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Investments | 12 Months Ended
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Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract] |
Note 6. Investments | Note 6. Investments Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $16.4 million and $16.1 million at March 31, 2013 and 2012, respectively. Available-for-Sale Investments Available-for-sale investments at March 31, 2013 were as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses More than 12 Months |  | Gross Unrealized Losses Less than 12 Months |  | Estimated Market Value
|  | (In thousands)
U.S. treasury securities and government obligations | $ | 24,518 | $ | 2,749 | $ | (3 | )$ | (3 | )$ | 27,261
U.S. government agency mortgage-backed securities |  | 44,934 |  | 4,027 |  | (7 | ) | (73 | ) | 48,881
Obligations of states and political subdivisions |  | 154,692 |  | 16,056 |  | (2 | ) | (292 | ) | 170,454
Corporate securities |  | 729,677 |  | 51,596 |  | (373 | ) | (2,265 | ) | 778,635
Mortgage-backed securities |  | 6,730 |  | 282 |  | (27 | ) | - |  | 6,985
Redeemable preferred stocks |  | 23,705 |  | 751 |  | (214 | ) | (30 | ) | 24,212
Common stocks |  | 43,729 |  | 273 |  | (4,685 | ) | (407 | ) | 38,910
| $ | 1,027,985 | $ | 75,734 | $ | (5,311 | )$ | (3,070 | )$ | 1,095,338
Available-for-sale investments at March 31, 2012 were as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses More than 12 Months |  | Gross Unrealized Losses Less than 12 Months |  | Estimated Market Value
|  | (In thousands)
U.S. treasury securities and government obligations | $ | 29,152 | $ | 2,964 | $ | (18 | )$ | (9 | )$ | 32,089
U.S. government agency mortgage-backed securities |  | 48,938 |  | 4,866 |  | (1 | ) | (7 | ) | 53,796
Obligations of states and political subdivisions |  | 142,824 |  | 9,435 |  | - |  | (147 | ) | 152,112
Corporate securities |  | 445,433 |  | 33,350 |  | (619 | ) | (2,236 | ) | 475,928
Mortgage-backed securities |  | 11,572 |  | 282 |  | (38 | ) | (5 | ) | 11,811
Redeemable preferred stocks |  | 24,370 |  | 1,066 |  | (1,627 | ) | (632 | ) | 23,177
Common stocks |  | 27,736 |  | 37 |  | (9,720 | ) | (174 | ) | 17,879
| $ | 730,025 | $ | 52,000 | $ | (12,023 | )$ | (3,210 | )$ | 766,792
The tables above include gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. We sold available-for-sale securities with a fair value of $165.1 million, $141.1 million and $134.7 million in fiscal 2013, 2012 and 2011, respectively. The gross realized gains on these sales totaled $9.5 million, $5.9 million and $2.0 million in fiscal 2013, 2012 and 2011, respectively. We realized gross losses on these sales of $0.7 million, $0.2 million and $0.2 million in fiscal 2013, 2012 and 2011, respectively. The unrealized losses of more than twelve months in the tables above are considered temporary declines. The majority of this unrealized loss is related to our long term investments in 1.8 million shares of Bank of America common stock. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management's future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. We recognized other-than-temporary impairments of $0.1 million and $0.8 million in fiscal 2012 and 2011, respectively. There were no write downs in fiscal 2013. The investment portfolio primarily consists of corporate securities and U.S. government securities. We believe we monitor our investments as appropriate. Our methodology of assessing other-than-temporary impairments is based on security-specific analysis as of the balance sheet date and considers various factors including the length of time to maturity, the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. Nothing has come to management's attention that would lead to the belief that each issuer would not have the ability to meet the remaining contractual obligations of the security, including payment at maturity. We have the ability and intent not to sell its fixed maturity and common stock investments for a period of time sufficient to allow us to recover our costs. The portion of other-than-temporary impairment related to a credit loss is recognized in earnings. The significant inputs utilized in the evaluation of mortgage backed securities credit losses include ratings, delinquency rates, and prepayment activity. The significant inputs utilized in the evaluation of asset backed securities credit losses include the time frame for principal recovery and the subordination and value of the underlying collateral. Credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in other comprehensive income were as follows:
|  | Credit Loss
|  | (In thousands)
Balance at March 31, 2012 | $ | 552
Additions: |  |
Other-than-temporary impairment not previously recognized |  | -
Balance at March 31, 2013 | $ | 552
The adjusted cost and estimated market value of available-for-sale investments at March 31, 2013 and 2012, respectively, by contractual maturity, were as follows:
|  | March 31, 2013 |  | March 31, 2012
|  | Amortized Cost |  | Estimated Market Value |  | Amortized Cost |  | Estimated Market Value
|  | (In thousands)
Due in one year or less | $ | 43,658 | $ | 44,333 | $ | 40,219 | $ | 40,688
Due after one year through five years |  | 180,448 |  | 191,930 |  | 157,444 |  | 165,852
Due after five years through ten years |  | 281,546 |  | 302,188 |  | 176,694 |  | 188,225
Due after ten years |  | 448,169 |  | 486,780 |  | 291,990 |  | 319,160
|  | 953,821 |  | 1,025,231 |  | 666,347 |  | 713,925
Mortgage backed securities |  | 6,730 |  | 6,985 |  | 11,572 |  | 11,811
Redeemable preferred stocks |  | 23,705 |  | 24,212 |  | 24,370 |  | 23,177
Equity securities |  | 43,729 |  | 38,910 |  | 27,736 |  | 17,879
| $ | 1,027,985 | $ | 1,095,338 | $ | 730,025 | $ | 766,792
Investments, other The carrying value of other investments was as follows:
|  | March 31,
|  | 2013 |  | 2012
|  | (In thousands)
Mortgage loans, net | $ | 156,934 | $ | 166,249
Short-term investments |  | 43,574 |  | 50,239
Real estate |  | 20,406 |  | 20,032
Policy loans |  | 16,460 |  | 15,677
Other equity investments |  | 4,391 |  | 6,354
| $ | 241,765 | $ | 258,551
Mortgage loans are carried at the unpaid balance, less an allowance for probable losses and any unamortized premium or discount. The allowance for probable losses was $0.4 million as of March 31, 2013 and 2012. The estimated fair value of these loans as of March 31, 2013 and 2012 approximated the carrying value. These loans represent first lien mortgages held by us. Short-term investments consist primarily of investments in money market funds, mutual funds and any other investments with short-term characteristics that have original maturities of less than one year at acquisition. These investments are recorded at cost, which approximates fair value. Real estate obtained through foreclosure and held for sale is carried at the lower of fair value at time of foreclosure or current estimated fair value less cost to sell. Other equity investments are carried at cost and assessed for impairment. Insurance policy loans are carried at their unpaid balance.

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