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Investments | 6 Months Ended
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Sep. 30, 2017
Investments Debt Equity Securities [Abstract] |
3. 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 regulato ry authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $28.2 million and $16.8 million at September 30, 2017 and March 31, 2017, respectively. Available-for-Sale Investments Available-for-sale investments at September 30, 2017 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
|  | (Unaudited)
|  | (In thousands)
U.S. treasury securities and government obligations | $ | 123,503 | $ | 3,468 | $ | – | $ | (1,176) | $ | 125,795
U.S. government agency mortgage-backed securities |  | 26,812 |  | 1,355 |  | (2) |  | (2) |  | 28,163
Obligations of states and political subdivisions |  | 174,665 |  | 10,626 |  | (10) |  | (223) |  | 185,058
Corporate securities |  | 1,332,938 |  | 48,148 |  | (3,786) |  | (3,631) |  | 1,373,669
Mortgage-backed securities |  | 89,858 |  | 1,958 |  | – |  | – |  | 91,816
Redeemable preferred stocks |  | 13,789 |  | 539 |  | – |  | (25) |  | 14,303
Common stocks |  | 15,732 |  | 9,242 |  | (10) |  | – |  | 24,964
| $ | 1,777,297 | $ | 75,336 | $ | (3,808) | $ | (5,057) | $ | 1,843,768
Available-for-sale investments at March 31, 2017 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 | $ | 123,474 | $ | 2,892 | $ | – | $ | (1,675) | $ | 124,691
U.S. government agency mortgage-backed securities |  | 27,908 |  | 1,070 |  | (6) |  | (377) |  | 28,595
Obligations of states and political subdivisions |  | 159,417 |  | 9,466 |  | (23) |  | (424) |  | 168,436
Corporate securities |  | 1,263,703 |  | 32,901 |  | (5,731) |  | (13,837) |  | 1,277,036
Mortgage-backed securities |  | 26,577 |  | 515 |  | – |  | (5) |  | 27,087
Redeemable preferred stocks |  | 13,789 |  | 168 |  | – |  | (468) |  | 13,489
Common stocks |  | 15,732 |  | 8,728 |  | (10) |  | (16) |  | 24,434
| $ | 1,630,600 | $ | 55,740 | $ | (5,770) | $ | (16,802) | $ | 1,663,768
The available-for-sale tables include gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time t hat individual securities have been in a continuous unrealized loss position. We sold available-for-sale securities with a fair value of $68.5 million during the first six months of fiscal 2018. The gross realized gains on these sales totaled $2.6 million. The gross realized losses on these sales totaled $0.1 million. The unrealized losses of more than twelve months in the available-for-sale tables are considered temporary declines. We track each investment with an unrealized loss and evaluate it on an indi vidual 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 managemen t to be other-than-temporary and we recognize these write-downs, if any, through earnings. There were no write downs in the second quarter or for the first six months of fiscal 2018 or 2017. The investment portfolio primarily consists of corporate securiti es and obligations of states and political subdivisions. 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 v arious 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 int erest 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 abi lity and intent not to sell our 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 fo r principal recovery and the subordination and value of the underlying collateral. There were no credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive income (loss) for the second quarter or first six months of fiscal 2018 and fiscal 2017, respectively. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:
|  | September 30, 2017 |  | March 31, 2017
|  | Amortized Cost |  | Estimated Market Value |  | Amortized Cost |  | Estimated Market Value
|  | (Unaudited) |  |
|  | (In thousands)
Due in one year or less | $ | 40,057 | $ | 40,428 | $ | 35,399 | $ | 35,795
Due after one year through five years |  | 366,506 |  | 377,028 |  | 324,286 |  | 333,016
Due after five years through ten years |  | 609,614 |  | 628,689 |  | 598,232 |  | 607,184
Due after ten years |  | 641,741 |  | 666,540 |  | 616,585 |  | 622,763
|  | 1,657,918 |  | 1,712,685 |  | 1,574,502 |  | 1,598,758
Mortgage backed securities |  | 89,858 |  | 91,816 |  | 26,577 |  | 27,087
Redeemable preferred stocks |  | 13,789 |  | 14,303 |  | 13,789 |  | 13,489
Common stocks |  | 15,732 |  | 24,964 |  | 15,732 |  | 24,434
| $ | 1,777,297 | $ | 1,843,768 | $ | 1,630,600 | $ | 1,663,768

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
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