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Investments (Tables)
 3 Months Ended
Jul. 03, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments consisted of the following (in thousands):
July 3,
2021		April 3,
2021
Available-for-sale debt securities$17,962 $14,946 
Marketable equity securities
17,550 17,600 
Non-marketable equity investments
22,429 21,960 
57,941 54,506 
Less current portion(19,749)(19,496)
$38,192 $35,010 
Investments in marketable equity securities consist of investments in the common stock of industrial and other companies.
As of July 3, 2021 and April 3, 2021, 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 following tables summarize our available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
July 3, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Residential mortgage-backed securities
$2,609 $26 $(11)$2,624 
State and political subdivision debt securities
8,265 109 (19)8,355 
Corporate debt securities
6,982 12 (11)6,983 
$17,856 $147 $(41)$17,962 
April 3, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Residential mortgage-backed securities
$2,787 $30 $(13)$2,804 
State and political subdivision debt securities
7,239 125 (19)7,345 
Corporate debt securities
4,797 11 (11)4,797 
$14,823 $166 $(43)$14,946 
We are not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of July 3, 2021. Further, we do not intend to sell the investments, and it is more likely than not that we will not be required to sell the investments, before recovery of their amortized cost.
The amortized cost and fair value of our 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.
July 3, 2021
Amortized
Cost		Fair
Value
Due in less than one year$1,518 $1,519 
Due after one year through five years11,033 11,028 
Due after five years through ten years1,391 1,450 
Due after ten years1,305 1,341 
Mortgage-backed securities2,609 2,624 
$17,856 $17,962 
There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three months ended July 3, 2021 or June 27, 2020.
Net investment gains and losses on marketable equity securities were as follows (in thousands):
Three Months Ended
July 3,
2021		June 27,
2020
Marketable equity securities
      Net gain recognized during the period$1,696 $2,030 
      Less: Net gains recognized on securities sold during the period(136)(33)
      Unrealized gains recognized during the period on securities still held$1,560 $1,997 
Schedule of Investments
Investments consisted of the following (in thousands):
July 3,
2021		April 3,
2021
Available-for-sale debt securities$17,962 $14,946 
Marketable equity securities
17,550 17,600 
Non-marketable equity investments
22,429 21,960 
57,941 54,506 
Less current portion(19,749)(19,496)
$38,192 $35,010 
Available-for-Sale Securities by Investment Category
The following tables summarize our available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
July 3, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Residential mortgage-backed securities
$2,609 $26 $(11)$2,624 
State and political subdivision debt securities
8,265 109 (19)8,355 
Corporate debt securities
6,982 12 (11)6,983 
$17,856 $147 $(41)$17,962 
April 3, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Residential mortgage-backed securities
$2,787 $30 $(13)$2,804 
State and political subdivision debt securities
7,239 125 (19)7,345 
Corporate debt securities
4,797 11 (11)4,797 
$14,823 $166 $(43)$14,946 
Contractual Maturity of Investment Securities
The amortized cost and fair value of our 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.
July 3, 2021
Amortized
Cost		Fair
Value
Due in less than one year$1,518 $1,519 
Due after one year through five years11,033 11,028 
Due after five years through ten years1,391 1,450 
Due after ten years1,305 1,341 
Mortgage-backed securities2,609 2,624 
$17,856 $17,962 
Gain (Loss) on Securities
There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three months ended July 3, 2021 or June 27, 2020.
Net investment gains and losses on marketable equity securities were as follows (in thousands):
Three Months Ended
July 3,
2021		June 27,
2020
Marketable equity securities
      Net gain recognized during the period$1,696 $2,030 
      Less: Net gains recognized on securities sold during the period(136)(33)
      Unrealized gains recognized during the period on securities still held$1,560 $1,997