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Fair Value Measurements (Tables) | 9 Months Ended
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Dec. 29, 2012
Fair Value Measurements [Abstract] |
Summary of the Fair Value and Carrying Value of Financial Instruments | The book value and estimated fair value of the Company’s financial instruments are as follows (in thousands):
|  | December 29, 2012 |  |  | March 31, 2012 |
|  | Book |  |  | Estimated |  |  | Book |  |  | Estimated |
|  | Value |  |  | Fair Value |  |  | Value |  |  | Fair Value |
Cash and cash equivalents (1) |  | $ | 42,451 |  |  | $ | 42,451 |  |  | $ | 41,094 |  |  | $ | 41,094 |
Restricted cash (1) |  |  | 7,214 |  |  |  | 7,214 |  |  |  | 6,784 |  |  |  | 6,784 |
Investments (2) |  |  | 16,506 |  |  |  | 16,506 |  |  |  | 14,202 |  |  |  | 14,202 |
Consumer loans receivable (3) |  |  | 116,372 |  |  |  | 122,499 |  |  |  | 119,299 |  |  |  | 122,620 |
Interest rate lock commitment derivatives (4) |  |  | 6 |  |  |  | 6 |  |  |  | 11 |  |  |  | 11 |
Forward loan sale commitment derivatives (4) |  |  | 4 |  |  |  | 4 |  |  |  | 7 |  |  |  | 7 |
Inventory finance receivable (5) |  |  | 25,877 |  |  |  | 25,877 |  |  |  | 24,681 |  |  |  | 24,681 |
Construction lending line (5) |  |  | — |  |  |  | — |  |  |  | 4,550 |  |  |  | 4,550 |
Securitized financings (6) |  |  | 84,524 |  |  |  | 84,274 |  |  |  | 91,475 |  |  |  | 94,765 |
(1) | The fair value approximates book value due to the instruments’ short-term maturity.
(2) | The fair value is based on quoted market prices.
(3) | Includes consumer loans receivable held for investment, held for sale and construction advances. The fair value of the loans held for investment is based on the discounted value of the remaining principal and interest cash flows. The fair value of the loans held for sale are estimated based on recent GSE mortgage backed bond prices. The fair value of the construction advances approximates book value and the sales price of these loans is estimated based on construction completed.
(4) | The fair values are based on changes in GSE mortgage backed bond prices, and additionally for IRLCs, pull through rates.
(5) | The fair value approximates book value based on current market rates and the revolving nature of the instruments.
(6) | The fair value is estimated using recent public transactions of similar asset-backed securities.
Summary of Assets Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis are summarized below (in thousands):
|  | As of December 29, 2012 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Securities issued by the U.S Treasury and Government (1) |  | $ | 2,759 |  |  | $ | — |  |  | $ | 2,759 |  |  | $ | — |
Mortgage-backed securities (1) |  |  | 4,968 |  |  |  | — |  |  |  | 4,968 |  |  |  | — |
Securities issued by states and political subdivisions (1) |  |  | 1,450 |  |  |  | — |  |  |  | 1,450 |  |  |  | — |
Corporate debt securities (1) |  |  | 3,235 |  |  |  | — |  |  |  | 3,235 |  |  |  | — |
Marketable equity securities (1) |  |  | 4,094 |  |  |  | 4,094 |  |  |  | — |  |  |  | — |
Interest rate lock commitment derivatives (2) |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 6 |
Forward loan sale commitment derivatives (2) |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
(1) | Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date.
(2) | Gains or losses on derivatives are recognized in current period earnings through cost of sales.
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | Assets and liabilities for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands):
|  | As of December 29, 2012 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash and cash equivalents |  | $ | 42,451 |  |  | $ | 42,451 |  |  | $ | — |  |  | $ | — |
Restricted cash |  |  | 7,214 |  |  |  | 7,214 |  |  |  | — |  |  |  | — |
Loans held for investment |  |  | 108,425 |  |  |  | — |  |  |  | — |  |  |  | 108,425 |
Loans held for sale |  |  | 8,268 |  |  |  | — |  |  |  | 8,268 |  |  |  | — |
Loans held—construction advances |  |  | 5,806 |  |  |  | — |  |  |  | — |  |  |  | 5,806 |
Inventory finance receivable |  |  | 25,877 |  |  |  | — |  |  |  | — |  |  |  | 25,877 |
Securitized financings |  |  | 84,274 |  |  |  | — |  |  |  | 84,274 |  |  |  | — |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 + Details
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