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Investments | 6 Months Ended
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Sep. 29, 2018
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments consist of the following (in thousands):
| September 29, 2018 |  | March 31, 2018
Available-for-sale debt securities | $ | 14,900 |  |  | $ | 16,181 |
Marketable equity securities | 12,409 |  |  | 10,405 |
Non-marketable equity investments | 19,302 |  |  | 18,853 |
| $ | 46,611 |  |  | $ | 45,439 |
The Company's investments in marketable equity securities consist of common stock holdings of industrial and other companies. Non-marketable equity investments includes $15.0 million as of September 29, 2018 and March 31, 2018, of contributions 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 investments include 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 29, 2018
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury and government debt securities | $ | 300 |  |  | $ | — |  |  | $ | (10 | ) |  | $ | 290 |
Residential mortgage-backed securities | 7,714 |  |  | — |  |  | (207 | ) |  | 7,507 |
State and political subdivision debt securities | 5,499 |  |  | 90 |  |  | (108 | ) |  | 5,481 |
Corporate debt securities | 1,646 |  |  | 1 |  |  | (25 | ) |  | 1,622 |
| $ | 15,159 |  |  | $ | 91 |  |  | $ | (350 | ) |  | $ | 14,900 |
| March 31, 2018
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury and government debt securities | $ | 300 |  |  | $ | — |  |  | $ | (7 | ) |  | $ | 293 |
Residential mortgage-backed securities | 7,654 |  |  | — |  |  | (155 | ) |  | 7,499 |
State and political subdivision debt securities | 6,377 |  |  | 109 |  |  | (149 | ) |  | 6,337 |
Corporate debt securities | 2,081 |  |  | 1 |  |  | (30 | ) |  | 2,052 |
| $ | 16,412 |  |  | $ | 110 |  |  | $ | (341 | ) |  | $ | 16,181 |
The following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| September 29, 2018
| Less than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury and government debt securities | $ | 290 |  |  | $ | (10 | ) |  | $ | — |  |  | $ | — |  |  | $ | 290 |  |  | $ | (10 | )
Residential mortgage-backed securities | 2,738 |  |  | (51 | ) |  | 4,764 |  |  | (156 | ) |  | 7,502 |  |  | (207 | )
State and political subdivision debt securities | 1,097 |  |  | (18 | ) |  | 2,478 |  |  | (90 | ) |  | 3,575 |  |  | (108 | )
Corporate debt securities | 515 |  |  | (6 | ) |  | 855 |  |  | (19 | ) |  | 1,370 |  |  | (25 | )
| $ | 4,640 |  |  | $ | (85 | ) |  | $ | 8,097 |  |  | $ | (265 | ) |  | $ | 12,737 |  |  | $ | (350 | )
| March 31, 2018
| Less than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury and government debt securities | $ | 293 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | — |  |  | $ | 293 |  |  | $ | (7 | )
Residential mortgage-backed securities | 3,185 |  |  | (52 | ) |  | 3,909 |  |  | (103 | ) |  | 7,094 |  |  | (155 | )
State and political subdivision debt securities | 2,224 |  |  | (40 | ) |  | 2,180 |  |  | (109 | ) |  | 4,404 |  |  | (149 | )
Corporate debt securities | 1,384 |  |  | (12 | ) |  | 367 |  |  | (18 | ) |  | 1,751 |  |  | (30 | )
| $ | 7,086 |  |  | $ | (111 | ) |  | $ | 6,456 |  |  | $ | (230 | ) |  | $ | 13,542 |  |  | $ | (341 | )
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 at September 29, 2018. The amortized cost and fair value of the Company's investments in 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 call or prepayment penalties.
| September 29, 2018
| Amortized Cost |  | Fair Value
Due in less than one year | $ | 698 |  |  | $ | 680 |
Due after one year through five years | 3,557 |  |  | 3,465 |
Due after five years through ten years | 375 |  |  | 361 |
Due after ten years | 2,815 |  |  | 2,887 |
Mortgage-backed securities | 7,714 |  |  | 7,507 |
| $ | 15,159 |  |  | $ | 14,900 |
We recognize investment gains and losses on debt securities when we sell or otherwise dispose of securities on a specific identification method. There were no gross gains or losses realized during the three and six months ended September 29, 2018. There were no gross gains or losses realized for the three months ended September 30, 2017. During the six months ended September 30, 2017, there were no gross gains realized and $10,000 in gross losses realized. Beginning in fiscal year 2019, we have recognized 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. The net investment gains and losses for the three and six months ended September 29, 2018 and September 30, 2017 are as follows (in thousands):
| Three Months Ended |  | Six Months Ended
| September 29, 2018 |  | September 30, 2017 |  | September 29, 2018 |  | September 30, 2017
Marketable equity securities: |  |  |  |  |  |  |
Net (losses) gains on securities held | $ | (312 | ) |  | $ | — |  |  | $ | 1,298 |  |  | $ | — |
Net losses on securities sold | (13 | ) |  | — |  |  | (53 | ) |  | — |
Gross realized gains | — |  |  | 570 |  |  | — |  |  | 735 |
Gross realized losses | — |  |  | (51 | ) |  | — |  |  | (112 | )
Total net (loss) gain on marketable equity securities | $ | (325 | ) |  | $ | 519 |  |  | $ | 1,245 |  |  | $ | 623 |

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