Fair Value Measurements (Tables)

12 Months Ended

Apr. 03, 2021

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): 

	April 3, 2021				March 28, 2020
	Book Value		Estimated Fair Value		Book Value		Estimated Fair Value
Available-for-sale debt securities (1)	$	14,946	$	14,946	$	14,774	$	14,774
Marketable equity securities (2)	17,600		17,600		9,829		9,829
Non-marketable equity investments (3)	21,960		21,960		21,536		21,536
Consumer loans receivable (4)	74,798		86,209		82,304		97,395
Commercial loans receivable (5)	44,314		42,379		46,565		46,819
Secured credit facilities and other (6)	(12,186)		(12,340)		(14,953)		(15,592)

(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. See discussion of fair value inputs below.

(5)    Level 3: The fair value is estimated using market interest rates of comparable loans.

(6)    Level 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 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 3, 2021.

Capitalized Mortgage Servicing Rights

	April 3, 2021			March 28, 2020
Number of loans serviced with MSRs	4,647			4,688
Weighted average servicing fee (basis points)	33.57			31.12
Capitalized servicing multiple	45.93		%	67.19		%
Capitalized servicing rate (basis points)	15.42			20.91
Serviced portfolio with MSRs (in thousands)	$	593,939		$	585,777
MSRs (in thousands)	$	916		$	1,225