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Investments | 12 Months Ended
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Apr. 02, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments consisted of the following (in thousands):
| April 2, 2022 |  | April 3, 2021
Available-for-sale debt securities | $ | 17,760 |  |  | $ | 14,946 |
Marketable equity securities | 16,780 |  |  | 17,600 |
Non-marketable equity investments | 20,479 |  |  | 21,960 |
| 55,019 |  |  | 54,506 |
Less short-term investments | (20,086) |  |  | (19,496) |
| $ | 34,933 |  |  | $ | 35,010 |
Investments in marketable equity securities consist of investments in the common stock of industrial and other companies. Our non-marketable equity investments include investments in community-based initiatives that buy and sell our homes and provide home-only financing to residents of certain manufactured home communities and other distribution operations. We record investments in fixed maturity securities classified as available-for-sale at fair value and record the difference between fair value and cost in AOCI. The amortized cost and fair value of our investments in available-for-sale debt securities, by security type are shown in the table below (in thousands):
| April 2, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 1,668 |  |  | $ | 2 |  |  | $ | (57) |  |  | $ | 1,613 |
State and political subdivision debt securities | 10,100 |  |  | 38 |  |  | (232) |  |  | 9,906 |
Corporate debt securities | 6,502 |  |  | 1 |  |  | (262) |  |  | 6,241 |
| $ | 18,270 |  |  | $ | 41 |  |  | $ | (551) |  |  | $ | 17,760 |
| April 3, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Residential mortgage-backed securities | $ | 2,787 |  |  | $ | 30 |  |  | $ | (13) |  |  | $ | 2,804 |
State and political subdivision debt securities | 7,239 |  |  | 125 |  |  | (19) |  |  | 7,345 |
Corporate debt securities | 4,797 |  |  | 11 |  |  | (11) |  |  | 4,797 |
| $ | 14,823 |  |  | $ | 166 |  |  | $ | (43) |  |  | $ | 14,946 |
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):
| April 2, 2022
| 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 | $ | 1,048 |  |  | $ | (45) |  |  | $ | 289 |  |  | $ | (12) |  |  | $ | 1,337 |  |  | $ | (57) |
State and political subdivision debt securities | 3,884 |  |  | (164) |  |  | 1,246 |  |  | (68) |  |  | 5,130 |  |  | (232) |
Corporate debt securities | 5,215 |  |  | (231) |  |  | 598 |  |  | (31) |  |  | 5,813 |  |  | (262) |
| $ | 10,147 |  |  | $ | (440) |  |  | $ | 2,133 |  |  | $ | (111) |  |  | $ | 12,280 |  |  | $ | (551) |
| April 3, 2021
| 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 | $ | 927 |  |  | $ | (6) |  |  | $ | 450 |  |  | $ | (7) |  |  | $ | 1,377 |  |  | $ | (13) |
State and political subdivision debt securities | 3,013 |  |  | (19) |  |  | — |  |  | — |  |  | 3,013 |  |  | (19) |
Corporate debt securities | 2,153 |  |  | (10) |  |  | 249 |  |  | (1) |  |  | 2,402 |  |  | (11) |
| $ | 6,093 |  |  | $ | (35) |  |  | $ | 699 |  |  | $ | (8) |  |  | $ | 6,792 |  |  | $ | (43) |
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 April 2, 2022. 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.
| April 2, 2022
| Amortized Cost |  | Fair Value
Due in less than one year | $ | 3,300 |  |  | $ | 3,302 |
Due after one year through five years | 11,394 |  |  | 10,901 |
Due after five years through ten years | 1,261 |  |  | 1,281 |
Due after ten years | 647 |  |  | 663 |
Mortgage-backed securities | 1,668 |  |  | 1,613 |
| $ | 18,270 |  |  | $ | 17,760 |
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. Gross gains realized on the sale of available-for-sale debt securities totaled $2,000 for fiscal year 2022, and there were none in 2021 or 2020. There were no gross losses realized on the sale of available-for-sale debt securities in fiscal year 2022. Gross losses in fiscal year 2021 were $6,000 and there were none in fiscal year 2020. 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. See Note 1 for further discussion. Net investment gains and losses on marketable equity securities for fiscal years 2022, 2021 and 2020 were as follows (in thousands):
| Year Ended
| April 2, 2022 |  | April 3, 2021 |  | March 28, 2020
Marketable equity securities: |  |  |  |  |
Net gain (loss) recognized during the period | $ | 2,160 |  |  | $ | 8,515 |  |  | $ | (2,264) |
Less: Net (gains) losses recognized on securities sold during the period | (551) |  |  | (2,191) |  |  | 232 |
Unrealized gains (losses) recognized during the period on securities still held | $ | 1,609 |  |  | $ | 6,324 |  |  | $ | (2,032) |

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- 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 https://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 https://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 https://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 https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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