Fair Value Measurements (Tables)

3 Months Ended

Jun. 28, 2014

Fair Value Disclosures [Abstract]

Summary of the Fair Value and Carrying Value of Financial Instruments

The book value and estimated fair value of the Company's financial instruments are as follows (in thousands):

	June 28, 2014						March 29, 2014
	Book Value			Estimated Fair Value			Book Value			Estimated Fair Value
Available for sale securities (1)	$	20,141		$	20,141		$	19,802		$	19,802
Non-marketable equity investments (2)	5,473			5,473			5,652			5,652
Consumer loans receivable (3)	98,202			131,631			98,284			131,384
Interest rate lock commitment derivatives (4)	39			39			(14		)	(14		)
Forward loan sale commitment derivatives (4)	(43		)	(43		)	24			24
Inventory finance receivable (5)	21,518			21,518			21,308			21,308
Securitized financings (6)	67,412			71,740			70,052			74,574
Mortgage servicing rights (7)	380			380			350			350

Summary of Assets Measured at Fair Value on a Recurring Basis

Financial instruments measured at fair value on a recurring basis are summarized below (in thousands):

	June 28, 2014
	Total			Level 1		Level 2		Level 3
Securities issued by the U.S Treasury and Government (1)	$	2,143		$	—	$	2,143	$	—
Mortgage-backed securities (1)	3,004			—		3,004		—
Securities issued by states and political subdivisions (1)	6,356			—		6,356		—
Corporate debt securities (1)	2,882			—		2,882		—
Marketable equity securities (1)	4,706			4,706		—		—
Interest rate lock commitment derivatives (2)	39			—		—		39
Forward loan sale commitment derivatives (2)	(43		)	—		—		(43		)
Mortgage servicing rights (3)	380			—		—		380

(1) Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date

(2) Gains or losses on derivatives are recognized in current period earnings through cost of sales.

(3) Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through net revenue.

Summary of Assets and Liabilities Measured at Fair Value for Disclosure

Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands):

	June 28, 2014
	Total	Level 1	Level 2	Level 3
Loans held for investment	121,216	—	—	121,216
Loans held for sale	6,892	—	6,892	—
Loans held—construction advances	3,523	—	—	3,523
Inventory finance receivable	21,518	—	—	21,518
Securitized financings	71,740	—	71,740	—
Non-marketable equity investments	5,473	—	—	5,473

Assumptions for Mortgage Servicing Rights

	June 28, 2014			March 29, 2014
Number of loans serviced with MSRs	2,887			2,743
Weighted average servicing fee (basis points)	30.35			30.54
Capitalized servicing multiple	37.27		%	35.77		%
Capitalized servicing rate (basis points)	11.31			10.93
Serviced portfolio with MSRs (in thousands)	$	335,699		$	320,462
Mortgage servicing rights (in thousands)	$	380		$	350