XML 33 R21.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Fair Value Measurements | 9 Months Ended
--- | ---
Dec. 31, 2016
Fair Value Disclosures Abstract |
14. Fair Value Measurements | Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short term investments, investments available-for-sale, long term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on t rade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. W e have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from indivi dual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. Th e carrying amount of long term debt and short term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity. Other investm ents including short term investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. Certain assets and liabilities are recorded at fair value on the co ndensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 - Fair Value Measurements and Disclosure (“ASC 820”) requires that financial assets and liabilities recorded at fair value be class ified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices for identical or sim ilar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs t hat are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflec t management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair valu e measurement. The following tables represent the financial assets and liabilities on the condensed consolidated balance sheet at December 31, 2016 and March 31, 2016, that are subject to ASC 820 and the valuation approach applied to each of these items.
As of December 31, 2016 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (Unaudited)
|  | (In thousands)
Assets |  |  |  |  |  |  |  |
Short-term investments | $ | 886,301 | $ | 886,100 | $ | 201 | $ | –
Fixed maturities - available for sale |  | 1,659,324 |  | 98,330 |  | 1,560,662 |  | 332
Preferred stock |  | 15,036 |  | 15,036 |  | – |  | –
Common stock |  | 26,221 |  | 26,221 |  | – |  | –
Derivatives |  | 4,119 |  | 4,119 |  | – |  | –
Total | $ | 2,591,001 | $ | 1,029,806 | $ | 1,560,863 | $ | 332
Liabilities |  |  |  |  |  |  |  |
Guaranteed residual values of TRAC leases | $ | – | $ | – | $ | – | $ | –
Derivatives |  | 6,785 |  | – |  | 6,785 |  | –
Total | $ | 6,785 | $ | – | $ | 6,785 | $ | –
As o f March 31, 2016 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Assets |  |  |  |  |  |  |  |
Short-term investments | $ | 499,491 | $ | 499,288 | $ | 203 | $ | –
Fixed maturities - available for sale |  | 1,466,941 |  | 96,328 |  | 1,370,275 |  | 338
Preferred stock |  | 18,428 |  | 18,428 |  | – |  | –
Common stock |  | 25,169 |  | 25,169 |  | – |  | –
Derivatives |  | 3,344 |  | 3,344 |  | – |  | –
Total | $ | 2,013,373 | $ | 642,557 | $ | 1,370,478 | $ | 338
Liabilities |  |  |  |  |  |  |  |
Guaranteed residual values of TRAC leases | $ | – | $ | – | $ | – | $ | –
Derivatives |  | 14,845 |  | – |  | 14,845 |  | –
Total | $ | 14,845 | $ | – | $ | 14,845 | $ | –
Th e following table represents the fair value measurements for our assets at December 31, 2016 using significant unobservable inputs (Level 3).
|  | Fixed Maturities - Asset Backed Securities
|  | (Unaudited)
|  | (In thousands)
Balance at March 31, 2016 | $ | 338
Fixed Maturities - Asset Backed Securities - redeemed |  | (10)
Fixed Maturities - Asset Backed Securities - net gain (realized) |  | –
Fixed Maturities - Asset Backed Securities - net loss (unrealized) |  | 4
Balance at December 31, 2016 | $ | 332

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration