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Fair Value Measurements | 9 Months Ended
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Dec. 26, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The book value and estimated fair value of our financial instruments were as follows (in thousands):
| December 26, 2020 |  | March 28, 2020
| Book Value |  | Estimated Fair Value |  | Book Value |  | Estimated Fair Value
Available-for-sale debt securities | $ | 16,673 |  |  | $ | 16,673 |  |  | $ | 14,774 |  |  | $ | 14,774 |
Marketable equity securities | 13,987 |  |  | 13,987 |  |  | 9,829 |  |  | 9,829 |
Non-marketable equity investments | 21,791 |  |  | 21,791 |  |  | 21,536 |  |  | 21,536 |
Consumer loans receivable | 81,592 |  |  | 96,313 |  |  | 82,304 |  |  | 97,395 |
Interest rate lock commitment derivatives | 77 |  |  | 77 |  |  | 164 |  |  | 164 |
Forward loan sale commitment derivatives | (195) |  |  | (195) |  |  | (1,011) |  |  | (1,011) |
Commercial loans receivable | 39,746 |  |  | 38,300 |  |  | 46,565 |  |  | 46,819 |
Secured financings and other | (12,987) |  |  | (12,493) |  |  | (14,953) |  |  | (15,592) |
See Note 19, Fair Value Measurements and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies in the Form 10-K for more information on the methodologies we use in determining fair value. Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):
| December 26, 2020
| Total |  | Level 1 |  | Level 2 |  | Level 3
Residential mortgage-backed securities (1) | $ | 5,237 |  |  | $ | — |  |  | $ | 5,237 |  |  | $ | — |
State and political subdivision debt securities (1) | 6,306 |  |  | — |  |  | 6,306 |  |  | — |
Corporate debt securities (1) | 5,130 |  |  | — |  |  | 5,130 |  |  | — |
Marketable equity securities (2) | 13,987 |  |  | 13,987 |  |  | — |  |  | — |
Interest rate lock commitment derivatives (3) | 77 |  |  | — |  |  | — |  |  | 77 |
Forward loan sale commitment derivatives (3) | (195) |  |  | — |  |  | — |  |  | (195) |
Mortgage servicing rights (4) | 831 |  |  | — |  |  | — |  |  | 831 |
| March 28, 2020
| Total |  | Level 1 |  | Level 2 |  | Level 3
Residential mortgage-backed securities (1) | $ | 5,443 |  |  | $ | — |  |  | $ | 5,443 |  |  | $ | — |
State and political subdivision debt securities (1) | 4,370 |  |  | — |  |  | 4,370 |  |  | — |
Corporate debt securities (1) | 4,961 |  |  | — |  |  | 4,961 |  |  | — |
Marketable equity securities (2) | 9,829 |  |  | 9,829 |  |  | — |  |  | — |
Interest rate lock commitment derivatives (3) | 164 |  |  | — |  |  | — |  |  | 164 |
Forward loan sale commitment derivatives (3) | (1,011) |  |  | — |  |  | — |  |  | (1,011) |
Mortgage servicing rights (4) | 1,225 |  |  | — |  |  | — |  |  | 1,225 |
(1)Unrealized gains or losses on investments are recorded in Accumulated other comprehensive income 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 recorded in earnings through Cost of sales. (4)Changes in the fair value of mortgage servicing rights are recorded in earnings through Net revenue. No transfers between Level 1, Level 2 or Level 3 occurred during the nine months ended December 26, 2020. 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 26, 2020
| Total |  | Level 1 |  | Level 2 |  | Level 3
Loans held for investment | $ | 59,167 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,167 |
Loans held for sale | 23,223 |  |  | — |  |  | — |  |  | 23,223 |
Construction advances | 13,923 |  |  | — |  |  | — |  |  | 13,923 |
Commercial loans receivable | 38,300 |  |  | — |  |  | — |  |  | 38,300 |
Secured financings and other | (12,493) |  |  | — |  |  | (12,493) |  |  | — |
Non-marketable equity investments | 21,791 |  |  | — |  |  | — |  |  | 21,791 |
| March 28, 2020
| Total |  | Level 1 |  | Level 2 |  | Level 3
Loans held for investment | $ | 68,503 |  |  | $ | — |  |  | $ | — |  |  | $ | 68,503 |
Loans held for sale | 15,492 |  |  | — |  |  | — |  |  | 15,492 |
Construction advances | 13,400 |  |  | — |  |  | — |  |  | 13,400 |
Commercial loans receivable | 46,819 |  |  | — |  |  | — |  |  | 46,819 |
Secured financings and other | (15,592) |  |  | — |  |  | (15,592) |  |  | — |
Non-marketable equity investments | 21,536 |  |  | — |  |  | — |  |  | 21,536 |
No impairment charges were recorded during the nine months ended December 26, 2020. Mortgage Servicing. Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow accounts, performing loss mitigation activities on behalf of investors and otherwise administering the loan servicing portfolio. MSRs are initially recorded at fair value. Changes in fair value subsequent to the initial capitalization are recorded in earnings.
| December 26, 2020 |  | March 28, 2020
Number of loans serviced with MSRs | 4,663 |  |  | 4,688 |
Weighted average servicing fee (basis points) | 31.81 |  |  | 31.12 |
Capitalized servicing multiple | 44.23 | % |  | 67.19 | %
Capitalized servicing rate (basis points) | 14.07 |  |  | 20.91 |
Serviced portfolio with MSRs (in thousands) | $ | 590,433 |  |  | $ | 585,777 |
MSRs (in thousands) | $ | 831 |  |  | $ | 1,225 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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