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Fair Value Measurements (Tables) | 9 Months Ended
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Dec. 26, 2020
Fair Value Disclosures [Abstract] |
Summary of the Fair Value and Carrying Value of Financial Instruments | 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) |
Summary of Assets Measured at Fair Value on a Recurring Basis | 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.
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 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 |
Assumptions for Mortgage Servicing Rights |
| 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 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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