Document and Entity Information
Document and Entity Information - shares shares in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Oct. 23, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Skyline Champion Corporation | |
Entity Central Index Key | 0000090896 | |
Current Fiscal Year End Date | --04-01 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 57,617,679 | |
Entity File Number | 001-04714 | |
Entity Tax Identification Number | 35-1038277 | |
Entity Address, Address Line One | 755 West Big Beaver Road | |
Entity Address, Address Line Two | Suite 1000 | |
Entity Address, City or Town | Troy | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48084 | |
City Area Code | 248 | |
Local Phone Number | 614-8211 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | SKY | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | IN | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Document Quarterly Report | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 701,155 | $ 747,453 |
Trade accounts receivable, net | 55,097 | 67,296 |
Inventories, net | 182,239 | 202,238 |
Other current assets | 39,447 | 26,479 |
Total current assets | 977,938 | 1,043,466 |
Long-term assets: | ||
Property, plant, and equipment, net | 191,766 | 177,125 |
Goodwill | 196,574 | 196,574 |
Amortizable intangible assets, net | 40,299 | 45,343 |
Deferred tax assets | 19,798 | 17,422 |
Other noncurrent assets | 242,800 | 82,794 |
Total assets | 1,669,175 | 1,562,724 |
Current liabilities: | ||
Accounts payable | 50,829 | 44,702 |
Other current liabilities | 192,322 | 204,215 |
Total current liabilities | 243,151 | 248,917 |
Long-term liabilities: | ||
Long-term debt | 12,430 | 12,430 |
Deferred tax liabilities | 6,417 | 5,964 |
Other liabilities | 66,984 | 62,412 |
Total long-term liabilities | 85,831 | 80,806 |
Stockholders' Equity: | ||
Common stock, $0.0277 par value, 115,000 shares authorized, 57,133 and 57,108 shares issued as of September 30, 2023 and April 1, 2023, respectively | 1,587 | 1,585 |
Additional paid-in capital | 530,645 | 519,479 |
Retained earnings | 821,628 | 725,672 |
Accumulated other comprehensive loss | (13,667) | (13,735) |
Total stockholders' equity | 1,340,193 | 1,233,001 |
Total liabilities and stockholders' equity | $ 1,669,175 | $ 1,562,724 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Apr. 01, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0277 | $ 0.0277 |
Common stock, shares authorized | 115,000,000 | 115,000,000 |
Common stock, shares issued | 57,162,000 | 57,108,000 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 464,236 | $ 806,825 | $ 929,005 | $ 1,532,706 |
Cost of sales | 347,747 | 532,719 | 682,843 | 1,029,265 |
Gross profit | 116,489 | 274,106 | 246,162 | 503,441 |
Selling, general, and administrative expenses | 64,454 | 83,915 | 134,893 | 156,197 |
Operating income | 52,035 | 190,191 | 111,269 | 347,244 |
Interest (income), net | (10,480) | (1,974) | (19,781) | (1,884) |
Other expense (income) | 2,065 | 0 | 2,065 | (634) |
Income before income taxes | 60,450 | 192,165 | 128,985 | 349,762 |
Income tax expense | 14,781 | 48,073 | 32,047 | 88,519 |
Net income | $ 45,669 | $ 144,092 | $ 96,938 | $ 261,243 |
Net income per share: | ||||
Basic | $ 0.8 | $ 2.53 | $ 1.69 | $ 4.59 |
Diluted | $ 0.79 | $ 2.51 | $ 1.68 | $ 4.55 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 45,669 | $ 144,092 | $ 96,938 | $ 261,243 |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustments | (2,115) | (5,295) | 68 | (7,599) |
Total comprehensive income | $ 43,554 | $ 138,797 | $ 97,006 | $ 253,644 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Oct. 01, 2022 | |
Cash flows from operating activities | ||
Net income | $ 96,938 | $ 261,243 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,378 | 12,557 |
Amortization of deferred financing fees | 162 | 175 |
Equity-based compensation | 10,943 | 7,753 |
Deferred taxes | (1,919) | 3,318 |
Loss (gain) on disposal of property, plant, and equipment | 96 | (85) |
Foreign currency transaction loss | 76 | 974 |
Change in assets and liabilities: | ||
Accounts receivable | 12,101 | 7,633 |
Floor plan receivables | (2,521) | 0 |
Inventories | 20,059 | 11,540 |
Other assets | (13,434) | (14,489) |
Accounts payable | 4,387 | (21,000) |
Accrued expenses and other liabilities | (12,128) | 8,947 |
Net cash provided by operating activities | 129,138 | 278,566 |
Cash flows from investing activities | ||
Additions to property, plant, and equipment | (22,847) | (25,613) |
Cash paid for equity method investment | (1,000) | 0 |
Cash paid for investment in ECN common stock | (78,858) | 0 |
Cash paid for investment in ECN preferred stock | (64,520) | 0 |
Investment in floor plan loans | (18,466) | 0 |
Proceeds from floor plan loans | 10,528 | 0 |
Acquisitions, net of cash acquired | 0 | (6,810) |
Proceeds from disposal of property, plant, and equipment | 524 | 132 |
Net cash used in investing activities | (174,639) | (32,291) |
Cash flows from financing activities | ||
Changes in floor plan financing, net | 0 | 3,027 |
Stock option exercises | 224 | 596 |
Tax payments for equity-based compensation | (982) | (1,363) |
Net cash (used in) provided by financing activities | (758) | 2,260 |
Effect of exchange rate changes on cash and cash equivalents | (39) | (6,944) |
Net (decrease) increase in cash and cash equivalents | (46,298) | 241,591 |
Cash and cash equivalents at beginning of period | 747,453 | 435,413 |
Cash and cash equivalents at end of period | $ 701,155 | $ 677,004 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Apr. 02, 2022 | $ 825,113 | $ 1,573 | $ 502,846 | $ 327,902 | $ (7,208) |
Beginning balance, shares at Apr. 02, 2022 | 56,838,000 | ||||
Net income | 261,243 | 261,243 | |||
Equity-based compensation | 7,753 | 7,753 | |||
Net common stock issued under equity-based compensation plans | (767) | $ 7 | 651 | (1,425) | |
Net common stock issued under equity-based compensation plans, shares | 87,000 | ||||
Foreign currency translation adjustments | (7,599) | (7,599) | |||
Ending balance at Oct. 01, 2022 | 1,085,743 | $ 1,580 | 511,250 | 587,720 | (14,807) |
Ending balance, shares at Oct. 01, 2022 | 56,925,000 | ||||
Beginning balance at Jul. 02, 2022 | 943,578 | $ 1,573 | 506,815 | 444,702 | (9,512) |
Beginning balance, shares at Jul. 02, 2022 | 56,848,000 | ||||
Net income | 144,092 | 144,092 | |||
Equity-based compensation | 3,793 | 3,793 | |||
Net common stock issued under equity-based compensation plans | (425) | $ 7 | 642 | (1,074) | |
Net common stock issued under equity-based compensation plans, shares | 77,000 | ||||
Foreign currency translation adjustments | (5,295) | (5,295) | |||
Ending balance at Oct. 01, 2022 | 1,085,743 | $ 1,580 | 511,250 | 587,720 | (14,807) |
Ending balance, shares at Oct. 01, 2022 | 56,925,000 | ||||
Beginning balance at Apr. 01, 2023 | 1,233,001 | $ 1,585 | 519,479 | 725,672 | (13,735) |
Beginning balance, shares at Apr. 01, 2023 | 57,108,000 | ||||
Net income | 96,938 | 96,938 | |||
Equity-based compensation | 10,943 | 10,943 | |||
Net common stock issued under equity-based compensation plans | (757) | $ 2 | 223 | (982) | |
Net common stock issued under equity-based compensation plans, shares | 54,000 | ||||
Foreign currency translation adjustments | 68 | 68 | |||
Ending balance at Sep. 30, 2023 | 1,340,193 | $ 1,587 | 530,645 | 821,628 | (13,667) |
Ending balance, shares at Sep. 30, 2023 | 57,162,000 | ||||
Beginning balance at Jul. 01, 2023 | 1,290,921 | $ 1,586 | 524,907 | 775,980 | (11,552) |
Beginning balance, shares at Jul. 01, 2023 | 57,133,000 | ||||
Net income | 45,669 | 45,669 | |||
Equity-based compensation | 5,515 | 5,515 | |||
Net common stock issued under equity-based compensation plans | 203 | $ 1 | 223 | (21) | |
Net common stock issued under equity-based compensation plans, shares | 29,000 | ||||
Foreign currency translation adjustments | (2,115) | (2,115) | |||
Ending balance at Sep. 30, 2023 | $ 1,340,193 | $ 1,587 | $ 530,645 | $ 821,628 | $ (13,667) |
Ending balance, shares at Sep. 30, 2023 | 57,162,000 |
Basis of Presentation and Busin
Basis of Presentation and Business | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Business | 1. Basis of Presentation and Business Nature of Operations: Skyline Champion Corporation's (the “Company”) operations consist of manufacturing, retail, construction services, and transportation activities. At September 30, 2023, the Company operated 39 manufacturing facilities throughout the United States (“U.S.”) and five manufacturing facilities in western Canada that primarily construct factory-built, timber-framed manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. In addition to its core home building business, the Company provides construction services to install and set-up factory-built homes. The Company’s retail operations consist of 31 sales centers that sell manufactured houses to consumers across the U.S. The Company’s transportation business engages independent owners/drivers to transport recreational vehicles throughout the U.S. and Canada and manufactured houses in certain regions of the U.S. The Company also has a holding company located in the Netherlands. Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany balances and transactions. In the opinion of management, these statements include all normal recurring adjustments necessary to fairly state the Company’s consolidated results of operations, cash flows, and financial position. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on May 30, 2023 (the “Fiscal 2023 Annual Report”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes thereto. Actual results could differ from those estimates. The condensed consolidated income statements, condensed consolidated statements of comprehensive income, and condensed consolidated statements of cash flows for the interim periods are not necessarily indicative of the results of operations or cash flows for the full year. The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest to March 31. The Company’s current fiscal year, “fiscal 2024,” will end on March 30, 2024 and will include 52 weeks. References to “fiscal 2023” refer to the Company’s fiscal year ended April 1, 2023. The three and six months ended September 30, 2023 and October 1, 2022 each included 13 and 26 weeks, respectively. The Company’s allowance for credit losses on financial assets measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of such assets, measured primarily using historical experience, as well as current economic conditions and forecasts that affect the collectability of the reported amount. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, are recognized in earnings. Accounts receivable are reflected net of reserves of $ 2.6 million and $ 1.7 million at September 30, 2023 and April 1, 2023, respectively. Floor plan receivables consist of loans the Company purchased from an independent financial institution in the first quarter of fiscal 2024 for $ 18.5 million, of which approximately $ 8.0 million remains outstanding at September 30, 2023, and amounts loaned by the Company through the financial institution to certain independent retailers for purchases of homes manufactured by the Company, of which $ 2.6 million was outstanding at September 30, 2023, both of which are carried net of payments received and recorded at amortized cost. The Company intends to hold the floor plan receivables until maturity or payoff. These loans are serviced by the financial institution for which we pay a servicing fee. Upon execution of the financing arrangement, the loans are generally payable at the earlier of the sale of the underlying home or two years from the origination date. At September 30, 2023, Floor Plan Receivables are included in Other Current Assets and Other Noncurrent Assets in the Condensed Consolidated Balance Sheets. The floor plan receivables are collateralized by the related homes, mitigating loss exposure. The Company and the financial institution evaluate the credit worthiness of each independent retailer prior to credit approval, including reviewing the independent retailer’s payment history, financial condition, and overall economic environment. We evaluate the risk of credit loss in aggregate on existing loans with similar terms, based on historic experience and current economic conditions, as well as individual retailers with past due balances or other indications of heightened credit risk. The allowance for credit losses related to floor plan receivables was not material as of September 30, 2023. Loans are considered past due if any required interest or curtailment payment remains unpaid 30 days after the due date. Receivables are placed on non-performing status if any interest or installment payments are past due over 90 days. Loans are placed on nonaccrual status when interest payments are past due over 90 days. At September 30, 2023 , there were no floor plan receivables on nonaccrual status and the weighted-average age of the floor plan receivables was nine months. Interest income from floor plan receivables is recognized on an accrual basis and is included in Interest Income in the accompanying Condensed Consolidated Income Statements. Interest income for the three and six months ended September 30, 2023 was $ 0.3 million and $ 0.6 million, respectively. There were no floor plan receivables as of October 1, 2022 or related interest income for the three and six months then ended. In May 2022, the Company acquired certain operating assets from Manis Custom Builders, Inc. ("Manis"). In July 2022, the Company acquired 12 Factory Expo retail sales centers from Alta Cima Corporation. The purchase price and net assets acquired for both transactions were not material to the accompanying condensed consolidated financial statements. There were no accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations. |
Inventories, Net
Inventories, Net | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 2. Inventories, net The components of inventory, net of reserves for obsolete inventory, were as follows: (Dollars in thousands) September 30, April 1, Raw materials $ 92,121 $ 100,379 Work in process 21,239 23,157 Finished goods and other 68,879 78,702 Total inventories, net $ 182,239 $ 202,238 At September 30, 2023 and April 1, 2023, reserves for obsolete inventory were $ 9.1 million and $ 7.9 million , respectively. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | 3. Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Depreciation is calculated primarily on a straight-line basis, generally over the following estimated useful lives: land improvements – 3 to 10 years; buildings and improvements – 8 to 25 years ; and vehicles and machinery and equipment – 3 to 8 years . Depreciation expense for the three months ended September 30, 2023 and October 1, 2022 was $ 4.7 million and $ 4.2 million , respectively. Depreciation expense for the six months ended September 30, 2023 and October 1, 2022 was $ 9.3 million and $ 7.8 million , respectively. The components of property, plant, and equipment were as follows: (Dollars in thousands) September 30, April 1, Land and improvements $ 42,676 $ 41,749 Buildings and improvements 131,386 119,226 Machinery and equipment 100,694 91,007 Construction in progress 31,035 30,010 Property, plant, and equipment, at cost 305,791 281,992 Less: accumulated depreciation ( 114,025 ) ( 104,867 ) Property, plant, and equipment, net $ 191,766 $ 177,125 |
Goodwill, Intangible Assets, an
Goodwill, Intangible Assets, and Cloud Computing Arrangements | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Intangible Assets, and Cloud Computing Arrangements | 4. Goodwill, Intangible Assets, and Cloud Computing Arrangements Goodwill Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At both September 30, 2023 and April 1, 2023, the Company had goodwill of $ 196.6 million . At September 30, 2023, there were no accumulated impairment losses related to goodwill. Intangible Assets The components of amortizable intangible assets were as follows: (Dollars in thousands) September 30, 2023 April 1, 2023 Customer Trade Total Customer Trade Total Gross carrying amount $ 66,019 $ 21,499 $ 87,518 $ 66,013 $ 21,497 $ 87,510 Accumulated amortization ( 36,200 ) ( 11,019 ) ( 47,219 ) ( 32,103 ) ( 10,064 ) ( 42,167 ) Amortizable intangibles, net $ 29,819 $ 10,480 $ 40,299 $ 33,910 $ 11,433 $ 45,343 During the three months ended September 30, 2023 and October 1, 2022, amortization of intangible assets was $ 2.1 million and $ 2.8 million , respectively. During the six months ended September 30, 2023 and October 1, 2022, amortization of intangible assets was $ 5.0 million and $ 4.7 million , respectively. Cloud Computing Arrangements The Company capitalizes costs associated with the development of cloud computing arrangements in a manner consistent with internally developed software. At September 30, 2023 and April 1, 2023, the Company had capitalized cloud computing costs, net of amortization of $ 25.7 million and $ 25.0 million , respectively. Cloud computing costs are included in other noncurrent assets in the accompanying condensed consolidated balance sheets. Amortization of capitalized cloud computing costs for the three and six months ended September 30, 2023 was $ 0.2 million and $ 0.4 million , respectively. Amortization of capitalized cloud computing costs for the three and six months ended October 1, 2022 was $ 0.2 million and $ 0.4 million , respectively . |
Investment in ECN Capital Corpo
Investment in ECN Capital Corporation | 6 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in ECN Capital Corporation | 5. Investment in ECN Capital Corporation In September 2023, the Company entered into a share subscription agreement with ECN Capital Corp. ("ECN") and made a $ 137.8 million equity investment in ECN on a private placement basis. The Company purchased 33.6 million common shares, representing approximately 12 % of the total outstanding common shares of ECN, and 27.5 million mandatory convertible preferred shares (the “Preferred Shares”). The Preferred Shares receive cumulative cash dividends at an annual rate of 4.0 %. Following the private placement, the Company owns approximately 19.9 % of the voting shares of ECN. The Company's interest in the common stock investment in ECN is accounted for under the equity method and the Company’s share of the earnings or losses of ECN are recorded on a three-month lag. For the three and six months ended September 30, 2023, there were no earnings or losses recognized related to the equity method investment. At September 30, 2023, the investment in the common stock of ECN totaled $ 78.9 million, including $ 3.1 million of capitalized transaction costs, and is included in Other Noncurrent Assets in the accompanying Condensed Consolidated Balance Sheets. The Company's investment in the Preferred Shares is included in Other Noncurrent Assets in the accompanying Condensed Consolidated Balance Sheets. The investment is measured using the measurement alternative for equity investments without a readily determinable fair value. The carrying amount of $ 64.5 million at September 30, 2023 represents the purchase price and capitalized transaction costs of $ 2.5 million. There have been no adjustments to the carrying amount or impairment of the investment. Amounts due to ECN, a related party, were not material at September 30, 2023. ECN, through its wholly-owned subsidiary Triad Financial Services, Inc. ("Triad") provides loan servicing for the Company's floor plan receivables, for which we pay a fee that was immaterial for the period subsequent to the investment in ECN. Triad also provides floor plan financing of the Company's products to independent retailers. At September 30, 2023, the Company had repurchase commitments on retailer floor plan loans outstanding with Triad of $ 55.7 million. |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 6. Other Current Liabilities The components of other current liabilities were as follows: (Dollars in thousands) September 30, April 1, Customer deposits $ 63,746 $ 69,285 Accrued volume rebates 27,211 25,084 Accrued warranty obligations 29,977 28,576 Accrued compensation and payroll taxes 28,710 41,422 Accrued insurance 14,708 15,075 Other 27,970 24,773 Total other current liabilities $ 192,322 $ 204,215 |
Accrued Warranty Obligations
Accrued Warranty Obligations | 6 Months Ended |
Sep. 30, 2023 | |
Guarantees and Product Warranties [Abstract] | |
Accrued Warranty Obligations | 7. Accrued Warranty Obligations Changes in the accrued warranty obligations were as follows: Three months ended Six months ended (Dollars in thousands) September 30, October 1, September 30, October 1, Balance at beginning of period $ 35,090 $ 33,155 $ 35,961 $ 32,832 Warranty expense 14,977 15,839 27,833 27,760 Cash warranty payments ( 12,705 ) ( 13,239 ) ( 26,432 ) ( 24,837 ) Balance at end of period 37,362 35,755 37,362 35,755 Less: noncurrent portion in other long-term liabilities ( 7,385 ) ( 7,026 ) ( 7,385 ) ( 7,026 ) Total current portion $ 29,977 $ 28,729 $ 29,977 $ 28,729 |
Debt
Debt | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt Long-term debt consisted of the following: (Dollars in thousands) September 30, April 1, Obligations under industrial revenue bonds due 2029 $ 12,430 $ 12,430 Revolving credit facility maturing in 2026 — — Total long-term debt $ 12,430 $ 12,430 On July 7, 2021, the Company entered into an Amended and Restated Credit Agreement with a syndicate of banks that provides for a revolving credit facility of up to $ 200.0 million, including a $ 45.0 million letter of credit sub-facility ("Amended Credit Agreement"). The Amended Credit Agreement replaced the Company's previously existing $ 100.0 million revolving credit facility. The Amended Credit Agreement allows the Company to draw down, repay and re-draw loans on the available facility during the term, subject to certain terms and conditions, matures in July 2026 , and has no scheduled amortization. On May 18, 2023, the Company further amended the Amended Credit Agreement, which removed references to the London Interbank Offer Rate ("LIBOR") and clarified language pertaining to the Secured Overnight Financing Rate ("SOFR") in regards to the interest rate on borrowings. The interest rate on borrowings under the Amended Credit Agreement is based on SOFR plus a SOFR adjustment, plus an interest rate spread. The interest rate spread adjusts based on the consolidated total net leverage of the Company from a high of 1.875 % when the consolidated total net leverage ratio is equal to or greater than 2.25 :1.00, to a low of 1.125 % when the consolidated total net leverage ratio is below 0.50:1.00. Alternatively for same day borrowings, the interest rate is based on an Alternative Base Rate ("ABR") plus an interest rate spread that ranges from a high of 0.875 % to a low of 0.125 % based on the consolidated total net leverage ratio. In addition, the Company is obligated to pay an unused line fee ranging between 0.15 % and 0.3 % depending on the consolidated total net leverage ratio, in respect of unused commitments under the Amended Credit Agreement. At September 30, 2023 the interest rate under the Amended Credit Agreement was 6.54 % and letters of credit issued under the Amended Credit Agreement totaled $ 34.0 million. Available borrowing capacity under the Amended Credit Agreement as of September 30, 2023 was $ 166.0 million. Obligations under industrial revenue bonds are supported by letters of credit and bear interest based on a municipal bond index rate. The weighted-average interest rate at September 30, 2023, including related costs and fees, was 5.62 %. T he industrial revenue bonds require lump-sum payments of principal upon maturity in 2029 and are secured by the assets of certain manufacturing facilities. The Amended Credit Agreement contains covenants that restrict the amount of additional debt, liens and certain payments, including equity buybacks, investments, dispositions, mergers and consolidations, among other restrictions as defined. The Company was in compliance with all covenants of the Amended Credit Agreement as of September 30, 2023 . |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 9. Revenue Recognition The following tables disaggregate the Company’s revenue by sales category: Three months ended September 30, 2023 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 428,132 $ 29,256 $ — $ 457,388 Transportation — — 6,848 6,848 Total $ 428,132 $ 29,256 $ 6,848 $ 464,236 Six months ended September 30, 2023 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 856,917 $ 55,376 $ — $ 912,293 Transportation — — 16,712 16,712 Total $ 856,917 $ 55,376 $ 16,712 $ 929,005 Three months ended October 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 754,148 $ 39,198 $ — $ 793,346 Commercial 89 — — 89 Transportation — — 13,390 13,390 Total $ 754,237 $ 39,198 $ 13,390 $ 806,825 Six months ended October 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 1,414,959 $ 84,260 $ — $ 1,499,219 Commercial 359 — — 359 Transportation — — 33,128 33,128 Total $ 1,415,318 $ 84,260 $ 33,128 $ 1,532,706 |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes For the three months ended September 30, 2023 and October 1, 2022, the Company recorded $ 14.8 million and $ 48.1 million of income tax expense and had an effective tax rate of 24.5 % and 25.0 % , respectively. For the six months ended September 30, 2023 and October 1, 2022, the Company recorded $ 32.0 million and $ 88.5 million of income tax expense and had an effective tax rate of 24.8 % and 25.3 % , respectively. The Company’s effective tax rate for the three and six months ended September 30, 2023 differs from the federal statutory income tax rate of 21.0 % due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, and results in foreign jurisdictions. The Company’s effective tax rate for the three and six months ended October 1, 2022 differs from the federal statutory income tax rate of 21.0 % due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, and results in foreign jurisdictions. At September 30, 2023 , the Company had no unrecognized tax benefits. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11. Earnings Per Share Basic net income per share attributable to the Company was computed by dividing net income attributable to the Company by the average number of common shares outstanding during the period. Diluted earnings per share is calculated using our weighted-average outstanding common shares, including the dilutive effect of stock awards as determined under the treasury stock method. The following table sets forth the computation of basic and diluted earnings per common share: Three months ended Six months ended (Dollars and shares in thousands, except per share data) September 30, October 1, September 30, October 1, Numerator: Net income attributable to the Company's common shareholders $ 45,669 $ 144,092 $ 96,938 $ 261,243 Denominator: Basic weighted-average shares outstanding 57,232 56,956 57,224 56,933 Dilutive securities 492 450 471 431 Diluted weighted-average shares outstanding 57,724 57,406 57,695 57,364 Basic net income per share $ 0.80 $ 2.53 $ 1.69 $ 4.59 Diluted net income per share $ 0.79 $ 2.51 $ 1.68 $ 4.55 |
Segment Information
Segment Information | 6 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 12. Segment Information Financial results for the Company's reportable segments have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker, the Chief Executive Officer, evaluates the performance of the Company’s segments primarily based on net sales, before elimination of inter-company shipments, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and operating assets. The Company operates in two reportable segments: (i) U.S. Factory-built Housing, which includes manufacturing and retail housing operations and (ii) Canadian Factory-built Housing. Corporate/Other includes the Company’s transportation operations, corporate costs directly incurred for all segments and intersegment eliminations. Segments are generally determined by geography. Segment data includes intersegment revenues and corporate office costs that are directly and exclusively incurred for each segment. Total assets for Corporate/Other primarily include cash and certain U.S. deferred tax items not specifically allocated to another segment. Selected financial information by reportable segment was as follows: Three months ended Six months ended (Dollars in thousands) September 30, October 1, September 30, October 1, Net sales: U.S. Factory-built Housing $ 428,132 $ 754,237 $ 856,917 $ 1,415,318 Canadian Factory-built Housing 29,256 39,198 55,376 84,260 Corporate/Other 6,848 13,390 16,712 33,128 Consolidated net sales $ 464,236 $ 806,825 $ 929,005 $ 1,532,706 Operating income: U.S. Factory-built Housing EBITDA $ 64,752 $ 199,284 $ 138,985 $ 360,849 Canadian Factory-built Housing EBITDA 5,763 10,141 10,527 21,468 Corporate/Other EBITDA ( 13,759 ) ( 12,293 ) ( 25,930 ) ( 21,882 ) Other expense (income) 2,065 — 2,065 ( 634 ) Depreciation ( 4,700 ) ( 4,166 ) ( 9,333 ) ( 7,836 ) Amortization ( 2,086 ) ( 2,775 ) ( 5,045 ) ( 4,721 ) Consolidated operating income $ 52,035 $ 190,191 $ 111,269 $ 347,244 Depreciation: U.S. Factory-built Housing $ 4,198 $ 3,505 $ 8,326 $ 6,542 Canadian Factory-built Housing 356 345 712 626 Corporate/Other 146 316 295 668 Consolidated depreciation $ 4,700 $ 4,166 $ 9,333 $ 7,836 Amortization of U.S. Factory-built Housing intangible assets: $ 2,086 $ 2,775 $ 5,045 $ 4,721 Capital expenditures: U.S. Factory-built Housing $ 11,743 $ 14,778 $ 21,421 $ 23,711 Canadian Factory-built Housing 475 1,068 941 1,429 Corporate/Other 288 332 485 473 Consolidated capital expenditures $ 12,506 $ 16,178 $ 22,847 $ 25,613 (Dollars in thousands) September 30, April 1, Total Assets: U.S. Factory-built Housing (1) $ 697,547 $ 708,573 Canadian Factory-built Housing (1) 125,961 124,673 Corporate/Other (1) 845,667 729,478 Consolidated total assets $ 1,669,175 $ 1,562,724 (1) Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 6 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | 13. Commitments, Contingencies, and Legal Proceedings Repurchase Contingencies and Guarantees The Company is contingently liable under terms of repurchase agreements with lending institutions that provide wholesale floor plan financing to retailers. These arrangements, which are customary in the manufactured housing industry, provide for the repurchase of products sold to retailers in the event of default by the retailer on its agreement to pay the financial institution. The risk of loss from these agreements is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous retailers. The repurchase price is generally determined by the original sales price of the product less contractually defined curtailment payments. Based on these repurchase agreements and our historical loss experience, we established an associated loss reserve which was $ 2.0 million and $ 2.5 million at September 30, 2023 and April 1, 2023, respectively. Excluding the resale value of the homes, the contingent repurchase obligation as of September 30, 2023 was estimated to be $ 297.1 million . Losses incurred on homes repurchased were immaterial during the three and six months ended September 30, 2023 and October 1, 2022. At September 30, 2023, the Company was contingently obligated for $ 34.0 million under letters of credit, consisting of $ 12.6 million to support long-term debt, $ 21.1 million to support the casualty insurance program, and $ 0.3 million to support bonding agreements. The letters of credit are issued from a sub-facility of the Amended Credit Agreement. The Company was also contingently obl igated for $ 31.3 million und er surety bonds, generally to support performance on long-term construction contracts and license and service bonding requirements. The Company has received claims for damage related to water intrusion in homes built in one of its manufacturing facilities. The Company is investigating the cause of the damage and assessing its responsibility to remediate. While it is reasonably possible that the Company will receive future claims that could result in additional costs to repair that could be significant in the aggregate, the Company is unable to estimate the number of such claims or the amount or range of any potential losses associated with such claims at this time. In the normal course of business, the Company’s former subsidiaries that operated in the United Kingdom historically provided certain guarantees to two customers. Those guarantees provide contractual liability for proven construction defects up to 12 years from the date of delivery of certain products. The guarantees remain a contingent liability of the Company which declines over time through October 2027. As of the date of this report, the Company expects few, if any, claims to be reported under the terms of the guarantees. Legal Proceedings The Company has agreed to indemnify counterparties in the ordinary course of its business in agreements to acquire and sell business assets and in financing arrangements. The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. As of the date of this filing, the Company believes the ultimate liability with respect to these contingent obligations will not have, either individually or in the aggregate, a material adverse effect on the Company’s financial condition, results of operations, or cash flows. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14. Subsequent Event On October 13 , 2023, the Company acquired 100 % of the equity interests of Regional Enterprises, LLC and related companies ("Regional"). The purchase price (exclusive of working capital and earnout adjustments) is estimated to be $ 313 million, net of cash acquired, plus assumed debt, primarily related to inventory floor plan liabilities, of $ 93 million. The purchase price is subject to an earnout provision as well as customary net working capital adjustments. The Company funded the acquisition with cash on hand and $ 30 million of the Company’s common stock. Regional, the fourth largest HUD manufacturer in the United States, operates three manufacturing facilities in Alabama and 43 retail sales centers across the southeast U.S. The related acquisition costs, which are included in Other Expense (Income), Net in the Condensed Consolidated Income Statements, were $ 2.1 million during the three and six months ended September 30, 2023. The initial accounting for the business combination is incomplete at the time of this filing due to the limited amount of time since the acquisition date and the ongoing status of the valuation. Therefore, it is not practical for the Company to provide the major classes of assets acquired and liabilities assumed or pro forma revenue and earnings. |
Basis of Presentation and Bus_2
Basis of Presentation and Business (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: Skyline Champion Corporation's (the “Company”) operations consist of manufacturing, retail, construction services, and transportation activities. At September 30, 2023, the Company operated 39 manufacturing facilities throughout the United States (“U.S.”) and five manufacturing facilities in western Canada that primarily construct factory-built, timber-framed manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. In addition to its core home building business, the Company provides construction services to install and set-up factory-built homes. The Company’s retail operations consist of 31 sales centers that sell manufactured houses to consumers across the U.S. The Company’s transportation business engages independent owners/drivers to transport recreational vehicles throughout the U.S. and Canada and manufactured houses in certain regions of the U.S. The Company also has a holding company located in the Netherlands. |
Basis of Presentation | Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany balances and transactions. In the opinion of management, these statements include all normal recurring adjustments necessary to fairly state the Company’s consolidated results of operations, cash flows, and financial position. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on May 30, 2023 (the “Fiscal 2023 Annual Report”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes thereto. Actual results could differ from those estimates. The condensed consolidated income statements, condensed consolidated statements of comprehensive income, and condensed consolidated statements of cash flows for the interim periods are not necessarily indicative of the results of operations or cash flows for the full year. The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest to March 31. The Company’s current fiscal year, “fiscal 2024,” will end on March 30, 2024 and will include 52 weeks. References to “fiscal 2023” refer to the Company’s fiscal year ended April 1, 2023. The three and six months ended September 30, 2023 and October 1, 2022 each included 13 and 26 weeks, respectively. The Company’s allowance for credit losses on financial assets measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of such assets, measured primarily using historical experience, as well as current economic conditions and forecasts that affect the collectability of the reported amount. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, are recognized in earnings. Accounts receivable are reflected net of reserves of $ 2.6 million and $ 1.7 million at September 30, 2023 and April 1, 2023, respectively. Floor plan receivables consist of loans the Company purchased from an independent financial institution in the first quarter of fiscal 2024 for $ 18.5 million, of which approximately $ 8.0 million remains outstanding at September 30, 2023, and amounts loaned by the Company through the financial institution to certain independent retailers for purchases of homes manufactured by the Company, of which $ 2.6 million was outstanding at September 30, 2023, both of which are carried net of payments received and recorded at amortized cost. The Company intends to hold the floor plan receivables until maturity or payoff. These loans are serviced by the financial institution for which we pay a servicing fee. Upon execution of the financing arrangement, the loans are generally payable at the earlier of the sale of the underlying home or two years from the origination date. At September 30, 2023, Floor Plan Receivables are included in Other Current Assets and Other Noncurrent Assets in the Condensed Consolidated Balance Sheets. The floor plan receivables are collateralized by the related homes, mitigating loss exposure. The Company and the financial institution evaluate the credit worthiness of each independent retailer prior to credit approval, including reviewing the independent retailer’s payment history, financial condition, and overall economic environment. We evaluate the risk of credit loss in aggregate on existing loans with similar terms, based on historic experience and current economic conditions, as well as individual retailers with past due balances or other indications of heightened credit risk. The allowance for credit losses related to floor plan receivables was not material as of September 30, 2023. Loans are considered past due if any required interest or curtailment payment remains unpaid 30 days after the due date. Receivables are placed on non-performing status if any interest or installment payments are past due over 90 days. Loans are placed on nonaccrual status when interest payments are past due over 90 days. At September 30, 2023 , there were no floor plan receivables on nonaccrual status and the weighted-average age of the floor plan receivables was nine months. Interest income from floor plan receivables is recognized on an accrual basis and is included in Interest Income in the accompanying Condensed Consolidated Income Statements. Interest income for the three and six months ended September 30, 2023 was $ 0.3 million and $ 0.6 million, respectively. There were no floor plan receivables as of October 1, 2022 or related interest income for the three and six months then ended. In May 2022, the Company acquired certain operating assets from Manis Custom Builders, Inc. ("Manis"). In July 2022, the Company acquired 12 Factory Expo retail sales centers from Alta Cima Corporation. The purchase price and net assets acquired for both transactions were not material to the accompanying condensed consolidated financial statements. There were no accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Components of Inventory, Net of Reserves for Obsolete Inventory | The components of inventory, net of reserves for obsolete inventory, were as follows: (Dollars in thousands) September 30, April 1, Raw materials $ 92,121 $ 100,379 Work in process 21,239 23,157 Finished goods and other 68,879 78,702 Total inventories, net $ 182,239 $ 202,238 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Components of Property, Plant, and Equipment | The components of property, plant, and equipment were as follows: (Dollars in thousands) September 30, April 1, Land and improvements $ 42,676 $ 41,749 Buildings and improvements 131,386 119,226 Machinery and equipment 100,694 91,007 Construction in progress 31,035 30,010 Property, plant, and equipment, at cost 305,791 281,992 Less: accumulated depreciation ( 114,025 ) ( 104,867 ) Property, plant, and equipment, net $ 191,766 $ 177,125 |
Goodwill, Intangible Assets, _2
Goodwill, Intangible Assets, and Cloud Computing Arrangements (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Amortizable Intangible Assets | The components of amortizable intangible assets were as follows: (Dollars in thousands) September 30, 2023 April 1, 2023 Customer Trade Total Customer Trade Total Gross carrying amount $ 66,019 $ 21,499 $ 87,518 $ 66,013 $ 21,497 $ 87,510 Accumulated amortization ( 36,200 ) ( 11,019 ) ( 47,219 ) ( 32,103 ) ( 10,064 ) ( 42,167 ) Amortizable intangibles, net $ 29,819 $ 10,480 $ 40,299 $ 33,910 $ 11,433 $ 45,343 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Current Liabilities | The components of other current liabilities were as follows: (Dollars in thousands) September 30, April 1, Customer deposits $ 63,746 $ 69,285 Accrued volume rebates 27,211 25,084 Accrued warranty obligations 29,977 28,576 Accrued compensation and payroll taxes 28,710 41,422 Accrued insurance 14,708 15,075 Other 27,970 24,773 Total other current liabilities $ 192,322 $ 204,215 |
Accrued Warranty Obligations (T
Accrued Warranty Obligations (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Guarantees and Product Warranties [Abstract] | |
Summary of Changes in Accrued Warranty Obligations | Changes in the accrued warranty obligations were as follows: Three months ended Six months ended (Dollars in thousands) September 30, October 1, September 30, October 1, Balance at beginning of period $ 35,090 $ 33,155 $ 35,961 $ 32,832 Warranty expense 14,977 15,839 27,833 27,760 Cash warranty payments ( 12,705 ) ( 13,239 ) ( 26,432 ) ( 24,837 ) Balance at end of period 37,362 35,755 37,362 35,755 Less: noncurrent portion in other long-term liabilities ( 7,385 ) ( 7,026 ) ( 7,385 ) ( 7,026 ) Total current portion $ 29,977 $ 28,729 $ 29,977 $ 28,729 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | Long-term debt consisted of the following: (Dollars in thousands) September 30, April 1, Obligations under industrial revenue bonds due 2029 $ 12,430 $ 12,430 Revolving credit facility maturing in 2026 — — Total long-term debt $ 12,430 $ 12,430 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Corporate Net Sales | The following tables disaggregate the Company’s revenue by sales category: Three months ended September 30, 2023 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 428,132 $ 29,256 $ — $ 457,388 Transportation — — 6,848 6,848 Total $ 428,132 $ 29,256 $ 6,848 $ 464,236 Six months ended September 30, 2023 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 856,917 $ 55,376 $ — $ 912,293 Transportation — — 16,712 16,712 Total $ 856,917 $ 55,376 $ 16,712 $ 929,005 Three months ended October 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 754,148 $ 39,198 $ — $ 793,346 Commercial 89 — — 89 Transportation — — 13,390 13,390 Total $ 754,237 $ 39,198 $ 13,390 $ 806,825 Six months ended October 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 1,414,959 $ 84,260 $ — $ 1,499,219 Commercial 359 — — 359 Transportation — — 33,128 33,128 Total $ 1,415,318 $ 84,260 $ 33,128 $ 1,532,706 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: Three months ended Six months ended (Dollars and shares in thousands, except per share data) September 30, October 1, September 30, October 1, Numerator: Net income attributable to the Company's common shareholders $ 45,669 $ 144,092 $ 96,938 $ 261,243 Denominator: Basic weighted-average shares outstanding 57,232 56,956 57,224 56,933 Dilutive securities 492 450 471 431 Diluted weighted-average shares outstanding 57,724 57,406 57,695 57,364 Basic net income per share $ 0.80 $ 2.53 $ 1.69 $ 4.59 Diluted net income per share $ 0.79 $ 2.51 $ 1.68 $ 4.55 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segments | Selected financial information by reportable segment was as follows: Three months ended Six months ended (Dollars in thousands) September 30, October 1, September 30, October 1, Net sales: U.S. Factory-built Housing $ 428,132 $ 754,237 $ 856,917 $ 1,415,318 Canadian Factory-built Housing 29,256 39,198 55,376 84,260 Corporate/Other 6,848 13,390 16,712 33,128 Consolidated net sales $ 464,236 $ 806,825 $ 929,005 $ 1,532,706 Operating income: U.S. Factory-built Housing EBITDA $ 64,752 $ 199,284 $ 138,985 $ 360,849 Canadian Factory-built Housing EBITDA 5,763 10,141 10,527 21,468 Corporate/Other EBITDA ( 13,759 ) ( 12,293 ) ( 25,930 ) ( 21,882 ) Other expense (income) 2,065 — 2,065 ( 634 ) Depreciation ( 4,700 ) ( 4,166 ) ( 9,333 ) ( 7,836 ) Amortization ( 2,086 ) ( 2,775 ) ( 5,045 ) ( 4,721 ) Consolidated operating income $ 52,035 $ 190,191 $ 111,269 $ 347,244 Depreciation: U.S. Factory-built Housing $ 4,198 $ 3,505 $ 8,326 $ 6,542 Canadian Factory-built Housing 356 345 712 626 Corporate/Other 146 316 295 668 Consolidated depreciation $ 4,700 $ 4,166 $ 9,333 $ 7,836 Amortization of U.S. Factory-built Housing intangible assets: $ 2,086 $ 2,775 $ 5,045 $ 4,721 Capital expenditures: U.S. Factory-built Housing $ 11,743 $ 14,778 $ 21,421 $ 23,711 Canadian Factory-built Housing 475 1,068 941 1,429 Corporate/Other 288 332 485 473 Consolidated capital expenditures $ 12,506 $ 16,178 $ 22,847 $ 25,613 (Dollars in thousands) September 30, April 1, Total Assets: U.S. Factory-built Housing (1) $ 697,547 $ 708,573 Canadian Factory-built Housing (1) 125,961 124,673 Corporate/Other (1) 845,667 729,478 Consolidated total assets $ 1,669,175 $ 1,562,724 (1) Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable. |
Basis of Presentation and Bus_3
Basis of Presentation and Business - Additional information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2023 USD ($) Center | Jul. 01, 2023 USD ($) | Sep. 30, 2023 USD ($) Facility Center | Oct. 01, 2022 USD ($) | Apr. 01, 2023 USD ($) | Jul. 31, 2022 Center | |
Significant Accounting Policies [Line Items] | ||||||
Trade accounts receivable, net | $ 55,097 | $ 55,097 | $ 67,296 | |||
Floor Plan Receivable | $ 18,500 | $ 0 | ||||
Outstanding floor plan receivable | 8,000 | 8,000 | ||||
Payments for loans receivable | 2,600 | |||||
Floor plan receivables on nonaccrual status | 0 | |||||
Interest income from floor plan receivables | 300 | 600 | ||||
Alta Cima Corporation [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of Retail Sales Centers | Center | 12 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Trade accounts receivable, net | $ 2,600 | $ 2,600 | $ 1,700 | |||
U.S [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of manufacturing facilities | Facility | 39 | |||||
Number of sales centers | Center | 31 | 31 | ||||
Canada [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of manufacturing facilities | Facility | 5 |
Business Acquisition - Schedule
Business Acquisition - Schedule of Purchase Price Preliminary Allocation on Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 |
Business Acquisition [Line Items] | ||
Goodwill | $ 196,574 | $ 196,574 |
Inventories, Net - Summary of C
Inventories, Net - Summary of Components of Inventory, Net of Reserves for Obsolete Inventory (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 92,121 | $ 100,379 |
Work in process | 21,239 | 23,157 |
Finished goods and other | 68,879 | 78,702 |
Total inventories, net | $ 182,239 | $ 202,238 |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Apr. 01, 2023 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete inventory | $ 9.1 | $ 7.9 |
Property Plant, and Equipment -
Property Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 4.7 | $ 4.2 | $ 9.3 | $ 7.8 |
Minimum [Member] | Land and Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 3 years | 3 years | ||
Minimum [Member] | Building and Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 8 years | 8 years | ||
Minimum [Member] | Vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 3 years | 3 years | ||
Maximum [Member] | Land and Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 10 years | 10 years | ||
Maximum [Member] | Building and Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 25 years | 25 years | ||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 8 years | 8 years |
Property Plant, and Equipment_2
Property Plant, and Equipment - Summary of Components of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 305,791 | $ 281,992 |
Less accumulated depreciation | (114,025) | (104,867) |
Property, plant, and equipment, net | 191,766 | 177,125 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 42,676 | 41,749 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 131,386 | 119,226 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 100,694 | 91,007 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 31,035 | $ 30,010 |
Goodwill, Intangible Assets, _3
Goodwill, Intangible Assets, and Cloud Computing Arrangements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Apr. 01, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 196,574 | $ 196,574 | $ 196,574 | ||
Accumulated impairment losses | 0 | 0 | |||
Amortization of intangible assets | 2,100 | $ 2,800 | 5,000 | $ 4,700 | |
Capitalized cloud computing costs | 25,700 | 25,700 | $ 25,000 | ||
Amortization of capitalized cloud computing costs | $ 200 | $ 200 | $ 400 | $ 400 |
Goodwill, Intangible Assets, _4
Goodwill, Intangible Assets, and Cloud Computing Arrangements - Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 87,518 | $ 87,510 |
Accumulated amortization | (47,219) | (42,167) |
Amortizable intangibles, net | 40,299 | 45,343 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 66,019 | 66,013 |
Accumulated amortization | (36,200) | (32,103) |
Amortizable intangibles, net | 29,819 | 33,910 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 21,499 | 21,497 |
Accumulated amortization | (11,019) | (10,064) |
Amortizable intangibles, net | $ 10,480 | $ 11,433 |
Investment in ECN Capital Cor_2
Investment in ECN Capital Corporation - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | 1 Months Ended | |
Sep. 30, 2023 | Apr. 01, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||
Investment in the common stock | $ 1,587 | $ 1,585 |
Carrying amount of preferred shares | 64,500 | |
Preferred Stock [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Aggregate cost of investments | 2,500 | |
ECN Capital Corp. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in ECN | $ 137,800 | |
Common shares purchased | 33.6 | |
Percentage of common stock outstanding | 12% | |
Cash dividend on preferred Shares | 4% | |
Voting shares | 19.90% | |
Investment in the common stock | $ 78,900 | |
Aggregate cost of investments | 3,100 | |
Commitments on retailer floor plan loans outstanding | $ 55,700 | |
ECN Capital Corp. | Mandatory convertible preferred shares | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of shares issued | 27.5 |
Other Current Liabilities - Com
Other Current Liabilities - Components of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 | Oct. 01, 2022 |
Other Liabilities Disclosure [Abstract] | |||
Customer deposits | $ 63,746 | $ 69,285 | |
Accrued volume rebates | 27,211 | 25,084 | |
Accrued warranty obligations | 29,977 | 28,576 | $ 28,729 |
Accrued compensation and payroll taxes | 28,710 | 41,422 | |
Accrued insurance | 14,708 | 15,075 | |
Other | 27,970 | 24,773 | |
Total other current liabilities | $ 192,322 | $ 204,215 |
Accrued Warranty Obligations -
Accrued Warranty Obligations - Summary of Changes in Accrued Warranty Obligations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Apr. 01, 2023 | |
Guarantees and Product Warranties [Abstract] | |||||
Balance at beginning of period | $ 35,090 | $ 33,155 | $ 35,961 | $ 32,832 | |
Warranty expense | 14,977 | 15,839 | 27,833 | 27,760 | |
Cash warranty payments | (12,705) | (13,239) | (26,432) | (24,837) | |
Balance at end of period | 37,362 | 35,755 | 37,362 | 35,755 | |
Less noncurrent portion in other long-term liabilities | (7,385) | (7,026) | (7,385) | (7,026) | |
Total current portion | $ 29,977 | $ 28,729 | $ 29,977 | $ 28,729 | $ 28,576 |
Debt - Summary of Long Term Deb
Debt - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Apr. 01, 2023 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 12,430 | $ 12,430 |
Obligations Under Industrial Revenue Bonds Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 12,430 | 12,430 |
Revolving Credit Facility Maturing in 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Thousands | 6 Months Ended | ||||
May 18, 2023 | Sep. 30, 2023 USD ($) | Oct. 01, 2022 USD ($) | Jul. 07, 2021 USD ($) | Jul. 03, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
Revolving credit facility, maturity month and year | 2026-07 | ||||
Deferred financing fees written off | $ 162 | $ 175 | |||
Obligations Under Industrial Revenue Bonds Due 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted-average interest rate | 5.62% | ||||
Industrial revenue bonds maturity | 2029 | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 200,000 | $ 100,000 | |||
First lien leverage ratio | 0.0225 | ||||
Interest rate on borrowings | 6.54% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Ratio Equal to Or Greater Than 2.25:1.00 [Member] | SOFR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.875% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Ratio Equal to Or Greater Than 2.25:1.00 [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.875% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Below 0.50:1.00 [Member] | SOFR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.125% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Below 0.50:1.00 [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.125% | ||||
Minimum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused line fee percentage | 0.15% | ||||
Maximum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused line fee percentage | 0.30% | ||||
Letter of Credit [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 45,000 | ||||
Letters of credit issued | $ 34,000 | ||||
Available borrowings under Credit Agreement | $ 166,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Corporate Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | $ 464,236 | $ 806,825 | $ 929,005 | $ 1,532,706 |
Manufacturing and Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 457,388 | 793,346 | 912,293 | 1,499,219 |
Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 89 | 359 | ||
Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 6,848 | 13,390 | 16,712 | 33,128 |
U.S Factory-built Housing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 428,132 | 754,237 | 856,917 | 1,415,318 |
U.S Factory-built Housing [Member] | Manufacturing and Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 428,132 | 754,148 | 856,917 | 1,414,959 |
U.S Factory-built Housing [Member] | Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 89 | 359 | ||
Canadian Factory-built Housing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 29,256 | 39,198 | 55,376 | 84,260 |
Canadian Factory-built Housing [Member] | Manufacturing and Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 29,256 | 39,198 | 55,376 | 84,260 |
Corporate Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 6,848 | 13,390 | 16,712 | 33,128 |
Corporate Other [Member] | Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | $ 6,848 | $ 13,390 | $ 16,712 | $ 33,128 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Income Tax Contingency [Line Items] | ||||
Income tax expense | $ 14,781,000 | $ 48,073,000 | $ 32,047,000 | $ 88,519,000 |
Effective tax rate | 24.50% | 25% | 24.80% | 25.30% |
Statutory federal income tax rate | 21% | 21% | 21% | 21% |
Unrecognized tax benefits | $ 0 | $ 0 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Numerator: | ||||
Net income attributable to the Company's common shareholders | $ 45,669 | $ 144,092 | $ 96,938 | $ 261,243 |
Denominator: | ||||
Basic weighted average shares outstanding | 57,232 | 56,956 | 57,224 | 56,933 |
Dilutive securities | 492 | 450 | 471 | 431 |
Diluted weighted average shares outstanding | 57,724 | 57,406 | 57,695 | 57,364 |
Basic net income per share | $ 0.8 | $ 2.53 | $ 1.69 | $ 4.59 |
Diluted net income per share | $ 0.79 | $ 2.51 | $ 1.68 | $ 4.55 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Financial Information by Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Apr. 01, 2023 | ||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 464,236 | $ 806,825 | $ 929,005 | $ 1,532,706 | ||
Operating income | 52,035 | 190,191 | 111,269 | 347,244 | ||
Other expense (income) | 2,065 | 0 | 2,065 | (634) | ||
Depreciation | (4,700) | (4,166) | (9,333) | (7,836) | ||
Amortization | (2,086) | (2,775) | (5,045) | (4,721) | ||
Amortization of intangible assets | 2,100 | 2,800 | 5,000 | 4,700 | ||
Assets | 1,669,175 | 1,669,175 | $ 1,562,724 | |||
U.S Factory-built Housing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 428,132 | 754,237 | 856,917 | 1,415,318 | ||
Amortization of intangible assets | 2,086 | 2,775 | 5,045 | 4,721 | ||
Canadian Factory-built Housing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 29,256 | 39,198 | 55,376 | 84,260 | ||
Corporate/Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 6,848 | 13,390 | 16,712 | 33,128 | ||
Assets | [1] | 845,667 | 845,667 | 729,478 | ||
Operating Segments [Member] | U.S Factory-built Housing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 428,132 | 754,237 | 856,917 | 1,415,318 | ||
Operating income | 64,752 | 199,284 | 138,985 | 360,849 | ||
Depreciation | 4,198 | 3,505 | 8,326 | 6,542 | ||
Capital expenditures | 11,743 | 14,778 | 21,421 | 23,711 | ||
Assets | [1] | 697,547 | 697,547 | 708,573 | ||
Operating Segments [Member] | Canadian Factory-built Housing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 29,256 | 39,198 | 55,376 | 84,260 | ||
Operating income | 5,763 | 10,141 | 10,527 | 21,468 | ||
Depreciation | 356 | 345 | 712 | 626 | ||
Capital expenditures | 475 | 1,068 | 941 | 1,429 | ||
Assets | [1] | 125,961 | 125,961 | 124,673 | ||
Corporate, Non-Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating income | (13,759) | (12,293) | (25,930) | (21,882) | ||
Depreciation | 146 | 316 | 295 | 668 | ||
Capital expenditures | 288 | 332 | 485 | 473 | ||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 464,236 | 806,825 | 929,005 | 1,532,706 | ||
Operating income | 52,035 | 190,191 | 111,269 | 347,244 | ||
Depreciation | 4,700 | 4,166 | 9,333 | 7,836 | ||
Capital expenditures | 12,506 | $ 16,178 | 22,847 | $ 25,613 | ||
Assets | $ 1,669,175 | $ 1,669,175 | $ 1,562,724 | |||
[1] Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable. |
Commitments, Contingencies an_2
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Apr. 01, 2023 | |
Commitment And Contingencies [Line Items] | |||
Reserve for estimated losses under repurchase agreements | $ 2 | $ 2 | $ 2.5 |
Contingent repurchase obligation | 297.1 | $ 297.1 | |
Guarantee obligations term | 12 years | ||
Letters of Credit [Member] | |||
Commitment And Contingencies [Line Items] | |||
Contingent obligation | 34 | $ 34 | |
Long-term Debt [Member] | |||
Commitment And Contingencies [Line Items] | |||
Contingent obligation | 12.6 | 12.6 | |
Casualty Insurance Program [Member] | |||
Commitment And Contingencies [Line Items] | |||
Contingent obligation | 21.1 | 21.1 | |
Bonding Agreements [Member] | |||
Commitment And Contingencies [Line Items] | |||
Contingent obligation | 0.3 | 0.3 | |
Surety Bond [Member] | |||
Commitment And Contingencies [Line Items] | |||
Contingent obligation | $ 31.3 | $ 31.3 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |
Oct. 13, 2023 USD ($) Center | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Subsequent Event [Line Items] | |||
Acquisition related costs | $ 2.1 | $ 2.1 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of Retail Sales Centers | Center | 43 | ||
Regional Enterprises, LLC | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Equity interests percentage | 100% | ||
Purchase price for business acquisition | $ 313 | ||
Debt related to inventory floor plan liabilities | 93 | ||
Regional Enterprises, LLC | Common Stock [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Purchase price for business acquisition | $ 30 |