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Investments (Tables)
 3 Months Ended
Jun. 29, 2019
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments consist of the following (in thousands):
 
June 29,
2019
 
March 30,
2019
Available-for-sale debt securities
$
13,094

 
$
13,408

Marketable equity securities
12,117

 
11,073

Non-marketable equity investments
20,552

 
20,276

 
$
45,763

 
$
44,757


The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies.
As of June 29, 2019 and March 30, 2019, non-marketable equity investments include 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 investments include investments in other distribution operations.
The Company records investments in fixed maturity securities classified as available-for-sale at fair value and records the difference between fair value and cost in Accumulated other comprehensive income (loss).
The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
 
June 29, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Residential mortgage-backed securities
$
6,742

 
$
15

 
$
(60
)
 
$
6,697

State and political subdivision debt securities
4,067

 
133

 
(4
)
 
4,196

Corporate debt securities
1,908

 
4

 
(11
)
 
1,901

U.S. Treasury and government debt securities
$
300

 
$
—

 
$
—

 
$
300

 
$
13,017

 
$
152

 
$
(75
)
 
$
13,094


 
March 30, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Residential mortgage-backed securities
$
6,625

 
$
3

 
$
(119
)
 
$
6,509

State and political subdivision debt securities
4,883

 
117

 
(17
)
 
4,983

Corporate debt securities
1,635

 
3

 
(19
)
 
1,619

U.S. Treasury and government debt securities
300

 
—

 
(3
)
 
297

 
$
13,443

 
$
123

 
$
(158
)
 
$
13,408


The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
 
June 29, 2019
 
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
$
656

 
$
(1
)
 
$
4,022

 
$
(59
)
 
$
4,678

 
$
(60
)
State and political subdivision debt securities
—

 
—

 
405

 
(4
)
 
405

 
(4
)
Corporate debt securities
247

 
(4
)
 
852

 
(7
)
 
1,099

 
(11
)
 
$
903

 
$
(5
)
 
$
5,279

 
$
(70
)
 
$
6,182

 
$
(75
)

 
March 30, 2019
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Treasury and government debt securities
$
—

 
$
—

 
$
297

 
$
(3
)
 
$
297

 
$
(3
)
Residential mortgage-backed securities
1,066

 
(9
)
 
5,206

 
(110
)
 
6,272

 
(119
)
State and political subdivision debt securities
353

 
—

 
2,319

 
(17
)
 
2,672

 
(17
)
Corporate debt securities
243

 
(8
)
 
1,073

 
(11
)
 
1,316

 
(19
)
 
$
1,662

 
$
(17
)
 
$
8,895

 
$
(141
)
 
$
10,557

 
$
(158
)

Based on the Company's ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider any investments to be other-than-temporarily impaired as of June 29, 2019.
The amortized cost and fair value of the Company's 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.
 
June 29, 2019
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
860

 
$
858

Due after one year through five years
3,225

 
3,222

Due after five years through ten years
264

 
284

Due after ten years
1,926

 
2,033

Mortgage-backed securities
6,742

 
6,697

 
$
13,017

 
$
13,094


The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities on a specific identification method. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three months ended June 29, 2019 or June 30, 2018.
The Company recognizes 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 for the three months ended June 29, 2019 and June 30, 2018 are as follows (in thousands):
 
Three Months Ended
 
June 29,
2019
 
June 30,
2018
Marketable equity securities:
 
 
 
      Net gains on securities held
$
952

 
$
1,610

      Net losses on securities sold
(1
)
 
(40
)
      Total net gain on marketable equity securities
$
951

 
$
1,570
Schedule of Investments
Investments consist of the following (in thousands):
 
June 29,
2019
 
March 30,
2019
Available-for-sale debt securities
$
13,094

 
$
13,408

Marketable equity securities
12,117

 
11,073

Non-marketable equity investments
20,552

 
20,276

 
$
45,763

 
$
44,757
Available-for-Sale Securities by Investment Category
The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
 
June 29, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Residential mortgage-backed securities
$
6,742

 
$
15

 
$
(60
)
 
$
6,697

State and political subdivision debt securities
4,067

 
133

 
(4
)
 
4,196

Corporate debt securities
1,908

 
4

 
(11
)
 
1,901

U.S. Treasury and government debt securities
$
300

 
$
—

 
$
—

 
$
300

 
$
13,017

 
$
152

 
$
(75
)
 
$
13,094


 
March 30, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Residential mortgage-backed securities
$
6,625

 
$
3

 
$
(119
)
 
$
6,509

State and political subdivision debt securities
4,883

 
117

 
(17
)
 
4,983

Corporate debt securities
1,635

 
3

 
(19
)
 
1,619

U.S. Treasury and government debt securities
300

 
—

 
(3
)
 
297

 
$
13,443

 
$
123

 
$
(158
)
 
$
13,408
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 have been in a continuous unrealized loss position (in thousands):
 
June 29, 2019
 
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
$
656

 
$
(1
)
 
$
4,022

 
$
(59
)
 
$
4,678

 
$
(60
)
State and political subdivision debt securities
—

 
—

 
405

 
(4
)
 
405

 
(4
)
Corporate debt securities
247

 
(4
)
 
852

 
(7
)
 
1,099

 
(11
)
 
$
903

 
$
(5
)
 
$
5,279

 
$
(70
)
 
$
6,182

 
$
(75
)

 
March 30, 2019
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Treasury and government debt securities
$
—

 
$
—

 
$
297

 
$
(3
)
 
$
297

 
$
(3
)
Residential mortgage-backed securities
1,066

 
(9
)
 
5,206

 
(110
)
 
6,272

 
(119
)
State and political subdivision debt securities
353

 
—

 
2,319

 
(17
)
 
2,672

 
(17
)
Corporate debt securities
243

 
(8
)
 
1,073

 
(11
)
 
1,316

 
(19
)
 
$
1,662

 
$
(17
)
 
$
8,895

 
$
(141
)
 
$
10,557

 
$
(158
)
Contractual Maturity of Investment Securities
The amortized cost and fair value of the Company's 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.
 
June 29, 2019
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
860

 
$
858

Due after one year through five years
3,225

 
3,222

Due after five years through ten years
264

 
284

Due after ten years
1,926

 
2,033

Mortgage-backed securities
6,742

 
6,697

 
$
13,017

 
$
13,094
Gain (Loss) on Securities
The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities on a specific identification method. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three months ended June 29, 2019 or June 30, 2018.
The Company recognizes 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 for the three months ended June 29, 2019 and June 30, 2018 are as follows (in thousands):
 
Three Months Ended
 
June 29,
2019
 
June 30,
2018
Marketable equity securities:
 
 
 
      Net gains on securities held
$
952

 
$
1,610

      Net losses on securities sold
(1
)
 
(40
)
      Total net gain on marketable equity securities
$
951

 
$
1,570