$

394

 

 

$

(59

)

Foreign government and agency obligations

 

 

-

 

 

 

-

 

 

 

11

 

 

 

(2

)

 

 

11

 

 

 

(2

)

Municipal debt securities

 

 

-

 

 

 

-

 

 

 

2

 

 

 

(1

)

 

 

2

 

 

 

(1

)

Corporate debt securities

 

 

46

 

 

 

(2

)

 

 

352

 

 

 

(57

)

 

 

398

 

 

 

(59

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency

 

 

38

 

 

 

(1

)

 

 

17

 

 

 

(2

)

 

 

55

 

 

 

(3

)

Non-agency residential

 

 

-

 

 

 

-

 

 

 

8

 

 

 

(1

)

 

 

8

 

 

 

(1

)

Non-agency commercial

 

 

-

 

 

 

-

 

 

 

57

 

 

 

(8

)

 

 

57

 

 

 

(8

)

Asset-backed securities

 

 

47

 

 

 

(1

)

 

 

59

 

 

 

(6

)

 

 

106

 

 

 

(7

)

Total available-for-sale debt securities

 

$

221

 

 

$

(7

)

 

$

810

 

 

$

(133

)

 

$

1,031

 

 

$

(140

)
Schedule of Gains and Losses on Investments in Marketable Securities Presented in Our Consolidated Statement of Income

The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income:

 

 

 

 

 

 

 

 

 

 

Years ended March 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

Unrealized losses on securities for which the fair value option was elected 1

 

$

(13

)

 

$

(17

)

 

$

(41

)

Realized losses on sales

 

$

(1

)

 

$

(38

)

 

$

(4

)

 

 

 

 

 

 

 

 

 

 

Equity investments:

 

 

 

 

 

 

 

 

 

Unrealized gains (losses)

 

$

296

 

 

$

(297

)

 

$

(158

)

Realized (losses) gains on sales

 

$

(137

)

 

$

(23

)

 

$

22

 
1.
Starting in fiscal 2022, we elected the fair value option for certain debt securities.
Summary of Contractual Maturities of Available-For-Sale Debt Securities

The amortized cost and fair value by contractual maturities of available-for-sale debt securities 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, 2024

 

 

 

Amortized cost

 

 

Fair value

 

Available-for-sale debt securities:

 

 

 

 

 

 

Due within 1 year

 

$

52

 

 

$

51

 

Due after 1 year through 5 years

 

 

309

 

 

 

293

 

Due after 5 years through 10 years

 

 

471

 

 

 

442

 

Due after 10 years

 

 

449

 

 

 

360

 

Mortgage-backed and asset-backed securities 1

 

 

341

 

 

 

322

 

Total

 

$

1,622

 

 

$

1,468

 
1.
Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.