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v3.23.2

TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables) | 12 Months Ended
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Mar. 31, 2023
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] |
Schedule of trading and available-for-sale securities | As of March 31, 2023 and 2022, trading and available-for-sale securities consisted of:
| March 31, 2023 |  | March 31, 2022
|  |  | (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:
| March 31, 2023
| Remaining contractual maturity of the agreements
| Up to 1 year |  | 1-5 years |  | 5-10 years |  | More than 10 years |  | Total
Corporate debt | 77,006 |  |  | 82,579 |  |  | 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 |  |  | 7,809 |
Total available-for-sale securities, at fair value | $ | 78,953 |  |  | $ | 118,527 |  |  | $ | 34,031 |  |  | $ | 7,542 |  |  | $ | 239,053 |
| March 31, 2022
| Remaining contractual maturity of the agreements
| Up to 1 year |  | 1-5 years |  | 5-10 years |  | More than 10 years |  | Total
Corporate debt | 69,364 |  |  | 50,155 |  |  | 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 | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Total available-for-sale securities, at fair value | $ | 71,056 |  |  | $ | 51,019 |  |  | $ | 27,370 |  |  | $ | 11,919 |  |  | $ | 161,364 |
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:
| Weighted average interest rate |  | Total |  | Fair Value Measurements at March 31, 2023 using
|  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant unobservable units (Level 3)
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 |  |  | — |
Total trading securities |  |  | $ | 2,412,556 |  |  | $ | 2,186,786 |  |  | $ | 220,632 |  |  | $ | 5,138 |
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 |  |  | — |  |  | — |
Total available-for-sale securities, at fair value |  |  | $ | 239,053 |  |  | $ | 176,937 |  |  | $ | 62,116 |  |  | $ | — |
| Weighted average interest rate |  | Total |  | Fair Value Measurements at March 31, 2022 (Recasted) using
|  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant unobservable units (Level 3)
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 |  |  | — |  |  | — |
Total trading securities |  |  | $ | 1,158,377 |  |  | $ | 1,148,959 |  |  | $ | 276 |  |  | $ | 9,142 |
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 |  |  | 2,530 |  |  | — |  |  | — |
Total available-for-sale securities, at fair value |  |  | $ | 161,364 |  |  | $ | 161,363 |  |  | $ | — |  |  | $ | 1 |
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.
Type |  | Valuation Technique |  | FV as of March 31, 2023 |  | Significant Unobservable Inputs |  | %
Corporate equity |  | DCF |  | $ | 961 |  |  | Discount rate |  | 58.8%
|  |  |  |  |  | Estimated number of years |  | 9 years
Corporate debt |  | DCF |  | $ | 399 |  |  | Discount rate |  | 74.0%
|  |  |  |  |  | Estimated number of years |  | 3 months
Non-US sovereign debt |  | DCF |  | $ | 3,778 |  |  | Discount rate |  | 48.8%
|  |  |  |  |  | Estimated number of years |  | 11 years
|  |  |  | $ | 5,138 |  |  |  |  |
Type |  | Valuation Technique |  | FV as of March 31, 2022 |  | Significant Unobservable Inputs |  | %
Corporate equity |  | DCF |  | $ | 251 |  |  | Discount rate |  | 20.0%
|  |  |  |  |  | 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%
|  |  |  |  |  | Estimated number of years |  | 1 year
|  |  |  | $ | 9,142 |  |  |  |  |
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:
| 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 |
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:
| March 31, 2023 |  |
|  | 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
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 |  |  |
| 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 |  |  |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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