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Debt Obligations (Tables) | 12 Months Ended
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Mar. 31, 2018
Debt Obligations [Abstract] |
Schedule of Debt |
| March 31, 2018 |  | April 1, 2017
Acquired securitized financings (acquired as part of the Palm Harbor transaction) |  |  |
Securitized financing 2005-1 | $ | 20,524 |  |  | $ | 23,756 |
Securitized financing 2007-1 | 22,552 |  |  | 25,728 |
Other secured financings | 4,966 |  |  | 4,987 |
Secured Credit Facilities | 11,770 |  |  | 3,520 |
| $ | 59,812 |  |  | $ | 57,991 |
Schedule of Maturities of Long-term Debt | Scheduled maturities for future fiscal years of the Company's debt obligations consist of the following (in thousands):
2019 | $ | 26,044 |
2020 | 20,289 |
2021 | 1,619 |
2022 | 1,464 |
2023 | 3,633 |
Thereafter | 6,763 |
Schedule of Line of Credit Facilities | The Company has entered into secured credit facilities with independent third party banks for a total of $15.0 million with one year draw periods and maturity dates of ten years after the expiration of the draw periods. The proceeds are used by the Company to originate and hold consumer home-only loans secured by manufactured homes, which are pledged as collateral to the facilities. The maximum advance for loans under this program is 80% of the outstanding collateral principal balance, with the Company providing the remaining funds. One of the facilities has a floating interest rate during a one year draw period in which the Company has the option to convert all or a portion of the loan to a fixed rate. During the draw period, the facility bears interest at an annual rate of the average one month LIBOR rates plus 3.50%. Upon conversion, converted balances bear interest at an annual rate of 10 year U.S. Treasury bonds plus 2.75%. The Company has exercised the early conversion option on all outstanding amounts under this facility prior to March 31, 2018. Payments are based on a 20 year amortization schedule with a balloon payment due upon maturity. The other facility has a fixed interest rate of 4.75%. Payments are interest only with a balloon payment due upon maturity.
Securitized Financing | Securitized Financing. Prior to being acquired by the Company, CountryPlace completed two securitizations of factory-built housing loan receivables on July 12, 2005 and March 22, 2007. A special purpose bankruptcy remote trust ("SPE") was formed for the purpose of issuing asset backed notes. The Company transfered assets to the SPE, which then issued to investors various asset-backed securities. In these securitization transactions, the Company received cash and/or other interests in the SPE as proceeds for the transferred assets. The Company retained the right to service the transferred receivables and to repurchase the transferred receivables from the SPE if the outstanding balance of the receivables falls to less than twenty percent of the original balance of the transferred receivables. The Company evaluated its interests in the SPE for classification as a variable interest entity and the Company determined that the Company is the primary beneficiary and, therefore, the Company includes the SPE in its consolidated financial statements. These two securitizations were accounted for as financings, which use the portfolio method of accounting in accordance with Federal Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 310, Receivables – Nonrefundable Fees and Other. The securitizations included provisions for removal of accounts, retention of certain credit loss risk by CountryPlace and other factors that preclude sale accounting of the securitizations under FASB ASC 860, Transfers and Servicing. Both securitizations were accounted for as securitized borrowings; therefore, the related consumer loans receivable and securitized financings were included in CountryPlace's financial statements. Since the Acquisition Date, the acquired consumer loans receivable and securitized financings are accounted for in a manner similar to FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). The Company considers expected prepayments and estimates the amount and timing of undiscounted expected principal, interest and other cash flows for securitized consumer loans receivable held for investment to determine the expected cash flows on securitized financings and the contractual payments. The amount of contractual principal and contractual interest payments due on the securitized financings in excess of all cash flows expected as of the Acquisition Date include interest that cannot be accreted into interest expense (the non-accretable difference). The remaining amount is accreted into interest expense over the remaining life of the obligation, referred to as accretable yield (see Note 12). The following table summarizes acquired securitized financings (in thousands):
| March 31, 2018 |  | April 1, 2017
Securitized financings – contractual amount | $ | 46,591 |  |  | $ | 57,120 |
Purchase Discount |  |  |
Accretable | (3,515 | ) |  | (7,636 | )
Non-accretable (1) | — |  |  | — |
Total acquired securitized financings, net | $ | 43,076 |  |  | $ | 49,484 |
(1) There is no non-accretable difference, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans.
Accretable Yield Movement on Acquired Securitized Financings | Over the life of the loans, the Company continues to estimate cash flows expected to be paid on securitized financings. The Company evaluates at the balance sheet date whether the present value of its securitized financings, determined using the effective interest rate, has increased or decreased. The present value of any subsequent change in cash flows expected to be paid adjusts the amount of accretable yield recognized on a prospective basis over the securitized financing's remaining life. The changes in accretable yield on securitized financings were as follows (in thousands):
| Year Ended
| March 31, 2018 |  | April 1, 2017
Balance at the beginning of the period | $ | 7,636 |  |  | $ | 12,333 |
Additions | — |  |  | — |
Accretion | (3,336 | ) |  | (3,724 | )
Adjustment to cash flows | (785 | ) |  | (973 | )
Balance at the end of the period | $ | 3,515 |  |  | $ | 7,636 |

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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