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Investments
 9 Months Ended
Dec. 29, 2018
Investments, Debt and Equity Securities [Abstract]  
Investments
Investments
Investments consist of the following (in thousands):
 
December 29,
2018
 
March 31,
2018
Available-for-sale debt securities
$
14,445

 
$
16,181

Marketable equity securities
9,572

 
10,405

Non-marketable equity investments
19,666

 
18,853

 
$
43,683

 
$
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 December 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):
 
December 29, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury and government debt securities
$
300

 
$
—

 
$
(5
)
 
$
295

Residential mortgage-backed securities
7,417

 
6

 
(155
)
 
7,268

State and political subdivision debt securities
5,270

 
99

 
(79
)
 
5,290

Corporate debt securities
1,641

 
—

 
(49
)
 
1,592

 
$
14,628

 
$
105

 
$
(288
)
 
$
14,445


 
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):
 
December 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
$
—

 
$
—

 
$
295

 
$
(5
)
 
$
295

 
$
(5
)
Residential mortgage-backed securities
402

 
(6
)
 
5,414

 
(149
)
 
5,816

 
(155
)
State and political subdivision debt securities
—

 
—

 
3,379

 
(79
)
 
3,379

 
(79
)
Corporate debt securities
524

 
(28
)
 
1,068

 
(21
)
 
1,592

 
(49
)
 
$
926

 
$
(34
)
 
$
10,156

 
$
(254
)
 
$
11,082

 
$
(288
)

 
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 December 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.
 
December 29, 2018
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
695

 
$
682

Due after one year through five years
3,722

 
3,610

Due after five years through ten years
—

 
—

Due after ten years
2,794

 
2,885

Mortgage-backed securities
7,417

 
7,268

 
$
14,628

 
$
14,445


The Company recognizes 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 nine months ended December 29, 2018. There were no gross gains realized during the three and nine months ended December 30, 2017. Gross losses realized were $18,000 and $28,000 for three and nine months ended December 30, 2017, respectively.
Beginning in fiscal year 2019, we recognize 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. See Note 1 for further discussion. Net investment gains and losses for the three and nine months ended December 29, 2018 and December 30, 2017 are as follows (in thousands):
 
Three Months Ended
 
Nine Months Ended
 
December 29,
2018
 
December 30,
2017
 
December 29,
2018
 
December 30,
2017
Marketable equity securities:
 
 
 
 
 
 
 
      Net losses on securities held
$
(2,996
)
 
$
—

 
$
(1,698
)
 
$
—

      Net gains (losses) on securities sold
11

 
—

 
(42
)
 
—

      Gross realized gains
—

 
147

 
—

 
882

      Gross realized losses
—

 
(23
)
 
—

 
(135
)
      Total net (loss) gain on marketable equity securities
$
(2,985
)
 
$
124

 
$
(1,740
)
 
$
747