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Investments
 6 Months Ended
Sep. 29, 2018
Investments, Debt and Equity Securities [Abstract]  
Investments
Investments
Investments consist of the following (in thousands):
 
September 29,
2018
 
March 31,
2018
Available-for-sale debt securities
$
14,900

 
$
16,181

Marketable equity securities
12,409

 
10,405

Non-marketable equity investments
19,302

 
18,853

 
$
46,611

 
$
45,439


The Company's investments in marketable equity securities consist of common stock holdings of industrial and other companies.
Non-marketable equity investments includes $15.0 million as of September 29, 2018 and March 31, 2018, 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.
The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
 
September 29, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury and government debt securities
$
300

 
$
—

 
$
(10
)
 
$
290

Residential mortgage-backed securities
7,714

 
—

 
(207
)
 
7,507

State and political subdivision debt securities
5,499

 
90

 
(108
)
 
5,481

Corporate debt securities
1,646

 
1

 
(25
)
 
1,622

 
$
15,159

 
$
91

 
$
(350
)
 
$
14,900


 
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

 
$
16,412

 
$
110

 
$
(341
)
 
$
16,181


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 29, 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
$
290

 
$
(10
)
 
$
—

 
$
—

 
$
290

 
$
(10
)
Residential mortgage-backed securities
2,738

 
(51
)
 
4,764

 
(156
)
 
7,502

 
(207
)
State and political subdivision debt securities
1,097

 
(18
)
 
2,478

 
(90
)
 
3,575

 
(108
)
Corporate debt securities
515

 
(6
)
 
855

 
(19
)
 
1,370

 
(25
)
 
$
4,640

 
$
(85
)
 
$
8,097

 
$
(265
)
 
$
12,737

 
$
(350
)

 
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
)
 
$
7,086

 
$
(111
)
 
$
6,456

 
$
(230
)
 
$
13,542

 
$
(341
)

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 29, 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.
 
September 29, 2018
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
698

 
$
680

Due after one year through five years
3,557

 
3,465

Due after five years through ten years
375

 
361

Due after ten years
2,815

 
2,887

Mortgage-backed securities
7,714

 
7,507

 
$
15,159

 
$
14,900


We recognize investment gains and losses on debt securities when we sell or otherwise dispose of securities on a specific identification method. There were no gross gains or losses realized during the three and six months ended September 29, 2018. There were no gross gains or losses realized for the three months ended September 30, 2017. During the six months ended September 30, 2017, there were no gross gains realized and $10,000 in gross losses realized.
Beginning in fiscal year 2019, we have recognized unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. The net investment gains and losses for the three and six months ended September 29, 2018 and September 30, 2017 are as follows (in thousands):
 
Three Months Ended
 
Six Months Ended
 
September 29,
2018
 
September 30,
2017
 
September 29,
2018
 
September 30,
2017
Marketable equity securities:
 
 
 
 
 
 
 
      Net (losses) gains on securities held
$
(312
)
 
$
—

 
$
1,298

 
$
—

      Net losses on securities sold
(13
)
 
—

 
(53
)
 
—

      Gross realized gains
—

 
570

 
—

 
735

      Gross realized losses
—

 
(51
)
 
—

 
(112
)
      Total net (loss) gain on marketable equity securities
$
(325
)
 
$
519

 
$
1,245

 
$
623