XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Tables)
9 Months Ended
Dec. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Investments
Investments consist of the following (in thousands):
 
December 30,
2017
 
April 1,
2017
Available-for-sale investment securities
$
30,487

 
$
24,162

Non-marketable equity investments
18,646

 
17,383

 
$
49,133

 
$
41,545


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):
 
December 30, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury and government debt securities
$
300

 
$

 
$
(4
)
 
$
296

Residential mortgage-backed securities
7,510

 
1

 
(104
)
 
7,407

State and political subdivision debt securities
6,924

 
142

 
(142
)
 
6,924

Corporate debt securities
1,658

 
2

 
(23
)
 
1,637

Marketable equity securities
7,627

 
3,947

 
(113
)
 
11,461

Certificates of deposit
2,762

 

 

 
2,762

 
$
26,781

 
$
4,092

 
$
(386
)
 
$
30,487


 
April 1, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury and government debt securities
$
650

 
$

 
$
(1
)
 
$
649

Residential mortgage-backed securities
5,646

 
3

 
(90
)
 
5,559

State and political subdivision debt securities
7,195

 
145

 
(117
)
 
7,223

Corporate debt securities
1,698

 
4

 
(23
)
 
1,679

Marketable equity securities
5,752

 
2,430

 
(130
)
 
8,052

Certificates of deposit
1,000

 

 

 
1,000

 
$
21,941

 
$
2,582

 
$
(361
)
 
$
24,162


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):
 
December 30, 2017
 
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
$
296

 
$
(4
)
 
$

 
$

 
$
296

 
$
(4
)
Residential mortgage-backed securities
3,308

 
(32
)
 
3,860

 
(72
)
 
7,168

 
(104
)
State and political subdivision debt securities
2,649

 
(22
)
 
2,309

 
(120
)
 
4,958

 
(142
)
Corporate debt securities
1,012

 
(8
)
 
372

 
(15
)
 
1,384

 
(23
)
Marketable equity securities
1,032

 
(91
)
 
104

 
(22
)
 
1,136

 
(113
)
 
$
8,297

 
$
(157
)
 
$
6,645

 
$
(229
)
 
$
14,942

 
$
(386
)

 
April 1, 2017
 
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
$
349

 
$
(1
)
 
$

 
$

 
$
349

 
$
(1
)
Residential mortgage-backed securities
3,449

 
(38
)
 
1,962

 
(52
)
 
5,411

 
(90
)
State and political subdivision debt securities
1,948

 
(36
)
 
2,084

 
(81
)
 
4,032

 
(117
)
Corporate debt securities
1,424

 
(23
)
 

 

 
1,424

 
(23
)
Marketable equity securities
1,393

 
(90
)
 
157

 
(40
)
 
1,550

 
(130
)
 
$
8,563

 
$
(188
)
 
$
4,203

 
$
(173
)
 
$
12,766

 
$
(361
)

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 December 30, 2017.
As of December 30, 2017 and April 1, 2017, the Company's investments in marketable equity securities consist of investments in common stock of industrial and other companies.
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 differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
December 30, 2017
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
280

 
$
279

Due after one year through five years
4,223

 
4,157

Due after five years through ten years
2,602

 
2,536

Due after ten years
9,287

 
9,292

 
$
16,392

 
$
16,264


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 nine months ended December 30, 2017 were approximately $147,000 and $882,000, respectively. Gross losses realized were approximately $41,000 and $163,000 for the three and nine months ended December 30, 2017, respectively. Gross gains realized on the sales of investment securities for the three and nine months ended December 31, 2016 were approximately $386,000 and $1.0 million, respectively. Gross losses realized were approximately $46,000 and $303,000 for the three and nine months ended December 31, 2016, respectively.
Schedule of Investments [Table Text Block]
Investments consist of the following (in thousands):
 
December 30,
2017
 
April 1,
2017
Available-for-sale investment securities
$
30,487

 
$
24,162

Non-marketable equity investments
18,646

 
17,383

 
$
49,133

 
$
41,545

Available-for-Sale Securities by Investment Category
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):
 
December 30, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury and government debt securities
$
300

 
$

 
$
(4
)
 
$
296

Residential mortgage-backed securities
7,510

 
1

 
(104
)
 
7,407

State and political subdivision debt securities
6,924

 
142

 
(142
)
 
6,924

Corporate debt securities
1,658

 
2

 
(23
)
 
1,637

Marketable equity securities
7,627

 
3,947

 
(113
)
 
11,461

Certificates of deposit
2,762

 

 

 
2,762

 
$
26,781

 
$
4,092

 
$
(386
)
 
$
30,487


 
April 1, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury and government debt securities
$
650

 
$

 
$
(1
)
 
$
649

Residential mortgage-backed securities
5,646

 
3

 
(90
)
 
5,559

State and political subdivision debt securities
7,195

 
145

 
(117
)
 
7,223

Corporate debt securities
1,698

 
4

 
(23
)
 
1,679

Marketable equity securities
5,752

 
2,430

 
(130
)
 
8,052

Certificates of deposit
1,000

 

 

 
1,000

 
$
21,941

 
$
2,582

 
$
(361
)
 
$
24,162

Investment Securities in a Continuous Unrealized Loss Position
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):
 
December 30, 2017
 
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
$
296

 
$
(4
)
 
$

 
$

 
$
296

 
$
(4
)
Residential mortgage-backed securities
3,308

 
(32
)
 
3,860

 
(72
)
 
7,168

 
(104
)
State and political subdivision debt securities
2,649

 
(22
)
 
2,309

 
(120
)
 
4,958

 
(142
)
Corporate debt securities
1,012

 
(8
)
 
372

 
(15
)
 
1,384

 
(23
)
Marketable equity securities
1,032

 
(91
)
 
104

 
(22
)
 
1,136

 
(113
)
 
$
8,297

 
$
(157
)
 
$
6,645

 
$
(229
)
 
$
14,942

 
$
(386
)

 
April 1, 2017
 
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
$
349

 
$
(1
)
 
$

 
$

 
$
349

 
$
(1
)
Residential mortgage-backed securities
3,449

 
(38
)
 
1,962

 
(52
)
 
5,411

 
(90
)
State and political subdivision debt securities
1,948

 
(36
)
 
2,084

 
(81
)
 
4,032

 
(117
)
Corporate debt securities
1,424

 
(23
)
 

 

 
1,424

 
(23
)
Marketable equity securities
1,393

 
(90
)
 
157

 
(40
)
 
1,550

 
(130
)
 
$
8,563

 
$
(188
)
 
$
4,203

 
$
(173
)
 
$
12,766

 
$
(361
)
Contractual Maturity of Investment Securities
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 differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
December 30, 2017
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
280

 
$
279

Due after one year through five years
4,223

 
4,157

Due after five years through ten years
2,602

 
2,536

Due after ten years
9,287

 
9,292

 
$
16,392

 
$
16,264