Available-for-Sale Investments (Table Text Block)

9 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Investments

Available-for-Sale Investments

Available-for-sale investments at December 31, 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	$	34,222	$	1,877	$	(2	)$	(544	)$	35,553
U.S. government agency mortgage-backed securities		42,401		2,585		(5	)	(818	)	44,163
Obligations of states and political subdivisions		164,451		7,287		-		(2,793	)	168,945
Corporate securities		825,351		28,555		(57	)	(24,274	)	829,575
Mortgage-backed securities		5,161		321		-		(40	)	5,442
Redeemable preferred stocks		18,440		274		(95	)	(924	)	17,695
Common stocks		18,485		2,751		(416	)	(72	)	20,748
	$	1,108,511	$	43,650	$	(575	)$	(29,465	)$	1,122,121

The available-for-sale table 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 $153.7 million during the first nine months of fiscal 2014. The gross realized gains on these sales totaled $5.0 million. The gross realized losses on these sales totaled $1.0 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 recognize these write-downs through earnings. There were no write downs in the third quarter or for the first nine months of fiscal 2014 and 2013.