Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Jun. 09, 2014 | Sep. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CAVCO INDUSTRIES INC | ' | ' |
Entity Central Index Key | '0000278166 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 29-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--03-29 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 8,849,824 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $304,032,256 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $72,949 | $47,823 |
Restricted cash, current | 7,213 | 6,773 |
Accounts receivable, net | 20,766 | 18,710 |
Short-term investments | 8,289 | 6,929 |
Current portion of consumer loans receivable, net | 19,893 | 20,188 |
Current portion of inventory finance notes receivable, net | 2,941 | 3,983 |
Inventories | 69,729 | 68,805 |
Assets held for sale | 1,130 | 4,180 |
Prepaid expenses and other current assets | 12,623 | 10,267 |
Deferred income taxes, current | 12,313 | 6,724 |
Total current assets | 227,846 | 194,382 |
Restricted cash | 1,188 | 1,179 |
Investments | 17,165 | 10,769 |
Consumer loans receivable, net | 78,391 | 90,802 |
Inventory finance notes receivable, net | 18,367 | 18,967 |
Property, plant and equipment, net | 48,227 | 46,223 |
Goodwill and other intangibles, net | 78,055 | 79,435 |
Deferred income taxes | 0 | 2,742 |
Total assets | 469,239 | 444,499 |
Current liabilities: | ' | ' |
Accounts payable | 15,287 | 14,118 |
Accrued liabilities | 73,519 | 62,718 |
Current portion of securitized financings | 10,187 | 10,169 |
Total current liabilities | 98,993 | 87,005 |
Securitized financings | 59,865 | 72,118 |
Deferred income taxes | 19,948 | 16,492 |
Redeemable noncontrolling interest | 0 | 91,994 |
Stockholders' equity | ' | ' |
Preferred stock, $.01 par value; 1,000,000 shares authorized; No shares issued or outstanding | 0 | 0 |
Common stock, $.01 par value; 20,000,000 shares authorized; Outstanding 8,844,824 and 6,967,954 shares, respectively | 88 | 70 |
Additional paid-in capital | 232,081 | 135,053 |
Retained earnings | 57,828 | 41,590 |
Accumulated other comprehensive income | 436 | 177 |
Total stockholders’ equity | 290,433 | 176,890 |
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $469,239 | $444,499 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 8,844,824 | 6,967,954 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net revenue | $533,339 | $452,300 | $443,066 |
Cost of sales | 413,856 | 351,945 | 347,121 |
Gross profit | 119,483 | 100,355 | 95,945 |
Selling, general and administrative expenses | 87,938 | 79,313 | 79,800 |
Income from operations | 31,545 | 21,042 | 16,145 |
Interest expense | -4,845 | -5,973 | -7,265 |
Other income | 1,105 | 1,579 | 1,338 |
Gain on bargain purchase | 0 | 0 | 22,009 |
Income before income taxes | 27,805 | 16,648 | 32,227 |
Income tax expense | -9,099 | -6,351 | -2,499 |
Net income | 18,706 | 10,297 | 29,728 |
Less: net income attributable to redeemable noncontrolling interest | 2,468 | 5,334 | 14,491 |
Net income attributable to Cavco common stockholders | 16,238 | 4,963 | 15,237 |
Comprehensive income: | ' | ' | ' |
Net income | 18,706 | 10,297 | 29,728 |
Unrealized gain on available-for-sale securities, net of tax | 82 | 238 | 116 |
Comprehensive income | 18,788 | 10,535 | 29,844 |
Comprehensive income attributable to redeemable noncontrolling interest | 2,392 | 5,453 | 14,549 |
Comprehensive income attributable to Cavco common stockholders | $16,396 | $5,082 | $15,295 |
Net income per share attributable to Cavco common stockholders: | ' | ' | ' |
Basic (usd per share) | $1.97 | $0.71 | $2.22 |
Diluted (usd per share) | $1.94 | $0.71 | $2.19 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 8,262,688 | 6,956,706 | 6,877,437 |
Diluted (in shares) | 8,379,024 | 7,027,204 | 6,949,077 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity and Redeemable Noncontrolling Interest Statement (USD $) | Total | Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income |
In Thousands, except Share data, unless otherwise specified | |||||
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2011 | $35,819 | ' | ' | ' | ' |
Beginning balance at Mar. 31, 2011 | 150,669 | 68 | 129,211 | 21,390 | 0 |
Beginning balance, common stock, shares at Mar. 31, 2011 | ' | 6,817,606 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 15,237 | 0 | 0 | 15,237 | 0 |
Unrealized gain on available-for-sale securities | 58 | 0 | 0 | 0 | 58 |
Stock Issued During Period, Shares, New Issues | ' | 73,190 | ' | ' | ' |
Stock option exercises and associated tax benefits, amount | 1,463 | 1 | 1,462 | 0 | 0 |
Stock-based compensation | 916 | 0 | 916 | 0 | 0 |
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 14,491 | ' | ' | ' | ' |
Other comprehensive income | 58 | ' | ' | ' | ' |
Capital contribution through conversion of notes payable | 36,173 | ' | ' | ' | ' |
Redeemable noncontrolling interest, ending balance at Mar. 31, 2012 | 86,541 | ' | ' | ' | ' |
Ending balance at Mar. 31, 2012 | 168,343 | 69 | 131,589 | 36,627 | 58 |
Ending balance, common stock, shares at Mar. 31, 2012 | ' | 6,890,796 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 4,963 | 0 | 0 | ' | 0 |
Unrealized gain on available-for-sale securities | 119 | 0 | 0 | 0 | 119 |
Stock Issued During Period, Shares, New Issues | ' | 77,158 | ' | ' | ' |
Stock option exercises and associated tax benefits, amount | 2,199 | 1 | 2,198 | 0 | 0 |
Stock-based compensation | 1,266 | 0 | 1,266 | 0 | 0 |
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 5,334 | ' | ' | ' | ' |
Other comprehensive income | 119 | ' | ' | ' | ' |
Redeemable noncontrolling interest, ending balance at Mar. 30, 2013 | 91,994 | ' | ' | ' | ' |
Ending balance at Mar. 30, 2013 | 176,890 | 70 | 135,053 | 41,590 | 177 |
Ending balance, common stock, shares at Mar. 30, 2013 | 6,967,954 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 16,238 | 0 | 0 | ' | 0 |
Unrealized gain on available-for-sale securities | 158 | 0 | 0 | 0 | 158 |
Stock Issued During Period, Shares, New Issues | ' | 9,500 | ' | ' | ' |
Stock option exercises and associated tax benefits, amount | 408 | 0 | 408 | 0 | 0 |
Stock-based compensation | 2,353 | 0 | 2,353 | 0 | 0 |
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 2,468 | ' | ' | ' | ' |
Other comprehensive income | -76 | ' | ' | ' | ' |
MinorityInterestDecreaseFromRedemptionsShares | ' | 1,867,370 | ' | ' | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -94,386 | 18 | -94,267 | 0 | 101 |
Redeemable noncontrolling interest, ending balance at Mar. 29, 2014 | 0 | ' | ' | ' | ' |
Ending balance at Mar. 29, 2014 | $290,433 | $88 | $232,081 | $57,828 | $436 |
Ending balance, common stock, shares at Mar. 29, 2014 | 8,844,824 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $18,706 | $10,297 | $29,728 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 4,000 | 4,010 | 5,556 |
Provision for credit losses | 61 | 453 | 98 |
Deferred income taxes | 563 | 2,131 | -2,488 |
Share-based compensation expense | 2,353 | 1,266 | 916 |
Non-cash interest income | -676 | -636 | -1,594 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | -51 | 0 | 0 |
Gain on sale of property, plant and equipment including assets held for sale | 70 | -7 | -117 |
Impairment of property, plant and equipment including assets held for sale | 560 | 0 | 0 |
Gain on bargain purchase | 0 | 0 | -22,009 |
Gain (loss) on sales of loans and investments | 5,544 | 8,238 | 5,878 |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cash | -449 | -1,168 | -424 |
Accounts receivable | -2,148 | -3,878 | -5,217 |
Consumer loans receivable originated | -94,280 | -111,414 | -78,212 |
Principal payments on consumer loans receivable | 15,319 | 12,288 | 12,511 |
Proceeds from sales of consumer loans | 98,049 | 116,310 | 81,240 |
Inventories | -924 | -6,559 | 1,019 |
Prepaid expenses and other current assets | -2,913 | -2,419 | -2,971 |
Inventory finance notes receivable | 1,866 | 1,866 | -6,968 |
Accounts payable and accrued liabilities | 12,195 | 6,418 | 11,240 |
Net cash provided by operating activities | 46,757 | 20,720 | 16,430 |
INVESTING ACTIVITIES | ' | ' | ' |
Purchases of property, plant and equipment | -2,265 | -755 | -2,427 |
Proceeds from sale of property, plant and equipment including assets held for sale | 61 | 1,796 | 5,312 |
Purchase of Palm Harbor assets and certain liabilities, net of cash acquired | 0 | 0 | -67,639 |
Purchases of investments | -17,121 | -8,243 | -3,484 |
Proceeds from sale of investments | 9,661 | 5,062 | 6,101 |
Investment in debtor-in-possession note receivable | 0 | 0 | -6,238 |
Proceeds from payoff of debtor-in-possession note receivable | 0 | 0 | 45,301 |
Net cash used in investing activities | -9,664 | -2,140 | -23,074 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from exercise of stock options | 357 | 2,199 | 1,463 |
Net (repayment) proceeds of construction lending line | 0 | -4,550 | 576 |
Payments on Virgo debt | 0 | 0 | -19,456 |
Payments on securitized financings | -12,375 | -9,500 | -11,358 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 51 | 0 | 0 |
Net cash used in financing activities | -11,967 | -11,851 | -28,775 |
Net increase (decrease) in cash and cash equivalents | 25,126 | 6,729 | -35,419 |
Cash and cash equivalents at beginning of period | 47,823 | 41,094 | 76,513 |
Cash and cash equivalents at end of period | 72,949 | 47,823 | 41,094 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid during the period for income taxes | 6,803 | 6,991 | 3,751 |
Cash paid during the period for interest | 4,709 | 5,527 | 6,873 |
Other Significant Noncash Transaction, Value of Consideration Given | $94,386 | $0 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 29, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
Principles of Consolidation. These Consolidated Financial Statements include the accounts of Cavco Industries, Inc. and its consolidated subsidiaries (collectively, the "Company" or "Cavco"). All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date of March 29, 2014, through the date of the filing of this report with the Securities and Exchange Commission ("SEC"). | |
The Company and its investment partners, Third Avenue Value Fund and an affiliate (collectively, "Third Avenue"), formed a jointly-owned corporation, Fleetwood Homes, Inc. ("Fleetwood") and purchased certain manufactured housing assets and liabilities of Fleetwood Enterprises, Inc. on August 17, 2009 (the "Fleetwood Acquisition Date"). Third Avenue Management LLC is an investment adviser to Third Avenue Value Fund and is a related party to the Company, as described further in Note 20 to the Consolidated Financial Statements. | |
Fleetwood, through its wholly-owned subsidiary, Palm Harbor Homes, Inc., a Delaware corporation ("Palm Harbor"), acquired certain manufactured housing assets and liabilities of Palm Harbor Homes, Inc., a Florida corporation, and certain of its subsidiaries including CountryPlace Acceptance Corp. ("CountryPlace") on April 23, 2011 (the "Palm Harbor Acquisition Date"). Subsequently, the stock of Standard Casualty Co. ("Standard Casualty") was acquired on June 10, 2011 after regulatory approval was received from the Texas Department of Insurance. | |
Since the Fleetwood Acquisition Date, financial information for Fleetwood has been included in the Consolidated Financial Statements and the related Notes in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation ("ASC 810"). Management determined that, under U.S. generally accepted accounting principles ("GAAP"), although Fleetwood was previously only 50 percent owned by the Company, Cavco had a controlling interest and was required to fully consolidate the results of Fleetwood. Third Avenue’s financial interest in Fleetwood was considered a "redeemable noncontrolling interest,"as determined by GAAP, and was designated as such in the Consolidated Financial Statements (see Note 19). | |
On July 22, 2013, Cavco purchased all noncontrolling interests in Fleetwood pursuant to a Stock Purchase Agreement, which was filed with the SEC on June 14, 2013 as an exhibit to the Company's Periodic Report on Form 8-K (see Note 20). The transaction was accounted for as an equity transaction and eliminated the need for noncontrolling interest accounting. As a result of the transaction, Cavco owns 100 percent of Fleetwood and its holdings, including Fleetwood Homes, Palm Harbor Homes, CountryPlace and Standard Casualty. | |
Nature of Operations. Headquartered in Phoenix, Arizona, the Company designs and produces manufactured homes which are sold to a network of retailers located throughout the continental United States as well as through Company-owned retail sales locations which offer the Company’s homes to retail customers. Our mortgage subsidiary, CountryPlace, is an approved Federal National Mortgage Association ("FNMA" or "Fannie Mae") and Government National Mortgage Association ("GNMA" or "Ginnie Mae") seller/servicer and offers conforming mortgages to purchasers of factory-built and site-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes. | |
Fiscal Year. The Company utilizes a 52-53 week fiscal year ending on the Saturday nearest to March 31 of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31. The Company’s current fiscal year ended on March 29, 2014. | |
Accounting Estimates. Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from the estimates and assumptions used in preparation of the financial statements. | |
Fair Value of Financial Instruments. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, investments, consumer loans receivable, inventory finance notes receivable, accounts payable, certain accrued liabilities and securitized financings. The carrying amount of cash and cash equivalents approximates fair value because their maturity is less than three months. The carrying amounts of restricted cash, accounts receivable, accounts payable and certain accrued liabilities approximate fair value due to the short-term maturity of the amounts. The carrying amount of investments classified as held for sale is at fair value as the investments are marked to market (see Note 3). The carrying amount of the Company’s inventory finance notes receivable approximate fair value based on current market rates and the revolving nature of the investments. The fair value of consumer loans receivable and securitized financings are both estimated to be greater than carrying value (see Note 17). | |
Factory-Built Housing Revenue Recognition. Revenue from homes sold to independent retailers is generally recognized when the home is shipped, at which time title passes to the independent retailer and collectability is reasonably assured. Homes sold to independent retailers are generally either paid for prior to shipment or floor plan financed by the independent retailer through standard industry arrangements, which include repurchase agreements. Manufacturing sales financed under repurchase agreements are reduced by a provision for estimated repurchase obligations (see Note 14). The recognition of revenue from homes sold under inventory finance programs involving funds provided by the Company is deferred until such time that payment for the related inventory finance note receivable is received by the Company (see Note 6). Retail sales by Company-owned retail locations are recognized when the customer has entered into a legally binding sales contract, the home is delivered and permanently located at the customer's site, accepted by the customer, title has transferred and funding is reasonably assured. | |
Some of the Company’s independent retailers operate multiple sales outlets. No independent retailer accounted for 10% or more of our manufacturing revenue during any fiscal year within the three-year period ended March 29, 2014. | |
Financial Services Revenue Recognition. Premium amounts collected on policies issued and assumed by Standard Casualty are amortized on a straight-line basis into net revenue over the life of the policy. Premiums earned are net of reinsurance ceded. Policy acquisition costs are also amortized as cost of sales over the life of the policy. | |
At the Palm Harbor Acquisition Date, management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans’ contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool’s scheduled contractual principal and contractual interest payments over the undiscounted cash flows expected as of the Palm Harbor Acquisition Date as an amount that is not accreted into interest income (the non-accretable difference). The remaining difference is accreted into interest income over the remaining life of the loans (referred to as accretable yield). Interest income on consumer loans receivable is recognized as net revenue. | |
For loans originated by CountryPlace and held for sale, loan origination fees and gains or losses on sales are recognized as net revenue upon title transfer of the loans. CountryPlace provides third-party servicing of mortgages and earns servicing fees each month based on the aggregate outstanding balances. Servicing fees are recognized as net revenue when earned. | |
Cash and Cash Equivalents. Highly liquid investments with insignificant interest rate risk and original maturities of three months or less, when purchased, are classified as cash equivalents. The Company’s cash equivalents are comprised of U.S. Treasury money market funds and money market funds. | |
Restricted Cash. Restricted cash primarily represents cash related to CountryPlace customer payments to be remitted to third parties, cash held in trust for workers' compensation insurance and deposits received from retail customers required to be held in trust accounts. The Company cannot access restricted cash for general operating purposes (see Note 2). | |
Accounts Receivable. The Company extends competitive credit terms on a retailer-by-retailer basis in the normal course of business and its accounts receivable are subject to normal industry risk. The Company provides for reserves against accounts receivable for estimated losses that may result from customers' inability to pay. As of March 29, 2014, allowance for doubtful accounts was $151,000, attributable to factory-built housing operations, compared to $229,000 at March 30, 2013. | |
Investments. Management determines the appropriate classification of its investment securities at the time of purchase. The Company’s investments include marketable debt and equity securities, a majority of which are held as available-for-sale, and non-marketable equity investments. All investments classified as available-for-sale are recorded at fair value with any unrealized gains and losses reported in accumulated other comprehensive income, net of income tax if applicable. Realized gains and losses from the sale of securities are determined using the specific identification method (see Note 3). | |
Management regularly makes an assessment to determine whether a decline in value of an individual security is other-than-temporary. The Company considers the following factors when making its assessment: (i) the Company’s ability and intent to hold the investment to maturity, or a period of time sufficient to allow for a recovery in market value; (ii) whether it is probable that the Company will be able to collect the amounts contractually due; and (iii) whether any decision has been made to dispose of the investment prior to the balance sheet date. Investments on which there is an unrealized loss that is deemed to be other-than-temporary are written down to fair value with the loss recorded in earnings. | |
Consumer Loans Receivable. Consumer loans receivable consists of manufactured housing loans originated by CountryPlace (securitized, held for investment, or held for sale) and construction advances on mortgages. CountryPlace was acquired on April 23, 2011 in conjunction with the Palm Harbor transaction. The fair value of consumer loans receivable was calculated as of the Palm Harbor Acquisition Date, as determined by the present value of expected future cash flows, with no allowance for loan loss recorded. | |
Loans held for investment consist of loan contracts collateralized by the borrowers’ homes and, in some instances, related land. Construction loans in progress are stated at the aggregate amount of cumulative funded advances. Loans held for sale consist of loan contracts collateralized by single-family residential mortgages. Loans held for sale are stated at the lower of cost or market on an aggregate basis. Loans held for sale are loans that, at the time of origination, are originated with the intent to resell in the mortgage market to investors, such as Fannie Mae, with which the Company has pre-existing purchase agreements, or to sell as part of a Ginnie Mae insured pool of loans. | |
Prior to being acquired by the Company, on July 12, 2005 and March 22, 2007, CountryPlace completed two securitizations of factory-built housing loan receivables. These two securitizations were accounted for as financings, which use the portfolio method of accounting in accordance with FASB ASC 310, Receivables – Nonrefundable Fees and Other. The securitizations included provisions for removal of accounts, retention of certain credit loss risk by CountryPlace and other factors that preclude sale accounting of the securitizations under FASB ASC 860, Transfers and Servicing. Both securitizations were accounted for as securitized borrowings; therefore, the related consumer loans receivable and securitized financings were included in CountryPlace’s financial statements. The Company acquired these balances during the first quarter of fiscal 2012 as a part of the Palm Harbor transaction. Since the Palm Harbor Acquisition Date, the acquired consumer loans receivable and securitized financings are accounted for in a manner similar to FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). | |
Allowance for Loan Losses. The primary portion of the allowance for loan losses reflects the Company’s judgment of the probable loss exposure on our inventory finance notes receivable as of the end of the reporting period. The allowance for loan loss is developed at a portfolio level. A range of probable losses is calculated and the Company makes a determination of the best estimate within the range of loan losses. The Company has historically been able to resell repossessed homes, thereby mitigating loss experience. If a default occurs and collateral is lost, the Company is exposed to loss of the full value of the home loan. If the Company determines that it is probable that a borrower will default, a specific reserve is determined and recorded within the estimated allowance for loan loss. The Company recorded an allowance for loan loss of $139,000 and $350,000 at March 29, 2014 and March 30, 2013, respectively (see Note 6). | |
Another portion of the allowance for loan losses relates to consumer loans receivable originated by CountryPlace after the Palm Harbor Acquisition Date. This allowance for loan losses reflects CountryPlace’s judgment of the probable loss exposure on its loans originated since the Palm Harbor Acquisition Date in the held for investment portfolio as of the end of the reporting period. | |
CountryPlace accounts for the loans that were in existence at the Palm Harbor Acquisition Date in a manner similar to ASC 310-30. Management evaluated such loans as of the Palm Harbor Acquisition Date to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans’ contractual terms. | |
Over the life of the loans, CountryPlace continues to estimate cash flows expected to be collected. CountryPlace evaluates at the balance sheet date whether the present value of its expected cash flows, determined using the effective interest rate, has decreased and, if so, recognizes an allowance for loan loss subsequent to the Palm Harbor Acquisition Date. The present value of any subsequent increase in the loan pool’s actual cash flows expected to be collected is used first to reverse any existing allowance for loan loss. Any remaining increase in cash flows expected to be collected adjusts the amount of accretable yield recognized on a prospective basis over the loan pool’s remaining life (see Note 5). | |
CountryPlace has modified payment amounts and/or interest rates for borrowers that, in management’s judgment, exhibited the willingness and ability to continue to pay and met certain other conditions. CountryPlace considers a modified loan a troubled debt restructuring when three conditions are met: (i) the borrower is experiencing financial difficulty, (ii) concessions are made by CountryPlace that it would not otherwise consider for a borrower with similar risk characteristics, and (iii) the loan was originated after the Palm Harbor Acquisition Date. CountryPlace no longer considers modified loans to be troubled debt restructurings once the modified loan is seasoned for six months, is not delinquent under the modified terms and is at a market rate of interest at the modification date. | |
Inventory Finance Receivable. The Company’s inventory finance notes receivable balance consists of amounts loaned by the Company under inventory financing programs for the benefit of our independent retailers’ home product inventory needs. Under the terms of these programs, the Company provides a significant amount of the funds that independent financiers lend to distributors to finance retail inventories of our products. In addition, the Company has entered into direct inventory finance arrangements with distributors of our products wherein the Company provides all of the inventory finance funds. Interest income on inventory finance notes receivable is recognized as interest income in Other Income in the Consolidated Statements of Comprehensive Income on an accrual basis. | |
Inventories. Raw material inventories are valued at the lower of cost (first-in, first-out method) or market. Finished goods and work-in-process inventories are valued at the lower of cost or market, using the specific identification method. | |
Assets Held for Sale. As of March 29, 2014, the Company has $1.1 million in assets held for sale, consisting of land, buildings and improvements within the factory-built housing segment. The Company continues to actively market these properties. The carrying value of properties that are held for sale is separately presented in the "Assets Held for Sale" caption in the Consolidated Balance Sheets. | |
During the year ended March 29, 2014, a net balance of $2.8 million of land was reclassified from assets held for sale to property, plant and equipment. These transfers were from renewed expectations of the timing of the sale of the properties and had no impact on the results of operations. During the year ended March 30, 2013, the Company sold the idle Siler City, North Carolina production facility for $338,000, and the idle Tempe, Arizona factory for $1.5 million, resulting in an aggregate net gain of $28,000. | |
Property, Plant and Equipment. Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful life of each asset. Estimated useful lives for significant classes of assets are as follows: buildings and improvements, 10 to 39 years; and machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred. | |
Asset Impairment. The Company periodically evaluates the carrying value of long-lived assets to be held and used and held for sale for impairment when events and circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that the fair market values are primarily based on independent appraisals and preliminary or definitive contractual arrangements less costs to dispose. The Company recognized $269,000 of impairment losses on property, plant and equipment and $291,000 on assets held for sale in fiscal year 2014 and none in fiscal years 2013 or 2012. | |
Goodwill and Other Intangibles. The Company accounts for goodwill and other intangible assets in accordance with the provisions of FASB ASC 350, Intangibles—Goodwill and Other ("ASC 350"). As such, the Company tests goodwill annually for impairment by reporting unit by first making a qualitative assessment, and if necessary, performing the two-step test and recording an impairment charge if the implied fair value of a reporting unit, including goodwill, is less than its carrying value. As of March 29, 2014, all of the Company's goodwill is attributable to its manufacturing reporting unit. Certain intangibles are considered indefinite-lived and others are finite-lived and are amortized over their useful lives. Indefinite-lived intangible assets are assessed annually for impairment first by making a qualitative assessment, and if necessary, performing a quantitative assessment and recording an impairment charge if the fair value of the asset is less than its carrying amount. | |
The Company performed its annual goodwill impairment analysis as of March 29, 2014. In accordance with Accounting Standards Update ("ASU") No. 2011-08, Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment, the Company has opted to first assess qualitative factors to determine that it was more likely than not that the fair value of a reporting unit is not less than its carrying amount. As a result, performing the two-step impairment test was determined to be unnecessary for fiscal years 2014 or 2013. | |
Warranties. The Company provides retail home buyers, builders or developers with a one-year warranty for manufacturing defects from the date of sale to the retail customer. Nonstructural components of a cosmetic nature are warranted for 120 days, except in specific cases where state laws require longer warranty terms. Estimated warranty costs are accrued as cost of sales at the time of sale. The warranty provision and reserves are based on estimates of the amounts necessary to settle existing and future claims on homes sold as of the balance sheet date. Factors used to calculate the warranty obligation are the estimated amount of homes still under warranty including homes in retailer inventories, homes purchased by consumers still within the one-year warranty period, the timing in which work orders are completed and the historical average costs incurred to service a home. | |
Retailer Volume Rebates. The Company’s manufacturing operations sponsor volume rebate programs under which certain sales to retailers, builders and developers can qualify for cash rebates generally based on the level of sales attained during a twelve-month period. Volume rebates are accrued at the time of sale and are recorded as a reduction of net revenue. | |
Reserve for Repurchase Commitment. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for retailers of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to retailers in the event of default by the retailer. The risk of loss under these agreements is spread over numerous retailers. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months) and is further reduced by the resale value of repurchased homes. The Company applies FASB ASC 460, Guarantees ("ASC 460") and FASB ASC 450-20, Loss Contingencies ("ASC 450-20"), to account for its liability for repurchase commitments. Under the provisions of ASC 460, during the period in which a home is sold (inception of a repurchase commitment), the Company records the greater of the estimated fair value of the non-contingent obligation or a contingent liability for each repurchase arrangement under the provisions of ASC 450-20, based on historical information available, as a reduction to revenue. Additionally, subsequent to the inception of the repurchase commitment, the Company evaluates the likelihood that it will be called on to perform under the inventory repurchase commitments. If it becomes probable that a retailer will default and an ASC 450-20 loss reserve should be recorded, then such contingent liability is recorded equal to the estimated loss on repurchase. Changes in the reserve are recorded as an adjustment to revenue. Following the inception of the commitment, the recorded reserve is reduced over the repurchase period in conjunction with applicable curtailment arrangements and is eliminated once the retailer sells the home. | |
Reserve for Property-Liability Insurance Claims and Claims Expense. Standard Casualty establishes reserves for claims and claims expense ("loss") on reported and unreported claims of insured losses. Standard Casualty’s reserving process takes into account known facts and interpretations of circumstances and factors, including Standard’s experience with similar cases, actual claims paid, historical trends involving claim payment patterns and pending levels of unpaid claims, loss management programs, product mix, contractual terms, changes in law and regulation, judicial decisions and economic conditions. In the normal course of business, Standard Casualty may also supplement its claims processes by utilizing third party adjusters, appraisers, engineers, inspectors and other professionals and information sources to assess and settle catastrophe and non-catastrophe related claims. The effects of inflation are implicitly considered in the reserving process. The applicable reserve balance was $986,000 as of March 29, 2014, of which $388,000 related to incurred but not reported ("IBNR") losses. | |
Insurance. The Company is self-insured for a significant portion of its general and products liability, auto liability, health and property coverage. Beginning October 1, 2012, the Company is self-insured for workers’ compensation liability. Insurance is maintained for catastrophic exposures and those risks required to be insured by law. Estimated self-insurance costs are accrued for incurred claims and estimated IBNR claims. For product liability and workers' compensation liability in particular, the Company has purchased stop-loss insurance, which will reimburse the Company for claims exceeding $250,000 per occurrence. A reserve for products liability is actuarially determined and reflected in accrued liabilities in the accompanying Consolidated Balance Sheets. The determination of claims and expenses and the appropriateness of the related liabilities are regularly reviewed and updated. | |
Redeemable Noncontrolling Interest. As discussed above, since the Fleetwood Acquisition Date, financial information for Fleetwood operations has been included in the Consolidated Financial Statements and the related Notes, in accordance with ASC 810. Management has determined that, under GAAP, although Fleetwood was only 50 percent owned by the Company, Cavco had a controlling interest and was required to fully consolidate the results of Fleetwood. The primary factors that contributed to this determination were Cavco's management and board control of Fleetwood, wherein members of Cavco's management held all of the seats on the Board of Directors of Fleetwood. In addition, as part of the management services agreement among Cavco, Fleetwood and Third Avenue, Cavco provided all executive-level management services to Fleetwood including, among other things, general management oversight, marketing and customer relations, accounting and cash management. Third Avenue's financial interest in Fleetwood was considered a "redeemable noncontrolling interest," as determined by GAAP, and was designated as such in the Consolidated Financial Statements (See Note 19). | |
On July 22, 2013, Cavco purchased all noncontrolling interests in Fleetwood. The transaction eliminated the need for noncontrolling interest accounting. As a result of the transaction, Cavco owns 100 percent of Fleetwood and its holdings, including Fleetwood Homes, Palm Harbor Homes, CountryPlace and Standard Casualty. | |
Advertising. Advertising costs are expensed as incurred and were $1.5 million for fiscal year 2014 and $1.6 million in each of fiscal years 2013 and 2012. | |
Freight. Substantially all freight costs are recovered from the Company’s retailers. Freight charges of $17.6 million, $14.6 million and $13.8 million were recognized in net revenue and cost of sales for fiscal years 2014, 2013 and 2012, respectively. | |
Income Taxes. The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes ("ASC 740"), and provides for income taxes utilizing the asset and liability approach. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. | |
The calculation of tax liabilities involves considering uncertainties in the application of complex tax regulations. The Company recognizes liabilities for anticipated tax audit issues based on the Company’s estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the liabilities are no longer determined to be necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company uses a two-step approach to evaluate uncertain tax positions. This approach involves recognizing any tax positions that are more likely than not to occur and then measuring those positions to determine the amounts to be recognized in the Consolidated Financial Statements. | |
Other Income. Other income totaled $1.1 million, $1.6 million and $1.3 million for fiscal years 2014, 2013 and 2012, respectively. Other income primarily consists of interest related to inventory finance receivable balances, interest income earned on cash balances and fixed asset impairment charges. | |
Accumulated Other Comprehensive Income. Accumulated other comprehensive income is comprised of unrealized gains and losses on available-for-sale investments (see Note 3). Unrealized gains and losses are presented net of tax. Unrealized gain on available-for-sale investments during fiscal year 2014 was $126,000 before tax, with an associated tax amount of $44,000, resulting in a net unrealized gain of $82,000. Unrealized gain on available-for-sale investments during fiscal year 2013 was $362,000, offset by tax effect of $124,000, for a net unrealized gain of $238,000. Unrealized gain on available-for-sale investments during fiscal year 2012 was $176,000 before tax, with an associated tax amount of $60,000, resulting in a net unrealized gain of $116,000. | |
Net Income Per Share Attributable to Cavco Common Stockholders. Basic earnings per common share attributable to Cavco common stockholders is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share attributable to Cavco common stockholders is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method (see Note 16). | |
Recent Accounting Pronouncements. In September 2013, Treasury and the Internal Revenue Service issued final regulations regarding the deduction and capitalization of expenditures related to tangible property. The final regulations under Internal Revenue Code Sections 162, 167 and 263(a) apply to amounts paid to acquire, produce, or improve tangible property as well as dispositions of such property and are generally effective for tax years beginning on or after January 1, 2014. We have evaluated these regulations and determined they will not have a material impact on our consolidated results of operations, cash flows or financial position. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure requirements intended to provide users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a company’s contracts with customers. ASU 2014-09 will be effective beginning the first quarter of the Company's fiscal year 2018 and early application is not permitted. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently evaluating the effect ASU 2014-09 will have on the Company’s Consolidated Financial Statements and disclosures. | |
From time to time, new accounting pronouncements are issued by the FASB and other regulatory bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s Consolidated Financial Statements upon adoption. |
Restricted_Cash
Restricted Cash | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
Restricted Cash | ' | |||||||
2. Restricted Cash | ||||||||
Restricted cash consists of the following (in thousands): | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Cash related to CountryPlace customer payments to be remitted to third parties | $ | 5,371 | $ | 4,870 | ||||
Cash related to CountryPlace customers payments on securitized loans to be remitted to bondholders | 1,840 | 1,768 | ||||||
Cash related to workers’ compensation insurance held in trust | 726 | 725 | ||||||
Cash related to retail home buyer deposits held in trust | 10 | 135 | ||||||
Other restricted cash | 454 | 454 | ||||||
$ | 8,401 | $ | 7,952 | |||||
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
3. Investments | ||||||||||||||||||||||||
Investments consist of the following (in thousands): | ||||||||||||||||||||||||
March 29, | March 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Available-for-sale investment securities | $ | 19,802 | $ | 17,698 | ||||||||||||||||||||
Non-marketable equity investments | 5,652 | — | ||||||||||||||||||||||
$ | 25,454 | $ | 17,698 | |||||||||||||||||||||
Non-marketable equity investments consist primarily of equity-method investments in community-based lending initiatives that provide home-only financing to residents of certain manufactured home communities. | ||||||||||||||||||||||||
The following tables summarize the Company’s available-for-sale investment securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands): | ||||||||||||||||||||||||
29-Mar-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. Treasury and government debt securities | $ | 2,318 | $ | 1 | $ | (46 | ) | $ | 2,273 | |||||||||||||||
Residential mortgage-backed securities | 3,754 | 13 | (149 | ) | 3,618 | |||||||||||||||||||
State and political subdivision debt securities | 5,923 | 155 | (13 | ) | 6,065 | |||||||||||||||||||
Corporate debt securities | 1,550 | 24 | — | 1,574 | ||||||||||||||||||||
Marketable equity securities | 4,537 | 758 | (73 | ) | 5,222 | |||||||||||||||||||
Certificates of deposit | 1,050 | — | — | 1,050 | ||||||||||||||||||||
$ | 19,132 | $ | 951 | $ | (281 | ) | $ | 19,802 | ||||||||||||||||
30-Mar-13 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. Treasury and government debt securities | $ | 2,682 | $ | 11 | $ | (6 | ) | $ | 2,687 | |||||||||||||||
Residential mortgage-backed securities | 5,226 | 21 | (108 | ) | 5,139 | |||||||||||||||||||
State and political subdivision debt securities | 1,681 | 32 | — | 1,713 | ||||||||||||||||||||
Corporate debt securities | 2,788 | 48 | — | 2,836 | ||||||||||||||||||||
Marketable equity securities | 4,782 | 609 | (68 | ) | 5,323 | |||||||||||||||||||
$ | 17,159 | $ | 721 | $ | (182 | ) | $ | 17,698 | ||||||||||||||||
The following tables show the 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): | ||||||||||||||||||||||||
29-Mar-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
U.S. Treasury and government debt securities | $ | 1,562 | $ | (40 | ) | $ | 344 | $ | (6 | ) | $ | 1,906 | $ | (46 | ) | |||||||||
Residential mortgage-backed securities | 2,553 | (149 | ) | — | — | 2,553 | (149 | ) | ||||||||||||||||
State and political subdivision debt securities | 507 | (13 | ) | — | — | 507 | (13 | ) | ||||||||||||||||
Marketable equity securities | 1,101 | (73 | ) | — | — | 1,101 | (73 | ) | ||||||||||||||||
$ | 5,723 | $ | (275 | ) | $ | 344 | $ | (6 | ) | $ | 6,067 | $ | (281 | ) | ||||||||||
30-Mar-13 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
U.S. Treasury and government debt securities | $ | 1,084 | $ | (6 | ) | $ | — | $ | — | $ | 1,084 | $ | (6 | ) | ||||||||||
Residential mortgage-backed securities | 1,460 | (108 | ) | — | — | 1,460 | (108 | ) | ||||||||||||||||
Marketable equity securities | 413 | (13 | ) | 304 | (55 | ) | 717 | (68 | ) | |||||||||||||||
$ | 2,957 | $ | (127 | ) | $ | 304 | $ | (55 | ) | $ | 3,261 | $ | (182 | ) | ||||||||||
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 at March 29, 2014. | ||||||||||||||||||||||||
As of March 29, 2014, the Company’s investments in marketable equity securities consist of investments in common stock of industrial and other companies ($4.7 million of the total fair value and $64,000 of the total unrealized losses) and bank trust, insurance, and public utility companies ($478,000 of the total fair value and $9,000 of the total unrealized losses). | ||||||||||||||||||||||||
As of March 30, 2013, the Company’s investments in marketable equity securities consisted of investments in common stock of industrial and other companies ($3.7 million of the total fair value and $51,000 of the total unrealized losses) and bank trust, insurance, and public utility companies ($1.6 million of the total fair value and $17,000 of the total unrealized losses). | ||||||||||||||||||||||||
The amortized cost and fair value of the Company’s investments in debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
Due in less than one year | $ | 2,006 | $ | 2,017 | $ | 1,600 | $ | 1,607 | ||||||||||||||||
Due after one year through five years | 2,908 | 2,949 | 4,786 | 4,880 | ||||||||||||||||||||
Due after five years through ten years | 924 | 872 | 924 | 893 | ||||||||||||||||||||
Due after ten years | 7,707 | 7,692 | 5,067 | 4,995 | ||||||||||||||||||||
$ | 13,545 | $ | 13,530 | $ | 12,377 | $ | 12,375 | |||||||||||||||||
Realized gains and losses from the sale of securities are determined using the specific identification method. Gross gains realized on the sales of investment securities for fiscal years 2014 and 2013 were approximately $885,000 and $216,000, respectively. Gross losses realized were approximately $320,000 and $66,000 for fiscal years 2014 and 2013, respectively. |
Inventories
Inventories | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
4. Inventories | ||||||||
Inventories consist of the following (in thousands): | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 22,571 | $ | 20,993 | ||||
Work in process | 6,835 | 8,079 | ||||||
Finished goods and other | 40,323 | 39,733 | ||||||
$ | 69,729 | $ | 68,805 | |||||
Consumer_Loans_Receivable
Consumer Loans Receivable | 12 Months Ended | |||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Consumer Loans Receivable | ' | |||||||||||||||||||||||
5. Consumer Loans Receivable | ||||||||||||||||||||||||
The Company acquired consumer loans receivable during the first quarter of fiscal year 2012 as part of the Palm Harbor transaction. Acquired consumer loans receivable held for investment were acquired at fair value and subsequently are accounted for in a manner similar to ASC 310-30. Consumer loans receivable held for sale and construction advances are carried at the lower of cost or market value. The following table summarizes consumer loans receivable (in thousands): | ||||||||||||||||||||||||
March 29, | March 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Loans held for investment (acquired on Palm Harbor Acquisition Date) | $ | 87,596 | $ | 99,854 | ||||||||||||||||||||
Loans held for investment (originated after Palm Harbor Acquisition Date) | 1,885 | 606 | ||||||||||||||||||||||
Loans held for sale | 6,741 | 7,410 | ||||||||||||||||||||||
Construction advances | 2,403 | 3,597 | ||||||||||||||||||||||
Consumer loans receivable | 98,625 | 111,467 | ||||||||||||||||||||||
Deferred financing fees and other, net | (341 | ) | (477 | ) | ||||||||||||||||||||
Consumer loans receivable, net | $ | 98,284 | $ | 110,990 | ||||||||||||||||||||
As of the Palm Harbor Acquisition Date, management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans' contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool’s scheduled contractual principal and contractual interest payments over all cash flows expected as of the Palm Harbor Acquisition Date as an amount that cannot be accreted into interest income (the non-accretable difference). The remaining difference is accreted into interest income over the remaining life of the loans (referred to as accretable yield). Interest income on consumer loans receivable is recognized as net revenue. | ||||||||||||||||||||||||
March 29, | March 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Consumer loans receivable held for investment – contractual amount | $ | 223,388 | $ | 263,038 | ||||||||||||||||||||
Purchase Discount | ||||||||||||||||||||||||
Accretable | (77,737 | ) | (91,291 | ) | ||||||||||||||||||||
Non-accretable | (57,672 | ) | (71,451 | ) | ||||||||||||||||||||
Less consumer loans receivable reclassified as other assets | (383 | ) | (442 | ) | ||||||||||||||||||||
Total acquired consumer loans receivable held for investment, net | $ | 87,596 | $ | 99,854 | ||||||||||||||||||||
Over the life of the acquired loans, the Company continues to estimate cash flows expected to be collected by CountryPlace. At the balance sheet date, the Company evaluates whether the present value of expected cash flows, determined using the effective interest rate, has decreased and, if so, recognizes an allowance for loan loss subsequent to the Palm Harbor Acquisition Date. The present value of any subsequent increase in the loan pool’s actual cash flows expected to be collected is used first to reverse any existing allowance for loan loss. Any remaining increase in cash flows expected to be collected adjusts the amount of accretable yield recognized on a prospective basis over the loan pool’s remaining life. | ||||||||||||||||||||||||
The changes in accretable yield on acquired consumer loans receivable held for investment were as follows (in thousands): | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
March 29, | March 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance at the beginning of the period | $ | 91,291 | $ | 106,949 | ||||||||||||||||||||
Additions | — | — | ||||||||||||||||||||||
Accretion | (11,973 | ) | (13,554 | ) | ||||||||||||||||||||
Reclassifications (to) from nonaccretable discount | (1,581 | ) | (2,104 | ) | ||||||||||||||||||||
Balance at the end of the period | $ | 77,737 | $ | 91,291 | ||||||||||||||||||||
CountryPlace’s consumer loans receivable consists of fixed-rate, fixed-term and fully-amortizing single-family home loans. These loans are either secured by a manufactured home, excluding the land upon which the home is located (chattel property loans and retail installment sale contracts), or by a combination of the home and the land upon which the home is located (real property mortgage loans). The real property mortgage loans are primarily for manufactured homes. Combined land and home loans are further disaggregated by the type of loan documentation: those conforming to the requirements of Government-Sponsored Enterprises ("GSEs"), and those that are non-conforming. In most instances, CountryPlace’s loans are secured by a first-lien position and are provided for the consumer purchase of a home. In rare instances, CountryPlace may provide other types of loans in second-lien or unsecured positions. Accordingly, CountryPlace classifies its loans receivable as follows: chattel loans, conforming mortgages, non-conforming mortgages and other loans. | ||||||||||||||||||||||||
In measuring credit quality within each segment and class, CountryPlace uses commercially available credit scores (such as FICO®). At the time of each loan’s origination, CountryPlace obtains credit scores from each of the three primary credit bureaus, if available. To evaluate credit quality of individual loans, CountryPlace uses the mid-point of the available credit scores or, if only two scores are available, the Company uses the lower of the two. CountryPlace does not update credit bureau scores after the time of origination. | ||||||||||||||||||||||||
The following table disaggregates CountryPlace’s gross consumer loans receivable as of March 29, 2014, for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands): | ||||||||||||||||||||||||
Consumer Loans Held for Investment | ||||||||||||||||||||||||
Securitized | Securitized | Unsecuritized | Construction | Consumer Loans Held | Total | |||||||||||||||||||
2005 | 2007 | Advances | For Sale | |||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||
Credit Quality Indicator | ||||||||||||||||||||||||
Chattel loans | ||||||||||||||||||||||||
0-619 | $ | 1,120 | $ | 655 | $ | 758 | $ | — | $ | — | $ | 2,533 | ||||||||||||
620-719 | 16,907 | 11,303 | 976 | — | 123 | 29,309 | ||||||||||||||||||
720+ | 18,843 | 12,739 | 608 | — | 58 | 32,248 | ||||||||||||||||||
Subtotal | 36,870 | 24,697 | 2,342 | — | 181 | 64,090 | ||||||||||||||||||
Conforming mortgages | ||||||||||||||||||||||||
0-619 | — | — | 271 | 89 | 209 | 569 | ||||||||||||||||||
620-719 | — | — | 2,052 | 1,429 | 4,351 | 7,832 | ||||||||||||||||||
720+ | — | — | 354 | 885 | 2,000 | 3,239 | ||||||||||||||||||
Subtotal | — | — | 2,677 | 2,403 | 6,560 | 11,640 | ||||||||||||||||||
Non-conforming mortgages | ||||||||||||||||||||||||
0-619 | 93 | 806 | 1,967 | — | — | 2,866 | ||||||||||||||||||
620-719 | 1,562 | 6,299 | 4,471 | — | — | 12,332 | ||||||||||||||||||
720+ | 1,908 | 4,355 | 1,418 | — | — | 7,681 | ||||||||||||||||||
Subtotal | 3,563 | 11,460 | 7,856 | — | — | 22,879 | ||||||||||||||||||
Other loans | ||||||||||||||||||||||||
Subtotal | — | — | 16 | — | — | 16 | ||||||||||||||||||
$ | 40,433 | $ | 36,157 | $ | 12,891 | $ | 2,403 | $ | 6,741 | $ | 98,625 | |||||||||||||
Loan contracts secured by collateral that is geographically concentrated could experience higher rates of delinquencies, default and foreclosure losses than loan contracts secured by collateral that is more geographically dispersed. Forty-two percent of the outstanding principal balance of CountryPlace’s consumer loans receivable portfolio is concentrated in Texas. Other than Texas, no other state had concentrations in excess of 10%, as of March 29, 2014. |
Inventory_Finance_Receivables_
Inventory Finance Receivables and Allowance for Loan Loss | 12 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||
Inventory Finance Receivables and Allowance for Loan Loss | ' | |||||||||||||||
6. Inventory Finance Notes Receivable and Allowance for Loan Loss | ||||||||||||||||
The Company’s inventory finance notes receivable balance consists of two classes: (i) amounts loaned by the Company under participation inventory financing program and (ii) direct inventory financing arrangements for the home product inventory needs of our independent distribution base. | ||||||||||||||||
Under the terms of the participation programs, the Company provides loans to independent floor plan lenders, representing a significant portion of the funds that such financiers then lend to retailers to finance their inventory purchases of our products. The participation inventory finance receivables are unsecured general obligations of the independent floor plan lenders. | ||||||||||||||||
Under the terms of the direct inventory finance arrangements, the Company provides funds for the independent retailers’ financed inventory. The notes are secured by the inventory collateral and other security depending on the borrower/retailer’s circumstances. The other terms of direct inventory finance arrangements vary depending on the needs of the borrower and the opportunity for the Company, but generally follow the same tenets as the participation programs. | ||||||||||||||||
Inventory finance notes receivables, net, consist of the following by class of financing notes receivable (in thousands): | ||||||||||||||||
March 29, | March 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Direct inventory finance notes receivable | $ | 19,879 | $ | 18,955 | ||||||||||||
Participation inventory finance notes receivable | 1,568 | 4,345 | ||||||||||||||
Allowance for loan loss | (139 | ) | (350 | ) | ||||||||||||
$ | 21,308 | $ | 22,950 | |||||||||||||
The Company evaluates the potential for loss from its participation inventory finance programs based on the independent lender’s overall financial stability, as well as historical experience, and has determined that an applicable allowance for loan loss was not needed at either March 29, 2014 or March 30, 2013. | ||||||||||||||||
With respect to the direct inventory finance notes receivable, the risk of loss is spread over numerous borrowers. Borrower inventory levels and activity are monitored in conjunction with third-party service providers, where applicable, to estimate the potential for loss on the related notes receivable, considering potential exposures including repossession costs, remarketing expenses, impairment of value and the risk of collateral loss. The Company has historically been able to resell repossessed unused homes, thereby mitigating loss experience. If a default occurs and collateral is lost, the Company is exposed to loss of the full value of the home loan. If the Company determines that it is probable that a borrower will default, a specific reserve is determined and recorded within the estimated allowance for loan loss. The Company recorded an allowance for loan loss of $139,000 and $350,000 at March 29, 2014 and March 30, 2013, respectively. The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan loss applicable to the direct inventory finance notes receivable (in thousands): | ||||||||||||||||
March 29, | March 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Balance at beginning of period | $ | 350 | $ | 215 | ||||||||||||
Provision for inventory finance credit losses | (224 | ) | 135 | |||||||||||||
Loans charged off, net of recoveries | 13 | — | ||||||||||||||
Balance at end of period | $ | 139 | $ | 350 | ||||||||||||
The following table disaggregates inventory finance notes receivable and the estimated allowance for loan loss for each class of financing receivable by evaluation methodology (in thousands): | ||||||||||||||||
Direct Inventory Finance | Participation Inventory Finance | |||||||||||||||
March 29, | March 30, | March 29, | March 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Inventory finance notes receivable: | ||||||||||||||||
Collectively evaluated for impairment | $ | 12,202 | $ | 12,708 | $ | — | $ | — | ||||||||
Individually evaluated for impairment | 7,677 | 6,247 | 1,568 | 4,345 | ||||||||||||
$ | 19,879 | $ | 18,955 | $ | 1,568 | $ | 4,345 | |||||||||
Allowance for loan loss: | ||||||||||||||||
Collectively evaluated for impairment | $ | (126 | ) | $ | (130 | ) | $ | — | $ | — | ||||||
Individually evaluated for impairment | (13 | ) | (220 | ) | — | — | ||||||||||
$ | (139 | ) | $ | (350 | ) | $ | — | $ | — | |||||||
Loans are subject to regular review and are given management’s attention whenever a problem situation appears to be developing. Loans with indicators of potential performance problems are placed on watch list status and are subject to additional monitoring and scrutiny. Nonperforming status includes loans accounted for on a non-accrual basis and accruing loans with principal payments past due 90 days or more. The Company’s policy is to place loans on nonaccrual status when interest is past due and remains unpaid 90 days or more or when there is a clear indication that the borrower has the inability or unwillingness to meet payments as they become due. Payments received on nonaccrual loans are recorded on a cash basis, first to interest and then to principal. At March 29, 2014, the Company was not aware of any potential problem loans that would have a material effect on the inventory finance receivables balance. Charge-offs occur when it becomes probable that outstanding amounts will not be recovered. | ||||||||||||||||
The following table disaggregates the Company’s inventory finance receivables by class and credit quality indicator (in thousands): | ||||||||||||||||
Direct Inventory Finance | Participation Inventory Finance | |||||||||||||||
March 29, | March 30, | March 29, | March 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Risk profile based on payment activity: | ||||||||||||||||
Performing | $ | 19,477 | $ | 18,446 | $ | 1,568 | $ | 4,345 | ||||||||
Watch list | — | — | — | — | ||||||||||||
Nonperforming | 402 | 509 | — | — | ||||||||||||
$ | 19,879 | $ | 18,955 | $ | 1,568 | $ | 4,345 | |||||||||
The Company has concentrations of inventory finance notes receivable related to factory-built homes located in the following states, measured as a percentage of inventory finance receivables principal balance outstanding: | ||||||||||||||||
March 29, | March 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Florida | 24.4 | % | 20.9 | % | ||||||||||||
Colorado | 22 | % | 5.1 | % | ||||||||||||
Texas | 14.9 | % | 12.6 | % | ||||||||||||
Arizona | 10.3 | % | 10.5 | % | ||||||||||||
The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses. The Company did not have concentrations in excess of 10% of the principal balance of the inventory finance receivables in any other states as of March 29, 2014 or March 30, 2013, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
7. Property, Plant and Equipment | ||||||||
Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of each asset. Estimated useful lives for significant classes of assets are as follows: (i) buildings and improvements, 10 to 39 years and (ii) machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred. Property, plant and equipment consist of the following (in thousands): | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Property, plant and equipment, at cost: | ||||||||
Land | $ | 22,098 | $ | 19,129 | ||||
Buildings and improvements | 25,909 | 25,474 | ||||||
Machinery and equipment | 15,908 | 15,423 | ||||||
63,915 | 60,026 | |||||||
Accumulated depreciation | (15,688 | ) | (13,803 | ) | ||||
Property, plant and equipment, net | $ | 48,227 | $ | 46,223 | ||||
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | |||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangibles | ' | |||||||||||||||||||||||
8. Goodwill and Other Intangibles | ||||||||||||||||||||||||
Intangible assets principally consist of goodwill, trademarks and trade names, state insurance licenses, customer relationships, technology and insurance policies and renewal rights. Goodwill, trademarks and trade names and state insurance licenses are indefinite-lived intangible assets and are tested for impairment annually and whenever events or circumstances indicate that more likely than not impairment has occurred. During fiscal years 2014, 2013 and 2012, no impairments were recorded. Finite-lived intangibles are amortized over their estimated useful lives on a straight-line basis and are reviewed for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. The value of customer relationships is amortized over 4 to 11 years, technology over 7 to 10 years and insurance policies and renewal rights over 15 years. | ||||||||||||||||||||||||
Goodwill and other intangibles consist of the following (in thousands): | ||||||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Indefinite lived: | ||||||||||||||||||||||||
Goodwill | $ | 67,346 | $ | — | $ | 67,346 | $ | 67,346 | $ | — | $ | 67,346 | ||||||||||||
Trademarks and trade names | 6,250 | — | 6,250 | 6,250 | — | 6,250 | ||||||||||||||||||
State insurance licenses | 1,100 | — | 1,100 | 1,100 | — | 1,100 | ||||||||||||||||||
Total indefinite-lived intangible assets | 74,696 | — | 74,696 | 74,696 | — | 74,696 | ||||||||||||||||||
Finite lived: | ||||||||||||||||||||||||
Customer relationships | 6,200 | (3,767 | ) | 2,433 | 6,200 | (2,506 | ) | 3,694 | ||||||||||||||||
Technology | 900 | (275 | ) | 625 | 900 | (181 | ) | 719 | ||||||||||||||||
Insurance policies and renewal rights | 374 | (73 | ) | 301 | 374 | (48 | ) | 326 | ||||||||||||||||
Total goodwill and other intangible assets | $ | 82,170 | $ | (4,115 | ) | $ | 78,055 | $ | 82,170 | $ | (2,735 | ) | $ | 79,435 | ||||||||||
Amortization expense recognized on intangible assets during fiscal years 2014, 2013 and 2012 was $1.4 million, $1.5 million and $3.2 million respectively. | ||||||||||||||||||||||||
Expected amortization for future fiscal years is as follows (in thousands): | ||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||
2015 | $ | 1,379 | ||||||||||||||||||||||
2016 | 348 | |||||||||||||||||||||||
2017 | 254 | |||||||||||||||||||||||
2018 | 254 | |||||||||||||||||||||||
2019 | 241 | |||||||||||||||||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
9. Accrued Liabilities | ||||||||
Accrued liabilities consist of the following (in thousands): | ||||||||
29-Mar-14 | 30-Mar-13 | |||||||
Salaries, wages and benefits | $ | 15,780 | $ | 12,490 | ||||
Unearned insurance premiums | 11,326 | 8,781 | ||||||
Customer deposits | 10,827 | 10,674 | ||||||
Estimated warranties | 9,262 | 8,202 | ||||||
Accrued insurance | 4,082 | 3,198 | ||||||
Deferred margin | 4,074 | 4,838 | ||||||
Other | 18,168 | 14,535 | ||||||
$ | 73,519 | $ | 62,718 | |||||
Warranties
Warranties | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||
Warranties | ' | |||||||||||
10. Warranties | ||||||||||||
Homes are generally warranted against manufacturing defects for a period of one year commencing at the time of sale to the retail customer. Estimated costs relating to home warranties are provided at the date of sale. The Company has recorded a liability for estimated future warranty costs relating to homes sold based upon management’s assessment of historical experience factors, an estimate of the amount of homes in the distribution channel and current industry trends. Activity in the liability for estimated warranties was as follows (in thousands): | ||||||||||||
March 29, | March 30, | March 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 8,202 | $ | 9,456 | $ | 9,371 | ||||||
Liability assumed with Palm Harbor transaction | — | — | 1,932 | |||||||||
Charged to costs and expenses | 11,681 | 10,810 | 11,415 | |||||||||
Payments and deductions | (10,621 | ) | (12,064 | ) | (13,262 | ) | ||||||
Balance at end of period | $ | 9,262 | $ | 8,202 | $ | 9,456 | ||||||
Debt_Obligations
Debt Obligations | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Obligations | ' | |||||||
11. Debt Obligations | ||||||||
Debt obligations consist of the following (in thousands): | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Securitized financing 2005-1 | $ | 33,291 | $ | 39,850 | ||||
Securitized financing 2007-1 | 36,761 | 42,437 | ||||||
$ | 70,052 | $ | 82,287 | |||||
The Company acquired CountryPlace's securitized financings during the first quarter of fiscal year 2012 as a part of the Palm Harbor acquisition. Acquired securitized financings were recorded at fair value at the time of acquisition, which resulted in a discount, and subsequently are accounted for in a manner similar to ASC 310-30 to accrete the discount. | ||||||||
The Company considers expected prepayments and estimates the amount and timing of undiscounted expected principal, interest and other cash flows for securitized consumer loans receivable held for investment to determine the expected cash flows on securitized financings and the contractual payments. The amount of contractual principal and contractual interest payments due on the securitized financings in excess of all cash flows expected as of the Palm Harbor Acquisition Date cannot be accreted into interest expense (the non-accretable difference). The remaining amount is accreted into interest expense over the remaining life of the obligation (referred to as accretable yield). The following table summarizes securitized financings (in thousands): | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Securitized financings – contractual amount | $ | 85,251 | $ | 102,203 | ||||
Purchase Discount | ||||||||
Accretable | (15,199 | ) | (19,916 | ) | ||||
Non-accretable (1) | — | — | ||||||
Total securitized financings, net | $ | 70,052 | $ | 82,287 | ||||
(1) There is no non-accretable difference, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans. | ||||||||
Over the life of the loans, the Company continues to estimate cash flows expected to be paid on securitized financings. The Company evaluates at the balance sheet date whether the present value of its securitized financings, determined using the effective interest rate, has increased or decreased. The present value of any subsequent change in cash flows expected to be paid adjusts the amount of accretable yield recognized on a prospective basis over the securitized financing’s remaining life. | ||||||||
The changes in accretable yield on securitized financings were as follows (in thousands): | ||||||||
Year Ended | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Balance at the beginning of the period | $ | 19,916 | $ | 26,032 | ||||
Additions | — | — | ||||||
Accretion | (4,427 | ) | (5,174 | ) | ||||
Adjustment to cash flows | (290 | ) | (942 | ) | ||||
Balance at the end of the period | $ | 15,199 | $ | 19,916 | ||||
On July 12, 2005, prior to Fleetwood's acquisition of Palm Harbor and CountryPlace, CountryPlace completed its initial securitization (2005-1) for approximately $141.0 million of loans, which was funded by issuing bonds totaling approximately $118.4 million. The bonds were issued in four different classes: Class A-1 totaling $36.3 million with a coupon rate of 4.23%; Class A-2 totaling $27.4 million with a coupon rate of 4.42%; Class A-3 totaling $27.3 million with a coupon rate of 4.80%; and Class A-4 totaling $27.4 million with a coupon rate of 5.20%. The bonds mature at varying dates beginning in 2006 through 2015 and were issued with an expected weighted average maturity of 4.66 years. For accounting purposes, this transaction was structured as a securitized borrowing. As of March 29, 2014, the Class A-1 and Class A-2 bonds had been retired. | ||||||||
On March 22, 2007, prior to Fleetwood's acquisition of Palm Harbor and CountryPlace, CountryPlace completed its second securitization (2007-1) for approximately $116.5 million of loans, which was funded by issuing bonds totaling approximately $101.9 million. The bonds were issued in four classes: Class A-1 totaling $28.9 million with a coupon rate of 5.484%; Class A-2 totaling $23.4 million with a coupon rate of 5.232%; Class A-3 totaling $24.5 million with a coupon rate of 5.593%; and Class A-4 totaling $25.1 million with a coupon rate of 5.846%. The bonds mature at varying dates beginning in 2008 through 2017 and were issued with an expected weighted average maturity of 4.86 years. For accounting purposes, this transaction was also structured as a securitized borrowing. As of March 29, 2014, the Class A-1 and Class A-2 bonds had been retired. | ||||||||
CountryPlace’s securitized debt is subject to provisions which may require acceleration of debt repayment. If cumulative loss ratios exceed levels specified in the respective pooling and servicing agreements for the 2005-1 and 2007-1 securitizations, repayment of the principal of the related Class A bonds is accelerated until cumulative loss ratios return to specified levels. During periods when cumulative loss ratios exceed the specified levels, cash collections from the securitized loans in excess of servicing fees payable to CountryPlace and amounts owed to the Class A bondholders, trustee and surety are applied to reduce the debt. However, principal repayment of the securitized debt, including accelerated amounts, is payable only from cash collections from the securitized loans and no additional sources of repayment are required or permitted. As of March 29, 2014, the cumulative loss ratio was within the specified level for the 2005-1 securitized portfolio; however, the cumulative loss ratio for the 2007-1 securitized portfolio exceeded the specified level. The resulting acceleration of securitized debt repayment is not expected to have a materially adverse impact on our cash flows. An increase in the specified loss ratio level is scheduled to occur in October 2014, which may ameliorate the situation. | ||||||||
Scheduled maturities of the Company’s debt obligations consist of the following (in thousands): | ||||||||
Fiscal Year | ||||||||
2015 | $ | 10,188 | ||||||
2016 | 8,638 | |||||||
2017 | 7,501 | |||||||
2018 | 6,638 | |||||||
2019 | 24,782 | |||||||
Reinsurance
Reinsurance | 12 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Insurance [Abstract] | ' | |||||||||||||||
Reinsurance | ' | |||||||||||||||
12. Reinsurance | ||||||||||||||||
Standard Casualty is primarily a specialty writer of manufactured home physical damage insurance. Certain of Standard Casualty’s premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The ceded reinsurance agreements provide Standard Casualty with increased capacity to write larger risks and maintain its exposure to loss within its capital resources. Standard Casualty remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations. Substantially all of Standard Casualty’s assumed reinsurance is with one entity. | ||||||||||||||||
The effects of reinsurance on premiums written and earned are as follows (in thousands): | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||
Written | Earned | Written | Earned | |||||||||||||
Direct premiums | $ | 12,581 | $ | 10,667 | $ | 7,191 | $ | 4,637 | ||||||||
Assumed premiums—nonaffiliate | 17,012 | 15,190 | 13,598 | 12,074 | ||||||||||||
Ceded premiums—nonaffiliate | (8,206 | ) | (8,206 | ) | (4,062 | ) | (4,062 | ) | ||||||||
Net premiums | $ | 21,387 | $ | 17,651 | $ | 16,727 | $ | 12,649 | ||||||||
Typical insurance policies written or assumed by Standard Casualty have a maximum coverage of $300,000 per claim, of which Standard Casualty cedes $225,000 of the risk of loss per reinsurance. Therefore, Standard Casualty maintains risk of loss limited to $75,000 per claim on typical policies. Amounts are recoverable by Standard Casualty through reinsurance for catastrophic losses in excess of $1.0 million per occurrence up to a maximum of $20.0 million in the aggregate. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
13. Income Taxes | ||||||||||||
The provision for income taxes for fiscal years 2014, 2013 and 2012 were as follows (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
Federal | $ | 7,630 | $ | 3,955 | $ | 4,227 | ||||||
State | 913 | 263 | 652 | |||||||||
Total current | 8,543 | 4,218 | 4,879 | |||||||||
Deferred | ||||||||||||
Federal | 586 | 1,416 | (2,061 | ) | ||||||||
State | (30 | ) | 717 | (319 | ) | |||||||
Total deferred | 556 | 2,133 | (2,380 | ) | ||||||||
Total income tax provision | $ | 9,099 | $ | 6,351 | $ | 2,499 | ||||||
A reconciliation of income taxes computed by applying the expected federal statutory income tax rates of 35% for fiscal year 2014 and 34% for fiscal years 2013 and 2012 to income before income taxes to the total income tax provision reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax at statutory rate | $ | 9,732 | $ | 5,660 | $ | 10,957 | ||||||
State income taxes, net of federal benefit | 849 | 597 | 736 | |||||||||
Domestic production activities deduction | (783 | ) | (123 | ) | (113 | ) | ||||||
Change in deferred tax rate | (557 | ) | 966 | — | ||||||||
Tax credits | (319 | ) | (595 | ) | (505 | ) | ||||||
Bargain purchase gain | — | — | (7,483 | ) | ||||||||
Step-up in tax basis of assets acquired | — | — | (1,241 | ) | ||||||||
Other | 177 | (154 | ) | 148 | ||||||||
Total income tax provision | $ | 9,099 | $ | 6,351 | $ | 2,499 | ||||||
Net current deferred tax assets and net long-term deferred tax liabilities were as follows (in thousands): | ||||||||||||
March 29, | March 30, | |||||||||||
2014 | 2013 | |||||||||||
Net current deferred tax assets (liabilities) | ||||||||||||
Net operating loss carryforwards | $ | 3,653 | $ | — | ||||||||
Warranty reserves | 3,447 | 2,999 | ||||||||||
Salaries and wages | 2,432 | 1,182 | ||||||||||
Inventory | 1,164 | 1,381 | ||||||||||
Deferred revenue | 951 | 720 | ||||||||||
Policy acquisition costs | (946 | ) | (716 | ) | ||||||||
Repurchase reserves | 831 | 665 | ||||||||||
Insurance reserves | 655 | 693 | ||||||||||
Other | 126 | (200 | ) | |||||||||
$ | 12,313 | $ | 6,724 | |||||||||
Net long-term deferred tax (liabilities) assets | ||||||||||||
Goodwill | $ | (24,597 | ) | $ | (25,018 | ) | ||||||
Loan discount | 9,509 | 10,736 | ||||||||||
Property, plant, equipment and depreciation | (5,454 | ) | (5,141 | ) | ||||||||
Other intangibles | (2,833 | ) | (3,107 | ) | ||||||||
Stock based compensation | 2,094 | 1,263 | ||||||||||
Deferred margin | 1,625 | 1,732 | ||||||||||
Bond discount | (1,036 | ) | (1,046 | ) | ||||||||
Net operating loss carryforwards | 665 | 5,077 | ||||||||||
Buydown points | (662 | ) | (717 | ) | ||||||||
Reserves related to consumer loans sold | 402 | 478 | ||||||||||
Tax credits | 159 | 410 | ||||||||||
Salaries and wages | — | 860 | ||||||||||
Other | 180 | 723 | ||||||||||
$ | (19,948 | ) | $ | (13,750 | ) | |||||||
The effective income tax rate for the current year was positively impacted from the purchase of all noncontrolling interests in Fleetwood and the timing of certain tax credits and deductions. As Cavco’s taxable income has grown, we have realized additional benefit from tax deductions established to favor domestic manufacturing operations. We also received benefit from tax credits, including the Work Opportunity Tax Credit and the New Energy Efficient Home Credit, which expired on December 31, 2013, and if not renewed, we will no longer be able to utilize these tax credits in the future. | ||||||||||||
During fiscal year 2013, the Company recognized an additional income tax benefit of $966,000 resulting from changes in state income tax rates applied to the Company's deferred tax amounts and income projections reaching a higher federal income tax rate. During the fourth quarter of fiscal year 2012, the Company made an election pursuant to Section 338(h)(10) of the Internal Revenue Code relating to the acquisition of its insurance group, consisting of Standard Casualty Co., Standard Insurance Agency, Inc. and its subsidiary. This election allowed the Company to step up the tax basis of the insurance group’s assets to fair value, resulting in an offset to income tax expense of $1.2 million. On November 6, 2009, the Worker, Homeownership, and Business Assistance Act of 2009 was enacted, which allowed, among other things, for certain federal net operating losses to be carried back up to five years to offset taxable income in certain prior years, for which the Company received a tax refund of $4.0 million in January 2012. | ||||||||||||
The Company recorded an insignificant amount of unrecognized tax benefits during fiscal years 2014, 2013 and 2012, and there would be an insignificant effect on the effective tax rate if all unrecognized tax benefits were recognized. The Company classifies interest and penalties related to unrecognized tax benefits in income tax expense. At March 29, 2014, the Company has federal and state net operating loss carryforwards that total $20.3 million and $28.2 million, respectively, that begin to expire in 2031 and 2014, respectively. As a result, the Company recorded a $218,000 valuation allowance against the related deferred tax asset. | ||||||||||||
The Company periodically evaluates the deferred tax assets based on the requirements established in ASC 740 which requires the recording of a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of the need for or amount of any valuation allowance involves significant management judgment and is based upon the evaluation of both positive and negative evidence, including management projections of anticipated taxable income. At March 29, 2014, the Company evaluated forecasted taxable income and determined that, except as described above, all of the deferred tax assets would be utilized in future periods. Ultimate realization of the deferred tax assets depends on our ability to meet these forecasts in future periods. At March 29, 2014, the Company’s deferred tax assets do not include $4.1 million of excess tax benefits from employee stock option exercises that are a component of its net operating loss carryforwards. Additional paid-in-capital will be increased by $4.1 million if and when such excess tax benefits are realized. | ||||||||||||
Income tax returns are filed in the U.S. federal jurisdiction and in several state jurisdictions. In July 2010, the Company received a notice of examination from the Internal Revenue Service ("IRS") for the Company’s federal income tax return for the fiscal year ended March 31, 2009. In July 2011, the IRS completed its examination resulting in an insignificant payment of additional taxes. The Company is no longer subject to examination by the IRS for years before fiscal year 2011. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to the Company’s financial position. The total amount of unrecognized tax benefit related to any particular tax position is not anticipated to change significantly within the next 12 months. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
14. Commitments and Contingencies | ||||||||||||
Repurchase Contingencies. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to retailers in the event of default by the retailer. The risk of loss under these agreements is spread over numerous retailers. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months, calculated from the date of sale to the retailer) and the risk of loss is further reduced by the resale value of the repurchased homes. The Company applies ASC 460 and ASC 450-20 to account for its liability for repurchase commitments. Under the provisions of ASC 460, issuance of a guarantee results in two different types of obligations: (1) a non-contingent obligation to stand ready to perform under the repurchase commitment (accounted for pursuant to ASC 460) and (2) a contingent obligation to make future payments under the conditions of the repurchase commitment (accounted for pursuant to ASC 450-20). Management reviews the retailers' inventories to estimate the amount of inventory subject to repurchase obligation, which is used to calculate: (1) the fair value of the non-contingent obligation for repurchase commitments and (2) the contingent liability based on historical information available at the time. During the period in which a home is sold (inception of a repurchase commitment), the Company records the greater of these two calculations as a liability for repurchase commitments and as a reduction to revenue. | ||||||||||||
-1 | The Company estimates the fair value of the non-contingent portion of its manufacturer's inventory repurchase commitment under the provisions of ASC 460 when a home is shipped to retailers whose floor plan financing includes a repurchase commitment. The fair value of the inventory repurchase agreement is determined by calculating the net present value of the difference in (a) the interest cost to carry the inventory over the maximum repurchase liability period at the prevailing floor plan note interest rate and (b) the interest cost to carry the inventory over the maximum repurchase liability period at the interest rate of a similar type loan without a manufacturer's repurchase agreement in force. | |||||||||||
-2 | The Company estimates the contingent obligation to make future payments under its manufacturer's inventory repurchase commitment for the same pool of commitments as used in the fair value calculation above and records the greater of the two calculations. This contingent obligation is estimated using historical loss factors, including the frequency of repurchases and the losses experienced by the Company for repurchased inventory. | |||||||||||
Additionally, subsequent to the inception of the repurchase commitment, the Company evaluates the likelihood that it will be called on to perform under the inventory repurchase commitments. If it becomes probable that a retailer will default and an ASC 450-20 loss reserve should be recorded, then such contingent liability is recorded equal to the estimated loss on repurchase. Based on identified changes in retailers' financial conditions, the Company evaluates the probability of default for retailers who are identified at an elevated risk of default and applies a probability of default, based on historical default rates. Commensurate with this default probability evaluation, the Company reviews repurchase notifications received from floor plan sources and reviews retailer inventory for expected repurchase notifications based on various communications from the lenders and retailers. The Company's repurchase commitments for the retailers in the category of elevated risk of default are excluded from the pool of commitments used in both of the calculations at (1) and (2) above. Changes in the reserve are recorded as an adjustment to revenue. | ||||||||||||
The maximum amount for which the Company was liable under such agreements approximated $25.5 million and $17.7 million at March 29, 2014 and March 30, 2013, respectively, without reduction for the resale value of the homes. The Company had a reserve for repurchase commitments of $1.8 million and $1.4 million at March 29, 2014 and March 30, 2013, respectively. The Company made no payments under repurchase commitments during fiscal years 2014 or 2013. Activity in the liability for estimated repurchase contingencies was as follows for fiscal years 2014, 2013 and 2012 (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 1,352 | $ | 819 | $ | 597 | ||||||
Charged to costs and expenses | 493 | 533 | 332 | |||||||||
Payments and deductions | — | — | (110 | ) | ||||||||
Balance at end of period | $ | 1,845 | $ | 1,352 | $ | 819 | ||||||
Leases. The Company leases certain equipment and facilities under operating leases with various renewal options. Rent expense was $4.4 million, $4.3 million and $4.2 million for the fiscal years ended March 29, 2014, March 30, 2013 and March 31, 2012, respectively. Future minimum lease commitments under all noncancelable operating leases having a remaining term in excess of one year at March 29, 2014, are as follows (in thousands): | ||||||||||||
2015 | $ | 2,386 | ||||||||||
2016 | 1,330 | |||||||||||
2017 | 454 | |||||||||||
2018 | 76 | |||||||||||
2019 and thereafter | 5 | |||||||||||
$ | 4,251 | |||||||||||
Letters of Credit. To secure certain reinsurance contracts, Standard Casualty maintains an irrevocable letter of credit of $7.0 million to provide assurance that Standard will fulfill its reinsurance obligations. This letter of credit is secured by certain of the Company’s investments. CountryPlace maintains an irrevocable letter of credit of $100,000 related to state licensing requirements. There have been no draws on any of the aforementioned letters of credit. | ||||||||||||
Construction-Period Mortgages. CountryPlace funds construction-period mortgages through periodic advances during the period of home construction. At the time of initial funding, CountryPlace commits to fully fund the loan contract in accordance with a predetermined schedule. Subsequent advances are contingent upon the performance of contractual obligations by the seller of the home and the borrower. Cumulative advances on construction-period mortgages are carried in the consolidated balance sheet at the lower of cost or market, which are included in consumer loans receivable. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment of CountryPlace to fund future advances. | ||||||||||||
Loan contracts with off-balance sheet commitments are summarized below (in thousands): | ||||||||||||
March 29, | March 30, | |||||||||||
2014 | 2013 | |||||||||||
Construction loan contract amount | $ | 5,623 | $ | 8,609 | ||||||||
Cumulative advances | (2,403 | ) | (3,597 | ) | ||||||||
Remaining construction contingent commitment | $ | 3,220 | $ | 5,012 | ||||||||
Representations and Warranties of Mortgages Sold. CountryPlace sells loans to GSEs and whole-loan purchasers. In connection with these activities, CountryPlace provides to the GSEs and whole-loan purchasers, representations and warranties related to the loans sold. These representations and warranties generally relate to the ownership of the loan, the validity of the lien securing the loan, the loan’s compliance with the criteria for inclusion in the sale transactions, including compliance with underwriting standards or loan criteria established by the buyer and CountryPlace’s ability to deliver documentation in compliance with applicable laws. Generally, representations and warranties may be enforced at any time over the life of the loan. Upon a breach of a representation, CountryPlace may be required to repurchase the loan or to indemnify a party for incurred losses. Repurchase demands and claims for indemnification payments are reviewed on a loan-by-loan basis to validate if there has been a breach requiring repurchase. CountryPlace manages the risk of repurchase through underwriting and quality assurance practices and by servicing the mortgage loans to investor standards. CountryPlace maintains a reserve for these contingent repurchase and indemnification obligations. This reserve of $926,000 and $1.2 million as of March 29, 2014 and March 30, 2013, respectively, included in accrued liabilities, reflects management’s estimate of probable loss. CountryPlace considers a variety of assumptions, including borrower performance (both actual and estimated future defaults), historical repurchase demands and loan defect rates to estimate the liability for loan repurchases and indemnifications. During the year ended March 29, 2014, no claim requests were received and no indemnification agreements were executed. | ||||||||||||
Interest Rate Lock Commitments. In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers and third-party originators. These IRLCs represent an agreement to extend credit to a loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind CountryPlace to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As such, outstanding IRLCs are subject to interest rate risk and related loan sale price risk during the period from the date of the IRLC through the earlier of the loan sale date or IRLC expiration date. The loan commitments generally range between 30 and 180 days; however, borrowers are not obligated to close the related loans. As a result, CountryPlace is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs unless the commitment is successfully paired off with another loan which may mitigate losses from fallout. | ||||||||||||
As of March 29, 2014 CountryPlace had outstanding IRLCs with a notional amount of $8.4 million and are recorded at fair value in accordance with FASB ASC 815, Derivatives and Hedging ("ASC 815"). ASC 815 clarifies that the expected net future cash flows related to the associated servicing of a loan should be included in the measurement of all written loan commitments that are accounted for at fair value through earnings. The estimated fair values of IRLCs are based on quoted market values and are recorded in other assets in the consolidated balance sheets. The fair value of IRLCs is based on the value of the underlying mortgage loan adjusted for: (i) estimated cost to complete and originate the loan and (ii) the estimated percentage of IRLCs that will result in closed mortgage loans. The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on mortgage loans held for sale. During fiscal years 2014 and 2013, CountryPlace recognized a loss of $42,000 and a gain of $17,000, respectively, on the outstanding IRLCs. | ||||||||||||
Forward Sales Commitments. CountryPlace manages the risk profiles of a portion of its outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage backed securities ("MBS") and whole loan sale commitments. Commitments to forward sales of whole loans are typically in an amount proportionate with the amount of IRLC expected to close in particular timeframes, assuming no change in mortgage interest rates, for the respective loan products intended for whole loan sale. | ||||||||||||
The estimated fair values of forward sales of MBS and forward sale commitments are based on quoted market values and are recorded within other current assets in the consolidated balance sheets. During the years ended March 29, 2014 and March 30, 2013, CountryPlace recognized a combined gain of $28,000 and a combined loss of $10,000, respectively, on forward sales and whole loan sale commitments. | ||||||||||||
Legal Matters. The Company is party to certain legal proceedings that arise in the ordinary course and are incidental to its business. Certain of the claims pending against the Company in these proceedings allege, among other things, breach of contract and warranty, breach of fiduciary duty, wrongful termination, product liability and personal injury. Although litigation is inherently uncertain, based on past experience and the information currently available, management does not believe that the currently pending and threatened litigation or claims will have a material adverse effect on the Company’s consolidated financial position, liquidity or results of operations. However, future events or circumstances currently unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on the Company’s consolidated financial position, liquidity or results of operations in any future reporting periods. | ||||||||||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | |||||||||||
Repurchase Contingencies. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to retailers in the event of default by the retailer. The risk of loss under these agreements is spread over numerous retailers. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months, calculated from the date of sale to the retailer) and the risk of loss is further reduced by the resale value of the repurchased homes. The Company applies ASC 460 and ASC 450-20 to account for its liability for repurchase commitments. Under the provisions of ASC 460, issuance of a guarantee results in two different types of obligations: (1) a non-contingent obligation to stand ready to perform under the repurchase commitment (accounted for pursuant to ASC 460) and (2) a contingent obligation to make future payments under the conditions of the repurchase commitment (accounted for pursuant to ASC 450-20). | ||||||||||||
Derivatives, Reporting of Derivative Activity [Policy Text Block] | ' | |||||||||||
Interest Rate Lock Commitments. In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers and third-party originators. These IRLCs represent an agreement to extend credit to a loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind CountryPlace to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As such, outstanding IRLCs are subject to interest rate risk and related loan sale price risk during the period from the date of the IRLC through the earlier of the loan sale date or IRLC expiration date. The loan commitments generally range between 30 and 180 days; however, borrowers are not obligated to close the related loans. As a result, CountryPlace is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs unless the commitment is successfully paired off with another loan which may mitigate losses from fallout. | ||||||||||||
As of March 29, 2014 CountryPlace had outstanding IRLCs with a notional amount of $8.4 million and are recorded at fair value in accordance with FASB ASC 815, Derivatives and Hedging ("ASC 815"). ASC 815 clarifies that the expected net future cash flows related to the associated servicing of a loan should be included in the measurement of all written loan commitments that are accounted for at fair value through earnings. The estimated fair values of IRLCs are based on quoted market values and are recorded in other assets in the consolidated balance sheets. The fair value of IRLCs is based on the value of the underlying mortgage loan adjusted for: (i) estimated cost to complete and originate the loan and (ii) the estimated percentage of IRLCs that will result in closed mortgage loans. The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on mortgage loans held for sale. During fiscal years 2014 and 2013, CountryPlace recognized a loss of $42,000 and a gain of $17,000, respectively, on the outstanding IRLCs. | ||||||||||||
Forward Sales Commitments. CountryPlace manages the risk profiles of a portion of its outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage backed securities ("MBS") and whole loan sale commitments. Commitments to forward sales of whole loans are typically in an amount proportionate with the amount of IRLC expected to close in particular timeframes, assuming no change in mortgage interest rates, for the respective loan products intended for whole loan sale. | ||||||||||||
The estimated fair values of forward sales of MBS and forward sale commitments are based on quoted market values and are recorded within other current assets in the consolidated balance sheets. During the years ended March 29, 2014 and March 30, 2013, CountryPlace recognized a combined gain of $28,000 and a combined loss of $10,000, respectively, on forward sales and whole loan sale commitments. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
15. Stock-Based Compensation | |||||||||||||
The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. The plans, which are shareholder approved, permit the award of up to 1,350,000 shares of the Company’s common stock, of which 217,376 shares were still available for grant at March 29, 2014. When options are exercised, new shares of the Company’s common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company’s common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a one to five year period as determined by the plan administrator (the Compensation Committee of the Board of Directors, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options and removal of restrictions on restricted stock awards upon a change in control (as defined in the plans). | |||||||||||||
The Company applies the fair value recognition provisions of FASB ASC 718, Compensation—Stock Compensation ("ASC 718"). Stock option compensation expense, including restricted stock, decreased income before income taxes by approximately $2.4 million, $1.3 million and $916,000 for fiscal years 2014, 2013 and 2012, respectively. As of March 29, 2014, total unrecognized compensation cost related to stock options was approximately $1.0 million and the related weighted-average period over which it is expected to be recognized is approximately 1.9 years. | |||||||||||||
The following table summarizes the option activity within the Company’s stock-based compensation plans for the fiscal years 2014, 2013 and 2012: | |||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | (in thousands) | |||||||||||
Term (years) | |||||||||||||
Options outstanding at April 1, 2011 | 401,500 | $ | 27.91 | ||||||||||
Granted | 80,100 | 44.45 | |||||||||||
Exercised | (72,850 | ) | 20.08 | ||||||||||
Canceled or expired | (1,250 | ) | 24.18 | ||||||||||
Options outstanding at March 31, 2012 | 407,500 | $ | 32.62 | 3.91 | $ | 5,689 | |||||||
Granted | 72,200 | 46.59 | |||||||||||
Exercised | (77,000 | ) | 28.55 | ||||||||||
Canceled or expired | (3,000 | ) | 45 | ||||||||||
Options outstanding at March 30, 2013 | 399,700 | $ | 35.83 | 4.18 | $ | 4,691 | |||||||
Granted | 64,450 | 52.99 | |||||||||||
Exercised | (9,500 | ) | 37.66 | ||||||||||
Canceled or expired | (10,750 | ) | 48.28 | ||||||||||
Options outstanding at March 29, 2014 | 443,900 | $ | 37.98 | 3.67 | $ | 18,047 | |||||||
Exercisable at March 31, 2012 | 168,775 | $ | 31.57 | 2.37 | $ | 2,533 | |||||||
Exercisable at March 30, 2013 | 179,925 | $ | 34.15 | 3.58 | $ | 2,414 | |||||||
Exercisable at March 29, 2014 | 259,625 | $ | 34.56 | 3.03 | $ | 11,445 | |||||||
The weighted-average estimated fair value of employee stock options granted during fiscal years 2014, 2013 and 2012 were $21.44, $19.89 and $17.96, respectively. The total intrinsic value of options exercised during fiscal years 2014, 2013 and 2012 was $257,000, $1.2 million and $1.3 million, respectively. | |||||||||||||
The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value of stock options. The determination of the fair value of stock options on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include actual and projected employee stock option exercise behaviors, the Company’s expected stock price volatility over the expected term of the awards, risk-free interest rate and expected dividends. The fair values of options granted were estimated at the date of grant using the following weighted average assumptions: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Volatility | 47.7 | % | 51.5 | % | 46.4 | % | |||||||
Risk-free interest rate | 1.2 | % | 0.6 | % | 1.6 | % | |||||||
Dividend yield | — | % | — | % | — | % | |||||||
Expected option life in years | 4.52 | 4.62 | 4.6 | ||||||||||
The Company estimates the expected term of options granted by using the simplified method as prescribed by SEC Staff Accounting Bulletin ("SAB") No. 107 and SAB 110. The Company uses the simplified method as the Company does not have sufficient historical share option exercise data due to the limited number of shares granted under the programs as well as changes in the Company's business and grantee population due to the acquisitions of Fleetwood and Palm Harbor, rendering existing historical experience less reliable in formulating expectations for current grants. The Company estimates the expected volatility of its common stock taking into consideration its historical stock price movement and its expected future stock price trends based on known or anticipated events. The Company bases the risk-free interest rate that it uses in the option pricing model on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option-pricing model. The Company is required to estimate future forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting option forfeitures and records stock-based compensation cost only for those awards that are expected to vest. The Company recognizes stock-based compensation expense using the straight-line attribution method. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
16. Earnings Per Share | ||||||||||||
Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share for fiscal years 2014, 2013 and 2012 (dollars in thousands, except per share amounts): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income attributable to Cavco common stockholders | $ | 16,238 | $ | 4,963 | $ | 15,237 | ||||||
Weighted average shares outstanding: | ||||||||||||
Basic | 8,262,688 | 6,956,706 | 6,877,437 | |||||||||
Common stock equivalents—treasury stock method | 116,336 | 70,498 | 71,640 | |||||||||
Diluted | 8,379,024 | 7,027,204 | 6,949,077 | |||||||||
Net income per share attributable to Cavco common stockholders: | ||||||||||||
Basic | $ | 1.97 | $ | 0.71 | $ | 2.22 | ||||||
Diluted | $ | 1.94 | $ | 0.71 | $ | 2.19 | ||||||
There were no anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the year ended March 29, 2014 and 5,951 and 2,568 for the years ended March 30, 2013 and March 31, 2012, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
17. Fair Value Measurements | ||||||||||||||||
The book value and estimated fair value of the Company’s financial instruments are as follows (in thousands): | ||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||
Book | Estimated | Book | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Available-for-sale investment securities (1) | $ | 19,802 | $ | 19,802 | $ | 17,698 | $ | 17,698 | ||||||||
Non-marketable equity investments (2) | 5,652 | 5,652 | — | — | ||||||||||||
Consumer loans receivable (3) | 98,284 | 131,384 | 110,990 | 115,044 | ||||||||||||
Interest rate lock commitment derivatives (4) | (14 | ) | (14 | ) | 28 | 28 | ||||||||||
Forward loan sale commitment derivatives (4) | 24 | 24 | (3 | ) | (3 | ) | ||||||||||
Inventory finance receivable (5) | 21,308 | 21,308 | 22,950 | 22,950 | ||||||||||||
Securitized financings (6) | 70,052 | 74,574 | 82,287 | 90,895 | ||||||||||||
Mortgage servicing rights (7) | 350 | 350 | 335 | 335 | ||||||||||||
-1 | The fair value is based on quoted market prices. | |||||||||||||||
-2 | The fair value approximates book value based on the non-marketable nature of the instruments. | |||||||||||||||
-3 | Includes consumer loans receivable held for investment, held for sale and construction advances. The fair value of the loans held for investment is based on the discounted value of the remaining principal and interest cash flows. The fair value of the loans held for sale are estimated based on recent GSE mortgage backed bond prices. The fair value of the construction advances approximates book value and the sales price of these loans is estimated based on construction completed. | |||||||||||||||
-4 | The fair values are based on changes in GSE mortgage backed bond prices, and additionally for IRLCs, pull through rates. | |||||||||||||||
-5 | The fair value approximates book value based on current market rates and the revolving nature of the instruments. | |||||||||||||||
-6 | The fair value is estimated using recent public transactions of similar asset-backed securities. | |||||||||||||||
-7 | The fair value of the mortgage servicing rights is based on the present value of expected net cash flows related to servicing these loans. | |||||||||||||||
In accordance with FASB ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||
Level 1 – | Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
Level 2 – | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||
Level 3 – | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||
The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||||||||||||||||
When the Company uses observable market prices for identical securities that are traded in less active markets, it classifies such securities as Level 2. When observable market prices for identical securities are not available, the Company prices its 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. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. | ||||||||||||||||
Financial instruments measured at fair value on a recurring basis are summarized below (in thousands): | ||||||||||||||||
29-Mar-14 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Securities issued by the U.S Treasury and Government (1) | $ | 2,273 | $ | — | $ | 2,273 | $ | — | ||||||||
Mortgage-backed securities (1) | 3,618 | — | 3,618 | — | ||||||||||||
Securities issued by states and political subdivisions (1) | 6,065 | — | 6,065 | — | ||||||||||||
Corporate debt securities (1) | 1,574 | — | 1,574 | — | ||||||||||||
Marketable equity securities (1) | 5,222 | 5,222 | — | — | ||||||||||||
Interest rate lock commitment derivatives (2) | (14 | ) | — | — | (14 | ) | ||||||||||
Forward loan sale commitment derivatives (2) | 24 | — | — | 24 | ||||||||||||
Mortgage servicing rights (3) | 350 | — | — | 350 | ||||||||||||
-1 | Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date. | |||||||||||||||
-2 | Gains or losses on derivatives are recognized in current period earnings through cost of sales. | |||||||||||||||
-3 | Changes in the fair value of mortgage servicing rights are recognized in current period earnings through net revenue. | |||||||||||||||
No transfers between Level 1, Level 2 or Level 3 occurred during the year ended March 29, 2014. The Company’s policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period. | ||||||||||||||||
Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands): | ||||||||||||||||
29-Mar-14 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Loans held for investment | $ | 121,876 | $ | — | $ | — | $ | 121,876 | ||||||||
Loans held for sale | 7,105 | — | 7,105 | — | ||||||||||||
Loans held—construction advances | 2,403 | — | — | 2,403 | ||||||||||||
Inventory finance receivable | 21,308 | — | — | 21,308 | ||||||||||||
Securitized financings | 74,574 | — | 74,574 | — | ||||||||||||
Non-marketable equity investments | 5,652 | — | — | 5,652 | ||||||||||||
Financial instruments measured on a nonrecurring basis also include impaired loans (nonaccrual loans) disclosed in Note 5 and loans held for sale. No recent sales have been executed in an orderly market of manufactured home loan portfolios with comparable product features, credit characteristics, or performance. Impaired loans are measured using Level 3 inputs that are calculated using estimated discounted future cash flows with discount rates considered to reflect current market conditions. Loans held for sale are measured at the lower of cost or fair value using Level 2 inputs that consist of commitments on hand from investors. These loans are held for relatively short periods, typically no more than 45 days. As a result, changes in loan-specific credit risk are not a significant component of the change in fair value. The cost of loans held for sale is lower than the fair value as of March 29, 2014. | ||||||||||||||||
FASB ASC 825, Financial Instruments ("ASC 825"), requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. Where available, quoted market prices are used. In other cases, fair values are based on estimates using other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and the resulting fair values. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair values, the Company’s fair values should not be compared to those of other companies. | ||||||||||||||||
Under ASC 825, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying market value of the Company. | ||||||||||||||||
The Company records impairment losses on long-lived assets held for sale when the fair value of such long-lived assets is below their carrying values. The Company records impairment charges on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. The Company recorded an impairment charge of $560,000 on assets held for sale or used in operations during the fiscal year ended March 29, 2014 and did not record an impairment charge for the fiscal year ended March 30, 2013. | ||||||||||||||||
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 initially recorded at fair value. Changes in fair value subsequent to the initial capitalization are recorded in the Company's results of operations. The Company recognizes MSRs on all loans sold to investors that meet the requirements for sale accounting and for which servicing rights are retained. | ||||||||||||||||
The Company applies fair value accounting to MSRs, with all changes in fair value recorded to net revenue in accordance with FASB ASC 860-50, Servicing Assets and Liabilities. The fair value of MSRs is based on the present value of the expected future cash flows related to servicing these loans. The revenue components of the cash flows are servicing fees, interest earned on custodial accounts and other ancillary income. The expense components include operating costs related to servicing the loans (including delinquency and foreclosure costs) and interest expenses on servicer advances that the Company believes are consistent with the assumptions major market participants use in valuing MSRs. The expected cash flows are primarily impacted by prepayment estimates, delinquencies and market discounts. Generally, the value of MSRs is expected to increase when interest rates rise and decrease when interest rates decline due to the effect those changes in interest rates have on prepayment estimates. Other factors noted above as well as the overall market demand for MSRs may also affect the valuation. | ||||||||||||||||
March 29, | March 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Number of loans serviced with MSRs | 2,743 | 2,106 | ||||||||||||||
Weighted average servicing fee (basis points) | 30.54 | 34.59 | ||||||||||||||
Capitalized servicing multiple | 35.77 | % | 38.82 | % | ||||||||||||
Capitalized servicing rate (basis points) | 10.93 | 13.43 | ||||||||||||||
Serviced portfolio with MSRs (in thousands) | $ | 320,462 | $ | 249,378 | ||||||||||||
Mortgage servicing rights (in thousands) | $ | 350 | $ | 335 | ||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 29, 2014 | |
Compensation Related Costs [Abstract] | ' |
Employee Benefit Plans | ' |
18. Employee Benefit Plans | |
The Company has a self-funded group medical plan which is administered by third-party administrators. The medical plan has reinsurance coverage limiting liability for any individual employee loss to a maximum of $200,000. Incurred claims identified under the third-party administrator's incident reporting system and incurred but not reported claims are accrued based on estimates that incorporate the Company's past experience, as well as other considerations such as the nature of each claim or incident, relevant trend factors and advice from consulting actuaries when necessary. Medical claims expense was $6.1 million, $6.0 million and $5.5 million for fiscal years 2014, 2013 and 2012, respectively. | |
The Company sponsors an employee savings plan (the "401k Plan") that is intended to provide participating employees with additional income upon retirement. Employees may contribute their eligible compensation up to federal limits to the 401k Plan. The Company match is discretionary, and may be up to 50% of the first 5% of eligible compensation contributed by employees. For calendar year 2013, the Company match was 50% of the first 5% of eligible compensation contributed by employees. Employees are immediately eligible to participate and employer matching contributions are vested progressively over a four-year period. Employer matching contribution expense was $561,000, $321,000 and $188,000 for fiscal years 2014, 2013 and 2012, respectively. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interest | 12 Months Ended |
Mar. 29, 2014 | |
Noncontrolling Interest [Abstract] | ' |
Redeemable Noncontrolling Interest | ' |
Redeemable Noncontrolling Interest. As discussed above, since the Fleetwood Acquisition Date, financial information for Fleetwood operations has been included in the Consolidated Financial Statements and the related Notes, in accordance with ASC 810. Management has determined that, under GAAP, although Fleetwood was only 50 percent owned by the Company, Cavco had a controlling interest and was required to fully consolidate the results of Fleetwood. The primary factors that contributed to this determination were Cavco's management and board control of Fleetwood, wherein members of Cavco's management held all of the seats on the Board of Directors of Fleetwood. In addition, as part of the management services agreement among Cavco, Fleetwood and Third Avenue, Cavco provided all executive-level management services to Fleetwood including, among other things, general management oversight, marketing and customer relations, accounting and cash management. Third Avenue's financial interest in Fleetwood was considered a "redeemable noncontrolling interest," as determined by GAAP, and was designated as such in the Consolidated Financial Statements (See Note 19). | |
On July 22, 2013, Cavco purchased all noncontrolling interests in Fleetwood. The transaction eliminated the need for noncontrolling interest accounting. As a result of the transaction, Cavco owns 100 percent of Fleetwood and its holdings, including Fleetwood Homes, Palm Harbor Homes, CountryPlace and Standard Casualty. | |
19. Redeemable Noncontrolling Interest | |
During fiscal year 2010, the Company and an investment partner, Third Avenue Value Fund, formed Fleetwood, with an initial contribution of $35.0 million each for equal 50 percent ownership interests. On July 21, 2009, Fleetwood entered into an asset purchase agreement with Fleetwood Enterprises, Inc. and certain of its subsidiaries to purchase certain assets and liabilities of its manufactured housing business. | |
The Company and Third Avenue Value Fund subsequently contributed an additional $36.0 million each in anticipation of the purchase of Palm Harbor, which was completed during the first quarter of fiscal year 2012. Subsequent to the transaction, a portion of Third Avenue Value Fund’s interests were transferred to an affiliate along with the applicable rights and obligations. This transfer had no impact on Cavco’s ownership interest. | |
Since the Fleetwood Acquisition Date, financial information for Fleetwood was included in the Company’s Consolidated Financial Statements and the related Notes in accordance with the provisions of ASC 810. Management determined that, under GAAP, although Fleetwood was only 50 percent owned by the Company, Cavco had a controlling interest and was required to fully consolidate the results of Fleetwood. Third Avenue’s financial interest in Fleetwood was considered a "redeemable noncontrolling interest,"as determined by GAAP, and was designated as such in the Consolidated Financial Statements. | |
On July 22, 2013, Cavco purchased all noncontrolling interests in Fleetwood, Cavco’s subsidiary that owns Fleetwood Homes, Palm Harbor Homes, CountryPlace and Standard Casualty (the "Fleetwood Businesses"). As consideration for the 50 percent interest that it did not already own, the Company issued 1,867,370 shares of Cavco common stock, derived by dividing the purchase price of $91.4 million by the 60-day volume-weighted average price per share, in accordance with the terms of the Stock Purchase Agreement. | |
Historically, 50 percent of the financial results of these businesses has been recorded as attributable to Cavco’s common stockholders in the Consolidated Financial Statements. The acquisition closed on July 22, 2013, resulting in Cavco owning 100 percent of the Fleetwood Businesses and entitling Cavco to all of the associated earnings from that date forward. The acquisition was accounted for as an equity transaction under ASC 810; accordingly, no gain or loss was recorded in the purchase of the noncontrolling interest, which had a carrying value of $94.4 million as of the closing date. As of July 22, 2013, Fleetwood and its subsidiaries are wholly-owned by the Company and Third Avenue no longer has a noncontrolling interest in Fleetwood. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Mar. 29, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
20. Related Party Transactions | |
As discussed in Note 19, on July 22, 2013, Cavco completed the purchase of all noncontrolling interests in Cavco’s subsidiary that owns Fleetwood Homes, Palm Harbor Homes, CountryPlace and Standard Casualty from Third Avenue. The Company satisfied the purchase price with 1,867,370 newly issued shares of Company common stock (the "Cavco Shares"). Third Avenue is considered a principal owner, and therefore a related party, under ASC 850, Related Party Disclosures ("ASC 850"). Subsequent to the transaction, Third Avenue beneficially owned approximately 22.8% of Cavco's outstanding common stock. | |
The Company issued the Cavco Shares in reliance upon the exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended. In accordance with the Stock Purchase Agreement, the Company filed a registration statement with the SEC seeking registration of the Cavco Shares. The SEC declared the registration statement effective on October 11, 2013. However, Third Avenue remains subject to certain restrictions on its ability to transfer its Cavco Shares, including, among other things, a one year prohibition on the transfer of the Cavco Shares, except for "Permitted Transfers" (defined in the Stock Purchase Agreement), which includes any single transfer or series of transfers equal to 15% or less of the Cavco Shares. During the Standstill Period (defined below) Cavco has a "right of first offer" to acquire any Cavco Shares that Third Avenue wishes to transfer to independent third parties. | |
From and after the closing and continuing until the termination of the Standstill Period, Third Avenue agreed that it would vote all Cavco Shares in accordance with the recommendations of the Company's Board of Directors with respect to any action, proposal or other matter to be voted on by the stockholders of Cavco. The "Standstill Period" ends on the earlier of (i) the fourth anniversary of the Closing Date (July 22, 2017) or (ii) the third anniversary of the Closing Date (July 22, 2016) if Third Avenue owns less than 12.5% of the outstanding Cavco common stock on the third anniversary date. Additionally, during the Standstill Period, Third Avenue has agreed not to do any of the following without the prior written consent of the Company: acquire beneficial ownership of common equity securities of the Company or any other securities of the Company entitled to vote generally in the election of directors of the Company; deposit any securities of the Company in a voting trust or similar arrangement or subject any voting securities of the Company to any voting agreement, pooling arrangement or similar arrangement, or grant any proxy with respect to any voting securities of the Company; enter, agree to enter, propose or offer to enter into or facilitate any merger, business combination, tender offer, recapitalization, restructuring, change in control transaction or other similar extraordinary transaction involving the Company or any of its subsidiaries; make, or in any way participate or engage in, any "solicitation" of "proxies" to vote, or advise or knowingly influence any person with respect to the voting of, any voting securities of the Company or any of its subsidiaries; call, or seek to call, a meeting of the shareholders of the Company or initiate any shareholder proposal for action by the shareholders of the Company; form, join or in any way participate in a Group within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with respect to any voting securities of the Company; otherwise act, alone or in concert with others, to seek to control or influence the Board or the management or policies of the Company; publicly disclose any intention, plan or arrangement prohibited by, or inconsistent with, the foregoing; advise or knowingly assist or encourage or enter into any discussions, negotiations, agreements or arrangements with any other person or Group (within the meaning of Section 13(d)(3) of the Exchange Act) in connection with the foregoing; or knowingly transfer more than 3% of the Cavco Shares to any one individual or entity. | |
As of March 29, 2014, Third Avenue Management LLC beneficially owned approximately 22.7% of our outstanding common shares. Third Avenue Management LLC and Third Avenue Value Fund are either directly or indirectly under common control. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Business Segment Information | ' | |||||||||||
21. Business Segment Information | ||||||||||||
The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance. The following table details net revenue and income before income taxes by segment (in thousands): | ||||||||||||
Fiscal Year Ended | ||||||||||||
March 29, | March 30, | March 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Net revenue: | ||||||||||||
Factory-built housing | $ | 485,897 | $ | 408,094 | $ | 406,833 | ||||||
Financial services | 47,442 | 44,206 | 36,233 | |||||||||
$ | 533,339 | $ | 452,300 | $ | 443,066 | |||||||
Net revenue for financial services consists of: | ||||||||||||
Consumer finance | $ | 19,617 | $ | 23,177 | $ | 22,194 | ||||||
Insurance | 27,825 | 21,029 | 14,039 | |||||||||
$ | 47,442 | $ | 44,206 | $ | 36,233 | |||||||
Income before income taxes: | ||||||||||||
Factory-built housing | $ | 27,258 | $ | 14,335 | $ | 8,809 | ||||||
Financial services | 11,582 | 10,305 | 8,340 | |||||||||
General corporate charges | (11,035 | ) | (7,992 | ) | (6,931 | ) | ||||||
Gain on bargain purchase | — | — | 22,009 | |||||||||
$ | 27,805 | $ | 16,648 | $ | 32,227 | |||||||
Depreciation: | ||||||||||||
Factory-built housing | $ | 2,497 | $ | 2,396 | $ | 2,199 | ||||||
Financial services | 69 | 60 | 85 | |||||||||
General corporate | 54 | 74 | 34 | |||||||||
$ | 2,620 | $ | 2,530 | $ | 2,318 | |||||||
Amortization: | ||||||||||||
Factory-built housing | $ | 1,179 | $ | 1,178 | $ | 1,085 | ||||||
Financial services | 201 | 302 | 2,153 | |||||||||
$ | 1,380 | $ | 1,480 | $ | 3,238 | |||||||
Income tax expense: | ||||||||||||
Factory-built housing | $ | 5,012 | $ | 2,495 | $ | 525 | ||||||
Financial services | 4,087 | 3,856 | 1,974 | |||||||||
$ | 9,099 | $ | 6,351 | $ | 2,499 | |||||||
Capital expenditures: | ||||||||||||
Factory-built housing | $ | 2,079 | $ | 510 | $ | 2,381 | ||||||
Financial services | 87 | 104 | 39 | |||||||||
General corporate | 99 | 141 | 7 | |||||||||
$ | 2,265 | $ | 755 | $ | 2,427 | |||||||
March 29, | March 30, | |||||||||||
2014 | 2013 | |||||||||||
Total assets: | ||||||||||||
Factory-built housing | $ | 254,409 | $ | 239,224 | ||||||||
Financial services | 163,611 | 174,369 | ||||||||||
Corporate | 51,219 | 30,906 | ||||||||||
$ | 469,239 | $ | 444,499 | |||||||||
Quarterly_Financial_Data_Notes
Quarterly Financial Data (Notes) | 12 Months Ended | |||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
The following tables set forth certain unaudited quarterly financial information for fiscal years 2014 and 2013. | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Fiscal year ended March 29, 2014 | ||||||||||||||||||||
Net revenue | $ | 133,987 | $ | 129,826 | $ | 138,317 | $ | 131,209 | $ | 533,339 | ||||||||||
Gross profit | 29,398 | 29,884 | 31,569 | 28,632 | 119,483 | |||||||||||||||
Net income | 3,861 | 4,743 | 5,892 | 4,210 | 18,706 | |||||||||||||||
Net income attributable to Cavco common stockholders | 1,826 | 4,310 | 5,892 | 4,210 | 16,238 | |||||||||||||||
Net income per share attributable to Cavco common stockholders: | ||||||||||||||||||||
Basic | $ | 0.26 | $ | 0.51 | $ | 0.67 | $ | 0.48 | $ | 1.97 | ||||||||||
Diluted | $ | 0.26 | $ | 0.5 | $ | 0.66 | $ | 0.47 | $ | 1.94 | ||||||||||
Fiscal year ended March 30, 2013 | ||||||||||||||||||||
Net revenue | $ | 118,781 | $ | 110,084 | $ | 114,603 | $ | 108,832 | $ | 452,300 | ||||||||||
Gross profit | 24,055 | 25,707 | 26,575 | 24,018 | 100,355 | |||||||||||||||
Net income | 1,618 | 2,681 | 3,021 | 2,977 | 10,297 | |||||||||||||||
Net income attributable to Cavco common stockholders | 860 | 1,254 | 1,457 | 1,392 | 4,963 | |||||||||||||||
Net income per share attributable to Cavco common stockholders: | ||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.18 | $ | 0.21 | $ | 0.2 | $ | 0.71 | ||||||||||
Diluted | $ | 0.12 | $ | 0.18 | $ | 0.21 | $ | 0.2 | $ | 0.71 | ||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Mar. 29, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Temporary Equity Classification, Policy [Policy Text Block] | ' | |
Since the Fleetwood Acquisition Date, financial information for Fleetwood was included in the Company’s Consolidated Financial Statements and the related Notes in accordance with the provisions of ASC 810. Management determined that, under GAAP, although Fleetwood was only 50 percent owned by the Company, Cavco had a controlling interest and was required to fully consolidate the results of Fleetwood. Third Avenue’s financial interest in Fleetwood was considered a "redeemable noncontrolling interest,"as determined by GAAP, and was designated as such in the Consolidated Financial Statements. | ||
Principles of Consolidation | ' | |
Principles of Consolidation. These Consolidated Financial Statements include the accounts of Cavco Industries, Inc. and its consolidated subsidiaries (collectively, the "Company" or "Cavco"). All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date of March 29, 2014, through the date of the filing of this report with the Securities and Exchange Commission ("SEC"). | ||
The Company and its investment partners, Third Avenue Value Fund and an affiliate (collectively, "Third Avenue"), formed a jointly-owned corporation, Fleetwood Homes, Inc. ("Fleetwood") and purchased certain manufactured housing assets and liabilities of Fleetwood Enterprises, Inc. on August 17, 2009 (the "Fleetwood Acquisition Date"). Third Avenue Management LLC is an investment adviser to Third Avenue Value Fund and is a related party to the Company, as described further in Note 20 to the Consolidated Financial Statements. | ||
Fleetwood, through its wholly-owned subsidiary, Palm Harbor Homes, Inc., a Delaware corporation ("Palm Harbor"), acquired certain manufactured housing assets and liabilities of Palm Harbor Homes, Inc., a Florida corporation, and certain of its subsidiaries including CountryPlace Acceptance Corp. ("CountryPlace") on April 23, 2011 (the "Palm Harbor Acquisition Date"). Subsequently, the stock of Standard Casualty Co. ("Standard Casualty") was acquired on June 10, 2011 after regulatory approval was received from the Texas Department of Insurance. | ||
Since the Fleetwood Acquisition Date, financial information for Fleetwood has been included in the Consolidated Financial Statements and the related Notes in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation ("ASC 810"). Management determined that, under U.S. generally accepted accounting principles ("GAAP"), although Fleetwood was previously only 50 percent owned by the Company, Cavco had a controlling interest and was required to fully consolidate the results of Fleetwood. Third Avenue’s financial interest in Fleetwood was considered a "redeemable noncontrolling interest,"as determined by GAAP, and was designated as such in the Consolidated Financial Statements (see Note 19). | ||
On July 22, 2013, Cavco purchased all noncontrolling interests in Fleetwood pursuant to a Stock Purchase Agreement, which was filed with the SEC on June 14, 2013 as an exhibit to the Company's Periodic Report on Form 8-K (see Note 20). The transaction was accounted for as an equity transaction and eliminated the need for noncontrolling interest accounting. As a result of the transaction, Cavco owns 100 percent of Fleetwood and its holdings, including Fleetwood Homes, Palm Harbor Homes, CountryPlace and Standard Casualty. | ||
Nature of Operations | ' | |
Nature of Operations. Headquartered in Phoenix, Arizona, the Company designs and produces manufactured homes which are sold to a network of retailers located throughout the continental United States as well as through Company-owned retail sales locations which offer the Company’s homes to retail customers. Our mortgage subsidiary, CountryPlace, is an approved Federal National Mortgage Association ("FNMA" or "Fannie Mae") and Government National Mortgage Association ("GNMA" or "Ginnie Mae") seller/servicer and offers conforming mortgages to purchasers of factory-built and site-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes. | ||
Fiscal Year Change | ' | |
Fiscal Year. The Company utilizes a 52-53 week fiscal year ending on the Saturday nearest to March 31 of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31. The Company’s current fiscal year ended on March 29, 2014. | ||
Accounting Estimate | ' | |
Accounting Estimates. Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from the estimates and assumptions used in preparation of the financial statements. | ||
Fair Value of Financial Instruments | ' | |
Fair Value of Financial Instruments. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, investments, consumer loans receivable, inventory finance notes receivable, accounts payable, certain accrued liabilities and securitized financings. The carrying amount of cash and cash equivalents approximates fair value because their maturity is less than three months. The carrying amounts of restricted cash, accounts receivable, accounts payable and certain accrued liabilities approximate fair value due to the short-term maturity of the amounts. The carrying amount of investments classified as held for sale is at fair value as the investments are marked to market (see Note 3). The carrying amount of the Company’s inventory finance notes receivable approximate fair value based on current market rates and the revolving nature of the investments. The fair value of consumer loans receivable and securitized financings are both estimated to be greater than carrying value (see Note 17). | ||
ASC 825, Financial Instruments ("ASC 825"), requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. Where available, quoted market prices are used. In other cases, fair values are based on estimates using other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and the resulting fair values. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair values, the Company’s fair values should not be compared to those of other companies. | ||
Under ASC 825, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying market value of the Company. | ||
Revenue Recognition | ' | |
Factory-Built Housing Revenue Recognition. Revenue from homes sold to independent retailers is generally recognized when the home is shipped, at which time title passes to the independent retailer and collectability is reasonably assured. Homes sold to independent retailers are generally either paid for prior to shipment or floor plan financed by the independent retailer through standard industry arrangements, which include repurchase agreements. Manufacturing sales financed under repurchase agreements are reduced by a provision for estimated repurchase obligations (see Note 14). The recognition of revenue from homes sold under inventory finance programs involving funds provided by the Company is deferred until such time that payment for the related inventory finance note receivable is received by the Company (see Note 6). Retail sales by Company-owned retail locations are recognized when the customer has entered into a legally binding sales contract, the home is delivered and permanently located at the customer's site, accepted by the customer, title has transferred and funding is reasonably assured. | ||
Some of the Company’s independent retailers operate multiple sales outlets. No independent retailer accounted for 10% or more of our manufacturing revenue during any fiscal year within the three-year period ended March 29, 2014. | ||
Revenue Recognition, Interest | ' | |
Financial Services Revenue Recognition. Premium amounts collected on policies issued and assumed by Standard Casualty are amortized on a straight-line basis into net revenue over the life of the policy. Premiums earned are net of reinsurance ceded. Policy acquisition costs are also amortized as cost of sales over the life of the policy. | ||
At the Palm Harbor Acquisition Date, management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans’ contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool’s scheduled contractual principal and contractual interest payments over the undiscounted cash flows expected as of the Palm Harbor Acquisition Date as an amount that is not accreted into interest income (the non-accretable difference). The remaining difference is accreted into interest income over the remaining life of the loans (referred to as accretable yield). Interest income on consumer loans receivable is recognized as net revenue. | ||
For loans originated by CountryPlace and held for sale, loan origination fees and gains or losses on sales are recognized as net revenue upon title transfer of the loans. CountryPlace provides third-party servicing of mortgages and earns servicing fees each month based on the aggregate outstanding balances. Servicing fees are recognized as net revenue when earned. | ||
As of the Palm Harbor Acquisition Date, management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans' contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool’s scheduled contractual principal and contractual interest payments over all cash flows expected as of the Palm Harbor Acquisition Date as an amount that cannot be accreted into interest income (the non-accretable difference). The remaining difference is accreted into interest income over the remaining life of the loans (referred to as accretable yield). Interest income on consumer loans receivable is recognized as net revenue. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents. Highly liquid investments with insignificant interest rate risk and original maturities of three months or less, when purchased, are classified as cash equivalents. The Company’s cash equivalents are comprised of U.S. Treasury money market funds and money market funds. | ||
Restricted Cash | ' | |
Restricted Cash. Restricted cash primarily represents cash related to CountryPlace customer payments to be remitted to third parties, cash held in trust for workers' compensation insurance and deposits received from retail customers required to be held in trust accounts. The Company cannot access restricted cash for general operating purposes (see Note 2). | ||
Accounts Receivable | ' | |
Accounts Receivable. The Company extends competitive credit terms on a retailer-by-retailer basis in the normal course of business and its accounts receivable are subject to normal industry risk. The Company provides for reserves against accounts receivable for estimated losses that may result from customers' inability to pay. | ||
Investments | ' | |
Investments. Management determines the appropriate classification of its investment securities at the time of purchase. The Company’s investments include marketable debt and equity securities, a majority of which are held as available-for-sale, and non-marketable equity investments. All investments classified as available-for-sale are recorded at fair value with any unrealized gains and losses reported in accumulated other comprehensive income, net of income tax if applicable. Realized gains and losses from the sale of securities are determined using the specific identification method (see Note 3). | ||
Management regularly makes an assessment to determine whether a decline in value of an individual security is other-than-temporary. The Company considers the following factors when making its assessment: (i) the Company’s ability and intent to hold the investment to maturity, or a period of time sufficient to allow for a recovery in market value; (ii) whether it is probable that the Company will be able to collect the amounts contractually due; and (iii) whether any decision has been made to dispose of the investment prior to the balance sheet date. Investments on which there is an unrealized loss that is deemed to be other-than-temporary are written down to fair value with the loss recorded in earnings. | ||
Consumer Loans Receivables | ' | |
Consumer Loans Receivable. Consumer loans receivable consists of manufactured housing loans originated by CountryPlace (securitized, held for investment, or held for sale) and construction advances on mortgages. CountryPlace was acquired on April 23, 2011 in conjunction with the Palm Harbor transaction. The fair value of consumer loans receivable was calculated as of the Palm Harbor Acquisition Date, as determined by the present value of expected future cash flows, with no allowance for loan loss recorded. | ||
Loans held for investment consist of loan contracts collateralized by the borrowers’ homes and, in some instances, related land. Construction loans in progress are stated at the aggregate amount of cumulative funded advances. Loans held for sale consist of loan contracts collateralized by single-family residential mortgages. Loans held for sale are stated at the lower of cost or market on an aggregate basis. Loans held for sale are loans that, at the time of origination, are originated with the intent to resell in the mortgage market to investors, such as Fannie Mae, with which the Company has pre-existing purchase agreements, or to sell as part of a Ginnie Mae insured pool of loans. | ||
Prior to being acquired by the Company, on July 12, 2005 and March 22, 2007, CountryPlace completed two securitizations of factory-built housing loan receivables. These two securitizations were accounted for as financings, which use the portfolio method of accounting in accordance with FASB ASC 310, Receivables – Nonrefundable Fees and Other. The securitizations included provisions for removal of accounts, retention of certain credit loss risk by CountryPlace and other factors that preclude sale accounting of the securitizations under FASB ASC 860, Transfers and Servicing. Both securitizations were accounted for as securitized borrowings; therefore, the related consumer loans receivable and securitized financings were included in CountryPlace’s financial statements. The Company acquired these balances during the first quarter of fiscal 2012 as a part of the Palm Harbor transaction. Since the Palm Harbor Acquisition Date, the acquired consumer loans receivable and securitized financings are accounted for in a manner similar to FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). | ||
The Company acquired consumer loans receivable during the first quarter of fiscal year 2012 as part of the Palm Harbor transaction. Acquired consumer loans receivable held for investment were acquired at fair value and subsequently are accounted for in a manner similar to ASC 310-30. Consumer loans receivable held for sale and construction advances are carried at the lower of cost or market value. | ||
Allowance for Loan Losses | ' | |
Allowance for Loan Losses. The primary portion of the allowance for loan losses reflects the Company’s judgment of the probable loss exposure on our inventory finance notes receivable as of the end of the reporting period. The allowance for loan loss is developed at a portfolio level. A range of probable losses is calculated and the Company makes a determination of the best estimate within the range of loan losses. The Company has historically been able to resell repossessed homes, thereby mitigating loss experience. If a default occurs and collateral is lost, the Company is exposed to loss of the full value of the home loan. If the Company determines that it is probable that a borrower will default, a specific reserve is determined and recorded within the estimated allowance for loan loss. The Company recorded an allowance for loan loss of $139,000 and $350,000 at March 29, 2014 and March 30, 2013, respectively (see Note 6). | ||
Another portion of the allowance for loan losses relates to consumer loans receivable originated by CountryPlace after the Palm Harbor Acquisition Date. This allowance for loan losses reflects CountryPlace’s judgment of the probable loss exposure on its loans originated since the Palm Harbor Acquisition Date in the held for investment portfolio as of the end of the reporting period. | ||
CountryPlace accounts for the loans that were in existence at the Palm Harbor Acquisition Date in a manner similar to ASC 310-30. Management evaluated such loans as of the Palm Harbor Acquisition Date to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans’ contractual terms. | ||
Over the life of the loans, CountryPlace continues to estimate cash flows expected to be collected. CountryPlace evaluates at the balance sheet date whether the present value of its expected cash flows, determined using the effective interest rate, has decreased and, if so, recognizes an allowance for loan loss subsequent to the Palm Harbor Acquisition Date. The present value of any subsequent increase in the loan pool’s actual cash flows expected to be collected is used first to reverse any existing allowance for loan loss. Any remaining increase in cash flows expected to be collected adjusts the amount of accretable yield recognized on a prospective basis over the loan pool’s remaining life (see Note 5). | ||
CountryPlace has modified payment amounts and/or interest rates for borrowers that, in management’s judgment, exhibited the willingness and ability to continue to pay and met certain other conditions. CountryPlace considers a modified loan a troubled debt restructuring when three conditions are met: (i) the borrower is experiencing financial difficulty, (ii) concessions are made by CountryPlace that it would not otherwise consider for a borrower with similar risk characteristics, and (iii) the loan was originated after the Palm Harbor Acquisition Date. CountryPlace no longer considers modified loans to be troubled debt restructurings once the modified loan is seasoned for six months, is not delinquent under the modified terms and is at a market rate of interest at the modification date. | ||
Inventory Finance Receivable | ' | |
Inventory Finance Receivable. The Company’s inventory finance notes receivable balance consists of amounts loaned by the Company under inventory financing programs for the benefit of our independent retailers’ home product inventory needs. Under the terms of these programs, the Company provides a significant amount of the funds that independent financiers lend to distributors to finance retail inventories of our products. In addition, the Company has entered into direct inventory finance arrangements with distributors of our products wherein the Company provides all of the inventory finance funds. Interest income on inventory finance notes receivable is recognized as interest income in Other Income in the Consolidated Statements of Comprehensive Income on an accrual basis. | ||
Inventories | ' | |
Inventories. Raw material inventories are valued at the lower of cost (first-in, first-out method) or market. Finished goods and work-in-process inventories are valued at the lower of cost or market, using the specific identification method. | ||
Assets Held for Sale | ' | |
Assets Held for Sale. As of March 29, 2014, the Company has $1.1 million in assets held for sale, consisting of land, buildings and improvements within the factory-built housing segment. The Company continues to actively market these properties. The carrying value of properties that are held for sale is separately presented in the "Assets Held for Sale" caption in the Consolidated Balance Sheets. | ||
Property, Plant and Equipment | ' | |
Property, Plant and Equipment. Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful life of each asset. Estimated useful lives for significant classes of assets are as follows: buildings and improvements, 10 to 39 years; and machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred. | ||
Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of each asset. Estimated useful lives for significant classes of assets are as follows: (i) buildings and improvements, 10 to 39 years and (ii) machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred. | ||
Asset Impairment | ' | |
Asset Impairment. The Company periodically evaluates the carrying value of long-lived assets to be held and used and held for sale for impairment when events and circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that the fair market values are primarily based on independent appraisals and preliminary or definitive contractual arrangements less costs to dispose. | ||
The Company records impairment losses on long-lived assets held for sale when the fair value of such long-lived assets is below their carrying values. The Company records impairment charges on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. The Company recorded an impairment charge of $560,000 on assets held for sale or used in operations during the fiscal year ended March 29, 2014 and did not record an impairment charge for the fiscal year ended March 30, 2013. | ||
Goodwill and Other Intangibles | ' | |
Goodwill and Other Intangibles. The Company accounts for goodwill and other intangible assets in accordance with the provisions of FASB ASC 350, Intangibles—Goodwill and Other ("ASC 350"). As such, the Company tests goodwill annually for impairment by reporting unit by first making a qualitative assessment, and if necessary, performing the two-step test and recording an impairment charge if the implied fair value of a reporting unit, including goodwill, is less than its carrying value. As of March 29, 2014, all of the Company's goodwill is attributable to its manufacturing reporting unit. Certain intangibles are considered indefinite-lived and others are finite-lived and are amortized over their useful lives. Indefinite-lived intangible assets are assessed annually for impairment first by making a qualitative assessment, and if necessary, performing a quantitative assessment and recording an impairment charge if the fair value of the asset is less than its carrying amount. | ||
The Company performed its annual goodwill impairment analysis as of March 29, 2014. In accordance with Accounting Standards Update ("ASU") No. 2011-08, Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment, the Company has opted to first assess qualitative factors to determine that it was more likely than not that the fair value of a reporting unit is not less than its carrying amount. As a result, performing the two-step impairment test was determined to be unnecessary for fiscal years 2014 or 2013. | ||
Intangible assets principally consist of goodwill, trademarks and trade names, state insurance licenses, customer relationships, technology and insurance policies and renewal rights. Goodwill, trademarks and trade names and state insurance licenses are indefinite-lived intangible assets and are tested for impairment annually and whenever events or circumstances indicate that more likely than not impairment has occurred. During fiscal years 2014, 2013 and 2012, no impairments were recorded. Finite-lived intangibles are amortized over their estimated useful lives on a straight-line basis and are reviewed for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. The value of customer relationships is amortized over 4 to 11 years, technology over 7 to 10 years and insurance policies and renewal rights over 15 years. | ||
Warranties | ' | |
Warranties. The Company provides retail home buyers, builders or developers with a one-year warranty for manufacturing defects from the date of sale to the retail customer. Nonstructural components of a cosmetic nature are warranted for 120 days, except in specific cases where state laws require longer warranty terms. Estimated warranty costs are accrued as cost of sales at the time of sale. The warranty provision and reserves are based on estimates of the amounts necessary to settle existing and future claims on homes sold as of the balance sheet date. Factors used to calculate the warranty obligation are the estimated amount of homes still under warranty including homes in retailer inventories, homes purchased by consumers still within the one-year warranty period, the timing in which work orders are completed and the historical average costs incurred to service a home. | ||
Homes are generally warranted against manufacturing defects for a period of one year commencing at the time of sale to the retail customer. Estimated costs relating to home warranties are provided at the date of sale. The Company has recorded a liability for estimated future warranty costs relating to homes sold based upon management’s assessment of historical experience factors, an estimate of the amount of homes in the distribution channel and current industry trends. | ||
Retailer Volume Rebate | ' | |
Retailer Volume Rebates. The Company’s manufacturing operations sponsor volume rebate programs under which certain sales to retailers, builders and developers can qualify for cash rebates generally based on the level of sales attained during a twelve-month period. Volume rebates are accrued at the time of sale and are recorded as a reduction of net revenue. | ||
Reserve for Repurchase Commitment | ' | |
Reserve for Repurchase Commitment. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for retailers of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to retailers in the event of default by the retailer. The risk of loss under these agreements is spread over numerous retailers. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months) and is further reduced by the resale value of repurchased homes. The Company applies FASB ASC 460, Guarantees ("ASC 460") and FASB ASC 450-20, Loss Contingencies ("ASC 450-20"), to account for its liability for repurchase commitments. Under the provisions of ASC 460, during the period in which a home is sold (inception of a repurchase commitment), the Company records the greater of the estimated fair value of the non-contingent obligation or a contingent liability for each repurchase arrangement under the provisions of ASC 450-20, based on historical information available, as a reduction to revenue. Additionally, subsequent to the inception of the repurchase commitment, the Company evaluates the likelihood that it will be called on to perform under the inventory repurchase commitments. If it becomes probable that a retailer will default and an ASC 450-20 loss reserve should be recorded, then such contingent liability is recorded equal to the estimated loss on repurchase. Changes in the reserve are recorded as an adjustment to revenue. Following the inception of the commitment, the recorded reserve is reduced over the repurchase period in conjunction with applicable curtailment arrangements and is eliminated once the retailer sells the home. | ||
Reserve for Property-Liability Insurance Claims and Claims Expense | ' | |
Reserve for Property-Liability Insurance Claims and Claims Expense. Standard Casualty establishes reserves for claims and claims expense ("loss") on reported and unreported claims of insured losses. Standard Casualty’s reserving process takes into account known facts and interpretations of circumstances and factors, including Standard’s experience with similar cases, actual claims paid, historical trends involving claim payment patterns and pending levels of unpaid claims, loss management programs, product mix, contractual terms, changes in law and regulation, judicial decisions and economic conditions. In the normal course of business, Standard Casualty may also supplement its claims processes by utilizing third party adjusters, appraisers, engineers, inspectors and other professionals and information sources to assess and settle catastrophe and non-catastrophe related claims. The effects of inflation are implicitly considered in the reserving process. The applicable reserve balance was $986,000 as of March 29, 2014, of which $388,000 related to incurred but not reported ("IBNR") losses. | ||
Insurance | ' | |
Insurance. The Company is self-insured for a significant portion of its general and products liability, auto liability, health and property coverage. Beginning October 1, 2012, the Company is self-insured for workers’ compensation liability. Insurance is maintained for catastrophic exposures and those risks required to be insured by law. Estimated self-insurance costs are accrued for incurred claims and estimated IBNR claims. For product liability and workers' compensation liability in particular, the Company has purchased stop-loss insurance, which will reimburse the Company for claims exceeding $250,000 per occurrence. A reserve for products liability is actuarially determined and reflected in accrued liabilities in the accompanying Consolidated Balance Sheets. The determination of claims and expenses and the appropriateness of the related liabilities are regularly reviewed and updated. | ||
Redeemable Noncontrolling Interest | ' | |
Redeemable Noncontrolling Interest. As discussed above, since the Fleetwood Acquisition Date, financial information for Fleetwood operations has been included in the Consolidated Financial Statements and the related Notes, in accordance with ASC 810. Management has determined that, under GAAP, although Fleetwood was only 50 percent owned by the Company, Cavco had a controlling interest and was required to fully consolidate the results of Fleetwood. The primary factors that contributed to this determination were Cavco's management and board control of Fleetwood, wherein members of Cavco's management held all of the seats on the Board of Directors of Fleetwood. In addition, as part of the management services agreement among Cavco, Fleetwood and Third Avenue, Cavco provided all executive-level management services to Fleetwood including, among other things, general management oversight, marketing and customer relations, accounting and cash management. Third Avenue's financial interest in Fleetwood was considered a "redeemable noncontrolling interest," as determined by GAAP, and was designated as such in the Consolidated Financial Statements (See Note 19). | ||
On July 22, 2013, Cavco purchased all noncontrolling interests in Fleetwood. The transaction eliminated the need for noncontrolling interest accounting. As a result of the transaction, Cavco owns 100 percent of Fleetwood and its holdings, including Fleetwood Homes, Palm Harbor Homes, CountryPlace and Standard Casualty. | ||
19. Redeemable Noncontrolling Interest | ||
During fiscal year 2010, the Company and an investment partner, Third Avenue Value Fund, formed Fleetwood, with an initial contribution of $35.0 million each for equal 50 percent ownership interests. On July 21, 2009, Fleetwood entered into an asset purchase agreement with Fleetwood Enterprises, Inc. and certain of its subsidiaries to purchase certain assets and liabilities of its manufactured housing business. | ||
The Company and Third Avenue Value Fund subsequently contributed an additional $36.0 million each in anticipation of the purchase of Palm Harbor, which was completed during the first quarter of fiscal year 2012. Subsequent to the transaction, a portion of Third Avenue Value Fund’s interests were transferred to an affiliate along with the applicable rights and obligations. This transfer had no impact on Cavco’s ownership interest. | ||
Since the Fleetwood Acquisition Date, financial information for Fleetwood was included in the Company’s Consolidated Financial Statements and the related Notes in accordance with the provisions of ASC 810. Management determined that, under GAAP, although Fleetwood was only 50 percent owned by the Company, Cavco had a controlling interest and was required to fully consolidate the results of Fleetwood. Third Avenue’s financial interest in Fleetwood was considered a "redeemable noncontrolling interest,"as determined by GAAP, and was designated as such in the Consolidated Financial Statements. | ||
On July 22, 2013, Cavco purchased all noncontrolling interests in Fleetwood, Cavco’s subsidiary that owns Fleetwood Homes, Palm Harbor Homes, CountryPlace and Standard Casualty (the "Fleetwood Businesses"). As consideration for the 50 percent interest that it did not already own, the Company issued 1,867,370 shares of Cavco common stock, derived by dividing the purchase price of $91.4 million by the 60-day volume-weighted average price per share, in accordance with the terms of the Stock Purchase Agreement. | ||
Historically, 50 percent of the financial results of these businesses has been recorded as attributable to Cavco’s common stockholders in the Consolidated Financial Statements. The acquisition closed on July 22, 2013, resulting in Cavco owning 100 percent of the Fleetwood Businesses and entitling Cavco to all of the associated earnings from that date forward. The acquisition was accounted for as an equity transaction under ASC 810; accordingly, no gain or loss was recorded in the purchase of the noncontrolling interest, which had a carrying value of $94.4 million as of the closing date. As of July 22, 2013, Fleetwood and its subsidiaries are wholly-owned by the Company and Third Avenue no longer has a noncontrolling interest in Fleetwood. | ||
Advertising | ' | |
Advertising. Advertising costs are expensed as incurred and were $1.5 million for fiscal year 2014 and $1.6 million in each of fiscal years 2013 and 2012. | ||
Freight | ' | |
Freight. Substantially all freight costs are recovered from the Company’s retailers. Freight charges of $17.6 million, $14.6 million and $13.8 million were recognized in net revenue and cost of sales for fiscal years 2014, 2013 and 2012, respectively. | ||
Income Tax | ' | |
Income Taxes. The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes ("ASC 740"), and provides for income taxes utilizing the asset and liability approach. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. | ||
The calculation of tax liabilities involves considering uncertainties in the application of complex tax regulations. The Company recognizes liabilities for anticipated tax audit issues based on the Company’s estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the liabilities are no longer determined to be necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company uses a two-step approach to evaluate uncertain tax positions. This approach involves recognizing any tax positions that are more likely than not to occur and then measuring those positions to determine the amounts to be recognized in the Consolidated Financial Statements. | ||
The Company periodically evaluates the deferred tax assets based on the requirements established in ASC 740 which requires the recording of a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of the need for or amount of any valuation allowance involves significant management judgment and is based upon the evaluation of both positive and negative evidence, including management projections of anticipated taxable income. At March 29, 2014, the Company evaluated forecasted taxable income and determined that, except as described above, all of the deferred tax assets would be utilized in future periods. Ultimate realization of the deferred tax assets depends on our ability to meet these forecasts in future periods. At March 29, 2014, the Company’s deferred tax assets do not include $4.1 million of excess tax benefits from employee stock option exercises that are a component of its net operating loss carryforwards. Additional paid-in-capital will be increased by $4.1 million if and when such excess tax benefits are realized. | ||
Other Income | ' | |
Other Income. Other income totaled $1.1 million, $1.6 million and $1.3 million for fiscal years 2014, 2013 and 2012, respectively. Other income primarily consists of interest related to inventory finance receivable balances, interest income earned on cash balances and fixed asset impairment charges. | ||
Accumulated Other Comprehensive Income | ' | |
Accumulated Other Comprehensive Income. Accumulated other comprehensive income is comprised of unrealized gains and losses on available-for-sale investments (see Note 3). Unrealized gains and losses are presented net of tax. Unrealized gain on available-for-sale investments during fiscal year 2014 was $126,000 before tax, with an associated tax amount of $44,000, resulting in a net unrealized gain of $82,000. Unrealized gain on available-for-sale investments during fiscal year 2013 was $362,000, offset by tax effect of $124,000, for a net unrealized gain of $238,000. Unrealized gain on available-for-sale investments during fiscal year 2012 was $176,000 before tax, with an associated tax amount of $60,000, resulting in a net unrealized gain of $116,000. | ||
Net Income Per Share | ' | |
Net Income Per Share Attributable to Cavco Common Stockholders. Basic earnings per common share attributable to Cavco common stockholders is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share attributable to Cavco common stockholders is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method (see Note 16). | ||
Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. | ||
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements. In September 2013, Treasury and the Internal Revenue Service issued final regulations regarding the deduction and capitalization of expenditures related to tangible property. The final regulations under Internal Revenue Code Sections 162, 167 and 263(a) apply to amounts paid to acquire, produce, or improve tangible property as well as dispositions of such property and are generally effective for tax years beginning on or after January 1, 2014. We have evaluated these regulations and determined they will not have a material impact on our consolidated results of operations, cash flows or financial position. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure requirements intended to provide users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a company’s contracts with customers. ASU 2014-09 will be effective beginning the first quarter of the Company's fiscal year 2018 and early application is not permitted. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently evaluating the effect ASU 2014-09 will have on the Company’s Consolidated Financial Statements and disclosures. | ||
From time to time, new accounting pronouncements are issued by the FASB and other regulatory bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s Consolidated Financial Statements upon adoption. | ||
Debt | ' | |
The Company acquired CountryPlace's securitized financings during the first quarter of fiscal year 2012 as a part of the Palm Harbor acquisition. Acquired securitized financings were recorded at fair value at the time of acquisition, which resulted in a discount, and subsequently are accounted for in a manner similar to ASC 310-30 to accrete the discount. | ||
The Company considers expected prepayments and estimates the amount and timing of undiscounted expected principal, interest and other cash flows for securitized consumer loans receivable held for investment to determine the expected cash flows on securitized financings and the contractual payments. The amount of contractual principal and contractual interest payments due on the securitized financings in excess of all cash flows expected as of the Palm Harbor Acquisition Date cannot be accreted into interest expense (the non-accretable difference). The remaining amount is accreted into interest expense over the remaining life of the obligation (referred to as accretable yield). | ||
Repurchase Contingencies | ' | |
Repurchase Contingencies. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to retailers in the event of default by the retailer. The risk of loss under these agreements is spread over numerous retailers. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months, calculated from the date of sale to the retailer) and the risk of loss is further reduced by the resale value of the repurchased homes. The Company applies ASC 460 and ASC 450-20 to account for its liability for repurchase commitments. Under the provisions of ASC 460, issuance of a guarantee results in two different types of obligations: (1) a non-contingent obligation to stand ready to perform under the repurchase commitment (accounted for pursuant to ASC 460) and (2) a contingent obligation to make future payments under the conditions of the repurchase commitment (accounted for pursuant to ASC 450-20). | ||
Representations and Warranties of Mortgages Sold | ' | |
Representations and Warranties of Mortgages Sold. CountryPlace sells loans to GSEs and whole-loan purchasers. In connection with these activities, CountryPlace provides to the GSEs and whole-loan purchasers, representations and warranties related to the loans sold. These representations and warranties generally relate to the ownership of the loan, the validity of the lien securing the loan, the loan’s compliance with the criteria for inclusion in the sale transactions, including compliance with underwriting standards or loan criteria established by the buyer and CountryPlace’s ability to deliver documentation in compliance with applicable laws. Generally, representations and warranties may be enforced at any time over the life of the loan. Upon a breach of a representation, CountryPlace may be required to repurchase the loan or to indemnify a party for incurred losses. Repurchase demands and claims for indemnification payments are reviewed on a loan-by-loan basis to validate if there has been a breach requiring repurchase. CountryPlace manages the risk of repurchase through underwriting and quality assurance practices and by servicing the mortgage loans to investor standards. CountryPlace maintains a reserve for these contingent repurchase and indemnification obligations. This reserve of $926,000 and $1.2 million as of March 29, 2014 and March 30, 2013, respectively, included in accrued liabilities, reflects management’s estimate of probable loss. CountryPlace considers a variety of assumptions, including borrower performance (both actual and estimated future defaults), historical repurchase demands and loan defect rates to estimate the liability for loan repurchases and indemnifications. During the year ended March 29, 2014, no claim requests were received and no indemnification agreements were executed | ||
Derivatives | ' | |
Interest Rate Lock Commitments. In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers and third-party originators. These IRLCs represent an agreement to extend credit to a loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind CountryPlace to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As such, outstanding IRLCs are subject to interest rate risk and related loan sale price risk during the period from the date of the IRLC through the earlier of the loan sale date or IRLC expiration date. The loan commitments generally range between 30 and 180 days; however, borrowers are not obligated to close the related loans. As a result, CountryPlace is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs unless the commitment is successfully paired off with another loan which may mitigate losses from fallout. | ||
As of March 29, 2014 CountryPlace had outstanding IRLCs with a notional amount of $8.4 million and are recorded at fair value in accordance with FASB ASC 815, Derivatives and Hedging ("ASC 815"). ASC 815 clarifies that the expected net future cash flows related to the associated servicing of a loan should be included in the measurement of all written loan commitments that are accounted for at fair value through earnings. The estimated fair values of IRLCs are based on quoted market values and are recorded in other assets in the consolidated balance sheets. The fair value of IRLCs is based on the value of the underlying mortgage loan adjusted for: (i) estimated cost to complete and originate the loan and (ii) the estimated percentage of IRLCs that will result in closed mortgage loans. The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on mortgage loans held for sale. During fiscal years 2014 and 2013, CountryPlace recognized a loss of $42,000 and a gain of $17,000, respectively, on the outstanding IRLCs. | ||
Forward Sales Commitments. CountryPlace manages the risk profiles of a portion of its outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage backed securities ("MBS") and whole loan sale commitments. Commitments to forward sales of whole loans are typically in an amount proportionate with the amount of IRLC expected to close in particular timeframes, assuming no change in mortgage interest rates, for the respective loan products intended for whole loan sale. | ||
The estimated fair values of forward sales of MBS and forward sale commitments are based on quoted market values and are recorded within other current assets in the consolidated balance sheets. During the years ended March 29, 2014 and March 30, 2013, CountryPlace recognized a combined gain of $28,000 and a combined loss of $10,000, respectively, on forward sales and whole loan sale commitments. | ||
Share-based Compensation, Option and Incentive Plans | ' | |
The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. The plans, which are shareholder approved, permit the award of up to 1,350,000 shares of the Company’s common stock, of which 217,376 shares were still available for grant at March 29, 2014. When options are exercised, new shares of the Company’s common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company’s common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a one to five year period as determined by the plan administrator (the Compensation Committee of the Board of Directors, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options and removal of restrictions on restricted stock awards upon a change in control (as defined in the plans). | ||
Fair Value Measurement | ' | |
In accordance with FASB ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||
Level 1 – | Quoted prices in active markets for identical assets or liabilities. | |
Level 2 – | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3 – | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||
When the Company uses observable market prices for identical securities that are traded in less active markets, it classifies such securities as Level 2. When observable market prices for identical securities are not available, the Company prices its 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. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. | ||
Fair Value Transfer | ' | |
The Company records impairment losses on long-lived assets held for sale when the fair value of such long-lived assets is below their carrying values. The Company records impairment charges on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. The Company recorded an impairment charge of $560,000 on assets held for sale or used in operations during the fiscal year ended March 29, 2014 and did not record an impairment charge for the fiscal year ended March 30, 2013. | ||
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Servicing of Financial Assets | ' | |
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 initially recorded at fair value. Changes in fair value subsequent to the initial capitalization are recorded in the Company's results of operations. The Company recognizes MSRs on all loans sold to investors that meet the requirements for sale accounting and for which servicing rights are retained. | ||
The Company applies fair value accounting to MSRs, with all changes in fair value recorded to net revenue in accordance with FASB ASC 860-50, Servicing Assets and Liabilities. The fair value of MSRs is based on the present value of the expected future cash flows related to servicing these loans. The revenue components of the cash flows are servicing fees, interest earned on custodial accounts and other ancillary income. The expense components include operating costs related to servicing the loans (including delinquency and foreclosure costs) and interest expenses on servicer advances that the Company believes are consistent with the assumptions major market participants use in valuing MSRs. The expected cash flows are primarily impacted by prepayment estimates, delinquencies and market discounts. Generally, the value of MSRs is expected to increase when interest rates rise and decrease when interest rates decline due to the effect those changes in interest rates have on prepayment estimates. Other factors noted above as well as the overall market demand for MSRs may also affect the valuation. |
Restricted_Cash_Tables
Restricted Cash (Tables) | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
Summary of restricted cash | ' | |||||||
Restricted cash consists of the following (in thousands): | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Cash related to CountryPlace customer payments to be remitted to third parties | $ | 5,371 | $ | 4,870 | ||||
Cash related to CountryPlace customers payments on securitized loans to be remitted to bondholders | 1,840 | 1,768 | ||||||
Cash related to workers’ compensation insurance held in trust | 726 | 725 | ||||||
Cash related to retail home buyer deposits held in trust | 10 | 135 | ||||||
Other restricted cash | 454 | 454 | ||||||
$ | 8,401 | $ | 7,952 | |||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Schedule of Investments [Table Text Block] | ' | |||||||||||||||||||||||
Investments consist of the following (in thousands): | ||||||||||||||||||||||||
March 29, | March 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Available-for-sale investment securities | $ | 19,802 | $ | 17,698 | ||||||||||||||||||||
Non-marketable equity investments | 5,652 | — | ||||||||||||||||||||||
$ | 25,454 | $ | 17,698 | |||||||||||||||||||||
Available-for-Sale Securities by Investment Category | ' | |||||||||||||||||||||||
The following tables summarize the Company’s available-for-sale investment securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands): | ||||||||||||||||||||||||
29-Mar-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. Treasury and government debt securities | $ | 2,318 | $ | 1 | $ | (46 | ) | $ | 2,273 | |||||||||||||||
Residential mortgage-backed securities | 3,754 | 13 | (149 | ) | 3,618 | |||||||||||||||||||
State and political subdivision debt securities | 5,923 | 155 | (13 | ) | 6,065 | |||||||||||||||||||
Corporate debt securities | 1,550 | 24 | — | 1,574 | ||||||||||||||||||||
Marketable equity securities | 4,537 | 758 | (73 | ) | 5,222 | |||||||||||||||||||
Certificates of deposit | 1,050 | — | — | 1,050 | ||||||||||||||||||||
$ | 19,132 | $ | 951 | $ | (281 | ) | $ | 19,802 | ||||||||||||||||
30-Mar-13 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. Treasury and government debt securities | $ | 2,682 | $ | 11 | $ | (6 | ) | $ | 2,687 | |||||||||||||||
Residential mortgage-backed securities | 5,226 | 21 | (108 | ) | 5,139 | |||||||||||||||||||
State and political subdivision debt securities | 1,681 | 32 | — | 1,713 | ||||||||||||||||||||
Corporate debt securities | 2,788 | 48 | — | 2,836 | ||||||||||||||||||||
Marketable equity securities | 4,782 | 609 | (68 | ) | 5,323 | |||||||||||||||||||
$ | 17,159 | $ | 721 | $ | (182 | ) | $ | 17,698 | ||||||||||||||||
Investment Securities in a Continuous Unrealized Loss Position | ' | |||||||||||||||||||||||
The following tables show the 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): | ||||||||||||||||||||||||
29-Mar-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
U.S. Treasury and government debt securities | $ | 1,562 | $ | (40 | ) | $ | 344 | $ | (6 | ) | $ | 1,906 | $ | (46 | ) | |||||||||
Residential mortgage-backed securities | 2,553 | (149 | ) | — | — | 2,553 | (149 | ) | ||||||||||||||||
State and political subdivision debt securities | 507 | (13 | ) | — | — | 507 | (13 | ) | ||||||||||||||||
Marketable equity securities | 1,101 | (73 | ) | — | — | 1,101 | (73 | ) | ||||||||||||||||
$ | 5,723 | $ | (275 | ) | $ | 344 | $ | (6 | ) | $ | 6,067 | $ | (281 | ) | ||||||||||
30-Mar-13 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
U.S. Treasury and government debt securities | $ | 1,084 | $ | (6 | ) | $ | — | $ | — | $ | 1,084 | $ | (6 | ) | ||||||||||
Residential mortgage-backed securities | 1,460 | (108 | ) | — | — | 1,460 | (108 | ) | ||||||||||||||||
Marketable equity securities | 413 | (13 | ) | 304 | (55 | ) | 717 | (68 | ) | |||||||||||||||
$ | 2,957 | $ | (127 | ) | $ | 304 | $ | (55 | ) | $ | 3,261 | $ | (182 | ) | ||||||||||
Contractual Maturity of Investment Securities | ' | |||||||||||||||||||||||
The amortized cost and fair value of the Company’s investments in debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
Due in less than one year | $ | 2,006 | $ | 2,017 | $ | 1,600 | $ | 1,607 | ||||||||||||||||
Due after one year through five years | 2,908 | 2,949 | 4,786 | 4,880 | ||||||||||||||||||||
Due after five years through ten years | 924 | 872 | 924 | 893 | ||||||||||||||||||||
Due after ten years | 7,707 | 7,692 | 5,067 | 4,995 | ||||||||||||||||||||
$ | 13,545 | $ | 13,530 | $ | 12,377 | $ | 12,375 | |||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Summary of inventories | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 22,571 | $ | 20,993 | ||||
Work in process | 6,835 | 8,079 | ||||||
Finished goods and other | 40,323 | 39,733 | ||||||
$ | 69,729 | $ | 68,805 | |||||
Consumer_Loans_Receivable_Tabl
Consumer Loans Receivable (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Consumer Loans Receivable | ' | |||||||||||||||||||||||
The following table summarizes consumer loans receivable (in thousands): | ||||||||||||||||||||||||
March 29, | March 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Loans held for investment (acquired on Palm Harbor Acquisition Date) | $ | 87,596 | $ | 99,854 | ||||||||||||||||||||
Loans held for investment (originated after Palm Harbor Acquisition Date) | 1,885 | 606 | ||||||||||||||||||||||
Loans held for sale | 6,741 | 7,410 | ||||||||||||||||||||||
Construction advances | 2,403 | 3,597 | ||||||||||||||||||||||
Consumer loans receivable | 98,625 | 111,467 | ||||||||||||||||||||||
Deferred financing fees and other, net | (341 | ) | (477 | ) | ||||||||||||||||||||
Consumer loans receivable, net | $ | 98,284 | $ | 110,990 | ||||||||||||||||||||
Acquired Consumer Loans Receivable Held for Investment | ' | |||||||||||||||||||||||
March 29, | March 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Consumer loans receivable held for investment – contractual amount | $ | 223,388 | $ | 263,038 | ||||||||||||||||||||
Purchase Discount | ||||||||||||||||||||||||
Accretable | (77,737 | ) | (91,291 | ) | ||||||||||||||||||||
Non-accretable | (57,672 | ) | (71,451 | ) | ||||||||||||||||||||
Less consumer loans receivable reclassified as other assets | (383 | ) | (442 | ) | ||||||||||||||||||||
Total acquired consumer loans receivable held for investment, net | $ | 87,596 | $ | 99,854 | ||||||||||||||||||||
Accretable Yield Movement on Acquired Consumer Loans Receivable | ' | |||||||||||||||||||||||
The changes in accretable yield on acquired consumer loans receivable held for investment were as follows (in thousands): | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
March 29, | March 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance at the beginning of the period | $ | 91,291 | $ | 106,949 | ||||||||||||||||||||
Additions | — | — | ||||||||||||||||||||||
Accretion | (11,973 | ) | (13,554 | ) | ||||||||||||||||||||
Reclassifications (to) from nonaccretable discount | (1,581 | ) | (2,104 | ) | ||||||||||||||||||||
Balance at the end of the period | $ | 77,737 | $ | 91,291 | ||||||||||||||||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | |||||||||||||||||||||||
The following table disaggregates CountryPlace’s gross consumer loans receivable as of March 29, 2014, for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands): | ||||||||||||||||||||||||
Consumer Loans Held for Investment | ||||||||||||||||||||||||
Securitized | Securitized | Unsecuritized | Construction | Consumer Loans Held | Total | |||||||||||||||||||
2005 | 2007 | Advances | For Sale | |||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||
Credit Quality Indicator | ||||||||||||||||||||||||
Chattel loans | ||||||||||||||||||||||||
0-619 | $ | 1,120 | $ | 655 | $ | 758 | $ | — | $ | — | $ | 2,533 | ||||||||||||
620-719 | 16,907 | 11,303 | 976 | — | 123 | 29,309 | ||||||||||||||||||
720+ | 18,843 | 12,739 | 608 | — | 58 | 32,248 | ||||||||||||||||||
Subtotal | 36,870 | 24,697 | 2,342 | — | 181 | 64,090 | ||||||||||||||||||
Conforming mortgages | ||||||||||||||||||||||||
0-619 | — | — | 271 | 89 | 209 | 569 | ||||||||||||||||||
620-719 | — | — | 2,052 | 1,429 | 4,351 | 7,832 | ||||||||||||||||||
720+ | — | — | 354 | 885 | 2,000 | 3,239 | ||||||||||||||||||
Subtotal | — | — | 2,677 | 2,403 | 6,560 | 11,640 | ||||||||||||||||||
Non-conforming mortgages | ||||||||||||||||||||||||
0-619 | 93 | 806 | 1,967 | — | — | 2,866 | ||||||||||||||||||
620-719 | 1,562 | 6,299 | 4,471 | — | — | 12,332 | ||||||||||||||||||
720+ | 1,908 | 4,355 | 1,418 | — | — | 7,681 | ||||||||||||||||||
Subtotal | 3,563 | 11,460 | 7,856 | — | — | 22,879 | ||||||||||||||||||
Other loans | ||||||||||||||||||||||||
Subtotal | — | — | 16 | — | — | 16 | ||||||||||||||||||
$ | 40,433 | $ | 36,157 | $ | 12,891 | $ | 2,403 | $ | 6,741 | $ | 98,625 | |||||||||||||
Geographic Concentration of Consumer Loans Receivable | ' | |||||||||||||||||||||||
. |
Inventory_Finance_Receivables_1
Inventory Finance Receivables and Allowance for Loan Loss (Tables) | 12 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||
Inventory Finance Receivables | ' | |||||||||||||||
Inventory finance notes receivables, net, consist of the following by class of financing notes receivable (in thousands): | ||||||||||||||||
March 29, | March 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Direct inventory finance notes receivable | $ | 19,879 | $ | 18,955 | ||||||||||||
Participation inventory finance notes receivable | 1,568 | 4,345 | ||||||||||||||
Allowance for loan loss | (139 | ) | (350 | ) | ||||||||||||
$ | 21,308 | $ | 22,950 | |||||||||||||
Changes in the Allowance for Loan Losses on Inventory Finance Receivables | ' | |||||||||||||||
The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan loss applicable to the direct inventory finance notes receivable (in thousands): | ||||||||||||||||
March 29, | March 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Balance at beginning of period | $ | 350 | $ | 215 | ||||||||||||
Provision for inventory finance credit losses | (224 | ) | 135 | |||||||||||||
Loans charged off, net of recoveries | 13 | — | ||||||||||||||
Balance at end of period | $ | 139 | $ | 350 | ||||||||||||
Allowance for Loan Losses and Inventory Finance Receivables By Class Individually and Collectively Evaluated for Impairment | ' | |||||||||||||||
The following table disaggregates inventory finance notes receivable and the estimated allowance for loan loss for each class of financing receivable by evaluation methodology (in thousands): | ||||||||||||||||
Direct Inventory Finance | Participation Inventory Finance | |||||||||||||||
March 29, | March 30, | March 29, | March 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Inventory finance notes receivable: | ||||||||||||||||
Collectively evaluated for impairment | $ | 12,202 | $ | 12,708 | $ | — | $ | — | ||||||||
Individually evaluated for impairment | 7,677 | 6,247 | 1,568 | 4,345 | ||||||||||||
$ | 19,879 | $ | 18,955 | $ | 1,568 | $ | 4,345 | |||||||||
Allowance for loan loss: | ||||||||||||||||
Collectively evaluated for impairment | $ | (126 | ) | $ | (130 | ) | $ | — | $ | — | ||||||
Individually evaluated for impairment | (13 | ) | (220 | ) | — | — | ||||||||||
$ | (139 | ) | $ | (350 | ) | $ | — | $ | — | |||||||
Inventory Finance Receivables by Class and Internal Credit Quality Indicator | ' | |||||||||||||||
The following table disaggregates the Company’s inventory finance receivables by class and credit quality indicator (in thousands): | ||||||||||||||||
Direct Inventory Finance | Participation Inventory Finance | |||||||||||||||
March 29, | March 30, | March 29, | March 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Risk profile based on payment activity: | ||||||||||||||||
Performing | $ | 19,477 | $ | 18,446 | $ | 1,568 | $ | 4,345 | ||||||||
Watch list | — | — | — | — | ||||||||||||
Nonperforming | 402 | 509 | — | — | ||||||||||||
$ | 19,879 | $ | 18,955 | $ | 1,568 | $ | 4,345 | |||||||||
Geographic Concentration of Inventory Finance Receivables in Key States | ' | |||||||||||||||
The Company has concentrations of inventory finance notes receivable related to factory-built homes located in the following states, measured as a percentage of inventory finance receivables principal balance outstanding: | ||||||||||||||||
March 29, | March 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Florida | 24.4 | % | 20.9 | % | ||||||||||||
Colorado | 22 | % | 5.1 | % | ||||||||||||
Texas | 14.9 | % | 12.6 | % | ||||||||||||
Arizona | 10.3 | % | 10.5 | % |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment consist of the following (in thousands): | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Property, plant and equipment, at cost: | ||||||||
Land | $ | 22,098 | $ | 19,129 | ||||
Buildings and improvements | 25,909 | 25,474 | ||||||
Machinery and equipment | 15,908 | 15,423 | ||||||
63,915 | 60,026 | |||||||
Accumulated depreciation | (15,688 | ) | (13,803 | ) | ||||
Property, plant and equipment, net | $ | 48,227 | $ | 46,223 | ||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangibles | ' | |||||||||||||||||||||||
Goodwill and other intangibles consist of the following (in thousands): | ||||||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Indefinite lived: | ||||||||||||||||||||||||
Goodwill | $ | 67,346 | $ | — | $ | 67,346 | $ | 67,346 | $ | — | $ | 67,346 | ||||||||||||
Trademarks and trade names | 6,250 | — | 6,250 | 6,250 | — | 6,250 | ||||||||||||||||||
State insurance licenses | 1,100 | — | 1,100 | 1,100 | — | 1,100 | ||||||||||||||||||
Total indefinite-lived intangible assets | 74,696 | — | 74,696 | 74,696 | — | 74,696 | ||||||||||||||||||
Finite lived: | ||||||||||||||||||||||||
Customer relationships | 6,200 | (3,767 | ) | 2,433 | 6,200 | (2,506 | ) | 3,694 | ||||||||||||||||
Technology | 900 | (275 | ) | 625 | 900 | (181 | ) | 719 | ||||||||||||||||
Insurance policies and renewal rights | 374 | (73 | ) | 301 | 374 | (48 | ) | 326 | ||||||||||||||||
Total goodwill and other intangible assets | $ | 82,170 | $ | (4,115 | ) | $ | 78,055 | $ | 82,170 | $ | (2,735 | ) | $ | 79,435 | ||||||||||
Expected Amortization for Future Fiscal Years | ' | |||||||||||||||||||||||
Expected amortization for future fiscal years is as follows (in thousands): | ||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||
2015 | $ | 1,379 | ||||||||||||||||||||||
2016 | 348 | |||||||||||||||||||||||
2017 | 254 | |||||||||||||||||||||||
2018 | 254 | |||||||||||||||||||||||
2019 | 241 | |||||||||||||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
Accrued liabilities consist of the following (in thousands): | ||||||||
29-Mar-14 | 30-Mar-13 | |||||||
Salaries, wages and benefits | $ | 15,780 | $ | 12,490 | ||||
Unearned insurance premiums | 11,326 | 8,781 | ||||||
Customer deposits | 10,827 | 10,674 | ||||||
Estimated warranties | 9,262 | 8,202 | ||||||
Accrued insurance | 4,082 | 3,198 | ||||||
Deferred margin | 4,074 | 4,838 | ||||||
Other | 18,168 | 14,535 | ||||||
$ | 73,519 | $ | 62,718 | |||||
Warranties_Tables
Warranties (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||
Activity in the liability for estimated warranties | ' | |||||||||||
Activity in the liability for estimated warranties was as follows (in thousands): | ||||||||||||
March 29, | March 30, | March 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 8,202 | $ | 9,456 | $ | 9,371 | ||||||
Liability assumed with Palm Harbor transaction | — | — | 1,932 | |||||||||
Charged to costs and expenses | 11,681 | 10,810 | 11,415 | |||||||||
Payments and deductions | (10,621 | ) | (12,064 | ) | (13,262 | ) | ||||||
Balance at end of period | $ | 9,262 | $ | 8,202 | $ | 9,456 | ||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Obligations | ' | |||||||
Debt obligations consist of the following (in thousands): | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Securitized financing 2005-1 | $ | 33,291 | $ | 39,850 | ||||
Securitized financing 2007-1 | 36,761 | 42,437 | ||||||
$ | 70,052 | $ | 82,287 | |||||
Acquired Securitized Financings | ' | |||||||
The following table summarizes securitized financings (in thousands): | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Securitized financings – contractual amount | $ | 85,251 | $ | 102,203 | ||||
Purchase Discount | ||||||||
Accretable | (15,199 | ) | (19,916 | ) | ||||
Non-accretable (1) | — | — | ||||||
Total securitized financings, net | $ | 70,052 | $ | 82,287 | ||||
(1) There is no non-accretable difference, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans. | ||||||||
Accretable Yield Movement on Acquired Securitized Financings | ' | |||||||
The changes in accretable yield on securitized financings were as follows (in thousands): | ||||||||
Year Ended | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Balance at the beginning of the period | $ | 19,916 | $ | 26,032 | ||||
Additions | — | — | ||||||
Accretion | (4,427 | ) | (5,174 | ) | ||||
Adjustment to cash flows | (290 | ) | (942 | ) | ||||
Balance at the end of the period | $ | 15,199 | $ | 19,916 | ||||
Scheduled Maturities of the Company's Debt Obligations | ' | |||||||
Scheduled maturities of the Company’s debt obligations consist of the following (in thousands): | ||||||||
Fiscal Year | ||||||||
2015 | $ | 10,188 | ||||||
2016 | 8,638 | |||||||
2017 | 7,501 | |||||||
2018 | 6,638 | |||||||
2019 | 24,782 | |||||||
Reinsurance_Tables
Reinsurance (Tables) | 12 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Insurance [Abstract] | ' | |||||||||||||||
Reinsurance Effect on Premiums Written and Earned | ' | |||||||||||||||
The effects of reinsurance on premiums written and earned are as follows (in thousands): | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||
Written | Earned | Written | Earned | |||||||||||||
Direct premiums | $ | 12,581 | $ | 10,667 | $ | 7,191 | $ | 4,637 | ||||||||
Assumed premiums—nonaffiliate | 17,012 | 15,190 | 13,598 | 12,074 | ||||||||||||
Ceded premiums—nonaffiliate | (8,206 | ) | (8,206 | ) | (4,062 | ) | (4,062 | ) | ||||||||
Net premiums | $ | 21,387 | $ | 17,651 | $ | 16,727 | $ | 12,649 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Provision (benefit) for income taxes | ' | |||||||||||
The provision for income taxes for fiscal years 2014, 2013 and 2012 were as follows (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
Federal | $ | 7,630 | $ | 3,955 | $ | 4,227 | ||||||
State | 913 | 263 | 652 | |||||||||
Total current | 8,543 | 4,218 | 4,879 | |||||||||
Deferred | ||||||||||||
Federal | 586 | 1,416 | (2,061 | ) | ||||||||
State | (30 | ) | 717 | (319 | ) | |||||||
Total deferred | 556 | 2,133 | (2,380 | ) | ||||||||
Total income tax provision | $ | 9,099 | $ | 6,351 | $ | 2,499 | ||||||
Reconciliations of income taxes | ' | |||||||||||
A reconciliation of income taxes computed by applying the expected federal statutory income tax rates of 35% for fiscal year 2014 and 34% for fiscal years 2013 and 2012 to income before income taxes to the total income tax provision reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax at statutory rate | $ | 9,732 | $ | 5,660 | $ | 10,957 | ||||||
State income taxes, net of federal benefit | 849 | 597 | 736 | |||||||||
Domestic production activities deduction | (783 | ) | (123 | ) | (113 | ) | ||||||
Change in deferred tax rate | (557 | ) | 966 | — | ||||||||
Tax credits | (319 | ) | (595 | ) | (505 | ) | ||||||
Bargain purchase gain | — | — | (7,483 | ) | ||||||||
Step-up in tax basis of assets acquired | — | — | (1,241 | ) | ||||||||
Other | 177 | (154 | ) | 148 | ||||||||
Total income tax provision | $ | 9,099 | $ | 6,351 | $ | 2,499 | ||||||
Net current deferred tax assets and net long-term deferred tax liabilities | ' | |||||||||||
Net current deferred tax assets and net long-term deferred tax liabilities were as follows (in thousands): | ||||||||||||
March 29, | March 30, | |||||||||||
2014 | 2013 | |||||||||||
Net current deferred tax assets (liabilities) | ||||||||||||
Net operating loss carryforwards | $ | 3,653 | $ | — | ||||||||
Warranty reserves | 3,447 | 2,999 | ||||||||||
Salaries and wages | 2,432 | 1,182 | ||||||||||
Inventory | 1,164 | 1,381 | ||||||||||
Deferred revenue | 951 | 720 | ||||||||||
Policy acquisition costs | (946 | ) | (716 | ) | ||||||||
Repurchase reserves | 831 | 665 | ||||||||||
Insurance reserves | 655 | 693 | ||||||||||
Other | 126 | (200 | ) | |||||||||
$ | 12,313 | $ | 6,724 | |||||||||
Net long-term deferred tax (liabilities) assets | ||||||||||||
Goodwill | $ | (24,597 | ) | $ | (25,018 | ) | ||||||
Loan discount | 9,509 | 10,736 | ||||||||||
Property, plant, equipment and depreciation | (5,454 | ) | (5,141 | ) | ||||||||
Other intangibles | (2,833 | ) | (3,107 | ) | ||||||||
Stock based compensation | 2,094 | 1,263 | ||||||||||
Deferred margin | 1,625 | 1,732 | ||||||||||
Bond discount | (1,036 | ) | (1,046 | ) | ||||||||
Net operating loss carryforwards | 665 | 5,077 | ||||||||||
Buydown points | (662 | ) | (717 | ) | ||||||||
Reserves related to consumer loans sold | 402 | 478 | ||||||||||
Tax credits | 159 | 410 | ||||||||||
Salaries and wages | — | 860 | ||||||||||
Other | 180 | 723 | ||||||||||
$ | (19,948 | ) | $ | (13,750 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Repurchase Contingencies [Roll Forward] | ' | |||||||||||
Activity in the Liability for Estimated Repurchase Contingencies | ' | |||||||||||
Activity in the liability for estimated repurchase contingencies was as follows for fiscal years 2014, 2013 and 2012 (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 1,352 | $ | 819 | $ | 597 | ||||||
Charged to costs and expenses | 493 | 533 | 332 | |||||||||
Payments and deductions | — | — | (110 | ) | ||||||||
Balance at end of period | $ | 1,845 | $ | 1,352 | $ | 819 | ||||||
Future Minimum Lease Commitments Under All Noncancelable Operating Leases | ' | |||||||||||
Future minimum lease commitments under all noncancelable operating leases having a remaining term in excess of one year at March 29, 2014, are as follows (in thousands): | ||||||||||||
2015 | $ | 2,386 | ||||||||||
2016 | 1,330 | |||||||||||
2017 | 454 | |||||||||||
2018 | 76 | |||||||||||
2019 and thereafter | 5 | |||||||||||
$ | 4,251 | |||||||||||
Loan Contracts with Off-Balance Sheet Commitments | ' | |||||||||||
Loan contracts with off-balance sheet commitments are summarized below (in thousands): | ||||||||||||
March 29, | March 30, | |||||||||||
2014 | 2013 | |||||||||||
Construction loan contract amount | $ | 5,623 | $ | 8,609 | ||||||||
Cumulative advances | (2,403 | ) | (3,597 | ) | ||||||||
Remaining construction contingent commitment | $ | 3,220 | $ | 5,012 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock Options Activity | ' | ||||||||||||
The following table summarizes the option activity within the Company’s stock-based compensation plans for the fiscal years 2014, 2013 and 2012: | |||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | (in thousands) | |||||||||||
Term (years) | |||||||||||||
Options outstanding at April 1, 2011 | 401,500 | $ | 27.91 | ||||||||||
Granted | 80,100 | 44.45 | |||||||||||
Exercised | (72,850 | ) | 20.08 | ||||||||||
Canceled or expired | (1,250 | ) | 24.18 | ||||||||||
Options outstanding at March 31, 2012 | 407,500 | $ | 32.62 | 3.91 | $ | 5,689 | |||||||
Granted | 72,200 | 46.59 | |||||||||||
Exercised | (77,000 | ) | 28.55 | ||||||||||
Canceled or expired | (3,000 | ) | 45 | ||||||||||
Options outstanding at March 30, 2013 | 399,700 | $ | 35.83 | 4.18 | $ | 4,691 | |||||||
Granted | 64,450 | 52.99 | |||||||||||
Exercised | (9,500 | ) | 37.66 | ||||||||||
Canceled or expired | (10,750 | ) | 48.28 | ||||||||||
Options outstanding at March 29, 2014 | 443,900 | $ | 37.98 | 3.67 | $ | 18,047 | |||||||
Exercisable at March 31, 2012 | 168,775 | $ | 31.57 | 2.37 | $ | 2,533 | |||||||
Exercisable at March 30, 2013 | 179,925 | $ | 34.15 | 3.58 | $ | 2,414 | |||||||
Exercisable at March 29, 2014 | 259,625 | $ | 34.56 | 3.03 | $ | 11,445 | |||||||
Stock Options, Weighted Average Assumptions | ' | ||||||||||||
The fair values of options granted were estimated at the date of grant using the following weighted average assumptions: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Volatility | 47.7 | % | 51.5 | % | 46.4 | % | |||||||
Risk-free interest rate | 1.2 | % | 0.6 | % | 1.6 | % | |||||||
Dividend yield | — | % | — | % | — | % | |||||||
Expected option life in years | 4.52 | 4.62 | 4.6 | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share Computation | ' | |||||||||||
The following table sets forth the computation of basic and diluted earnings per share for fiscal years 2014, 2013 and 2012 (dollars in thousands, except per share amounts): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income attributable to Cavco common stockholders | $ | 16,238 | $ | 4,963 | $ | 15,237 | ||||||
Weighted average shares outstanding: | ||||||||||||
Basic | 8,262,688 | 6,956,706 | 6,877,437 | |||||||||
Common stock equivalents—treasury stock method | 116,336 | 70,498 | 71,640 | |||||||||
Diluted | 8,379,024 | 7,027,204 | 6,949,077 | |||||||||
Net income per share attributable to Cavco common stockholders: | ||||||||||||
Basic | $ | 1.97 | $ | 0.71 | $ | 2.22 | ||||||
Diluted | $ | 1.94 | $ | 0.71 | $ | 2.19 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Summary of the Fair Value and Carrying Value of Financial Instruments | ' | |||||||||||||||
The book value and estimated fair value of the Company’s financial instruments are as follows (in thousands): | ||||||||||||||||
29-Mar-14 | 30-Mar-13 | |||||||||||||||
Book | Estimated | Book | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Available-for-sale investment securities (1) | $ | 19,802 | $ | 19,802 | $ | 17,698 | $ | 17,698 | ||||||||
Non-marketable equity investments (2) | 5,652 | 5,652 | — | — | ||||||||||||
Consumer loans receivable (3) | 98,284 | 131,384 | 110,990 | 115,044 | ||||||||||||
Interest rate lock commitment derivatives (4) | (14 | ) | (14 | ) | 28 | 28 | ||||||||||
Forward loan sale commitment derivatives (4) | 24 | 24 | (3 | ) | (3 | ) | ||||||||||
Inventory finance receivable (5) | 21,308 | 21,308 | 22,950 | 22,950 | ||||||||||||
Securitized financings (6) | 70,052 | 74,574 | 82,287 | 90,895 | ||||||||||||
Mortgage servicing rights (7) | 350 | 350 | 335 | 335 | ||||||||||||
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||
Financial instruments measured at fair value on a recurring basis are summarized below (in thousands): | ||||||||||||||||
29-Mar-14 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Securities issued by the U.S Treasury and Government (1) | $ | 2,273 | $ | — | $ | 2,273 | $ | — | ||||||||
Mortgage-backed securities (1) | 3,618 | — | 3,618 | — | ||||||||||||
Securities issued by states and political subdivisions (1) | 6,065 | — | 6,065 | — | ||||||||||||
Corporate debt securities (1) | 1,574 | — | 1,574 | — | ||||||||||||
Marketable equity securities (1) | 5,222 | 5,222 | — | — | ||||||||||||
Interest rate lock commitment derivatives (2) | (14 | ) | — | — | (14 | ) | ||||||||||
Forward loan sale commitment derivatives (2) | 24 | — | — | 24 | ||||||||||||
Mortgage servicing rights (3) | 350 | — | — | 350 | ||||||||||||
-1 | Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date. | |||||||||||||||
-2 | Gains or losses on derivatives are recognized in current period earnings through cost of sales. | |||||||||||||||
-3 | Changes in the fair value of mortgage servicing rights are recognized in current period earnings through net revenue. | |||||||||||||||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ' | |||||||||||||||
Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands): | ||||||||||||||||
29-Mar-14 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Loans held for investment | $ | 121,876 | $ | — | $ | — | $ | 121,876 | ||||||||
Loans held for sale | 7,105 | — | 7,105 | — | ||||||||||||
Loans held—construction advances | 2,403 | — | — | 2,403 | ||||||||||||
Inventory finance receivable | 21,308 | — | — | 21,308 | ||||||||||||
Securitized financings | 74,574 | — | 74,574 | — | ||||||||||||
Non-marketable equity investments | 5,652 | — | — | 5,652 | ||||||||||||
Activity in Capitalized Mortgage Servicing Rights | ' | |||||||||||||||
March 29, | March 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Number of loans serviced with MSRs | 2,743 | 2,106 | ||||||||||||||
Weighted average servicing fee (basis points) | 30.54 | 34.59 | ||||||||||||||
Capitalized servicing multiple | 35.77 | % | 38.82 | % | ||||||||||||
Capitalized servicing rate (basis points) | 10.93 | 13.43 | ||||||||||||||
Serviced portfolio with MSRs (in thousands) | $ | 320,462 | $ | 249,378 | ||||||||||||
Mortgage servicing rights (in thousands) | $ | 350 | $ | 335 | ||||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Business Segment Information | ' | |||||||||||
The following table details net revenue and income before income taxes by segment (in thousands): | ||||||||||||
Fiscal Year Ended | ||||||||||||
March 29, | March 30, | March 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Net revenue: | ||||||||||||
Factory-built housing | $ | 485,897 | $ | 408,094 | $ | 406,833 | ||||||
Financial services | 47,442 | 44,206 | 36,233 | |||||||||
$ | 533,339 | $ | 452,300 | $ | 443,066 | |||||||
Net revenue for financial services consists of: | ||||||||||||
Consumer finance | $ | 19,617 | $ | 23,177 | $ | 22,194 | ||||||
Insurance | 27,825 | 21,029 | 14,039 | |||||||||
$ | 47,442 | $ | 44,206 | $ | 36,233 | |||||||
Income before income taxes: | ||||||||||||
Factory-built housing | $ | 27,258 | $ | 14,335 | $ | 8,809 | ||||||
Financial services | 11,582 | 10,305 | 8,340 | |||||||||
General corporate charges | (11,035 | ) | (7,992 | ) | (6,931 | ) | ||||||
Gain on bargain purchase | — | — | 22,009 | |||||||||
$ | 27,805 | $ | 16,648 | $ | 32,227 | |||||||
Depreciation: | ||||||||||||
Factory-built housing | $ | 2,497 | $ | 2,396 | $ | 2,199 | ||||||
Financial services | 69 | 60 | 85 | |||||||||
General corporate | 54 | 74 | 34 | |||||||||
$ | 2,620 | $ | 2,530 | $ | 2,318 | |||||||
Amortization: | ||||||||||||
Factory-built housing | $ | 1,179 | $ | 1,178 | $ | 1,085 | ||||||
Financial services | 201 | 302 | 2,153 | |||||||||
$ | 1,380 | $ | 1,480 | $ | 3,238 | |||||||
Income tax expense: | ||||||||||||
Factory-built housing | $ | 5,012 | $ | 2,495 | $ | 525 | ||||||
Financial services | 4,087 | 3,856 | 1,974 | |||||||||
$ | 9,099 | $ | 6,351 | $ | 2,499 | |||||||
Capital expenditures: | ||||||||||||
Factory-built housing | $ | 2,079 | $ | 510 | $ | 2,381 | ||||||
Financial services | 87 | 104 | 39 | |||||||||
General corporate | 99 | 141 | 7 | |||||||||
$ | 2,265 | $ | 755 | $ | 2,427 | |||||||
March 29, | March 30, | |||||||||||
2014 | 2013 | |||||||||||
Total assets: | ||||||||||||
Factory-built housing | $ | 254,409 | $ | 239,224 | ||||||||
Financial services | 163,611 | 174,369 | ||||||||||
Corporate | 51,219 | 30,906 | ||||||||||
$ | 469,239 | $ | 444,499 | |||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||||||
The following tables set forth certain unaudited quarterly financial information for fiscal years 2014 and 2013. | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Fiscal year ended March 29, 2014 | ||||||||||||||||||||
Net revenue | $ | 133,987 | $ | 129,826 | $ | 138,317 | $ | 131,209 | $ | 533,339 | ||||||||||
Gross profit | 29,398 | 29,884 | 31,569 | 28,632 | 119,483 | |||||||||||||||
Net income | 3,861 | 4,743 | 5,892 | 4,210 | 18,706 | |||||||||||||||
Net income attributable to Cavco common stockholders | 1,826 | 4,310 | 5,892 | 4,210 | 16,238 | |||||||||||||||
Net income per share attributable to Cavco common stockholders: | ||||||||||||||||||||
Basic | $ | 0.26 | $ | 0.51 | $ | 0.67 | $ | 0.48 | $ | 1.97 | ||||||||||
Diluted | $ | 0.26 | $ | 0.5 | $ | 0.66 | $ | 0.47 | $ | 1.94 | ||||||||||
Fiscal year ended March 30, 2013 | ||||||||||||||||||||
Net revenue | $ | 118,781 | $ | 110,084 | $ | 114,603 | $ | 108,832 | $ | 452,300 | ||||||||||
Gross profit | 24,055 | 25,707 | 26,575 | 24,018 | 100,355 | |||||||||||||||
Net income | 1,618 | 2,681 | 3,021 | 2,977 | 10,297 | |||||||||||||||
Net income attributable to Cavco common stockholders | 860 | 1,254 | 1,457 | 1,392 | 4,963 | |||||||||||||||
Net income per share attributable to Cavco common stockholders: | ||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.18 | $ | 0.21 | $ | 0.2 | $ | 0.71 | ||||||||||
Diluted | $ | 0.12 | $ | 0.18 | $ | 0.21 | $ | 0.2 | $ | 0.71 | ||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Revenue Concentration (Details) | 12 Months Ended | |
Mar. 31, 2012 | Mar. 29, 2014 | |
Revenue Recognition [Abstract] | ' | ' |
Concentration Risk on Factory Built Housing Percentage | 10.00% | 10.00% |
Concentration Risk on Factory Built Housing Description | 'No independent retailer accounted for 10% or more of our manufacturing revenue | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Receivables and Allowances) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for loan loss | $139,000 | $350,000 |
Factory Built Housing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for doubtful accounts receivable | $151,000 | $229,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Long Lived Assets) (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets held for sale | $1,130,000 | $4,180,000 | ' |
Property, Plant and Equipment, Transfers and Changes | 2,800,000 | ' | ' |
Net gain on sale of idle production facilities | -70,000 | 7,000 | 117,000 |
Impairment losses on assets held and used | 269,000 | 0 | ' |
Impairment charges on assets held for sale | 291,000 | ' | ' |
Buildings and improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives | '10 years | ' | ' |
Buildings and improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives | '39 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives | '25 years | ' | ' |
Tempe Arizona Facility [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Proceeds from sale of productive ideal assets | 1,500,000 | ' | ' |
Siler City North Carolina Facility [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Proceeds from sale of productive ideal assets | 338,000 | ' | ' |
Idle Facilities [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Net gain on sale of idle production facilities | ' | 28,000 | ' |
Factory Built Housing [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairment charges on assets held for sale | ' | $0 | $0 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Warranties) (Details) | 12 Months Ended |
Mar. 29, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Warranty period for manufacturing defects | 'P1Y |
Nonstructural Component Warranty Description | 'P120D |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Insurance) (Details) (USD $) | Mar. 29, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Insurance loss reserves | $986,000 |
Balance of incurred but not reported losses | 388,000 |
Claim threshold for stop loss insurance, per occurrence | $250,000 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Redeemable Noncontrolling Interest) (Details) (Fleetwood Homes [Member]) | Jul. 22, 2013 | Mar. 31, 2010 |
Fleetwood Homes [Member] | ' | ' |
Redeemable Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 50.00% |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Advertising, Freight and Other Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Advertising costs | $1.50 | $1.60 | $1.60 |
Freight costs | 17.6 | 14.6 | 13.8 |
Other income | $1.10 | $1.60 | $1.30 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' |
Unrealized gain on available-for-sale investments, before tax | $126,000 | $362,000 | $176,000 |
Tax on unrealized gain on available-for-sale investments | 44,000 | 124,000 | 60,000 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $82,000 | $238,000 | $116,000 |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Summary of restricted cash | ' | ' |
Restricted cash | $7,213 | $6,773 |
Restricted cash, Noncurrent | 1,188 | 1,179 |
Total restricted cash | 8,401 | 7,952 |
Cash related to CountryPlace customer payments to be remitted to third parties [Member] | ' | ' |
Summary of restricted cash | ' | ' |
Restricted cash | 5,371 | 4,870 |
Cash related to CountryPlace customers' principal and interest payments on securitized loans to be remitted to bondholders [Member] | ' | ' |
Summary of restricted cash | ' | ' |
Restricted cash | 1,840 | 1,768 |
Cash related to workers' compensation insurance held in trust [Member] | ' | ' |
Summary of restricted cash | ' | ' |
Restricted cash | 726 | 725 |
Cash related to retail homebuyer deposits held in trust [Member] | ' | ' |
Summary of restricted cash | ' | ' |
Restricted cash | 10 | 135 |
Other restricted cash [Member] | ' | ' |
Summary of restricted cash | ' | ' |
Restricted cash, Noncurrent | $454 | $454 |
Investments_Investments_Summar
Investments Investments (Summary) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Available-for-sale Securities | $19,802 | $17,698 |
Equity Method Investments | ' | 0 |
Investments | $25,454 | $17,698 |
Investments_Investments_Availa
Investments Investments (Available-for-sale Summary) (Details) (USD $) | 12 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Available-for-Sale Securities by Investment Category | ' | ' |
Total Amortized Cost - Available-for-sale Securities | $19,132,000 | $17,159,000 |
Gross Unrealized Gains | 951,000 | 721,000 |
Gross Unrealized Losses | -281,000 | -182,000 |
Total Fair Value - Available-for-sale Debt Securities | 13,530,000 | 12,375,000 |
Available-for-sale Securities | 19,802,000 | 17,698,000 |
U.S. Treasury and Government Agencies [Member] | ' | ' |
Available-for-Sale Securities by Investment Category | ' | ' |
Amortized Cost - Available-for sale Debt Securities | 2,318,000 | 2,682,000 |
Gross Unrealized Gains | 1,000 | 11,000 |
Gross Unrealized Losses | -46,000 | -6,000 |
Total Fair Value - Available-for-sale Debt Securities | 2,273,000 | 2,687,000 |
Mortgage-backed securities [Member] | ' | ' |
Available-for-Sale Securities by Investment Category | ' | ' |
Amortized Cost - Available-for sale Debt Securities | 3,754,000 | 5,226,000 |
Gross Unrealized Gains | 13,000 | 21,000 |
Gross Unrealized Losses | -149,000 | -108,000 |
Total Fair Value - Available-for-sale Debt Securities | 3,618,000 | 5,139,000 |
States and political subdivisions [Member] | ' | ' |
Available-for-Sale Securities by Investment Category | ' | ' |
Amortized Cost - Available-for sale Debt Securities | 5,923,000 | 1,681,000 |
Gross Unrealized Gains | 155,000 | 32,000 |
Gross Unrealized Losses | -13,000 | 0 |
Total Fair Value - Available-for-sale Debt Securities | 6,065,000 | 1,713,000 |
Corporate debt securities [Member] | ' | ' |
Available-for-Sale Securities by Investment Category | ' | ' |
Amortized Cost - Available-for sale Debt Securities | 1,550,000 | 2,788,000 |
Gross Unrealized Gains | 24,000 | 48,000 |
Gross Unrealized Losses | 0 | 0 |
Total Fair Value - Available-for-sale Debt Securities | 1,574,000 | 2,836,000 |
Equity Securities [Member] | ' | ' |
Available-for-Sale Securities by Investment Category | ' | ' |
Amortized Cost - Available-for-sale Equity Securities | 4,537,000 | 4,782,000 |
Gross Unrealized Gains | 758,000 | 609,000 |
Gross Unrealized Losses | -73,000 | -68,000 |
Available-for-sale Securities, Equity Securities | 5,222,000 | 5,323,000 |
Certificates of Deposit [Member] | ' | ' |
Available-for-Sale Securities by Investment Category | ' | ' |
Total Amortized Cost - Available-for-sale Securities | 1,050,000 | ' |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | 0 | ' |
Available-for-sale Securities | $1,050,000 | ' |
Investments_Investments_Contin
Investments Investments (Continuous Unrealized Loss Positions) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Investment Securities in a Continuous Unrealized Loss Position | ' | ' |
Less than 12 Months, Fair Value | $5,723 | $2,957 |
12 Months or Longer, Fair Value | 344 | 304 |
Total Fair Value | 6,067 | 3,261 |
Less than 12 Months, Unrealized Losses | -275 | -127 |
12 Months or Longer, Unrealized Losses | -6 | -55 |
Total Unrealized Losses | -281 | -182 |
U.S. Treasury and Government Agencies [Member] | ' | ' |
Investment Securities in a Continuous Unrealized Loss Position | ' | ' |
Less than 12 Months, Fair Value | 1,562 | 1,084 |
12 Months or Longer, Fair Value | 344 | 0 |
Total Fair Value | 1,906 | 1,084 |
Less than 12 Months, Unrealized Losses | -40 | -6 |
12 Months or Longer, Unrealized Losses | -6 | 0 |
Total Unrealized Losses | -46 | -6 |
Mortgage-backed securities [Member] | ' | ' |
Investment Securities in a Continuous Unrealized Loss Position | ' | ' |
Less than 12 Months, Fair Value | 2,553 | 1,460 |
12 Months or Longer, Fair Value | 0 | 0 |
Total Fair Value | 2,553 | 1,460 |
Less than 12 Months, Unrealized Losses | -149 | -108 |
12 Months or Longer, Unrealized Losses | 0 | 0 |
Total Unrealized Losses | -149 | -108 |
States and political subdivisions [Member] | ' | ' |
Investment Securities in a Continuous Unrealized Loss Position | ' | ' |
Less than 12 Months, Fair Value | 507 | ' |
12 Months or Longer, Fair Value | 0 | ' |
Total Fair Value | 507 | ' |
Less than 12 Months, Unrealized Losses | 13 | ' |
12 Months or Longer, Unrealized Losses | 0 | ' |
Total Unrealized Losses | 13 | ' |
Marketable equity securities [Member] | ' | ' |
Investment Securities in a Continuous Unrealized Loss Position | ' | ' |
Less than 12 Months, Fair Value | 1,101 | 413 |
12 Months or Longer, Fair Value | 0 | 304 |
Total Fair Value | 1,101 | 717 |
Less than 12 Months, Unrealized Losses | -73 | -13 |
12 Months or Longer, Unrealized Losses | 0 | -55 |
Total Unrealized Losses | ($73) | ($68) |
Investments_Investments_Debt_S
Investments Investments (Debt Securities by Maturity) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Contractual Maturity of Investment Securities | ' | ' |
Due in less than one year, Amortized Cost | $2,006 | $1,600 |
Due after one year through five years, Amortized Cost | 2,908 | 4,786 |
Due after five years through ten years, Amortized Cost | 924 | 924 |
Due after ten years, Amortized Cost | 7,707 | 5,067 |
Total Amortized Cost | 13,545 | 12,377 |
Due in less than one year, Fair Value | 2,017 | 1,607 |
Due after one year through five years, Fair Value | 2,949 | 4,880 |
Due after five years through ten years, Fair Value | 872 | 893 |
Due after ten years, Fair Value | 7,692 | 4,995 |
Total Fair Value - Available-for-sale Debt Securities | $13,530 | $12,375 |
Investments_Investments_Narrat
Investments Investments (Narrative) (Details) (USD $) | 12 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $0 | ' |
Investments (Textual) [Abstract] | ' | ' |
Gross gains realized | 885,000 | 216,000 |
Gross losses realized | -320,000 | -66,000 |
Common stock of industrial and other companies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 4,700,000 | 3,700,000 |
Total unrealized losses | -64,000 | -51,000 |
Common stock of bank trust, insurance, and public utility companies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 478,000 | 1,600,000 |
Total unrealized losses | ($9,000) | ($17,000) |
Inventories_Details
Inventories (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Summary of inventories | ' | ' |
Raw materials | $22,571 | $20,993 |
Work in process | 6,835 | 8,079 |
Finished goods and other | 40,323 | 39,733 |
Total Inventories | $69,729 | $68,805 |
Consumer_Loans_Receivable_Summ
Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Consumer Loans Receivable | ' | ' |
Loans held for investment (acquired on Palm Harbor Acquisition Date) | $87,596 | $99,854 |
Loans held for investment (originated after Palm Harbor Acquisition Date) | 1,885 | 606 |
Loans held for sale | 6,741 | 7,410 |
Loans held-construction advances on non-conforming mortgages | 2,403 | 3,597 |
Consumer loans receivable | 98,625 | 111,467 |
Deferred financing fees and other, net | -341 | -477 |
Consumer loans receivable, net | $98,284 | $110,990 |
Consumer_Loans_Receivable_Summ1
Consumer Loans Receivable (Summary of Acquired Loans Receivable) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Acquired Consumer Loans Receivable Held for Investment | ' | ' | ' |
Consumer loans receivable held for investment - contractual amount | $223,388 | $263,038 | ' |
Accretable | -77,737 | -91,291 | -106,949 |
Non-accretable | -57,672 | -71,451 | ' |
Less consumer loans receivable reclassified as other assets | -383 | -442 | ' |
Total acquired consumer loans receivable held for investment, net | $87,596 | $99,854 | ' |
Consumer_Loans_Receivable_Chan
Consumer Loans Receivable (Changes in Accretable Yield on Acquired Loans Receivable) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Accretable Yield Movement on Acquired Consumer Loans Receivable | ' | ' |
Balance at the beginning of the period | $91,291 | $106,949 |
Additions | 0 | 0 |
Accretion | -11,973 | -13,554 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | -1,581 | -2,104 |
Balance at the end of the period | $77,737 | $91,291 |
Consumer_Loans_Receivable_Cons
Consumer Loans Receivable (Consumer Loan Receivables by Segment and Credit Quality Indicator) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | $98,625 | $111,467 |
Chattel Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 64,090 | ' |
Chattel Loans Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 2,533 | ' |
Chattel Loans Range One [Member] | Minimum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 0 | ' |
Chattel Loans Range One [Member] | Maximum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 619 | ' |
Chattel Loans Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 29,309 | ' |
Chattel Loans Range Two [Member] | Minimum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 620 | ' |
Chattel Loans Range Two [Member] | Maximum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 719 | ' |
Chattel Loans Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 32,248 | ' |
Chattel Loans Range Three [Member] | Minimum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 720 | ' |
Conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 11,640 | ' |
Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 569 | ' |
Conforming Mortgages Range One [Member] | Minimum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 0 | ' |
Conforming Mortgages Range One [Member] | Maximum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 619 | ' |
Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 7,832 | ' |
Conforming Mortgages Range Two [Member] | Minimum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 620 | ' |
Conforming Mortgages Range Two [Member] | Maximum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 719 | ' |
Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 3,239 | ' |
Conforming Mortgages Range Three [Member] | Minimum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 720 | ' |
Non-conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 22,879 | ' |
Non Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 2,866 | ' |
Non Conforming Mortgages Range One [Member] | Minimum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 0 | ' |
Non Conforming Mortgages Range One [Member] | Maximum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 619 | ' |
Non Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 12,332 | ' |
Non Conforming Mortgages Range Two [Member] | Minimum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 620 | ' |
Non Conforming Mortgages Range Two [Member] | Maximum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 719 | ' |
Non Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 7,681 | ' |
Non Conforming Mortgages Range Three [Member] | Minimum [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Asset class credit quality indicator | 720 | ' |
Other Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 16 | ' |
Loans Securitized 2005 [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 40,433 | ' |
Loans Securitized 2005 [Member] | Chattel Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 36,870 | ' |
Loans Securitized 2005 [Member] | Chattel Loans Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 1,120 | ' |
Loans Securitized 2005 [Member] | Chattel Loans Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 16,907 | ' |
Loans Securitized 2005 [Member] | Chattel Loans Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 18,843 | ' |
Loans Securitized 2005 [Member] | Conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Loans Securitized 2005 [Member] | Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Loans Securitized 2005 [Member] | Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Loans Securitized 2005 [Member] | Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Loans Securitized 2005 [Member] | Non-conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 3,563 | ' |
Loans Securitized 2005 [Member] | Non Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 93 | ' |
Loans Securitized 2005 [Member] | Non Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 1,562 | ' |
Loans Securitized 2005 [Member] | Non Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 1,908 | ' |
Loans Securitized 2005 [Member] | Other Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Loans Securitized 2007 [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 36,157 | ' |
Loans Securitized 2007 [Member] | Chattel Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 24,697 | ' |
Loans Securitized 2007 [Member] | Chattel Loans Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 655 | ' |
Loans Securitized 2007 [Member] | Chattel Loans Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 11,303 | ' |
Loans Securitized 2007 [Member] | Chattel Loans Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 12,739 | ' |
Loans Securitized 2007 [Member] | Conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Loans Securitized 2007 [Member] | Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Loans Securitized 2007 [Member] | Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Loans Securitized 2007 [Member] | Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Loans Securitized 2007 [Member] | Non-conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 11,460 | ' |
Loans Securitized 2007 [Member] | Non Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 806 | ' |
Loans Securitized 2007 [Member] | Non Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 6,299 | ' |
Loans Securitized 2007 [Member] | Non Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 4,355 | ' |
Loans Securitized 2007 [Member] | Other Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Loans Unsecuritized [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 12,891 | ' |
Loans Unsecuritized [Member] | Chattel Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 2,342 | ' |
Loans Unsecuritized [Member] | Chattel Loans Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 758 | ' |
Loans Unsecuritized [Member] | Chattel Loans Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 976 | ' |
Loans Unsecuritized [Member] | Chattel Loans Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 608 | ' |
Loans Unsecuritized [Member] | Conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 2,677 | ' |
Loans Unsecuritized [Member] | Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 271 | ' |
Loans Unsecuritized [Member] | Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 2,052 | ' |
Loans Unsecuritized [Member] | Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 354 | ' |
Loans Unsecuritized [Member] | Non-conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 7,856 | ' |
Loans Unsecuritized [Member] | Non Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 1,967 | ' |
Loans Unsecuritized [Member] | Non Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 4,471 | ' |
Loans Unsecuritized [Member] | Non Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 1,418 | ' |
Loans Unsecuritized [Member] | Other Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 16 | ' |
Construction Advances [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 2,403 | ' |
Construction Advances [Member] | Chattel Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Construction Advances [Member] | Chattel Loans Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Construction Advances [Member] | Chattel Loans Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Construction Advances [Member] | Chattel Loans Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Construction Advances [Member] | Conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 2,403 | ' |
Construction Advances [Member] | Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 89 | ' |
Construction Advances [Member] | Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 1,429 | ' |
Construction Advances [Member] | Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 885 | ' |
Construction Advances [Member] | Non-conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Construction Advances [Member] | Non Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Construction Advances [Member] | Non Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Construction Advances [Member] | Non Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Construction Advances [Member] | Other Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Consumer Loans Held For Sale [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 6,741 | ' |
Consumer Loans Held For Sale [Member] | Chattel Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 181 | ' |
Consumer Loans Held For Sale [Member] | Chattel Loans Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Consumer Loans Held For Sale [Member] | Chattel Loans Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 123 | ' |
Consumer Loans Held For Sale [Member] | Chattel Loans Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 58 | ' |
Consumer Loans Held For Sale [Member] | Conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 6,560 | ' |
Consumer Loans Held For Sale [Member] | Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 209 | ' |
Consumer Loans Held For Sale [Member] | Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 4,351 | ' |
Consumer Loans Held For Sale [Member] | Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 2,000 | ' |
Consumer Loans Held For Sale [Member] | Non-conforming Mortgages [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Consumer Loans Held For Sale [Member] | Non Conforming Mortgages Range One [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Consumer Loans Held For Sale [Member] | Non Conforming Mortgages Range Two [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Consumer Loans Held For Sale [Member] | Non Conforming Mortgages Range Three [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | 0 | ' |
Consumer Loans Held For Sale [Member] | Other Loans [Member] | ' | ' |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ' | ' |
Consumer loans receivable | $0 | ' |
Consumer_Loans_Receivable_Conc
Consumer Loans Receivable (Concentration of Consumer Loan Receivables by Geographic Region) (Details) (Texas [Member]) | Mar. 29, 2014 |
Texas [Member] | ' |
Geographic Concentration of Consumer Loans Receivable in Key States | ' |
Portfolio concentration | 41.80% |
Consumer_Loans_Receivable_Narr
Consumer Loans Receivable (Narrative) (Details) | 12 Months Ended |
Mar. 29, 2014 | |
Score | |
Receivables [Abstract] | ' |
Credit scores at time of loan origination | 3 |
Percentage concentration of consumer loans receivable | 10.00% |
Other states with concentrations greater than minimum | '0 |
Inventory_Finance_Receivables_2
Inventory Finance Receivables and Allowance for Loan Loss (Inventory Finance Notes Receivables, Net) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Inventory Finance Receivables | ' | ' | ' |
Allowance for loan loss | ($139) | ($350) | ($215) |
Financing Receivable, Net | 21,308 | 22,950 | ' |
Direct inventory finance receivables [Member] | ' | ' | ' |
Inventory Finance Receivables | ' | ' | ' |
Financing Receivable, Gross | 19,879 | 18,955 | ' |
Allowance for loan loss | -139 | -350 | ' |
Participation inventory finance receivables [Member] | ' | ' | ' |
Inventory Finance Receivables | ' | ' | ' |
Financing Receivable, Gross | 1,568 | 4,345 | ' |
Allowance for loan loss | $0 | $0 | ' |
Inventory_Finance_Receivables_3
Inventory Finance Receivables and Allowance for Loan Loss (Changes in the Estimated Allowance for Loan Loss) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Changes in the Allowance for Loan Losses on Inventory Finance Receivables | ' | ' |
Balance at beginning of period | $350 | $215 |
Provision for inventory finance credit losses | -224 | 135 |
Loans charged off, net of recoveries | 13 | 0 |
Balance at end of period | $139 | $350 |
Inventory_Finance_Receivables_4
Inventory Finance Receivables and Allowance for Loan Loss (Finance Receivables by Evaluation Methodology) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Allowance for loan losses and inventory finance receivables by class individually and collectively evaluated for impairment | ' | ' | ' |
Allowance for loan loss | ($139) | ($350) | ($215) |
Direct Inventory Finance [Member] | ' | ' | ' |
Allowance for loan losses and inventory finance receivables by class individually and collectively evaluated for impairment | ' | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 12,202 | 12,708 | ' |
Financing Receivable, Individually Evaluated for Impairment | 7,677 | 6,247 | ' |
Financing Receivable, Gross | 19,879 | 18,955 | ' |
Collectively evaluated for impairment | -126 | -130 | ' |
Individually evaluated for impairment | -13 | -220 | ' |
Allowance for loan loss | -139 | -350 | ' |
Participation inventory finance receivables [Member] | ' | ' | ' |
Allowance for loan losses and inventory finance receivables by class individually and collectively evaluated for impairment | ' | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 0 | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 1,568 | 4,345 | ' |
Financing Receivable, Gross | 1,568 | 4,345 | ' |
Collectively evaluated for impairment | 0 | 0 | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Allowance for loan loss | $0 | $0 | ' |
Inventory_Finance_Receivables_5
Inventory Finance Receivables and Allowance for Loan Loss (Inventory Finance Receivables by Class and Credit Quality Indicator) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Direct Inventory Finance [Member] | ' | ' |
Financing Receivable Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Gross | $19,879 | $18,955 |
Direct Inventory Finance [Member] | Performing Financing Receivable [Member] | ' | ' |
Financing Receivable Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Gross | 19,477 | 18,446 |
Direct Inventory Finance [Member] | Watch List [Member] | ' | ' |
Financing Receivable Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Gross | 0 | 0 |
Direct Inventory Finance [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Financing Receivable Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Gross | 402 | 509 |
Participation inventory finance receivables [Member] | ' | ' |
Financing Receivable Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Gross | 1,568 | 4,345 |
Participation inventory finance receivables [Member] | Performing Financing Receivable [Member] | ' | ' |
Financing Receivable Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Gross | 1,568 | 4,345 |
Participation inventory finance receivables [Member] | Watch List [Member] | ' | ' |
Financing Receivable Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Gross | 0 | 0 |
Participation inventory finance receivables [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Financing Receivable Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Gross | $0 | $0 |
Inventory_Finance_Receivables_6
Inventory Finance Receivables and Allowance for Loan Loss (Concentrations of Inventory Finance Receivables) (Details) | Mar. 29, 2014 | Mar. 30, 2013 |
Florida [Member] | ' | ' |
Geographic Concentration of Inventory Finance Receivables in Key States | ' | ' |
Inventory finance receivables concentrations | 24.40% | 20.90% |
Colorado [Member] | ' | ' |
Geographic Concentration of Inventory Finance Receivables in Key States | ' | ' |
Inventory finance receivables concentrations | 22.00% | 5.10% |
Texas [Member] | ' | ' |
Geographic Concentration of Inventory Finance Receivables in Key States | ' | ' |
Inventory finance receivables concentrations | 14.90% | 12.60% |
Arizona [Member] | ' | ' |
Geographic Concentration of Inventory Finance Receivables in Key States | ' | ' |
Inventory finance receivables concentrations | 10.30% | 10.50% |
Inventory_Finance_Receivables_7
Inventory Finance Receivables and Allowance for Loan Loss (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Receivables [Abstract] | ' | ' | ' |
Concentration Risk on Financing Receivables Percentage | 10.00% | ' | 10.00% |
Allowance for loan loss | $139 | $350 | $215 |
Due days for loans accounted for on a non-accrual basis and accruing loans with principal payments past | '90 days or more | ' | ' |
Due days for loans on nonaccrual status when interest is past due and remains unpaid | '90 days or more | ' | ' |
Percentage of principal balance of the inventory finance receivables | 'excess of 10% of the principal balance of the inventory finance receivables | 'excess of 10% of the principal balance of the inventory finance receivables | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment, at cost: | ' | ' |
Property, plant and equipment, at cost | $63,915 | $60,026 |
Accumulated depreciation | -15,688 | -13,803 |
Property, plant and equipment, net | 48,227 | 46,223 |
Land [Member] | ' | ' |
Property, plant and equipment, at cost: | ' | ' |
Property, plant and equipment, at cost | 22,098 | 19,129 |
Buildings and improvements [Member] | ' | ' |
Property, plant and equipment, at cost: | ' | ' |
Property, plant and equipment, at cost | 25,909 | 25,474 |
Machinery and equipment [Member] | ' | ' |
Property, plant and equipment, at cost: | ' | ' |
Property, plant and equipment, at cost | $15,908 | $15,423 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Narrative) (Details) | 12 Months Ended |
Mar. 29, 2014 | |
Buildings and improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment (Textual) [Abstract] | ' |
Useful lives | '10 years |
Buildings and improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment (Textual) [Abstract] | ' |
Useful lives | '39 years |
Machinery and equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment (Textual) [Abstract] | ' |
Useful lives | '3 years |
Machinery and equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment (Textual) [Abstract] | ' |
Useful lives | '25 years |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Summary of Goodwill and Other Intangibles) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Indefinite lived: | ' | ' |
Gross Carrying Amount | $74,696 | $74,696 |
Net Carrying Amount | 74,696 | 74,696 |
Finite lived: | ' | ' |
Accumulated Amortization | -4,115 | -2,735 |
Gross Carrying Amount | 82,170 | 82,170 |
Net Carrying Amount | 78,055 | 79,435 |
Customer relationships [Member] | ' | ' |
Finite lived: | ' | ' |
Gross Carrying Amount | 6,200 | 6,200 |
Accumulated Amortization | -3,767 | -2,506 |
Net Carrying Amount | 2,433 | 3,694 |
Technology [Member] | ' | ' |
Finite lived: | ' | ' |
Gross Carrying Amount | 900 | 900 |
Accumulated Amortization | -275 | -181 |
Net Carrying Amount | 625 | 719 |
Insurance policies and renewal rights [Member] | ' | ' |
Finite lived: | ' | ' |
Gross Carrying Amount | 374 | 374 |
Accumulated Amortization | -73 | -48 |
Net Carrying Amount | 301 | 326 |
Goodwill [Member] | ' | ' |
Indefinite lived: | ' | ' |
Gross Carrying Amount | 67,346 | 67,346 |
Trademarks and trade names [Member] | ' | ' |
Indefinite lived: | ' | ' |
Net Carrying Amount | 6,250 | 6,250 |
State insurance licenses [Member] | ' | ' |
Indefinite lived: | ' | ' |
Net Carrying Amount | $1,100 | $1,100 |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles (Future Amortization Expense) (Details) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Expected Amortization for Future Fiscal Years [Abstract] | ' |
2015 | $1,379 |
2016 | 348 |
2017 | 254 |
2018 | 254 |
2019 | $241 |
Goodwill_and_Other_Intangibles4
Goodwill and Other Intangibles (Narrative) (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Goodwill and Other Intangibles (Textual) [Abstract] | ' | ' | ' |
Impairment expense | $0 | $0 | ' |
Amortization expense on intangible assets | $1,400,000 | $1,500,000 | $3,200,000 |
Insurance policies and renewal rights [Member] | ' | ' | ' |
Goodwill and Other Intangibles (Textual) [Abstract] | ' | ' | ' |
Finite-lived intangibles, estimated useful life | '15 years | ' | ' |
Minimum [Member] | Customer relationships [Member] | ' | ' | ' |
Goodwill and Other Intangibles (Textual) [Abstract] | ' | ' | ' |
Finite-lived intangibles, estimated useful life | '4 years | ' | ' |
Minimum [Member] | Technology [Member] | ' | ' | ' |
Goodwill and Other Intangibles (Textual) [Abstract] | ' | ' | ' |
Finite-lived intangibles, estimated useful life | '7 years | ' | ' |
Maximum [Member] | Customer relationships [Member] | ' | ' | ' |
Goodwill and Other Intangibles (Textual) [Abstract] | ' | ' | ' |
Finite-lived intangibles, estimated useful life | '11 years | ' | ' |
Maximum [Member] | Technology [Member] | ' | ' | ' |
Goodwill and Other Intangibles (Textual) [Abstract] | ' | ' | ' |
Finite-lived intangibles, estimated useful life | '10 years | ' | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued liabilities | ' | ' |
Salaries, wages and benefits | $15,780 | $12,490 |
Unearned insurance premiums | 11,326 | 8,781 |
Customer deposits | 10,827 | 10,674 |
Estimated warranties | 9,262 | 8,202 |
Accrued insurance | 4,082 | 3,198 |
Deferred margin | 4,074 | 4,838 |
Other | 18,168 | 14,535 |
Total accrued liabilities | $73,519 | $62,718 |
Warranties_Activity_for_Estima
Warranties (Activity for Estimated Warranty Liability) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Accrual for estimated warranties | ' | ' | ' |
Balance at beginning of period | $8,202 | $9,456 | $9,371 |
Liability assumed with Palm Harbor transaction | 0 | 0 | 1,932 |
Charged to costs and expenses | 11,681 | 10,810 | 11,415 |
Payments and deductions | -10,621 | -12,064 | -13,262 |
Balance at end of period | $9,262 | $8,202 | $9,456 |
Warranties_Narrative_Details
Warranties (Narrative) (Details) | 12 Months Ended |
Mar. 29, 2014 | |
Product Warranties Disclosures [Abstract] | ' |
Warranties against manufacturing defects | 'P1Y |
Debt_Obligations_Summary_of_De
Debt Obligations (Summary of Debt Obligations) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Obligations | ' | ' |
Securitized financing 2005-1 | $33,291 | $39,850 |
Securitized financing 2007-1 | 36,761 | 42,437 |
Total debt obligations | $70,052 | $82,287 |
Debt_Obligations_Summarizes_Se
Debt Obligations (Summarizes Securitized Financings) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Acquired Securitized Financings | ' | ' | ' | ||
Securitized financings - contractual amount | $85,251 | $102,203 | ' | ||
Purchase Discount | ' | ' | ' | ||
Accretable | -15,199 | -19,916 | -26,032 | ||
Non-accretable | 0 | [1] | 0 | [1] | ' |
Total securitized financings, net | $70,052 | $82,287 | ' | ||
[1] | There is no non-accretable difference, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans. |
Debt_Obligations_Changes_in_Ac
Debt Obligations (Changes in Accretable Yield on Securitized Financings) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Accretable Yield Movement on Acquired Securitized Financings | ' | ' |
Balance at the beginning of the period | $19,916 | $26,032 |
Additions | 0 | 0 |
Accretion | -4,427 | -5,174 |
Adjustment to cash flows | -290 | -942 |
Balance at the end of the period | $15,199 | $19,916 |
Debt_Obligations_Scheduled_Mat
Debt Obligations (Scheduled Maturities of the Company's Debt Obligations) (Details) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Maturities of Long-term Debt [Abstract] | ' |
2015 | $10,188 |
2016 | 8,638 |
2017 | 7,501 |
2018 | 6,638 |
2019 | $24,782 |
Debt_Obligations_Narrative_Det
Debt Obligations (Narrative) (Details) (USD $) | 1 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2007 | Jul. 31, 2005 | Mar. 22, 2007 | Jul. 12, 2005 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Issuance Dates | 22-Mar-07 | 12-Jul-05 | ' | ' |
Total amount of loans included in initial securitization | ' | ' | $116.50 | $141 |
Total amount of bonds issued to fund initial securitization | ' | ' | 101.9 | 118.4 |
Expected weighted average maturity | '4 years 10 months 10 days | '4 years 7 months 28 days | ' | ' |
Bonds maturity term | '2008 through 2017 | '2006 through 2015 | ' | ' |
Class A-1 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amount of bonds | ' | ' | 28.9 | 36.3 |
Coupon rate | ' | ' | 5.48% | 4.23% |
Class A-2 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amount of bonds | ' | ' | 23.4 | 27.4 |
Coupon rate | ' | ' | 5.23% | 4.42% |
Class A-3 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amount of bonds | ' | ' | 24.5 | 27.3 |
Coupon rate | ' | ' | 5.59% | 4.80% |
Class A-4 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amount of bonds | ' | ' | $25.10 | $27.40 |
Coupon rate | ' | ' | 5.85% | 5.20% |
Reinsurance_Details
Reinsurance (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Reinsurance Effect on Premiums Written and Earned | ' | ' |
Direct premiums Written | $12,581 | $7,191 |
Assumed premiums - nonaffiliate Written | 17,012 | 13,598 |
Ceded premiums - nonaffiliate Written | -8,206 | -4,062 |
Net premiums Written | 21,387 | 16,727 |
Direct premiums Earned | 10,667 | 4,637 |
Assumed premiums - nonaffiliate Earned | 15,190 | 12,074 |
Ceded premiums - nonaffiliate Earned | -8,206 | -4,062 |
Net premiums Earned | $17,651 | $12,649 |
Reinsurance_Details_Textual
Reinsurance (Details Textual) (USD $) | 12 Months Ended |
Mar. 29, 2014 | |
Insurance [Abstract] | ' |
Insurance policies maximum coverage per claim | $300,000 |
Insurance policies coverage per claim ceded to reinsurers | 225,000 |
Insurance policy risk of loss maintained per claim | 75,000 |
Catastrophic losses recoverable in excess of amount | 1,000,000 |
Aggregate catastrophic losses recoverable in excess of amount | $20,000,000 |
Income_Taxes_Provision_Benefit
Income Taxes (Provision (Benefit) for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Current | ' | ' | ' |
Federal | $7,630 | $3,955 | $4,227 |
State | 913 | 263 | 652 |
Total current | 8,543 | 4,218 | 4,879 |
Deferred | ' | ' | ' |
Federal | 586 | 1,416 | -2,061 |
State | -30 | 717 | -319 |
Total deferred | 556 | 2,133 | -2,380 |
Total income tax provision | $9,099 | $6,351 | $2,499 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | ' | ' | 34.00% |
Federal income tax at statutory rate | $9,732 | $5,660 | $10,957 |
State income taxes, net of federal benefit | 849 | 597 | 736 |
Domestic production activities deduction | -783 | -123 | -113 |
Change in deferred tax rate | -557 | 966 | 0 |
Tax credits | -319 | -595 | -505 |
Bargain purchase gain | 0 | 0 | -7,483 |
Step-up in tax basis of assets acquired | 0 | 0 | -1,241 |
Other | 177 | -154 | 148 |
Total income tax provision | $9,099 | $6,351 | $2,499 |
Income_Taxes_Components_of_Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Net current deferred tax assets (liabilities) | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | $3,653 | $0 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves | 3,447 | 2,999 |
Deferred Tax Assets, Salaries and Wages, Current | 2,432 | 1,182 |
Deferred Tax Assets, Inventory | 1,164 | 1,381 |
Deferred Tax Assets, Deferred Income | 951 | 720 |
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | -946 | -716 |
Deferred Tax Assets, Repurchase Reserves | 831 | 665 |
Deferred Tax Assets, Insurance Reserves | 655 | 693 |
Deferred Tax Assets, Other | 126 | -200 |
Total net current deferred tax assets | 12,313 | 6,724 |
Net long-term deferred tax (liabilities) assets | ' | ' |
Goodwill | -24,597 | -25,018 |
Loan discount | 9,509 | 10,736 |
Deferred Tax Liabilities, Property, Plant and Equipment | -5,454 | -5,141 |
Other intangibles | -2,833 | -3,107 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 2,094 | 1,263 |
Deferred margin | 1,625 | 1,732 |
Bond discount | -1,036 | -1,046 |
Deferred Tax Assets, Operating Loss Carryforwards, Noncurrent | 665 | 5,077 |
Deferred Tax Liabilities, Buydown Points, Net, Noncurrent | -662 | -717 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Consumer Loans Sold, Net, Noncurrent | 402 | 478 |
Deferred Tax Assets, Tax Credit Carryforwards | 159 | 410 |
Deferred Tax Assets, Salaries and Wages, Noncurrent | 0 | 860 |
Other | 180 | 723 |
Total net long-term deferred tax (liabilities) assets | ($19,948) | ($13,750) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Jan. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income Tax Reconciliation, Step-Up in Tax Basis of Assets Acquired | $0 | $0 | $1,241,000 | ' |
Tax refund received | ' | ' | ' | 4,000,000 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 218,000 | ' | ' | ' |
Excess tax benefits | 4,100,000 | ' | ' | ' |
Increase additional paid-in-capital from employee stock options exercised | 4,100,000 | ' | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 20,300,000 | ' | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | $28,200,000 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | |||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | |
Claim | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Repurchase agreements period, minimum | '18 months | ' | ' | ' |
Repurchase agreements period, maximum | '36 months | ' | ' | ' |
Repurchase agreements maximum amount contingently liable | $25,500,000 | $17,700,000 | ' | ' |
Reserve for repurchase commitments | 1,845,000 | 1,352,000 | 819,000 | 597,000 |
Payments under repurchase commitments | 0 | 0 | 110,000 | ' |
Rent expense | 4,400,000 | 4,300,000 | 4,200,000 | ' |
Reserve for contingent repurchase and indemnification obligations | 926,000 | 1,200,000 | ' | ' |
Number of repurchase and indemnification claims during period | 0 | ' | ' | ' |
Number of repurchase and indemnification claims open for review | 0 | ' | ' | ' |
Recognized gain (loss) on the forward sales and whole loan commitments | ' | -10,000 | ' | ' |
Letter of Credit [Member] | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Letter of Credit Draws During the Period | 0 | ' | ' | ' |
CountryPlace [Member] | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
IRLCs recorded at fair value | 8,400,000 | ' | ' | ' |
Derivative, Loss on Derivative | -42,000 | ' | ' | ' |
Recognized gain on outstanding IRLCs | ' | 17,000 | ' | ' |
Recognized gain (loss) on the forward sales and whole loan commitments | 28,000 | ' | ' | ' |
Reinsurance Obligations [Member] | Letter of Credit [Member] | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Letter of Credit | 7,000,000 | ' | ' | ' |
State Licensing Requirements [Member] | Standby Letters of Credit [Member] | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Letter of Credit | $100,000 | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Activity in the Liability for Estimated Repurchase Contingencies) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Disclosure of Repurchase Agreements [Abstract] | ' | ' | ' |
Balance at beginning of period | $1,352 | $819 | $597 |
Charged to costs and expenses | 493 | 533 | 332 |
Payments and deductions | 0 | 0 | -110 |
Balance at end of period | $1,845 | $1,352 | $819 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Operating Leases Future Minimum Payments by Fiscal Year) (Details) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2015 | $2,386 |
2016 | 1,330 |
2017 | 454 |
2018 | 76 |
2019 and thereafter | 5 |
Total operating leases | $4,251 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Loan Contracts with Off-Balance Sheet Commitments | ' | ' |
Construction loan contract amount | $5,623 | $8,609 |
Cumulative advances | -2,403 | -3,597 |
Remaining construction contingent commitment | $3,220 | $5,012 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details Textual) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares of Cavco common stock authorized for grant under stock incentive plans | 1,350,000 | ' | ' |
Number of shares of Cavco common stock available for grant under stock incentive plans | 217,376 | ' | ' |
Stock option exercise price as a percent of fair value of common stock | 100.00% | ' | ' |
Stock option expiration period | '7 years | ' | ' |
Typical vesting period of stock options and restricted stock awards | '1 year | ' | ' |
Maximum vesting period for stock options and restricted stock awards | '5 years | ' | ' |
Unrecognized compensation cost related to stock options | $1,000,000 | ' | ' |
Weighted-average period over stock options expected to be recognized | '1 year 10 months 29 days | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation cost charged against income | $2,400,000 | $1,300,000 | $916,000 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Activity) (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Stock Options [Member] | ' | ' | ' |
Stock Option Activity, Number of Shares [Roll Forward] | ' | ' | ' |
Beginning balance, shares outstanding | 399,700 | 407,500 | 401,500 |
Granted | 64,450 | 72,200 | 80,100 |
Exercised | -9,500 | -77,000 | -72,850 |
Canceled or forfeited | -10,750 | -3,000 | -1,250 |
Ending balance, shares outstanding | 443,900 | 399,700 | 407,500 |
Shares exercisable | 259,625 | 179,925 | 168,775 |
Stock Option Activity, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Beginning balance, weighted average exercise price | $35.83 | $32.62 | $27.91 |
Granted | $52.99 | $46.59 | $44.45 |
Exercised | $37.66 | $28.55 | $20.08 |
Canceled or forfeited | $48.28 | $45 | $24.18 |
Ending balance, weighted average exercise price | $37.98 | $35.83 | $32.62 |
Exercisable, weighted average exercise price | $34.56 | $34.15 | $31.57 |
Options outstanding, weighted average remaining contractual term | '3 years 8 months 3 days | '4 years 2 months 5 days | '3 years 10 months 28 days |
Options exercisable, weighted average remaining contractual term | '3 years 0 months 10 days | '3 years 6 months 29 days | '2 years 4 months 15 days |
Options outstanding, aggregate intrinsic value | $18,047,000 | $4,691,000 | $5,689,000 |
Options exercisable, aggregate intrinsic value | 11,445,000 | 2,414,000 | 2,533,000 |
Weighted-average estimated fair value of employee stock options granted | $21.44 | $19.89 | $17.96 |
Total intrinsic value of options exercised | $257,000 | $1,200,000 | $1,300,000 |
StockBased_Compensation_Stock_1
Stock-Based Compensation (Stock Options, Fair Value Assumptions) (Details) (Stock Options [Member]) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Stock Options [Member] | ' | ' | ' |
Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Volatility | 47.70% | 51.50% | 46.40% |
Risk-free interest rate | 1.20% | 0.60% | 1.60% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected option life in years | '4 years 6 months 9 days | '4 years 7 months 15 days | '4 years 7 months 6 days |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Earnings Per Share Computation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Cavco common stockholders | $4,210 | $5,892 | $4,310 | $1,826 | $1,392 | $1,457 | $1,254 | $860 | $16,238 | $4,963 | $15,237 |
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 8,262,688 | 6,956,706 | 6,877,437 |
Common stock equivalents - treasury stock method (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 116,336 | 70,498 | 71,640 |
Diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 8,379,024 | 7,027,204 | 6,949,077 |
Net income per share attributable to Cavco common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (usd per share) | $0.48 | $0.67 | $0.51 | $0.26 | $0.20 | $0.21 | $0.18 | $0.12 | $1.97 | $0.71 | $2.22 |
Diluted (usd per share) | $0.47 | $0.66 | $0.50 | $0.26 | $0.20 | $0.21 | $0.18 | $0.12 | $1.94 | $0.71 | $2.19 |
Anti-dilutive stock equivalents excluded from computation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,951 | 2,568 |
Fair_Value_Measurements_Book_V
Fair Value Measurements (Book Value and Estimated Fair Value) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Summary of the Fair Value and Carrying Value of Financial Instruments | ' | ' | ||
Mortgage servicing rights | $350 | $335 | ||
Book Value [Member] | ' | ' | ||
Summary of the Fair Value and Carrying Value of Financial Instruments | ' | ' | ||
Investments | 19,802 | [1] | 17,698 | [1] |
Non-marketable equity investments, Fair Value Disclosure | 5,652 | [2] | 0 | [2] |
Consumer loans receivable | 98,284 | [3] | 110,990 | [3] |
Interest rate lock commitment derivatives | -14 | [4] | 28 | [4] |
Forward loan sale commitment derivatives | 24 | [4] | -3 | [4] |
Inventory finance receivable | 21,308 | [5] | 22,950 | [5] |
Securitized financings | 70,052 | [6] | 82,287 | [6] |
Mortgage servicing rights | 350 | [7] | 335 | [7] |
Estimated Fair Value [Member] | ' | ' | ||
Summary of the Fair Value and Carrying Value of Financial Instruments | ' | ' | ||
Investments | 19,802 | [1] | 17,698 | [1] |
Non-marketable equity investments, Fair Value Disclosure | 5,652 | [2] | 0 | [2] |
Consumer loans receivable | 131,384 | [3] | 115,044 | [3] |
Interest rate lock commitment derivatives | -14 | [4] | 28 | [4] |
Forward loan sale commitment derivatives | 24 | [4] | -3 | [4] |
Inventory finance receivable | 21,308 | [5] | 22,950 | [5] |
Securitized financings | 74,574 | [6] | 90,895 | [6] |
Mortgage servicing rights | $350 | [7] | $335 | [7] |
[1] | The fair value is based on quoted market prices. | |||
[2] | The fair value approximates book value based on the non-marketable nature of the instruments. | |||
[3] | Includes consumer loans receivable held for investment, held for sale and construction advances. The fair value of the loans held for investment is based on the discounted value of the remaining principal and interest cash flows. The fair value of the loans held for sale are estimated based on recent GSE mortgage backed bond prices. The fair value of the construction advances approximates book value and the sales price of these loans is estimated based on construction completed. | |||
[4] | The fair values are based on changes in GSE mortgage backed bond prices, and additionally for IRLCs, pull through rates. | |||
[5] | The fair value approximates book value based on current market rates and the revolving nature of the instruments. | |||
[6] | The fair value is estimated using recent public transactions of similar asset-backed securities. | |||
[7] | The fair value of the mortgage servicing rights is based on the present value of expected net cash flows related to servicing these loans. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Measured at Fair Value on a Recurring Basis) (Details) (USD $) | 12 Months Ended | |
Mar. 29, 2014 | ||
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Fair Value, Assets, Level 1, Level 2, or Level 3 Transfers, Amount | $0 | |
Total [Member] | Recurring [Member] | Securities issued by the U.S Treasury and Government [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 2,273,000 | [1] |
Total [Member] | Recurring [Member] | Mortgage-backed securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 3,618,000 | [1] |
Total [Member] | Recurring [Member] | Securities issued by states and political subdivisions [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 6,065,000 | [1] |
Total [Member] | Recurring [Member] | Corporate Debt Securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 1,574,000 | [1] |
Total [Member] | Recurring [Member] | Marketable equity securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 5,222,000 | [1] |
Level 1 [Member] | Recurring [Member] | Securities issued by the U.S Treasury and Government [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [1] |
Level 1 [Member] | Recurring [Member] | Mortgage-backed securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [1] |
Level 1 [Member] | Recurring [Member] | Securities issued by states and political subdivisions [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [1] |
Level 1 [Member] | Recurring [Member] | Corporate Debt Securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [1] |
Level 1 [Member] | Recurring [Member] | Marketable equity securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 5,222,000 | [1] |
Level 2 [Member] | Recurring [Member] | Securities issued by the U.S Treasury and Government [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 2,273,000 | [1] |
Level 2 [Member] | Recurring [Member] | Mortgage-backed securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 3,618,000 | [1] |
Level 2 [Member] | Recurring [Member] | Securities issued by states and political subdivisions [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 6,065,000 | [1] |
Level 2 [Member] | Recurring [Member] | Corporate Debt Securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 1,574,000 | [1] |
Level 2 [Member] | Recurring [Member] | Marketable equity securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [1] |
Level 3 [Member] | Recurring [Member] | Securities issued by the U.S Treasury and Government [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [1] |
Level 3 [Member] | Recurring [Member] | Mortgage-backed securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [1] |
Level 3 [Member] | Recurring [Member] | Securities issued by states and political subdivisions [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [1] |
Level 3 [Member] | Recurring [Member] | Corporate Debt Securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [1] |
Level 3 [Member] | Recurring [Member] | Marketable equity securities [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [1] |
Mortgage Servicing Rights [Member] | Total [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 350,000 | [2] |
Mortgage Servicing Rights [Member] | Level 1 [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [2] |
Mortgage Servicing Rights [Member] | Level 2 [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [2] |
Mortgage Servicing Rights [Member] | Level 3 [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 350,000 | [2] |
Forward Commitments [Member] | Total [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 24,000 | [3] |
Forward Commitments [Member] | Level 1 [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [3] |
Forward Commitments [Member] | Level 2 [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [3] |
Forward Commitments [Member] | Level 3 [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 24,000 | [3] |
Interest Rate Lock Commitments [Member] | Total [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | -14,000 | [3] |
Interest Rate Lock Commitments [Member] | Level 1 [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [3] |
Interest Rate Lock Commitments [Member] | Level 2 [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | 0 | [3] |
Interest Rate Lock Commitments [Member] | Level 3 [Member] | Recurring [Member] | ' | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ' | |
Assets fair value | ($14,000) | [3] |
[1] | Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date. | |
[2] | Changes in the fair value of mortgage servicing rights are recognized in current period earnings through net revenue. | |
[3] | Gains or losses on derivatives are recognized in current period earnings through cost of sales. |
Fair_Value_Measurements_Assets1
Fair Value Measurements (Assets and Liabilities Measured at Fair Value) (Details) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Total [Member] | ' |
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ' |
Loans held for investment | $121,876 |
Loans held for sale | 7,105 |
Loans held-construction advances | 2,403 |
Inventory finance receivable | 21,308 |
Securitized financings | 74,574 |
Equity, Fair Value Disclosure | 5,652 |
Level 1 [Member] | ' |
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ' |
Loans held for investment | 0 |
Loans held for sale | 0 |
Loans held-construction advances | 0 |
Inventory finance receivable | 0 |
Securitized financings | 0 |
Equity, Fair Value Disclosure | 0 |
Level 2 [Member] | ' |
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ' |
Loans held for investment | 0 |
Loans held for sale | 7,105 |
Loans held-construction advances | 0 |
Inventory finance receivable | 0 |
Securitized financings | 74,574 |
Equity, Fair Value Disclosure | 0 |
Level 3 [Member] | ' |
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ' |
Loans held for investment | 121,876 |
Loans held for sale | 0 |
Loans held-construction advances | 2,403 |
Inventory finance receivable | 21,308 |
Securitized financings | 0 |
Equity, Fair Value Disclosure | $5,652 |
Fair_Value_Measurements_Assump
Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | Loans | Loans |
Fair Value Disclosures [Abstract] | ' | ' |
Number of loans serviced with MSRs | 2,743 | 2,106 |
Weighted-Average Servicing Fee of Loans Held-in-portfolio | 0.31% | 0.35% |
Capitalized servicing multiple | 35.77% | 38.82% |
Capitalized Loan Servicing Rate of Loans Held-in-portfolio | 0.11% | 0.13% |
Serviced portfolio with MSRs (in thousands) | $320,462 | $249,378 |
Mortgage servicing rights (in thousands) | $350 | $335 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' |
Typical period a loan is held for sale | '45 days | ' | ' |
Impairment charges on assets held for sale or held and used | $560 | $0 | $0 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum loss per emolyee under insurance claims | $200,000 | ' | ' |
Medical claims expenses | 6,100,000 | 6,000,000 | 5,500,000 |
401K Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 50.00% | 50.00% | ' |
Maximum employer match as a percentage of employee gross pay | 5.00% | 5.00% | ' |
Defined Contribution Plan, Employers Matching Contribution, Vesting Period | '4 years | ' | ' |
Employer matching contribution expense | $561,000 | $321,000 | $188,000 |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interest (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Jul. 22, 2013 | Mar. 29, 2014 | Mar. 31, 2012 | Mar. 31, 2010 | Jul. 22, 2013 | |
Fleetwood [Member] | Fleetwood [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' |
Contribution amount | ' | ' | $36,000,000 | $35,000,000 | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | 50.00% | ' |
Stock Issued During Period, Shares, New Issues | 1,867,370 | ' | ' | ' | ' |
AgreedUponPurchasePriceOfNoncontrollingInterest | 91,400,000 | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | 50.00% | 100.00% |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $94,386,000 | $94,386,000 | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) | 0 Months Ended | ||
Jul. 22, 2013 | Mar. 29, 2014 | Jul. 22, 2013 | |
Third Avenue Management LLC [Member] | Third Avenue Management LLC [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 1,867,370 | ' | ' |
Percentage ownership of outstanding common shares | ' | 22.70% | 22.80% |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Segment | |||
Business Segment Information | ' | ' | ' |
Number of operating segments | 2 | ' | ' |
Net revenue | $533,339 | $452,300 | $443,066 |
Income before income taxes | 27,805 | 16,648 | 32,227 |
Gain on bargain purchase | 0 | 0 | 22,009 |
Depreciation | 2,620 | 2,530 | 2,318 |
Amortization | 1,380 | 1,480 | 3,238 |
Income tax expense (benefit) | 9,099 | 6,351 | 2,499 |
Capital expenditures | 2,265 | 755 | 2,427 |
Total assets | 469,239 | 444,499 | ' |
Factory-built housing [Member] | ' | ' | ' |
Business Segment Information | ' | ' | ' |
Net revenue | 485,897 | 408,094 | 406,833 |
Income before income taxes | 27,258 | 14,335 | 8,809 |
Depreciation | 2,497 | 2,396 | 2,199 |
Amortization | 1,179 | 1,178 | 1,085 |
Income tax expense (benefit) | 5,012 | 2,495 | 525 |
Capital expenditures | 2,079 | 510 | 2,381 |
Total assets | 254,409 | 239,224 | ' |
Financial services [Member] | ' | ' | ' |
Business Segment Information | ' | ' | ' |
Net revenue | 47,442 | 44,206 | 36,233 |
Income before income taxes | 11,582 | 10,305 | 8,340 |
Depreciation | 69 | 60 | 85 |
Amortization | 201 | 302 | 2,153 |
Income tax expense (benefit) | 4,087 | 3,856 | 1,974 |
Capital expenditures | 87 | 104 | 39 |
Total assets | 163,611 | 174,369 | ' |
Consumer Finance [Member] | ' | ' | ' |
Business Segment Information | ' | ' | ' |
Net revenue | 19,617 | 23,177 | 22,194 |
Insurance [Member] | ' | ' | ' |
Business Segment Information | ' | ' | ' |
Net revenue | 27,825 | 21,029 | 14,039 |
General corporate [Member] | ' | ' | ' |
Business Segment Information | ' | ' | ' |
Income before income taxes | -11,035 | -7,992 | -6,931 |
Depreciation | 54 | 74 | 34 |
Capital expenditures | 99 | 141 | 7 |
Total assets | $51,219 | $30,906 | ' |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | $131,209 | $138,317 | $129,826 | $133,987 | $108,832 | $114,603 | $110,084 | $118,781 | $533,339 | $452,300 | ' |
Gross profit | 28,632 | 31,569 | 29,884 | 29,398 | 24,018 | 26,575 | 25,707 | 24,055 | 119,483 | 100,355 | 95,945 |
Net income | 4,210 | 5,892 | 4,743 | 3,861 | 2,977 | 3,021 | 2,681 | 1,618 | 18,706 | 10,297 | 29,728 |
Net income attributable to Cavco common stockholders | $4,210 | $5,892 | $4,310 | $1,826 | $1,392 | $1,457 | $1,254 | $860 | $16,238 | $4,963 | $15,237 |
Net income per share attributable to Cavco common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (usd per share) | $0.48 | $0.67 | $0.51 | $0.26 | $0.20 | $0.21 | $0.18 | $0.12 | $1.97 | $0.71 | $2.22 |
Diluted (usd per share) | $0.47 | $0.66 | $0.50 | $0.26 | $0.20 | $0.21 | $0.18 | $0.12 | $1.94 | $0.71 | $2.19 |