XML 37 R24.htm IDEA: XBRL DOCUMENT
v3.22.1

Fair Value Measurements | 12 Months Ended
--- | ---
Apr. 02, 2022
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):
| April 2, 2022 |  | April 3, 2021
| Book Value |  | Estimated Fair Value |  | Book Value |  | Estimated Fair Value
Available-for-sale debt securities (1) | $ | 17,760 |  |  | $ | 17,760 |  |  | $ | 14,946 |  |  | $ | 14,946 |
Marketable equity securities (2) | 16,780 |  |  | 16,780 |  |  | 17,600 |  |  | 17,600 |
Non-marketable equity investments (3) | 20,479 |  |  | 20,479 |  |  | 21,960 |  |  | 21,960 |
Consumer loans receivable (4) (5) | 49,884 |  |  | 53,354 |  |  | 74,798 |  |  | 86,209 |
Commercial loans receivable (5) | 68,566 |  |  | 65,942 |  |  | 44,314 |  |  | 42,379 |
Secured credit facilities and other (6) | (11,620) |  |  | (11,806) |  |  | (12,186) |  |  | (12,340) |
(1) Level 2: The fair value is based on observable market prices for identical securities. When observable market prices for identical securities are not available, we price our marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. (2) Level 1: The fair value is based on quoted market prices. (3) Level 3: The fair value approximates book value based on the non-marketable nature of the investments. (4) Level 3: Includes consumer loans receivable held for investment, held for sale and construction advances. (5) Level 3: The fair value is estimated using market interest rates of comparable loans. (6) L evel 2: The fair value is based on the discounted value of the expected remaining principal and interest cash flows. Consumer loans held for investment are measured using Level 3 inputs that are calculated using estimated discounted future cash flows from the evaluation of loan credit quality and performance history to determine expected prepayments and defaults on the portfolio, discounted with rates considered to reflect current market conditions. Loans held for sale are measured at the lower of cost or fair value, less costs to sell, using inputs that consist of quoted market prices for mortgage-backed securities or investor purchase commitments for similar types of loan commitments on hand from investors. The cost of loans held for sale was lower than the fair value as of April 2, 2022. 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 recorded at fair value in Prepaid expenses and other current assets in the Consolidated Balance Sheets based on the present value of the expected future cash flows related to servicing these loans.
| April 2, 2022 |  | April 3, 2021
Number of loans serviced with MSRs | 4,346 |  |  | 4,647 |
Weighted average servicing fee (basis points) | 34.76 |  |  | 33.57 |
Capitalized servicing multiple | 85.07 | % |  | 45.93 | %
Capitalized servicing rate (basis points) | 29.57 |  |  | 15.42 |
Serviced portfolio with MSRs (in thousands) | $ | 560,178 |  |  | $ | 593,939 |
MSRs (in thousands) | $ | 1,656 |  |  | $ | 916 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration