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Investments (Table Text Block) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Mar. 31, 2024
Investments Debt Equity Securities [Abstract] |  |
Available for sale investments |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Expected Credit Losses |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
U.S. treasury securities and government obligations |  | $ | 150,029 |  |  | $ | 208 |  |  | $ | (9,348 | ) |  | $ | — |  |  | $ | 140,889 |
U.S. government agency mortgage-backed securities |  |  | 45,374 |  |  |  | 107 |  |  |  | (8,255 | ) |  |  | — |  |  |  | 37,226 |
Obligations of states and political subdivisions |  |  | 142,067 |  |  |  | 197 |  |  |  | (9,098 | ) |  |  | — |  |  |  | 133,166 |
Corporate securities |  |  | 1,943,081 |  |  |  | 1,271 |  |  |  | (171,608 | ) |  |  | (2,814 | ) |  |  | 1,769,930 |
Mortgage-backed securities |  |  | 402,279 |  |  |  | 150 |  |  |  | (45,717 | ) |  |  | — |  |  |  | 356,712 |
|  | $ | 2,682,830 |  |  | $ | 1,933 |  |  | $ | (244,026 | ) |  | $ | (2,814 | ) |  | $ | 2,437,923 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Expected Credit Losses |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
U.S. treasury securities and government obligations |  | $ | 191,070 |  |  | $ | 2,123 |  |  | $ | (8,921 | ) |  | $ | — |  |  | $ | 184,272 |
U.S. government agency mortgage-backed securities |  |  | 48,067 |  |  |  | 250 |  |  |  | (7,664 | ) |  |  | — |  |  |  | 40,653 |
Obligations of states and political subdivisions |  |  | 151,197 |  |  |  | 918 |  |  |  | (7,533 | ) |  |  | — |  |  |  | 144,582 |
Corporate securities |  |  | 1,963,249 |  |  |  | 2,762 |  |  |  | (152,799 | ) |  |  | (1,052 | ) |  |  | 1,812,160 |
Mortgage-backed securities |  |  | 306,510 |  |  |  | 34 |  |  |  | (45,707 | ) |  |  | — |  |  |  | 260,837 |
|  | $ | 2,660,093 |  |  | $ | 6,087 |  |  | $ | (222,624 | ) |  | $ | (1,052 | ) |  | $ | 2,442,504 |
Available for sale investments, unrealized losses, fair value |
|  |  | September 30, 2024 |
|  |  | Less than or equal to 1 year |  |  |  | Greater than 1 year |  |  |  | Total |
|  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |
|  |  | (Unaudited) |
|  |  | (In thousands) |
U.S. treasury securities and government obligations |  |  | $ | 39,648 |  |  |  | $ | (35 | ) |  |  | $ | 97,088 |  |  |  | $ | (9,313 | ) |  |  | $ | 136,736 |  |  |  | $ | (9,348 | )
U.S. government agency mortgage-backed securities |  |  |  | — |  |  |  |  | — |  |  |  |  | 22,087 |  |  |  |  | (8,255 | ) |  |  |  | 22,087 |  |  |  |  | (8,255 | )
Obligations of states and political subdivisions |  |  |  | 37,607 |  |  |  |  | (676 | ) |  |  |  | 79,068 |  |  |  |  | (8,422 | ) |  |  |  | 116,675 |  |  |  |  | (9,098 | )
Corporate securities |  |  |  | 208,344 |  |  |  |  | (1,953 | ) |  |  |  | 1,475,083 |  |  |  |  | (169,655 | ) |  |  |  | 1,683,427 |  |  |  |  | (171,608 | )
Mortgage-backed securities |  |  |  | 58,938 |  |  |  |  | (177 | ) |  |  |  | 234,037 |  |  |  |  | (45,540 | ) |  |  |  | 292,975 |  |  |  |  | (45,717 | )
|  |  | $ | 344,537 |  |  |  | $ | (2,841 | ) |  |  | $ | 1,907,363 |  |  |  | $ | (241,185 | ) |  |  | $ | 2,251,900 |  |  |  | $ | (244,026 | )
|  |  | March 31, 2024 |
|  |  | Less than or equal to 1 year |  |  |  | Greater than 1 year |  |  |  | Total |
|  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |  |  |  | Fair Value |  |  |  | Unrealized Losses |
|  |  | (Unaudited) |
|  |  | (In thousands) |
U.S. treasury securities and government obligations |  |  | $ | 1,888 |  |  |  | $ | (13 | ) |  |  | $ | 103,336 |  |  |  | $ | (8,908 | ) |  |  | $ | 105,224 |  |  |  | $ | (8,921 | )
U.S. government agency mortgage-backed securities |  |  |  | — |  |  |  |  | — |  |  |  |  | 23,711 |  |  |  |  | (7,664 | ) |  |  |  | 23,711 |  |  |  |  | (7,664 | )
Obligations of states and political subdivisions |  |  |  | 10,492 |  |  |  |  | (222 | ) |  |  |  | 80,082 |  |  |  |  | (7,311 | ) |  |  |  | 90,574 |  |  |  |  | (7,533 | )
Corporate securities |  |  |  | 132,513 |  |  |  |  | (1,258 | ) |  |  |  | 1,495,167 |  |  |  |  | (151,541 | ) |  |  |  | 1,627,680 |  |  |  |  | (152,799 | )
Mortgage-backed securities |  |  |  | 3,008 |  |  |  |  | (23 | ) |  |  |  | 248,423 |  |  |  |  | (45,684 | ) |  |  |  | 251,431 |  |  |  |  | (45,707 | )
|  |  | $ | 147,901 |  |  |  | $ | (1,516 | ) |  |  | $ | 1,950,719 |  |  |  | $ | (221,108 | ) |  |  | $ | 2,098,620 |  |  |  | $ | (222,624 | )
Gross proceeds from matured or redeemed securities were $200.8 million and $405.2 million for the first six months ended September 30, 2024 and September 30, 2023, respectively. Included in the September 30, 2024 and 2023 proceeds were $73.0 million and $225.0 million from the Moving and Storage Treasuries that matured. The gross realized gains on these sales totaled $2.1 million and $1.5 million during the first six months of fiscal 2025 and 2024, respectively. The gross realized losses on these sales totaled $0.3 million and $1.1 million during the first six months of fiscal 2025 and 2024, respectively. 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 $1.8 million and ($0.4) million net impairment charge recorded in the first six months ended September 30, 2024 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.
Adjusted Cost and Estimated Market Value of Available-for-sale Investments |
|  | September 30, 2024 |  |  | March 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
Due in one year or less |  | $ | 274,397 |  |  | $ | 272,854 |  |  | $ | 266,357 |  |  | $ | 266,578 |
Due after one year through five years |  |  | 645,371 |  |  |  | 623,920 |  |  |  | 748,338 |  |  |  | 723,903 |
Due after five years through ten years |  |  | 614,127 |  |  |  | 554,516 |  |  |  | 614,890 |  |  |  | 564,422 |
Due after ten years |  |  | 746,656 |  |  |  | 629,921 |  |  |  | 723,998 |  |  |  | 626,764 |
|  |  | 2,280,551 |  |  |  | 2,081,211 |  |  |  | 2,353,583 |  |  |  | 2,181,667 |
Mortgage-backed securities |  |  | 402,279 |  |  |  | 356,712 |  |  |  | 306,510 |  |  |  | 260,837 |
|  | $ | 2,682,830 |  |  | $ | 2,437,923 |  |  | $ | 2,660,093 |  |  | $ | 2,442,504 |
|  | September 30, 2024 |  |  | March 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
Due in one year or less |  | $ | 274,397 |  |  | $ | 272,854 |  |  | $ | 266,357 |  |  | $ | 266,578 |
Due after one year through five years |  |  | 645,371 |  |  |  | 623,920 |  |  |  | 748,338 |  |  |  | 723,903 |
Due after five years through ten years |  |  | 614,127 |  |  |  | 554,516 |  |  |  | 614,890 |  |  |  | 564,422 |
Due after ten years |  |  | 746,656 |  |  |  | 629,921 |  |  |  | 723,998 |  |  |  | 626,764 |
|  |  | 2,280,551 |  |  |  | 2,081,211 |  |  |  | 2,353,583 |  |  |  | 2,181,667 |
Mortgage-backed securities |  |  | 402,279 |  |  |  | 356,712 |  |  |  | 306,510 |  |  |  | 260,837 |
|  | $ | 2,682,830 |  |  | $ | 2,437,923 |  |  | $ | 2,660,093 |  |  | $ | 2,442,504 |
Available for sale equity investments | Equity investments of common stock and non-redeemable preferred stock were as follows:
|  | September 30, 2024 |  |  | March 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
Common stocks |  | $ | 29,422 |  |  | $ | 41,529 |  |  | $ | 29,604 |  |  | $ | 45,014 |
Non-redeemable preferred stocks |  |  | 25,144 |  |  |  | 21,766 |  |  |  | 25,144 |  |  |  | 21,260 |
|  | $ | 54,566 |  |  | $ | 63,295 |  |  | $ | 54,748 |  |  | $ | 66,274 |
| Equity investments of common stock and non-redeemable preferred stock were as follows:
|  | September 30, 2024 |  |  | March 31, 2024 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (Unaudited) |
|  | (In thousands) |
Common stocks |  | $ | 29,422 |  |  | $ | 41,529 |  |  | $ | 29,604 |  |  | $ | 45,014 |
Non-redeemable preferred stocks |  |  | 25,144 |  |  |  | 21,766 |  |  |  | 25,144 |  |  |  | 21,260 |
|  | $ | 54,566 |  |  | $ | 63,295 |  |  | $ | 54,748 |  |  | $ | 66,274 |
Carrying value of Investments, other | The carrying value of the other investments was as follows:
|  | September 30, |  |  | March 31, |
|  | 2024 |  |  | 2024 |
|  | (Unaudited) |
|  | (In thousands) |
Mortgage loans, net |  | $ | 623,042 |  |  | $ | 604,481 |
Short-term investments |  |  | — |  |  |  | 997 |
Policy loans |  |  | 11,642 |  |  |  | 11,229 |
Other investments |  |  | 9,209 |  |  |  | 17,229 |
|  | $ | 643,893 |  |  | $ | 633,936 |

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