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Investments (Tables)

9 Months Ended

Dec. 26, 2020

Investments, Debt and Equity Securities [Abstract]

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


	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


	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


	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