Fair Value Measurements (Table Text Block)

6 Months Ended

12 Months Ended

Sep. 30, 2024

Mar. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

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

We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented below are reported at carrying value on the consolidated balance sheets.

Cash equivalents were $1,074.8 million and $1,173.6 million as of September 30, 2024 and March 31, 2024, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.

Fair values of mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, 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 loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans 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.

Other investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

The following represents our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy.

	Fair Value Hierarchy
	Carrying								Total
As of September 30, 2024	Value		Level 1		Level 2		Level 3		Fair Value
	(Unaudited)
Assets	(In thousands)
Trade receivables, net	$	179,765	$	—	$	—	$	179,765	$	179,765
Mortgage loans, net		623,042		—		—		592,630		592,630
Other investments		12,641		—		—		12,641		12,641
Total	$	815,448	$	—	$	—	$	785,036	$	785,036
Liabilities
Notes, loans and finance leases payable	$	6,794,502	$	—	$	6,371,562	$	—	$	6,371,562
Total	$	6,794,502	$	—	$	6,371,562	$	—	$	6,371,562

Financial Instruments, Carrying and Estimated fair values

	Fair Value Hierarchy
	Carrying								Total
As of September 30, 2024	Value		Level 1		Level 2		Level 3		Fair Value
	(Unaudited)
Assets	(In thousands)
Trade receivables, net	$	179,765	$	—	$	—	$	179,765	$	179,765
Mortgage loans, net		623,042		—		—		592,630		592,630
Other investments		12,641		—		—		12,641		12,641
Total	$	815,448	$	—	$	—	$	785,036	$	785,036
Liabilities
Notes, loans and finance leases payable	$	6,794,502	$	—	$	6,371,562	$	—	$	6,371,562
Total	$	6,794,502	$	—	$	6,371,562	$	—	$	6,371,562

	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