Fair Value Measurements

6 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

15. Fair Value Measurements

Certain 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 investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows.

Fair values of derivatives are based on using pricing valuation models which include broker quotes.

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of September 30, 2024 and March 31, 2024, that are measured at fair value on a recurring basis and the level within the fair value hierarchy.

As of September 30, 2024	Total		Level 1		Level 2		Level 3
	(Unaudited)
Assets	(In thousands)
Fixed maturities - available for sale	$	2,437,923	$	—	$	2,437,923	$	—
Preferred stock		21,766		21,766		—		—
Common stock		41,529		41,529		—		—
Derivatives		11,332		8,210		3,122		—
Total	$	2,512,550	$	71,505	$	2,441,045	$	—
Liabilities
Derivatives	$	1,952	$	—	$	1,952	$	—
Embedded derivatives		9,406		—		—		9,406
Liabilities from investment contracts		2,389,751		—		—		2,389,751
Market risk benefits		13,355		—		—		13,355
Total	$	2,414,464	$	—	$	1,952	$	2,412,512

As of March 31, 2024	Total		Level 1		Level 2		Level 3
	(Unaudited)
Assets	(In thousands)
Fixed maturities - available for sale	$	2,442,504	$	—	$	2,442,446	$	58
Preferred stock		21,260		21,260		—		—
Common stock		45,014		45,014		—		—
Derivatives		18,930		10,538		8,392		—
Total	$	2,527,708	$	76,812	$	2,450,838	$	58
Liabilities
Embedded derivatives	$	9,300	$	—	$	—	$	9,300
Liabilities from investment contracts		2,290,096		—		—		2,290,096
Market risk benefits		13,400		—		—		13,400
Total	$	2,312,796	$	—	$	—	$	2,312,796

	Fair Value Hierarchy
	Carrying								Total
As of March 31, 2024	Value		Level 1		Level 2		Level 3		Fair Value
	(Unaudited)
Assets	(In thousands)
Trade receivables, net	$	177,602	$	—	$	—	$	177,602	$	177,602
Mortgage loans, net		604,481		—		—		579,767		579,767
Other investments		18,917		—		—		18,917		18,917
Total	$	801,000	$	—	$	—	$	776,286	$	776,286
Liabilities
Notes, loans and finance leases payable	$	6,304,038	$	—	$	5,850,346		—	$	5,850,346
Total	$	6,304,038	$	—	$	5,850,346	$	—	$	5,850,346