XML 18 R8.htm IDEA: XBRL DOCUMENT
v3.20.2

Investments | 3 Months Ended
--- | ---
Jun. 27, 2020
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments consisted of the following (in thousands):
| June 27, 2020 |  | March 28, 2020
Available-for-sale debt securities | $ | 13,975 |  |  | $ | 14,774 |
Marketable equity securities | 11,611 |  |  | 9,829 |
Non-marketable equity investments | 21,294 |  |  | 21,536 |
| $ | 46,880 |  |  | $ | 46,139 |
The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies. As of June 27, 2020 and March 28, 2020, non-marketable equity investments included contributions of $15.0 million t o equity-method investments in community-based initiatives that buy and sell the Company's 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. 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 27, 2020 |  |  |  |  |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 4,637 |  |  | $ | 65 |  |  | $ | (31) |  |  | $ | 4,671 |
State and political subdivision debt securities | 4,426 |  |  | 155 |  |  | — |  |  | 4,581 |
Corporate debt securities | 4,713 |  |  | 24 |  |  | (14) |  |  | 4,723 |
| $ | 13,776 |  |  | $ | 244 |  |  | $ | (45) |  |  | $ | 13,975 |
| March 28, 2020 |  |  |  |  |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 5,400 |  |  | $ | 69 |  |  | $ | (26) |  |  | $ | 5,443 |
State and political subdivision debt securities | 4,239 |  |  | 134 |  |  | (3) |  |  | 4,370 |
Corporate debt securities | 5,021 |  |  | 5 |  |  | (65) |  |  | 4,961 |
| $ | 14,660 |  |  | $ | 208 |  |  | $ | (94) |  |  | $ | 14,774 |
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):
| June 27, 2020 |  |  |  |  |  |  |  |  |  |
| 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 | $ | 721 |  |  | $ | (11) |  |  | $ | 951 |  |  | $ | (20) |  |  | $ | 1,672 |  |  | $ | (31) |
State and political subdivision debt securities | 300 |  |  | — |  |  | — |  |  | — |  |  | 300 |  |  | — |
Corporate debt securities | 787 |  |  | (14) |  |  | — |  |  | — |  |  | 787 |  |  | (14) |
| $ | 1,808 |  |  | $ | (25) |  |  | $ | 951 |  |  | $ | (20) |  |  | $ | 2,759 |  |  | $ | (45) |
| March 28, 2020 |  |  |  |  |  |  |  |  |  |
| 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 | $ | 133 |  |  | $ | — |  |  | $ | 1,779 |  |  | $ | (26) |  |  | $ | 1,912 |  |  | $ | (26) |
State and political subdivision debt securities | 601 |  |  | (2) |  |  | 101 |  |  | (1) |  |  | 702 |  |  | (3) |
Corporate debt securities | 3,747 |  |  | (65) |  |  | — |  |  | — |  |  | 3,747 |  |  | (65) |
| $ | 4,481 |  |  | $ | (67) |  |  | $ | 1,880 |  |  | $ | (27) |  |  | $ | 6,361 |  |  | $ | (94) |
The Company is not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of June 27, 2020, and the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost base. 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 27, 2020 |  |
| Amortized Cost |  | Fair Value
Due in less than one year | $ | 4,414 |  |  | $ | 4,431 |
Due after one year through five years | 2,376 |  |  | 2,389 |
Due after five years through ten years | 773 |  |  | 840 |
Due after ten years | 1,576 |  |  | 1,644 |
Mortgage-backed securities | 4,637 |  |  | 4,671 |
| $ | 13,776 |  |  | $ | 13,975 |
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 months ended June 27, 2020 or June 29, 2019. 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 27, 2020 and June 29, 2019 were as follows (in thousands):
|  |  |  |  | Three Months Ended |  |
|  |  |  |  | June 27, 2020 |  | June 29, 2019
Marketable equity securities: |  |  |  |  |  |  |
Net gains on securities held |  |  |  |  | $ | 1,997 |  |  | $ | 952 |
Net gains (losses) on securities sold |  |  |  |  | 33 |  |  | (1) |
Total net gain on marketable equity securities |  |  |  |  | $ | 2,030 |  |  | $ | 951 |

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