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Fair Value Measurements (Tables) | 9 Months Ended
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Dec. 28, 2019
Fair Value Disclosures [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 were as follows (in thousands):
| December 28, 2019 |  | March 30, 2019
| Book Value |  | Estimated Fair Value |  | Book Value |  | Estimated Fair Value
Available-for-sale debt securities (1) | $ | 10,391 |  |  | $ | 10,391 |  |  | $ | 13,408 |  |  | $ | 13,408 |
Marketable equity securities (1) | 13,473 |  |  | 13,473 |  |  | 11,073 |  |  | 11,073 |
Non-marketable equity investments (2) | 21,310 |  |  | 21,310 |  |  | 20,276 |  |  | 20,276 |
Consumer loans receivable (3) | 89,992 |  |  | 103,141 |  |  | 86,785 |  |  | 101,001 |
Interest rate lock commitment derivatives (4) | 3 |  |  | 3 |  |  | 11 |  |  | 11 |
Forward loan sale commitment derivatives (4) | 104 |  |  | 104 |  |  | (59 | ) |  | (59 | )
Commercial loans receivable (5) | 44,357 |  |  | 44,313 |  |  | 43,006 |  |  | 43,582 |
Securitized financings and other (6) | (15,987 | ) |  | (19,448 | ) |  | (34,140 | ) |  | (38,101 | )
(1) | For Level 1 classified securities, the fair value is based on quoted market prices. The fair value of Level 2 securities is based on other inputs, as further described below.
(2) | The fair value approximates book value based on the non-marketable nature of the investments.
(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 is 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.
(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 is estimated using market interest rates of comparable loans.
(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 | measured at fair value on a recurring basis are summarized below (in thousands):
| December 28, 2019
| Total |  | Level 1 |  | Level 2 |  | Level 3
Residential mortgage-backed securities (1) | $ | 5,236 |  |  | $ | — |  |  | $ | 5,236 |  |  | $ | — |
State and political subdivision debt securities (1) | 3,831 |  |  | — |  |  | 3,831 |  |  | — |
Corporate debt securities (1) | 1,324 |  |  | — |  |  | 1,324 |  |  | — |
Marketable equity securities (2) | 13,473 |  |  | 13,473 |  |  | — |  |  | — |
Interest rate lock commitment derivatives (3) | 3 |  |  | — |  |  | — |  |  | 3 |
Forward loan sale commitment derivatives (3) | 104 |  |  | — |  |  | — |  |  | 104 |
Mortgage servicing rights (4) | 1,263 |  |  | — |  |  | — |  |  | 1,263 |
| March 30, 2019
| Total |  | Level 1 |  | Level 2 |  | Level 3
U.S Treasury and government debt securities(1) | $ | 297 |  |  | $ | — |  |  | $ | 297 |  |  | $ | — |
Residential mortgage-backed securities (1) | 6,509 |  |  | — |  |  | 6,509 |  |  | — |
State and political subdivision debt securities (1) | 4,983 |  |  | — |  |  | 4,983 |  |  | — |
Corporate debt securities (1) | 1,619 |  |  | — |  |  | 1,619 |  |  | — |
Marketable equity securities (2) | 11,073 |  |  | 11,073 |  |  | — |  |  | — |
Interest rate lock commitment derivatives (3) | 11 |  |  | — |  |  | — |  |  | 11 |
Forward loan sale commitment derivatives (3) | (59 | ) |  | — |  |  | — |  |  | (59 | )
Mortgage servicing rights (4) | 1,372 |  |  | — |  |  | — |  |  | 1,372 |
(1) | Unrealized gains or losses on investments are recorded in Accumulated other comprehensive income (loss) at each measurement date.
(2) | Unrealized gains or losses on investments are recorded in earnings at each measurement date.
(3) | Gains or losses on derivatives are recognized in current period earnings through Cost of sales.
(4) Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through Net revenue.
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | Financial instruments 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):
| December 28, 2019
| Total |  | Level 1 |  | Level 2 |  | Level 3
Loans held for investment | $ | 69,932 |  |  | $ | — |  |  | $ | — |  |  | $ | 69,932 |
Loans held for sale | 20,583 |  |  | — |  |  | — |  |  | 20,583 |
Loans held—construction advances | 12,626 |  |  | — |  |  | — |  |  | 12,626 |
Commercial loans receivable | 44,313 |  |  | — |  |  | — |  |  | 44,313 |
Securitized financings and other | (19,448 | ) |  | — |  |  | (19,448 | ) |  | — |
Non-marketable equity investments | 21,310 |  |  | — |  |  | — |  |  | 21,310 |
Assumptions for Mortgage Servicing Rights |
| December 28, 2019 |  | March 30, 2019
Number of loans serviced with MSRs | 4,632 |  |  | 4,557 |
Weighted average servicing fee (basis points) | 31.12 |  |  | 31.59 |
Capitalized servicing multiple | 70.53 | % |  | 77.97 | %
Capitalized servicing rate (basis points) | 21.95 |  |  | 24.63 |
Serviced portfolio with MSRs (in thousands) | $ | 575,313 |  |  | $ | 556,934 |
Mortgage servicing rights (in thousands) | $ | 1,263 |  |  | $ | 1,372 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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