Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 30, 2019 | May 17, 2019 | Sep. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CAVCO INDUSTRIES INC. | ||
Entity Central Index Key | 0000278166 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --03-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,100,588,456 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 9,098,320 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 187,370 | $ 186,766 |
Restricted cash, current | 12,148 | 11,228 |
Accounts receivable, net | 40,701 | 35,043 |
Short-term investments | 12,620 | 11,866 |
Current portion of consumer loans receivable, net | 30,058 | 31,096 |
Current portion of commercial loans receivable, net | 15,234 | 5,481 |
Inventories | 116,203 | 109,152 |
Assets held for sale | 3,061 | 0 |
Prepaid expenses and other current assets | 44,654 | 27,961 |
Total current assets | 462,049 | 418,593 |
Restricted cash | 351 | 1,264 |
Investments | 32,137 | 33,573 |
Consumer loans receivable, net | 56,727 | 63,855 |
Commercial loans receivable, net | 27,772 | 11,120 |
Property, plant and equipment, net | 63,484 | 63,355 |
Goodwill and other intangibles, net | 82,696 | 83,020 |
Total assets | 725,216 | 674,780 |
Current liabilities: | ||
Accounts payable | 29,305 | 23,785 |
Accrued liabilities | 125,181 | 126,500 |
Current portion of securitized financings and other | 19,522 | 26,044 |
Total current liabilities | 174,008 | 176,329 |
Securitized financings and other | 14,618 | 33,768 |
Deferred income taxes | 7,002 | 7,577 |
Stockholders' equity | ||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 40,000,000 shares authorized; Outstanding 9,098,320 and 9,044,858 shares, respectively | 91 | 90 |
Additional paid-in capital | 249,447 | 246,197 |
Retained earnings | 280,078 | 209,381 |
Accumulated other comprehensive income (loss) | (28) | 1,438 |
Total stockholders' equity | 529,588 | 457,106 |
Total liabilities and stockholders' equity | $ 725,216 | $ 674,780 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 30, 2019 | Mar. 31, 2018 |
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 | 40,000,000 | 40,000,000 |
Common stock, shares outstanding | 9,098,320 | 9,044,858 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Statement [Abstract] | |||
Net revenue | $ 962,746 | $ 871,235 | $ 773,797 |
Cost of sales | 757,040 | 690,555 | 615,760 |
Gross profit | 205,706 | 180,680 | 158,037 |
Selling, general and administrative expenses | 121,568 | 106,907 | 101,231 |
Income from operations | 84,138 | 73,773 | 56,806 |
Interest expense | (3,444) | (4,397) | (4,443) |
Other income, net | 5,982 | 9,147 | 2,918 |
Income before income taxes | 86,676 | 78,523 | 55,281 |
Income tax expense | (18,054) | (17,021) | (17,326) |
Net income | 68,622 | 61,502 | 37,955 |
Comprehensive income: | |||
Net income | 68,622 | 61,502 | 37,955 |
Reclassification adjustment for net loss (gains) realized in income | 74 | (1,538) | (372) |
Applicable income taxes (benefit) | (15) | 574 | 149 |
Net change in unrealized appreciation of investments | 122 | 1,249 | 493 |
Applicable income taxes | (26) | (233) | (173) |
Comprehensive income | $ 68,777 | $ 61,554 | $ 38,052 |
Net income per share attributable to Cavco common stockholders: | |||
Basic (usd per share) | $ 7.56 | $ 6.82 | $ 4.23 |
Diluted (usd per share) | $ 7.40 | $ 6.68 | $ 4.17 |
Weighted average shares outstanding: | |||
Basic (in shares) | 9,080,878 | 9,024,437 | 8,976,064 |
Diluted (in shares) | 9,268,737 | 9,201,706 | 9,105,743 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity and Redeemable Noncontrolling Interest Statement - USD ($) | Total | Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) |
Beginning balance, common stock, shares at Apr. 02, 2016 | 8,927,989 | ||||
Beginning balance at Apr. 02, 2016 | $ 353,226,000 | $ 89,000 | $ 241,662,000 | $ 110,186,000 | $ 1,289,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 37,955,000 | 0 | 0 | 37,955,000 | 0 |
Reclassification adjustment for net gains realized in income, net | (223,000) | 0 | 0 | 0 | (223,000) |
Unrealized gain on available-for-sale securities, net | 320,000 | $ 0 | 0 | 0 | 320,000 |
Stock option exercises and associated tax benefits, shares | 66,979 | ||||
Stock option exercises and associated tax benefits, amount | 1,005,000 | $ 1,000 | 1,004,000 | 0 | 0 |
Stock-based compensation | 2,125,000 | $ 0 | 2,125,000 | 0 | 0 |
Ending balance, common stock, shares at Apr. 01, 2017 | 8,994,968 | ||||
Ending balance at Apr. 01, 2017 | 394,408,000 | $ 90,000 | 244,791,000 | 148,141,000 | 1,386,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 61,502,000 | 0 | 0 | 61,502,000 | 0 |
Reclassification adjustment for net gains realized in income, net | (964,000) | 0 | 0 | 0 | (964,000) |
Unrealized gain on available-for-sale securities, net | 702,000 | $ 0 | 0 | 0 | 702,000 |
Stock option exercises and associated tax benefits, shares | 49,890 | ||||
Stock option exercises and associated tax benefits, amount | (915,000) | $ 0 | (915,000) | 0 | 0 |
Stock-based compensation | $ 2,321,000 | $ 0 | 2,321,000 | 0 | 0 |
Ending balance, common stock, shares at Mar. 31, 2018 | 9,044,858 | 9,044,858 | |||
Ending balance at Mar. 31, 2018 | $ 457,106,000 | $ 90,000 | 246,197,000 | 209,381,000 | 1,438,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Effect of adoption of new accounting pronouncement | Accounting Standards Update 2016-09 | 52,000 | 52,000 | |||
Effect of adoption of new accounting pronouncement | Accounting Standards Update 2018-02 | 0 | (314,000) | 314,000 | ||
Net income | 68,622,000 | 0 | 0 | 68,622,000 | 0 |
Reclassification adjustment for net gains realized in income, net | 59,000 | 0 | 0 | 0 | 59,000 |
Unrealized gain on available-for-sale securities, net | 96,000 | $ 0 | 0 | 0 | 96,000 |
Stock option exercises and associated tax benefits, shares | 53,462 | ||||
Stock option exercises and associated tax benefits, amount | (114,000) | $ 1,000 | (115,000) | 0 | 0 |
Stock-based compensation | $ 3,365,000 | $ 0 | 3,365,000 | 0 | 0 |
Ending balance, common stock, shares at Mar. 30, 2019 | 9,098,320 | 9,098,320 | |||
Ending balance at Mar. 30, 2019 | $ 529,588,000 | $ 91,000 | $ 249,447,000 | 280,078,000 | (28,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Effect of adoption of new accounting pronouncement | Accounting Standards Update 2016-01 | 0 | 1,621,000 | (1,621,000) | ||
Effect of adoption of new accounting pronouncement | Difference between Revenue Guidance in Effect before and after Topic 606 | $ 454,000 | $ 454,000 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 68,622 | $ 61,502 | $ 37,955 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,698 | 4,026 | 3,687 |
Provision for credit losses | 562 | 422 | 792 |
Deferred income taxes | (762) | (4,258) | 278 |
Share-based compensation expense | 3,365 | 2,321 | 2,125 |
Non-cash interest income | (953) | (1,011) | (1,161) |
Incremental tax benefits from option exercises | 0 | 0 | (2,398) |
Gain on sale of property, plant and equipment including assets held for sale | (53) | (77) | (62) |
Gain on investments and sale of loans, net | (9,207) | (14,544) | (7,179) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (5,684) | (4,118) | (372) |
Consumer loans receivable originated | (129,990) | (126,404) | (116,662) |
Proceeds from sales of consumer loans | 131,117 | 119,345 | 104,446 |
Principal payments on consumer loans receivable | 12,945 | 12,664 | 10,944 |
Inventories | (7,051) | (13,425) | 958 |
Prepaid expenses and other current assets | (12,942) | 5,799 | (4,552) |
Commercial loans receivable | (26,543) | 9,400 | (373) |
Accounts payable and accrued liabilities | 4,712 | 7,324 | 17,365 |
Net cash provided by operating activities | 32,836 | 58,966 | 45,791 |
INVESTING ACTIVITIES | |||
Purchases of property, plant and equipment | (7,636) | (8,386) | (5,295) |
Payments for Lexington Homes, net | 0 | (1,638) | 0 |
Proceeds from sale of property, plant and equipment and assets held for sale | 125 | 474 | 145 |
Purchases of investments | (7,337) | (12,537) | (10,930) |
Proceeds from sale of investments | 9,033 | 17,416 | 9,018 |
Net cash used in investing activities | (5,815) | (4,671) | (7,062) |
FINANCING ACTIVITIES | |||
Payments for exercise of stock options | (114) | (915) | (1,393) |
Incremental tax benefits from exercise of stock options | 0 | 0 | 2,398 |
Proceeds from secured financings and other | 392 | 9,079 | 4,270 |
Payments on securitized financings and other | (26,688) | (8,040) | (8,231) |
Net cash (used in) provided by financing activities | (26,410) | 124 | (2,956) |
Net increase in cash, cash equivalents and restricted cash | 611 | 54,419 | 35,773 |
Cash, cash equivalents and restricted cash at beginning of year | 199,258 | 144,839 | 109,066 |
Cash, cash equivalents and restricted cash at end of year | 199,869 | 199,258 | 144,839 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the year for income taxes | 19,912 | 17,266 | 18,106 |
Cash paid during the year for interest | 2,302 | 2,910 | 3,402 |
Supplemental disclosure of noncash financing activity: | |||
Assets acquired under capital lease | 0 | 1,749 | 0 |
Capital lease obligations incurred | $ 0 | $ 1,225 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation. These Consolidated Financial Statements include the accounts of Cavco Industries, Inc. and its consolidated subsidiaries (collectively, the "Company" or "Cavco"). All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date of March 30, 2019 , through the date of the filing of this report with the Securities and Exchange Commission (the "SEC") and there were no disclosable subsequent events. Nature of Operations. Headquartered in Phoenix, Arizona, the Company designs and produces factory-built homes which are sold to a network of independent distributors located throughout the continental United States as well as through Company-owned retail sales locations which offer the Company's homes to retail customers. Our financial services group is comprised of a mortgage subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), an approved Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac") seller/servicer, a Government National Mortgage Association ("Ginnie Mae") mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Also included is our insurance subsidiary, Standard Casualty Co. ("Standard Casualty"), which provides property and casualty insurance primarily to owners of manufactured homes. Fiscal Year. The Company utilizes a 52-53 week fiscal year ending on the Saturday nearest to March 31 of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31. Fiscal years 2019 , 2018 and 2017 each consisted of 52 weeks. Accounting Estimates. Preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from the estimates and assumptions used in preparation of the consolidated financial statements. Fair Value of Financial Instruments. The Company's financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, investments, consumer loans receivable, commercial loans receivable, accounts payable, certain accrued liabilities and securitized and other financings. The carrying amount of cash and cash equivalents approximates fair value because their maturity is less than three months. The carrying amounts of restricted cash, accounts receivable, accounts payable and certain accrued liabilities approximate fair value due to the short-term maturity of the amounts. The carrying amount of available for sale or marketable investments is at fair value (see Note 4 ). The carrying amount of the Company's commercial loans receivable fair value is estimated based on the market value of comparable loans. The fair value of consumer loans receivable, commercial loans receivable and securitized and other financings are all estimated to be greater than carrying value (see Note 19 ). Factory-Built Housing Revenue Recognition - Wholesale . Revenue from homes sold to independent distributors, builders, communities and developers is generally recognized when the home is shipped, at which time title passes and it is probable that substantially all of the consideration will be received. Homes sold to independent distributors are generally either paid upon shipment or floor plan financed by the independent distributor through standard industry financing arrangements, which can include repurchase agreements. Manufacturing sales financed under floor plan arrangements that include repurchase agreements are reduced by a provision for estimated repurchase obligations (see Note 16 ). Prior to the adoption of the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"), revenue from homes sold under commercial loan programs involving funds provided by the Company were either deferred until such time that payment for the related commercial loan was received by the Company or recognized when the home was shipped and title transferred, depending on the nature of the program and borrower. Upon adoption of ASC 606, the Company generally recognizes home sales revenue upon shipment and transfer of title, as it is probable that substantially all of the consideration in exchange for the goods or services transferred to the customer will be collected. One consideration under the guidance requires the evaluation of the financing component of the related loan program. If it is determined that the interest rate charged under the loan program is less than the market rate, the Company will reduce the transaction price by an amount for deferred interest. In these cases, interest income will be accrued and recognized over the life of the loan using the effective interest method. A significant amount of the Company's loan programs are offered at market rates. Some of the Company's independent distributors operate multiple sales outlets. No independent distributor accounted for 10% or more of our factory-built housing revenue during any fiscal year within the three-year period ended March 30, 2019 . Factory-Built Housing Revenue Recognition - Retail . Sales by Company-owned retail locations are generally recognized when the customer has entered into a legally binding sales contract, the home is delivered and permanently located at the customer's site, the home is accepted by the customer, title has transferred and funding is probable. Financial Services Revenue Recognition. Premium amounts collected on policies issued and assumed by Standard Casualty are amortized on a straight-line basis into Net revenue over the life of the policy. Premiums earned are net of reinsurance ceded. Policy acquisition costs are also amortized in Cost of sales over the life of the policy. Insurance agency commissions received from third-party insurance companies are recognized as revenue upon execution of the insurance policy, where the Company has no future or ongoing obligation. Upon acquisition of the securitized loan portfolios (the "Acquisition Date"), management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans' contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool's scheduled contractual principal and contractual interest payments over the undiscounted cash flows expected as of the Acquisition Date as an amount that is not 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 in Net revenue (see Note 6 ). For loans originated by CountryPlace and held for sale, loan origination fees and gains or losses on sales are recognized in Net revenue upon title transfer of the loans. CountryPlace provides third-party servicing of mortgages and earns servicing fees each month based on the aggregate outstanding balances. Servicing fees are recognized in Net revenue when earned. Cash and Cash Equivalents . Highly liquid investments with insignificant interest rate risk and original maturities of three months or less, when purchased, are classified as cash equivalents. The Company's cash equivalents are comprised of U.S. Treasury money market funds and other money market funds, some in excess of Federal Deposit Insurance Corporation insured limits. Restricted Cash . Restricted cash primarily represents cash related to CountryPlace customer payments to be remitted to third parties and deposits received from retail customers required to be held in trust accounts. The Company cannot access restricted cash for general operating purposes (see Note 3 ). Accounts Receivable. The Company extends competitive credit terms on a customer-by-customer basis in the normal course of business and its accounts receivable are subject to normal industry risk. The Company reviews accounts receivable for estimated losses that may result from customers' inability to pay. As of March 30, 2019 and March 31, 2018 , the company had no allowance for doubtful accounts. Investments. Management determines the appropriate classification of its investment securities at the time of purchase. The Company's investments include marketable debt and equity securities. On April 1, 2018, the Company adopted FASB ASU 2016-01, Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which, among other things, removed the available-for-sale designation of marketable equity securities and requires the changes in unrealized net holding gains and losses on equity securities to be reported in earnings instead of recording these amounts in Accumulated other comprehensive income/loss ("AOCI") on the Consolidated Balance Sheets. Unrealized net holding gains and losses on available-for-sale debt securities continue to be recorded in AOCI on the Consolidated Balance Sheets. Realized gains and losses from the sale of securities are determined using the specific identification method (see Note 4 ). Management regularly makes an assessment to determine whether a decline in value of an individual security is other-than-temporary. The Company considers the following factors when making its assessment: (i) the Company's ability and intent to hold the investment to maturity, or a period of time sufficient to allow for a recovery in market value; (ii) whether it is probable that the Company will be able to collect the amounts contractually due; and (iii) whether any decision has been made to dispose of the investment prior to the balance sheet date. Investments on which there is an unrealized loss that is deemed to be other-than-temporary are written down to fair value with the loss recorded in earnings. Consumer Loans Receivable. Consumer loans receivable consists primarily of manufactured housing loans originated by CountryPlace (securitized, held for investment or held for sale) and construction advances on mortgages. The fair value of consumer loans receivable held on the Acquisition Date was calculated as of that date, as determined by the present value of expected future cash flows, with no allowance for loan loss recorded. Loans held for investment consist of loan contracts collateralized by the borrowers' homes and, in some instances, related land. Construction loans in progress are stated at the aggregate amount of cumulative funded advances. Loans held for sale are loans that, at the time of origination, are originated with the intent to resell to investors which the Company has pre-existing purchase agreements, such as Fannie Mae and Freddie Mac, or to sell as part of a Ginnie Mae insured pool of loans and consist of loan contracts collateralized by single-family residential mortgages. Loans held for sale are stated at the lower of cost or market on an aggregate basis. 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, the Company's loans are secured by a first-lien position and are provided for the consumer purchase of a home. Unsecuritized consumer loans held for investment include home-only personal property loans originated under the Company's home-only lending programs. Accordingly, the Company classifies its loans receivable as follows: conforming mortgages, non-conforming mortgages, home-only loans and other loans. In measuring credit quality within each segment and class, the Company uses commercially available credit scores (such as FICO®). At the time of each loan's origination, the Company obtains credit scores from each of the three primary credit bureaus, if available. To evaluate credit quality of individual loans, the Company uses the mid-point of the available credit scores or, if only two scores are available, the Company uses the lower of the two. The Company does not update credit bureau scores after the time of origination. Securitized Financing. Prior to being acquired by the Company, CountryPlace completed two securitizations of factory-built housing loan receivables on July 12, 2005 and March 22, 2007. A special purpose bankruptcy remote trust ("SPE") was formed for the purpose of issuing asset backed notes. The Company transferred assets to the SPE, which then issued to investors various asset-backed securities. In these securitization transactions, the Company received cash and/or other interests in the SPE as proceeds for the transferred assets. The Company retained the right to service the transferred receivables and to repurchase the transferred receivables from the SPE if the outstanding balance of the receivables falls to less than twenty percent of the original balance of the transferred receivables. The Company evaluated its interests in the SPE for classification as a variable interest entity and the Company determined that the Company is the primary beneficiary and, therefore, the Company includes the SPE in its consolidated financial statements. On January 15, 2019, the Company executed its right to repurchase the securitization issued on July 12, 2005. As of March 30, 2019 , there was one class of securitized bond debt outstanding with an estimated call date in August 2019. It is anticipated that we will repurchase or refinance this facility prior to the call date. These two securitizations were accounted for as financings, which use the portfolio method of accounting in accordance with FASB Accounting Standards Codification ("ASC") 310, Receivables – Nonrefundable Fees and Other . The securitizations included provisions for removal of accounts, retention of certain credit loss risk by CountryPlace and other factors that preclude sale accounting of the securitizations under FASB ASC 860, Transfers and Servicing . Both securitizations were accounted for as securitized borrowings; therefore, the related consumer loans receivable and securitized financings were included in CountryPlace's financial statements. Since the Acquisition Date, the acquired consumer loans receivable and securitized financings are accounted for in a manner similar to FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). The Company 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 Acquisition Date include interest that 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 (see Note 13 ). Commercial Loans Receivable. The Company's commercial loans receivable balance consists of amounts loaned by the Company under commercial loan programs for the benefit of our independent distributors and community operators' home purchasing needs. Under the terms of certain programs, the Company has entered into direct commercial loan arrangements with independent distributors and community operators wherein the Company provides funds to purchase home inventory or homes for placement in communities. Interest income on commercial loans receivable is recognized as Other income in the Consolidated Statements of Comprehensive Income on an accrual basis. Allowance for Loan Losses. The primary portion of the allowance for loan losses reflects the Company's judgment of the incurred loss exposure on our commercial loans receivable as of the end of the reporting period. The allowance for loan losses is developed at a portfolio level. A range of probable losses is calculated and the Company makes a determination of the best estimate within the range of loan losses. The Company has historically been able to resell repossessed homes, thereby mitigating loss experience. If a default occurs and collateral is lost, the Company is exposed to loss of the full value of the home loan. If the Company determines that it is probable that a borrower will default, a specific reserve is determined and recorded within the estimated allowance for loan losses. The Company recorded allowance for loan losses of $180,000 and $42,000 at March 30, 2019 and March 31, 2018 , respectively (see Note 7 ). Another portion of the allowance for loan losses relates to consumer loans receivable originated after the Acquisition Date. This allowance reflects a judgment of the probable loss exposure on loans originated since the Acquisition Date and included in the held for investment portfolio as of the end of the reporting period. The Company accounts for the loans that were in existence at the Acquisition Date in a manner similar to ASC 310-30. Management evaluated such loans as of the Acquisition Date to determine whether there was evidence of deterioration of credit quality and if it was probable that the Company would be unable to collect all amounts due according to the loans' contractual terms. Over the life of the loans, the Company continues to estimate cash flows expected to be collected. At the balance sheet date, the Company evaluates whether the present value of its expected cash flows, determined using the effective interest rate, has decreased and, if so, recognizes an allowance for loan loss. 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 and then to adjust the amount of accretable yield recognized on a prospective basis over the loan pool's remaining life (see Note 6 ). The Company has modified payment amounts and/or interest rates for borrowers that, in management's judgment, exhibited the willingness and ability to continue to pay and meet certain other conditions. The Company considers a modified loan a troubled debt restructuring when three conditions are met: (i) the borrower is experiencing financial difficulty, (ii) concessions are made by the Company that it would not otherwise consider for a borrower with similar risk characteristics and (iii) the loan was originated after the Acquisition Date. The Company no longer considers modified loans to be troubled debt restructurings once the modified loan is seasoned for six months, is not delinquent under the modified terms and is at a market rate of interest at the modification date. Inventories. Raw material inventories are valued at the lower of cost (first-in, first-out method) or market. Finished goods and work-in-process inventories are valued at the lower of cost or market, using the specific identification method. Property, Plant and Equipment. Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful life of each asset. Estimated useful lives for significant classes of assets are as follows: buildings and improvements, 10 to 39 years; and machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred. The Company sells miscellaneous property, plant and equipment in the normal course of business. Asset Impairment . The Company periodically evaluates the carrying value of long-lived assets to be held and used and held for sale for impairment when events and circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that the fair values are primarily based on independent appraisals and preliminary or definitive contractual arrangements less costs to dispose. The Company recognized no impairment losses in fiscal years 2019 , 2018 or 2017 . Goodwill and Other Intangibles. The Company accounts for goodwill and other intangible assets in accordance with the provisions of FASB ASC 350, Intangibles—Goodwill and Other . As such, the Company tests goodwill annually for impairment. The Company has identified two reporting segments: factory-built housing and financial services. As of March 30, 2019 , all of the Company's goodwill is attributable to its factory-built housing reporting segment. Certain intangibles are considered indefinite-lived and others are finite-lived and are amortized over their useful lives. Finite-lived intangibles are amortized over 3 to 15 years on a straight-line basis and are reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Indefinite-lived intangible assets are assessed annually for impairment first by making a qualitative assessment, and if necessary, performing a quantitative assessment and recording an impairment charge if the fair value of the asset is less than its carrying amount. The Company performed its annual goodwill impairment analysis as of March 30, 2019 . The analysis determined that the fair value of the reporting unit was greater than the carrying value. No impairment was determined to be necessary for fiscal years 2019 , 2018 or 2017 . Warranties. The Company provides retail home buyers, builders or developers with a one -year warranty for manufacturing defects from the date of sale to the retail customer. Nonstructural components of a cosmetic nature are warranted for 120 days , except in specific cases where state laws require longer warranty terms. Estimated warranty costs are accrued in Cost of sales at the time of sale. The warranty provision and reserves are based on estimates of the amounts necessary to settle existing and future claims on homes sold as of the balance sheet date. Factors used to calculate the warranty obligation are the estimated amount of homes still under warranty including homes in distributor inventories, homes purchased by consumers still within the one -year warranty period, the timing in which work orders are completed and the historical average costs incurred to service a home. Distributor Volume Rebates . The Company's manufacturing operations sponsor volume rebate programs under which certain sales to distributors, builders and developers can qualify for cash rebates generally based on the level of sales attained during a twelve-month period. Volume rebates are accrued at the time of sale and are recorded as a reduction of Net revenue. Reserve for Repurchase Commitment. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for distributors of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor. Our obligation under these repurchase agreements ceases upon the purchase of the home by the retail customer. The risk of loss under these agreements is spread over numerous distributors. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months) and the risk of loss is further reduced by the resale value of repurchased homes. The Company applies FASB ASC 460, Guarantees ("ASC 460") and FASB ASC 450-20, Loss Contingencies ("ASC 450-20"), to account for its liability for repurchase commitments. Under the provisions of ASC 460, during the period in which a home is sold (inception of a repurchase commitment), the Company records the greater of the estimated fair value of the non-contingent obligation or a contingent liability for each repurchase arrangement under the provisions of ASC 450-20, based on historical information available, as a reduction to revenue. Additionally, subsequent to the inception of the repurchase commitment, the Company evaluates the likelihood that it will be called on to perform under the inventory repurchase commitments. If it becomes probable that a distributor will default and an ASC 450-20 loss reserve should be recorded, then such contingent liability is recorded equal to the estimated loss on repurchase. Following the inception of the commitment, the recorded reserve is reduced over the repurchase period in conjunction with applicable curtailment arrangements and is eliminated once the distributor sells the home. Changes in the reserve are recorded as an adjustment to Net revenue. Reserve for Property-Liability Insurance Claims and Claims Expense. Standard Casualty establishes reserves for claims and claims expense on reported and unreported claims of insured losses. Standard Casualty's reserving process takes into account known facts and interpretations of circumstances and factors, including Standard's experience with similar cases, actual claims paid, historical trends involving claim payment patterns and pending levels of unpaid claims, loss management programs, product mix, contractual terms, changes in law and regulation, judicial decisions and economic conditions. In the normal course of business, Standard Casualty may also supplement its claims processes by utilizing third party adjusters, appraisers, engineers, inspectors and other professionals and information sources to assess and settle catastrophe and non-catastrophe related claims. The effects of inflation are implicitly considered in the reserving process. The applicable reserve balance was $6.7 million as of March 30, 2019 , of which $4.0 million related to incurred but not reported ("IBNR") losses. Insurance. The Company is self-insured for a significant portion of its general and products liability, auto liability, health, property and workers' compensation liability coverage. Insurance is maintained for catastrophic exposures and those risks required to be insured by law. Estimated self-insurance costs are accrued for incurred claims and estimated IBNR claims. A reserve for products liability is actuarially determined and reflected in Accrued liabilities in the accompanying Consolidated Balance Sheets. The determination of claims and expenses and the appropriateness of the related liabilities are regularly reviewed and updated. Advertising. Advertising costs are expensed as incurred and were $837,000 in fiscal year 2019 , $1.1 million in fiscal year 2018 and $1.0 million in fiscal year 2017 . Freight. Substantially all freight costs are recovered from the Company's distributors and are included in Net revenue. Freight charges of $28.9 million , $27.3 million and $24.3 million were recognized in fiscal years 2019 , 2018 and 2017 , respectively. Income Taxes. The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes ("ASC 740") and provides for income taxes utilizing the asset and liability approach. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The calculation of tax liabilities involves considering uncertainties in the application of complex tax regulations. The Company recognizes liabilities for anticipated tax audit issues based on the Company's estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the liabilities are no longer determined to be necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company uses a two-step approach to evaluate uncertain tax positions. This approach involves recognizing any tax positions that are more likely than not to occur and then measuring those positions to determine the amounts to be recognized in the Consolidated Financial Statements. Other Income, net. Other income primarily consists of gains and losses on the sale of corporate investments, interest related to commercial loan receivable balances, interest income earned on cash balances and gains and losses or impairment on property, plant and equipment assets held for sale or sold. Stock-Based Compensation. The Company applies the fair value recognition provisions of FASB ASC 718, Compensation—Stock Compensation ("ASC 718"), using the Black-Scholes-Merton option-pricing model. The determination of the fair value of stock options on the date of grant using this option-pricing model is affected by the Company's stock price as well as assumptions regarding a number of complex and subjective variables. These variables include actual and projected employee stock option exercise behaviors, the Company's expected stock price volatility over the expected term of the awards, the risk-free interest rate and expected dividends. The Company uses historical data to estimate pre-vesting option forfeitures and records stock-based compensation cost, using the straight-line attribution method, only for those awards that are expected to vest. The Company utilizes historic option activity when estimating the expected term of options granted. The Company estimates the expected volatility of its common stock taking into consideration its historical stock price movement and its expected future stock price trends based on known or anticipated events. The Company bases the risk-free interest rate that it uses in the option pricing model on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options. The Company does not anticipate paying cash dividends and therefore uses an expected dividend yield of zero in the option-pricing model. The Company estimates future forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates (see Note 17 ). Accumulated Other Comprehensive Income. AOCI is comprised of unrealized gains and losses on available-for-sale debt securities (see Note 4 ), and is presented net of tax. Prior to the adoption of ASU 2016-01, as discussed above, AOCI included unrealized gains and losses on both debt and equity securities. Accumulated unrealized loss on available-for-sale debt securities at the end of fiscal year 2019 was $35,000 before tax, with an associated tax amount of $7,000 , resulting in a net unrealized loss of $28,000 . Unrealized gain on available-for-sale investments for fiscal year 2018 was $1.9 million , offset by tax effect of $493,000 , for a net unrealized gain of $1.4 million . Unrealized gain on available-for-sale investments for fiscal year 2017 was $2.2 million before tax, with an associated tax amount of $835,000 , resulting in a net unrealized gain of $1.4 million . 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 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Mar. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue from Contracts with Customers As discussed in Note 1, the Company adopted ASC 606 on April 1, 2018. Our revenue recognition practices under ASC 606 do not differ materially from prior practices. Under ASC 606, revenues are recognized when a good or service is transferred to a customer. A good or service is transferred when, or as, the customer obtains control of that good or service. Revenues are based on the consideration expected to be received in connection with our promises to deliver goods and services to our customers. Site Improvements on Retail Sales. Under previous guidance, the Company recorded sales of subcontracted ancillary services, such as preparation of the home site or other exterior enhancements, net of associated costs. Such services are provided as a convenience to the customer. As the Company is involved in the selection of subcontractors, under ASC 606, we have concluded that it is appropriate to recognize the sale of these ancillary services on a gross basis. The revenues associated with these programs for fiscal years 2019 , 2018 and 2017 were $24.9 million , $21.2 million and $18.8 million , respectively. Additional Items . Expected consideration, and therefore revenue, reflects reductions for returns, allowances, and other incentives, some of which may be contingent on future events. Additionally, the Company's volume rebates are accrued at the time of sale and are recorded as a reduction of Net revenue. In customer contracts for retail sales of manufactured homes, consideration includes certain state and local excise taxes billed to customers when those taxes are levied directly upon us by the taxing authorities. Expected consideration excludes sales and other taxes collected on behalf of taxing authorities. The Company elects to treat consideration for freight performed as a fulfillment activity. Therefore, Net revenue includes consideration for freight and other fulfillment activities performed prior to the customer obtaining control of the goods. Practical Expedients and Exemptions . The Company generally expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within Selling, general and administrative expenses. In addition, the Company does not disclose the value of unsatisfied performance obligations for contracts with an expected length of one year or less. Disaggregation of Revenue . The following table summarizes customer contract revenues disaggregated by reportable segment and the source of the revenue. All revenue from customers is recognized at a point in time, either when the customer takes delivery or when a third-party insurance contract is executed, as more fully discussed above. Other items included in our consolidated revenues are primarily related to financial services, including manufactured housing consumer finance and insurance, which are not within the scope of ASC 606. Fiscal year ended March 30, 2019 Factory-built housing U.S. Housing and Urban Development code homes $ 727,950 Modular homes 90,636 Park model RVs 38,057 Other (1) 49,083 Net revenue from factory-built housing 905,726 Financial services Insurance agency commissions received from third-party insurance companies 3,065 Other 53,955 Net revenue from financial services 57,020 Total Net revenue $ 962,746 (1) Other factory-built housing revenue from ancillary products and services including used homes, freight and other services. Impacts on Consolidated Financial Statements . The impacts to our Consolidated Financial Statements as a result of ASC 606 implementation are as follows (in thousands): March 30, 2019 Consolidated Balance Sheet As Reported Adjustments Balance without ASC 606 Adoption Accrued liabilities $ 125,181 $ 1,750 $ 126,931 Total current liabilities 174,008 1,750 175,758 Deferred income taxes 7,002 (461 ) 6,541 Retained earnings 280,078 (1,289 ) 278,789 Total stockholders' equity 529,588 (1,289 ) 528,299 Fiscal year ended March 30, 2019 Consolidated Statement of Comprehensive Income As Reported Adjustments Balance without ASC 606 Adoption Net revenue $ 962,746 $ (32,420 ) $ 930,326 Cost of sales 757,040 (31,047 ) 725,993 Gross profit 205,706 (1,373 ) 204,333 Selling, general and administrative expenses 121,568 (289 ) 121,279 Income from operations 84,138 (1,084 ) 83,054 Income before income taxes 86,676 (1,084 ) 85,592 Income tax expense (18,054 ) 250 (17,804 ) Net income 68,622 (834 ) 67,788 |
Restricted Cash
Restricted Cash | 12 Months Ended |
Mar. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash Restricted cash consists of the following (in thousands): March 30, March 31, Cash related to CountryPlace customer payments to be remitted to third parties $ 10,426 $ 9,180 Cash related to CountryPlace customer payments on securitized loans to be remitted to bondholders 634 1,311 Other restricted cash 1,439 2,001 $ 12,499 $ 12,492 Corresponding amounts are recorded in accounts payable and accrued liabilities for customer payments and deposits. |
Investments
Investments | 12 Months Ended |
Mar. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments consist of the following (in thousands): March 30, March 31, Available-for-sale debt securities $ 13,408 $ 16,181 Marketable equity securities 11,073 10,405 Non-marketable equity investments 20,276 18,853 $ 44,757 $ 45,439 The Company's investments in marketable equity securities consist of investments in common stock of industrial and other companies. Non-marketable equity investments includes $15.0 million as of March 30, 2019 and March 31, 2018 , of contributions to equity-method investments in community-based initiatives that buy and sell our homes and provide home-only financing to residents of certain manufactured home communities. Other non-marketable investments include investments in other distribution operations. The Company records investments in fixed maturity securities classified as available-for-sale at fair value and records the difference between fair value and cost in other comprehensive income. The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands): March 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government debt securities $ 300 $ — $ (3 ) $ 297 Residential mortgage-backed securities 6,625 3 (119 ) 6,509 State and political subdivision debt securities 4,883 117 (17 ) 4,983 Corporate debt securities 1,635 3 (19 ) 1,619 $ 13,443 $ 123 $ (158 ) $ 13,408 March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government debt securities $ 300 $ — $ (7 ) $ 293 Residential mortgage-backed securities 7,654 — (155 ) 7,499 State and political subdivision debt securities 6,377 109 (149 ) 6,337 Corporate debt securities 2,081 1 (30 ) 2,052 $ 16,412 $ 110 $ (341 ) $ 16,181 The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): March 30, 2019 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and government debt securities $ — $ — $ 297 $ (3 ) $ 297 $ (3 ) Residential mortgage-backed securities 1,066 (9 ) 5,206 (110 ) 6,272 (119 ) State and political subdivision debt securities 353 — 2,319 (17 ) 2,672 (17 ) Corporate debt securities 243 (8 ) 1,073 (11 ) 1,316 (19 ) $ 1,662 $ (17 ) $ 8,895 $ (141 ) $ 10,557 $ (158 ) March 31, 2018 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 $ 293 $ (7 ) $ — $ — $ 293 $ (7 ) Residential mortgage-backed securities 3,185 (52 ) 3,909 (103 ) 7,094 (155 ) State and political subdivision debt securities 2,224 (40 ) 2,180 (109 ) 4,404 (149 ) Corporate debt securities 1,384 (12 ) 367 (18 ) 1,751 (30 ) $ 7,086 $ (111 ) $ 6,456 $ (230 ) $ 13,542 $ (341 ) Based on the Company's ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider any investments to be other-than-temporarily impaired at March 30, 2019 . The amortized cost and fair value of the Company's investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. March 30, 2019 Amortized Cost Fair Value Due in less than one year $ 1,265 $ 1,258 Due after one year through five years 2,954 2,927 Due after five years through ten years — — Due after ten years 2,599 2,714 Mortgage-backed securities 6,625 6,509 $ 13,443 $ 13,408 The Company recognizes investment gains and losses on debt securities when we sell or otherwise dispose of securities on a specific identification method. There were no gross gains realized on the sale of debt securities for fiscal years 2019 , 2018 and 2017 . Gross losses realized were $38,000 , $63,000 , and $43,000 for fiscal years 2019 , 2018 and 2017 , respectively. Beginning in fiscal year 2019, we recognize unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. See Note 1 for further discussion. Net investment gains and losses for fiscal years 2019 , 2018 and 2017 were as follows (in thousands): Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Marketable equity securities: Unrealized net losses on securities held at the end of the period $ (291 ) $ — — Net losses during fiscal 2019 on securities sold in fiscal 2019 (64 ) — — Gross realized gains — 5,962 1,118 Gross realized losses — (203 ) (370 ) Total net (loss) gain on marketable equity securities $ (355 ) $ 5,759 $ 748 |
Inventories
Inventories | 12 Months Ended |
Mar. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following (in thousands): March 30, March 31, Raw materials $ 33,701 $ 36,124 Work in process 12,212 13,670 Finished goods and other 70,290 59,358 $ 116,203 $ 109,152 |
Consumer Loans Receivable
Consumer Loans Receivable | 12 Months Ended |
Mar. 30, 2019 | |
Receivables [Abstract] | |
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands): March 30, March 31, Loans held for investment (at Acquisition Date) $ 44,375 $ 51,798 Loans held for investment (originated after Acquisition Date) 20,580 21,183 Loans held for sale 11,288 12,830 Construction advances 12,883 11,088 Consumer loans receivable 89,126 96,899 Deferred financing fees and other, net (1,926 ) (1,551 ) Allowance for loan losses (415 ) (397 ) Consumer loans receivable, net $ 86,785 $ 94,951 The allowance for loan losses is developed at the loan level and allocated to specific individual loans or to impaired loans. A range of probable losses is calculated after giving consideration to, among other things, the loan characteristics and historical loss experience. The Company then makes a determination of the best estimate within the range of loan losses. The allowance for loan losses reflects the Company's judgment of the probable loss exposure on its loans held for investment portfolio. As of the Acquisition Date, the Company determined the excess of the loan pool's scheduled contractual principal and contractual interest payments over all cash flows expected as an amount that includes interest 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 includes interest that 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 (see further discussion in Note 1). March 30, March 31, (in thousands) Consumer loans receivable held for investment – contractual amount $ 100,595 $ 120,096 Purchase discount: Accretable (36,672 ) (44,481 ) Non-accretable difference (19,502 ) (23,711 ) Less consumer loans receivable reclassified as other assets (46 ) (106 ) Total acquired consumer loans receivable held for investment, net $ 44,375 $ 51,798 Over the life of the acquired loans, the Company estimates cash flows expected to be collected to determine if an allowance for loan loss subsequent to the Acquisition Date is required (see further discussion in Note 1). The weighted averages of assumptions used in the calculation of expected cash flows to be collected are as follows: March 30, March 31, Prepayment rate 17.1 % 16.0 % Default rate 1.1 % 1.2 % Assuming there was a 1% (100 basis points) unfavorable variation from the expected level, for each key assumption, the expected cash flows for the life of the portfolio, as of March 30, 2019 , would decrease by approximately $938,000 and $2.6 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): Year Ended March 30, March 31, Balance at the beginning of the period $ 44,481 $ 56,686 Additions — — Accretion (7,588 ) (8,453 ) Reclassifications to nonaccretable discount (221 ) (3,752 ) Balance at the end of the period $ 36,672 $ 44,481 The consumer loans held for investment have the following characteristics: March 30, March 31, Weighted average contractual interest rate 8.49 % 8.57 % Weighted average effective interest rate 9.11 % 9.34 % Weighted average months to maturity 163 168 The following table disaggregates CountryPlace's gross consumer loans receivable for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands): March 30, 2019 Consumer Loans Held for Investment Securitized 2005 Securitized 2007 Unsecuritized Construction Advances Consumer Loans Held For Sale Total Asset Class Credit Quality Indicator (FICO® score) Home-only loans 0-619 $ 401 $ 245 $ 266 $ — $ — $ 912 620-719 8,448 5,996 10,266 — — 24,710 720+ 9,090 5,419 8,436 — 617 23,562 Other 47 — 390 — — 437 Subtotal 17,986 11,660 19,358 — 617 49,621 Conforming mortgages 0-619 — — 83 — 460 543 620-719 — — 2,202 8,061 6,885 17,148 720+ — — 684 4,822 3,326 8,832 Subtotal — — 2,969 12,883 10,671 26,523 Non-conforming mortgages 0-619 78 344 991 — — 1,413 620-719 994 4,008 2,687 — — 7,689 720+ 1,238 2,053 369 — — 3,660 Other — — 214 — — 214 Subtotal 2,310 6,405 4,261 — — 12,976 Other Loans — — 6 — — 6 $ 20,296 $ 18,065 $ 26,594 $ 12,883 $ 11,288 $ 89,126 March 31, 2018 Consumer Loans Held for Investment Securitized 2005 Securitized 2007 Unsecuritized Construction Advances Consumer Loans Held For Sale Total Asset Class Credit Quality Indicator (FICO® score) Home-only loans 0-619 $ 465 $ 354 $ 330 $ — $ — $ 1,149 620-719 10,102 7,107 8,587 — 245 26,041 720+ 10,594 6,410 11,285 — 155 28,444 Other 49 — 403 — — 452 Subtotal 21,210 13,871 20,605 — 400 56,086 Conforming mortgages 0-619 — — 156 141 179 476 620-719 — — 2,137 6,428 6,479 15,044 720+ — — 199 4,519 5,663 10,381 Other — — 116 — 109 225 Subtotal — — 2,608 11,088 12,430 26,126 Non-conforming mortgages 0-619 82 405 1,047 — — 1,534 620-719 1,120 4,378 3,093 — — 8,591 720+ 1,348 2,526 395 — — 4,269 Other — — 282 — — 282 Subtotal 2,550 7,309 4,817 — — 14,676 Other loans — — 11 — — 11 $ 23,760 $ 21,180 $ 28,041 $ 11,088 $ 12,830 $ 96,899 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. As of March 30, 2019 , 44% of the outstanding principal balance of consumer loans receivable portfolio is concentrated in Texas and 12% is concentrated in Florida. As of March 31, 2018 , 44% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 11% was concentrated in Florida. No other state had concentrations in excess of 10% of the principal balance of the consumer loan receivable as of March 30, 2019 or March 31, 2018 . Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home, less the costs to sell. At repossession, the fair value of the collateral is determined 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 the amount recorded at repossession or the estimated sales price less estimated costs to sell, based on current information. Repossessed homes totaled approximately $1.5 million as of March 30, 2019 and March 31, 2018 , and are included in Prepaid and other assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $1.5 million and $1.1 million as of March 30, 2019 and March 31, 2018 , respectively. |
Commercial Loans Receivables an
Commercial Loans Receivables and Allowance for Loan Loss | 12 Months Ended |
Mar. 30, 2019 | |
Receivables [Abstract] | |
Commercial Loans Receivables and Allowance for Loan Loss | Commercial Loans Receivable and Allowance for Loan Losses The Company's commercial loans receivable balance consists of two classes: (i) direct financing arrangements for the home product needs of our independent distributors, 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 distributors, communities and developers' financed home purchases. The notes are secured by the home as collateral and, in some instances, other security. 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 distributors to finance their inventory purchases. The participation commercial loan receivables are unsecured general obligations of the independent floor plan lenders. Commercial loans receivable, net, consist of the following by class of financing notes receivable (in thousands): March 30, March 31, Direct loans receivable $ 42,899 $ 16,368 Participation loans receivable 495 275 Allowance for loan losses (180 ) (42 ) Deferred financing fees, net (208 ) — $ 43,006 $ 16,601 The commercial loans receivable balance has the following characteristics: March 30, March 31, Weighted average contractual interest rate 5.7 % 4.6 % Weighted average months to maturity 7 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 losses was not needed at either March 30, 2019 or March 31, 2018 . 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 distributors, 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 loans 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 homes, thereby mitigating loss exposure. 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 the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement, a specific reserve is determined and recorded within the estimated allowance for loan losses. The Company recorded an allowance for loan losses of $180,000 and $42,000 at March 30, 2019 and March 31, 2018 , respectively. The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses applicable to the direct programs (in thousands): Year Ended March 30, March 31, Balance at beginning of period $ 42 $ 210 Provision for commercial loan credit losses 138 (168 ) Loans charged off, net of recoveries — — Balance at end of period $ 180 $ 42 The following table disaggregates commercial loans receivable and the estimated allowance for loan losses for each class of financing receivable by evaluation methodology (in thousands): Direct Commercial Loans Participation Commercial Loans March 30, March 31, March 30, March 31, Commercial loans receivable: Collectively evaluated for impairment $ 18,018 $ 4,193 $ — $ — Individually evaluated for impairment 24,881 12,175 495 275 $ 42,899 $ 16,368 $ 495 $ 275 Allowance for loan losses: Collectively evaluated for impairment $ (180 ) $ (42 ) $ — $ — Individually evaluated for impairment — — — — $ (180 ) $ (42 ) $ — $ — 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 March 30, 2019 , 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 March 30, 2019 , 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 commercial loans receivable by class and credit quality indicator (in thousands): Direct Commercial Loans Participation Commercial Loans March 30, March 31, March 30, March 31, Risk profile based on payment activity: Performing $ 42,899 $ 16,368 $ 495 $ 275 Watch list — — — — Nonperforming — — — — $ 42,899 $ 16,368 $ 495 $ 275 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: March 30, March 31, California 21.1 % 14.4 % Arizona 16.3 % 16.7 % Oregon 10.4 % 14.7 % 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 commercial loans receivable in any other states as of March 30, 2019 . The Company had concentrations of commercial loans receivable with one independent third-party and its affiliates that equaled 22.0% and 37.4% of the principal balance outstanding, all of which was secured, as of March 30, 2019 and March 31, 2018 , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): March 30, March 31, Property, plant and equipment, at cost: Land $ 21,359 $ 24,001 Buildings and improvements 42,976 39,613 Machinery and equipment 27,053 24,154 91,388 87,768 Accumulated depreciation (27,904 ) (24,413 ) Property, plant and equipment, net $ 63,484 $ 63,355 Depreciation expense was $4.4 million in fiscal year 2019 , $3.7 million in fiscal year 2018 and $3.3 million in fiscal year 2017 . Included in the amounts above are certain assets under capital leases. See Note 9 for additional information. |
Capital Lease
Capital Lease | 12 Months Ended |
Mar. 30, 2019 | |
Capital Leases of Lessee [Abstract] | |
Capital Lease | Capital Leases On April 3, 2017, in connection with the purchase of Lexington Homes, the Company recorded capital leases covering manufacturing facilities and land in Lexington, Mississippi. The following amounts were recorded for the leased assets as of March 30, 2019 and March 31, 2018 (in thousands): March 30, March 31, Land $ 699 $ 699 Buildings and improvements 1,050 1,050 1,749 1,749 Accumulated amortization (70 ) (35 ) Leased assets, net $ 1,679 $ 1,714 The future minimum payments under the leases for future fiscal years is as follows (in thousands): 2020 $ 766 2021 73 2022 73 2023 73 2024 73 Thereafter 123 Total remaining lease payments $ 1,181 Less: Amount representing interest (106 ) Present value of future minimum lease payments $ 1,075 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Mar. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill and other intangibles consist of the following (in thousands): March 30, 2019 March 31, 2018 Gross Accumulated Net Gross Accumulated Net Indefinite lived: Goodwill $ 72,920 $ — $ 72,920 $ 72,920 $ — $ 72,920 Trademarks and trade names 7,200 — 7,200 7,200 — 7,200 State insurance licenses 1,100 — 1,100 1,100 — 1,100 Total indefinite-lived intangible assets 81,220 — 81,220 81,220 — 81,220 Finite lived: Customer relationships 7,100 (5,970 ) 1,130 7,100 (5,756 ) 1,344 Other 1,384 (1,038 ) 346 1,384 (928 ) 456 Total goodwill and other intangible assets $ 89,704 $ (7,008 ) $ 82,696 $ 89,704 $ (6,684 ) $ 83,020 Amortization expense recognized on intangible assets was $324,000 during fiscal year 2019 and $368,000 during each of fiscal years 2018 and 2017 . Expected amortization for future fiscal years is as follows (in thousands): 2020 $ 320 2021 318 2022 245 2023 163 2024 157 Thereafter 273 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Mar. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 30, March 31, Salaries, wages and benefits $ 25,257 $ 24,416 Unearned insurance premiums 18,305 17,432 Customer deposits 17,804 21,294 Estimated warranties 17,069 16,638 Accrued volume rebates 10,412 7,778 Insurance loss reserves 6,686 6,157 Accrued self-insurance 5,171 5,320 Company repurchase options on certain loans sold 3,810 5,637 Reserve for repurchase commitments 2,362 2,207 Accrued taxes 1,767 1,986 Capital lease obligation 1,075 1,155 Deferred margin — 600 Other 15,463 15,880 $ 125,181 $ 126,500 |
Warranties
Warranties | 12 Months Ended |
Mar. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Warranties Activity in the liability for estimated warranties was as follows (in thousands): March 30, March 31, April 1, Balance at beginning of period $ 16,638 $ 15,479 $ 13,371 Purchase accounting additions — 838 — Charged to costs and expenses 29,591 25,911 24,282 Payments and deductions (29,160 ) (25,590 ) (22,174 ) Balance at end of period $ 17,069 $ 16,638 $ 15,479 |
Debt Obligations
Debt Obligations | 12 Months Ended |
Mar. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations Debt obligations primarily consist of amounts related to loans sold that did not qualify for loan sale accounting treatment. The following table summarizes debt obligations (in thousands): March 30, March 31, Acquired securitized financings (acquired as part of the Palm Harbor transaction) Securitized financing 2005-1 $ — $ 20,524 Securitized financing 2007-1 18,364 22,552 Other secured financings 4,487 4,966 Secured credit facilities 11,289 11,770 $ 34,140 $ 59,812 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 following table summarizes acquired securitized financings (in thousands): March 30, March 31, Securitized financings – contractual amount $ 18,855 $ 46,591 Purchase Discount Accretable (491 ) (3,515 ) Non-accretable (1) — — Total acquired securitized financings, net $ 18,364 $ 43,076 (1) There is no non-accretable difference, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans. Over the life of the loans, the Company continues to estimate cash flows expected to be paid on securitized financings. The Company evaluates at the balance sheet date whether the present value of its securitized financings, determined using the effective interest rate, has increased or decreased. The present value of any subsequent change in cash flows expected to be paid adjusts the amount of accretable yield recognized on a prospective basis over the securitized financing's remaining life. The changes in accretable yield on securitized financings were as follows (in thousands): Year Ended March 30, March 31, Balance at the beginning of the period $ 3,515 $ 7,636 Additions — — Accretion (2,830 ) (3,336 ) Adjustment to cash flows (194 ) (785 ) Balance at the end of the period $ 491 $ 3,515 Prior to the Company's acquisition of Palm Harbor and CountryPlace, CountryPlace completed an initial securitization (2005-1) and a second securitized borrowing (2007-1). On January 15, 2019, the Company exercised its right to repurchase the 2005-1 securitized loan portfolio for $19.4 million in cash, which included $210,000 in interest and fees. As of March 30, 2019 , only the Class A-4 of the 2007-1 securitized loan portfolio, originally totaling $25.1 million with a coupon rate of 5.846% , remained outstanding, with an estimated call date in August 2019. It is anticipated that the Company will repurchase or refinance this outstanding facility prior to the call date. In addition to the Class A-4 of the 2007-1 securitized loan portfolio, the Class A-4 of the 2005-1 securitized loan portfolio, with an original amount of $24.5 million and a coupon rate of 5.593% , was outstanding as of March 31, 2018 . 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 March 30, 2019 , the 2007-1 securitized loan portfolio was within the required overcollateralization level. The Company has entered into secured credit facilities with independent third party banks with draw periods from one to fifteen months and maturity dates of ten years after the expiration of the draw periods. The proceeds are used by the Company to originate and hold consumer home-only loans secured by manufactured homes, which are pledged as collateral to the facilities. Upon completion of the draw down period, the facilities are converted into an amortizing loan based on a 20 or 25 year amortization period with a balloon payment due upon maturity. The maximum advance for loans under this program is 80% of the outstanding collateral principal balance, with the Company providing the remaining funds. As of March 30, 2019 , the outstanding balance of the converted loans was $11.3 million at a weighted average interest rate of 4.9% , with $5.0 million available to draw. Amounts available to draw bear interest at 5.15% . Once converted, the initial annual interest rate of 5.15% will adjust every 5 years beginning in 2024 to Prime plus 0.40% . The per annum interest rate will never be less than 5.00% or greater than 6.00% . Scheduled maturities for future fiscal years of the Company's debt obligations consist of the following (in thousands): 2020 $ 19,522 2021 1,265 2022 1,578 2023 1,429 2024 1,291 Thereafter 9,055 Actual payments may vary from those above, resulting from prepayments or defaults on the underlying mortgage portfolio. |
Reinsurance
Reinsurance | 12 Months Ended |
Mar. 30, 2019 | |
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): Year Ended March 30, 2019 March 31, 2018 Written Earned Written Earned Direct premiums $ 17,883 $ 17,097 $ 16,703 $ 16,493 Assumed premiums—nonaffiliate 25,479 25,284 24,614 25,010 Ceded premiums—nonaffiliate (12,526 ) (12,526 ) (12,924 ) (12,924 ) Net premiums $ 30,836 $ 29,855 $ 28,393 $ 28,579 Typical insurance policies written or assumed by Standard Casualty have a maximum coverage of $300,000 per claim, of which Standard Casualty cedes $175,000 of the risk of loss per reinsurance. Therefore, Standard Casualty maintains risk of loss limited to $125,000 per claim on typical policies. After this limit, amounts are recoverable by Standard Casualty through reinsurance for catastrophic losses in excess of $1.5 million per occurrence up to a maximum of $43.5 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. Under these agreements, the Company is required to repurchase and reestablish its reinsurance contracts for the remainder of the year to the extent they are utilized. The Company has reinsurance reinstatement premium protection coverage, which will assist in reducing premium repurchase expense in the event of a catastrophic weather claim. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act. The Tax Act makes broad and complex changes to the U.S. tax code that affect the Company and include, but are not limited to: (1) reducing the U.S. federal corporate tax rate, (2) allowing bonus depreciation for full expensing of qualified property and (3) eliminating the manufacturing deduction. The Tax Act reduces the federal corporate tax rate to 21% for our fiscal year ending March 30, 2019. As a result of these changes, our fiscal year ended March 31, 2018, had a federal corporate tax rate of 31.54% , which is based on the tax rate before and after the Tax Act and the number of days in the fiscal year. In addition, on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 that allowed us to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Company has completed the analysis of the various provisions of the Tax Act, and there were no significant changes from the provisional amounts recorded in the Consolidated Financial Statements for the year ended March 31, 2018. The provision for income taxes for fiscal years 2019 , 2018 and 2017 were as follows (in thousands): Fiscal Year 2019 2018 2017 Current Federal $ 16,086 $ 19,008 $ 15,924 State 2,209 2,323 1,131 Total current 18,295 21,331 17,055 Deferred Federal (347 ) (4,315 ) (13 ) State 106 5 284 Total deferred (241 ) (4,310 ) 271 Total income tax provision $ 18,054 $ 17,021 $ 17,326 A reconciliation of income taxes computed by applying the expected federal statutory income tax rates of 21% , 31.54% and 35% for fiscal years 2019 , 2018 and 2017 , respectively, to income before income taxes reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands): Fiscal Year 2019 2018 2017 Federal income tax at statutory rate $ 18,202 $ 24,766 $ 19,348 State income taxes, net of federal benefit 3,111 2,330 1,428 Stock-based compensation (2,507 ) (2,121 ) — Tax credits (1,506 ) (1,776 ) (1,826 ) Impact of Tax Act 314 (4,824 ) — Domestic production activities deduction — (2,001 ) (1,422 ) Other 440 647 (202 ) Total income tax provision $ 18,054 $ 17,021 $ 17,326 Net long-term deferred tax assets and liabilities were as follows (in thousands): March 30, March 31, Net long-term deferred tax (liabilities) assets Goodwill $ (15,644 ) $ (15,637 ) Property, plant, equipment and depreciation (4,157 ) (3,575 ) Warranty reserves 4,097 4,033 Loan discount 3,075 3,662 Stock-based compensation 2,564 2,177 Prepaid expenses (2,142 ) (1,585 ) Other intangibles (1,791 ) (1,581 ) Salaries and wages 1,751 1,741 Accrued volume rebates 1,734 575 Inventory 1,158 1,196 Other 2,353 1,417 $ (7,002 ) $ (7,577 ) The effective income tax rate for the current year was positively impacted by the timing of certain tax credits and deductions, a lower federal income tax rate related to the Tax Act and a $2.5 million benefit from the current year adoption of accounting standards that required excess tax benefits on stock option exercises to be recorded as a reduction of Income tax expense instead of equity, as was previously required. The Company has realized benefit from tax credits, including research and development, fuel, energy efficient home and work opportunity tax credits. The Company recorded an insignificant amount of unrecognized tax benefits during fiscal years 2019 , 2018 and 2017 , and there would be an insignificant effect on the effective tax rate if all unrecognized tax benefits were recognized. The Company classifies interest and penalties related to unrecognized tax benefits in income tax expense. The total amount of unrecognized tax benefit related to any particular tax position is not anticipated to change significantly within the next 12 months. At March 30, 2019 , the Company has state net operating loss carryforwards that total $275,000 , which begin to expire in 2035 . The Company periodically evaluates the deferred tax assets based on the requirements established in ASC 740, which requires the recording of a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of the need for or amount of any valuation allowance involves significant management judgment and is based upon the evaluation of both positive and negative evidence, including management projections of anticipated taxable income. At March 30, 2019 , the Company evaluated its historical profits earned and forecasted taxable income and determined that, except as described above, all of the deferred tax assets would be utilized in future periods. Ultimate realization of the deferred tax assets depends on our ability to continue to earn profits as we have historically and to meet these forecasts in future periods. Income tax returns are filed in the U.S. federal jurisdiction and in several state jurisdictions. In August 2017, the Company received a notice of examination from the Internal Revenue Service ("IRS") for the Company's federal income tax return for the fiscal year ended April 2, 2016. In July 2018, the Company received notice from the IRS that its examination was complete and resulted in no changes. In general, the Company is no longer subject to examination by the IRS for years before fiscal year 2017 or state and local income tax examinations by tax authorities for years before fiscal year 2015. 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 | 12 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 distributors of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor. The risk of loss under these agreements is spread over numerous distributors. 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 distributor) and the risk of loss is further reduced by the resale value of the repurchased homes. The Company applies ASC 460 and ASC 450-20 to account for its liability for repurchase commitments. Under the provisions of ASC 460, issuance of a guarantee results in two different types of obligations: (1) a non-contingent obligation to stand ready to perform under the repurchase commitment (accounted for pursuant to ASC 460) and (2) a contingent obligation to make future payments under the conditions of the repurchase commitment (accounted for pursuant to ASC 450-20). Management reviews the distributors' inventories to estimate the amount of inventory subject to repurchase obligation, which is used to calculate: (1) the fair value of the non-contingent obligation for repurchase commitments and (2) the contingent liability based on historical information available at the time. During the period in which a home is sold (inception of a repurchase commitment), the Company records the greater of these two calculations as a liability for repurchase commitments and as a reduction to revenue. (1) The Company estimates the fair value of the non-contingent portion of its manufacturer's inventory repurchase commitment under the provisions of ASC 460 when a home is shipped to distributors whose floor plan financing includes a repurchase commitment. The fair value of the inventory repurchase agreement is determined by calculating the net present value of the difference in (a) the Company's interest cost to carry the inventory over the maximum repurchase liability period at the prevailing floor plan note interest rate and (b) the distributor's interest cost to carry the inventory over the maximum repurchase liability period at the interest rate of a similar type loan without a manufacturer's repurchase agreement in force. Following the inception of the commitment, the recorded reserve is reduced over the repurchase period in conjunction with applicable curtailment arrangements and is eliminated once the distributor sells the home. (2) The Company estimates the contingent obligation to make future payments under its manufacturer's inventory repurchase commitment for the same pool of commitments as used in the fair value calculation above and records the greater of the two calculations. This contingent obligation is estimated using historical loss factors, including the frequency of repurchases and the losses experienced by the Company for repurchased inventory. Additionally, subsequent to the inception of the repurchase commitment, the Company evaluates the likelihood that it will be called on to perform under the inventory repurchase commitments. If it becomes probable that a distributor will default and an ASC 450-20 loss reserve should be recorded, then such contingent liability is recorded equal to the estimated loss on repurchase. Based on identified changes in distributors' financial conditions, the Company evaluates the probability of default for distributors who are identified at an elevated risk of default and applies a probability of default, based on historical default rates. Commensurate with this default probability evaluation, the Company reviews repurchase notifications received from floor plan sources and reviews distributor inventory for expected repurchase notifications based on various communications from the lenders and distributors. The Company's repurchase commitments for the distributors in the category of elevated risk of default are excluded from the pool of commitments used in both of the calculations at (1) and (2) above. Changes in the reserve are recorded as an adjustment to revenue. The maximum amount for which the Company was liable under such agreements approximated $77.1 million at March 30, 2019 , without reduction for the resale value of the homes. The Company had a reserve for repurchase commitments of $2.4 million and $2.2 million at March 30, 2019 and March 31, 2018 , respectively. Activity in the liability for estimated repurchase contingencies was as follows for fiscal years 2019 , 2018 and 2017 (in thousands): Fiscal Year 2019 2018 2017 Balance at beginning of period $ 2,207 $ 1,749 $ 1,660 Charged to costs and expenses 469 624 168 Payments and deductions (314 ) (166 ) (79 ) Balance at end of period $ 2,362 $ 2,207 $ 1,749 Leases. The Company leases certain equipment and facilities under operating leases with various renewal options. Rent expense was $5.2 million for the fiscal year ended March 30, 2019 and $5.3 million for each of the fiscal years ended March 31, 2018 and April 1, 2017 . Future minimum lease commitments for future fiscal years under all noncancelable operating leases having a remaining term in excess of one year are as follows (in thousands): 2020 $ 2,292 2021 2,197 2022 1,389 2023 1,072 2024 and thereafter 1,372 $ 8,322 Letters of Credit. To secure certain reinsurance contracts, Standard Casualty maintains an irrevocable letter of credit of $11.0 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. There were no amounts outstanding at either March 30, 2019 or March 31, 2018 . 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 Sheets at the amount advanced less a valuation allowance, which are included in Consumer loans receivable. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment of CountryPlace to fund future advances. Loan contracts with off-balance sheet commitments are summarized below (in thousands): March 30, March 31, Construction loan contract amount $ 28,230 $ 27,093 Cumulative advances (12,883 ) (11,088 ) Remaining construction contingent commitment $ 15,347 $ 16,005 Representations and Warranties of Mortgages Sold . CountryPlace sells loans to GSEs and whole-loan purchasers and finances certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, CountryPlace provides to the GSEs, whole-loan purchasers and lenders, representations and warranties related to the loans sold or financed. 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 $1.0 million as of March 30, 2019 and March 31, 2018 , included in Accrued liabilities, reflects management's estimate of probable loss. CountryPlace considers a variety of assumptions, including borrower performance (both actual and estimated future defaults), historical repurchase demands and loan defect rates to estimate the liability for loan repurchases and indemnifications. During the year ended March 30, 2019 , no claim request resulted in an indemnification agreement being executed. Interest Rate Lock Commitments . In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers. These IRLCs represent an agreement to extend credit to a loan applicant 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 that may mitigate losses from fallout. As of March 30, 2019 , CountryPlace had outstanding IRLCs with a notional amount of $14.7 million , which are recorded at fair value in accordance with FASB ASC 815, Derivatives and Hedging ("ASC 815"). ASC 815 clarifies that the expected net future cash flows related to the associated servicing of a loan should be included in the measurement of all written loan commitments that are accounted for at fair value through earnings. The estimated fair values of IRLCs are recorded in Other assets in the Consolidated Balance Sheets. The fair value of IRLCs is based on the value of the underlying loan adjusted for: (1) estimated cost to complete and originate the loan and (2) the estimated percentage of IRLCs that will result in closed loans. The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on loans held for sale. During fiscal years 2019 , 2018 and 2017 , CountryPlace recognized a gain of $23,000 , a loss of $47,000 and a gain 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. As of March 30, 2019 , CountryPlace had $40.7 million in outstanding notional forward sales of MBS and forward sales commitments. Commitments for 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 years ended March 30, 2019 , March 31, 2018 and April 1, 2017 , CountryPlace recognized a loss of $86,000 , a gain of $113,000 and a loss of $55,000 , respectively, on forward sales and whole loan sale commitments. Legal Matters . On August 20, 2018, the Company received a subpoena from the SEC's Division of Enforcement requesting certain documents relating to, among other items, trading in the stock of another public company. On October 1, 2018, the SEC sent a subpoena for documents and testimony to Joseph Stegmayer, the Company's former Chairman, President and Chief Executive Officer, regarding similar issues. In addition, on November 9, 2018 and March 18, 2019, the Company received subpoenas that contained duplicate document requests from Mr. Stegmayer's subpoena as well as requests for more information on the same matter. At this time, the Company believes that Mr. Stegmayer traded in certain publicly traded stock in his personal accounts as well as in accounts held by the Company at a time when the Company had agreed to refrain from such trading. The Audit Committee of the Board of Directors (the "Audit Committee") initiated an internal investigation led by independent legal counsel to the Audit Committee in relation to this inquiry, and that investigation has concluded. The results of this investigation have been shared with the staff at the SEC. The Company intends to cooperate fully with the SEC. The Company is party to certain other legal proceedings that arise in the ordinary course and are incidental to its business. We accrue legal fees in connection with these and other proceedings as those fees are incurred as a period cost. 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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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. The plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company’s common stock, of which 296,669 shares were still available for grant as of March 30, 2019 . When options are exercised, new shares of the Company’s common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company’s common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a one to five year period as determined by the plan administrator (the Compensation Committee of the Board of Directors, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options and removal of restrictions on restricted stock awards upon a change in control (as defined in the plans). The Company applies the fair value recognition provisions of ASC 718. Stock option compensation expense, decreased income before income taxes by approximately $3.4 million , $2.3 million and $2.1 million for fiscal years 2019 , 2018 and 2017 , respectively. As of March 30, 2019 , total unrecognized compensation cost related to stock options was approximately $4.5 million and the related weighted-average period over which it is expected to be recognized is approximately 3.40 years. The following table summarizes the option activity within the Company’s stock-based compensation plans for the fiscal years 2019 , 2018 and 2017 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Options outstanding at April 2, 2016 491,980 $ 51.91 Granted 116,850 98.93 Exercised (121,275 ) 30.02 Canceled or expired (22,625 ) 80.21 Options outstanding at April 1, 2017 464,930 $ 68.01 3.83 $ 42,194 Granted 42,000 131.93 Exercised (87,925 ) 42.54 Canceled or expired (800 ) 99.65 Options outstanding at March 31, 2018 418,205 $ 79.73 3.78 $ 60,439 Granted 73,750 194.08 Exercised (74,144 ) 53.78 Canceled or expired (6,700 ) 150.34 Options outstanding at March 30, 2019 411,111 $ 102.71 3.74 $ 61,025 Exercisable at April 1, 2017 244,025 $ 50.77 2.29 $ 23,626 Exercisable at March 31, 2018 203,721 $ 61.38 2.49 $ 30,631 Exercisable at March 30, 2019 197,663 $ 71.28 2.35 $ 31,296 The weighted-average estimated fair value of employee stock options granted during fiscal years 2019 , 2018 and 2017 were $64.55 , $42.30 and $35.55 , respectively. The total intrinsic value of options exercised during fiscal years 2019 , 2018 and 2017 was $12.3 million , $7.7 million and $7.8 million , respectively. The fair values of options granted were estimated at the date of grant using the following weighted average assumptions: Fiscal Year 2019 2018 2017 Volatility 31.5 % 32.3 % 38.3 % Risk-free interest rate 2.7 % 1.9 % 1.1 % Dividend yield — % — % — % Expected option life in years 5.18 5.14 5.24 Estimated forfeiture rate 7.0 % 7.0 % 6.0 % |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
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 for fiscal years 2019 , 2018 and 2017 (dollars in thousands, except per share amounts): Fiscal Year 2019 2018 2017 Net income $ 68,622 $ 61,502 $ 37,955 Weighted average shares outstanding: Basic 9,080,878 9,024,437 8,976,064 Effect of dilutive securities 187,859 177,269 129,679 Diluted 9,268,737 9,201,706 9,105,743 Net income per share: Basic $ 7.56 $ 6.82 $ 4.23 Diluted $ 7.40 $ 6.68 $ 4.17 There were 13,862 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the year ended March 30, 2019 , 4,116 for the year ended March 31, 2018 and 9,766 for the year ended April 1, 2017 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The book value and estimated fair value of the Company's financial instruments are as follows (in thousands): March 30, 2019 March 31, 2018 Book Value Estimated Fair Value Book Value Estimated Fair Value Available-for-sale debt securities (1) $ 13,408 $ 13,408 $ 16,181 $ 16,181 Marketable equity securities (1) 11,073 11,073 10,405 10,405 Non-marketable equity investments (2) 20,276 20,276 18,853 18,853 Consumer loans receivable (3) 86,785 101,001 94,951 113,277 Interest rate lock commitment derivatives (4) 11 11 (12 ) (12 ) Forward loan sale commitment derivatives (4) (59 ) (59 ) 26 26 Commercial loans receivable (5) 43,006 43,582 16,601 16,972 Securitized financings and other (6) (34,140 ) (38,101 ) (59,812 ) (64,509 ) (1) For Level 1 classified securities, the fair value is based on quoted market prices. The fair value of Level 2 securities is based on other inputs, as further described below. (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. (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. In accordance with FASB ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. When the Company uses observable market prices for identical securities that are traded in less active markets, it classifies such securities as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands): March 30, 2019 Total Level 1 Level 2 Level 3 Securities issued by the U.S. Treasury and Government (1) $ 297 $ — $ 297 $ — Mortgage-backed securities (1) 6,509 — 6,509 — Securities issued by states and political subdivisions (1) 4,983 — 4,983 — Corporate debt securities (1) 1,619 — 1,619 — Marketable equity securities (2) 11,073 11,073 — — Interest rate lock commitment derivatives (3) 11 — — 11 Forward loan sale commitment derivatives (3) (59 ) — — (59 ) Mortgage servicing rights (4) 1,372 — — 1,372 March 31, 2018 Total Level 1 Level 2 Level 3 Securities issued by the U.S. Treasury and Government (1) $ 293 $ — $ 293 $ — Mortgage-backed securities (1) 7,499 — 7,499 — Securities issued by states and political subdivisions (1) 6,337 — 6,337 — Corporate debt securities (1) 2,052 — 2,052 — Marketable equity securities (1) 8,695 8,695 — — Interest rate lock commitment derivatives (3) (12 ) — — (12 ) Forward loan sale commitment derivatives (3) 26 — — 26 Mortgage servicing rights (4) 1,410 — — 1,410 (1) Unrealized gains or losses on investments are recorded in AOCI at each measurement date. (2) Unrealized gains or losses on investments are recorded in earnings at each measurement date. (3) Gains or losses on derivatives are recognized in current period earnings through cost of sales. (4) 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 year ended March 30, 2019 . 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): March 30, 2019 Total Level 1 Level 2 Level 3 Loans held for investment $ 76,319 $ — $ — $ 76,319 Loans held for sale 11,799 — — 11,799 Loans held—construction advances 12,883 — — 12,883 Commercial loans receivable 43,582 — — 43,582 Securitized financings (38,101 ) — (38,101 ) — Non-marketable equity investments 20,276 — — 20,276 March 31, 2018 Total Level 1 Level 2 Level 3 Loans held for investment $ 88,960 $ — $ — $ 88,960 Loans held for sale 13,229 — — 13,229 Loans held—construction advances 11,008 — — 11,008 Commercial loans receivable 16,972 — — 16,972 Securitized financings (64,509 ) — — (64,509 ) Non-marketable equity investments 18,853 — — 18,853 No recent sales have been executed in an orderly market of manufactured home loan portfolios with comparable product features, credit characteristics, or performance. Therefore, loans held for investment are measured using Level 3 inputs that are calculated using estimated discounted future cash flows from the evaluation of loan credit quality and performance history to determine expected prepayments and defaults on the portfolio, discounted with rates considered to reflect current market conditions. Loans held for sale are measured at the lower of cost or fair value using inputs that consist of quoted market prices for mortgage-backed securities or investor purchase commitments for similar types of loan commitments on hand from investors. 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 and changes are largely driven by changes in interest rates or investor yield requirements. The cost of loans held for sale is lower than the fair value as of March 30, 2019 . As noted above, activity in the manufactured housing asset backed securities market is infrequent, with no reliable market price information. As such, to determine the fair value of securitized financings, management evaluates the credit quality and performance history of the underlying loan assets to estimate expected prepayment of the debt and credit spreads, based on market activity for similar rated bonds from other asset classes with similar durations. FASB ASC 825, Financial Instruments ("ASC 825"), requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. Where available, quoted market prices are used. In other cases, fair values are based on estimates using other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and the resulting fair values. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair values, the Company's fair values should not be compared to those of other companies. Under ASC 825, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying market value of the Company. 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 net revenue in the Company's results of operations. The Company recognizes MSRs on all loans sold to investors that meet the requirements for sale accounting and for which servicing rights are retained. The Company applies fair value accounting to MSRs, with all changes in fair value recorded to net revenue in accordance with FASB ASC 860-50, Servicing Assets and Liabilities . The fair value of MSRs is based on the present value of the expected future cash flows related to servicing these loans. The revenue components of the cash flows are servicing fees, interest earned on custodial accounts and other ancillary income. The expense components include operating costs related to servicing the loans (including delinquency and foreclosure costs) and interest expenses on servicer advances that the Company believes are consistent with the assumptions major market participants use in valuing MSRs. The expected cash flows are primarily impacted by prepayment estimates, delinquencies and market discounts. Generally, the value of MSRs is expected to increase when interest rates rise and decrease when interest rates decline, due to the effect those changes in interest rates have on prepayment estimates. Other factors noted above as well as the overall market demand for MSRs may also affect the valuation. March 30, March 31, Number of loans serviced with MSRs 4,557 4,346 Weighted average servicing fee (basis points) 31.59 32.03 Capitalized servicing multiple 77.97 % 84.76 % Capitalized servicing rate (basis points) 24.63 27.15 Serviced portfolio with MSRs (in thousands) $ 556,934 $ 519,167 Mortgage servicing rights (in thousands) $ 1,372 $ 1,410 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 30, 2019 | |
Compensation Related Costs [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company has self-funded group medical plans which are administered by third-party administrators. The medical plans have reinsurance coverage limiting liability for general individual employee loss to a maximum of $300,000 . Incurred claims identified under the third-party administrator's incident reporting system and incurred but not reported claims are accrued based on estimates that incorporate the Company's past experience, as well as other considerations such as the nature of each claim or incident, relevant trend factors and advice from consulting actuaries when necessary. Medical claims expense was $16.5 million , $15.5 million and $13.8 million for fiscal years 2019 , 2018 and 2017 , respectively. The Company sponsors an employee savings plan (the "401k Plan") that is intended to provide participating employees with additional income upon retirement. Employees may contribute their eligible compensation up to federal limits to the 401k Plan. The Company match is discretionary, and may be up to 50% of the first 5% of eligible compensation contributed by employees up to a maximum of $1,000 . For calendar year 2018 , the Company match was 20% of the first 5% of eligible compensation contributed by employees. Employees are eligible to participate on the first of the month following 90 days of service and employer matching contributions are vested progressively over a four -year period. Employer matching contribution expense was $1.0 million , $839,000 and $728,000 for fiscal years 2019 , 2018 and 2017 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has non-marketable equity investments in other distribution operations outside of our Company-owned retail locations. In the ordinary course of business, the Company sells homes and lends to certain of these operations through its commercial lending programs. For the year ended March 30, 2019 , March 31, 2018 and April 1, 2017 , the total amount of sales to related parties was $42.2 million , $38.8 million and $13.0 million , respectively. As of March 30, 2019 and March 31, 2018 , there were a total of $6.2 million and $755,000 of commercial loans outstanding with certain related parties. In fiscal year 2018, the Company recorded a gain of $1.9 million on the sale of equity securities to a related party in which the Company owns a 10% minority ownership interest. The arm's length transaction occurred at market rates. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Mar. 30, 2019 | |
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): Fiscal Year Ended March 30, March 31, April 1, Net revenue: Factory-built housing $ 905,726 $ 815,519 $ 720,971 Financial services 57,020 55,716 52,826 $ 962,746 $ 871,235 $ 773,797 Net revenue for financial services consists of: Finance $ 21,425 $ 21,380 $ 20,517 Insurance 35,595 34,336 32,309 $ 57,020 $ 55,716 $ 52,826 Income before income taxes: Factory-built housing $ 72,959 $ 66,636 $ 46,840 Financial services 13,717 11,887 8,441 $ 86,676 $ 78,523 $ 55,281 Depreciation: Factory-built housing $ 4,318 $ 3,572 $ 3,221 Financial services 56 86 98 $ 4,374 $ 3,658 $ 3,319 Amortization: Factory-built housing $ 136 $ 167 $ 167 Financial services 188 201 201 $ 324 $ 368 $ 368 Income tax expense: Factory-built housing $ 14,891 $ 10,687 $ 14,349 Financial services 3,163 6,334 2,977 $ 18,054 $ 17,021 $ 17,326 Capital expenditures: Factory-built housing $ 7,522 $ 8,121 $ 5,281 Financial services 114 265 14 $ 7,636 $ 8,386 $ 5,295 March 30, March 31, Total assets: Factory-built housing $ 533,913 $ 484,231 Financial services 191,303 190,549 $ 725,216 $ 674,780 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Mar. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly Financial Data (Unaudited) The following tables set forth certain unaudited quarterly financial information for fiscal years 2019 and 2018 (dollars in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Total Fiscal year ended March 30, 2019 Net revenue $ 246,403 $ 241,530 $ 233,700 $ 241,113 $ 962,746 Gross profit 51,476 49,416 49,021 55,793 205,706 Net income 19,691 15,576 13,384 19,971 68,622 Net income per share: Basic $ 2.18 $ 1.72 $ 1.47 $ 2.20 $ 7.56 Diluted $ 2.12 $ 1.67 $ 1.44 $ 2.17 $ 7.40 Fiscal year ended March 31, 2018 Net revenue $ 206,816 $ 200,507 $ 221,383 $ 242,529 $ 871,235 Gross profit 41,966 34,554 49,856 54,304 180,680 Net income 11,753 6,182 21,427 22,140 61,502 Net income per share: Basic $ 1.30 $ 0.69 $ 2.37 $ 2.45 $ 6.82 Diluted $ 1.28 $ 0.67 $ 2.33 $ 2.40 $ 6.68 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation. These Consolidated Financial Statements include the accounts of Cavco Industries, Inc. and its consolidated subsidiaries (collectively, the "Company" or "Cavco"). All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date of March 30, 2019 , through the date of the filing of this report with the Securities and Exchange Commission (the "SEC") and there were no disclosable subsequent events. |
Nature of Operations | Nature of Operations. Headquartered in Phoenix, Arizona, the Company designs and produces factory-built homes which are sold to a network of independent distributors located throughout the continental United States as well as through Company-owned retail sales locations which offer the Company's homes to retail customers. Our financial services group is comprised of a mortgage subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), an approved Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac") seller/servicer, a Government National Mortgage Association ("Ginnie Mae") mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Also included is our insurance subsidiary, Standard Casualty Co. ("Standard Casualty"), which provides property and casualty insurance primarily to owners of manufactured homes. |
Fiscal Year | Fiscal Year. The Company utilizes a 52-53 week fiscal year ending on the Saturday nearest to March 31 of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31. Fiscal years 2019 , 2018 and 2017 each consisted of 52 weeks. |
Accounting Estimate | Accounting Estimates. Preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from the estimates and assumptions used in preparation of the consolidated financial statements. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The Company's financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, investments, consumer loans receivable, commercial loans receivable, accounts payable, certain accrued liabilities and securitized and other financings. The carrying amount of cash and cash equivalents approximates fair value because their maturity is less than three months. The carrying amounts of restricted cash, accounts receivable, accounts payable and certain accrued liabilities approximate fair value due to the short-term maturity of the amounts. The carrying amount of available for sale or marketable investments is at fair value (see Note 4 ). The carrying amount of the Company's commercial loans receivable fair value is estimated based on the market value of comparable loans. The fair value of consumer loans receivable, commercial loans receivable and securitized and other financings are all estimated to be greater than carrying value (see Note 19 ). FASB ASC 825, Financial Instruments ("ASC 825"), requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. Where available, quoted market prices are used. In other cases, fair values are based on estimates using other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and the resulting fair values. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair values, the Company's fair values should not be compared to those of other companies. Under ASC 825, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying market value of the Company. |
Revenue Recognition, Home Building | Factory-Built Housing Revenue Recognition - Wholesale . Revenue from homes sold to independent distributors, builders, communities and developers is generally recognized when the home is shipped, at which time title passes and it is probable that substantially all of the consideration will be received. Homes sold to independent distributors are generally either paid upon shipment or floor plan financed by the independent distributor through standard industry financing arrangements, which can include repurchase agreements. Manufacturing sales financed under floor plan arrangements that include repurchase agreements are reduced by a provision for estimated repurchase obligations (see Note 16 ). Prior to the adoption of the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"), revenue from homes sold under commercial loan programs involving funds provided by the Company were either deferred until such time that payment for the related commercial loan was received by the Company or recognized when the home was shipped and title transferred, depending on the nature of the program and borrower. Upon adoption of ASC 606, the Company generally recognizes home sales revenue upon shipment and transfer of title, as it is probable that substantially all of the consideration in exchange for the goods or services transferred to the customer will be collected. One consideration under the guidance requires the evaluation of the financing component of the related loan program. If it is determined that the interest rate charged under the loan program is less than the market rate, the Company will reduce the transaction price by an amount for deferred interest. In these cases, interest income will be accrued and recognized over the life of the loan using the effective interest method. A significant amount of the Company's loan programs are offered at market rates. Some of the Company's independent distributors operate multiple sales outlets. No independent distributor accounted for 10% or more of our factory-built housing revenue during any fiscal year within the three-year period ended March 30, 2019 . Factory-Built Housing Revenue Recognition - Retail . Sales by Company-owned retail locations are generally recognized when the customer has entered into a legally binding sales contract, the home is delivered and permanently located at the customer's site, the home is accepted by the customer, title has transferred and funding is probable. |
Revenue Recognition, Financial Services | Financial Services Revenue Recognition. Premium amounts collected on policies issued and assumed by Standard Casualty are amortized on a straight-line basis into Net revenue over the life of the policy. Premiums earned are net of reinsurance ceded. Policy acquisition costs are also amortized in Cost of sales over the life of the policy. Insurance agency commissions received from third-party insurance companies are recognized as revenue upon execution of the insurance policy, where the Company has no future or ongoing obligation. Upon acquisition of the securitized loan portfolios (the "Acquisition Date"), management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans' contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool's scheduled contractual principal and contractual interest payments over the undiscounted cash flows expected as of the Acquisition Date as an amount that is not 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 in Net revenue (see Note 6 ). For loans originated by CountryPlace and held for sale, loan origination fees and gains or losses on sales are recognized in Net revenue upon title transfer of the loans. CountryPlace provides third-party servicing of mortgages and earns servicing fees each month based on the aggregate outstanding balances. Servicing fees are recognized in Net revenue when earned. |
Cash and Cash Equivalents | Cash and Cash Equivalents . Highly liquid investments with insignificant interest rate risk and original maturities of three months or less, when purchased, are classified as cash equivalents. The Company's cash equivalents are comprised of U.S. Treasury money market funds and other money market funds, some in excess of Federal Deposit Insurance Corporation insured limits. |
Restricted Cash | Restricted Cash . Restricted cash primarily represents cash related to CountryPlace customer payments to be remitted to third parties and deposits received from retail customers required to be held in trust accounts. The Company cannot access restricted cash for general operating purposes (see Note 3 ). |
Accounts Receivable | Accounts Receivable. The Company extends competitive credit terms on a customer-by-customer basis in the normal course of business and its accounts receivable are subject to normal industry risk. The Company reviews accounts receivable for estimated losses that may result from customers' inability to pay. As of March 30, 2019 and March 31, 2018 , the company had no allowance for doubtful accounts. |
Investments | Investments. Management determines the appropriate classification of its investment securities at the time of purchase. The Company's investments include marketable debt and equity securities. On April 1, 2018, the Company adopted FASB ASU 2016-01, Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which, among other things, removed the available-for-sale designation of marketable equity securities and requires the changes in unrealized net holding gains and losses on equity securities to be reported in earnings instead of recording these amounts in Accumulated other comprehensive income/loss ("AOCI") on the Consolidated Balance Sheets. Unrealized net holding gains and losses on available-for-sale debt securities continue to be recorded in AOCI on the Consolidated Balance Sheets. Realized gains and losses from the sale of securities are determined using the specific identification method (see Note 4 ). Management regularly makes an assessment to determine whether a decline in value of an individual security is other-than-temporary. The Company considers the following factors when making its assessment: (i) the Company's ability and intent to hold the investment to maturity, or a period of time sufficient to allow for a recovery in market value; (ii) whether it is probable that the Company will be able to collect the amounts contractually due; and (iii) whether any decision has been made to dispose of the investment prior to the balance sheet date. Investments on which there is an unrealized loss that is deemed to be other-than-temporary are written down to fair value with the loss recorded in earnings. |
Consumer Loans Receivables | Consumer Loans Receivable. Consumer loans receivable consists primarily of manufactured housing loans originated by CountryPlace (securitized, held for investment or held for sale) and construction advances on mortgages. The fair value of consumer loans receivable held on the Acquisition Date was calculated as of that date, as determined by the present value of expected future cash flows, with no allowance for loan loss recorded. Loans held for investment consist of loan contracts collateralized by the borrowers' homes and, in some instances, related land. Construction loans in progress are stated at the aggregate amount of cumulative funded advances. Loans held for sale are loans that, at the time of origination, are originated with the intent to resell to investors which the Company has pre-existing purchase agreements, such as Fannie Mae and Freddie Mac, or to sell as part of a Ginnie Mae insured pool of loans and consist of loan contracts collateralized by single-family residential mortgages. Loans held for sale are stated at the lower of cost or market on an aggregate basis. 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, the Company's loans are secured by a first-lien position and are provided for the consumer purchase of a home. Unsecuritized consumer loans held for investment include home-only personal property loans originated under the Company's home-only lending programs. Accordingly, the Company classifies its loans receivable as follows: conforming mortgages, non-conforming mortgages, home-only loans and other loans. In measuring credit quality within each segment and class, the Company uses commercially available credit scores (such as FICO®). At the time of each loan's origination, the Company obtains credit scores from each of the three primary credit bureaus, if available. To evaluate credit quality of individual loans, the Company uses the mid-point of the available credit scores or, if only two scores are available, the Company uses the lower of the two. The Company does not update credit bureau scores after the time of origination. |
Securitized Financing | Securitized Financing. Prior to being acquired by the Company, CountryPlace completed two securitizations of factory-built housing loan receivables on July 12, 2005 and March 22, 2007. A special purpose bankruptcy remote trust ("SPE") was formed for the purpose of issuing asset backed notes. The Company transferred assets to the SPE, which then issued to investors various asset-backed securities. In these securitization transactions, the Company received cash and/or other interests in the SPE as proceeds for the transferred assets. The Company retained the right to service the transferred receivables and to repurchase the transferred receivables from the SPE if the outstanding balance of the receivables falls to less than twenty percent of the original balance of the transferred receivables. The Company evaluated its interests in the SPE for classification as a variable interest entity and the Company determined that the Company is the primary beneficiary and, therefore, the Company includes the SPE in its consolidated financial statements. On January 15, 2019, the Company executed its right to repurchase the securitization issued on July 12, 2005. As of March 30, 2019 , there was one class of securitized bond debt outstanding with an estimated call date in August 2019. It is anticipated that we will repurchase or refinance this facility prior to the call date. These two securitizations were accounted for as financings, which use the portfolio method of accounting in accordance with FASB Accounting Standards Codification ("ASC") 310, Receivables – Nonrefundable Fees and Other . The securitizations included provisions for removal of accounts, retention of certain credit loss risk by CountryPlace and other factors that preclude sale accounting of the securitizations under FASB ASC 860, Transfers and Servicing . Both securitizations were accounted for as securitized borrowings; therefore, the related consumer loans receivable and securitized financings were included in CountryPlace's financial statements. Since the Acquisition Date, the acquired consumer loans receivable and securitized financings are accounted for in a manner similar to FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). The Company 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 Acquisition Date include interest that 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 (see Note 13 ). The following table summarizes acquired securitized financings (in thousands): March 30, March 31, Securitized financings – contractual amount $ 18,855 $ 46,591 Purchase Discount Accretable (491 ) (3,515 ) Non-accretable (1) — — Total acquired securitized financings, net $ 18,364 $ 43,076 (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. |
Commercial Loans Receivable | Commercial Loans Receivable. The Company's commercial loans receivable balance consists of amounts loaned by the Company under commercial loan programs for the benefit of our independent distributors and community operators' home purchasing needs. Under the terms of certain programs, the Company has entered into direct commercial loan arrangements with independent distributors and community operators wherein the Company provides funds to purchase home inventory or homes for placement in communities. Interest income on commercial loans receivable is recognized as Other income in the Consolidated Statements of Comprehensive Income on an accrual basis. |
Allowance for Loan Losses | Allowance for Loan Losses. The primary portion of the allowance for loan losses reflects the Company's judgment of the incurred loss exposure on our commercial loans receivable as of the end of the reporting period. The allowance for loan losses is developed at a portfolio level. A range of probable losses is calculated and the Company makes a determination of the best estimate within the range of loan losses. The Company has historically been able to resell repossessed homes, thereby mitigating loss experience. If a default occurs and collateral is lost, the Company is exposed to loss of the full value of the home loan. If the Company determines that it is probable that a borrower will default, a specific reserve is determined and recorded within the estimated allowance for loan losses. The Company recorded allowance for loan losses of $180,000 and $42,000 at March 30, 2019 and March 31, 2018 , respectively (see Note 7 ). Another portion of the allowance for loan losses relates to consumer loans receivable originated after the Acquisition Date. This allowance reflects a judgment of the probable loss exposure on loans originated since the Acquisition Date and included in the held for investment portfolio as of the end of the reporting period. The Company accounts for the loans that were in existence at the Acquisition Date in a manner similar to ASC 310-30. Management evaluated such loans as of the Acquisition Date to determine whether there was evidence of deterioration of credit quality and if it was probable that the Company would be unable to collect all amounts due according to the loans' contractual terms. Over the life of the loans, the Company continues to estimate cash flows expected to be collected. At the balance sheet date, the Company evaluates whether the present value of its expected cash flows, determined using the effective interest rate, has decreased and, if so, recognizes an allowance for loan loss. 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 and then to adjust the amount of accretable yield recognized on a prospective basis over the loan pool's remaining life (see Note 6 ). The Company has modified payment amounts and/or interest rates for borrowers that, in management's judgment, exhibited the willingness and ability to continue to pay and meet certain other conditions. The Company considers a modified loan a troubled debt restructuring when three conditions are met: (i) the borrower is experiencing financial difficulty, (ii) concessions are made by the Company that it would not otherwise consider for a borrower with similar risk characteristics and (iii) the loan was originated after the Acquisition Date. The Company no longer considers modified loans to be troubled debt restructurings once the modified loan is seasoned for six months, is not delinquent under the modified terms and is at a market rate of interest at the modification date. |
Inventories | Inventories. Raw material inventories are valued at the lower of cost (first-in, first-out method) or market. Finished goods and work-in-process inventories are valued at the lower of cost or market, using the specific identification method. |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful life of each asset. Estimated useful lives for significant classes of assets are as follows: buildings and improvements, 10 to 39 years; and machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred. The Company sells miscellaneous property, plant and equipment in the normal course of business. |
Asset Impairment | Asset Impairment . The Company periodically evaluates the carrying value of long-lived assets to be held and used and held for sale for impairment when events and circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that the fair values are primarily based on independent appraisals and preliminary or definitive contractual arrangements less costs to dispose. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles. The Company accounts for goodwill and other intangible assets in accordance with the provisions of FASB ASC 350, Intangibles—Goodwill and Other . As such, the Company tests goodwill annually for impairment. The Company has identified two reporting segments: factory-built housing and financial services. As of March 30, 2019 , all of the Company's goodwill is attributable to its factory-built housing reporting segment. Certain intangibles are considered indefinite-lived and others are finite-lived and are amortized over their useful lives. Finite-lived intangibles are amortized over 3 to 15 years on a straight-line basis and are reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Indefinite-lived intangible assets are assessed annually for impairment first by making a qualitative assessment, and if necessary, performing a quantitative assessment and recording an impairment charge if the fair value of the asset is less than its carrying amount. The Company performed its annual goodwill impairment analysis as of March 30, 2019 . The analysis determined that the fair value of the reporting unit was greater than the carrying value. No impairment was determined to be necessary for fiscal years 2019 , 2018 or 2017 . |
Warranties | Warranties. The Company provides retail home buyers, builders or developers with a one -year warranty for manufacturing defects from the date of sale to the retail customer. Nonstructural components of a cosmetic nature are warranted for 120 days , except in specific cases where state laws require longer warranty terms. Estimated warranty costs are accrued in Cost of sales at the time of sale. The warranty provision and reserves are based on estimates of the amounts necessary to settle existing and future claims on homes sold as of the balance sheet date. Factors used to calculate the warranty obligation are the estimated amount of homes still under warranty including homes in distributor inventories, homes purchased by consumers still within the one -year warranty period, the timing in which work orders are completed and the historical average costs incurred to service a home. |
Distributor Volume Rebates | Distributor Volume Rebates . The Company's manufacturing operations sponsor volume rebate programs under which certain sales to distributors, builders and developers can qualify for cash rebates generally based on the level of sales attained during a twelve-month period. Volume rebates are accrued at the time of sale and are recorded as a reduction of Net revenue. |
Reserve for Repurchase Commitment | Reserve for Repurchase Commitment. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for distributors of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor. Our obligation under these repurchase agreements ceases upon the purchase of the home by the retail customer. The risk of loss under these agreements is spread over numerous distributors. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months) and the risk of loss is further reduced by the resale value of repurchased homes. The Company applies FASB ASC 460, Guarantees ("ASC 460") and FASB ASC 450-20, Loss Contingencies ("ASC 450-20"), to account for its liability for repurchase commitments. Under the provisions of ASC 460, during the period in which a home is sold (inception of a repurchase commitment), the Company records the greater of the estimated fair value of the non-contingent obligation or a contingent liability for each repurchase arrangement under the provisions of ASC 450-20, based on historical information available, as a reduction to revenue. Additionally, subsequent to the inception of the repurchase commitment, the Company evaluates the likelihood that it will be called on to perform under the inventory repurchase commitments. If it becomes probable that a distributor will default and an ASC 450-20 loss reserve should be recorded, then such contingent liability is recorded equal to the estimated loss on repurchase. Following the inception of the commitment, the recorded reserve is reduced over the repurchase period in conjunction with applicable curtailment arrangements and is eliminated once the distributor sells the home. Changes in the reserve are recorded as an adjustment to Net revenue. |
Reserve for Property-Liability Insurance Claims and Claims Expense | Reserve for Property-Liability Insurance Claims and Claims Expense. Standard Casualty establishes reserves for claims and claims expense on reported and unreported claims of insured losses. Standard Casualty's reserving process takes into account known facts and interpretations of circumstances and factors, including Standard's experience with similar cases, actual claims paid, historical trends involving claim payment patterns and pending levels of unpaid claims, loss management programs, product mix, contractual terms, changes in law and regulation, judicial decisions and economic conditions. In the normal course of business, Standard Casualty may also supplement its claims processes by utilizing third party adjusters, appraisers, engineers, inspectors and other professionals and information sources to assess and settle catastrophe and non-catastrophe related claims. The effects of inflation are implicitly considered in the reserving process. The applicable reserve balance was $6.7 million as of March 30, 2019 , of which $4.0 million related to incurred but not reported ("IBNR") losses. |
Insurance | Insurance. The Company is self-insured for a significant portion of its general and products liability, auto liability, health, property and workers' compensation liability coverage. Insurance is maintained for catastrophic exposures and those risks required to be insured by law. Estimated self-insurance costs are accrued for incurred claims and estimated IBNR claims. A reserve for products liability is actuarially determined and reflected in Accrued liabilities in the accompanying Consolidated Balance Sheets. The determination of claims and expenses and the appropriateness of the related liabilities are regularly reviewed and updated. |
Advertising | Advertising. Advertising costs are expensed as incurred and were $837,000 in fiscal year 2019 , $1.1 million in fiscal year 2018 and $1.0 million in fiscal year 2017 . |
Freight | Freight. Substantially all freight costs are recovered from the Company's distributors and are included in Net revenue. Freight charges of $28.9 million , $27.3 million and $24.3 million were recognized in fiscal yea |
Income Tax | Income Taxes. The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes ("ASC 740") and provides for income taxes utilizing the asset and liability approach. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The calculation of tax liabilities involves considering uncertainties in the application of complex tax regulations. The Company recognizes liabilities for anticipated tax audit issues based on the Company's estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the liabilities are no longer determined to be necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company uses a two-step approach to evaluate uncertain tax positions. This approach involves recognizing any tax positions that are more likely than not to occur and then measuring those positions to determine the amounts to be recognized in the Consolidated Financial Statements. The Company periodically evaluates the deferred tax assets based on the requirements established in ASC 740, which requires the recording of a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of the need for or amount of any valuation allowance involves significant management judgment and is based upon the evaluation of both positive and negative evidence, including management projections of anticipated taxable income. At March 30, 2019 , the Company evaluated its historical profits earned and forecasted taxable income and determined that, except as described above, all of the deferred tax assets would be utilized in future periods. Ultimate realization of the deferred tax assets depends on our ability to continue to earn profits as we have historically and to meet these forecasts in future periods. |
Other Income | Other Income, net. Other income primarily consists of gains and losses on the sale of corporate investments, interest related to commercial loan receivable balances, interest income earned on cash balances and gains and losses or impairment on property, plant and equipment assets held for sale or sold. |
Stock-Based Compensation | Stock-Based Compensation. The Company applies the fair value recognition provisions of FASB ASC 718, Compensation—Stock Compensation ("ASC 718"), using the Black-Scholes-Merton option-pricing model. The determination of the fair value of stock options on the date of grant using this option-pricing model is affected by the Company's stock price as well as assumptions regarding a number of complex and subjective variables. These variables include actual and projected employee stock option exercise behaviors, the Company's expected stock price volatility over the expected term of the awards, the risk-free interest rate and expected dividends. The Company uses historical data to estimate pre-vesting option forfeitures and records stock-based compensation cost, using the straight-line attribution method, only for those awards that are expected to vest. The Company utilizes historic option activity when estimating the expected term of options granted. The Company estimates the expected volatility of its common stock taking into consideration its historical stock price movement and its expected future stock price trends based on known or anticipated events. The Company bases the risk-free interest rate that it uses in the option pricing model on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options. The Company does not anticipate paying cash dividends and therefore uses an expected dividend yield of zero in the option-pricing model. The Company estimates future forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates (see Note 17 ). The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. The plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company’s common stock, of which 296,669 shares were still available for grant as of March 30, 2019 . When options are exercised, new shares of the Company’s common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company’s common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a one to five year period as determined by the plan administrator (the Compensation Committee of the Board of Directors, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options and removal of restrictions on restricted stock awards upon a change in control (as defined in the plans). |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income. AOCI is comprised of unrealized gains and losses on available-for-sale debt securities (see Note 4 ), and is presented net of tax. Prior to the adoption of ASU 2016-01, as discussed above, AOCI included unrealized gains and losses on both debt and equity securities. Accumulated unrealized loss on available-for-sale debt securities at the end of fiscal year 2019 was $35,000 before tax, with an associated tax amount of $7,000 , resulting in a net unrealized loss of $28,000 . Unrealized gain on available-for-sale investments for fiscal year 2018 was $1.9 million , offset by tax effect of $493,000 , for a net unrealized gain of $1.4 million . Unrealized gain on available-for-sale investments for fiscal year 2017 was $2.2 million before tax, with an associated tax amount of $835,000 , resulting in a net unrealized gain of $1.4 million . |
Net Income Per Share | 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 (see Note 18 ). Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company's stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. |
Recent Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements. In May 2014, the FASB issued ASC 606, which 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 Company adopted ASC 606 using the modified retrospective method for contracts that were not completed as of April 1, 2018, and recorded a reduction of $600,000 to Accrued liabilities and a corresponding increase to Retained earnings related to gross margin on home sales that were previously deferred for the cumulative effect of the adoption. Prior periods were not restated. There were no significant changes to processes or internal controls as a result of the adoption of ASC 606. See Note 2 for additional information. In January 2016, the FASB issued ASU 2016-01, Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). The Company adopted ASU 2016-01 on April 1, 2018 using the modified retrospective transition method. Upon adoption, the Company reclassified $1.6 million in unrealized gains, net of $541,000 of tax, related to available for sale equity investment securities from Accumulated other comprehensive income to Retained earnings as a cumulative-effect adjustment. Under the new guidance, these securities will continue to be measured at fair value; however, the changes in unrealized net holding gains and losses will be reported in earnings instead of recording these amounts in AOCI on the Consolidated Balance Sheets. Comparative information continues to be reported under the accounting standards in effect for the period. The effect of the change for fiscal 2019 was a decrease in Income before income taxes of $171,000 which impacts either Net revenue or Other income, net on the Consolidated Statements of Comprehensive Income, depending on the nature of the investment. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). This guidance amends the existing accounting considerations and treatments for leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. In addition, disclosures of key information about leasing arrangements are required. ASU 2016-02 will be effective beginning with the first quarter of the Company's fiscal year 2020, and the Company will utilize the FASB's optional transition method allowed under ASU 2018-11, Leases: Targeted Improvements , which allows leases to be recognized and measured at the date of adoption. The Company also expects to elect certain relief options offered in ASU 2016-02 including the package of practical expedients, the option to account for separate lease and non-lease components as a single unit, and the option to exclude right-of-use assets and lease liabilities that arise from short-term leases (i.e. leases with terms of twelve months or less). The Company has substantially completed its assessment and has determined recognition of new right-of-use assets and lease liabilities that will increase assets and liabilities on the Company's Consolidated Balance Sheets by less than 3% with no adjustment to Retained earnings anticipated. The standard is not expected to have a material impact on the Consolidated Statement of Comprehensive Income. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, which now requires a forward-looking impairment model based on expected losses rather than incurred losses. The guidance also requires increased disclosures. ASU 2016-13 will be effective beginning with the first quarter of the Company's fiscal year 2021 and is to be applied using a modified retrospective transition method. Early adoption is permitted. The Company does not plan to early adopt the guidance and is currently evaluating the effect ASU 2016-13 will have on the Company's Consolidated Financial Statements and disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force ("ASU 2016-18"), which requires restricted cash to be included with cash and cash equivalents when reconciling beginning and ending cash on the statement of cash flows. The Company adopted ASU 2016-18 on April 1, 2018 using the retrospective transition method. The comparative information in our Consolidated Statements of Cash Flows has been adjusted accordingly. The impact from adoption of this guidance was not material to our Consolidated Statements of Cash Flows. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets to the combined amounts shown on the Consolidated Statements of Cash Flows (in thousands): March 30, March 31, April 1, Cash and cash equivalents $ 187,370 $ 186,766 $ 132,542 Restricted cash, current 12,148 11,228 11,573 Restricted cash 351 1,264 724 $ 199,869 $ 199,258 $ 144,839 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. |
Commitment and Contingencies (P
Commitment and Contingencies (Policies) | 12 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Repurchase Contingencies | Repurchase Contingencies . The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent distributors of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor. The risk of loss under these agreements is spread over numerous distributors. 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 distributor) and the risk of loss is further reduced by the resale value of the repurchased homes. The Company applies ASC 460 and ASC 450-20 to account for its liability for repurchase commitments. Under the provisions of ASC 460, issuance of a guarantee results in two different types of obligations: (1) a non-contingent obligation to stand ready to perform under the repurchase commitment (accounted for pursuant to ASC 460) and (2) a contingent obligation to make future payments under the conditions of the repurchase commitment (accounted for pursuant to ASC 450-20). |
Representations and Warranties of Mortgages Sold | Representations and Warranties of Mortgages Sold . CountryPlace sells loans to GSEs and whole-loan purchasers and finances certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, CountryPlace provides to the GSEs, whole-loan purchasers and lenders, representations and warranties related to the loans sold or financed. 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 $1.0 million as of March 30, 2019 and March 31, 2018 , included in Accrued liabilities, reflects management's estimate of probable loss. CountryPlace considers a variety of assumptions, including borrower performance (both actual and estimated future defaults), historical repurchase demands and loan defect rates to estimate the liability for loan repurchases and indemnifications. During the year ended March 30, 2019 , no claim request resulted in an indemnification agreement being executed |
Interest Rate Lock Commitments | Interest Rate Lock Commitments . In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers. These IRLCs represent an agreement to extend credit to a loan applicant 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 that may mitigate losses from fallout. As of March 30, 2019 , CountryPlace had outstanding IRLCs with a notional amount of $14.7 million , which are recorded at fair value in accordance with FASB ASC 815, Derivatives and Hedging ("ASC 815"). ASC 815 clarifies that the expected net future cash flows related to the associated servicing of a loan should be included in the measurement of all written loan commitments that are accounted for at fair value through earnings. The estimated fair values of IRLCs are recorded in Other assets in the Consolidated Balance Sheets. The fair value of IRLCs is based on the value of the underlying loan adjusted for: (1) estimated cost to complete and originate the loan and (2) the estimated percentage of IRLCs that will result in closed loans. The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on loans held for sale. During fiscal years 2019 , 2018 and 2017 , CountryPlace recognized a gain of $23,000 , a loss of $47,000 and a gain 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. As of March 30, 2019 , CountryPlace had $40.7 million in outstanding notional forward sales of MBS and forward sales commitments. Commitments for 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 years ended March 30, 2019 , March 31, 2018 and April 1, 2017 , CountryPlace recognized a loss of $86,000 , a gain of $113,000 and a loss of $55,000 , respectively, on forward sales and whole loan sale commitments |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 12 Months Ended |
Mar. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | In accordance with FASB ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. When the Company uses observable market prices for identical securities that are traded in less active markets, it classifies such securities as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The Company's financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, investments, consumer loans receivable, commercial loans receivable, accounts payable, certain accrued liabilities and securitized and other financings. The carrying amount of cash and cash equivalents approximates fair value because their maturity is less than three months. The carrying amounts of restricted cash, accounts receivable, accounts payable and certain accrued liabilities approximate fair value due to the short-term maturity of the amounts. The carrying amount of available for sale or marketable investments is at fair value (see Note 4 ). The carrying amount of the Company's commercial loans receivable fair value is estimated based on the market value of comparable loans. The fair value of consumer loans receivable, commercial loans receivable and securitized and other financings are all estimated to be greater than carrying value (see Note 19 ). FASB ASC 825, Financial Instruments ("ASC 825"), requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. Where available, quoted market prices are used. In other cases, fair values are based on estimates using other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and the resulting fair values. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair values, the Company's fair values should not be compared to those of other companies. Under ASC 825, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying market value of the Company. |
Mortgage Servicing Rights | 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 net revenue in the Company's results of operations. The Company recognizes MSRs on all loans sold to investors that meet the requirements for sale accounting and for which servicing rights are retained. The Company applies fair value accounting to MSRs, with all changes in fair value recorded to net revenue in accordance with FASB ASC 860-50, Servicing Assets and Liabilities . The fair value of MSRs is based on the present value of the expected future cash flows related to servicing these loans. The revenue components of the cash flows are servicing fees, interest earned on custodial accounts and other ancillary income. The expense components include operating costs related to servicing the loans (including delinquency and foreclosure costs) and interest expenses on servicer advances that the Company believes are consistent with the assumptions major market participants use in valuing MSRs. The expected cash flows are primarily impacted by prepayment estimates, delinquencies and market discounts. Generally, the value of MSRs is expected to increase when interest rates rise and decrease when interest rates decline, due to the effect those changes in interest rates have on prepayment estimates. Other factors noted above as well as the overall market demand for MSRs may also affect the valuation. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers Disaggregation of Revenue (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Disaggregation of Revenue | |
Disaggregation of Revenue | Disaggregation of Revenue . The following table summarizes customer contract revenues disaggregated by reportable segment and the source of the revenue. All revenue from customers is recognized at a point in time, either when the customer takes delivery or when a third-party insurance contract is executed, as more fully discussed above. Other items included in our consolidated revenues are primarily related to financial services, including manufactured housing consumer finance and insurance, which are not within the scope of ASC 606. Fiscal year ended March 30, 2019 Factory-built housing U.S. Housing and Urban Development code homes $ 727,950 Modular homes 90,636 Park model RVs 38,057 Other (1) 49,083 Net revenue from factory-built housing 905,726 Financial services Insurance agency commissions received from third-party insurance companies 3,065 Other 53,955 Net revenue from financial services 57,020 Total Net revenue $ 962,746 (1) Other factory-built housing revenue from ancillary products and services including used homes, freight and other services. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Revenue, Initial Application Period Cumulative Effect Transition (Tables) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Apr. 02, 2016 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Accrued liabilities | $ 125,181 | $ 126,500 | $ 125,181 | $ 126,500 | ||||||||
Total current liabilities | 174,008 | 176,329 | 174,008 | 176,329 | ||||||||
Deferred income taxes | 7,002 | 7,577 | 7,002 | 7,577 | ||||||||
Retained earnings | 280,078 | 209,381 | 280,078 | 209,381 | ||||||||
Total stockholder's equity | 529,588 | 457,106 | 529,588 | 457,106 | $ 394,408 | $ 353,226 | ||||||
Net revenue | 241,113 | $ 233,700 | $ 241,530 | $ 246,403 | 242,529 | $ 221,383 | $ 200,507 | $ 206,816 | 962,746 | 871,235 | 773,797 | |
Cost of sales | 757,040 | 690,555 | 615,760 | |||||||||
Gross profit | $ 55,793 | $ 49,021 | $ 49,416 | $ 51,476 | $ 54,304 | $ 49,856 | $ 34,554 | $ 41,966 | 205,706 | 180,680 | 158,037 | |
Selling, general and administrative expense | 121,568 | 106,907 | 101,231 | |||||||||
Income from operations | 84,138 | 73,773 | 56,806 | |||||||||
Income before income taxes | 86,676 | 78,523 | 55,281 | |||||||||
Income tax expense | (18,054) | (17,021) | (17,326) | |||||||||
Net income | $ 68,622 | $ 61,502 | $ 37,955 | |||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Impacts on Consolidated Financial Statements . The impacts to our Consolidated Financial Statements as a result of ASC 606 implementation are as follows (in thousands): March 30, 2019 Consolidated Balance Sheet As Reported Adjustments Balance without ASC 606 Adoption Accrued liabilities $ 125,181 $ 1,750 $ 126,931 Total current liabilities 174,008 1,750 175,758 Deferred income taxes 7,002 (461 ) 6,541 Retained earnings 280,078 (1,289 ) 278,789 Total stockholders' equity 529,588 (1,289 ) 528,299 Fiscal year ended March 30, 2019 Consolidated Statement of Comprehensive Income As Reported Adjustments Balance without ASC 606 Adoption Net revenue $ 962,746 $ (32,420 ) $ 930,326 Cost of sales 757,040 (31,047 ) 725,993 Gross profit 205,706 (1,373 ) 204,333 Selling, general and administrative expenses 121,568 (289 ) 121,279 Income from operations 84,138 (1,084 ) 83,054 Income before income taxes 86,676 (1,084 ) 85,592 Income tax expense (18,054 ) 250 (17,804 ) Net income 68,622 (834 ) 67,788 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Summary of restricted cash | Restricted cash consists of the following (in thousands): March 30, March 31, Cash related to CountryPlace customer payments to be remitted to third parties $ 10,426 $ 9,180 Cash related to CountryPlace customer payments on securitized loans to be remitted to bondholders 634 1,311 Other restricted cash 1,439 2,001 $ 12,499 $ 12,492 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | Investments consist of the following (in thousands): March 30, March 31, Available-for-sale debt securities $ 13,408 $ 16,181 Marketable equity securities 11,073 10,405 Non-marketable equity investments 20,276 18,853 $ 44,757 $ 45,439 |
Available-for-Sale Securities by Investment Category | The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands): March 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government debt securities $ 300 $ — $ (3 ) $ 297 Residential mortgage-backed securities 6,625 3 (119 ) 6,509 State and political subdivision debt securities 4,883 117 (17 ) 4,983 Corporate debt securities 1,635 3 (19 ) 1,619 $ 13,443 $ 123 $ (158 ) $ 13,408 March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and government debt securities $ 300 $ — $ (7 ) $ 293 Residential mortgage-backed securities 7,654 — (155 ) 7,499 State and political subdivision debt securities 6,377 109 (149 ) 6,337 Corporate debt securities 2,081 1 (30 ) 2,052 $ 16,412 $ 110 $ (341 ) $ 16,181 |
Investment Securities in a Continuous Unrealized Loss Position | The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): March 30, 2019 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and government debt securities $ — $ — $ 297 $ (3 ) $ 297 $ (3 ) Residential mortgage-backed securities 1,066 (9 ) 5,206 (110 ) 6,272 (119 ) State and political subdivision debt securities 353 — 2,319 (17 ) 2,672 (17 ) Corporate debt securities 243 (8 ) 1,073 (11 ) 1,316 (19 ) $ 1,662 $ (17 ) $ 8,895 $ (141 ) $ 10,557 $ (158 ) March 31, 2018 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 $ 293 $ (7 ) $ — $ — $ 293 $ (7 ) Residential mortgage-backed securities 3,185 (52 ) 3,909 (103 ) 7,094 (155 ) State and political subdivision debt securities 2,224 (40 ) 2,180 (109 ) 4,404 (149 ) Corporate debt securities 1,384 (12 ) 367 (18 ) 1,751 (30 ) $ 7,086 $ (111 ) $ 6,456 $ (230 ) $ 13,542 $ (341 ) |
Contractual Maturity of Investment Securities | The amortized cost and fair value of the Company's investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. March 30, 2019 Amortized Cost Fair Value Due in less than one year $ 1,265 $ 1,258 Due after one year through five years 2,954 2,927 Due after five years through ten years — — Due after ten years 2,599 2,714 Mortgage-backed securities 6,625 6,509 $ 13,443 $ 13,408 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of inventories | Inventories consist of the following (in thousands): March 30, March 31, Raw materials $ 33,701 $ 36,124 Work in process 12,212 13,670 Finished goods and other 70,290 59,358 $ 116,203 $ 109,152 |
Consumer Loans Receivable (Tabl
Consumer Loans Receivable (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Receivables [Abstract] | |
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy | Consumer Loans Receivable. Consumer loans receivable consists primarily of manufactured housing loans originated by CountryPlace (securitized, held for investment or held for sale) and construction advances on mortgages. The fair value of consumer loans receivable held on the Acquisition Date was calculated as of that date, as determined by the present value of expected future cash flows, with no allowance for loan loss recorded. Loans held for investment consist of loan contracts collateralized by the borrowers' homes and, in some instances, related land. Construction loans in progress are stated at the aggregate amount of cumulative funded advances. Loans held for sale are loans that, at the time of origination, are originated with the intent to resell to investors which the Company has pre-existing purchase agreements, such as Fannie Mae and Freddie Mac, or to sell as part of a Ginnie Mae insured pool of loans and consist of loan contracts collateralized by single-family residential mortgages. Loans held for sale are stated at the lower of cost or market on an aggregate basis. 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, the Company's loans are secured by a first-lien position and are provided for the consumer purchase of a home. Unsecuritized consumer loans held for investment include home-only personal property loans originated under the Company's home-only lending programs. Accordingly, the Company classifies its loans receivable as follows: conforming mortgages, non-conforming mortgages, home-only loans and other loans. In measuring credit quality within each segment and class, the Company uses commercially available credit scores (such as FICO®). At the time of each loan's origination, the Company obtains credit scores from each of the three primary credit bureaus, if available. To evaluate credit quality of individual loans, the Company uses the mid-point of the available credit scores or, if only two scores are available, the Company uses the lower of the two. The Company does not update credit bureau scores after the time of origination. |
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands): March 30, March 31, Loans held for investment (at Acquisition Date) $ 44,375 $ 51,798 Loans held for investment (originated after Acquisition Date) 20,580 21,183 Loans held for sale 11,288 12,830 Construction advances 12,883 11,088 Consumer loans receivable 89,126 96,899 Deferred financing fees and other, net (1,926 ) (1,551 ) Allowance for loan losses (415 ) (397 ) Consumer loans receivable, net $ 86,785 $ 94,951 |
Revenue Recognition, Interest | As of the Acquisition Date, the Company determined the excess of the loan pool's scheduled contractual principal and contractual interest payments over all cash flows expected as an amount that includes interest 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 includes interest that 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 |
Acquired Consumer Loans Receivable Held for Investment | March 30, March 31, (in thousands) Consumer loans receivable held for investment – contractual amount $ 100,595 $ 120,096 Purchase discount: Accretable (36,672 ) (44,481 ) Non-accretable difference (19,502 ) (23,711 ) Less consumer loans receivable reclassified as other assets (46 ) (106 ) Total acquired consumer loans receivable held for investment, net $ 44,375 $ 51,798 |
Weighted average assumptions cash flows | Over the life of the acquired loans, the Company estimates cash flows expected to be collected to determine if an allowance for loan loss subsequent to the Acquisition Date is required (see further discussion in Note 1). The weighted averages of assumptions used in the calculation of expected cash flows to be collected are as follows: March 30, March 31, Prepayment rate 17.1 % 16.0 % Default rate 1.1 % 1.2 % Assuming there was a 1% (100 basis points) unfavorable variation from the expected level, for each key assumption, the expected cash flows for the life of the portfolio, as of March 30, 2019 , would decrease by approximately $938,000 and $2.6 million for the expected prepayment rate and expected default rate, respectively. |
Accretable Yield Movement on Acquired Consumer Loans Receivable | The changes in accretable yield on acquired consumer loans receivable held for investment were as follows (in thousands): Year Ended March 30, March 31, Balance at the beginning of the period $ 44,481 $ 56,686 Additions — — Accretion (7,588 ) (8,453 ) Reclassifications to nonaccretable discount (221 ) (3,752 ) Balance at the end of the period $ 36,672 $ 44,481 |
Consumer Loans Held for Investment Characteristics | The consumer loans held for investment have the following characteristics: March 30, March 31, Weighted average contractual interest rate 8.49 % 8.57 % Weighted average effective interest rate 9.11 % 9.34 % Weighted average months to maturity 163 168 |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | The following table disaggregates CountryPlace's gross consumer loans receivable for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands): March 30, 2019 Consumer Loans Held for Investment Securitized 2005 Securitized 2007 Unsecuritized Construction Advances Consumer Loans Held For Sale Total Asset Class Credit Quality Indicator (FICO® score) Home-only loans 0-619 $ 401 $ 245 $ 266 $ — $ — $ 912 620-719 8,448 5,996 10,266 — — 24,710 720+ 9,090 5,419 8,436 — 617 23,562 Other 47 — 390 — — 437 Subtotal 17,986 11,660 19,358 — 617 49,621 Conforming mortgages 0-619 — — 83 — 460 543 620-719 — — 2,202 8,061 6,885 17,148 720+ — — 684 4,822 3,326 8,832 Subtotal — — 2,969 12,883 10,671 26,523 Non-conforming mortgages 0-619 78 344 991 — — 1,413 620-719 994 4,008 2,687 — — 7,689 720+ 1,238 2,053 369 — — 3,660 Other — — 214 — — 214 Subtotal 2,310 6,405 4,261 — — 12,976 Other Loans — — 6 — — 6 $ 20,296 $ 18,065 $ 26,594 $ 12,883 $ 11,288 $ 89,126 |
Geographic Concentration of Consumer Loans Receivable | 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. As of March 30, 2019 , 44% of the outstanding principal balance of consumer loans receivable portfolio is concentrated in Texas and 12% is concentrated in Florida. As of March 31, 2018 , 44% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 11% was concentrated in Florida. No other state had concentrations in excess of 10% of the principal balance of the consumer loan receivable as of March 30, 2019 |
Commercial Loans Receivables _2
Commercial Loans Receivables and Allowance for Loan Loss (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Receivables [Abstract] | |
Commercial Loans Receivables | Commercial loans receivable, net, consist of the following by class of financing notes receivable (in thousands): March 30, March 31, Direct loans receivable $ 42,899 $ 16,368 Participation loans receivable 495 275 Allowance for loan losses (180 ) (42 ) Deferred financing fees, net (208 ) — $ 43,006 $ 16,601 |
Commercial Loans Receivable Characteristics (Weighted averages) | The commercial loans receivable balance has the following characteristics: March 30, March 31, Weighted average contractual interest rate 5.7 % 4.6 % Weighted average months to maturity 7 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 losses was not needed at either March 30, 2019 or March 31, 2018 . |
Changes in the Allowance for Loan Losses on Commercial Loans Receivables | The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses applicable to the direct programs (in thousands): Year Ended March 30, March 31, Balance at beginning of period $ 42 $ 210 Provision for commercial loan credit losses 138 (168 ) Loans charged off, net of recoveries — — Balance at end of period $ 180 $ 42 |
Allowance for Loan Losses andCommercial Loans Receivables By Class Individually and Collectively Evaluated for Impairment | The following table disaggregates commercial loans receivable and the estimated allowance for loan losses for each class of financing receivable by evaluation methodology (in thousands): Direct Commercial Loans Participation Commercial Loans March 30, March 31, March 30, March 31, Commercial loans receivable: Collectively evaluated for impairment $ 18,018 $ 4,193 $ — $ — Individually evaluated for impairment 24,881 12,175 495 275 $ 42,899 $ 16,368 $ 495 $ 275 Allowance for loan losses: Collectively evaluated for impairment $ (180 ) $ (42 ) $ — $ — Individually evaluated for impairment — — — — $ (180 ) $ (42 ) $ — $ — |
Commercial Loans Receivables by Class and Internal Credit Quality Indicator | The following table disaggregates the Company's commercial loans receivable by class and credit quality indicator (in thousands): Direct Commercial Loans Participation Commercial Loans March 30, March 31, March 30, March 31, Risk profile based on payment activity: Performing $ 42,899 $ 16,368 $ 495 $ 275 Watch list — — — — Nonperforming — — — — $ 42,899 $ 16,368 $ 495 $ 275 |
Geographic Concentration of Commercial Loans 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: March 30, March 31, California 21.1 % 14.4 % Arizona 16.3 % 16.7 % Oregon 10.4 % 14.7 % |
Commercial Loans Receivables _3
Commercial Loans Receivables and Allowance for Loan Loss Commercial Loans Receivable Characteristics (Tables) | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Commercial Loans Receivable Characteristics (Weighted averages) [Line Items] | ||
Weighted average contractual interest rate | 5.70% | 4.60% |
Weighted average months to maturity | 7 months | 6 months |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): March 30, March 31, Property, plant and equipment, at cost: Land $ 21,359 $ 24,001 Buildings and improvements 42,976 39,613 Machinery and equipment 27,053 24,154 91,388 87,768 Accumulated depreciation (27,904 ) (24,413 ) Property, plant and equipment, net $ 63,484 $ 63,355 |
Capital Lease Capital Lease (Ta
Capital Lease Capital Lease (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Capital Leases of Lessee [Abstract] | |
Assets under capital lease | On April 3, 2017, in connection with the purchase of Lexington Homes, the Company recorded capital leases covering manufacturing facilities and land in Lexington, Mississippi. The following amounts were recorded for the leased assets as of March 30, 2019 and March 31, 2018 (in thousands): March 30, March 31, Land $ 699 $ 699 Buildings and improvements 1,050 1,050 1,749 1,749 Accumulated amortization (70 ) (35 ) Leased assets, net $ 1,679 $ 1,714 |
Future minimum lease payments | The future minimum payments under the leases for future fiscal years is as follows (in thousands): 2020 $ 766 2021 73 2022 73 2023 73 2024 73 Thereafter 123 Total remaining lease payments $ 1,181 Less: Amount representing interest (106 ) Present value of future minimum lease payments $ 1,075 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and other intangibles consist of the following (in thousands): March 30, 2019 March 31, 2018 Gross Accumulated Net Gross Accumulated Net Indefinite lived: Goodwill $ 72,920 $ — $ 72,920 $ 72,920 $ — $ 72,920 Trademarks and trade names 7,200 — 7,200 7,200 — 7,200 State insurance licenses 1,100 — 1,100 1,100 — 1,100 Total indefinite-lived intangible assets 81,220 — 81,220 81,220 — 81,220 Finite lived: Customer relationships 7,100 (5,970 ) 1,130 7,100 (5,756 ) 1,344 Other 1,384 (1,038 ) 346 1,384 (928 ) 456 Total goodwill and other intangible assets $ 89,704 $ (7,008 ) $ 82,696 $ 89,704 $ (6,684 ) $ 83,020 |
Expected Amortization for Future Fiscal Years | Expected amortization for future fiscal years is as follows (in thousands): 2020 $ 320 2021 318 2022 245 2023 163 2024 157 Thereafter 273 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): March 30, March 31, Salaries, wages and benefits $ 25,257 $ 24,416 Unearned insurance premiums 18,305 17,432 Customer deposits 17,804 21,294 Estimated warranties 17,069 16,638 Accrued volume rebates 10,412 7,778 Insurance loss reserves 6,686 6,157 Accrued self-insurance 5,171 5,320 Company repurchase options on certain loans sold 3,810 5,637 Reserve for repurchase commitments 2,362 2,207 Accrued taxes 1,767 1,986 Capital lease obligation 1,075 1,155 Deferred margin — 600 Other 15,463 15,880 $ 125,181 $ 126,500 |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Activity in the liability for estimated warranties | Activity in the liability for estimated warranties was as follows (in thousands): March 30, March 31, April 1, Balance at beginning of period $ 16,638 $ 15,479 $ 13,371 Purchase accounting additions — 838 — Charged to costs and expenses 29,591 25,911 24,282 Payments and deductions (29,160 ) (25,590 ) (22,174 ) Balance at end of period $ 17,069 $ 16,638 $ 15,479 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | March 30, March 31, Acquired securitized financings (acquired as part of the Palm Harbor transaction) Securitized financing 2005-1 $ — $ 20,524 Securitized financing 2007-1 18,364 22,552 Other secured financings 4,487 4,966 Secured credit facilities 11,289 11,770 $ 34,140 $ 59,812 |
Securitized Financing | Securitized Financing. Prior to being acquired by the Company, CountryPlace completed two securitizations of factory-built housing loan receivables on July 12, 2005 and March 22, 2007. A special purpose bankruptcy remote trust ("SPE") was formed for the purpose of issuing asset backed notes. The Company transferred assets to the SPE, which then issued to investors various asset-backed securities. In these securitization transactions, the Company received cash and/or other interests in the SPE as proceeds for the transferred assets. The Company retained the right to service the transferred receivables and to repurchase the transferred receivables from the SPE if the outstanding balance of the receivables falls to less than twenty percent of the original balance of the transferred receivables. The Company evaluated its interests in the SPE for classification as a variable interest entity and the Company determined that the Company is the primary beneficiary and, therefore, the Company includes the SPE in its consolidated financial statements. On January 15, 2019, the Company executed its right to repurchase the securitization issued on July 12, 2005. As of March 30, 2019 , there was one class of securitized bond debt outstanding with an estimated call date in August 2019. It is anticipated that we will repurchase or refinance this facility prior to the call date. These two securitizations were accounted for as financings, which use the portfolio method of accounting in accordance with FASB Accounting Standards Codification ("ASC") 310, Receivables – Nonrefundable Fees and Other . The securitizations included provisions for removal of accounts, retention of certain credit loss risk by CountryPlace and other factors that preclude sale accounting of the securitizations under FASB ASC 860, Transfers and Servicing . Both securitizations were accounted for as securitized borrowings; therefore, the related consumer loans receivable and securitized financings were included in CountryPlace's financial statements. Since the Acquisition Date, the acquired consumer loans receivable and securitized financings are accounted for in a manner similar to FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). The Company 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 Acquisition Date include interest that 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 (see Note 13 ). The following table summarizes acquired securitized financings (in thousands): March 30, March 31, Securitized financings – contractual amount $ 18,855 $ 46,591 Purchase Discount Accretable (491 ) (3,515 ) Non-accretable (1) — — Total acquired securitized financings, net $ 18,364 $ 43,076 (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 | Over the life of the loans, the Company continues to estimate cash flows expected to be paid on securitized financings. The Company evaluates at the balance sheet date whether the present value of its securitized financings, determined using the effective interest rate, has increased or decreased. The present value of any subsequent change in cash flows expected to be paid adjusts the amount of accretable yield recognized on a prospective basis over the securitized financing's remaining life. The changes in accretable yield on securitized financings were as follows (in thousands): Year Ended March 30, March 31, Balance at the beginning of the period $ 3,515 $ 7,636 Additions — — Accretion (2,830 ) (3,336 ) Adjustment to cash flows (194 ) (785 ) Balance at the end of the period $ 491 $ 3,515 |
Schedule of Line of Credit Facilities | The Company has entered into secured credit facilities with independent third party banks with draw periods from one to fifteen months and maturity dates of ten years after the expiration of the draw periods. The proceeds are used by the Company to originate and hold consumer home-only loans secured by manufactured homes, which are pledged as collateral to the facilities. Upon completion of the draw down period, the facilities are converted into an amortizing loan based on a 20 or 25 year amortization period with a balloon payment due upon maturity. The maximum advance for loans under this program is 80% of the outstanding collateral principal balance, with the Company providing the remaining funds. As of March 30, 2019 , the outstanding balance of the converted loans was $11.3 million at a weighted average interest rate of 4.9% , with $5.0 million available to draw. Amounts available to draw bear interest at 5.15% . Once converted, the initial annual interest rate of 5.15% will adjust every 5 years beginning in 2024 to Prime plus 0.40% . The per annum interest rate will never be less than 5.00% or greater than 6.00% . |
Schedule of Maturities of Long-term Debt | Scheduled maturities for future fiscal years of the Company's debt obligations consist of the following (in thousands): 2020 $ 19,522 2021 1,265 2022 1,578 2023 1,429 2024 1,291 Thereafter 9,055 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Insurance [Abstract] | |
Reinsurance Effect on Premiums Written and Earned | The effects of reinsurance on premiums written and earned are as follows (in thousands): Year Ended March 30, 2019 March 31, 2018 Written Earned Written Earned Direct premiums $ 17,883 $ 17,097 $ 16,703 $ 16,493 Assumed premiums—nonaffiliate 25,479 25,284 24,614 25,010 Ceded premiums—nonaffiliate (12,526 ) (12,526 ) (12,924 ) (12,924 ) Net premiums $ 30,836 $ 29,855 $ 28,393 $ 28,579 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Provision (benefit) for income taxes | The provision for income taxes for fiscal years 2019 , 2018 and 2017 were as follows (in thousands): Fiscal Year 2019 2018 2017 Current Federal $ 16,086 $ 19,008 $ 15,924 State 2,209 2,323 1,131 Total current 18,295 21,331 17,055 Deferred Federal (347 ) (4,315 ) (13 ) State 106 5 284 Total deferred (241 ) (4,310 ) 271 Total income tax provision $ 18,054 $ 17,021 $ 17,326 |
Reconciliations of income taxes | A reconciliation of income taxes computed by applying the expected federal statutory income tax rates of 21% , 31.54% and 35% for fiscal years 2019 , 2018 and 2017 , respectively, to income before income taxes reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands): Fiscal Year 2019 2018 2017 Federal income tax at statutory rate $ 18,202 $ 24,766 $ 19,348 State income taxes, net of federal benefit 3,111 2,330 1,428 Stock-based compensation (2,507 ) (2,121 ) — Tax credits (1,506 ) (1,776 ) (1,826 ) Impact of Tax Act 314 (4,824 ) — Domestic production activities deduction — (2,001 ) (1,422 ) Other 440 647 (202 ) Total income tax provision $ 18,054 $ 17,021 $ 17,326 |
Net current deferred tax assets and net long-term deferred tax liabilities | Net long-term deferred tax assets and liabilities were as follows (in thousands): March 30, March 31, Net long-term deferred tax (liabilities) assets Goodwill $ (15,644 ) $ (15,637 ) Property, plant, equipment and depreciation (4,157 ) (3,575 ) Warranty reserves 4,097 4,033 Loan discount 3,075 3,662 Stock-based compensation 2,564 2,177 Prepaid expenses (2,142 ) (1,585 ) Other intangibles (1,791 ) (1,581 ) Salaries and wages 1,751 1,741 Accrued volume rebates 1,734 575 Inventory 1,158 1,196 Other 2,353 1,417 $ (7,002 ) $ (7,577 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Repurchase Contingencies [Roll Forward] | |
Activity in the Liability for Estimated Repurchase Contingencies | Activity in the liability for estimated repurchase contingencies was as follows for fiscal years 2019 , 2018 and 2017 (in thousands): Fiscal Year 2019 2018 2017 Balance at beginning of period $ 2,207 $ 1,749 $ 1,660 Charged to costs and expenses 469 624 168 Payments and deductions (314 ) (166 ) (79 ) Balance at end of period $ 2,362 $ 2,207 $ 1,749 |
Future Minimum Lease Commitments Under All Noncancelable Operating Leases | Future minimum lease commitments for future fiscal years under all noncancelable operating leases having a remaining term in excess of one year are as follows (in thousands): 2020 $ 2,292 2021 2,197 2022 1,389 2023 1,072 2024 and thereafter 1,372 $ 8,322 |
Loan Contracts with Off-Balance Sheet Commitments | Loan contracts with off-balance sheet commitments are summarized below (in thousands): March 30, March 31, Construction loan contract amount $ 28,230 $ 27,093 Cumulative advances (12,883 ) (11,088 ) Remaining construction contingent commitment $ 15,347 $ 16,005 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options Activity | The following table summarizes the option activity within the Company’s stock-based compensation plans for the fiscal years 2019 , 2018 and 2017 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Options outstanding at April 2, 2016 491,980 $ 51.91 Granted 116,850 98.93 Exercised (121,275 ) 30.02 Canceled or expired (22,625 ) 80.21 Options outstanding at April 1, 2017 464,930 $ 68.01 3.83 $ 42,194 Granted 42,000 131.93 Exercised (87,925 ) 42.54 Canceled or expired (800 ) 99.65 Options outstanding at March 31, 2018 418,205 $ 79.73 3.78 $ 60,439 Granted 73,750 194.08 Exercised (74,144 ) 53.78 Canceled or expired (6,700 ) 150.34 Options outstanding at March 30, 2019 411,111 $ 102.71 3.74 $ 61,025 Exercisable at April 1, 2017 244,025 $ 50.77 2.29 $ 23,626 Exercisable at March 31, 2018 203,721 $ 61.38 2.49 $ 30,631 Exercisable at March 30, 2019 197,663 $ 71.28 2.35 $ 31,296 |
Stock Options, Weighted Average Assumptions | The fair values of options granted were estimated at the date of grant using the following weighted average assumptions: Fiscal Year 2019 2018 2017 Volatility 31.5 % 32.3 % 38.3 % Risk-free interest rate 2.7 % 1.9 % 1.1 % Dividend yield — % — % — % Expected option life in years 5.18 5.14 5.24 Estimated forfeiture rate 7.0 % 7.0 % 6.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table sets forth the computation of basic and diluted earnings per share for fiscal years 2019 , 2018 and 2017 (dollars in thousands, except per share amounts): Fiscal Year 2019 2018 2017 Net income $ 68,622 $ 61,502 $ 37,955 Weighted average shares outstanding: Basic 9,080,878 9,024,437 8,976,064 Effect of dilutive securities 187,859 177,269 129,679 Diluted 9,268,737 9,201,706 9,105,743 Net income per share: Basic $ 7.56 $ 6.82 $ 4.23 Diluted $ 7.40 $ 6.68 $ 4.17 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
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): March 30, 2019 March 31, 2018 Book Value Estimated Fair Value Book Value Estimated Fair Value Available-for-sale debt securities (1) $ 13,408 $ 13,408 $ 16,181 $ 16,181 Marketable equity securities (1) 11,073 11,073 10,405 10,405 Non-marketable equity investments (2) 20,276 20,276 18,853 18,853 Consumer loans receivable (3) 86,785 101,001 94,951 113,277 Interest rate lock commitment derivatives (4) 11 11 (12 ) (12 ) Forward loan sale commitment derivatives (4) (59 ) (59 ) 26 26 Commercial loans receivable (5) 43,006 43,582 16,601 16,972 Securitized financings and other (6) (34,140 ) (38,101 ) (59,812 ) (64,509 ) (1) For Level 1 classified securities, the fair value is based on quoted market prices. The fair value of Level 2 securities is based on other inputs, as further described below. (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. (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. |
Summary of Assets Measured at Fair Value on a Recurring Basis | measured at fair value on a recurring basis are summarized below (in thousands): March 30, 2019 Total Level 1 Level 2 Level 3 Securities issued by the U.S. Treasury and Government (1) $ 297 $ — $ 297 $ — Mortgage-backed securities (1) 6,509 — 6,509 — Securities issued by states and political subdivisions (1) 4,983 — 4,983 — Corporate debt securities (1) 1,619 — 1,619 — Marketable equity securities (2) 11,073 11,073 — — Interest rate lock commitment derivatives (3) 11 — — 11 Forward loan sale commitment derivatives (3) (59 ) — — (59 ) Mortgage servicing rights (4) 1,372 — — 1,372 March 31, 2018 Total Level 1 Level 2 Level 3 Securities issued by the U.S. Treasury and Government (1) $ 293 $ — $ 293 $ — Mortgage-backed securities (1) 7,499 — 7,499 — Securities issued by states and political subdivisions (1) 6,337 — 6,337 — Corporate debt securities (1) 2,052 — 2,052 — Marketable equity securities (1) 8,695 8,695 — — Interest rate lock commitment derivatives (3) (12 ) — — (12 ) Forward loan sale commitment derivatives (3) 26 — — 26 Mortgage servicing rights (4) 1,410 — — 1,410 (1) Unrealized gains or losses on investments are recorded in AOCI at each measurement date. (2) Unrealized gains or losses on investments are recorded in earnings at each measurement date. (3) Gains or losses on derivatives are recognized in current period earnings through cost of sales. (4) 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): March 30, 2019 Total Level 1 Level 2 Level 3 Loans held for investment $ 76,319 $ — $ — $ 76,319 Loans held for sale 11,799 — — 11,799 Loans held—construction advances 12,883 — — 12,883 Commercial loans receivable 43,582 — — 43,582 Securitized financings (38,101 ) — (38,101 ) — Non-marketable equity investments 20,276 — — 20,276 |
Activity in Capitalized Mortgage Servicing Rights | March 30, March 31, Number of loans serviced with MSRs 4,557 4,346 Weighted average servicing fee (basis points) 31.59 32.03 Capitalized servicing multiple 77.97 % 84.76 % Capitalized servicing rate (basis points) 24.63 27.15 Serviced portfolio with MSRs (in thousands) $ 556,934 $ 519,167 Mortgage servicing rights (in thousands) $ 1,372 $ 1,410 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information | The following table details net revenue and income before income taxes by segment (in thousands): Fiscal Year Ended March 30, March 31, April 1, Net revenue: Factory-built housing $ 905,726 $ 815,519 $ 720,971 Financial services 57,020 55,716 52,826 $ 962,746 $ 871,235 $ 773,797 Net revenue for financial services consists of: Finance $ 21,425 $ 21,380 $ 20,517 Insurance 35,595 34,336 32,309 $ 57,020 $ 55,716 $ 52,826 Income before income taxes: Factory-built housing $ 72,959 $ 66,636 $ 46,840 Financial services 13,717 11,887 8,441 $ 86,676 $ 78,523 $ 55,281 Depreciation: Factory-built housing $ 4,318 $ 3,572 $ 3,221 Financial services 56 86 98 $ 4,374 $ 3,658 $ 3,319 Amortization: Factory-built housing $ 136 $ 167 $ 167 Financial services 188 201 201 $ 324 $ 368 $ 368 Income tax expense: Factory-built housing $ 14,891 $ 10,687 $ 14,349 Financial services 3,163 6,334 2,977 $ 18,054 $ 17,021 $ 17,326 Capital expenditures: Factory-built housing $ 7,522 $ 8,121 $ 5,281 Financial services 114 265 14 $ 7,636 $ 8,386 $ 5,295 March 30, March 31, Total assets: Factory-built housing $ 533,913 $ 484,231 Financial services 191,303 190,549 $ 725,216 $ 674,780 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | The following tables set forth certain unaudited quarterly financial information for fiscal years 2019 and 2018 (dollars in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Total Fiscal year ended March 30, 2019 Net revenue $ 246,403 $ 241,530 $ 233,700 $ 241,113 $ 962,746 Gross profit 51,476 49,416 49,021 55,793 205,706 Net income 19,691 15,576 13,384 19,971 68,622 Net income per share: Basic $ 2.18 $ 1.72 $ 1.47 $ 2.20 $ 7.56 Diluted $ 2.12 $ 1.67 $ 1.44 $ 2.17 $ 7.40 Fiscal year ended March 31, 2018 Net revenue $ 206,816 $ 200,507 $ 221,383 $ 242,529 $ 871,235 Gross profit 41,966 34,554 49,856 54,304 180,680 Net income 11,753 6,182 21,427 22,140 61,502 Net income per share: Basic $ 1.30 $ 0.69 $ 2.37 $ 2.45 $ 6.82 Diluted $ 1.28 $ 0.67 $ 2.33 $ 2.40 $ 6.68 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Revenue Concentration (Details) | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Revenue Recognition [Abstract] | ||
Concentration Risk on Financing Receivables Percentage | 10.00% | 10.00% |
Concentration Risk on Financing Receivables Description | excess of 10% of the principal balance of commercial loans receivable | |
Concentration Risk on Factory Built Housing Description | No independent distributor accounted for 10% or more of our factory-built housing revenue |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Receivables and Allowances) (Details) - USD ($) | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses | $ 180,000 | $ 42,000 | $ 210,000 |
Factory-built housing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts receivable | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Long Lived Assets) (Details) | 12 Months Ended | ||
Mar. 30, 2019USD ($)Segment | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Impairment losses on assets held and used | $ | $ 0 | $ 0 | $ 0 |
Number of Operating Segments | Segment | 2 | ||
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 10 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 39 years | ||
Machinery and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 3 years | ||
Machinery and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 25 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Goodwill and Other Intangibles) (Details) - USD ($) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment losses on assets held and used | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 | $ 0 |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Warranties) (Details) | 12 Months Ended |
Mar. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Warranty period for manufacturing defects | 1 year |
Nonstructural Component Warranty Description | 120 days |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Insurance) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Insurance loss reserves | $ 6,686 | $ 6,157 |
Balance of incurred but not reported losses | $ 4,000 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Advertising, Freight and Other Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Advertising costs | $ 837 | $ 1,100 | $ 1,000 |
Freight | |||
Cost of Goods and Services Sold | $ 28,900 | $ 27,300 | $ 24,300 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income) (Details) - USD ($) | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 |
Accounting Policies [Abstract] | |||
Available-for-sale debt securities, accumulated gross unrealized loss before tax | $ (35,000) | ||
Available-for-sale debt securities, accumulated gross unrealized loss, tax | 7,000 | ||
Accumulated other comprehensive income (loss) | $ (28,000) | $ 1,438,000 | $ 1,400,000 |
Available-for-sale securities, accumulated gross unrealized loss, tax | (493,000) | (835,000) | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | $ 1,900,000 | $ 2,200,000 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies Recently Issued Accounting Pronouncements (Details) - USD ($) | 12 Months Ended | ||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Apr. 02, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Income before income taxes | $ 86,676,000 | $ 78,523,000 | $ 55,281,000 | ||
Cash and Cash Equivalents, at Carrying Value | 187,370,000 | 186,766,000 | 132,542,000 | ||
Restricted cash | 12,148,000 | 11,228,000 | 11,573,000 | ||
Restricted cash, Noncurrent | 351,000 | 1,264,000 | 724,000 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 199,869,000 | $ 199,258,000 | $ 144,839,000 | $ 109,066,000 | |
Accounting Standards Update 2016-01 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of implementing ASU 2016-01, net of tax | 0 | ||||
Income before income taxes | 171,000 | ||||
Retained earnings | Accounting Standards Update 2016-01 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of implementing ASU 2016-01, net of tax | 1,621,000 | ||||
Accumulated other comprehensive income (loss) | Accounting Standards Update 2016-01 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of implementing ASU 2016-01, net of tax | (1,621,000) | ||||
Cumulative effect of implementing ASU 2016-01, tax | 541,000 | ||||
Accrued Liabilities | Accounting Standards Update 2014-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Change in accrued liabilities for ASC 606 | $ 600,000 | ||||
Maximum | Scenario, Forecast | Subsequent Event | Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Right-of-use asset and lease liability as a percent of total assets | 0.03 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | ||
Disaggregation of Revenue | ||||||||||||
Net revenue | $ 241,113 | $ 233,700 | $ 241,530 | $ 246,403 | $ 242,529 | $ 221,383 | $ 200,507 | $ 206,816 | $ 962,746 | $ 871,235 | $ 773,797 | |
Factory-built housing | ||||||||||||
Disaggregation of Revenue | ||||||||||||
Net revenue | 905,726 | 815,519 | 720,971 | |||||||||
Financial Services | ||||||||||||
Disaggregation of Revenue | ||||||||||||
Net revenue | 57,020 | $ 55,716 | $ 52,826 | |||||||||
HUD Code | Factory-built housing | ||||||||||||
Disaggregation of Revenue | ||||||||||||
Net revenue | 727,950 | |||||||||||
Modular | Factory-built housing | ||||||||||||
Disaggregation of Revenue | ||||||||||||
Net revenue | 90,636 | |||||||||||
Park Model RVs | Factory-built housing | ||||||||||||
Disaggregation of Revenue | ||||||||||||
Net revenue | 38,057 | |||||||||||
Factory-built housing, other | Factory-built housing | ||||||||||||
Disaggregation of Revenue | ||||||||||||
Net revenue | [1] | 49,083 | ||||||||||
Insurance Agency Commissions | Financial Services | ||||||||||||
Disaggregation of Revenue | ||||||||||||
Net revenue | 3,065 | |||||||||||
Financial service, other | Financial Services | ||||||||||||
Disaggregation of Revenue | ||||||||||||
Net revenue | $ 53,955 | |||||||||||
[1] | Other factory-built housing revenue from ancillary products and services including used homes, freight and other services. |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Revenue, Initial Application Period Cumulative Effect Transition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Apr. 02, 2016 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Accrued liabilities | $ 125,181 | $ 126,500 | $ 125,181 | $ 126,500 | ||||||||
Total current liabilities | 174,008 | 176,329 | 174,008 | 176,329 | ||||||||
Deferred income taxes | 7,002 | 7,577 | 7,002 | 7,577 | ||||||||
Retained earnings | 280,078 | 209,381 | 280,078 | 209,381 | ||||||||
Total stockholder's equity | 529,588 | 457,106 | 529,588 | 457,106 | $ 394,408 | $ 353,226 | ||||||
Net revenue | 241,113 | $ 233,700 | $ 241,530 | $ 246,403 | 242,529 | $ 221,383 | $ 200,507 | $ 206,816 | 962,746 | 871,235 | 773,797 | |
Cost of sales | 757,040 | 690,555 | 615,760 | |||||||||
Gross profit | 55,793 | $ 49,021 | $ 49,416 | $ 51,476 | $ 54,304 | $ 49,856 | $ 34,554 | $ 41,966 | 205,706 | 180,680 | 158,037 | |
Selling, general and administrative expense | 121,568 | 106,907 | 101,231 | |||||||||
Income from operations | 84,138 | 73,773 | 56,806 | |||||||||
Income before income taxes | 86,676 | 78,523 | 55,281 | |||||||||
Income tax expense | 18,054 | 17,021 | 17,326 | |||||||||
Net income | 68,622 | 61,502 | 37,955 | |||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Accrued liabilities | 1,750 | 1,750 | ||||||||||
Total current liabilities | 1,750 | 1,750 | ||||||||||
Deferred income taxes | (461) | (461) | ||||||||||
Retained earnings | (1,289) | (1,289) | ||||||||||
Total stockholder's equity | (1,289) | (1,289) | ||||||||||
Net revenue | (32,420) | |||||||||||
Cost of sales | (31,047) | |||||||||||
Gross profit | (1,373) | |||||||||||
Selling, general and administrative expense | (289) | |||||||||||
Income from operations | (1,084) | |||||||||||
Income before income taxes | (1,084) | |||||||||||
Income tax expense | (250) | |||||||||||
Net income | (834) | |||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Accrued liabilities | 126,931 | 126,931 | ||||||||||
Total current liabilities | 175,758 | 175,758 | ||||||||||
Deferred income taxes | 6,541 | 6,541 | ||||||||||
Retained earnings | 278,789 | 278,789 | ||||||||||
Total stockholder's equity | $ 528,299 | 528,299 | ||||||||||
Net revenue | 930,326 | |||||||||||
Cost of sales | 725,993 | |||||||||||
Gross profit | 204,333 | |||||||||||
Selling, general and administrative expense | 121,279 | |||||||||||
Income from operations | 83,054 | |||||||||||
Income before income taxes | 85,592 | |||||||||||
Income tax expense | 17,804 | |||||||||||
Net income | 67,788 | |||||||||||
Subcontracted site improvements | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Net revenue | $ 24,900 | $ 21,200 | $ 18,800 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 |
Summary of restricted cash | |||
Restricted cash | $ 12,148 | $ 11,228 | $ 11,573 |
Restricted cash, Noncurrent | 351 | 1,264 | $ 724 |
Total restricted cash | 12,499 | 12,492 | |
Cash related to CountryPlace customer payments to be remitted to third parties [Member] | |||
Summary of restricted cash | |||
Restricted cash | 10,426 | 9,180 | |
Cash related to CountryPlace customers' principal and interest payments on securitized loans to be remitted to bondholders [Member] | |||
Summary of restricted cash | |||
Restricted cash | 634 | 1,311 | |
Other restricted cash | |||
Summary of restricted cash | |||
Restricted cash, Noncurrent | $ 1,439 | $ 2,001 |
Investments (Summary) (Details)
Investments (Summary) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 13,408 | $ 16,181 |
Marketable Equity Securities | 11,073 | |
Marketable Equity Securities | 10,405 | |
Equity Method Investments | 20,276 | 18,853 |
Investments | $ 44,757 | $ 45,439 |
Investments (Available-for-sale
Investments (Available-for-sale Summary) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Available-for-Sale Securities by Investment Category | ||
Total Amortized Cost | $ 13,443 | $ 16,412 |
Gross Unrealized Gains | 123 | 110 |
Gross Unrealized Losses | (158) | (341) |
Total Fair Value | 13,408 | 16,181 |
U.S. Treasury and government debt securities | ||
Available-for-Sale Securities by Investment Category | ||
Total Amortized Cost | 300 | 300 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3) | (7) |
Total Fair Value | 297 | 293 |
Residential mortgage-backed securities | ||
Available-for-Sale Securities by Investment Category | ||
Total Amortized Cost | 6,625 | 7,654 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | (119) | (155) |
Total Fair Value | 6,509 | 7,499 |
States and political subdivision debt securities | ||
Available-for-Sale Securities by Investment Category | ||
Total Amortized Cost | 4,883 | 6,377 |
Gross Unrealized Gains | 117 | 109 |
Gross Unrealized Losses | (17) | (149) |
Total Fair Value | 4,983 | 6,337 |
Corporate debt securities | ||
Available-for-Sale Securities by Investment Category | ||
Total Amortized Cost | 1,635 | 2,081 |
Gross Unrealized Gains | 3 | 1 |
Gross Unrealized Losses | (19) | (30) |
Total Fair Value | $ 1,619 | $ 2,052 |
Investments (Continuous Unreali
Investments (Continuous Unrealized Loss Positions) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | $ 1,662 | $ 7,086 |
Unrealized Losses, less than 12 months | (17) | (111) |
12 Months or Longer, Fair Value | 8,895 | 6,456 |
Unrealized losses, 12 months or longer | (141) | (230) |
Total Fair Value | 10,557 | 13,542 |
Unrealized Losses | (158) | (341) |
U.S. Treasury and government debt securities | ||
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 0 | 293 |
Unrealized Losses, less than 12 months | 0 | (7) |
12 Months or Longer, Fair Value | 297 | 0 |
Unrealized losses, 12 months or longer | (3) | 0 |
Total Fair Value | 297 | 293 |
Unrealized Losses | (3) | (7) |
Mortgage-backed securities | ||
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 1,066 | 3,185 |
Unrealized Losses, less than 12 months | (9) | (52) |
12 Months or Longer, Fair Value | 5,206 | 3,909 |
Unrealized losses, 12 months or longer | (110) | (103) |
Total Fair Value | 6,272 | 7,094 |
Unrealized Losses | (119) | (155) |
States and political subdivision debt securities | ||
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 353 | 2,224 |
Unrealized Losses, less than 12 months | 0 | (40) |
12 Months or Longer, Fair Value | 2,319 | 2,180 |
Unrealized losses, 12 months or longer | (17) | (109) |
Total Fair Value | 2,672 | 4,404 |
Unrealized Losses | (17) | (149) |
Corporate debt securities | ||
Investment Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 243 | 1,384 |
Unrealized Losses, less than 12 months | (8) | (12) |
12 Months or Longer, Fair Value | 1,073 | 367 |
Unrealized losses, 12 months or longer | (11) | (18) |
Total Fair Value | 1,316 | 1,751 |
Unrealized Losses | $ (19) | $ (30) |
Investments (Debt Securities by
Investments (Debt Securities by Maturity) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Contractual Maturity of Investment Securities | ||
Due in less than one year, Amortized Cost | $ 1,265 | |
Due after one year through five years, Amortized Cost | 2,954 | |
Due after five years through ten years, Amortized Cost | 0 | |
Due after ten years, Amortized Cost | 2,599 | |
Mortgage-backed securities, Amortized Cost | 6,625 | |
Total Amortized Cost | 13,443 | $ 16,412 |
Due in less than one year, Fair Value | 1,258 | |
Due after one year through five years, Fair Value | 2,927 | |
Due after five years through ten years, Fair Value | 0 | |
Due after ten years, Fair Value | 2,714 | |
Mortgage-backed securities, Fair Value | 6,509 | |
Total Fair Value | 13,408 | 16,181 |
Residential mortgage-backed securities | ||
Contractual Maturity of Investment Securities | ||
Total Amortized Cost | 6,625 | 7,654 |
Total Fair Value | $ 6,509 | $ 7,499 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||
Non-marketable equity investment, contributions | $ 15,000,000 | $ 15,000,000 | |
Debt Securities, Available-for-sale, Realized Gain | 0 | ||
Debt Securities, Available-for-sale, Realized Loss | (38,000) | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | ||
Losses on marketable equity securities held | (291,000) | ||
Losses on marketable equity securities sold | (64,000) | ||
Net loss on marketable equity securities | $ (355,000) | ||
Gross gains realized | 0 | $ 0 | |
Gross losses realized | (63,000) | (43,000) | |
Marketable equity securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gross gains realized | 5,962,000 | 1,118,000 | |
Gross losses realized | (203,000) | (370,000) | |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 5,759,000 | $ 748,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Summary of inventories | ||
Raw materials | $ 33,701 | $ 36,124 |
Work in process | 12,212 | 13,670 |
Finished goods and other | 70,290 | 59,358 |
Total Inventories | $ 116,203 | $ 109,152 |
Consumer Loans Receivable (Summ
Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for investment (at Acquisition Date) | $ 44,375 | $ 51,798 |
Loans held for investment (originated after Acquisition Date) | 20,580 | 21,183 |
Loans held for sale | 11,288 | 12,830 |
Construction advances | 12,883 | 11,088 |
Consumer loans receivable | 89,126 | 96,899 |
Deferred financing fees and other, net | (1,926) | (1,551) |
Allowance for loan loss | (415) | (397) |
Consumer loans receivable, net | 86,785 | 94,951 |
Construction Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Construction advances | $ 12,883 | $ 11,088 |
Consumer Loans Receivable (Su_2
Consumer Loans Receivable (Summary of Acquired Loans Receivable) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 |
Acquired Consumer Loans Receivable Held for Investment | |||
Consumer loans receivable held for investment - contractual amount | $ 100,595 | $ 120,096 | |
Purchase discount: Accretable | (36,672) | (44,481) | $ (56,686) |
Purchase discount: Non-accretable difference | (19,502) | (23,711) | |
Less consumer loans receivable reclassified as other assets | (46) | (106) | |
Total acquired consumer loans receivable held for investment, net | $ 44,375 | $ 51,798 |
Consumer Loans Receivable (Chan
Consumer Loans Receivable (Changes in Accretable Yield on Acquired Loans Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Sensitivity Analysis, Change in Prepayment Rate | $ 938 | |
Sensitivity Analysis, Change in Default Rate | 2,600 | |
Accretable Yield Movement on Acquired Consumer Loans Receivable | ||
Balance at the beginning of the period | 44,481 | $ 56,686 |
Additions | 0 | 0 |
Accretion | (7,588) | (8,453) |
Reclassifications to nonaccretable discount | (221) | (3,752) |
Balance at the end of the period | $ 36,672 | $ 44,481 |
Loans Unsecuritized | ||
Fair Value Measurements, Sensitivity Analysis, Description | 0.01 |
Consumer Loans Receivable Consu
Consumer Loans Receivable Consumer Loans Receivable (Weighted Averages) (Details) | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Receivables [Abstract] | ||
Prepayment Rate Consumer Loans Receivable | 17.10% | 16.00% |
Default Rate Consumer Loans Receivable | 1.10% | 1.20% |
Weighted average contractual interest rate | 8.49% | 8.57% |
Weighted average effective interest rate | 9.11% | 9.34% |
Weighted average months to maturity | 163 months | 168 months |
Consumer Loans Receivable (Cons
Consumer Loans Receivable (Consumer Loan Receivables by Segment and Credit Quality Indicator) (Details) $ in Thousands | Mar. 30, 2019USD ($)Credit_Quality_Indicator | Mar. 31, 2018USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 89,126 | $ 96,899 |
Home-only Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 49,621 | 56,086 |
Home-only Loans Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 912 | 1,149 |
Home-only Loans Range One | Minimum | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||
Asset class credit quality indicator | Credit_Quality_Indicator | 0 | |
Home-only Loans Range One | Maximum | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||
Asset class credit quality indicator | Credit_Quality_Indicator | 619 | |
Home-only Loans Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 24,710 | 26,041 |
Home-only Loans Range Two | Minimum | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||
Asset class credit quality indicator | Credit_Quality_Indicator | 620 | |
Home-only Loans Range Two | Maximum | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||
Asset class credit quality indicator | Credit_Quality_Indicator | 719 | |
Home-only Loans Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 23,562 | 28,444 |
Home-only Loans Range Three | Minimum | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||
Asset class credit quality indicator | Credit_Quality_Indicator | 720 | |
Home-only Loans Range Four | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 437 | 452 |
Conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 26,523 | 26,126 |
Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 543 | 476 |
Conforming Mortgages Range One | Minimum | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||
Asset class credit quality indicator | Credit_Quality_Indicator | 0 | |
Conforming Mortgages Range One | Maximum | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||
Asset class credit quality indicator | Credit_Quality_Indicator | 619 | |
Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 17,148 | 15,044 |
Conforming Mortgages Range Two | Minimum | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||
Asset class credit quality indicator | Credit_Quality_Indicator | 620 | |
Conforming Mortgages Range Two | Maximum | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||
Asset class credit quality indicator | Credit_Quality_Indicator | 719 | |
Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 8,832 | 10,381 |
Conforming Mortgages Range Three | Minimum | ||
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | ||
Asset class credit quality indicator | Credit_Quality_Indicator | 720 | |
Conforming Mortgages Range Four | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 225 | |
Non-conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 12,976 | 14,676 |
Non Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 1,413 | 1,534 |
Non Conforming Mortgages Range One | Minimum | ||
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 | Maximum | ||
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 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 7,689 | 8,591 |
Non Conforming Mortgages Range Two | Minimum | ||
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 | Maximum | ||
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 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,660 | 4,269 |
Non Conforming Mortgages Range Three | Minimum | ||
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 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 214 | 282 |
Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 6 | 11 |
Loans Securitized 2005 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 20,296 | 23,760 |
Loans Securitized 2005 | Home-only Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 17,986 | 21,210 |
Loans Securitized 2005 | Home-only Loans Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 401 | 465 |
Loans Securitized 2005 | Home-only Loans Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 8,448 | 10,102 |
Loans Securitized 2005 | Home-only Loans Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 9,090 | 10,594 |
Loans Securitized 2005 | Home-only Loans Range Four | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 47 | 49 |
Loans Securitized 2005 | Conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Securitized 2005 | Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Securitized 2005 | Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Securitized 2005 | Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Securitized 2005 | Non-conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 2,310 | 2,550 |
Loans Securitized 2005 | Non Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 78 | 82 |
Loans Securitized 2005 | Non Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 994 | 1,120 |
Loans Securitized 2005 | Non Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,238 | 1,348 |
Loans Securitized 2005 | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Securitized 2007 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 18,065 | 21,180 |
Loans Securitized 2007 | Home-only Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 11,660 | 13,871 |
Loans Securitized 2007 | Home-only Loans Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 245 | 354 |
Loans Securitized 2007 | Home-only Loans Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,996 | 7,107 |
Loans Securitized 2007 | Home-only Loans Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,419 | 6,410 |
Loans Securitized 2007 | Conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Securitized 2007 | Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Securitized 2007 | Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Securitized 2007 | Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Securitized 2007 | Non-conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 6,405 | 7,309 |
Loans Securitized 2007 | Non Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 344 | 405 |
Loans Securitized 2007 | Non Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 4,008 | 4,378 |
Loans Securitized 2007 | Non Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 2,053 | 2,526 |
Loans Securitized 2007 | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loans Unsecuritized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 26,594 | 28,041 |
Loans Unsecuritized | Home-only Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 19,358 | 20,605 |
Loans Unsecuritized | Home-only Loans Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 266 | 330 |
Loans Unsecuritized | Home-only Loans Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 10,266 | 8,587 |
Loans Unsecuritized | Home-only Loans Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 8,436 | 11,285 |
Loans Unsecuritized | Home-only Loans Range Four | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 390 | 403 |
Loans Unsecuritized | Conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 2,969 | 2,608 |
Loans Unsecuritized | Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 83 | 156 |
Loans Unsecuritized | Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 2,202 | 2,137 |
Loans Unsecuritized | Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 684 | 199 |
Loans Unsecuritized | Conforming Mortgages Range Four | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 116 | |
Loans Unsecuritized | Non-conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 4,261 | 4,817 |
Loans Unsecuritized | Non Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 991 | 1,047 |
Loans Unsecuritized | Non Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 2,687 | 3,093 |
Loans Unsecuritized | Non Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 369 | 395 |
Loans Unsecuritized | Non Conforming Mortgages Range Four | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 214 | 282 |
Loans Unsecuritized | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 6 | 11 |
Construction Advances | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 12,883 | 11,088 |
Construction Advances | Home-only Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction Advances | Home-only Loans Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction Advances | Home-only Loans Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction Advances | Home-only Loans Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction Advances | Conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 12,883 | 11,088 |
Construction Advances | Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 141 |
Construction Advances | Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 8,061 | 6,428 |
Construction Advances | Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 4,822 | 4,519 |
Construction Advances | Non-conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction Advances | Non Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction Advances | Non Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction Advances | Non Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction Advances | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer Loans Held For Sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 11,288 | 12,830 |
Consumer Loans Held For Sale | Home-only Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 617 | 400 |
Consumer Loans Held For Sale | Home-only Loans Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer Loans Held For Sale | Home-only Loans Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 245 |
Consumer Loans Held For Sale | Home-only Loans Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 617 | 155 |
Consumer Loans Held For Sale | Conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 10,671 | 12,430 |
Consumer Loans Held For Sale | Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 460 | 179 |
Consumer Loans Held For Sale | Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 6,885 | 6,479 |
Consumer Loans Held For Sale | Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 3,326 | 5,663 |
Consumer Loans Held For Sale | Conforming Mortgages Range Four | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 109 | |
Consumer Loans Held For Sale | Non-conforming Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer Loans Held For Sale | Non Conforming Mortgages Range One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer Loans Held For Sale | Non Conforming Mortgages Range Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer Loans Held For Sale | Non Conforming Mortgages Range Three | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer Loans Held For Sale | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
Consumer Loans Receivable (Conc
Consumer Loans Receivable (Concentration of Consumer Loan Receivables by Geographic Region) (Details) | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Geographic Concentration of Consumer Loans Receivable in Key States | ||
Percentage of Principal Balance of Consumer Loans Receivable | 10.00% | |
TEXAS | ||
Geographic Concentration of Consumer Loans Receivable in Key States | ||
Portfolio concentration | 44.00% | 44.00% |
FLORIDA | ||
Geographic Concentration of Consumer Loans Receivable in Key States | ||
Portfolio concentration | 12.00% | 11.00% |
Consumer Loans Receivable (Narr
Consumer Loans Receivable (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Receivables [Abstract] | ||
Percentage concentration of consumer loans receivable | 10.00% | |
Real Estate Acquired Through Foreclosure | $ 1.5 | $ 1.5 |
Mortgage Loans in Process of Foreclosure, Amount | $ 1.5 | $ 1.1 |
Commercial Loans Receivables _4
Commercial Loans Receivables and Allowance for Loan Loss (Commercial Loans Notes Receivables, Net) (Details) - USD ($) | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commerical loans receivable, gross | $ 12,883,000 | $ 11,088,000 | |
Allowance for loan losses | (180,000) | (42,000) | $ (210,000) |
Deferred financing fees, net | (208,000) | 0 | |
Commercial loans receivable, net | 43,006,000 | 16,601,000 | |
Direct commercial loans receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commerical loans receivable, gross | 42,899,000 | 16,368,000 | |
Allowance for loan losses | (180,000) | (42,000) | |
Participation commercial loans receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commerical loans receivable, gross | 495,000 | 275,000 | |
Allowance for loan losses | $ 0 | $ 0 |
Commercial Loans Receivables _5
Commercial Loans Receivables and Allowance for Loan Loss (Changes in the Estimated Allowance for Loan Loss) (Details) - USD ($) | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Changes in the Allowance for Loan Losses on Commercial Loans Receivables | ||
Balance at beginning of period | $ 42,000 | $ 210,000 |
Provision for commercial loan credit losses | 138,000 | (168,000) |
Loans charged off, net of recoveries | 0 | 0 |
Balance at end of period | $ 180,000 | $ 42,000 |
Commercial Loans Receivables _6
Commercial Loans Receivables and Allowance for Loan Loss (Finance Receivables by Evaluation Methodology) (Details) - USD ($) | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Commerical loans receivable, gross | $ 12,883,000 | $ 11,088,000 | |
Allowance for loan losses | 180,000 | 42,000 | $ 210,000 |
Direct commercial loans receivables | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Collectively Evaluated for Impairment | 18,018,000 | 4,193,000 | |
Individually Evaluated for Impairment | 24,881,000 | 12,175,000 | |
Commerical loans receivable, gross | 42,899,000 | 16,368,000 | |
Collectively evaluated for impairment | (180,000) | (42,000) | |
Individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses | 180,000 | 42,000 | |
Participation commercial loans receivables | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Collectively Evaluated for Impairment | 0 | 0 | |
Individually Evaluated for Impairment | 495,000 | 275,000 | |
Commerical loans receivable, gross | 495,000 | 275,000 | |
Collectively evaluated for impairment | 0 | 0 | |
Individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses | $ 0 | $ 0 |
Commercial Loans Receivables _7
Commercial Loans Receivables and Allowance for Loan Loss (Commercial Loans Receivables by Class and Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Financing Receivable Recorded Investment [Line Items] | ||
Commerical loans receivable, gross | $ 12,883 | $ 11,088 |
Direct commercial loans receivables | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commerical loans receivable, gross | 42,899 | 16,368 |
Direct commercial loans receivables | Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commerical loans receivable, gross | 42,899 | 16,368 |
Direct commercial loans receivables | Watch List | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commerical loans receivable, gross | 0 | 0 |
Direct commercial loans receivables | Nonperforming | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commerical loans receivable, gross | 0 | 0 |
Participation commercial loans receivables | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commerical loans receivable, gross | 495 | 275 |
Participation commercial loans receivables | Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commerical loans receivable, gross | 495 | 275 |
Participation commercial loans receivables | Watch List | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commerical loans receivable, gross | 0 | 0 |
Participation commercial loans receivables | Nonperforming | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commerical loans receivable, gross | $ 0 | $ 0 |
Commercial Loans Receivables _8
Commercial Loans Receivables and Allowance for Loan Loss (Concentrations of Inventory Finance Receivables) (Details) | Mar. 30, 2019 | Mar. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk on Financing Receivables Percentage | 10.00% | 10.00% |
Commercial Loans Receivable Principal Balance Concentration | 22.00% | 37.40% |
CALIFORNIA | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial loan receivables concentrations | 21.10% | 14.40% |
ARIZONA | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial loan receivables concentrations | 16.30% | 16.70% |
OREGON | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial loan receivables concentrations | 10.40% | 14.70% |
Commercial Loans Receivables _9
Commercial Loans Receivables and Allowance for Loan Loss (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Receivables [Abstract] | |||
Allowance for loan losses | $ 180,000 | $ 42,000 | $ 210,000 |
Due days for loans accounted for on a non-accrual basis and accruing loans with principal payments past | 90 days or more | ||
Due days for loans on nonaccrual status when interest is past due and remains unpaid | 90 days or more | ||
Percentage of principal balance of the commercial loans receivables | excess of 10% of the principal balance of commercial loans receivable |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Property, plant and equipment, at cost: | |||
Property, plant and equipment, at cost | $ 91,388 | $ 87,768 | |
Accumulated depreciation | (27,904) | (24,413) | |
Property, plant and equipment, net | 63,484 | 63,355 | |
Depreciation | 4,374 | 3,658 | $ 3,319 |
Land | |||
Property, plant and equipment, at cost: | |||
Property, plant and equipment, at cost | 21,359 | 24,001 | |
Buildings and improvements | |||
Property, plant and equipment, at cost: | |||
Property, plant and equipment, at cost | 42,976 | 39,613 | |
Machinery and Equipment | |||
Property, plant and equipment, at cost: | |||
Property, plant and equipment, at cost | $ 27,053 | $ 24,154 |
Capital Lease Assets (Details)
Capital Lease Assets (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Capital Leased Assets [Line Items] | ||
Assets under capital lease, gross | $ 1,749 | $ 1,749 |
Capital lease asset accumulated depreciation | 70 | 35 |
Assets under capital lease, net | 1,679 | 1,714 |
Land | ||
Capital Leased Assets [Line Items] | ||
Assets under capital lease, gross | 699 | 699 |
Buildings and improvements | ||
Capital Leased Assets [Line Items] | ||
Assets under capital lease, gross | $ 1,050 | $ 1,050 |
Capital Lease Future Minimum Le
Capital Lease Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Capital Leases of Lessee [Abstract] | ||
2020 | $ 766 | |
2021 | 73 | |
2022 | 73 | |
2023 | 73 | |
2024 | 73 | |
Thereafter | 123 | |
Total remaining lease payments | 1,181 | |
Less: Amount representing interest | (106) | |
Capital lease obligation | $ 1,075 | $ 1,155 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles (Summary of Goodwill and Other Intangibles) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Indefinite lived: | ||
Gross Carrying Amount | $ 81,220 | $ 81,220 |
Net Carrying Amount | 81,220 | 81,220 |
Finite lived: | ||
Accumulated Amortization | (7,008) | (6,684) |
Gross Carrying Amount | 89,704 | 89,704 |
Net Carrying Amount | 82,696 | 83,020 |
Customer relationships | ||
Finite lived: | ||
Gross Carrying Amount | 7,100 | 7,100 |
Accumulated Amortization | (5,970) | (5,756) |
Net Carrying Amount | 1,130 | 1,344 |
Other Intangible Assets | ||
Finite lived: | ||
Gross Carrying Amount | 1,384 | 1,384 |
Accumulated Amortization | (1,038) | (928) |
Net Carrying Amount | 346 | 456 |
Goodwill | ||
Indefinite lived: | ||
Gross Carrying Amount | 72,920 | 72,920 |
Trademarks and trade names | ||
Indefinite lived: | ||
Net Carrying Amount | 7,200 | 7,200 |
State insurance licenses | ||
Indefinite lived: | ||
Net Carrying Amount | $ 1,100 | $ 1,100 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles (Amortization Expense) (Details) - USD ($) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 324,000 | $ 368,000 | $ 368,000 |
Expected Amortization for Future Fiscal Years [Abstract] | |||
2020 | 320,000 | ||
2021 | 318,000 | ||
2022 | 245,000 | ||
2023 | 163,000 | ||
2024 | 157,000 | ||
Thereafter | $ 273,000 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Apr. 02, 2016 |
Accrued liabilities | ||||
Salaries, wages and benefits | $ 25,257 | $ 24,416 | ||
Unearned insurance premiums | 18,305 | 17,432 | ||
Customer deposits | 17,804 | 21,294 | ||
Estimated warranties | 17,069 | 16,638 | ||
Accrued volume rebates | 10,412 | 7,778 | ||
Insurance loss reserves | 6,686 | 6,157 | ||
Accrued self-insurance | 5,171 | 5,320 | ||
Company repurchase options on certain loans sold | 3,810 | 5,637 | ||
Reserve for repurchase commitments | 2,362 | 2,207 | $ 1,749 | $ 1,660 |
Accrued taxes | 1,767 | 1,986 | ||
Capital lease obligation | 1,075 | 1,155 | ||
Deferred margin | 0 | 600 | ||
Other | 15,463 | 15,880 | ||
Total accrued liabilities | $ 125,181 | $ 126,500 |
Warranties (Activity for Estima
Warranties (Activity for Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Accrual for estimated warranties | |||
Balance at beginning of period | $ 16,638 | $ 15,479 | $ 13,371 |
Purchase accounting additions | 0 | 838 | 0 |
Charged to costs and expenses | 29,591 | 25,911 | 24,282 |
Payments and deductions | (29,160) | (25,590) | (22,174) |
Balance at end of period | $ 17,069 | $ 16,638 | $ 15,479 |
Debt Obligations Summary of Deb
Debt Obligations Summary of Debt Obligations (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Debt Disclosure [Abstract] | ||
Securitized Financing 2005-1 | $ 0 | $ 20,524 |
Securitized Financing 2007-1 | 18,364 | 22,552 |
Other secured financings | 4,487 | 4,966 |
Secured credit facilities | 11,289 | 11,770 |
Total Debt | $ 34,140 | $ 59,812 |
Debt Obligations Summarizes Sec
Debt Obligations Summarizes Securitized Financings (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Debt Disclosure [Abstract] | ||||
Securitized financings - contractual amount | $ 18,855 | $ 46,591 | ||
Purchase discount: Accretable | 491 | 3,515 | $ 7,636 | |
Purchase discount: non-accretable | [1] | 0 | 0 | |
Acquired Securitized Financings Net | $ 18,364 | $ 43,076 | ||
[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 Acc
Debt Obligations Changes in Accretable Yield on Securitized Financings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Balance at beginning of the period | $ 3,515 | $ 7,636 |
Additions | 0 | 0 |
Accretion | 2,830 | 3,336 |
Adjustment to cash flows | 194 | 785 |
Balance at the end of the period | $ 491 | $ 3,515 |
Debt Obligations Scheduled Matu
Debt Obligations Scheduled Maturities of the Company's Debt Obligations (Details) $ in Thousands | Mar. 30, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 19,522 |
2021 | 1,265 |
2022 | 1,578 |
2023 | 1,429 |
2024 | 1,291 |
Thereafter | $ 9,055 |
Debt Obligations Narrative (Det
Debt Obligations Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Mar. 22, 2007 | Jul. 12, 2005 | |
Debt Instrument [Line Items] | |||||
Extinguishment of Debt, Amount | $ 19,400 | ||||
Interest Expense, Debt | $ 210 | ||||
Maximum Advance under Secured Credit Facility | 80.00% | ||||
Secured credit facilities | $ 11,289 | $ 11,770 | |||
Weighted average interest rate during the period | 4.90% | ||||
Amount available to draw | $ 5,000 | ||||
Current Interest rate on amounts available to draw | 5.15% | ||||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Expiration Period | 20 years | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Expiration Period | 25 years | ||||
Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate | Prime plus 0.40% | ||||
Scenario, Forecast | Minimum | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate during the period | 5.00% | ||||
Scenario, Forecast | Maximum | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate during the period | 6.00% | ||||
Class Four | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 25,100 | $ 24,500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.846% | 5.593% |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Reinsurance Effect on Premiums Written and Earned | ||
Direct premiums Written | $ 17,883 | $ 16,703 |
Assumed premiums - nonaffiliate Written | 25,479 | 24,614 |
Ceded premiums - nonaffiliate Written | (12,526) | (12,924) |
Net premiums Written | 30,836 | 28,393 |
Direct premiums Earned | 17,097 | 16,493 |
Assumed premiums - nonaffiliate Earned | 25,284 | 25,010 |
Ceded premiums - nonaffiliate Earned | (12,526) | (12,924) |
Net premiums Earned | $ 29,855 | $ 28,579 |
Reinsurance (Details Textual)
Reinsurance (Details Textual) | 12 Months Ended |
Mar. 30, 2019USD ($) | |
Insurance [Abstract] | |
Insurance policies maximum coverage per claim | $ 300,000 |
Insurance policies coverage per claim ceded to reinsurers | 175,000 |
Insurance policy risk of loss maintained per claim | 125,000 |
Catastrophic losses recoverable in excess of amount | 1,500,000 |
Aggregate catastrophic losses recoverable in excess of amount | $ 43,500,000 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Current | |||
Federal | $ 16,086 | $ 19,008 | $ 15,924 |
State | 2,209 | 2,323 | 1,131 |
Total current | 18,295 | 21,331 | 17,055 |
Deferred | |||
Federal | (347) | (4,315) | (13) |
State | 106 | 5 | 284 |
Total deferred | (241) | (4,310) | 271 |
Total income tax provision | $ 18,054 | $ 17,021 | $ 17,326 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 21.00% | 31.54% | 35.00% |
Federal income tax at statutory rate | $ 18,202 | $ 24,766 | $ 19,348 |
State income taxes, net of federal benefit | 3,111 | 2,330 | 1,428 |
Stock-based compensation | (2,507) | (2,121) | 0 |
Tax credits | (1,506) | (1,776) | (1,826) |
Impact of Tax Act | 314 | (4,824) | 0 |
Domestic production activities deduction | 0 | (2,001) | (1,422) |
Other | 440 | 647 | (202) |
Total income tax provision | $ 18,054 | $ 17,021 | $ 17,326 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Net long-term deferred tax (liabilities) assets | ||
Goodwill | $ (15,644) | $ (15,637) |
Property, plant, equipment and depreciation | (4,157) | (3,575) |
Warranty reserves | 4,097 | 4,033 |
Loan discount | 3,075 | 3,662 |
Stock-based compensation | 2,564 | 2,177 |
Prepaid expenses | (2,142) | (1,585) |
Other intangibles | (1,791) | (1,581) |
Salaries and wages | 1,751 | 1,741 |
Accrued volume rebates | 1,734 | 575 |
Inventory | 1,158 | 1,196 |
Other | 2,353 | 1,417 |
Deferred Tax Liabilities, Net | $ (7,002) | $ (7,577) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended |
Mar. 30, 2019USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2035 |
State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 275,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Textual) | 12 Months Ended | |||
Mar. 30, 2019USD ($)Claim | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | Apr. 02, 2016USD ($) | |
Loss Contingencies [Line Items] | ||||
Repurchase agreements period, minimum | 18 months | |||
Repurchase agreements period, maximum | 36 months | |||
Repurchase agreements maximum amount contingently liable | $ 77,100,000 | |||
Reserve for repurchase commitments | 2,362,000 | $ 2,207,000 | $ 1,749,000 | $ 1,660,000 |
Rent Expense | 5,200,000 | 5,300,000 | 5,300,000 | |
Reserves Related to Consumer Loans Sold | $ 1,000,000 | 1,000,000 | ||
Number of repurchase and indemnification claims during period | Claim | 0 | |||
CountryPlace | ||||
Loss Contingencies [Line Items] | ||||
IRLCs recorded at fair value | $ 14,700,000 | |||
Gain on IRLCs | 23,000 | 27,000 | ||
Loss on IRLCs | (47,000) | |||
Forward Commitments Recorded at Fair Value | 40,700,000 | |||
Recognized gain (loss) on forward commitments | (86,000) | $ 113,000 | $ (55,000) | |
Reinsurance Obligations | Letter of Credit | ||||
Loss Contingencies [Line Items] | ||||
Letter of Credit | $ 11,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Activity in the Liability for Estimated Repurchase Contingencies) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Disclosure of Repurchase Agreements [Abstract] | |||
Balance at beginning of period | $ 2,207 | $ 1,749 | $ 1,660 |
Charged to costs and expenses | 469 | 624 | 168 |
Payments and deductions | (314) | (166) | (79) |
Balance at end of period | $ 2,362 | $ 2,207 | $ 1,749 |
Commitments and Contingencies_4
Commitments and Contingencies (Operating Leases Future Minimum Payments by Fiscal Year) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent Expense | $ 5,200 | $ 5,300 | $ 5,300 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2020 | 2,292 | ||
2021 | 2,197 | ||
2022 | 1,389 | ||
2023 | 1,072 | ||
2024 and thereafter | 1,372 | ||
Total operating leases | $ 8,322 |
Commitments and Contingencies_5
Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Loan Contracts with Off-Balance Sheet Commitments | ||
Construction loan contract amount | $ 28,230 | $ 27,093 |
Construction advances | 12,883 | 11,088 |
Remaining construction contingent commitment | $ 15,347 | $ 16,005 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
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 | 1,650,000 | ||
Number of shares of Cavco common stock available for grant under stock incentive plans | 296,669 | ||
Stock option exercise price as a percent of fair value of common stock | 100.00% | ||
Stock option expiration period | 7 years | ||
Minimum vesting period of stock options and restricted stock awards | 1 year | ||
Maximum vesting period for stock options and restricted stock awards | 5 years | ||
Unrecognized compensation cost related to stock options | $ 4.5 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost charged against income | $ 3.4 | $ 2.3 | $ 2.1 |
Weighted-average period over stock options expected to be recognized | 3 years 4 months 23 days |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Stock Option Activity, Number of Shares [Roll Forward] | |||
Beginning balance, shares outstanding | 418,205 | 464,930 | 491,980 |
Granted | 73,750 | 42,000 | 116,850 |
Exercised | (74,144) | (87,925) | (121,275) |
Canceled or forfeited | (6,700) | (800) | (22,625) |
Ending balance, shares outstanding | 411,111 | 418,205 | 464,930 |
Shares exercisable | 197,663 | 203,721 | 244,025 |
Stock Option Activity, Weighted Average Exercise Price [Roll Forward] | |||
Beginning balance, weighted average exercise price | $ 79.73 | $ 68.01 | $ 51.91 |
Granted | 194.08 | 131.93 | 98.93 |
Exercised | 53.78 | 42.54 | 30.02 |
Canceled or forfeited | 150.34 | 99.65 | 80.21 |
Ending balance, weighted average exercise price | 102.71 | 79.73 | 68.01 |
Exercisable, weighted average exercise price | $ 71.28 | $ 61.38 | $ 50.77 |
Options outstanding, weighted average remaining contractual term | 3 years 8 months 26 days | 3 years 9 months 10 days | 3 years 9 months 28 days |
Options exercisable, weighted average remaining contractual term | 2 years 4 months 7 days | 2 years 5 months 26 days | 2 years 3 months 15 days |
Options outstanding, aggregate intrinsic value | $ 61,025 | $ 60,439 | $ 42,194 |
Options exercisable, aggregate intrinsic value | $ 31,296 | $ 30,631 | $ 23,626 |
Weighted-average estimated fair value of employee stock options granted | $ 64.55 | $ 42.30 | $ 35.55 |
Total intrinsic value of options exercised | $ 12,300 | $ 7,700 | $ 7,800 |
Stock-Based Compensation (Sto_2
Stock-Based Compensation (Stock Options, Fair Value Assumptions) (Details) - Stock Options | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Fair Value Assumptions and Methodology [Abstract] | |||
Volatility | 31.50% | 32.30% | 38.30% |
Risk-free interest rate | 2.70% | 1.90% | 1.10% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected option life in years | 5 years 2 months 6 days | 5 years 1 month 19 days | 5 years 2 months 25 days |
Expected forfeiture rate | 7.00% | 7.00% | 6.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Earnings Per Share Computation | |||||||||||
Net income | $ 19,971 | $ 13,384 | $ 15,576 | $ 19,691 | $ 22,140 | $ 21,427 | $ 6,182 | $ 11,753 | $ 68,622 | $ 61,502 | $ 37,955 |
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 9,080,878 | 9,024,437 | 8,976,064 | ||||||||
Effect of dilutive securities | 187,859 | 177,269 | 129,679 | ||||||||
Diluted (in shares) | 9,268,737 | 9,201,706 | 9,105,743 | ||||||||
Net income per share attributable to Cavco common stockholders: | |||||||||||
Basic (usd per share) | $ 2.20 | $ 1.47 | $ 1.72 | $ 2.18 | $ 2.45 | $ 2.37 | $ 0.69 | $ 1.30 | $ 7.56 | $ 6.82 | $ 4.23 |
Diluted (usd per share) | $ 2.17 | $ 1.44 | $ 1.67 | $ 2.12 | $ 2.40 | $ 2.33 | $ 0.67 | $ 1.28 | $ 7.40 | $ 6.68 | $ 4.17 |
Anti-dilutive stock equivalents excluded from computation | 13,862 | 4,116 | 9,766 |
Fair Value Measurements (Book V
Fair Value Measurements (Book Value and Estimated Fair Value) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 | |
Summary of the Fair Value and Carrying Value of Financial Instruments | |||
Available-for-sale debt securities | $ 13,408 | $ 16,181 | |
Marketable Equity Securities | 11,073 | ||
Commercial loans receivable | 43,582 | 16,972 | |
Securitized financings and other | (38,101) | (64,509) | |
Book Value | |||
Summary of the Fair Value and Carrying Value of Financial Instruments | |||
Available-for-sale debt securities | [1] | 13,408 | 16,181 |
Marketable Equity Securities | [1] | 11,073 | 10,405 |
Non-marketable equity investments | [2] | 20,276 | 18,853 |
Consumer loans receivable | [3] | 86,785 | 94,951 |
Interest rate lock commitment derivatives | [4] | 11 | (12) |
Forward loan sale commitment derivatives | [4] | (59) | 26 |
Commercial loans receivable | [5] | 43,006 | 16,601 |
Securitized financings and other | [6] | (34,140) | (59,812) |
Estimated Fair Value | |||
Summary of the Fair Value and Carrying Value of Financial Instruments | |||
Available-for-sale debt securities | [1] | 13,408 | 16,181 |
Marketable Equity Securities | [1] | 11,073 | 10,405 |
Non-marketable equity investments | [2] | 20,276 | 18,853 |
Consumer loans receivable | [3] | 101,001 | 113,277 |
Interest rate lock commitment derivatives | [4] | 11 | (12) |
Forward loan sale commitment derivatives | [4] | (59) | 26 |
Commercial loans receivable | [5] | 43,582 | 16,972 |
Securitized financings and other | [6] | $ (38,101) | $ (64,509) |
[1] | For Level 1 classified securities, the fair value is based on quoted market prices. The fair value of Level 2 securities is based on other inputs, as further described below. | ||
[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. | ||
[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. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) | 12 Months Ended | ||||
Mar. 30, 2019 | Mar. 31, 2018 | ||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Fair Value, Assets, Level 1, Level 2, or Level 3 Transfers, Amount | $ 0 | ||||
Recurring | Securities issued by the U.S. Treasury and Government | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 297,000 | $ 293,000 | ||
Recurring | Mortgage-backed securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 6,509,000 | 7,499,000 | ||
Recurring | Securities issued by states and political subdivisions | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 4,983,000 | 6,337,000 | ||
Recurring | Corporate debt securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 1,619,000 | 2,052,000 | ||
Recurring | Marketable equity securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | 11,073,000 | [2] | 8,695,000 | [1] | |
Level 1 | Recurring | Securities issued by the U.S. Treasury and Government | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 0 | 0 | ||
Level 1 | Recurring | Mortgage-backed securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 0 | 0 | ||
Level 1 | Recurring | Securities issued by states and political subdivisions | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 0 | 0 | ||
Level 1 | Recurring | Corporate debt securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 0 | 0 | ||
Level 1 | Recurring | Marketable equity securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | 11,073,000 | [2] | 8,695,000 | [1] | |
Level 2 | Recurring | Securities issued by the U.S. Treasury and Government | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 297,000 | 293,000 | ||
Level 2 | Recurring | Mortgage-backed securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 6,509,000 | 7,499,000 | ||
Level 2 | Recurring | Securities issued by states and political subdivisions | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 4,983,000 | 6,337,000 | ||
Level 2 | Recurring | Corporate debt securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 1,619,000 | 2,052,000 | ||
Level 2 | Recurring | Marketable equity securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | 0 | [2] | 0 | [1] | |
Level 3 | Recurring | Securities issued by the U.S. Treasury and Government | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 0 | 0 | ||
Level 3 | Recurring | Mortgage-backed securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 0 | 0 | ||
Level 3 | Recurring | Securities issued by states and political subdivisions | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 0 | 0 | ||
Level 3 | Recurring | Corporate debt securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [1] | 0 | 0 | ||
Level 3 | Recurring | Marketable equity securities | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | 0 | [2] | 0 | [1] | |
Mortgage Servicing Rights | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [3] | 1,372,000 | 1,410,000 | ||
Mortgage Servicing Rights | Level 1 | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [3] | 0 | 0 | ||
Mortgage Servicing Rights | Level 2 | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [3] | 0 | 0 | ||
Mortgage Servicing Rights | Level 3 | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [3] | 1,372,000 | 1,410,000 | ||
Forward loan sale commitments | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [4] | (59,000) | 26,000 | ||
Forward loan sale commitments | Level 1 | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [4] | 0 | 0 | ||
Forward loan sale commitments | Level 2 | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [4] | 0 | 0 | ||
Forward loan sale commitments | Level 3 | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [4] | (59,000) | 26,000 | ||
Interest rate lock commitments | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [4] | (11,000) | 12,000 | ||
Interest rate lock commitments | Level 1 | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [4] | 0 | 0 | ||
Interest rate lock commitments | Level 2 | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [4] | 0 | 0 | ||
Interest rate lock commitments | Level 3 | Recurring | |||||
Summary of Assets Measured at Fair Value on a Recurring Basis | |||||
Assets fair value | [4] | $ (11,000) | $ 12,000 | ||
[1] | Unrealized gains or losses on investments are recorded in AOCI at each measurement date. | ||||
[2] | Unrealized gains or losses on investments are recorded in earnings at each measurement date. | ||||
[3] | Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through net revenue. | ||||
[4] | Gains or losses on derivatives are recognized in current period earnings through cost of sales. |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | $ 76,319 | $ 88,960 |
Loans held for sale | 11,799 | 13,229 |
Loans held-construction advances | 12,883 | 11,008 |
Commercial loans receivable | 43,582 | 16,972 |
Securitized financings and other | (38,101) | (64,509) |
Equity Method Investments | 20,276 | 18,853 |
Level 1 | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held-construction advances | 0 | 0 |
Commercial loans receivable | 0 | 0 |
Securitized financings and other | 0 | 0 |
Equity Method Investments | 0 | 0 |
Level 2 | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held-construction advances | 0 | 0 |
Commercial loans receivable | 0 | 0 |
Securitized financings and other | (38,101) | 0 |
Equity Method Investments | 0 | 0 |
Level 3 | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 76,319 | 88,960 |
Loans held for sale | 11,799 | 13,229 |
Loans held-construction advances | 12,883 | 11,008 |
Commercial loans receivable | 43,582 | 16,972 |
Securitized financings and other | 0 | (64,509) |
Equity Method Investments | $ 20,276 | $ 18,853 |
Fair Value Measurements (Assump
Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) $ in Thousands | Mar. 30, 2019USD ($)Loans | Mar. 31, 2018USD ($)Loans |
Fair Value Disclosures [Abstract] | ||
Number of loans serviced with MSRs | Loans | 4,557 | 4,346 |
Weighted average servicing fee | 0.3159% | 0.3203% |
Capitalized servicing multiple | 77.97% | 84.76% |
Capitalized servicing rate | 0.2463% | 0.2715% |
Serviced portfolio with MSRs (in thousands) | $ 556,934 | $ 519,167 |
Mortgage servicing rights (in thousands) | $ 1,372 | $ 1,410 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 12 Months Ended |
Mar. 30, 2019 | |
Fair Value Measurements (Textual) [Abstract] | |
Typical period a loan is held for sale | 45 days |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum loss per emolyee under insurance claims | $ 300,000 | ||
Medical claims expenses | $ 16,500,000 | $ 15,500,000 | $ 13,800,000 |
401K Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching percentage | 20.00% | ||
Employee contribution rate, subject to match | 5.00% | ||
Vesting period | 4 years | ||
Employer matching contribution expense | $ 1,000,000 | $ 839,000 | $ 728,000 |
Maximum | 401K Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching percentage | 50.00% | ||
Employee contribution rate, subject to match | 5.00% | ||
Employer maximum match per employee | $ 1,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Related Party Transaction [Line Items] | |||
Net revenue | $ 42,200 | $ 38,800 | $ 13,000 |
Financing receivable, net | $ 6,200 | 755 | |
Gain on sale of equity securities | $ 1,900 |
Business Segment Information (D
Business Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2019USD ($) | Dec. 29, 2018USD ($) | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Mar. 30, 2019USD ($)Segment | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | |
Business Segment Information | |||||||||||
Number of operating segments | Segment | 2 | ||||||||||
Net revenue | $ 241,113 | $ 233,700 | $ 241,530 | $ 246,403 | $ 242,529 | $ 221,383 | $ 200,507 | $ 206,816 | $ 962,746 | $ 871,235 | $ 773,797 |
Income before income taxes | 86,676 | 78,523 | 55,281 | ||||||||
Depreciation | 4,374 | 3,658 | 3,319 | ||||||||
Amortization | 324 | 368 | 368 | ||||||||
Income tax expense | 18,054 | 17,021 | 17,326 | ||||||||
Capital expenditures | 7,636 | 8,386 | 5,295 | ||||||||
Total assets | 725,216 | 674,780 | 725,216 | 674,780 | |||||||
Factory-built housing | |||||||||||
Business Segment Information | |||||||||||
Net revenue | 905,726 | 815,519 | 720,971 | ||||||||
Income before income taxes | 72,959 | 66,636 | 46,840 | ||||||||
Depreciation | 4,318 | 3,572 | 3,221 | ||||||||
Amortization | 136 | 167 | 167 | ||||||||
Income tax expense | 14,891 | 10,687 | 14,349 | ||||||||
Capital expenditures | 7,522 | 8,121 | 5,281 | ||||||||
Total assets | 533,913 | 484,231 | 533,913 | 484,231 | |||||||
Financial services | |||||||||||
Business Segment Information | |||||||||||
Net revenue | 57,020 | 55,716 | 52,826 | ||||||||
Income before income taxes | 13,717 | 11,887 | 8,441 | ||||||||
Depreciation | 56 | 86 | 98 | ||||||||
Amortization | 188 | 201 | 201 | ||||||||
Income tax expense | 3,163 | 6,334 | 2,977 | ||||||||
Capital expenditures | 114 | 265 | 14 | ||||||||
Total assets | $ 191,303 | $ 190,549 | 191,303 | 190,549 | |||||||
Finance | |||||||||||
Business Segment Information | |||||||||||
Net revenue | 21,425 | 21,380 | 20,517 | ||||||||
Insurance | |||||||||||
Business Segment Information | |||||||||||
Net revenue | $ 35,595 | $ 34,336 | $ 32,309 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenue | $ 241,113 | $ 233,700 | $ 241,530 | $ 246,403 | $ 242,529 | $ 221,383 | $ 200,507 | $ 206,816 | $ 962,746 | $ 871,235 | $ 773,797 |
Gross profit | 55,793 | 49,021 | 49,416 | 51,476 | 54,304 | 49,856 | 34,554 | 41,966 | 205,706 | 180,680 | 158,037 |
Net income | 68,622 | 61,502 | 37,955 | ||||||||
Net income | $ 19,971 | $ 13,384 | $ 15,576 | $ 19,691 | $ 22,140 | $ 21,427 | $ 6,182 | $ 11,753 | $ 68,622 | $ 61,502 | $ 37,955 |
Net income per share attributable to Cavco common stockholders: | |||||||||||
Basic (usd per share) | $ 2.20 | $ 1.47 | $ 1.72 | $ 2.18 | $ 2.45 | $ 2.37 | $ 0.69 | $ 1.30 | $ 7.56 | $ 6.82 | $ 4.23 |
Diluted (usd per share) | $ 2.17 | $ 1.44 | $ 1.67 | $ 2.12 | $ 2.40 | $ 2.33 | $ 0.67 | $ 1.28 | $ 7.40 | $ 6.68 | $ 4.17 |