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Fair Value Measurements (Table Text Block) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
As of September 30, 2024 |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (Unaudited) |
Assets |  | (In thousands) |
Fixed maturities - available for sale |  | $ | 2,437,923 |  |  | $ | — |  |  | $ | 2,437,923 |  |  | $ | — |
Preferred stock |  |  | 21,766 |  |  |  | 21,766 |  |  |  | — |  |  |  | — |
Common stock |  |  | 41,529 |  |  |  | 41,529 |  |  |  | — |  |  |  | — |
Derivatives |  |  | 11,332 |  |  |  | 8,210 |  |  |  | 3,122 |  |  |  | — |
Total |  | $ | 2,512,550 |  |  | $ | 71,505 |  |  | $ | 2,441,045 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 1,952 |  |  | $ | — |  |  | $ | 1,952 |  |  | $ | — |
Embedded derivatives |  |  | 9,406 |  |  |  | — |  |  |  | — |  |  |  | 9,406 |
Liabilities from investment contracts |  |  | 2,389,751 |  |  |  | — |  |  |  | — |  |  |  | 2,389,751 |
Market risk benefits |  |  | 13,355 |  |  |  | — |  |  |  | — |  |  |  | 13,355 |
Total |  | $ | 2,414,464 |  |  | $ | — |  |  | $ | 1,952 |  |  | $ | 2,412,512 |
As of March 31, 2024 |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (Unaudited) |
Assets |  | (In thousands) |
Fixed maturities - available for sale |  | $ | 2,442,504 |  |  | $ | — |  |  | $ | 2,442,446 |  |  | $ | 58 |
Preferred stock |  |  | 21,260 |  |  |  | 21,260 |  |  |  | — |  |  |  | — |
Common stock |  |  | 45,014 |  |  |  | 45,014 |  |  |  | — |  |  |  | — |
Derivatives |  |  | 18,930 |  |  |  | 10,538 |  |  |  | 8,392 |  |  |  | — |
Total |  | $ | 2,527,708 |  |  | $ | 76,812 |  |  | $ | 2,450,838 |  |  | $ | 58 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Embedded derivatives |  | $ | 9,300 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,300 |
Liabilities from investment contracts |  |  | 2,290,096 |  |  |  | — |  |  |  | — |  |  |  | 2,290,096 |
Market risk benefits |  |  | 13,400 |  |  |  | — |  |  |  | — |  |  |  | 13,400 |
Total |  | $ | 2,312,796 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,312,796 |
We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented below are reported at carrying value on the consolidated balance sheets. Cash equivalents were $1,074.8 million and $1,173.6 million as of September 30, 2024 and March 31, 2024, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of mortgage loans and notes on real estate 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, and notes receivable. Limited credit risk exists on trade 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. We have mortgage loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans 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. Other investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The following represents our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy.
|  | Fair Value Hierarchy |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  | Total |
As of September 30, 2024 |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
|  | (Unaudited) |
Assets |  | (In thousands) |
Trade receivables, net |  | $ | 179,765 |  |  | $ | — |  |  | $ | — |  |  | $ | 179,765 |  |  | $ | 179,765 |
Mortgage loans, net |  |  | 623,042 |  |  |  | — |  |  |  | — |  |  |  | 592,630 |  |  |  | 592,630 |
Other investments |  |  | 12,641 |  |  |  | — |  |  |  | — |  |  |  | 12,641 |  |  |  | 12,641 |
Total |  | $ | 815,448 |  |  | $ | — |  |  | $ | — |  |  | $ | 785,036 |  |  | $ | 785,036 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes, loans and finance leases payable |  | $ | 6,794,502 |  |  | $ | — |  |  | $ | 6,371,562 |  |  | $ | — |  |  | $ | 6,371,562 |
Total |  | $ | 6,794,502 |  |  | $ | — |  |  | $ | 6,371,562 |  |  | $ | — |  |  | $ | 6,371,562 |
Financial Instruments, Carrying and Estimated fair values |
|  | Fair Value Hierarchy |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  | Total |
As of September 30, 2024 |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
|  | (Unaudited) |
Assets |  | (In thousands) |
Trade receivables, net |  | $ | 179,765 |  |  | $ | — |  |  | $ | — |  |  | $ | 179,765 |  |  | $ | 179,765 |
Mortgage loans, net |  |  | 623,042 |  |  |  | — |  |  |  | — |  |  |  | 592,630 |  |  |  | 592,630 |
Other investments |  |  | 12,641 |  |  |  | — |  |  |  | — |  |  |  | 12,641 |  |  |  | 12,641 |
Total |  | $ | 815,448 |  |  | $ | — |  |  | $ | — |  |  | $ | 785,036 |  |  | $ | 785,036 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes, loans and finance leases payable |  | $ | 6,794,502 |  |  | $ | — |  |  | $ | 6,371,562 |  |  | $ | — |  |  | $ | 6,371,562 |
Total |  | $ | 6,794,502 |  |  | $ | — |  |  | $ | 6,371,562 |  |  | $ | — |  |  | $ | 6,371,562 |
|  | Fair Value Hierarchy |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  | Total |
As of March 31, 2024 |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
|  | (Unaudited) |
Assets |  | (In thousands) |
Trade receivables, net |  | $ | 177,602 |  |  | $ | — |  |  | $ | — |  |  | $ | 177,602 |  |  | $ | 177,602 |
Mortgage loans, net |  |  | 604,481 |  |  |  | — |  |  |  | — |  |  |  | 579,767 |  |  |  | 579,767 |
Other investments |  |  | 18,917 |  |  |  | — |  |  |  | — |  |  |  | 18,917 |  |  |  | 18,917 |
Total |  | $ | 801,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 776,286 |  |  | $ | 776,286 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes, loans and finance leases payable |  | $ | 6,304,038 |  |  | $ | — |  |  | $ | 5,850,346 |  |  |  | — |  |  | $ | 5,850,346 |
Total |  | $ | 6,304,038 |  |  | $ | — |  |  | $ | 5,850,346 |  |  | $ | — |  |  | $ | 5,850,346 |

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