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Investments (Tables) | 3 Months Ended
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Jun. 29, 2019
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments consist of the following (in thousands):
| June 29, 2019 |  | March 30, 2019
Available-for-sale debt securities | $ | 13,094 |  |  | $ | 13,408 |
Marketable equity securities | 12,117 |  |  | 11,073 |
Non-marketable equity investments | 20,552 |  |  | 20,276 |
| $ | 45,763 |  |  | $ | 44,757 |
The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies. As of June 29, 2019 and March 30, 2019, non-marketable equity investments include 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 investments include investments in other distribution operations. The Company records investments in fixed maturity securities classified as available-for-sale at fair value and records the difference between fair value and cost in Accumulated other comprehensive income (loss). 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):
| June 29, 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 6,742 |  |  | $ | 15 |  |  | $ | (60 | ) |  | $ | 6,697 |
State and political subdivision debt securities | 4,067 |  |  | 133 |  |  | (4 | ) |  | 4,196 |
Corporate debt securities | 1,908 |  |  | 4 |  |  | (11 | ) |  | 1,901 |
U.S. Treasury and government debt securities | $ | 300 |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |
| $ | 13,017 |  |  | $ | 152 |  |  | $ | (75 | ) |  | $ | 13,094 |
| March 30, 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 6,625 |  |  | $ | 3 |  |  | $ | (119 | ) |  | $ | 6,509 |
State and political subdivision debt securities | 4,883 |  |  | 117 |  |  | (17 | ) |  | 4,983 |
Corporate debt securities | 1,635 |  |  | 3 |  |  | (19 | ) |  | 1,619 |
U.S. Treasury and government debt securities | 300 |  |  | — |  |  | (3 | ) |  | 297 |
| $ | 13,443 |  |  | $ | 123 |  |  | $ | (158 | ) |  | $ | 13,408 |
The following tables show 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):
| June 29, 2019
| 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 | $ | 656 |  |  | $ | (1 | ) |  | $ | 4,022 |  |  | $ | (59 | ) |  | $ | 4,678 |  |  | $ | (60 | )
State and political subdivision debt securities | — |  |  | — |  |  | 405 |  |  | (4 | ) |  | 405 |  |  | (4 | )
Corporate debt securities | 247 |  |  | (4 | ) |  | 852 |  |  | (7 | ) |  | 1,099 |  |  | (11 | )
| $ | 903 |  |  | $ | (5 | ) |  | $ | 5,279 |  |  | $ | (70 | ) |  | $ | 6,182 |  |  | $ | (75 | )
| March 30, 2019
| 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 | $ | — |  |  | $ | — |  |  | $ | 297 |  |  | $ | (3 | ) |  | $ | 297 |  |  | $ | (3 | )
Residential mortgage-backed securities | 1,066 |  |  | (9 | ) |  | 5,206 |  |  | (110 | ) |  | 6,272 |  |  | (119 | )
State and political subdivision debt securities | 353 |  |  | — |  |  | 2,319 |  |  | (17 | ) |  | 2,672 |  |  | (17 | )
Corporate debt securities | 243 |  |  | (8 | ) |  | 1,073 |  |  | (11 | ) |  | 1,316 |  |  | (19 | )
| $ | 1,662 |  |  | $ | (17 | ) |  | $ | 8,895 |  |  | $ | (141 | ) |  | $ | 10,557 |  |  | $ | (158 | )
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 as of June 29, 2019. 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.
| June 29, 2019
| Amortized Cost |  | Fair Value
Due in less than one year | $ | 860 |  |  | $ | 858 |
Due after one year through five years | 3,225 |  |  | 3,222 |
Due after five years through ten years | 264 |  |  | 284 |
Due after ten years | 1,926 |  |  | 2,033 |
Mortgage-backed securities | 6,742 |  |  | 6,697 |
| $ | 13,017 |  |  | $ | 13,094 |
The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities on a specific identification method. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three months ended June 29, 2019 or June 30, 2018. 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 for the three months ended June 29, 2019 and June 30, 2018 are as follows (in thousands):
| Three Months Ended
| June 29, 2019 |  | June 30, 2018
Marketable equity securities: |  |  |
Net gains on securities held | $ | 952 |  |  | $ | 1,610 |
Net losses on securities sold | (1 | ) |  | (40 | )
Total net gain on marketable equity securities | $ | 951 |  |  | $ | 1,570 |
Schedule of Investments | Investments consist of the following (in thousands):
| June 29, 2019 |  | March 30, 2019
Available-for-sale debt securities | $ | 13,094 |  |  | $ | 13,408 |
Marketable equity securities | 12,117 |  |  | 11,073 |
Non-marketable equity investments | 20,552 |  |  | 20,276 |
| $ | 45,763 |  |  | $ | 44,757 |
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):
| June 29, 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 6,742 |  |  | $ | 15 |  |  | $ | (60 | ) |  | $ | 6,697 |
State and political subdivision debt securities | 4,067 |  |  | 133 |  |  | (4 | ) |  | 4,196 |
Corporate debt securities | 1,908 |  |  | 4 |  |  | (11 | ) |  | 1,901 |
U.S. Treasury and government debt securities | $ | 300 |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |
| $ | 13,017 |  |  | $ | 152 |  |  | $ | (75 | ) |  | $ | 13,094 |
| March 30, 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 6,625 |  |  | $ | 3 |  |  | $ | (119 | ) |  | $ | 6,509 |
State and political subdivision debt securities | 4,883 |  |  | 117 |  |  | (17 | ) |  | 4,983 |
Corporate debt securities | 1,635 |  |  | 3 |  |  | (19 | ) |  | 1,619 |
U.S. Treasury and government debt securities | 300 |  |  | — |  |  | (3 | ) |  | 297 |
| $ | 13,443 |  |  | $ | 123 |  |  | $ | (158 | ) |  | $ | 13,408 |
Investment Securities in a Continuous Unrealized Loss Position | The following tables show 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):
| June 29, 2019
| 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 | $ | 656 |  |  | $ | (1 | ) |  | $ | 4,022 |  |  | $ | (59 | ) |  | $ | 4,678 |  |  | $ | (60 | )
State and political subdivision debt securities | — |  |  | — |  |  | 405 |  |  | (4 | ) |  | 405 |  |  | (4 | )
Corporate debt securities | 247 |  |  | (4 | ) |  | 852 |  |  | (7 | ) |  | 1,099 |  |  | (11 | )
| $ | 903 |  |  | $ | (5 | ) |  | $ | 5,279 |  |  | $ | (70 | ) |  | $ | 6,182 |  |  | $ | (75 | )
| March 30, 2019
| 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 | $ | — |  |  | $ | — |  |  | $ | 297 |  |  | $ | (3 | ) |  | $ | 297 |  |  | $ | (3 | )
Residential mortgage-backed securities | 1,066 |  |  | (9 | ) |  | 5,206 |  |  | (110 | ) |  | 6,272 |  |  | (119 | )
State and political subdivision debt securities | 353 |  |  | — |  |  | 2,319 |  |  | (17 | ) |  | 2,672 |  |  | (17 | )
Corporate debt securities | 243 |  |  | (8 | ) |  | 1,073 |  |  | (11 | ) |  | 1,316 |  |  | (19 | )
| $ | 1,662 |  |  | $ | (17 | ) |  | $ | 8,895 |  |  | $ | (141 | ) |  | $ | 10,557 |  |  | $ | (158 | )
Contractual Maturity of Investment Securities | 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.
| June 29, 2019
| Amortized Cost |  | Fair Value
Due in less than one year | $ | 860 |  |  | $ | 858 |
Due after one year through five years | 3,225 |  |  | 3,222 |
Due after five years through ten years | 264 |  |  | 284 |
Due after ten years | 1,926 |  |  | 2,033 |
Mortgage-backed securities | 6,742 |  |  | 6,697 |
| $ | 13,017 |  |  | $ | 13,094 |
Gain (Loss) on Securities | The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities on a specific identification method. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three months ended June 29, 2019 or June 30, 2018. 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 for the three months ended June 29, 2019 and June 30, 2018 are as follows (in thousands):
| Three Months Ended
| June 29, 2019 |  | June 30, 2018
Marketable equity securities: |  |  |
Net gains on securities held | $ | 952 |  |  | $ | 1,610 |
Net losses on securities sold | (1 | ) |  | (40 | )
Total net gain on marketable equity securities | $ | 951 |  |  | $ | 1,570 |

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