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Investments (Tables) | 9 Months Ended
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Dec. 26, 2020
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments consisted of the following (in thousands):
| December 26, 2020 |  | March 28, 2020
Available-for-sale debt securities | $ | 16,673 |  |  | $ | 14,774 |
Marketable equity securities | 13,987 |  |  | 9,829 |
Non-marketable equity investments | 21,791 |  |  | 21,536 |
| 52,451 |  |  | 46,139 |
Less current portion | (16,966) |  |  | (14,582) |
| $ | 35,485 |  |  | $ | 31,557 |
Investments in marketable equity securities consist of investments in the common stock of industrial and other companies. As of December 26, 2020 and March 28, 2020, 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 following tables summarize our available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
| December 26, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 5,209 |  |  | $ | 45 |  |  | $ | (17) |  |  | $ | 5,237 |
State and political subdivision debt securities | 6,156 |  |  | 151 |  |  | (1) |  |  | 6,306 |
Corporate debt securities | 5,117 |  |  | 15 |  |  | (2) |  |  | 5,130 |
| $ | 16,482 |  |  | $ | 211 |  |  | $ | (20) |  |  | $ | 16,673 |
| 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):
| December 26, 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 | $ | 342 |  |  | $ | (9) |  |  | $ | 460 |  |  | $ | (8) |  |  | $ | 802 |  |  | $ | (17) |
State and political subdivision debt securities | 321 |  |  | (1) |  |  | — |  |  | — |  |  | 321 |  |  | (1) |
Corporate debt securities | 805 |  |  | (2) |  |  | — |  |  | — |  |  | 805 |  |  | (2) |
| $ | 1,468 |  |  | $ | (12) |  |  | $ | 460 |  |  | $ | (8) |  |  | $ | 1,928 |  |  | $ | (20) |
| 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) |
We are not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of December 26, 2020. Further, we do not intend to sell the investments, and it is more likely than not that we will not be required to sell the investments, before recovery of their amortized cost. The amortized cost and fair value of our 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 26, 2020
| Amortized Cost |  | Fair Value
Due in less than one year | $ | 601 |  |  | $ | 603 |
Due after one year through five years | 8,335 |  |  | 8,375 |
Due after five years through ten years | 1,025 |  |  | 1,097 |
Due after ten years | 1,312 |  |  | 1,361 |
Mortgage-backed securities | 5,209 |  |  | 5,237 |
| $ | 16,482 |  |  | $ | 16,673 |
We recognize investment gains and losses on available-for-sale debt securities when we sell or otherwise dispose of securities using the specific identification method. For the three and nine months ended December 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and gross losses realized were $1,000 and $6,000, respectively. 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. We recognize 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 were as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| December 26, 2020 |  | December 28, 2019 |  | December 26, 2020 |  | December 28, 2019
Marketable equity securities: |  |  |  |  |  |  |
Net gains on securities held | $ | 1,857 |  |  | $ | 764 |  |  | $ | 5,132 |  |  | $ | 2,066 |
Net gains on securities sold | 151 |  |  | 13 |  |  | 157 |  |  | 11 |
| $ | 2,008 |  |  | $ | 777 |  |  | $ | 5,289 |  |  | $ | 2,077 |
Schedule of Investments | Investments consisted of the following (in thousands):
| December 26, 2020 |  | March 28, 2020
Available-for-sale debt securities | $ | 16,673 |  |  | $ | 14,774 |
Marketable equity securities | 13,987 |  |  | 9,829 |
Non-marketable equity investments | 21,791 |  |  | 21,536 |
| 52,451 |  |  | 46,139 |
Less current portion | (16,966) |  |  | (14,582) |
| $ | 35,485 |  |  | $ | 31,557 |
Available-for-Sale Securities by Investment Category | The following tables summarize our available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
| December 26, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 5,209 |  |  | $ | 45 |  |  | $ | (17) |  |  | $ | 5,237 |
State and political subdivision debt securities | 6,156 |  |  | 151 |  |  | (1) |  |  | 6,306 |
Corporate debt securities | 5,117 |  |  | 15 |  |  | (2) |  |  | 5,130 |
| $ | 16,482 |  |  | $ | 211 |  |  | $ | (20) |  |  | $ | 16,673 |
| 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 |
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 had been in a continuous unrealized loss position (in thousands):
| December 26, 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 | $ | 342 |  |  | $ | (9) |  |  | $ | 460 |  |  | $ | (8) |  |  | $ | 802 |  |  | $ | (17) |
State and political subdivision debt securities | 321 |  |  | (1) |  |  | — |  |  | — |  |  | 321 |  |  | (1) |
Corporate debt securities | 805 |  |  | (2) |  |  | — |  |  | — |  |  | 805 |  |  | (2) |
| $ | 1,468 |  |  | $ | (12) |  |  | $ | 460 |  |  | $ | (8) |  |  | $ | 1,928 |  |  | $ | (20) |
| 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) |
Contractual Maturity of Investment Securities | The amortized cost and fair value of our 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 26, 2020
| Amortized Cost |  | Fair Value
Due in less than one year | $ | 601 |  |  | $ | 603 |
Due after one year through five years | 8,335 |  |  | 8,375 |
Due after five years through ten years | 1,025 |  |  | 1,097 |
Due after ten years | 1,312 |  |  | 1,361 |
Mortgage-backed securities | 5,209 |  |  | 5,237 |
| $ | 16,482 |  |  | $ | 16,673 |
Gain (Loss) on Securities | We recognize investment gains and losses on available-for-sale debt securities when we sell or otherwise dispose of securities using the specific identification method. For the three and nine months ended December 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and gross losses realized were $1,000 and $6,000, respectively. 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. We recognize 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 were as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| December 26, 2020 |  | December 28, 2019 |  | December 26, 2020 |  | December 28, 2019
Marketable equity securities: |  |  |  |  |  |  |
Net gains on securities held | $ | 1,857 |  |  | $ | 764 |  |  | $ | 5,132 |  |  | $ | 2,066 |
Net gains on securities sold | 151 |  |  | 13 |  |  | 157 |  |  | 11 |
| $ | 2,008 |  |  | $ | 777 |  |  | $ | 5,289 |  |  | $ | 2,077 |

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