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Investments | 3 Months Ended
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Jun. 30, 2023
Investments Debt Equity Securities [Abstract] |
3. Investments | We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 21.4 million and $ 23.4 million as of March 31, 2023 and December 31, 2022, respectively. Available-for-Sale Investments Available-for-sale investments as of June 30, 2023 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Allowance for Expected Credit Losses Fair Market Value (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 128,050 $ 391 $ (7,620) $ (1,973) $ – $ 118,848 U.S. government agency mortgage-backed securities 33,769 55 (6,810) (62) – 26,952 Obligations of states and political subdivisions 159,833 1,060 (6,024) (2,788) – 152,081 Corporate securities 1,987,107 2,253 (147,453) (39,283) (1,646) 1,800,978 Mortgage-backed securities 359,413 83 (47,653) (3,476) – 308,367 $ 2,668,172 $ 3,842 $ (215,560) $ (47,582) $ (1,646) $ 2,407,226 Available-for-sale investments as of March 31, 2023 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Allowance for Expected Credit Losses Fair Market Value (In thousands) U.S. treasury securities and government obligations $ 353,189 $ 3,061 $ (7,639) $ (3,935) $ – $ 344,676 U.S. government agency mortgage-backed securities 34,126 40 (6,707) (228) – 27,231 Obligations of states and political subdivisions 161,960 649 (4,014) (8,090) – 150,505 Corporate securities 2,086,432 1,491 (60,224) (156,365) (2,101) 1,869,233 Mortgage-backed securities 370,880 78 (40,359) (13,207) – 317,392 $ 3,006,587 $ 5,319 $ (118,943) $ (181,825) $ (2,101) $ 2,709,037 We sold available-for-sale securities with a fair value of $ 113.0 million and $54.1 million during the first quarter of fiscal 2024 and fiscal 2023, respectively. The gross realized gains on these sales totaled $0.9 million and $0.3 million during the first quarter of fiscal 2024 and fiscal 2023, respectively. The gross realized losses on these sales totaled $0.5 million and $0.1 million during the first quarter of fiscal 2024 and fiscal 2023, respectively. In the first quarter of fiscal 2024 we received $ 225.0 million from the Moving and Storage Treasuries that matured. For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a ($ 0.5 ) million and a $17 thousand net impairment charge recorded in the first quarter ended June 30, 2023 and 2023, respectively. 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. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows: June 30, 2023 March 31, 2023 Cost Amortized Fair Value Cost Amortized Fair Value (Unaudited) (In thousands) Due in one year or less $ 134,115 $ 130,997 $ 354,875 $ 354,184 Due after one year through five years 734,777 698,857 754,175 717,552 Due after five years through ten years 699,066 637,939 736,089 665,708 Due after ten years 740,801 631,066 790,568 654,201 2,308,759 2,098,859 2,635,707 2,391,645 Mortgage-backed securities 359,413 308,367 370,880 317,392 $ 2,668,172 $ 2,407,226 $ 3,006,587 $ 2,709,037 Equity investments of common stock and non-redeemable preferred stock were as follows: June 30, 2023 March 31, 2023 Cost Amortized Fair Value Cost Amortized Fair Value (Unaudited) (In thousands) Common stocks $ 29,613 $ 41,730 $ 29,577 $ 39,375 Non-redeemable preferred stocks 25,144 20,556 26,054 21,982 $ 54,757 $ 62,286 $ 55,631 $ 61,357 Investments, other The carrying value of the other investments was as follows: June 30, March 31, 2023 2023 (Unaudited) (In thousands) Mortgage loans, net $ 510,307 $ 466,531 Short-term investments 13,490 15,921 Real estate 72,257 72,178 Policy loans 10,852 10,921 Other equity investments 13,234 9,989 $ 620,140 $ 575,540

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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