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TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)

12 Months Ended

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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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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