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Investments
 12 Months Ended
Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Investments
3. Investments
Investments consist of the following (in thousands):
 
March 31,
2018
 
April 1,
2017
Available-for-sale investment securities
$
26,586

 
$
24,162

Non-marketable equity investments
18,853

 
17,383

 
$
45,439

 
$
41,545


The Company's investments in available-for-sale marketable securities consist of investments in common stock of industrial and other companies.
Non-marketable equity investments includes $15.0 million as of March 31, 2018 and April 1, 2017, of contributions to equity-method investments in community-based initiatives that buy and sell our homes and provide home-only financing to residents of certain manufactured home communities. Other non-marketable investments include investments in other distribution operations.
We record investments in equity and fixed maturity securities classified as available-for-sale at fair value and record the difference between fair value and cost in other comprehensive income. 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):
 
March 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury and government debt securities
$
300

 
$
—

 
$
(7
)
 
$
293

Residential mortgage-backed securities
7,654

 
—

 
(155
)
 
7,499

State and political subdivision debt securities
6,377

 
109

 
(149
)
 
6,337

Corporate debt securities
2,081

 
1

 
(30
)
 
2,052

Marketable equity securities
6,533

 
2,435

 
(273
)
 
8,695

Certificates of deposit
1,710

 
—

 
—

 
1,710

 
$
24,655

 
$
2,545

 
$
(614
)
 
$
26,586


 
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):
 
March 31, 2018
 
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
$
293

 
$
(7
)
 
$
—

 
$
—

 
$
293

 
$
(7
)
Residential mortgage-backed securities
3,185

 
(52
)
 
3,909

 
(103
)
 
7,094

 
(155
)
State and political subdivision debt securities
2,224

 
(40
)
 
2,180

 
(109
)
 
4,404

 
(149
)
Corporate debt securities
1,384

 
(12
)
 
367

 
(18
)
 
1,751

 
(30
)
Marketable equity securities
2,550

 
(268
)
 
15

 
(5
)
 
2,565

 
(273
)
 
$
9,636

 
$
(379
)
 
$
6,471

 
$
(235
)
 
$
16,107

 
$
(614
)

 
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 March 31, 2018.
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.
 
 
March 31, 2018
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
1,005

 
$
990

Due after one year through five years
3,140

 
3,056

Due after five years through ten years
1,228

 
1,197

Due after ten years
3,385

 
3,439

Mortgage-backed securities
7,654

 
7,499

 
$
16,412

 
$
16,181


We recognize investment gains and losses when we sell or otherwise dispose of securities on a specific identification method. Gross gains realized on the sales of investment securities for fiscal years 2018, 2017 and 2016 were approximately $6.0 million, $1.1 million and $431,000, respectively. Gross losses realized were approximately $266,000, $413,000 and $385,000 for fiscal years 2018, 2017 and 2016, respectively.