Fair Value Measurements	9 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]
14. Fair Value Measurements	Assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. 35 Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables 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 receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes 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. The carrying amount of long-term debt and short-term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity. Other investments, including short-term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows: Fair Value Hierarchy Carrying Total Estimated As of December 31, 2019 Value Level 1 Level 2 Level 3 Fair Value (Unaudited) Assets (In thousands) Reinsurance recoverables and trade receivables, net $ 200,164 $ – $ – $ 200,164 $ 200,164 Mortgage loans, net 259,867 – – 259,867 259,867 Other investments 76,860 – – 76,860 76,860 Total $ 536,891 $ – $ – $ 536,891 $ 536,891 Liabilities Notes, loans and finance/capital leases payable 4,548,609 – 4,548,609 – 4,548,609 Total $ 4,548,609 $ – $ 4,548,609 $ – $ 4,548,609 Fair Value Hierarchy Carrying Total Estimated As of March 31, 2019 Value Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 224,785 $ – $ – $ 224,785 $ 224,785 Mortgage loans, net 225,829 – – 225,829 225,829 Other investments 74,907 – – 74,907 74,907 Total $ 525,521 $ – $ – $ 525,521 $ 525,521 Liabilities Notes, loans and leases payable 4,192,243 – 4,192,243 – 4,192,243 Total $ 4,192,243 $ – $ 4,192,243 $ – $ 4,192,243 36 The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of December 31, 2019 and March 31, 2019 that are measured at fair value on a recurring basis and the level within the fair value hierarchy. As of December 31, 2019 Total Level 1 Level 2 Level 3 (Unaudited) Assets (In thousands) Short-term investments $ 476,776 $ 476,776 $ – $ – Fixed maturities - available for sale 2,440,404 7,607 2,432,578 219 Preferred stock 9,076 9,076 – – Common stock 19,988 19,988 – – Derivatives 4,795 4,795 – – Total $ 2,951,039 $ 518,242 $ 2,432,578 $ 219 Liabilities Derivatives 1,415 – 1,415 – Total $ 1,415 $ – $ 1,415 $ – As of March 31, 2019 Total Level 1 Level 2 Level 3 (In thousands) Assets Short-term investments $ 463,847 $ 463,599 $ 248 $ – Fixed maturities - available for sale 2,209,761 7,327 2,202,213 221 Preferred stock 8,257 8,257 – – Common stock 17,379 17,379 – – Derivatives 1,607 1,468 139 – Total $ 2,700,851 $ 498,030 $ 2,202,600 $ 221 Liabilities Derivatives – – – – Total $ – $ – $ – $ – The fair value measurements for our assets using significant unobservable inputs (Level 3) were $ 0.2 million for both December 31, 2019 and March 31, 2019. 37

Fair Value Measurements

9 Months Ended

Dec. 31, 2019

Assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. 35 Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables 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 receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes 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. The carrying amount of long-term debt and short-term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity. Other investments, including short-term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows: Fair Value Hierarchy Carrying Total Estimated As of December 31, 2019 Value Level 1 Level 2 Level 3 Fair Value (Unaudited) Assets (In thousands) Reinsurance recoverables and trade receivables, net $ 200,164 $ – $ – $ 200,164 $ 200,164 Mortgage loans, net 259,867 – – 259,867 259,867 Other investments 76,860 – – 76,860 76,860 Total $ 536,891 $ – $ – $ 536,891 $ 536,891 Liabilities Notes, loans and finance/capital leases payable 4,548,609 – 4,548,609 – 4,548,609 Total $ 4,548,609 $ – $ 4,548,609 $ – $ 4,548,609 Fair Value Hierarchy Carrying Total Estimated As of March 31, 2019 Value Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 224,785 $ – $ – $ 224,785 $ 224,785 Mortgage loans, net 225,829 – – 225,829 225,829 Other investments 74,907 – – 74,907 74,907 Total $ 525,521 $ – $ – $ 525,521 $ 525,521 Liabilities Notes, loans and leases payable 4,192,243 – 4,192,243 – 4,192,243 Total $ 4,192,243 $ – $ 4,192,243 $ – $ 4,192,243 36 The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of December 31, 2019 and March 31, 2019 that are measured at fair value on a recurring basis and the level within the fair value hierarchy. As of December 31, 2019 Total Level 1 Level 2 Level 3 (Unaudited) Assets (In thousands) Short-term investments $ 476,776 $ 476,776 $ – $ – Fixed maturities - available for sale 2,440,404 7,607 2,432,578 219 Preferred stock 9,076 9,076 – – Common stock 19,988 19,988 – – Derivatives 4,795 4,795 – – Total $ 2,951,039 $ 518,242 $ 2,432,578 $ 219 Liabilities Derivatives 1,415 – 1,415 – Total $ 1,415 $ – $ 1,415 $ – As of March 31, 2019 Total Level 1 Level 2 Level 3 (In thousands) Assets Short-term investments $ 463,847 $ 463,599 $ 248 $ – Fixed maturities - available for sale 2,209,761 7,327 2,202,213 221 Preferred stock 8,257 8,257 – – Common stock 17,379 17,379 – – Derivatives 1,607 1,468 139 – Total $ 2,700,851 $ 498,030 $ 2,202,600 $ 221 Liabilities Derivatives – – – – Total $ – $ – $ – $ – The fair value measurements for our assets using significant unobservable inputs (Level 3) were $ 0.2 million for both December 31, 2019 and March 31, 2019. 37

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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