Investments	9 Months Ended
Dec. 31, 2020
Investments Debt Equity Securities [Abstract]
3. Investments	3. Investments 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. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 32.4 million and $ 30.8 million as of December 31, 2020 and March 31, 2020, respectively. 9 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Available-for-Sale Investments Available-for-sale investments as of December 31, 2020 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Allowance for Expected Credit Losses Estimated Market Value (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 92,300 $ 13,787 $ - $ - $ - $ 106,087 U.S. government agency mortgage-backed securities 88,190 1,208 (1) (53) - 89,344 Obligations of states and political subdivisions 241,299 25,533 (63) (26) - 266,743 Corporate securities 1,725,211 169,856 (613) (5,459) (2,315) 1,886,680 Mortgage-backed securities 202,753 13,896 (1) (209) - 216,439 Redeemable preferred stocks 1,493 27 - - - 1,520 $ 2,351,246 $ 224,307 $ (678) $ (5,747) $ - $ 2,566,813 Available-for-sale investments as of March 31, 2020 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 (In thousands) U.S. treasury securities and government obligations $ 112,421 $ 7,959 $ (1) $ - $ 120,379 U.S. government agency mortgage-backed securities 88,449 759 (1) (373) 88,834 Obligations of states and political subdivisions 287,643 20,664 (155) - 308,152 Corporate securities 1,656,425 100,302 (919) (812) 1,754,996 Mortgage-backed securities 187,784 6,011 (1) (107) 193,687 Redeemable preferred stocks 1,493 72 - - 1,565 $ 2,334,215 $ 135,767 $ (1,077) $ (1,292) $ 2,467,613 We sold available-for-sale securities with a fair value of $ 327.3 million during the first nine months of fiscal 2021. The gross realized gains on these sales totaled $ 6.6 million. The gross realized losses on these sales totaled $ 1.5 million. We adopted ASU 2016-13 as of April 1, 2020. 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. 10 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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 were no incremental impairment charges recorded during the first nine months as of December 31, 2020. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows: December 31, 2020 March 31, 2020 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (Unaudited) (In thousands) Due in one year or less $ 113,929 $ 114,681 $ 128,747 $ 129,420 Due after one year through five years 555,675 590,071 547,821 566,934 Due after five years through ten years 656,915 726,982 636,036 678,636 Due after ten years 820,481 917,120 832,334 897,371 2,147,000 2,348,854 2,144,938 2,272,361 Mortgage-backed securities 202,753 216,439 187,784 193,687 Redeemable preferred stocks 1,493 1,520 1,493 1,565 $ 2,351,246 $ 2,566,813 $ 2,334,215 $ 2,467,613 As of December 31, 2020 and March 31, 2020, our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income. Equity investments of common stock and non-redeemable preferred stock were as follows: December 31, 2020 March 31, 2020 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (Unaudited) (In thousands) Common stocks $ 9,775 $ 19,445 $ 9,775 $ 20,015 Non-redeemable preferred stocks 20,034 20,695 5,076 5,110 $ 29,809 $ 40,140 $ 14,851 $ 25,125 11

Investments

9 Months Ended

Dec. 31, 2020

Investments Debt Equity Securities [Abstract]

3. Investments 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. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 32.4 million and $ 30.8 million as of December 31, 2020 and March 31, 2020, respectively. 9 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Available-for-Sale Investments Available-for-sale investments as of December 31, 2020 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Allowance for Expected Credit Losses Estimated Market Value (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 92,300 $ 13,787 $ - $ - $ - $ 106,087 U.S. government agency mortgage-backed securities 88,190 1,208 (1) (53) - 89,344 Obligations of states and political subdivisions 241,299 25,533 (63) (26) - 266,743 Corporate securities 1,725,211 169,856 (613) (5,459) (2,315) 1,886,680 Mortgage-backed securities 202,753 13,896 (1) (209) - 216,439 Redeemable preferred stocks 1,493 27 - - - 1,520 $ 2,351,246 $ 224,307 $ (678) $ (5,747) $ - $ 2,566,813 Available-for-sale investments as of March 31, 2020 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 (In thousands) U.S. treasury securities and government obligations $ 112,421 $ 7,959 $ (1) $ - $ 120,379 U.S. government agency mortgage-backed securities 88,449 759 (1) (373) 88,834 Obligations of states and political subdivisions 287,643 20,664 (155) - 308,152 Corporate securities 1,656,425 100,302 (919) (812) 1,754,996 Mortgage-backed securities 187,784 6,011 (1) (107) 193,687 Redeemable preferred stocks 1,493 72 - - 1,565 $ 2,334,215 $ 135,767 $ (1,077) $ (1,292) $ 2,467,613 We sold available-for-sale securities with a fair value of $ 327.3 million during the first nine months of fiscal 2021. The gross realized gains on these sales totaled $ 6.6 million. The gross realized losses on these sales totaled $ 1.5 million. We adopted ASU 2016-13 as of April 1, 2020. 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. 10 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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 were no incremental impairment charges recorded during the first nine months as of December 31, 2020. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows: December 31, 2020 March 31, 2020 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (Unaudited) (In thousands) Due in one year or less $ 113,929 $ 114,681 $ 128,747 $ 129,420 Due after one year through five years 555,675 590,071 547,821 566,934 Due after five years through ten years 656,915 726,982 636,036 678,636 Due after ten years 820,481 917,120 832,334 897,371 2,147,000 2,348,854 2,144,938 2,272,361 Mortgage-backed securities 202,753 216,439 187,784 193,687 Redeemable preferred stocks 1,493 1,520 1,493 1,565 $ 2,351,246 $ 2,566,813 $ 2,334,215 $ 2,467,613 As of December 31, 2020 and March 31, 2020, our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income. Equity investments of common stock and non-redeemable preferred stock were as follows: December 31, 2020 March 31, 2020 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (Unaudited) (In thousands) Common stocks $ 9,775 $ 19,445 $ 9,775 $ 20,015 Non-redeemable preferred stocks 20,034 20,695 5,076 5,110 $ 29,809 $ 40,140 $ 14,851 $ 25,125 11