XML 73 R9.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Investments | 9 Months Ended
--- | ---
Dec. 28, 2019
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments consisted of the following (in thousands):
| December 28, 2019 |  | March 30, 2019
Available-for-sale debt securities | $ | 10,391 |  |  | $ | 13,408 |
Marketable equity securities | 13,473 |  |  | 11,073 |
Non-marketable equity investments | 21,310 |  |  | 20,276 |
| $ | 45,174 |  |  | $ | 44,757 |
The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies. As of December 28, 2019 and March 30, 2019, 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 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):
| December 28, 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 5,267 |  |  | $ | 17 |  |  | $ | (48 | ) |  | $ | 5,236 |
State and political subdivision debt securities | 3,695 |  |  | 138 |  |  | (2 | ) |  | 3,831 |
Corporate debt securities | 1,321 |  |  | 4 |  |  | (1 | ) |  | 1,324 |
| $ | 10,283 |  |  | $ | 159 |  |  | $ | (51 | ) |  | $ | 10,391 |
| 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 had been in a continuous unrealized loss position (in thousands):
| December 28, 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 | $ | 399 |  |  | $ | — |  |  | $ | 2,896 |  |  | $ | (48 | ) |  | $ | 3,295 |  |  | $ | (48 | )
State and political subdivision debt securities | 302 |  |  | (1 | ) |  | 102 |  |  | (1 | ) |  | 404 |  |  | (2 | )
Corporate debt securities | 299 |  |  | (1 | ) |  | 250 |  |  | — |  |  | 549 |  |  | (1 | )
| $ | 1,000 |  |  | $ | (2 | ) |  | $ | 3,248 |  |  | $ | (49 | ) |  | $ | 4,248 |  |  | $ | (51 | )
| March 30, 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 | $ | 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 | )
U.S. Treasury and government debt securities | — |  |  | — |  |  | 297 |  |  | (3 | ) |  | 297 |  |  | (3 | )
| $ | 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 December 28, 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.
| December 28, 2019
| Amortized Cost |  | Fair Value
Due in less than one year | $ | 471 |  |  | $ | 472 |
Due after one year through five years | 2,081 |  |  | 2,092 |
Due after five years through ten years | 262 |  |  | 282 |
Due after ten years | 2,202 |  |  | 2,309 |
Mortgage-backed securities | 5,267 |  |  | 5,236 |
| $ | 10,283 |  |  | $ | 10,391 |
The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities using the specific identification method. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and nine months ended December 28, 2019 or December 29, 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 and nine months ended December 28, 2019 and December 29, 2018 were as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| December 28, 2019 |  | December 29, 2018 |  | December 28, 2019 |  | December 29, 2018
Marketable equity securities: |  |  |  |  |  |  |
Net gains (losses) on securities held | $ | 764 |  |  | $ | (2,996 | ) |  | $ | 2,066 |  |  | $ | (1,698 | )
Net gains (losses) on securities sold | 13 |  |  | 11 |  |  | 11 |  |  | (42 | )
Total net gain (loss) on marketable equity securities | $ | 777 |  |  | $ | (2,985 | ) |  | $ | 2,077 |  |  | $ | (1,740 | )

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration