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Investments (Tables)
 9 Months Ended
Dec. 28, 2019
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments consisted of the following (in thousands):
 
December 28,
2019
 
March 30,
2019
Available-for-sale debt securities
$
10,391

 
$
13,408

Marketable equity securities
13,473

 
11,073

Non-marketable equity investments
21,310

 
20,276

 
$
45,174

 
$
44,757


The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies.
As of December 28, 2019 and March 30, 2019, non-marketable equity investments included contributions of $15.0 million 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 equity investments included investments in other distribution operations.
The Company records investments in fixed maturity securities classified as available-for-sale at fair value and records the difference between fair value and cost in Accumulated other comprehensive income (loss).
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 28, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Residential mortgage-backed securities
$
5,267

 
$
17

 
$
(48
)
 
$
5,236

State and political subdivision debt securities
3,695

 
138

 
(2
)
 
3,831

Corporate debt securities
1,321

 
4

 
(1
)
 
1,324

 
$
10,283

 
$
159

 
$
(51
)
 
$
10,391


 
March 30, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Residential mortgage-backed securities
$
6,625

 
$
3

 
$
(119
)
 
$
6,509

State and political subdivision debt securities
4,883

 
117

 
(17
)
 
4,983

Corporate debt securities
1,635

 
3

 
(19
)
 
1,619

U.S. Treasury and government debt securities
300

 
—

 
(3
)
 
297

 
$
13,443

 
$
123

 
$
(158
)
 
$
13,408


The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands):
 
December 28, 2019
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Residential mortgage-backed securities
$
399

 
$
—

 
$
2,896

 
$
(48
)
 
$
3,295

 
$
(48
)
State and political subdivision debt securities
302

 
(1
)
 
102

 
(1
)
 
404

 
(2
)
Corporate debt securities
299

 
(1
)
 
250

 
—

 
549

 
(1
)
 
$
1,000

 
$
(2
)
 
$
3,248

 
$
(49
)
 
$
4,248

 
$
(51
)

 
March 30, 2019
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Residential mortgage-backed securities
$
1,066

 
$
(9
)
 
$
5,206

 
$
(110
)
 
$
6,272

 
$
(119
)
State and political subdivision debt securities
353

 
—

 
2,319

 
(17
)
 
2,672

 
(17
)
Corporate debt securities
243

 
(8
)
 
1,073

 
(11
)
 
1,316

 
(19
)
U.S. Treasury and government debt securities
—

 
—

 
297

 
(3
)
 
297

 
(3
)
 
$
1,662

 
$
(17
)
 
$
8,895

 
$
(141
)
 
$
10,557

 
$
(158
)

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 as of December 28, 2019.
The amortized cost and fair value of the Company's investments in available-for-sale 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 penalties.
 
December 28, 2019
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
471

 
$
472

Due after one year through five years
2,081

 
2,092

Due after five years through ten years
262

 
282

Due after ten years
2,202

 
2,309

Mortgage-backed securities
5,267

 
5,236

 
$
10,283

 
$
10,391


The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities using the specific identification method. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and nine months ended December 28, 2019 or December 29, 2018.
The Company recognizes 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. Net investment gains and losses on marketable equity securities for the three and nine months ended December 28, 2019 and December 29, 2018 were as follows (in thousands):
 
Three Months Ended
 
Nine Months Ended
 
December 28,
2019
 
December 29,
2018
 
December 28,
2019
 
December 29,
2018
Marketable equity securities:
 
 
 
 
 
 
 
      Net gains (losses) on securities held
$
764

 
$
(2,996
)
 
$
2,066

 
$
(1,698
)
      Net gains (losses) on securities sold
13

 
11

 
11

 
(42
)
      Total net gain (loss) on marketable equity securities
$
777

 
$
(2,985
)
 
$
2,077

 
$
(1,740
)
Schedule of Investments
Investments consisted of the following (in thousands):
 
December 28,
2019
 
March 30,
2019
Available-for-sale debt securities
$
10,391

 
$
13,408

Marketable equity securities
13,473

 
11,073

Non-marketable equity investments
21,310

 
20,276

 
$
45,174

 
$
44,757
Available-for-Sale Securities by Investment Category
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 28, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Residential mortgage-backed securities
$
5,267

 
$
17

 
$
(48
)
 
$
5,236

State and political subdivision debt securities
3,695

 
138

 
(2
)
 
3,831

Corporate debt securities
1,321

 
4

 
(1
)
 
1,324

 
$
10,283

 
$
159

 
$
(51
)
 
$
10,391


 
March 30, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Residential mortgage-backed securities
$
6,625

 
$
3

 
$
(119
)
 
$
6,509

State and political subdivision debt securities
4,883

 
117

 
(17
)
 
4,983

Corporate debt securities
1,635

 
3

 
(19
)
 
1,619

U.S. Treasury and government debt securities
300

 
—

 
(3
)
 
297

 
$
13,443

 
$
123

 
$
(158
)
 
$
13,408
Investment Securities in a Continuous Unrealized Loss Position
The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands):
 
December 28, 2019
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Residential mortgage-backed securities
$
399

 
$
—

 
$
2,896

 
$
(48
)
 
$
3,295

 
$
(48
)
State and political subdivision debt securities
302

 
(1
)
 
102

 
(1
)
 
404

 
(2
)
Corporate debt securities
299

 
(1
)
 
250

 
—

 
549

 
(1
)
 
$
1,000

 
$
(2
)
 
$
3,248

 
$
(49
)
 
$
4,248

 
$
(51
)

 
March 30, 2019
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Residential mortgage-backed securities
$
1,066

 
$
(9
)
 
$
5,206

 
$
(110
)
 
$
6,272

 
$
(119
)
State and political subdivision debt securities
353

 
—

 
2,319

 
(17
)
 
2,672

 
(17
)
Corporate debt securities
243

 
(8
)
 
1,073

 
(11
)
 
1,316

 
(19
)
U.S. Treasury and government debt securities
—

 
—

 
297

 
(3
)
 
297

 
(3
)
 
$
1,662

 
$
(17
)
 
$
8,895

 
$
(141
)
 
$
10,557

 
$
(158
)
Contractual Maturity of Investment Securities
The amortized cost and fair value of the Company's investments in available-for-sale 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 penalties.
 
December 28, 2019
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
471

 
$
472

Due after one year through five years
2,081

 
2,092

Due after five years through ten years
262

 
282

Due after ten years
2,202

 
2,309

Mortgage-backed securities
5,267

 
5,236

 
$
10,283

 
$
10,391
Gain (Loss) on Securities
The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities using the specific identification method. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and nine months ended December 28, 2019 or December 29, 2018.
The Company recognizes 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. Net investment gains and losses on marketable equity securities for the three and nine months ended December 28, 2019 and December 29, 2018 were as follows (in thousands):
 
Three Months Ended
 
Nine Months Ended
 
December 28,
2019
 
December 29,
2018
 
December 28,
2019
 
December 29,
2018
Marketable equity securities:
 
 
 
 
 
 
 
      Net gains (losses) on securities held
$
764

 
$
(2,996
)
 
$
2,066

 
$
(1,698
)
      Net gains (losses) on securities sold
13

 
11

 
11

 
(42
)
      Total net gain (loss) on marketable equity securities
$
777

 
$
(2,985
)
 
$
2,077

 
$
(1,740
)