Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 26, 2015 | Oct. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CAVCO INDUSTRIES INC | |
Entity Central Index Key | 278,166 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 26, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --04-02 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 8,902,576 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 92,863 | $ 96,597 |
Restricted cash, current | 9,644 | 9,997 |
Accounts receivable, net | 30,592 | 26,994 |
Short-term investments | 7,999 | 7,106 |
Current portion of consumer loans receivable, net | 22,592 | 24,073 |
Current portion of commercial loans receivable, net | 3,150 | 2,330 |
Inventories | 89,038 | 75,334 |
Prepaid expenses and other current assets | 18,890 | 14,460 |
Deferred income taxes, current | 10,112 | 8,573 |
Total current assets | 284,880 | 265,464 |
Restricted cash | 1,081 | 1,081 |
Investments | 24,887 | 24,813 |
Consumer loans receivable, net | 70,550 | 74,085 |
Commercial loans receivable, net | 20,624 | 15,751 |
Property, plant and equipment, net | 53,479 | 44,712 |
Goodwill and other intangibles, net | 80,900 | 76,676 |
Total assets | 536,401 | 502,582 |
Current liabilities: | ||
Accounts payable | 19,746 | 17,805 |
Accrued liabilities | 97,385 | 77,076 |
Current portion of securitized financings and other | 6,856 | 6,590 |
Total current liabilities | 123,987 | 101,471 |
Securitized financings and other | 56,663 | 60,370 |
Deferred income taxes | 20,637 | 20,587 |
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 8,868,684 and 8,859,199 shares, respectively | 89 | 89 |
Additional paid-in capital | 240,126 | 237,916 |
Retained earnings | 95,100 | 81,645 |
Accumulated other comprehensive income | (201) | 504 |
Total stockholders' equity | 335,114 | 320,154 |
Total liabilities and stockholders' equity | $ 536,401 | $ 502,582 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 26, 2015 | Mar. 28, 2015 |
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 | 8,890,931 | 8,859,199 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Statement [Abstract] | ||||
Net revenue | $ 191,964 | $ 139,315 | $ 353,632 | $ 278,479 |
Cost of sales | 152,409 | 107,718 | 282,243 | 215,164 |
Gross profit | 39,555 | 31,597 | 71,389 | 63,315 |
Selling, general and administrative expenses | 26,571 | 22,270 | 49,230 | 44,478 |
Income from operations | 12,984 | 9,327 | 22,159 | 18,837 |
Interest expense | (965) | (1,161) | (1,980) | (2,337) |
Other income, net | 471 | 534 | 943 | 1,142 |
Income before income taxes | 12,490 | 8,700 | 21,122 | 17,642 |
Income tax expense | (4,420) | (3,233) | (7,667) | (6,416) |
Net income | 8,070 | 5,467 | 13,455 | 11,226 |
Net income attributable to Cavco common stockholders | 8,070 | 5,467 | 13,455 | 11,226 |
Comprehensive income: | ||||
Net income | 8,070 | 5,467 | 13,455 | 11,226 |
Unrealized (loss) gain on available-for-sale securities, net of tax | (296) | (102) | (705) | 66 |
Comprehensive income | $ 7,774 | $ 5,365 | $ 12,750 | $ 11,292 |
Net income per share attributable to Cavco common stockholders: | ||||
Basic (usd per share) | $ 0.91 | $ 0.62 | $ 1.52 | $ 1.27 |
Diluted (usd per share) | $ 0.89 | $ 0.61 | $ 1.49 | $ 1.25 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 8,878,075 | 8,852,860 | 8,870,862 | 8,850,509 |
Diluted (in shares) | 9,032,652 | 9,014,523 | 9,026,224 | 9,013,426 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 13,455 | $ 11,226 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,878 | 1,921 |
Provision for credit losses | 348 | (44) |
Deferred income taxes | (577) | 3,098 |
Stock-based compensation expense | 1,117 | 1,114 |
Non-cash interest income, net | 1,068 | 421 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | (352) | (2,916) |
Gain on sale of property, plant and equipment including assets held for sale, net | 50 | (269) |
Gain (loss) on sales of loans and investments | 3,175 | 2,753 |
Changes in operating assets and liabilities: | ||
Restricted cash | 482 | (2,359) |
Accounts receivable | 1,850 | (781) |
Consumer loans receivable originated | (53,912) | (53,942) |
Principal payments on consumer loans receivable | 5,275 | 7,028 |
Proceeds from sales of consumer loans | 56,269 | 47,881 |
Inventories | 1,568 | (3,846) |
Prepaid expenses and other current assets | (344) | (1,936) |
Commercial loans receivable | (5,731) | (1,535) |
Accounts payable and accrued liabilities | 12,685 | 7,283 |
Net cash provided by operating activities | 29,818 | 8,749 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (1,112) | (937) |
Payments to Acquire Businesses, Gross | (28,121) | 0 |
Proceeds from sale of property, plant and equipment including assets held for sale | 34 | 732 |
Purchases of investments | (7,410) | (6,124) |
Proceeds from sale of investments | 5,212 | 4,962 |
Net cash (used in) provided by investing activities | (31,397) | (1,367) |
FINANCING ACTIVITIES | ||
Proceeds from exercise of stock options | 741 | 441 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 352 | 2,916 |
Proceeds from (Repayments of) Secured Debt | 865 | 2,055 |
Payments on securitized financings | (4,113) | (4,913) |
Net cash used in financing activities | (2,155) | 499 |
Net (decrease) increase in cash and cash equivalents | (3,734) | 7,881 |
Cash and cash equivalents at beginning of the period | 96,597 | 72,949 |
Cash and cash equivalents at end of the period | 92,863 | 80,830 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the year for income taxes | 5,459 | 4,620 |
Cash paid during the year for interest | $ 1,926 | $ 2,106 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Sep. 26, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc., and its subsidiaries (collectively, the "Company" or "Cavco"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these statements include all of the normal recurring adjustments necessary to fairly state the Company's Consolidated Financial Statements. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC; there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended March 28, 2015 , filed with the SEC on June 10, 2015 , as amended via a Form 10-K/A filed with the SEC on July 24, 2015 ("Form 10-K"). The 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 the accompanying Notes. Actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on 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 will end on April 2, 2016 . 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 Company builds a wide variety of affordable modular homes, manufactured homes and park model RVs in 19 factories located throughout the United States, primarily distributed through a network of independent and Company-owned retailers. The Company operates 45 Company-owned retail stores in the United States. The Company's mortgage subsidiary ("CountryPlace") is an approved Fannie Mae and Ginnie Mae seller/servicer and offers conforming mortgages to purchasers of factory-built and site-built homes. The Company's insurance subsidiary ("Standard Casualty") provides property and casualty insurance to owners of manufactured homes. On March 30, 2015, the Company purchased certain manufactured housing assets and liabilities of Chariot Eagle, LLC, which produces park model RVs and manufactured homes distributed in the Southeastern United States. On May 1, 2015, the Company also purchased certain manufactured housing assets and liabilities of Fairmont Homes, a premier builder of manufactured and modular homes and park model RVs serving the Midwest, western Great Plains states, the Northeast and several provinces in Canada. These operations include manufactured housing production facilities in Ocala, Florida; Nappanee, Indiana; and two factories in Montevideo, Minnesota, and provide for further operating capacity, increased home production capabilities and distribution into new markets. Both of these acquisitions were accounted for as business combinations and the results of operations have been included since the date of their respective acquisitions. Our purchase price allocations are preliminary and subject to revision as more detailed analyses are completed and additional information about fair value of assets and liabilities becomes available, including additional information relating to tax matters and finalization of our valuation of identified intangible assets. Pro forma results of operations for these acquisitions have not been presented because the effects of these business combinations, individually and in aggregate, were not material to our consolidated results of operations. Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 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 with the first quarter of the Company's fiscal year 2019, with e arly application permitted in fiscal year 2018. 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 dates. 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. For a description of other significant accounting policies used by the Company in the preparation of its Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements in the Form 10-K. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Sep. 26, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash Restricted cash consists of the following (in thousands): September 26, March 28, Cash related to CountryPlace customer payments to be remitted to third parties $ 8,037 $ 8,471 Cash related to CountryPlace customer payments on securitized loans to be remitted to bondholders 1,554 1,425 Cash related to workers' compensation insurance held in trust 727 727 Cash related to retail home buyer deposits held in trust 53 101 Other restricted cash 354 354 $ 10,725 $ 11,078 Corresponding amounts are recorded in accounts payable and accrued liabilities for customer payments, deposits and other restricted cash. |
Investments
Investments | 6 Months Ended |
Sep. 26, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments consist of the following (in thousands): September 26, March 28, Available-for-sale investment securities $ 22,455 $ 21,283 Non-marketable equity investments 10,431 10,636 $ 32,886 $ 31,919 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): September 26, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government debt securities $ 1,502 $ 1 $ (3 ) $ 1,500 Residential mortgage-backed securities 5,311 25 (35 ) 5,301 State and political subdivision debt securities 8,015 185 (29 ) 8,171 Corporate debt securities 778 — (3 ) 775 Marketable equity securities 6,172 292 (756 ) 5,708 Certificates of deposit 1,000 — — 1,000 $ 22,778 $ 503 $ (826 ) $ 22,455 March 28, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government debt securities $ 1,952 $ 1 $ (5 ) $ 1,948 Residential mortgage-backed securities 4,342 23 (27 ) 4,338 State and political subdivision debt securities 7,190 245 (12 ) 7,423 Corporate debt securities 1,060 2 (4 ) 1,058 Marketable equity securities 4,962 642 (88 ) 5,516 Certificates of deposit 1,000 — — 1,000 $ 20,506 $ 913 $ (136 ) $ 21,283 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): September 26, 2015 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and government debt securities $ — $ — $ 699 $ (3 ) $ 699 $ (3 ) Residential mortgage-backed securities 1,257 (8 ) 253 (27 ) 1,510 (35 ) State and political subdivision debt securities 1,865 (16 ) 1,004 (13 ) 2,869 (29 ) Corporate debt securities 523 (3 ) — — 523 (3 ) Marketable equity securities 3,368 (687 ) 194 (69 ) 3,562 (756 ) $ 7,013 $ (714 ) $ 2,150 $ (112 ) $ 9,163 $ (826 ) March 28, 2015 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and government debt securities $ 499 $ — $ 698 $ (5 ) $ 1,197 $ (5 ) Residential mortgage-backed securities 438 (2 ) 330 (25 ) 768 (27 ) State and political subdivision debt securities 1,099 (6 ) 256 (6 ) 1,355 (12 ) Corporate debt securities 247 (4 ) — — 247 (4 ) Marketable equity securities 1,067 (85 ) 100 (3 ) 1,167 (88 ) $ 3,350 $ (97 ) $ 1,384 $ (39 ) $ 4,734 $ (136 ) 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 September 26, 2015 . As of September 26, 2015 , the Company's investments in marketable equity securities consist of investments in common stock of industrial and other companies ( $5.6 million of the total fair value and $753,000 of the total unrealized losses) and bank trust, insurance and public utility companies ( $100,000 of the total fair value and $3,000 of the total unrealized losses). As of March 28, 2015 , the Company's investments in marketable equity securities consisted of investments in common stock of industrial and other companies ( $5.4 million of the total fair value and $85,000 of the total unrealized losses) and bank trust, insurance and public utility companies ( $100,000 of the total fair value and $3,000 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 differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 26, 2015 March 28, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 1,286 $ 1,291 $ 1,804 $ 1,821 Due after one year through five years 3,456 3,467 2,834 2,844 Due after five years through ten years 4,069 4,037 2,467 2,452 Due after ten years 6,795 6,952 7,439 7,650 $ 15,606 $ 15,747 $ 14,544 $ 14,767 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 the three and six months ended September 26, 2015 were approximately $51,000 and $231,000 , respectively. Gross losses realized were approximately $66,000 and $112,000 for the three and six months ended September 26, 2015 , respectively. Gross gains realized on the sales of investment securities for the three and six months ended September 27, 2014 were approximately $123,000 and $426,000 , respectively. Gross losses realized were approximately $11,000 and $79,000 for the three and six months ended September 27, 2014 , respectively. |
Inventories
Inventories | 6 Months Ended |
Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following (in thousands): September 26, March 28, Raw materials $ 27,244 $ 24,373 Work in process 10,067 7,271 Finished goods and other 51,727 43,690 $ 89,038 $ 75,334 |
Consumer Loans Receivable
Consumer Loans Receivable | 6 Months Ended |
Sep. 26, 2015 | |
Receivables [Abstract] | |
Consumer Loans Receivable | Consumer Loans Receivable The Company acquired consumer loans receivable during the first quarter of fiscal 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 Accounting Standards Codification ("ASC") 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). Consumer loans receivable held for sale are carried at the lower of cost or market and construction advances are carried at the amount advanced less a valuation allowance. The following table summarizes consumer loans receivable (in thousands): September 26, March 28, Loans held for investment (acquired on Palm Harbor Acquisition Date) $ 73,233 $ 77,670 Loans held for investment (originated after Palm Harbor Acquisition Date) 5,633 5,005 Loans held for sale 9,779 11,903 Construction advances 5,206 4,076 Consumer loans receivable 93,851 98,654 Deferred financing fees and other, net (709 ) (496 ) Consumer loans receivable, net $ 93,142 $ 98,158 As of the date of the Palm Harbor acquisition, 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 date of the Palm Harbor transaction as an amount that cannot be accreted into interest income (the non-accretable difference). The cash flow expected to be collected in excess of the carrying value of the acquired loans 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. September 26, March 28, (in thousands) Consumer loans receivable held for investment – contractual amount $ 179,261 $ 192,523 Purchase discount Accretable (70,450 ) (73,202 ) Non-accretable (35,241 ) (41,305 ) Less consumer loans receivable reclassified as other assets (337 ) (346 ) Total acquired consumer loans receivable held for investment, net $ 73,233 $ 77,670 Over the life of the acquired loans, the Company continues to estimate cash flows expected to be collected by CountryPlace. As of the balance sheet date, the Company evaluates whether the present value of expected cash flows, determined using the effective interest rate, has decreased from the value at acquisition and, if so, recognizes an allowance for loan loss. 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 weighted averages of assumptions used in the calculation of expected cash flows to be collected are as follows: September 26, March 28, Prepayment rate 13.1 % 12.6 % Default rate 1.3 % 1.7 % Assuming there were a 1% unfavorable variation from the expected level, for each key assumption, the expected cash flows, as of September 26, 2015 , would decrease by approximately $2.3 million and $6.0 million for the expected prepayment rate and expected default rate, respectively. The changes in accretable yield on acquired consumer loans receivable held for investment were as follows (in thousands): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Balance at the beginning of the period $ 70,261 $ 74,794 $ 73,202 $ 77,737 Accretion (2,685 ) (2,849 ) (5,436 ) (5,744 ) Reclassifications from non-accretable discount 2,874 3,356 2,684 3,308 Balance at the end of the period $ 70,450 $ 75,301 $ 70,450 $ 75,301 The consumer loans held for investment have the following characteristics: September 26, March 28, Weighted average contractual interest rate 9.08 % 9.10 % Weighted average effective interest rate 9.41 % 9.27 % Weighted average months to maturity 174 178 The Company's consumer loans receivable balance 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 September 26, 2015 , for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands): Consumer Loans Held for Investment Securitized 2005 Securitized 2007 Unsecuritized Construction Advances Consumer Loans Held For Sale Total Asset Class Credit Quality Indicator Chattel loans 0-619 $ 836 $ 567 $ 356 $ — $ — $ 1,759 620-719 14,068 9,619 3,272 — — 26,959 720+ 15,708 10,272 2,575 — — 28,555 Other 61 — 458 — — 519 Subtotal 30,673 20,458 6,661 — — 57,792 Conforming mortgages 0-619 — — 166 217 978 1,361 620-719 — — 1,520 3,190 5,329 10,039 720+ — — 9 1,799 3,255 5,063 Other — — — — 217 217 Subtotal — — 1,695 5,206 9,779 16,680 Non-conforming mortgages 0-619 89 599 1,466 — — 2,154 620-719 1,442 5,480 3,911 — — 10,833 720+ 1,712 3,515 834 — — 6,061 Other — — 316 — — 316 Subtotal 3,243 9,594 6,527 — — 19,364 Other loans Subtotal — — 15 — — 15 $ 33,916 $ 30,052 $ 14,898 $ 5,206 $ 9,779 $ 93,851 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. Thirty-eight percent of the outstanding principal balance of consumer loans receivable portfolio is concentrated in Texas. Other than Texas, no other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of September 26, 2015 . Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the lesser of the related loan balance or the estimated fair value of the home, less the costs to sell. At repossession, the fair value of the collateral is computed based on the historical recovery rates of previously charged-off loans; the loan is charged off and the loss is charged to the allowance for loan losses. On a monthly basis, the fair value of the collateral is adjusted to the lower of cost or estimated sales price less estimated costs to sell, based on current information. Repossessed homes totaled approximately $362,000 and $582,000 as of September 26, 2015 and March 28, 2015 , respectively, and are included in prepaid and other assets in the consolidated balance sheet. Foreclosure or similar proceedings in progress totaled approximately $411,000 and $650,000 as of September 26, 2015 and March 28, 2015 , respectively. |
Revenue Recognition, Interest [Policy Text Block] | As of the date of the Palm Harbor acquisition, 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 date of the Palm Harbor transaction as an amount that cannot be accreted into interest income (the non-accretable difference). The cash flow expected to be collected in excess of the carrying value of the acquired loans 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. |
Commercial Loans Receivables an
Commercial Loans Receivables and Allowance for Loan Loss | 6 Months Ended |
Sep. 26, 2015 | |
Receivables [Abstract] | |
Inventory Finance Receivables and Allowance for Loan Loss | and Allowance for Loan Loss The Company's commercial loans receivable balance consists of two classes: (i) direct financing arrangements for the home product needs of our independent retailers, communities and developers; and (ii) amounts loaned by the Company under participation financing programs. Under the terms of the direct programs, the Company provides funds for the independent retailers, communities and developer's financed home purchases. The notes are secured by the home as collateral and, in some instances, other security depending on the circumstances. The other terms of direct arrangements vary depending on the needs of the borrower and the opportunity for the Company. 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. The participation commercial loan receivables are unsecured general obligations of the independent floor plan lenders. Commercial loans receivables, net, consist of the following by class of financing notes receivable (in thousands): September 26, March 28, Direct loans receivable $ 21,926 $ 15,802 Participation loans receivable 1,958 2,352 Allowance for loan loss (110 ) (73 ) $ 23,774 $ 18,081 The commercial loans receivable balance has the following characteristics: September 26, March 28, Weighted average contractual interest rate 6.9 % 6.5 % Weighted average months to maturity 8 6 The Company evaluates the potential for loss from its participation loan 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 September 26, 2015 or March 28, 2015 . With respect to direct programs with communities and developers, borrower activity is monitored on a regular basis and contractual arrangements are in place to provide adequate loss mitigation in the event of a default. For direct programs with independent retailers, the risk of loss is spread over numerous borrowers. Borrower activity is 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 $110,000 and $134,000 at September 26, 2015 and September 27, 2014 , 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 programs (in thousands): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Balance at beginning of period $ 82 $ 128 $ 73 $ 139 Provision for inventory finance credit losses 28 6 37 (5 ) Loans charged off, net of recoveries — — — — Balance at end of period $ 110 $ 134 $ 110 $ 134 The following table disaggregates commercial loans receivable and the estimated allowance for loan loss for each class of financing receivable by evaluation methodology (in thousands): Direct Commercial Loans Participation Commercial Loans September 26, March 28, September 26, March 28, Inventory finance notes receivable: Collectively evaluated for impairment $ 10,970 $ 7,229 $ — $ — Individually evaluated for impairment 10,956 8,573 1,958 2,352 $ 21,926 $ 15,802 $ 1,958 $ 2,352 Allowance for loan loss: Collectively evaluated for impairment $ (110 ) $ (73 ) $ — $ — Individually evaluated for impairment — — — — $ (110 ) $ (73 ) $ — $ — 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. The Company will resume accrual of interest once these factors have been remedied. At September 26, 2015 , there are no commercial loans that are 90 days or more past due that are still accruing interest. Payments received on nonaccrual loans are recorded on a cash basis, first to interest and then to principal. At September 26, 2015 , the Company was not aware of any potential problem loans that would have a material effect on the commercial 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 Commercial Loans Participation Commercial Loans September 26, March 28, September 26, March 28, Risk profile based on payment activity: Performing $ 21,852 $ 15,728 $ 1,958 $ 2,352 Watch list — — — — Nonperforming 74 74 — — $ 21,926 $ 15,802 $ 1,958 $ 2,352 The Company has concentrations of commercial loans receivable related to factory-built homes located in the following states, measured as a percentage of commercial loans receivables principal balance outstanding: September 26, March 28, Texas 34.3 % 42.4 % Arizona 11.1 % 10.4 % 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 commercial loans receivables in any other states as of September 26, 2015 or March 28, 2015 , respectively. As of September 26, 2015 the Company had concentrations of commercial loans receivable with one independent third-party that equaled 33.3% of the principal balance outstanding, all of which was secured. As of March 28, 2015 , the Company did not have concentrations in excess of 10% of the principal balance of commercial loans receivable with any one borrower. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Sep. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Policy [Policy Text Block] | 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 | 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): September 26, March 28, Property, plant and equipment, at cost: Land $ 22,571 $ 21,197 Buildings and improvements 30,623 24,288 Machinery and equipment 19,296 16,772 72,490 62,257 Accumulated depreciation (19,011 ) (17,545 ) Property, plant and equipment, net $ 53,479 $ 44,712 Included in the amounts above are certain assets under a capital lease. See Note 8 for additional information. |
Capital Leases (Notes)
Capital Leases (Notes) | 6 Months Ended |
Sep. 26, 2015 | |
Capital Leased Assets [Line Items] | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | On May 1, 2015, in connection with the purchase of Fairmont Homes, the Company entered into a five year lease covering the manufacturing facilities and land in Montevideo, Minnesota, which is accounted for as a capital lease. At the end of the lease term, the landlord has the option to require the Company to purchase the leased premises at a specified price. If the landlord does not exercise this option, the Company may purchase the facilities at the termination of the lease for that price. The following amounts were recorded for the leased assets as of September 26, 2015 (in thousands): September 26, Land $ 92 Buildings and improvements 2,033 2,125 Accumulated amortization (28 ) Leased assets, net $ 2,097 The minimum payments in future fiscal years under the lease as of September 26, 2015 are as follows (in thousands): 2016 $ 150 2017 289 2018 277 2019 265 2020 253 Thereafter 1,721 Total remaining lease payments 2,955 Less: Amount representing interest (867 ) Present value of future minimum lease payments $ 2,088 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 6 Months Ended |
Sep. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible assets principally consist of goodwill, trademarks and trade names, state insurance licenses, customer relationships, and other, which includes technology, insurance policies and renewal rights. Goodwill, trademarks and trade names and state insurance licenses are indefinite-lived intangible assets and are evaluated for impairment annually and whenever events or circumstances indicate that more likely than not impairment has occurred. During the six months ended September 26, 2015 and September 27, 2014 , no impairment expense was 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 15 years and other intangibles over 3 to 15 years. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Intangible assets principally consist of goodwill, trademarks and trade names, state insurance licenses, customer relationships, and other, which includes technology, insurance policies and renewal rights. Goodwill, trademarks and trade names and state insurance licenses are indefinite-lived intangible assets and are evaluated for impairment annually and whenever events or circumstances indicate that more likely than not impairment has occurred. During the six months ended September 26, 2015 and September 27, 2014 , no impairment expense was 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 15 years and other intangibles over 3 to 15 years. Goodwill and other intangibles consist of the following (in thousands): September 26, 2015 March 28, 2015 Gross Accumulated Net Gross Accumulated Net Indefinite lived: Goodwill $ 69,014 $ — $ 69,014 $ 67,346 $ — $ 67,346 Trademarks and trade names 7,100 — 7,100 6,250 — 6,250 State insurance licenses 1,100 — 1,100 1,100 — 1,100 Total indefinite-lived intangible assets 77,214 — 77,214 74,696 — 74,696 Finite lived: Customer relationships 8,100 (5,257 ) 2,843 6,200 (5,027 ) 1,173 Other $ 1,384 $ (541 ) $ 843 $ 1,274 $ (467 ) $ 807 Total goodwill and other intangible assets $ 86,698 $ (5,798 ) $ 80,900 $ 82,170 $ (5,494 ) $ 76,676 Amortization expense recognized on intangible assets was $116,000 and $305,000 during the three and six months ended September 26, 2015 , respectively. Amortization expense of and $344,000 and $689,000 was recognized during the three and six months ended September 27, 2014 , respectively. During the six months ended September 26, 2015 , the Company acquired certain manufactured housing assets and liabilities of two companies, both of which were accounted for as business combinations. The purchase price for the assets and liabilities assumed was allocated based on their estimated fair values and is preliminary. The measurement periods for the valuation of assets acquired and liabilities assumed end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available, but do not exceed 12 months. Adjustments in purchase price allocations may require adjustments of the amounts allocated to goodwill. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Sep. 26, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following (in thousands): September 26, March 28, 2015 Salaries, wages and benefits $ 17,861 $ 16,186 Unearned insurance premiums 14,417 13,556 Customer deposits 14,148 13,435 Estimated warranties 12,805 9,953 Accrued volume rebates 7,342 3,266 Company repurchase option on certain loans sold 4,947 2,063 Accrued insurance 4,271 3,068 Insurance loss reserves 3,362 1,774 Accrued taxes 2,968 1,089 Deferred margin 2,472 2,398 Capital lease obligation 2,088 — Reserve for repurchase commitments 1,653 2,240 Other 9,051 8,048 $ 97,385 $ 77,076 |
Warranties
Warranties | 6 Months Ended |
Sep. 26, 2015 | |
Product Warranties Disclosures [Abstract] | |
Extended Product Warranty, Policy [Policy Text Block] | 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 recorded 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. |
Warranties | 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 recorded 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): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Balance at beginning of period $ 11,057 $ 9,388 $ 9,953 $ 9,262 Purchase accounting additions — — 1,111 — Charged to costs and expenses 5,970 3,072 10,235 6,250 Payments and deductions (4,222 ) (3,067 ) (8,494 ) (6,119 ) Balance at end of period $ 12,805 $ 9,393 $ 12,805 $ 9,393 |
Debt Obligations
Debt Obligations | 6 Months Ended |
Sep. 26, 2015 | |
Debt Disclosure [Abstract] | |
Debt, Policy [Policy Text Block] | 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 date of the Palm Harbor acquisition 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). |
Debt Obligations | Debt Obligations Debt obligations consist of amounts related to loans sold that did not qualify for loan sale accounting treatment. The following table summarizes debt obligations (in thousands): September 26, March 28, Acquired securitized financings (acquired as part of the Palm Harbor transaction) Securitized financing 2005-1 $ 28,391 $ 29,469 Securitized financing 2007-1 30,559 33,461 Other secured financings 4,569 4,030 Total securitized financings and other, net $ 63,519 $ 66,960 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 date of the Palm Harbor acquisition 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 acquired securitized financings (in thousands): September 26, March 28, Securitized financings – contractual amount $ 72,943 $ 75,058 Purchase discount Accretable (13,993 ) (12,128 ) Non-accretable (1) — — Total acquired securitized financings, net $ 58,950 $ 62,930 (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): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Balance at the beginning of the period $ 10,741 $ 14,268 $ 12,128 $ 15,199 Accretion (741 ) (1,034 ) (1,553 ) (2,095 ) Adjustment to cash flows 3,993 1,908 3,418 2,038 Balance at the end of the period $ 13,993 $ 15,142 $ 13,993 $ 15,142 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 and at issuance had an expected weighted average maturity of 4.66 years . For accounting purposes, this transaction was structured as a securitized borrowing. As of September 26, 2015 , the Class A-1 and Class A-2 bonds have 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 and at issuance had an expected expected weighted average maturity of 4.86 years . For accounting purposes, this transaction was also structured as a securitized borrowing. As of September 26, 2015 , the Class A-1 and Class A-2 bonds have been retired. CountryPlace's securitized debt is subject to provisions that require certain levels of overcollateralization. Overcollateralization is equal to CountryPlace's equity in the bonds. Failure to satisfy these provisions could cause cash, which would normally be distributed to CountryPlace, to be used for repayment of the principal of the related Class A bonds until the required overcollateralization level is reached. During periods when the overcollateralization is below the specified level, 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 Class A debt until such time the overcollateralization level reaches the specified level. Therefore, failure to meet the overcollateralization requirement could adversely affect the timing of cash flows received by CountryPlace. However, principal payments 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 September 26, 2015 , the 2005-1 securitized portfolio was within the required overcollateralization level; however, a certain provision pertaining to the 2007-1 securitized portfolio exceeded a specified level, requiring additional overcollateralization. An increase in the specified level of this certain provision occurred in October 2015. |
Reinsurance
Reinsurance | 6 Months Ended |
Sep. 26, 2015 | |
Insurance [Abstract] | |
Reinsurance | 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): Three Months Ended September 26, 2015 September 27, 2014 Written Earned Written Earned Direct premiums $ 3,549 $ 3,664 $ 3,188 $ 3,190 Assumed premiums—nonaffiliate 5,476 5,295 4,951 4,641 Ceded premiums—nonaffiliate (2,722 ) (2,722 ) (2,448 ) (2,448 ) Net premiums $ 6,303 $ 6,237 $ 5,691 $ 5,383 Six Months Ended September 26, 2015 September 27, 2014 Written Earned Written Earned Direct premiums $ 7,660 $ 7,257 $ 6,764 $ 6,264 Assumed premiums—nonaffiliate 11,265 10,378 10,250 9,012 Ceded premiums—nonaffiliate (5,436 ) (5,436 ) (4,757 ) (4,757 ) Net premiums $ 13,489 $ 12,199 $ 12,257 $ 10,519 Typical insurance policies written or assumed by Standard Casualty have a maximum coverage of $300,000 per claim, of which Standard cedes $200,000 of the risk of loss per reinsurance. Therefore, Standard Casualty maintains risk of loss limited to $100,000 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 $24.0 million in the aggregate. Purchasing reinsurance contracts protects Standard Casualty from frequency and/or severity of losses incurred on insurance policies issued, such as in the case of a catastrophe that generates a large number of serious claims on multiple policies at the same time. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's deferred tax assets primarily result from financial statement accruals not currently deductible for tax purposes and differences in the acquired basis of certain assets, and its deferred tax liabilities primarily result from tax amortization of goodwill and other intangible assets. The Company complies with the provisions of ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740 also provides guidance on derecognizing, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The amount of unrecognized tax benefits recorded by the Company is insignificant and the impact on the effective tax rate if all unrecognized tax benefits were recognized would be insignificant. The Company classifies interest and penalties related to unrecognized tax benefits in tax expense. Income tax returns are filed in the U.S. federal jurisdiction and in several state jurisdictions. The Company is no longer subject to examination by the IRS for years before fiscal year 2012. 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. 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. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 with another loan which may mitigate losses from fallout. As of September 26, 2015 CountryPlace had outstanding IRLCs with a notional amount of $ 5.1 million and are recorded at fair value in accordance with 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 the three and six months ended September 26, 2015 , CountryPlace recognized gains of $13,000 and losses of $5,000 , respectively, on the outstanding IRLCs. During the three and six months ended September 27, 2014 , CountryPlace recognized losses of $26,000 and gains of $ 27,000 , 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 IRLCs expected to close in particular time frames, 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. |
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. |
Representations and Warranties of Mortgages Sold [Policy Text Block] | 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 $893,000 and $867,000 as of September 26, 2015 and March 28, 2015 , 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. |
Commitments and Contingencies | 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 maximum amount for which the Company was contingently liable under such agreements approximated $ 45.1 million at September 26, 2015 , without reduction for the resale value of the homes. The Company applies ASC 460, Guarantees ("ASC 460"), and ASC 450-20, Loss Contingencies ("ASC 450-20"), to account for its liability for repurchase commitments. Under the provisions of ASC 460, the Company records the greater of the estimated value of the non-contingent obligation or a contingent liability for each repurchase arrangement under the provisions of ASC 450-20. The Company recorded an estimated liability of $1.7 million and $2.2 million at September 26, 2015 and March 28, 2015 , respectively, related to the commitments pertaining to these agreements. 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 Casualty will fulfill its reinsurance obligations. This letter of credit is secured by certain of the Company's investments. 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): September 26, March 28, Construction loan contract amount $ 13,514 $ 9,591 Cumulative advances (5,206 ) (4,076 ) Remaining construction contingent commitment $ 8,308 $ 5,515 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 $893,000 and $867,000 as of September 26, 2015 and March 28, 2015 , 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. 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 with another loan which may mitigate losses from fallout. As of September 26, 2015 CountryPlace had outstanding IRLCs with a notional amount of $ 5.1 million and are recorded at fair value in accordance with 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 the three and six months ended September 26, 2015 , CountryPlace recognized gains of $13,000 and losses of $5,000 , respectively, on the outstanding IRLCs. During the three and six months ended September 27, 2014 , CountryPlace recognized losses of $26,000 and gains of $ 27,000 , 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 IRLCs expected to close in particular time frames, 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 three and six months ended September 26, 2015 , CountryPlace recognized losses of $81,000 and $15,000 , respectively, on forward sales and whole loan sale commitments. During the three and six months ended September 27, 2014 , CountryPlace recognized gains of $31,000 and losses of $36,000 , 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, 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. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Sep. 26, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity The following table represents changes in stockholders' equity for the six months ended September 26, 2015 (dollars in thousands): Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Common Stock Shares Amount Balance, March 28, 2015 8,859,199 $ 89 $ 237,916 $ 81,645 $ 504 $ 320,154 Stock option exercises, including incremental tax benefits 31,732 — 1,093 — — 1,093 Share-based compensation — — 1,117 — — 1,117 Net income — — — 13,455 — 13,455 Unrealized gain (loss) on Available-for-sale securities — — — — (705 ) (705 ) Balance, September 26, 2015 8,890,931 $ 89 $ 240,126 $ 95,100 $ (201 ) $ 335,114 (1) Other comprehensive income is comprised of unrealized gains and losses on available-for-sale investments. Unrealized losses before tax effect on available-for-sale securities were $1.1 million for the six months ended September 26, 2015 . |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Sep. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 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. As of September 26, 2015 , the plans, which are shareholder approved, permit the award of up to 1,350,000 shares of the Company's common stock, of which 67,564 shares were still available for grant. 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 upon a change in control (as defined in the plans). |
Stock-Based Compensation | 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. As of September 26, 2015 , the plans, which are shareholder approved, permit the award of up to 1,350,000 shares of the Company's common stock, of which 67,564 shares were still available for grant. 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 upon a change in control (as defined in the plans). Stock-based compensation cost charged against income for the three and six months ended September 26, 2015 was $786,000 and $1.1 million , respectively. The Company recorded stock-based compensation expense of $832,000 and $1.1 million for the three and six months ended September 27, 2014 , respectively. As of September 26, 2015 , total unrecognized compensation cost related to stock options was approximately $2.7 million and the related weighted-average period over which it is expected to be recognized is approximately 3.19 years . The following table summarizes the option activity within the Company's stock-based compensation plans for the six months ended September 26, 2015 : Number of Shares Outstanding at March 28, 2015 506,980 Granted 86,500 Exercised (44,875 ) Canceled or expired (1,000 ) Outstanding at September 26, 2015 547,605 Exercisable at September 26, 2015 376,600 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Sep. 26, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | 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. |
Earnings Per Share | 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 (dollars in thousands, except per share amounts): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Net income $ 8,070 $ 5,467 $ 13,455 $ 11,226 Weighted average shares outstanding: Basic 8,878,075 8,852,860 8,870,862 8,850,509 Common stock equivalents—treasury stock method 154,577 161,663 155,362 162,917 Diluted 9,032,652 9,014,523 9,026,224 9,013,426 Net income per share: Basic $ 0.91 $ 0.62 $ 1.52 $ 1.27 Diluted $ 0.89 $ 0.61 $ 1.49 $ 1.25 Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three and six months ended September 26, 2015 were 18,962 and 23,052 , respectively. There were 4,241 and 1,641 anti-dilutive common stock equivalents excluded for the three and six months ended September 27, 2014 , respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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. No impairment charges were recorded during the six months ended September 26, 2015 . |
Fair Value Measurements | Fair Value Measurements The book value and estimated fair value of the Company's financial instruments are as follows (in thousands): September 26, 2015 March 28, 2015 Book Value Estimated Fair Value Book Value Estimated Fair Value Available-for-sale securities (1) $ 22,455 $ 22,455 $ 21,283 $ 21,283 Non-marketable equity investments (2) 10,431 10,431 10,636 10,636 Consumer loans receivable (3) 93,142 126,439 98,158 129,616 Interest rate lock commitment derivatives (4) 15 15 19 19 Forward loan sale commitment derivatives (4) (68 ) (68 ) (54 ) (54 ) Commercial loans receivable (5) 23,774 23,913 18,081 18,025 Securitized financings (6) (63,519 ) (63,235 ) (66,960 ) (67,064 ) Mortgage servicing rights (7) 750 750 475 475 (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 investments. (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 is estimated using market interest rates of comparable loans. (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 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): September 26, 2015 Total Level 1 Level 2 Level 3 Securities issued by the U.S Treasury and Government (1) $ 1,500 $ — $ 1,500 $ — Mortgage-backed securities (1) 5,301 — 5,301 — Securities issued by states and political subdivisions (1) 8,171 — 8,171 — Corporate debt securities (1) 775 — 775 — Marketable equity securities (1) 5,708 5,708 — — Interest rate lock commitment derivatives (2) 15 — — 15 Forward loan sale commitment derivatives (2) (68 ) — — (68 ) Mortgage servicing rights (3) 750 — — 750 (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 the current period earnings through net revenue. No transfers between Level 1, Level 2 or Level 3 occurred during the six months ended September 26, 2015 . 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): September 26, 2015 Total Level 1 Level 2 Level 3 Loans held for investment $ 110,893 $ — $ — $ 110,893 Loans held for sale 10,340 — 10,340 — Loans held—construction advances 5,206 — — 5,206 Commercial loans receivable 23,913 — — 23,913 Securitized financings (63,235 ) — (63,235 ) — Non-marketable equity investments 10,431 — — 10,431 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 September 26, 2015 . 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. No impairment charges were recorded during the six months ended September 26, 2015 . 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 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. September 26, March 28, Number of loans serviced with MSRs 3,549 3,306 Weighted average servicing fee (basis points) 30.18 29.88 Capitalized servicing multiple 60.80 % 42.10 % Capitalized servicing rate (basis points) 18.35 12.58 Serviced portfolio with MSRs (in thousands) $ 408,920 $ 380,120 Mortgage servicing rights (in thousands) $ 750 $ 475 |
Related Party Transactions (Not
Related Party Transactions (Notes) | 6 Months Ended |
Sep. 26, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Policy Text Block] | Third Avenue Value Fund and an affiliate (collectively, "Third Avenue") are considered a principle owner, and therefore a related party, under ASC 850, Related Party Disclosures . As of September 26, 2015 , based on the latest regulatory filing available, Third Avenue and its related funds owned approximately 16.0% of our outstanding common shares. In July 2015, the Company’s CEO made a payment of $ 1.1 million to the Company, representing the repayment of performance bonuses related to fiscal 2012, 2014 and 2015 that were determined to be in excess of the 2005 Stock Incentive Plan limits and made to the CEO during those periods. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | 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): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Net revenue: Factory-built housing $ 177,455 $ 126,378 $ 325,001 $ 252,643 Financial services 14,509 12,937 28,631 25,836 $ 191,964 $ 139,315 $ 353,632 $ 278,479 Income before income taxes: Factory-built housing $ 8,967 $ 5,690 $ 16,971 $ 13,308 Financial services 3,523 3,010 4,151 4,334 $ 12,490 $ 8,700 $ 21,122 $ 17,642 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Sep. 26, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc., and its subsidiaries (collectively, the "Company" or "Cavco"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these statements include all of the normal recurring adjustments necessary to fairly state the Company's Consolidated Financial Statements. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC; there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended March 28, 2015 , filed with the SEC on June 10, 2015 , as amended via a Form 10-K/A filed with the SEC on July 24, 2015 ("Form 10-K"). The 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 the accompanying Notes. Actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on 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 will end on April 2, 2016 . 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 Company builds a wide variety of affordable modular homes, manufactured homes and park model RVs in 19 factories located throughout the United States, primarily distributed through a network of independent and Company-owned retailers. The Company operates 45 Company-owned retail stores in the United States. The Company's mortgage subsidiary ("CountryPlace") is an approved Fannie Mae and Ginnie Mae seller/servicer and offers conforming mortgages to purchasers of factory-built and site-built homes. The Company's insurance subsidiary ("Standard Casualty") provides property and casualty insurance to owners of manufactured homes. |
Related Party Transactions [Policy Text Block] | Third Avenue Value Fund and an affiliate (collectively, "Third Avenue") are considered a principle owner, and therefore a related party, under ASC 850, Related Party Disclosures . As of September 26, 2015 , based on the latest regulatory filing available, Third Avenue and its related funds owned approximately 16.0% of our outstanding common shares. In July 2015, the Company’s CEO made a payment of $ 1.1 million to the Company, representing the repayment of performance bonuses related to fiscal 2012, 2014 and 2015 that were determined to be in excess of the 2005 Stock Incentive Plan limits and made to the CEO during those periods. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 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 with the first quarter of the Company's fiscal year 2019, with e arly application permitted in fiscal year 2018. 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 dates. 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. |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc., and its subsidiaries (collectively, the "Company" or "Cavco"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these statements include all of the normal recurring adjustments necessary to fairly state the Company's Consolidated Financial Statements. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC; there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended March 28, 2015 , filed with the SEC on June 10, 2015 , as amended via a Form 10-K/A filed with the SEC on July 24, 2015 ("Form 10-K"). The 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 the accompanying Notes. Actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on 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 will end on April 2, 2016 . 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 Company builds a wide variety of affordable modular homes, manufactured homes and park model RVs in 19 factories located throughout the United States, primarily distributed through a network of independent and Company-owned retailers. The Company operates 45 Company-owned retail stores in the United States. The Company's mortgage subsidiary ("CountryPlace") is an approved Fannie Mae and Ginnie Mae seller/servicer and offers conforming mortgages to purchasers of factory-built and site-built homes. The Company's insurance subsidiary ("Standard Casualty") provides property and casualty insurance to owners of manufactured homes. On March 30, 2015, the Company purchased certain manufactured housing assets and liabilities of Chariot Eagle, LLC, which produces park model RVs and manufactured homes distributed in the Southeastern United States. On May 1, 2015, the Company also purchased certain manufactured housing assets and liabilities of Fairmont Homes, a premier builder of manufactured and modular homes and park model RVs serving the Midwest, western Great Plains states, the Northeast and several provinces in Canada. These operations include manufactured housing production facilities in Ocala, Florida; Nappanee, Indiana; and two factories in Montevideo, Minnesota, and provide for further operating capacity, increased home production capabilities and distribution into new markets. Both of these acquisitions were accounted for as business combinations and the results of operations have been included since the date of their respective acquisitions. Our purchase price allocations are preliminary and subject to revision as more detailed analyses are completed and additional information about fair value of assets and liabilities becomes available, including additional information relating to tax matters and finalization of our valuation of identified intangible assets. Pro forma results of operations for these acquisitions have not been presented because the effects of these business combinations, individually and in aggregate, were not material to our consolidated results of operations. Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 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 with the first quarter of the Company's fiscal year 2019, with e arly application permitted in fiscal year 2018. 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 dates. 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. For a description of other significant accounting policies used by the Company in the preparation of its Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements in the Form 10-K. |
Fair Value of Financial Instruments | 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, Interest [Policy Text Block] | As of the date of the Palm Harbor acquisition, 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 date of the Palm Harbor transaction as an amount that cannot be accreted into interest income (the non-accretable difference). The cash flow expected to be collected in excess of the carrying value of the acquired loans 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. |
Asset Impairment | 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. No impairment charges were recorded during the six months ended September 26, 2015 . |
Property, Plant and Equipment, Policy [Policy Text Block] | 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. |
Goodwill and Other Intangibles | Intangible assets principally consist of goodwill, trademarks and trade names, state insurance licenses, customer relationships, and other, which includes technology, insurance policies and renewal rights. Goodwill, trademarks and trade names and state insurance licenses are indefinite-lived intangible assets and are evaluated for impairment annually and whenever events or circumstances indicate that more likely than not impairment has occurred. During the six months ended September 26, 2015 and September 27, 2014 , no impairment expense was 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 15 years and other intangibles over 3 to 15 years. |
Extended Product Warranty, Policy [Policy Text Block] | 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 recorded 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. |
Net Income 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. |
Debt, Policy [Policy Text Block] | 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 date of the Palm Harbor acquisition 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). |
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. |
Representations and Warranties of Mortgages Sold [Policy Text Block] | 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 $893,000 and $867,000 as of September 26, 2015 and March 28, 2015 , 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. |
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 with another loan which may mitigate losses from fallout. As of September 26, 2015 CountryPlace had outstanding IRLCs with a notional amount of $ 5.1 million and are recorded at fair value in accordance with 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 the three and six months ended September 26, 2015 , CountryPlace recognized gains of $13,000 and losses of $5,000 , respectively, on the outstanding IRLCs. During the three and six months ended September 27, 2014 , CountryPlace recognized losses of $26,000 and gains of $ 27,000 , 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 IRLCs expected to close in particular time frames, 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. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 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. As of September 26, 2015 , the plans, which are shareholder approved, permit the award of up to 1,350,000 shares of the Company's common stock, of which 67,564 shares were still available for grant. 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 upon a change in control (as defined in the plans). |
Fair Value Measurement | In accordance with 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's policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period. |
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 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. |
Capital Leases (Policies)
Capital Leases (Policies) | 6 Months Ended |
Sep. 26, 2015 | |
Capital Leased Assets [Line Items] | |
Lease, Policy [Policy Text Block] | On May 1, 2015, in connection with the purchase of Fairmont Homes, the Company entered into a five year lease covering the manufacturing facilities and land in Montevideo, Minnesota, which is accounted for as a capital lease. At the end of the lease term, the landlord has the option to require the Company to purchase the leased premises at a specified price. If the landlord does not exercise this option, the Company may purchase the facilities at the termination of the lease for that price. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Summary of restricted cash | Restricted cash consists of the following (in thousands): September 26, March 28, Cash related to CountryPlace customer payments to be remitted to third parties $ 8,037 $ 8,471 Cash related to CountryPlace customer payments on securitized loans to be remitted to bondholders 1,554 1,425 Cash related to workers' compensation insurance held in trust 727 727 Cash related to retail home buyer deposits held in trust 53 101 Other restricted cash 354 354 $ 10,725 $ 11,078 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments Investments consist of the following (in thousands): September 26, March 28, Available-for-sale investment securities $ 22,455 $ 21,283 Non-marketable equity investments 10,431 10,636 $ 32,886 $ 31,919 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): September 26, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government debt securities $ 1,502 $ 1 $ (3 ) $ 1,500 Residential mortgage-backed securities 5,311 25 (35 ) 5,301 State and political subdivision debt securities 8,015 185 (29 ) 8,171 Corporate debt securities 778 — (3 ) 775 Marketable equity securities 6,172 292 (756 ) 5,708 Certificates of deposit 1,000 — — 1,000 $ 22,778 $ 503 $ (826 ) $ 22,455 March 28, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government debt securities $ 1,952 $ 1 $ (5 ) $ 1,948 Residential mortgage-backed securities 4,342 23 (27 ) 4,338 State and political subdivision debt securities 7,190 245 (12 ) 7,423 Corporate debt securities 1,060 2 (4 ) 1,058 Marketable equity securities 4,962 642 (88 ) 5,516 Certificates of deposit 1,000 — — 1,000 $ 20,506 $ 913 $ (136 ) $ 21,283 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): September 26, 2015 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and government debt securities $ — $ — $ 699 $ (3 ) $ 699 $ (3 ) Residential mortgage-backed securities 1,257 (8 ) 253 (27 ) 1,510 (35 ) State and political subdivision debt securities 1,865 (16 ) 1,004 (13 ) 2,869 (29 ) Corporate debt securities 523 (3 ) — — 523 (3 ) Marketable equity securities 3,368 (687 ) 194 (69 ) 3,562 (756 ) $ 7,013 $ (714 ) $ 2,150 $ (112 ) $ 9,163 $ (826 ) March 28, 2015 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and government debt securities $ 499 $ — $ 698 $ (5 ) $ 1,197 $ (5 ) Residential mortgage-backed securities 438 (2 ) 330 (25 ) 768 (27 ) State and political subdivision debt securities 1,099 (6 ) 256 (6 ) 1,355 (12 ) Corporate debt securities 247 (4 ) — — 247 (4 ) Marketable equity securities 1,067 (85 ) 100 (3 ) 1,167 (88 ) $ 3,350 $ (97 ) $ 1,384 $ (39 ) $ 4,734 $ (136 ) 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 September 26, 2015 . As of September 26, 2015 , the Company's investments in marketable equity securities consist of investments in common stock of industrial and other companies ( $5.6 million of the total fair value and $753,000 of the total unrealized losses) and bank trust, insurance and public utility companies ( $100,000 of the total fair value and $3,000 of the total unrealized losses). As of March 28, 2015 , the Company's investments in marketable equity securities consisted of investments in common stock of industrial and other companies ( $5.4 million of the total fair value and $85,000 of the total unrealized losses) and bank trust, insurance and public utility companies ( $100,000 of the total fair value and $3,000 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 differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 26, 2015 March 28, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 1,286 $ 1,291 $ 1,804 $ 1,821 Due after one year through five years 3,456 3,467 2,834 2,844 Due after five years through ten years 4,069 4,037 2,467 2,452 Due after ten years 6,795 6,952 7,439 7,650 $ 15,606 $ 15,747 $ 14,544 $ 14,767 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 the three and six months ended September 26, 2015 were approximately $51,000 and $231,000 , respectively. Gross losses realized were approximately $66,000 and $112,000 for the three and six months ended September 26, 2015 , respectively. Gross gains realized on the sales of investment securities for the three and six months ended September 27, 2014 were approximately $123,000 and $426,000 , respectively. Gross losses realized were approximately $11,000 and $79,000 for the three and six months ended September 27, 2014 , respectively. |
Schedule of Investments [Table Text Block] | Investments consist of the following (in thousands): September 26, March 28, Available-for-sale investment securities $ 22,455 $ 21,283 Non-marketable equity investments 10,431 10,636 $ 32,886 $ 31,919 |
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): September 26, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government debt securities $ 1,502 $ 1 $ (3 ) $ 1,500 Residential mortgage-backed securities 5,311 25 (35 ) 5,301 State and political subdivision debt securities 8,015 185 (29 ) 8,171 Corporate debt securities 778 — (3 ) 775 Marketable equity securities 6,172 292 (756 ) 5,708 Certificates of deposit 1,000 — — 1,000 $ 22,778 $ 503 $ (826 ) $ 22,455 March 28, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government debt securities $ 1,952 $ 1 $ (5 ) $ 1,948 Residential mortgage-backed securities 4,342 23 (27 ) 4,338 State and political subdivision debt securities 7,190 245 (12 ) 7,423 Corporate debt securities 1,060 2 (4 ) 1,058 Marketable equity securities 4,962 642 (88 ) 5,516 Certificates of deposit 1,000 — — 1,000 $ 20,506 $ 913 $ (136 ) $ 21,283 |
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): September 26, 2015 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and government debt securities $ — $ — $ 699 $ (3 ) $ 699 $ (3 ) Residential mortgage-backed securities 1,257 (8 ) 253 (27 ) 1,510 (35 ) State and political subdivision debt securities 1,865 (16 ) 1,004 (13 ) 2,869 (29 ) Corporate debt securities 523 (3 ) — — 523 (3 ) Marketable equity securities 3,368 (687 ) 194 (69 ) 3,562 (756 ) $ 7,013 $ (714 ) $ 2,150 $ (112 ) $ 9,163 $ (826 ) March 28, 2015 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and government debt securities $ 499 $ — $ 698 $ (5 ) $ 1,197 $ (5 ) Residential mortgage-backed securities 438 (2 ) 330 (25 ) 768 (27 ) State and political subdivision debt securities 1,099 (6 ) 256 (6 ) 1,355 (12 ) Corporate debt securities 247 (4 ) — — 247 (4 ) Marketable equity securities 1,067 (85 ) 100 (3 ) 1,167 (88 ) $ 3,350 $ (97 ) $ 1,384 $ (39 ) $ 4,734 $ (136 ) |
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 differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 26, 2015 March 28, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 1,286 $ 1,291 $ 1,804 $ 1,821 Due after one year through five years 3,456 3,467 2,834 2,844 Due after five years through ten years 4,069 4,037 2,467 2,452 Due after ten years 6,795 6,952 7,439 7,650 $ 15,606 $ 15,747 $ 14,544 $ 14,767 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Summary of inventories | Inventories consist of the following (in thousands): September 26, March 28, Raw materials $ 27,244 $ 24,373 Work in process 10,067 7,271 Finished goods and other 51,727 43,690 $ 89,038 $ 75,334 |
Consumer Loans Receivable (Tabl
Consumer Loans Receivable (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Receivables [Abstract] | |
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands): September 26, March 28, Loans held for investment (acquired on Palm Harbor Acquisition Date) $ 73,233 $ 77,670 Loans held for investment (originated after Palm Harbor Acquisition Date) 5,633 5,005 Loans held for sale 9,779 11,903 Construction advances 5,206 4,076 Consumer loans receivable 93,851 98,654 Deferred financing fees and other, net (709 ) (496 ) Consumer loans receivable, net $ 93,142 $ 98,158 |
Acquired Consumer Loans Receivable Held for Investment | September 26, March 28, (in thousands) Consumer loans receivable held for investment – contractual amount $ 179,261 $ 192,523 Purchase discount Accretable (70,450 ) (73,202 ) Non-accretable (35,241 ) (41,305 ) Less consumer loans receivable reclassified as other assets (337 ) (346 ) Total acquired consumer loans receivable held for investment, net $ 73,233 $ 77,670 |
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): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Balance at the beginning of the period $ 70,261 $ 74,794 $ 73,202 $ 77,737 Accretion (2,685 ) (2,849 ) (5,436 ) (5,744 ) Reclassifications from non-accretable discount 2,874 3,356 2,684 3,308 Balance at the end of the period $ 70,450 $ 75,301 $ 70,450 $ 75,301 |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | The following table disaggregates CountryPlace's gross consumer loans receivable as of September 26, 2015 , for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands): Consumer Loans Held for Investment Securitized 2005 Securitized 2007 Unsecuritized Construction Advances Consumer Loans Held For Sale Total Asset Class Credit Quality Indicator Chattel loans 0-619 $ 836 $ 567 $ 356 $ — $ — $ 1,759 620-719 14,068 9,619 3,272 — — 26,959 720+ 15,708 10,272 2,575 — — 28,555 Other 61 — 458 — — 519 Subtotal 30,673 20,458 6,661 — — 57,792 Conforming mortgages 0-619 — — 166 217 978 1,361 620-719 — — 1,520 3,190 5,329 10,039 720+ — — 9 1,799 3,255 5,063 Other — — — — 217 217 Subtotal — — 1,695 5,206 9,779 16,680 Non-conforming mortgages 0-619 89 599 1,466 — — 2,154 620-719 1,442 5,480 3,911 — — 10,833 720+ 1,712 3,515 834 — — 6,061 Other — — 316 — — 316 Subtotal 3,243 9,594 6,527 — — 19,364 Other loans Subtotal — — 15 — — 15 $ 33,916 $ 30,052 $ 14,898 $ 5,206 $ 9,779 $ 93,851 |
Commercial Loans Receivables 33
Commercial Loans Receivables and Allowance for Loan Loss (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Receivables [Abstract] | |
Inventory Finance Receivables | receivables, net, consist of the following by class of financing notes receivable (in thousands): September 26, March 28, Direct loans receivable $ 21,926 $ 15,802 Participation loans receivable 1,958 2,352 Allowance for loan loss (110 ) (73 ) $ 23,774 $ 18,081 |
Changes in the Allowance for Loan Losses on Inventory Finance Receivables | he 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 programs (in thousands): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Balance at beginning of period $ 82 $ 128 $ 73 $ 139 Provision for inventory finance credit losses 28 6 37 (5 ) Loans charged off, net of recoveries — — — — Balance at end of period $ 110 $ 134 $ 110 $ 134 |
Allowance for Loan Losses and Inventory Finance Receivables By Class Individually and Collectively Evaluated for Impairment | The following table disaggregates commercial loans receivable and the estimated allowance for loan loss for each class of financing receivable by evaluation methodology (in thousands): Direct Commercial Loans Participation Commercial Loans September 26, March 28, September 26, March 28, Inventory finance notes receivable: Collectively evaluated for impairment $ 10,970 $ 7,229 $ — $ — Individually evaluated for impairment 10,956 8,573 1,958 2,352 $ 21,926 $ 15,802 $ 1,958 $ 2,352 Allowance for loan loss: Collectively evaluated for impairment $ (110 ) $ (73 ) $ — $ — Individually evaluated for impairment — — — — $ (110 ) $ (73 ) $ — $ — |
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 Commercial Loans Participation Commercial Loans September 26, March 28, September 26, March 28, Risk profile based on payment activity: Performing $ 21,852 $ 15,728 $ 1,958 $ 2,352 Watch list — — — — Nonperforming 74 74 — — $ 21,926 $ 15,802 $ 1,958 $ 2,352 |
Geographic Concentration of Inventory Finance Receivables in Key States | The Company has concentrations of commercial loans receivable related to factory-built homes located in the following states, measured as a percentage of commercial loans receivables principal balance outstanding: September 26, March 28, Texas 34.3 % 42.4 % Arizona 11.1 % 10.4 % |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands): September 26, March 28, Property, plant and equipment, at cost: Land $ 22,571 $ 21,197 Buildings and improvements 30,623 24,288 Machinery and equipment 19,296 16,772 72,490 62,257 Accumulated depreciation (19,011 ) (17,545 ) Property, plant and equipment, net $ 53,479 $ 44,712 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): September 26, March 28, 2015 Salaries, wages and benefits $ 17,861 $ 16,186 Unearned insurance premiums 14,417 13,556 Customer deposits 14,148 13,435 Estimated warranties 12,805 9,953 Accrued volume rebates 7,342 3,266 Company repurchase option on certain loans sold 4,947 2,063 Accrued insurance 4,271 3,068 Insurance loss reserves 3,362 1,774 Accrued taxes 2,968 1,089 Deferred margin 2,472 2,398 Capital lease obligation 2,088 — Reserve for repurchase commitments 1,653 2,240 Other 9,051 8,048 $ 97,385 $ 77,076 |
Warranties (Tables)
Warranties (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Product Warranties Disclosures [Abstract] | |
Activity in the liability for estimated warranties | Activity in the liability for estimated warranties was as follows (in thousands): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Balance at beginning of period $ 11,057 $ 9,388 $ 9,953 $ 9,262 Purchase accounting additions — — 1,111 — Charged to costs and expenses 5,970 3,072 10,235 6,250 Payments and deductions (4,222 ) (3,067 ) (8,494 ) (6,119 ) Balance at end of period $ 12,805 $ 9,393 $ 12,805 $ 9,393 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt obligations consist of amounts related to loans sold that did not qualify for loan sale accounting treatment. The following table summarizes debt obligations (in thousands): September 26, March 28, Acquired securitized financings (acquired as part of the Palm Harbor transaction) Securitized financing 2005-1 $ 28,391 $ 29,469 Securitized financing 2007-1 30,559 33,461 Other secured financings 4,569 4,030 Total securitized financings and other, net $ 63,519 $ 66,960 |
Acquired Securitized Financings | The following table summarizes acquired securitized financings (in thousands): September 26, March 28, Securitized financings – contractual amount $ 72,943 $ 75,058 Purchase discount Accretable (13,993 ) (12,128 ) Non-accretable (1) — — Total acquired securitized financings, net $ 58,950 $ 62,930 (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): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Balance at the beginning of the period $ 10,741 $ 14,268 $ 12,128 $ 15,199 Accretion (741 ) (1,034 ) (1,553 ) (2,095 ) Adjustment to cash flows 3,993 1,908 3,418 2,038 Balance at the end of the period $ 13,993 $ 15,142 $ 13,993 $ 15,142 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Insurance [Abstract] | |
Reinsurance Effect on Premiums Written and Earned | The effects of reinsurance on premiums written and earned are as follows (in thousands): Three Months Ended September 26, 2015 September 27, 2014 Written Earned Written Earned Direct premiums $ 3,549 $ 3,664 $ 3,188 $ 3,190 Assumed premiums—nonaffiliate 5,476 5,295 4,951 4,641 Ceded premiums—nonaffiliate (2,722 ) (2,722 ) (2,448 ) (2,448 ) Net premiums $ 6,303 $ 6,237 $ 5,691 $ 5,383 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Repurchase Contingencies [Roll Forward] | |
Loan Contracts with Off-Balance Sheet Commitments | Loan contracts with off-balance sheet commitments are summarized below (in thousands): September 26, March 28, Construction loan contract amount $ 13,514 $ 9,591 Cumulative advances (5,206 ) (4,076 ) Remaining construction contingent commitment $ 8,308 $ 5,515 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | The following table represents changes in stockholders' equity for the six months ended September 26, 2015 (dollars in thousands): Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Common Stock Shares Amount Balance, March 28, 2015 8,859,199 $ 89 $ 237,916 $ 81,645 $ 504 $ 320,154 Stock option exercises, including incremental tax benefits 31,732 — 1,093 — — 1,093 Share-based compensation — — 1,117 — — 1,117 Net income — — — 13,455 — 13,455 Unrealized gain (loss) on Available-for-sale securities — — — — (705 ) (705 ) Balance, September 26, 2015 8,890,931 $ 89 $ 240,126 $ 95,100 $ (201 ) $ 335,114 (1) Other comprehensive income is comprised of unrealized gains and losses on available-for-sale investments. Unrealized losses before tax effect on available-for-sale securities were $1.1 million for the six months ended September 26, 2015 . |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
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 six months ended September 26, 2015 : Number of Shares Outstanding at March 28, 2015 506,980 Granted 86,500 Exercised (44,875 ) Canceled or expired (1,000 ) Outstanding at September 26, 2015 547,605 Exercisable at September 26, 2015 376,600 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Net income $ 8,070 $ 5,467 $ 13,455 $ 11,226 Weighted average shares outstanding: Basic 8,878,075 8,852,860 8,870,862 8,850,509 Common stock equivalents—treasury stock method 154,577 161,663 155,362 162,917 Diluted 9,032,652 9,014,523 9,026,224 9,013,426 Net income per share: Basic $ 0.91 $ 0.62 $ 1.52 $ 1.27 Diluted $ 0.89 $ 0.61 $ 1.49 $ 1.25 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
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): September 26, 2015 March 28, 2015 Book Value Estimated Fair Value Book Value Estimated Fair Value Available-for-sale securities (1) $ 22,455 $ 22,455 $ 21,283 $ 21,283 Non-marketable equity investments (2) 10,431 10,431 10,636 10,636 Consumer loans receivable (3) 93,142 126,439 98,158 129,616 Interest rate lock commitment derivatives (4) 15 15 19 19 Forward loan sale commitment derivatives (4) (68 ) (68 ) (54 ) (54 ) Commercial loans receivable (5) 23,774 23,913 18,081 18,025 Securitized financings (6) (63,519 ) (63,235 ) (66,960 ) (67,064 ) Mortgage servicing rights (7) 750 750 475 475 |
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): September 26, 2015 Total Level 1 Level 2 Level 3 Securities issued by the U.S Treasury and Government (1) $ 1,500 $ — $ 1,500 $ — Mortgage-backed securities (1) 5,301 — 5,301 — Securities issued by states and political subdivisions (1) 8,171 — 8,171 — Corporate debt securities (1) 775 — 775 — Marketable equity securities (1) 5,708 5,708 — — Interest rate lock commitment derivatives (2) 15 — — 15 Forward loan sale commitment derivatives (2) (68 ) — — (68 ) Mortgage servicing rights (3) 750 — — 750 (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 the 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): September 26, 2015 Total Level 1 Level 2 Level 3 Loans held for investment $ 110,893 $ — $ — $ 110,893 Loans held for sale 10,340 — 10,340 — Loans held—construction advances 5,206 — — 5,206 Commercial loans receivable 23,913 — — 23,913 Securitized financings (63,235 ) — (63,235 ) — Non-marketable equity investments 10,431 — — 10,431 |
Assumptions for Mortgage Servicing Rights | September 26, March 28, Number of loans serviced with MSRs 3,549 3,306 Weighted average servicing fee (basis points) 30.18 29.88 Capitalized servicing multiple 60.80 % 42.10 % Capitalized servicing rate (basis points) 18.35 12.58 Serviced portfolio with MSRs (in thousands) $ 408,920 $ 380,120 Mortgage servicing rights (in thousands) $ 750 $ 475 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | The following table details net revenue and income before income taxes by segment (in thousands): Three Months Ended Six Months Ended September 26, September 27, September 26, September 27, Net revenue: Factory-built housing $ 177,455 $ 126,378 $ 325,001 $ 252,643 Financial services 14,509 12,937 28,631 25,836 $ 191,964 $ 139,315 $ 353,632 $ 278,479 Income before income taxes: Factory-built housing $ 8,967 $ 5,690 $ 16,971 $ 13,308 Financial services 3,523 3,010 4,151 4,334 $ 12,490 $ 8,700 $ 21,122 $ 17,642 |
Basis of Presentation (Principl
Basis of Presentation (Principles of Consolidation) (Details) | 6 Months Ended |
Sep. 26, 2015storefactoriesSegment | |
Business Acquisition [Line Items] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | two |
Number of operating segments | 2 |
Number of operating manufacturing facilities | factories | 19 |
Number of Stores | store | 45 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Summary of restricted cash | ||
Restricted cash | $ 9,644 | $ 9,997 |
Restricted cash, Noncurrent | 1,081 | 1,081 |
Total restricted cash | 10,725 | 11,078 |
Cash related to CountryPlace customer payments to be remitted to third parties [Member] | ||
Summary of restricted cash | ||
Restricted cash | 8,037 | 8,471 |
Cash related to CountryPlace customers' principal and interest payments on securitized loans to be remitted to bondholders [Member] | ||
Summary of restricted cash | ||
Restricted cash | 1,554 | 1,425 |
Cash related to workers' compensation insurance held in trust [Member] | ||
Summary of restricted cash | ||
Restricted cash, Noncurrent | 727 | 727 |
Cash related to retail home buyer deposits held in trust [Domain] | ||
Summary of restricted cash | ||
Restricted cash, Noncurrent | 53 | 101 |
Other restricted cash [Member] | ||
Summary of restricted cash | ||
Restricted cash, Noncurrent | $ 354 | $ 354 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities | $ 22,455 | $ 21,283 |
Equity Method Investments | 10,636 | |
Investments | $ 32,886 | $ 31,919 |
Investments (Details 1)
Investments (Details 1) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Available-for-Sale Securities by Investment Category | ||
Amortized Cost - Available-for sale Debt Securities | $ 15,606 | $ 14,544 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 503 | 913 |
Available-for-sale Securities, Amortized Cost Basis | 22,778 | 20,506 |
Total Amortized Cost - Available-for-sale Securities | 22,778 | 20,506 |
Gross Unrealized Losses | 826 | 136 |
Total Fair Value - Available-for-sale Debt Securities | 15,747 | 14,767 |
Total Fair Value - Available-for-sale Securities | 22,455 | 21,283 |
U.S. Treasury and Government Agencies [Member] | ||
Available-for-Sale Securities by Investment Category | ||
Amortized Cost - Available-for sale Debt Securities | 1,502 | 1,952 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1 | 1 |
Gross Unrealized Losses | 3 | 5 |
Total Fair Value - Available-for-sale Debt Securities | 1,500 | 1,948 |
Mortgage-backed securities [Member] | ||
Available-for-Sale Securities by Investment Category | ||
Amortized Cost - Available-for sale Debt Securities | 5,311 | 4,342 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 25 | 23 |
Gross Unrealized Losses | 35 | 27 |
Total Fair Value - Available-for-sale Debt Securities | 5,301 | 4,338 |
States and political subdivisions [Member] | ||
Available-for-Sale Securities by Investment Category | ||
Amortized Cost - Available-for sale Debt Securities | 8,015 | 7,190 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 185 | 245 |
Gross Unrealized Losses | 29 | 12 |
Total Fair Value - Available-for-sale Debt Securities | 8,171 | 7,423 |
Corporate debt securities [Member] | ||
Available-for-Sale Securities by Investment Category | ||
Amortized Cost - Available-for sale Debt Securities | 778 | 1,060 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 2 |
Gross Unrealized Losses | 3 | 4 |
Total Fair Value - Available-for-sale Debt Securities | 775 | 1,058 |
Marketable equity securities [Member] | ||
Available-for-Sale Securities by Investment Category | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 292 | 642 |
Amortized Cost - Available-for-sale Equity Securities | 6,172 | 4,962 |
Gross Unrealized Losses | 756 | 88 |
Total Fair Value - Available-for-sale Equity Securities | 5,708 | 5,516 |
Certificates of Deposit [Member] | ||
Available-for-Sale Securities by Investment Category | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis | 1,000 | 1,000 |
Total Amortized Cost - Available-for-sale Securities | 1,000 | 1,000 |
Gross Unrealized Losses | 0 | 0 |
Total Fair Value - Available-for-sale Securities | $ 1,000 | $ 1,000 |
Investments (Details 2)
Investments (Details 2) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | $ 503 | $ 913 |
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 7,013 | 3,350 |
12 Months or Longer, Fair Value | 2,150 | 1,384 |
Total Fair Value | 9,163 | 4,734 |
Less than 12 Months, Unrealized Losses | 714 | 97 |
12 Months or Longer, Unrealized Losses | 112 | 39 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (826) | (136) |
U.S. Treasury and Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1 | 1 |
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 0 | 499 |
12 Months or Longer, Fair Value | 699 | 698 |
Total Fair Value | 699 | 1,197 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Unrealized Losses | 3 | 5 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (3) | (5) |
Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 25 | 23 |
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 1,257 | 438 |
12 Months or Longer, Fair Value | 253 | 330 |
Total Fair Value | 1,510 | 768 |
Less than 12 Months, Unrealized Losses | 8 | 2 |
12 Months or Longer, Unrealized Losses | 27 | 25 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (35) | (27) |
States and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 185 | 245 |
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 1,865 | 1,099 |
12 Months or Longer, Fair Value | 1,004 | 256 |
Total Fair Value | 2,869 | 1,355 |
Less than 12 Months, Unrealized Losses | 16 | 6 |
12 Months or Longer, Unrealized Losses | 13 | 6 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (29) | (12) |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 2 |
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 523 | 247 |
12 Months or Longer, Fair Value | 0 | 0 |
Total Fair Value | 523 | 247 |
Less than 12 Months, Unrealized Losses | 3 | 4 |
12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (3) | (4) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 292 | 642 |
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 3,368 | 1,067 |
12 Months or Longer, Fair Value | 194 | 100 |
Total Fair Value | 3,562 | 1,167 |
Less than 12 Months, Unrealized Losses | 687 | 85 |
12 Months or Longer, Unrealized Losses | 69 | 3 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ (756) | $ (88) |
Investments (Details 3)
Investments (Details 3) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Contractual Maturity of Investment Securities | ||
Due in less than one year, Amortized Cost | $ 1,286 | $ 1,804 |
Due after one year through five years, Amortized Cost | 3,456 | 2,834 |
Due after five years through ten years, Amortized Cost | 4,069 | 2,467 |
Due after ten years, Amortized Cost | 6,795 | 7,439 |
Total Amortized Cost | 15,606 | 14,544 |
Due in less than one year, Fair Value | 1,291 | 1,821 |
Due after one year through five years, Fair Value | 3,467 | 2,844 |
Due after five years through ten years, Fair Value | 4,037 | 2,452 |
Due after ten years, Fair Value | 6,952 | 7,650 |
Total Fair Value - Available-for-sale Debt Securities | $ 15,747 | $ 14,767 |
Investments (Details Textual)
Investments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 26, 2015 | Jun. 27, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Mar. 28, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 826,000 | $ 826,000 | $ 136,000 | |||
Investments (Textual) [Abstract] | ||||||
Value of investments to be other-than-temporarily impaired | $ 0 | |||||
Gross gains realized | 51,000 | $ 123,000 | 231,000 | $ 426,000 | ||
Gross losses realized | (66,000) | $ (11,000) | (112,000) | $ (79,000) | ||
Common stock of industrial and other companies [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value | 5,600,000 | 5,600,000 | 5,400,000 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (753,000) | (753,000) | (85,000) | |||
Common stock of bank trust, insurance, and public utility companies [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value | 100,000 | 100,000 | 100,000 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ (3,000) | $ (3,000) | $ (3,000) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Summary of inventories | ||
Raw materials | $ 27,244 | $ 24,373 |
Work in process | 10,067 | 7,271 |
Finished goods and other | 51,727 | 43,690 |
Total Inventories | $ 89,038 | $ 75,334 |
Consumer Loans Receivable (Summ
Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 28, 2014 | Sep. 26, 2015 | Mar. 28, 2015 | |
Consumer Loans Receivable | |||
Loans held for investment (acquired on Palm Harbor Acquisition Date) | $ 73,233 | $ 77,670 | |
Loans held for investment (originated after Palm Harbor Acquisition Date) | 5,633 | 5,005 | |
Loans held for sale | 9,779 | 11,903 | |
Loans and Leases Receivable, Gross, Consumer, Construction | 5,206 | 4,076 | |
Consumer loans receivable | 93,851 | 98,654 | |
Deferred financing fees and other, net | (709) | (496) | |
Consumer loans receivable, net | $ 93,142 | $ 98,158 | |
Fair Value Inputs, Prepayment Rate | 12.60% | 13.10% | |
Weighted average contractual interest rate | 9.10% | 9.10% | |
Fair Value Inputs, Probability of Default | 1.70% | 1.30% | |
Weighted average effective interest rate | 9.40% | 9.30% | |
Weighted average months to maturity | 174 months | 178 months | |
Sensitivity Analysis, Change in Default Rate | $ 6,000 |
Consumer Loans Receivable (Su54
Consumer Loans Receivable (Summary of Acquired Loans Receivable) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 |
Acquired Consumer Loans Receivable Held for Investment | ||||||
Consumer loans receivable held for investment - contractual amount | $ 179,261 | $ 192,523 | ||||
Purchase discount, accretable | 70,450 | $ 70,261 | 73,202 | $ 75,301 | $ 74,794 | $ 77,737 |
Purchase discount, non-accretable | 35,241 | 41,305 | ||||
Less consumer loans receivable reclassified as other assets | 337 | 346 | ||||
Total acquired consumer loans receivable held for investment, net | $ 73,233 | $ 77,670 |
Consumer Loans Receivable (Chan
Consumer Loans Receivable (Changes in Accretable Yield on Acquired Loans Receivable) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Accretable Yield Movement on Acquired Consumer Loans Receivable | ||||
Balance at the beginning of the period | $ 70,261 | $ 74,794 | $ 73,202 | $ 77,737 |
Accretion | (2,685) | (2,849) | (5,436) | (5,744) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 2,874 | 3,356 | 2,684 | 3,308 |
Balance at the end of the period | $ 70,450 | $ 75,301 | $ 70,450 | $ 75,301 |
Consumer Loans Receivable (Narr
Consumer Loans Receivable (Narrative) (Details) $ in Thousands | 6 Months Ended | |
Sep. 26, 2015USD ($)Score | Mar. 28, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | $ 93,851 | $ 98,654 |
Mortgage Loans on Real Estate, Foreclosures | $ 411 | 650 |
Credit scores at time of loan origination | Score | 3 | |
Percentage concentration of consumer loans receivable | 10.00% | |
Real Estate Acquired Through Foreclosure | $ 362 | $ 582 |
Other states with concentrations greater than minimum | 0 | |
TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 38.00% | |
Consumer Loans Held for Investment, Unsecuritized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | 0.01 | |
Chattel Loans Range Four [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | $ 519 | |
Conforming Mortgages Range Four [Member] [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | 217 | |
Consumer, Loans Held for Sale [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | 9,779 | |
Consumer, Loans Held for Sale [Member] | Conforming Mortgages Range Four [Member] [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | $ 217 |
Consumer Loans Receivable (Cons
Consumer Loans Receivable (Consumer Loan Receivables by Segment and Credit Quality Indicator) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Jun. 27, 2015Credit_Quality_Indicator | Mar. 28, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Sensitivity Analysis, Change in Prepayment Rate | $ 2,300 | |||||
Sensitivity Analysis, Change in Default Rate | 6,000 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | $ 2,874 | $ 3,356 | 2,684 | $ 3,308 | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 93,851 | $ 93,851 | $ 98,654 | |||
Loans and Leases Receivable, Geographic Territories of Business | 0 | |||||
Chattel Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 57,792 | $ 57,792 | ||||
Chattel Loans Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 1,759 | 1,759 | ||||
Chattel Loans Range One [Member] | Minimum [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Asset class credit quality indicator | 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 | Credit_Quality_Indicator | 619 | |||||
Chattel Loans Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 26,959 | 26,959 | ||||
Chattel Loans Range Two [Member] | Minimum [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Asset class credit quality indicator | 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 | Credit_Quality_Indicator | 719 | |||||
Chattel Loans Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 28,555 | 28,555 | ||||
Chattel Loans Range Three [Member] | Minimum [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Asset class credit quality indicator | Credit_Quality_Indicator | 720 | |||||
Chattel Loans Range Four [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 519 | 519 | ||||
Conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 16,680 | 16,680 | ||||
Conforming Mortgages Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 1,361 | 1,361 | ||||
Conforming Mortgages Range One [Member] | Minimum [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Asset class credit quality indicator | 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 | Credit_Quality_Indicator | 619 | |||||
Conforming Mortgages Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 10,039 | 10,039 | ||||
Conforming Mortgages Range Two [Member] | Minimum [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Asset class credit quality indicator | 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 | Credit_Quality_Indicator | 719 | |||||
Conforming Mortgages Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 5,063 | 5,063 | ||||
Conforming Mortgages Range Three [Member] | Minimum [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Asset class credit quality indicator | Credit_Quality_Indicator | 720 | |||||
Conforming Mortgages Range Four [Member] [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 217 | 217 | ||||
Non-conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 19,364 | 19,364 | ||||
Non Conforming Mortgages Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 2,154 | 2,154 | ||||
Non Conforming Mortgages Range One [Member] | Minimum [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Asset class credit quality indicator | 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 | Credit_Quality_Indicator | 619 | |||||
Non Conforming Mortgages Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 10,833 | 10,833 | ||||
Non Conforming Mortgages Range Two [Member] | Minimum [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Asset class credit quality indicator | 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 | Credit_Quality_Indicator | 719 | |||||
Non Conforming Mortgages Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 6,061 | 6,061 | ||||
Non Conforming Mortgages Range Three [Member] | Minimum [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Asset class credit quality indicator | Credit_Quality_Indicator | 720 | |||||
Non Conforming Mortgages Range Four [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 316 | 316 | ||||
Other Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 15 | 15 | ||||
Loans Securitized 2005 [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 33,916 | 33,916 | ||||
Loans Securitized 2005 [Member] | Chattel Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 30,673 | 30,673 | ||||
Loans Securitized 2005 [Member] | Chattel Loans Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 836 | 836 | ||||
Loans Securitized 2005 [Member] | Chattel Loans Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 14,068 | 14,068 | ||||
Loans Securitized 2005 [Member] | Chattel Loans Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 15,708 | 15,708 | ||||
Loans Securitized 2005 [Member] | Chattel Loans Range Four [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 61 | 61 | ||||
Loans Securitized 2005 [Member] | Conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 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 | 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 | 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 | 0 | ||||
Loans Securitized 2005 [Member] | Non-conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 3,243 | 3,243 | ||||
Loans Securitized 2005 [Member] | Non Conforming Mortgages Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 89 | 89 | ||||
Loans Securitized 2005 [Member] | Non Conforming Mortgages Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 1,442 | 1,442 | ||||
Loans Securitized 2005 [Member] | Non Conforming Mortgages Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 1,712 | 1,712 | ||||
Loans Securitized 2005 [Member] | Other Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 0 | ||||
Loans Securitized 2007 [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 30,052 | 30,052 | ||||
Loans Securitized 2007 [Member] | Chattel Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 20,458 | 20,458 | ||||
Loans Securitized 2007 [Member] | Chattel Loans Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 567 | 567 | ||||
Loans Securitized 2007 [Member] | Chattel Loans Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 9,619 | 9,619 | ||||
Loans Securitized 2007 [Member] | Chattel Loans Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 10,272 | 10,272 | ||||
Loans Securitized 2007 [Member] | Conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 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 | 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 | 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 | 0 | ||||
Loans Securitized 2007 [Member] | Non-conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 9,594 | 9,594 | ||||
Loans Securitized 2007 [Member] | Non Conforming Mortgages Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 599 | 599 | ||||
Loans Securitized 2007 [Member] | Non Conforming Mortgages Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 5,480 | 5,480 | ||||
Loans Securitized 2007 [Member] | Non Conforming Mortgages Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 3,515 | 3,515 | ||||
Loans Securitized 2007 [Member] | Other Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 0 | ||||
Loans Unsecuritized [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 14,898 | 14,898 | ||||
Loans Unsecuritized [Member] | Chattel Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 6,661 | 6,661 | ||||
Loans Unsecuritized [Member] | Chattel Loans Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 356 | 356 | ||||
Loans Unsecuritized [Member] | Chattel Loans Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 3,272 | 3,272 | ||||
Loans Unsecuritized [Member] | Chattel Loans Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 2,575 | 2,575 | ||||
Loans Unsecuritized [Member] | Chattel Loans Range Four [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 458 | 458 | ||||
Loans Unsecuritized [Member] | Conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 1,695 | 1,695 | ||||
Loans Unsecuritized [Member] | Conforming Mortgages Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 166 | 166 | ||||
Loans Unsecuritized [Member] | Conforming Mortgages Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 1,520 | 1,520 | ||||
Loans Unsecuritized [Member] | Conforming Mortgages Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 9 | 9 | ||||
Loans Unsecuritized [Member] | Non-conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 6,527 | 6,527 | ||||
Loans Unsecuritized [Member] | Non Conforming Mortgages Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 1,466 | 1,466 | ||||
Loans Unsecuritized [Member] | Non Conforming Mortgages Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 3,911 | 3,911 | ||||
Loans Unsecuritized [Member] | Non Conforming Mortgages Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 834 | 834 | ||||
Loans Unsecuritized [Member] | Non Conforming Mortgages Range Four [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 316 | 316 | ||||
Loans Unsecuritized [Member] | Other Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 15 | 15 | ||||
Construction Advances [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 5,206 | 5,206 | ||||
Construction Advances [Member] | Chattel Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 0 | ||||
Construction Advances [Member] | Chattel Loans Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 0 | ||||
Construction Advances [Member] | Chattel Loans Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 0 | ||||
Construction Advances [Member] | Chattel Loans Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 0 | ||||
Construction Advances [Member] | Conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 5,206 | 5,206 | ||||
Construction Advances [Member] | Conforming Mortgages Range One [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 217 | 217 | ||||
Construction Advances [Member] | Conforming Mortgages Range Two [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 3,190 | 3,190 | ||||
Construction Advances [Member] | Conforming Mortgages Range Three [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 1,799 | 1,799 | ||||
Construction Advances [Member] | Non-conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 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 | 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 | 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 | 0 | ||||
Construction Advances [Member] | Other Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 0 | ||||
Consumer Loans Held For Sale [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 9,779 | 9,779 | ||||
Consumer Loans Held For Sale [Member] | Chattel Loans [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 0 | 0 | ||||
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 | 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 | 0 | 0 | ||||
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 | 0 | 0 | ||||
Consumer Loans Held For Sale [Member] | Conforming Mortgages [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 9,779 | 9,779 | ||||
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 | 978 | 978 | ||||
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 | 5,329 | 5,329 | ||||
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 | 3,255 | 3,255 | ||||
Consumer Loans Held For Sale [Member] | Conforming Mortgages Range Four [Member] [Member] | ||||||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||||||
Consumer loans receivable | 217 | 217 | ||||
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 | 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 | 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 | 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 | 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 | $ 0 |
Commercial Loans Receivables 58
Commercial Loans Receivables and Allowance for Loan Loss (Inventory Finance Notes Receivables, Net) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 |
Inventory Finance Receivables | ||||||
Allowance for loan loss | $ (110) | $ (82) | $ (73) | $ (134) | $ (128) | $ (139) |
Financing Receivable, Net | 23,774 | 18,081 | ||||
Direct inventory finance receivables [Member] | ||||||
Inventory Finance Receivables | ||||||
Financing Receivable, Gross | 21,926 | 15,802 | ||||
Allowance for loan loss | (110) | (73) | ||||
Participation inventory finance receivables [Member] | ||||||
Inventory Finance Receivables | ||||||
Financing Receivable, Gross | 1,958 | 2,352 | ||||
Allowance for loan loss | $ 0 | $ 0 |
Commercial Loans Receivables 59
Commercial Loans Receivables and Allowance for Loan Loss (Changes in the Estimated Allowance for Loan Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Changes in the Allowance for Loan Losses on Inventory Finance Receivables | ||||
Balance at beginning of period | $ 82 | $ 128 | $ 73 | $ 139 |
Provision for inventory finance credit losses | 28 | 6 | 37 | (5) |
Loans charged off, net of recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | $ 110 | $ 134 | $ 110 | $ 134 |
Commercial Loans Receivables 60
Commercial Loans Receivables and Allowance for Loan Loss (Finance Receivables by Evaluation Methodology) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 |
Allowance for loan losses and inventory finance receivables by class individually and collectively evaluated for impairment | ||||||
Allowance for loan loss | $ (110) | $ (82) | $ (73) | $ (134) | $ (128) | $ (139) |
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 | 10,970 | 7,229 | ||||
Financing Receivable, Individually Evaluated for Impairment | 10,956 | 8,573 | ||||
Financing Receivable, Gross | 21,926 | 15,802 | ||||
Allowance for loan loss: collectively evaluated for impairment | (110) | (73) | ||||
Allowance for loan loss: individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan loss | (110) | (73) | ||||
Participation 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 | 0 | 0 | ||||
Financing Receivable, Individually Evaluated for Impairment | 1,958 | 2,352 | ||||
Financing Receivable, Gross | 1,958 | 2,352 | ||||
Allowance for loan loss: collectively evaluated for impairment | 0 | 0 | ||||
Allowance for loan loss: individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan loss | $ 0 | $ 0 |
Commercial Loans Receivables 61
Commercial Loans Receivables and Allowance for Loan Loss (Inventory Finance Receivables by Class and Credit Quality Indicator) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Sep. 26, 2015 | Mar. 28, 2015 | |
Financing Receivable Recorded Investment [Line Items] | ||
Sensitivity Analysis, Change in Prepayment Rate | $ 2,300 | |
Weighted average months to maturity, commercial | 8 months | 6 months |
Direct Inventory Finance [Member] | ||
Risk profile based on payment activity | ||
Financing Receivable, Gross | $ 21,926 | $ 15,802 |
Direct Inventory Finance [Member] | Performing [Member] | ||
Risk profile based on payment activity | ||
Financing Receivable, Gross | 21,852 | 15,728 |
Direct Inventory Finance [Member] | Watch list [Member] | ||
Risk profile based on payment activity | ||
Financing Receivable, Gross | 0 | 0 |
Direct Inventory Finance [Member] | Nonperforming [Member] | ||
Risk profile based on payment activity | ||
Financing Receivable, Gross | 74 | 74 |
Participation Inventory Finance [Member] | ||
Risk profile based on payment activity | ||
Financing Receivable, Gross | 1,958 | 2,352 |
Participation Inventory Finance [Member] | Performing [Member] | ||
Risk profile based on payment activity | ||
Financing Receivable, Gross | 1,958 | 2,352 |
Participation Inventory Finance [Member] | Watch list [Member] | ||
Risk profile based on payment activity | ||
Financing Receivable, Gross | 0 | 0 |
Participation Inventory Finance [Member] | Nonperforming [Member] | ||
Risk profile based on payment activity | ||
Financing Receivable, Gross | $ 0 | $ 0 |
Commercial Loans Receivables 62
Commercial Loans Receivables and Allowance for Loan Loss (Concentrations of Inventory Finance Receivables) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans Receivable Principal Balance Concentration | 33.30% | 0.00% |
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | $ 93,851 | $ 98,654 |
Texas [Member] | ||
Geographic Concentration of Inventory Finance Receivables in Key States | ||
Inventory finance receivables concentrations | 34.30% | 42.40% |
ARIZONA | ||
Geographic Concentration of Inventory Finance Receivables in Key States | ||
Inventory finance receivables concentrations | 11.10% | 10.40% |
Consumer Loans Held for Investment, Unsecuritized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | $ 14,898 | |
Non Conforming Mortgages Range Four [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | 316 | |
Non Conforming Mortgages Range Four [Member] | Consumer Loans Held for Investment, Unsecuritized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Consumer | $ 316 |
Commercial Loans Receivables 63
Commercial Loans Receivables and Allowance for Loan Loss (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Sep. 26, 2015 | Mar. 28, 2015 | Jun. 27, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | |
Receivables [Abstract] | ||||||
Weighted average contractual interest rate, commercial | 6.90% | 6.50% | ||||
Allowance for loan loss | $ 110 | $ 73 | $ 82 | $ 134 | $ 128 | $ 139 |
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 concentration of inventory finance receivables | 10.00% | 10.00% | ||||
Weighted average months to maturity, commercial | 8 months | 6 months |
Property, Plant and Equipment64
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Property, plant and equipment, at cost: | ||
Property, plant and equipment, at cost | $ 72,490 | $ 62,257 |
Accumulated depreciation | (19,011) | (17,545) |
Property, plant and equipment, net | 53,479 | 44,712 |
Land [Member] | ||
Property, plant and equipment, at cost: | ||
Property, plant and equipment, at cost | 22,571 | 21,197 |
Buildings and improvements [Member] | ||
Property, plant and equipment, at cost: | ||
Property, plant and equipment, at cost | 30,623 | 24,288 |
Machinery and equipment [Member] | ||
Property, plant and equipment, at cost: | ||
Property, plant and equipment, at cost | $ 19,296 | $ 16,772 |
Property, Plant and Equipment65
Property, Plant and Equipment (Narrative) (Details) | 6 Months Ended |
Sep. 26, 2015 | |
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 |
Capital Leases (Details)
Capital Leases (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Capital Leased Assets [Line Items] | ||
Capital Leased Assets, Gross | $ 2,125 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (28) | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 2,097 | |
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | 150 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 289 | |
Capital Leases, Future Minimum Payments Due in Two Years | 277 | |
Capital Leases, Future Minimum Payments Due in Three Years | 265 | |
Capital Leases, Future Minimum Payments Due in Four Years | 253 | |
Capital Leases, Future Minimum Payments Due in Five Years | 1,721 | |
Capital Leases, Future Minimum Payments Due | 2,955 | |
Capital Leases, Future Minimum Payments, Interest Included in Payments | (867) | |
Capital Lease Obligations | 2,088 | $ 0 |
Land [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Leased Assets, Gross | 92 | |
Building and Building Improvements [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Leased Assets, Gross | $ 2,033 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Summary of Goodwill and Other Intangibles) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Mar. 28, 2015 | |
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 116 | $ 344 | $ 305 | $ 689 | |
Indefinite lived: | |||||
Gross Carrying Amount | 77,214 | 77,214 | $ 74,696 | ||
Net Carrying Amount | 77,214 | 77,214 | 74,696 | ||
Finite lived: | |||||
Accumulated Amortization | (5,798) | (5,798) | (5,494) | ||
Gross Carrying Amount | 86,698 | 86,698 | 82,170 | ||
Net Carrying Amount | 80,900 | 80,900 | 76,676 | ||
Customer relationships [Member] | |||||
Finite lived: | |||||
Gross Carrying Amount | 8,100 | 8,100 | 6,200 | ||
Accumulated Amortization | (5,257) | (5,257) | (5,027) | ||
Net Carrying Amount | 2,843 | 2,843 | 1,173 | ||
Other Intangible Assets [Member] | |||||
Finite lived: | |||||
Gross Carrying Amount | 1,384 | 1,384 | 1,274 | ||
Accumulated Amortization | (541) | (541) | (467) | ||
Net Carrying Amount | 843 | 843 | 807 | ||
Goodwill [Member] | |||||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | 69,014 | 69,014 | 67,346 | ||
Trademarks and trade names [Member] | |||||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Indefinite lived intangible assets including goodwill. | 7,100 | 7,100 | 6,250 | ||
State insurance licenses [Member] | |||||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Indefinite lived intangible assets including goodwill. | $ 1,100 | $ 1,100 | $ 1,100 |
Goodwill and Other Intangible68
Goodwill and Other Intangibles (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Goodwill and Other Intangibles (Textual) [Abstract] | ||||
Impairment expense | $ 0 | |||
Amortization expense on intangible assets | $ 116,000 | $ 344,000 | $ 305,000 | $ 689,000 |
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 | 3 years | |||
Maximum [Member] | Customer relationships [Member] | ||||
Goodwill and Other Intangibles (Textual) [Abstract] | ||||
Finite-lived intangibles, estimated useful life | 15 years |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Accrued liabilities | ||
Salaries, wages and benefits | $ 17,861 | $ 16,186 |
Unearned insurance premiums | 14,417 | 13,556 |
Customer deposits | 14,148 | 13,435 |
Estimated warranties | 12,805 | 9,953 |
Accrued volume rebates | 2,472 | 2,398 |
Capital Lease Obligations | 2,088 | 0 |
Accrued Volume Rebates | 7,342 | 3,266 |
Company repurchase option on certain loans sold | 4,271 | 3,068 |
Liabilities Related To Consumer Loans Sold | 4,947 | 2,063 |
Assets Sold under Agreements to Repurchase, Repurchase Liability | 1,653 | 2,240 |
Accrued Income Taxes | 2,968 | 1,089 |
Liability for Unpaid Claims and Claims Adjustment Expense, Reported and Incurred but Not Reported (IBNR) Claims | 3,362 | 1,774 |
Other | 9,051 | 8,048 |
Total accrued liabilities | $ 97,385 | $ 77,076 |
Warranties (Activity for Estima
Warranties (Activity for Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Product Warranties Disclosures [Abstract] | ||||
Product Warranty Accrual, Additions from Business Acquisition | $ 0 | $ 0 | $ 1,111 | |
Accrual for estimated warranties | ||||
Balance at beginning of period | 11,057 | 9,388 | 9,953 | $ 9,262 |
Charged to costs and expenses | 5,970 | 3,072 | 10,235 | 6,250 |
Payments and deductions | (4,222) | (3,067) | (8,494) | (6,119) |
Balance at end of period | $ 12,805 | $ 9,393 | $ 12,805 | $ 9,393 |
Warranties (Narrative) (Details
Warranties (Narrative) (Details) | 6 Months Ended |
Sep. 26, 2015 | |
Product Warranties Disclosures [Abstract] | |
Warranties against manufacturing defects | 1 year |
Debt Obligations (Summary of De
Debt Obligations (Summary of Debt Obligations) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Debt Obligations | ||
Securitized financing 2005-1 | $ 28,391 | $ 29,469 |
Securitized financing 2007-1 | 30,559 | 33,461 |
Other Secured Financings | 4,569 | 4,030 |
Total debt obligations | $ 63,519 | $ 66,960 |
Debt Obligations (Summarizes Se
Debt Obligations (Summarizes Securitized Financings) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | |
Acquired Securitized Financings | |||||||
Securitized financings - contractual amount | $ 72,943 | $ 75,058 | |||||
Purchase Discount | |||||||
Accretable yield | (13,993) | $ (10,741) | (12,128) | $ (15,142) | $ (14,268) | $ (15,199) | |
Non-accretable difference | [1] | 0 | 0 | ||||
Total securitized financings, net | $ 58,950 | $ 62,930 | |||||
[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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Accretable Yield Movement on Acquired Securitized Financings | ||||
Balance at the beginning of the period | $ 10,741 | $ 14,268 | $ 12,128 | $ 15,199 |
Accretion | (741) | (1,034) | (1,553) | (2,095) |
Adjustment to cash flows | 3,993 | 1,908 | 3,418 | 2,038 |
Balance at the end of the period | $ 13,993 | $ 15,142 | $ 13,993 | $ 15,142 |
Debt Obligations (Narrative) (D
Debt Obligations (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Mar. 31, 2007 | Jul. 31, 2005 | Mar. 22, 2007 | Jul. 12, 2005 | |
Debt Instrument [Line Items] | ||||
Issuance Dates | Mar. 22, 2007 | Jul. 12, 2005 | ||
Total amount of loans included in initial securitization | $ 116.5 | $ 141 | ||
Total amount of bonds issued to fund initial securitization | 101.9 | 118.4 | ||
Class A-1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of bonds | $ 28.9 | $ 36.3 | ||
Coupon rate | 5.484% | 4.23% | ||
Class A-2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of bonds | $ 23.4 | $ 27.4 | ||
Coupon rate | 5.232% | 4.42% | ||
Class A-3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of bonds | $ 24.5 | $ 27.3 | ||
Coupon rate | 5.593% | 4.80% | ||
Class A-4 [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of bonds | $ 25.1 | $ 27.4 | ||
Coupon rate | 5.846% | 5.20% | ||
Securitized Financing 2005-1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Expected weighted average maturity | 4 years 7 months 28 days | |||
Securitized Financing 2007-1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Expected weighted average maturity | 4 years 10 months 10 days |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Insurance [Abstract] | ||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | The effects of reinsurance on premiums written and earned are as follows (in thousands): Three Months Ended September 26, 2015 September 27, 2014 Written Earned Written Earned Direct premiums $ 3,549 $ 3,664 $ 3,188 $ 3,190 Assumed premiums—nonaffiliate 5,476 5,295 4,951 4,641 Ceded premiums—nonaffiliate (2,722 ) (2,722 ) (2,448 ) (2,448 ) Net premiums $ 6,303 $ 6,237 $ 5,691 $ 5,383 | |||
Reinsurance Effect on Premiums Written and Earned | ||||
Direct premiums Written | $ 3,549 | $ 3,188 | $ 7,660 | $ 6,764 |
Assumed premiums - nonaffiliate Written | 5,476 | 4,951 | 11,265 | 10,250 |
Ceded premiums - nonaffiliate Written | (2,722) | (2,448) | (5,436) | (4,757) |
Net premiums Written | 6,303 | 5,691 | 13,489 | 12,257 |
Direct premiums Earned | 3,664 | 3,190 | 7,257 | 6,264 |
Assumed premiums - nonaffiliate Earned | 5,295 | 4,641 | 10,378 | 9,012 |
Ceded premiums - nonaffiliate Earned | (2,722) | (2,448) | (5,436) | (4,757) |
Net premiums Earned | $ 6,237 | $ 5,383 | $ 12,199 | $ 10,519 |
Reinsurance (Details Textual)
Reinsurance (Details Textual) | 6 Months Ended |
Sep. 26, 2015USD ($) | |
Insurance [Abstract] | |
Insurance policies maximum coverage per claim | $ 300,000 |
Insurance policies coverage per claim ceded to reinsurers | 200,000 |
Insurance policy risk of loss maintained per claim | 100,000 |
Catastrophic losses recoverable in excess of amount | 1,000,000 |
Aggregate catastrophic losses recoverable in excess of amount | $ 24,000,000 |
Commitments and Contingencies78
Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Mar. 28, 2015 | |
Loss Contingencies [Line Items] | |||||
Repurchase agreements period, minimum | 18 months | ||||
Repurchase agreements period, maximum | 36 months | ||||
Repurchase agreements maximum amount contingently liable | $ 45,100,000 | $ 45,100,000 | |||
Reserve for repurchase commitments | (1,653,000) | (1,653,000) | $ (2,240,000) | ||
Reserve for contingent repurchase and indemnification obligations | 893,000 | $ 893,000 | $ 867,000 | ||
IRLC Loan Commitment Range Minimum | 30 days | ||||
IRLC Loan Commitment Range Maximum | 180 days | ||||
CountryPlace [Member] | |||||
Loss Contingencies [Line Items] | |||||
IRLCs recorded at fair value | 5,100,000 | $ 5,100,000 | |||
Recognized gain on outstanding IRLCs | 13,000 | $ (26,000) | (5,000) | $ 27,000 | |
Recognized gain (loss) on the forward sales and whole loan commitments | (81,000) | $ 31,000 | (15,000) | $ (36,000) | |
Reinsurance Obligations [Member] | Letter of Credit [Member] | |||||
Loss Contingencies [Line Items] | |||||
Letter of Credit | $ 7,000,000 | $ 7,000,000 |
Commitments and Contingencies79
Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Loan Contracts with Off-Balance Sheet Commitments | ||
Construction loan contract amount | $ 13,514 | $ 9,591 |
Cumulative advances | (5,206) | (4,076) |
Remaining construction contingent commitment | $ 8,308 | $ 5,515 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance, common stock, shares | 8,859,199 | ||||
Beginning balance | $ 320,154,000 | ||||
Stock option exercises, amount | 1,093,000 | ||||
Stock-based compensation | 1,117,000 | ||||
Net income | $ 8,070,000 | $ 5,467,000 | 13,455,000 | $ 11,226,000 | |
Other comprehensive loss | [1] | $ (705,000) | |||
Ending balance, common stock, shares | 8,890,931 | 8,890,931 | |||
Ending balance | $ 335,114,000 | $ 335,114,000 | |||
Pre-tax unrealized loss on available-for-sale investments | $ (1,100,000) | ||||
Common Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance, common stock, shares | 8,859,199 | ||||
Beginning balance | $ 89,000 | ||||
Stock option exercises, shares | 31,732 | ||||
Stock option exercises, amount | $ 0 | ||||
Stock-based compensation | 0 | ||||
Net income | 0 | ||||
Other comprehensive loss | $ 0 | ||||
Ending balance, common stock, shares | 8,890,931 | 8,890,931 | |||
Ending balance | $ 89,000 | $ 89,000 | |||
Additional paid-in capital | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance | 237,916,000 | ||||
Stock option exercises, amount | 1,093,000 | ||||
Stock-based compensation | 1,117,000 | ||||
Net income | 0 | ||||
Other comprehensive loss | 0 | ||||
Ending balance | 240,126,000 | 240,126,000 | |||
Retained earnings | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance | 81,645,000 | ||||
Stock option exercises, amount | 0 | ||||
Stock-based compensation | 0 | ||||
Net income | 13,455,000 | ||||
Other comprehensive loss | 0 | ||||
Ending balance | 95,100,000 | 95,100,000 | |||
Accumulated other comprehensive income | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance | 504,000 | ||||
Stock option exercises, amount | 0 | ||||
Stock-based compensation | 0 | ||||
Net income | 0 | ||||
Other comprehensive loss | [1] | (705,000) | |||
Ending balance | $ (201,000) | $ (201,000) | |||
[1] | Other comprehensive income is comprised of unrealized gains and losses on available-for-sale investments. Unrealized losses before tax effect on available-for-sale securities were $1.1 million for the six months ended September 26, 2015. |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
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 | 1,350,000 | ||
Number of shares of Cavco common stock available for grant under stock incentive plans | 67,564 | 67,564 | ||
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 | 5 years | |||
Stock-based compensation cost charged against income | $ 786,000 | $ 832,000 | $ 1,117,000 | $ 1,100,000 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost related to stock options | $ 2,700,000 | $ 2,700,000 | ||
Weighted-average period over stock options expected to be recognized | 3 years 2 months 8 days |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options [Member] | 6 Months Ended |
Sep. 26, 2015shares | |
Stock Option Activity, Number of Shares [Roll Forward] | |
Beginning balance, shares outstanding | 506,980 |
Granted | 86,500 |
Exercised | (44,875) |
Canceled or forfeited | (1,000) |
Ending balance, shares outstanding | 547,605 |
Shares exercisable | 376,600 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Earnings Per Share Computation | ||||
Net income attributable to Cavco common stockholders | $ 8,070 | $ 5,467 | $ 13,455 | $ 11,226 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 8,878,075 | 8,852,860 | 8,870,862 | 8,850,509 |
Common stock equivalents - treasury stock method (in shares) | 154,577 | 161,663 | 155,362 | 162,917 |
Diluted (in shares) | 9,032,652 | 9,014,523 | 9,026,224 | 9,013,426 |
Net income per share attributable to Cavco common stockholders: | ||||
Basic (usd per share) | $ 0.91 | $ 0.62 | $ 1.52 | $ 1.27 |
Diluted (usd per share) | $ 0.89 | $ 0.61 | $ 1.49 | $ 1.25 |
Anti-dilutive stock equivalents excluded from computation | 18,962 | 4,241 | 23,052 | 1,641 |
Fair Value Measurements (Book V
Fair Value Measurements (Book Value and Estimated Fair Value) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Servicing Asset at Fair Value, Amount | $ 750 | $ 475 | |
Reported Value Measurement [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Investments, Fair Value Disclosure | [1] | 22,455 | 21,283 |
Non-marketable equity investments, Fair Value Disclosure | [2] | 10,431 | 10,636 |
Notes Receivable, Fair Value Disclosure | [3] | 93,142 | 98,158 |
Interest Rate Lock Commitments Fair Value Disclosure | [4] | 15 | 19 |
Forward Commitments Fair Value Disclosure | [4] | (68) | (54) |
Inventory Finance Receivable | [5] | 23,774 | 18,081 |
Securitized Financings | [6] | (63,519) | (66,960) |
Servicing Asset at Fair Value, Amount | [7] | 750 | 475 |
Estimate of Fair Value Measurement [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Investments, Fair Value Disclosure | [1] | 22,455 | 21,283 |
Non-marketable equity investments, Fair Value Disclosure | [2] | 10,431 | 10,636 |
Notes Receivable, Fair Value Disclosure | [3] | 126,439 | 129,616 |
Interest Rate Lock Commitments Fair Value Disclosure | [4] | 15 | 19 |
Forward Commitments Fair Value Disclosure | [4] | (68) | (54) |
Inventory Finance Receivable | [5] | 23,913 | 18,025 |
Securitized Financings | [6] | (63,235) | (67,064) |
Servicing Asset at Fair Value, Amount | [7] | 750 | $ 475 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Inventory Finance Receivable | 0 | ||
Securitized Financings | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Inventory Finance Receivable | 0 | ||
Securitized Financings | (63,235) | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Inventory Finance Receivable | 23,913 | ||
Securitized Financings | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Inventory Finance Receivable | 23,913 | ||
Securitized Financings | $ (63,235) | ||
[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 investments. | ||
[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 is estimated using market interest rates of comparable loans. | ||
[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 and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Servicing Asset at Fair Value, Amount | $ 750 | $ 475 | |
Estimate of Fair Value Measurement [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 | [1] | 1,500 | |
Estimate of Fair Value Measurement [Member] | Recurring [Member] | Mortgage-backed securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 5,301 | |
Estimate of Fair Value Measurement [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 | [1] | 8,171 | |
Estimate of Fair Value Measurement [Member] | Recurring [Member] | Corporate debt securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 775 | |
Estimate of Fair Value Measurement [Member] | Recurring [Member] | Marketable equity securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 5,708 | |
Estimate of Fair Value Measurement [Member] | Recurring [Member] | Interest rate lock commitments [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [2] | 15 | |
Estimate of Fair Value Measurement [Member] | Recurring [Member] | Forward loan sale commitments [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [2] | (68) | |
Estimate of Fair Value Measurement [Member] | Recurring [Member] | Mortgage servicing rights [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [3] | 750 | |
Fair Value, Inputs, 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 | [1] | 0 | |
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Mortgage-backed securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 0 | |
Fair Value, Inputs, 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 | [1] | 0 | |
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Corporate debt securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 0 | |
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Marketable equity securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 5,708 | |
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Interest rate lock commitments [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [2] | 0 | |
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Forward loan sale commitments [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [2] | 0 | |
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Mortgage servicing rights [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [3] | 0 | |
Fair Value, Inputs, 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 | [1] | 1,500 | |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Mortgage-backed securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 5,301 | |
Fair Value, Inputs, 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 | [1] | 8,171 | |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Corporate debt securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 775 | |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Marketable equity securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 0 | |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Interest rate lock commitments [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [2] | 0 | |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Forward loan sale commitments [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [2] | 0 | |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Mortgage servicing rights [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [3] | 0 | |
Fair Value, Inputs, 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 | [1] | 0 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Mortgage-backed securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 0 | |
Fair Value, Inputs, 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 | [1] | 0 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Corporate debt securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 0 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Marketable equity securities [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [1] | 0 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Interest rate lock commitments [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [2] | 15 | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Forward loan sale commitments [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [2] | (68) | |
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Mortgage servicing rights [Member] | |||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||
Assets fair value | [3] | $ 750 | |
[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 the current period earnings through net revenue. |
Fair Value Measurements (Asse86
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Equity Method Investments | $ 10,636 | |
Total of Fair Value Measurement [Member] | Non Recurring [Member] | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | $ 110,893 | |
Loans Held-Construction Advances | 5,206 | |
Loans held for sale | 10,340 | |
Inventory Finance Receivable | 23,913 | |
Securitized Financings | (63,235) | |
Equity Method Investments | 10,431 | |
Level 1 [Member] | Non Recurring [Member] | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 0 | |
Loans Held-Construction Advances | 0 | |
Loans held for sale | 0 | |
Inventory Finance Receivable | 0 | |
Securitized Financings | 0 | |
Equity Method Investments | 0 | |
Level 2 [Member] | Non Recurring [Member] | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 0 | |
Loans Held-Construction Advances | 0 | |
Loans held for sale | 10,340 | |
Inventory Finance Receivable | 0 | |
Securitized Financings | (63,235) | |
Equity Method Investments | 0 | |
Level 3 [Member] | Non Recurring [Member] | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 110,893 | |
Loans Held-Construction Advances | 5,206 | |
Loans held for sale | 0 | |
Inventory Finance Receivable | 23,913 | |
Securitized Financings | 0 | |
Equity Method Investments | $ 10,431 |
Fair Value Measurements (Assump
Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) $ in Thousands | Sep. 26, 2015USD ($)Loans | Jun. 27, 2015 | Mar. 28, 2015USD ($)Loans |
Fair Value Disclosures [Abstract] | |||
Number of loans serviced with MSRs | Loans | 3,549 | 3,306 | |
Weighted average servicing fee (basis points) | 0.3018% | 0.2988% | |
Capitalized servicing multiple | 60.80% | 42.10% | |
Capitalized servicing rate (basis points) | 0.1835% | 0.1258% | |
Serviced portfolio with MSRs | $ 408,920 | $ 380,120 | |
Mortgage servicing rights | $ 750 | $ 475 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 6 Months Ended |
Sep. 26, 2015USD ($) | |
Fair Value Measurements (Textual) [Abstract] | |
Fair Value, Assets, Level 1, Level 2, or Level 3 Transfers, Amount | $ 0 |
Impairment charges on assets held for sale or held and used | $ 0 |
Typical period a loan is held for sale | 45 days |
Related Party Transactions (Det
Related Party Transactions (Details) | Jul. 21, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Repayment of Incentive Based Compensation | $ 1.1 |
Business Segment Information (D
Business Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Sep. 26, 2015USD ($)Segment | Sep. 27, 2014USD ($) | |
Business Segment Information | ||||
Number of operating segments | Segment | 2 | |||
Net revenue | $ 191,964 | $ 139,315 | $ 353,632 | $ 278,479 |
Income before income taxes | 12,490 | 8,700 | 21,122 | 17,642 |
Factory-built housing [Member] | ||||
Business Segment Information | ||||
Net revenue | 177,455 | 126,378 | 325,001 | 252,643 |
Income before income taxes | 8,967 | 5,690 | 16,971 | 13,308 |
Financial services [Member] | ||||
Business Segment Information | ||||
Net revenue | 14,509 | 12,937 | 28,631 | 25,836 |
Income before income taxes | $ 3,523 | $ 3,010 | $ 4,151 | $ 4,334 |