Available-for-Sale Investments (Table Text Block)

6 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Investments

Available-for-Sale Investments

Available-for-sale investments at September 30, 2013 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	$	28,048	$	1,932	$	(3	)$	(293	)$	29,684
U.S. government agency mortgage-backed securities		44,735		2,772		(4	)	(1,009	)	46,494
Obligations of states and political subdivisions		162,678		9,304		(132	)	(1,916	)	169,934
Corporate securities		800,834		28,872		(1,336	)	(22,474	)	805,896
Mortgage-backed securities		5,613		177		(35	)	-		5,755
Redeemable preferred stocks		18,440		385		(64	)	(312	)	18,449
Common stocks		37,356		2,171		(1,291	)	(108	)	38,128
	$	1,097,704	$	45,613	$	(2,865	)$	(26,112	)$	1,114,340

The table above includes gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

We sold available-for-sale securities with a fair value of $103.3 million during the first six months of fiscal 2014. The gross realized gains on these sales totaled $3.2 million. The gross realized losses on these sales totaled $0.9 million.

The unrealized losses of more than twelve months in the available-for-sale table are considered temporary declines. We track each investment with an unrealized loss and evaluate them on an individual 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 management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in the second quarter or for the first six months of fiscal 2014 and 2013.