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Trading Securities | 9 Months Ended
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Dec. 31, 2018
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] |
Trading Securities | As of December 31, 2018, and March 31, 2018, trading securities consisted of:
|  | December 31, 2018 |  |  | March 31, 2018 (Recast) |
Equity securities |  | $ | 96,778 |  |  | $ | 177,339 |
Debt securities |  |  | 57,529 |  |  |  | 34,986 |
Mutual investment funds |  |  | 235 |  |  |  | 270 |
Total trading securities |  | $ | 154,542 |  |  | $ | 212,595 |
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.
There was a transfer between Level 1 and Level 3 valuation techniques during the three and nine months ended December 31, 2018, in the amount of $508. This transfer is related to corporate bonds of one issuer, which was made due to an absence of market prices from stock exchanges. As of December 31, 2018, fair value of these bonds was determined based on the discounted cash flows methodology. The following tables present trading securities assets in the condensed consolidated financial statements at fair value on a recurring basis as of December 31, 2018 and March 31, 2018:
|  |  |  |  | Fair Value Measurements at December 31, 2018 using |
|  | December 31, |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | 2018 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Equity securities |  | $ | 96,778 |  |  | $ | 96,778 |  |  | $ | - |  |  | $ | - |
Debt securities |  |  | 57,529 |  |  |  | 57,021 |  |  |  | - |  |  |  | 508 |
Mutual investment funds |  |  | 235 |  |  |  | 235 |  |  |  | - |  |  |  | - |
Total trading securities |  | $ | 154,542 |  |  | $ | 154,034 |  |  | $ | - |  |  | $ | 508 |
|  |  |  |  | Fair Value Measurements at March 31, 2018 (Recast) using |
|  | March 31, 2018 |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | (Recast) |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Equity securities |  | $ | 177,339 |  |  | $ | 177,339 |  |  | $ | - |  |  | $ | - |
Debt securities |  |  | 34,986 |  |  |  | 34,986 |  |  |  | - |  |  |  | - |
Mutual investment funds |  |  | 270 |  |  |  | 270 |  |  |  | - |  |  |  | - |
Total trading securities |  | $ | 212,595 |  |  | $ | 212,595 |  |  | $ | - |  |  | $ | - |

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