XML 36 R28.htm IDEA: XBRL DOCUMENT v3.25.1
Cash and Cash Equivalents and Investments in Marketable Securities (Tables)
 12 Months Ended
Mar. 31, 2025
Marketable Securities [Abstract]  
Summary of Investments in Marketable Securities

Investments in marketable securities consisted of the following:

 

 

 

March 31, 2025

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

824

 

 

$

2

 

 

$

(83

)

 

$

743

 

Foreign government and agency obligations

 

 

21

 

 

 

-

 

 

 

(1

)

 

 

20

 

Municipal debt securities

 

 

8

 

 

 

1

 

 

 

(1

)

 

 

8

 

Commercial paper

 

 

15

 

 

 

-

 

 

 

-

 

 

 

15

 

Corporate debt securities

 

 

488

 

 

 

2

 

 

 

(40

)

 

 

450

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

146

 

 

 

-

 

 

 

(5

)

 

 

141

 

Non-agency residential

 

 

12

 

 

 

-

 

 

 

(1

)

 

 

11

 

Non-agency commercial

 

 

50

 

 

 

-

 

 

 

(5

)

 

 

45

 

Asset-backed securities

 

 

136

 

 

 

1

 

 

 

(3

)

 

 

134

 

Total available-for-sale debt securities

 

$

1,700

 

 

$

6

 

 

$

(139

)

 

$

1,567

 

Equity investments

 

 

 

 

 

 

 

 

 

 

 

3,014

 

Total investments in marketable securities

 

 

 

 

 

 

 

 

 

 

$

4,581

 

 

 

 

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

 
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, 2025

 

 

 

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

 

$

104

 

 

$

(1

)

 

$

534

 

 

$

(82

)

 

$

638

 

 

$

(83

)

Foreign government and agency obligations

 

 

7

 

 

 

-

 

 

 

6

 

 

 

(1

)

 

 

13

 

 

 

(1

)

Municipal debt securities

 

 

-

 

 

 

-

 

 

 

2

 

 

 

(1

)

 

 

2

 

 

 

(1

)

Corporate debt securities

 

 

42

 

 

 

(1

)

 

 

288

 

 

 

(39

)

 

 

330

 

 

 

(40

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency

 

 

68

 

 

 

(1

)

 

 

37

 

 

 

(4

)

 

 

105

 

 

 

(5

)

Non-agency residential

 

 

1

 

 

 

-

 

 

 

7

 

 

 

(1

)

 

 

8

 

 

 

(1

)

Non-agency commercial

 

 

3

 

 

 

-

 

 

 

41

 

 

 

(5

)

 

 

44

 

 

 

(5

)

Asset-backed securities

 

 

37

 

 

 

-

 

 

 

41

 

 

 

(3

)

 

 

78

 

 

 

(3

)

Total available-for-sale debt securities

 

$

262

 

 

$

(3

)

 

$

956

 

 

$

(136

)

 

$

1,218

 

 

$

(139

)

 

 

 

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

)
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,

 

 

 

2025

 

 

2024

 

 

2023

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on securities
     for which the fair value option was elected

 

$

9

 

 

$

(13

)

 

$

(17

)

Realized losses on sales, net

 

$

(5

)

 

$

(1

)

 

$

(38

)

 

 

 

 

 

 

 

 

 

 

Equity investments:

 

 

 

 

 

 

 

 

 

Unrealized gains (losses)

 

$

142

 

 

$

296

 

 

$

(297

)

Realized losses on sales, net

 

$

(56

)

 

$

(137

)

 

$

(23

)

 
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, 2025

 

 

 

Amortized cost

 

 

Fair value

 

Available-for-sale debt securities:

 

 

 

 

 

 

Due within 1 year

 

$

103

 

 

$

103

 

Due after 1 year through 5 years

 

 

365

 

 

 

354

 

Due after 5 years through 10 years

 

 

436

 

 

 

421

 

Due after 10 years

 

 

452

 

 

 

358

 

Mortgage-backed and asset-backed securities 1

 

 

344

 

 

 

331

 

Total

 

$

1,700

 

 

$

1,567

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