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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-15
Available-for-Sale Investments
Available-for-sale investments at March 31, 2016 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
$
85,861
$
3,791
$
–
$
(193)
$
89,459
U.S. government agency mortgage-
backed securities
21,845
1,596
(6)
(39)
23,396
Obligations of states and political
subdivisions
166,725
10,660
(81)
(414)
176,890
Corporate securities
1,143,125
26,861
(8,013)
(28,181)
1,133,792
Mortgage-backed securities
42,991
475
–
(62)
43,404
Redeemable preferred stocks
17,977
556
–
(105)
18,428
Common stocks
17,732
7,822
(10)
(375)
25,169
$
1,496,256
$
51,761
$
(8,110)
$
(29,369)
$
1,510,538
Available-for-sale investments at March 31, 2015 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
$
99,722
$
5,658
$
(64)
$
–
$
105,316
U.S. government agency mortgage-
backed securities
30,569
2,614
(39)
(3)
33,141
Obligations of states and political
subdivisions
165,724
13,052
(298)
(10)
178,468
Corporate securities
885,470
44,426
(2,522)
(2,966)
924,408
Mortgage-backed securities
19,874
806
(1)
–
20,679
Redeemable preferred stocks
18,052
521
(253)
(24)
18,296
Common stocks
17,975
6,719
–
(40)
24,654
$
1,237,386
$
73,796
$
(3,177)
$
(3,043)
$
1,304,962
The available-for-sale tables include 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 $150.7 million, $109.1 million and $170.0
million in fiscal 2016, 2015 and 2014, respectively. The gross realized gains on these sales totaled $4.2
million, $4.6 million and $5.0 million in fiscal 2016, 2015 and 2014, respectively. We realized gross losses
on these sales of $0.6 million, $0.7 million and $1.4 million in fiscal 2016, 2015 and 2014, respectively.