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Investments (Tables)

6 Months Ended

Sep. 26, 2020

Investments, Debt and Equity Securities [Abstract]

Investments consisted of the following (in thousands):


	September 26, 2020		March 28, 2020
Available-for-sale debt securities	$	12,676	$	14,774
Marketable equity securities	12,791		9,829
Non-marketable equity investments	21,400		21,536
	46,867		46,139
Less current portion	(16,589)		(14,582)
	$	30,278	$	31,557

The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies.

As of September 26, 2020 and March 28, 2020, non-marketable equity investments included contributions of $15.0 million to equity-method investments in community-based initiatives that buy and sell the Company's 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 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 26, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	3,605	$	55	$	(19)	$	3,641
State and political subdivision debt securities	4,116		162		—		4,278
Corporate debt securities	4,746		15		(4)		4,757
	$	12,467	$	232	$	(23)	$	12,676


	March 28, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	5,400	$	69	$	(26)	$	5,443
State and political subdivision debt securities	4,239		134		(3)		4,370
Corporate debt securities	5,021		5		(65)		4,961

	$	14,660	$	208	$	(94)	$	14,774

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):


	September 26, 2020
	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	$	462	$	(8)	$	567	$	(11)	$	1,029	$	(19)
State and political subdivision debt securities	250		—		—		—		250		—
Corporate debt securities	1,117		(4)		—		—		1,117		(4)
	$	1,829	$	(12)	$	567	$	(11)	$	2,396	$	(23)


	March 28, 2020
	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	$	133	$	—	$	1,779	$	(26)	$	1,912	$	(26)
State and political subdivision debt securities	601		(2)		101		(1)		702		(3)
Corporate debt securities	3,747		(65)		—		—		3,747		(65)
	$	4,481	$	(67)	$	1,880	$	(27)	$	6,361	$	(94)

The Company is not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of September 26, 2020. Further, the Company does not intend to sell the investments, and it is more likely than not that the Company will not be required to sell the investments, before recovery of their amortized cost.

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.


	September 26, 2020
	Amortized Cost		Fair Value
Due in less than one year	$	3,506	$	3,515
Due after one year through five years	3,013		3,040
Due after five years through ten years	1,028		1,109
Due after ten years	1,315		1,371
Mortgage-backed securities	3,605		3,641
	$	12,467	$	12,676

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. For the three and six months ended September 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and gross losses realized were $5,000. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended September 28, 2019.

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 were as follows (in thousands):


	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Marketable equity securities:
Net gains on securities held	$	1,278	$	350	$	3,275	$	1,302
Net (losses) gains on securities sold	(27)		(1)		6		(2)
	$	1,251	$	349	$	3,281	$	1,300

Schedule of Investments

Investments consisted of the following (in thousands):


	September 26, 2020		March 28, 2020
Available-for-sale debt securities	$	12,676	$	14,774
Marketable equity securities	12,791		9,829
Non-marketable equity investments	21,400		21,536
	46,867		46,139
Less current portion	(16,589)		(14,582)
	$	30,278	$	31,557

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):


	September 26, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	3,605	$	55	$	(19)	$	3,641
State and political subdivision debt securities	4,116		162		—		4,278
Corporate debt securities	4,746		15		(4)		4,757
	$	12,467	$	232	$	(23)	$	12,676


	March 28, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	5,400	$	69	$	(26)	$	5,443
State and political subdivision debt securities	4,239		134		(3)		4,370
Corporate debt securities	5,021		5		(65)		4,961

	$	14,660	$	208	$	(94)	$	14,774

Investment Securities in a Continuous Unrealized Loss Position


	September 26, 2020
	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	$	462	$	(8)	$	567	$	(11)	$	1,029	$	(19)
State and political subdivision debt securities	250		—		—		—		250		—
Corporate debt securities	1,117		(4)		—		—		1,117		(4)
	$	1,829	$	(12)	$	567	$	(11)	$	2,396	$	(23)


	March 28, 2020
	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	$	133	$	—	$	1,779	$	(26)	$	1,912	$	(26)
State and political subdivision debt securities	601		(2)		101		(1)		702		(3)
Corporate debt securities	3,747		(65)		—		—		3,747		(65)
	$	4,481	$	(67)	$	1,880	$	(27)	$	6,361	$	(94)

Contractual Maturity of Investment Securities


	September 26, 2020
	Amortized Cost		Fair Value
Due in less than one year	$	3,506	$	3,515
Due after one year through five years	3,013		3,040
Due after five years through ten years	1,028		1,109
Due after ten years	1,315		1,371
Mortgage-backed securities	3,605		3,641
	$	12,467	$	12,676

Gain (Loss) on Securities


	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Marketable equity securities:
Net gains on securities held	$	1,278	$	350	$	3,275	$	1,302
Net (losses) gains on securities sold	(27)		(1)		6		(2)
	$	1,251	$	349	$	3,281	$	1,300