TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)
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12 Months Ended |
Mar. 31, 2023 |
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| Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] |
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| Schedule of trading and available-for-sale securities |
As of March 31, 2023 and 2022, trading and available-for-sale securities consisted of:
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March 31, 2023 |
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March 31, 2022 |
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|
(Recasted) |
| Corporate debt |
$ |
1,269,879 |
|
|
$ |
712,134 |
|
| Non-US sovereign debt |
1,029,857 |
|
|
360,570 |
|
| Corporate equity |
65,741 |
|
|
72,354 |
|
| US sovereign debt |
45,022 |
|
|
10,435 |
|
| Exchange traded notes |
2,057 |
|
|
2,884 |
|
| Total trading securities |
$ |
2,412,556
|
|
|
$ |
1,158,377
|
|
|
|
|
|
| Corporate equity |
— |
|
|
1 |
|
| Corporate debt |
191,082 |
|
|
145,836 |
|
| Non-US sovereign debt |
40,162 |
|
|
12,997 |
|
| US sovereign debt |
7,809 |
|
|
2,530 |
|
| Total available-for-sale securities, at fair value |
$ |
239,053
|
|
|
$ |
161,364
|
|
The following tables present maturity analysis for available-for-sale securities as of March 31, 2023 and 2022:
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March 31, 2023 |
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Remaining contractual maturity of the agreements |
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Up to 1 year |
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1-5 years |
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5-10 years |
|
More than 10 years |
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Total |
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| Corporate debt |
77,006 |
|
|
82,579 |
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|
31,486 |
|
|
11 |
|
|
191,082 |
|
| Non-US sovereign debt |
— |
|
|
33,143 |
|
|
820 |
|
|
6,199 |
|
|
40,162 |
|
| US sovereign debt |
1,947 |
|
|
2,805 |
|
|
1,725 |
|
|
1,332 |
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|
7,809 |
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| Total available-for-sale securities, at fair value |
$ |
78,953
|
|
|
$ |
118,527
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|
$ |
34,031
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|
$ |
7,542
|
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|
$ |
239,053
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March 31, 2022 |
|
Remaining contractual maturity of the agreements |
|
Up to 1 year |
|
1-5 years |
|
5-10 years |
|
More than 10 years |
|
Total |
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| Corporate debt |
69,364 |
|
|
50,155 |
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|
26,284 |
|
|
33 |
|
|
145,836 |
|
| Non-US sovereign debt |
1,692 |
|
|
864 |
|
|
1,086 |
|
|
9,355 |
|
|
12,997 |
|
| US sovereign debt |
— |
|
|
— |
|
|
— |
|
|
2,530 |
|
|
2,530 |
|
| Corporate equity |
— |
|
|
— |
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|
— |
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|
1 |
|
|
1 |
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| Total available-for-sale securities, at fair value |
$ |
71,056
|
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|
$ |
51,019
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|
$ |
27,370
|
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|
$ |
11,919
|
|
|
$ |
161,364
|
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| Schedule of present securities assets at fair value |
The following tables present trading securities assets in the Consolidated Financial Statements or disclosed in the Notes to the Consolidated Financial Statements at fair value on a recurring basis as of March 31, 2023 and 2022:
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Weighted
average
interest rate
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Total |
|
Fair Value Measurements at
March 31, 2023 using
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|
Quoted Prices in Active
Markets for Identical
Assets
(Level 1) |
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Significant Other
Observable Inputs
(Level 2) |
|
Significant unobservable
units
(Level 3) |
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| Corporate debt |
15.62 |
% |
|
$ |
1,269,879 |
|
|
$ |
1,106,584 |
|
|
$ |
162,895 |
|
|
$ |
400 |
|
| Non-U.S. sovereign debt |
12.04 |
% |
|
1,029,857 |
|
|
971,762 |
|
|
54,319 |
|
|
3,776 |
|
| Corporate equity |
— |
|
|
65,741 |
|
|
62,971 |
|
|
1,808 |
|
|
962 |
|
| U.S. sovereign debt |
4.22 |
% |
|
45,022 |
|
|
45,022 |
|
|
— |
|
|
— |
|
| Exchange traded notes |
— |
|
|
2,057 |
|
|
447 |
|
|
1,610 |
|
|
— |
|
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| Total trading securities |
|
|
$ |
2,412,556
|
|
|
$ |
2,186,786
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|
$ |
220,632
|
|
|
$ |
5,138
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| Corporate debt |
15.78 |
% |
|
191,082 |
|
|
129,504 |
|
|
61,578 |
|
|
— |
|
| Non-U.S. sovereign debt |
13.64 |
% |
|
40,162 |
|
|
39,624 |
|
|
538 |
|
|
— |
|
| U.S. sovereign debt |
4.24 |
% |
|
7,809 |
|
|
7,809 |
|
|
— |
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|
— |
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| Total available-for-sale securities, at fair value |
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|
$ |
239,053
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|
$ |
176,937
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$ |
62,116
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|
$ |
—
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Weighted
average
interest rate
|
|
Total |
|
Fair Value Measurements at
March 31, 2022 (Recasted) using
|
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|
|
Quoted Prices in Active
Markets for Identical
Assets
(Level 1) |
|
Significant Other
Observable Inputs
(Level 2) |
|
Significant unobservable
units
(Level 3) |
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| Corporate debt |
9.09 |
% |
|
$ |
712,134 |
|
|
$ |
711,539 |
|
|
$ |
— |
|
|
$ |
595 |
|
| Non-U.S. sovereign debt |
13.15 |
% |
|
360,570 |
|
|
352,274 |
|
|
— |
|
|
8,296 |
|
| Corporate equity |
— |
|
|
72,354 |
|
|
71,827 |
|
|
276 |
|
|
251 |
|
| U.S. sovereign debt |
2.35 |
% |
|
10,435 |
|
|
10,435 |
|
|
— |
|
|
— |
|
| Exchange traded notes |
— |
|
|
2,884 |
|
|
2,884 |
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|
— |
|
|
— |
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|
|
|
|
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| Total trading securities |
|
|
$ |
1,158,377
|
|
|
$ |
1,148,959
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|
|
$ |
276
|
|
|
$ |
9,142
|
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| Corporate equity |
— |
|
|
$ |
1 |
|
|
— |
|
|
— |
|
|
1 |
|
| Corporate debt |
11.09 |
% |
|
145,836 |
|
|
145,836 |
|
|
— |
|
|
— |
|
| Non-U.S. sovereign debt |
5.51 |
% |
|
12,997 |
|
|
12,997 |
|
|
— |
|
|
— |
|
| U.S. sovereign debt |
2.17 |
% |
|
2,530 |
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|
2,530 |
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|
— |
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|
— |
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| Total available-for-sale securities, at fair value |
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|
$ |
161,364
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|
$ |
161,363
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|
$ |
—
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|
$ |
1
|
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| Schedule of valuation techniques and significant level 3 inputs |
The table below presents the Valuation Techniques and Significant Level 3 Inputs used in the valuation as of March 31, 2023 and 2022. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to determination of fair value.
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| Type |
|
Valuation
Technique
|
|
FV as of March 31, 2023 |
|
Significant Unobservable Inputs |
|
% |
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| Corporate equity |
|
DCF |
|
$ |
961 |
|
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Discount rate |
|
58.8% |
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Estimated number of years |
|
9 years |
| Corporate debt |
|
DCF |
|
$ |
399 |
|
|
Discount rate |
|
74.0% |
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|
|
|
|
Estimated number of years |
|
3 months |
| Non-US sovereign debt |
|
DCF |
|
$ |
3,778 |
|
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Discount rate |
|
48.8% |
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Estimated number of years |
|
11 years |
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$ |
5,138
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| Type |
|
Valuation
Technique
|
|
FV as of March 31, 2022 |
|
Significant Unobservable Inputs |
|
% |
|
|
|
|
|
|
|
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| Corporate equity |
|
DCF |
|
$ |
251 |
|
|
Discount rate |
|
20.0% |
|
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|
|
|
|
Estimated number of years |
|
9 years |
| Corporate debt |
|
DCF |
|
$ |
595 |
|
|
Discount rate |
|
45.0% |
|
|
|
|
|
|
Estimated number of years |
|
3 months |
| Non-US sovereign debt |
|
DCF |
|
$ |
7,524 |
|
|
Discount rate |
|
69.0% |
|
|
|
|
|
|
Estimated number of years |
|
11 years |
| Non-US sovereign debt |
|
DCF |
|
$ |
772 |
|
|
Discount rate |
|
13.9% |
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Estimated number of years |
|
1 year |
|
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|
$ |
9,142
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The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended March 31, 2023:
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Trading
securities |
| Balance as of March 31, 2021 (Recasted) |
$ |
19,033
|
|
| |
|
| Reclassification to level 3 |
682 |
|
| Reclassification to level 1 |
(18,371) |
|
| Purchase of investments that use Level 3 inputs |
10,812 |
|
| Revaluation of investments that use Level 3 inputs |
(3,014) |
|
Balance as of March 31, 2022 (Recasted) |
$ |
9,142
|
|
| |
|
| Reclassification to level 2 |
(1,339) |
|
| Sale of investments that use Level 3 inputs |
(5,213) |
|
| Purchase of investments that use Level 3 inputs |
2,604 |
|
| Revaluation of investments that use Level 3 inputs |
(56) |
|
Balance as of March 31, 2023 |
$ |
5,138
|
|
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| Schedule of amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities |
The table below presents the amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities as of March 31, 2023 and 2022:
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March 31, 2023 |
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Assets measured at amortized cost |
|
Recognized impairment loss in Income Statement |
|
Unrealized gain/(loss) accumulated in other comprehensive
income/(loss) |
|
Assets
measured at
fair value |
|
Maturity Date |
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|
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|
|
|
| Corporate debt |
|
$ |
192,167 |
|
|
$ |
(402) |
|
|
$ |
(683) |
|
|
$ |
191,082 |
|
|
2023 - 2035 |
| Non-US sovereign debt |
|
42,456 |
|
|
— |
|
|
(2,294) |
|
|
40,162 |
|
|
2024 - indefinite |
| U.S. sovereign debt |
|
8,391 |
|
|
— |
|
|
(582) |
|
|
7,809 |
|
|
2023 - 2044 |
| Total available-for-sale securities, at fair value |
|
$ |
243,014
|
|
|
$ |
(402) |
|
|
$ |
(3,559) |
|
|
$ |
239,053
|
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March 31, 2022 (Recasted) |
|
|
Assets measured at amortized cost |
|
Unrealized gain/(loss) accumulated in other comprehensive
income/(loss) |
|
Assets
measured at
fair value |
|
Maturity Date |
|
|
|
|
|
|
|
|
|
| Corporate debt |
|
$ |
146,111 |
|
|
$ |
(275) |
|
|
$ |
145,836 |
|
|
2022 - 2035 |
| Non-US sovereign debt |
|
13,784 |
|
|
(787) |
|
|
12,997 |
|
|
2022 - indefinite |
| U.S. sovereign debt |
|
2,912 |
|
|
(382) |
|
|
2,530 |
|
|
2044 |
| Corporate equity |
|
1 |
|
|
— |
|
|
1 |
|
|
not applicable |
| Total available-for-sale securities, at fair value |
|
$ |
162,808
|
|
|
$ |
(1,444) |
|
|
$ |
161,364
|
|
|
|
|