Investments

6 Months Ended

Sep. 28, 2013

Investments, Debt and Equity Securities [Abstract]

Investments

Investments consist of the following (in thousands):

	September 28, 2013		March 30, 2013
Available-for-sale investment securities	$	17,809	$	17,698
Equity method investment	1,000		—
	$	18,809	$	17,698

Investments

Investments consist of the following (in thousands):

	September 28, 2013		March 30, 2013
Available-for-sale investment securities	$	17,809	$	17,698
Equity method investment	1,000		—
	$	18,809	$	17,698

The following tables summarize the Company’s available-for-sale investment securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):

	September 28, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	2,831	$	5	$	(81	)	$	2,755
Residential mortgage-backed securities	3,818		12		(250		)	3,580
State and political subdivision debt securities	5,398		61		(19		)	5,440
Corporate debt securities	1,823		34		—			1,857
Marketable equity securities	3,684		520		(27		)	4,177
	$	17,554	$	632	$	(377	)	$	17,809

	March 30, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	2,682	$	11	$	(6	)	$	2,687
Residential mortgage-backed securities	5,226		21		(108		)	5,139
State and political subdivision debt securities	1,681		32		—			1,713
Corporate debt securities	2,788		48		—			2,836
Marketable equity securities	4,782		609		(68		)	5,323
	$	17,159	$	721	$	(182	)	$	17,698

The following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	September 28, 2013
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	1,721	$	(81	)	$	—	$	—		$	1,721	$	(81	)
Residential mortgage-backed securities	3,013		(250		)	—		—			3,013		(250		)
States and political subdivisions	1,308		(19		)	—		—			1,308		(19		)
Marketable equity securities	351		(20		)	201		(7		)	552		(27		)
	$	6,393	$	(370	)	$	201	$	(7	)	$	6,594	$	(377	)

	March 30, 2013
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	1,084	$	(6	)	$	—	$	—		$	1,084	$	(6	)
Residential mortgage-backed securities	1,460		(108		)	—		—			1,460		(108		)
Marketable equity securities	413		(13		)	304		(55		)	717		(68		)
	$	2,957	$	(127	)	$	304	$	(55	)	$	3,261	$	(182	)

Based on the Company’s ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider any investments to be other-than-temporarily impaired at September 28, 2013.

As of September 28, 2013, the Company’s investments in marketable equity securities consist of investments in common stock of industrial and other companies ($2.8 million of the total fair value and $13,000 of the total unrealized losses) and bank trust, insurance, and public utility companies ($1.4 million of the total fair value and $14,000 of the total unrealized losses).

As of March 30, 2013, the Company’s investments in marketable equity securities consisted of investments in common stock of industrial and other companies ($3.7 million of the total fair value and $51,000 of the total unrealized losses) and bank trust, insurance, and public utility companies ($1.6 million of the total fair value and $17,000 of the total unrealized losses).

The amortized cost and fair value of the Company’s investments in debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 28, 2013				March 30, 2013
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	1,514	$	1,525	$	1,600	$	1,607
Due after one year through five years	3,711		3,756		4,786		4,880
Due after five years through ten years	992		939		924		893
Due after ten years	7,653		7,412		5,067		4,995
	$	13,870	$	13,632	$	12,377	$	12,375

Realized gains and losses from the sale of securities are determined using the specific identification method. Gross gains realized on the sales of investment securities for the three and six months ended September 28, 2013 were approximately $396,000 and $464,000, respectively. Gross losses realized were approximately $48,000 and $84,000, respectively, for the three and six months ended September 28, 2013.