| Trading and Available-For-Sale Securities at Fair Value |
As of March 31, 2018, and March 31, 2017, trading securities consisted
of:
| |
|
March 31,
2018
|
|
|
March 31,
2017 (Recast)
|
|
| |
|
|
|
|
|
|
| Equity securities |
|
$ |
177,063 |
|
|
$ |
71,697 |
|
| Debt securities |
|
|
34,986 |
|
|
|
9,877 |
|
| Mutual investment funds |
|
|
270 |
|
|
|
1 |
|
| Total trading securities |
|
$ |
212,319 |
|
|
$ |
81,575 |
|
| |
|
|
|
|
|
|
|
|
| Equity securities |
|
$ |
2 |
|
|
$ |
2 |
|
| Total available- for-sale securities, at fair value |
|
$ |
2 |
|
|
$ |
2 |
|
The Company recognized no other than temporary impairment in accumulated
other comprehensive income.
The fair value of assets and liabilities is determined using observable
market data based on recent trading activity. Where observable market data is unavailable due to a lack of trading activity, the
Company utilizes internally developed models to estimate fair value and independent third parties to validate assumptions, when
appropriate. Estimating fair value requires significant management judgment, including benchmarking to similar instruments with
observable market data and applying appropriate discounts that reflect differences between the securities that the Company is valuing
and the selected benchmark. Depending on the type of securities owned by the Company, other valuation methodologies may be required.
Measurement of fair value is classified within a hierarchy based
upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon
the lowest level of input that is significant to the fair value measurement.
The valuation hierarchy contains three levels:
| ● |
Level 1 - Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets. |
| ● |
Level 2 - Valuation inputs are quoted market prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets, and other observable inputs directly or indirectly related to the asset or liability being measured. |
| ● |
Level 3 - Valuation inputs are unobservable and significant to the fair value measurement. |
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, 2018 and March 31, 2017:
| |
|
|
|
|
Fair Value Measurements at |
|
| |
|
|
|
|
March 31, 2018 using |
|
| |
|
|
|
|
Quoted Prices in Active Markets for Identical Assets |
|
|
Significant Other Observable Inputs |
|
|
Significant unobservable units |
|
| |
|
March 31, 2018 |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity securities |
|
$ |
177,063 |
|
|
$ |
177,063 |
|
|
$ |
- |
|
|
$ |
- |
|
| Debt securities |
|
|
34,986 |
|
|
|
34,986 |
|
|
|
- |
|
|
|
- |
|
| Mutual investment funds |
|
|
270 |
|
|
|
270 |
|
|
|
- |
|
|
|
- |
|
| Total trading securities |
|
$ |
212,319 |
|
|
$ |
212,319 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
Fair Value Measurements at |
|
| |
|
|
|
|
March 31, 2017
(recast) using |
|
| |
|
|
|
|
Quoted Prices in Active Markets for Identical Assets |
|
|
Significant Other Observable Inputs |
|
|
Significant unobservable units |
|
| |
|
March 31, 2017 (Recast) |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity securities |
|
$ |
71,697 |
|
|
$ |
71,697 |
|
|
$ |
- |
|
|
$ |
- |
|
| Debt securities |
|
|
9,877 |
|
|
|
9,663 |
|
|
|
214 |
|
|
|
- |
|
| Mutual investment funds |
|
|
1 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
| Total trading securities |
|
$ |
81,575 |
|
|
$ |
81,361 |
|
|
$ |
214 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31, 2018 |
|
| |
|
Assets measured at amortized cost |
|
|
Unrealized gain accumulated in other comprehensive income |
|
|
Assets measured at fair value |
|
| |
|
|
|
|
|
|
|
|
|
| Equity securities |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Available-for-sale securities, at fair value |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
2 |
|
| |
|
March 31, 2017 (Recast) |
|
| |
|
Assets measured at amortized cost |
|
|
Unrealized gain accumulated in other comprehensive income |
|
|
Assets measured at fair value |
|
| |
|
|
|
| Equity securities |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Available-for-sale securities, at fair value |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
2 |
|
As of March 31, 2018, approximately $105,000
worth of the Company’s our proprietary trading account was invested in the securities of a single company. This represents
approximately 49% of the Company’s proprietary portfolio.
|