Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 01, 2022 | Jan. 24, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 1, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Skyline Champion Corporation | |
Entity Central Index Key | 0000090896 | |
Current Fiscal Year End Date | --04-02 | |
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 | 56,827,132 | |
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 | Jan. 01, 2022 | Apr. 03, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 382,133 | $ 262,581 |
Trade accounts receivable, net | 46,184 | 57,481 |
Inventories, net | 185,052 | 166,113 |
Other current assets | 21,340 | 13,592 |
Total current assets | 634,709 | 499,767 |
Long-term assets: | ||
Property, plant, and equipment, net | 127,196 | 115,140 |
Goodwill | 191,970 | 191,803 |
Amortizable intangible assets, net | 53,171 | 58,835 |
Deferred tax assets | 14,304 | 19,914 |
Other noncurrent assets | 46,801 | 32,443 |
Total assets | 1,068,151 | 917,902 |
Current liabilities: | ||
Floor plan payable | 34,315 | 25,733 |
Accounts payable | 44,200 | 57,214 |
Other current liabilities | 205,094 | 180,695 |
Total current liabilities | 283,609 | 263,642 |
Long-term liabilities: | ||
Long-term debt | 12,430 | 39,330 |
Deferred tax liabilities | 4,615 | 4,280 |
Other liabilities | 34,119 | 42,039 |
Total long-term liabilities | 51,164 | 85,649 |
Stockholders' Equity: | ||
Common stock, $0.0277 par value, 115,000 shares authorized, 56,827 and 56,640 shares issued as of January 1, 2022 and April 3, 2021, respectively | 1,572 | 1,569 |
Additional paid-in capital | 498,898 | 491,668 |
Retained earnings | 241,135 | 82,898 |
Accumulated other comprehensive loss | (8,227) | (7,524) |
Total stockholders' equity | 733,378 | 568,611 |
Total liabilities and stockholders' equity | $ 1,068,151 | $ 917,902 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 01, 2022 | Apr. 03, 2021 |
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 | 56,827,000 | 56,640,000 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2022 | Dec. 26, 2020 | Jan. 01, 2022 | Dec. 26, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 534,690 | $ 377,581 | $ 1,569,112 | $ 973,232 |
Cost of sales | 377,451 | 305,797 | 1,171,016 | 784,652 |
Gross profit | 157,239 | 71,784 | 398,096 | 188,580 |
Selling, general, and administrative expenses | 65,825 | 44,286 | 181,188 | 126,466 |
Operating income | 91,414 | 27,498 | 216,908 | 62,114 |
Interest expense, net | 508 | 795 | 2,002 | 2,601 |
Other expense (income) | 7 | (180) | (36) | (6,993) |
Income before income taxes | 90,899 | 26,883 | 214,942 | 66,506 |
Income tax expense | 23,277 | 5,284 | 53,696 | 15,493 |
Net income | $ 67,622 | $ 21,599 | $ 161,246 | $ 51,013 |
Net income per share: | ||||
Basic | $ 1.19 | $ 0.38 | $ 2.84 | $ 0.90 |
Diluted | $ 1.18 | $ 0.38 | $ 2.81 | $ 0.90 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2022 | Dec. 26, 2020 | Jan. 01, 2022 | Dec. 26, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 67,622 | $ 21,599 | $ 161,246 | $ 51,013 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (61) | 2,151 | (703) | 4,107 |
Total comprehensive income | $ 67,561 | $ 23,750 | $ 160,543 | $ 55,120 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 01, 2022 | Dec. 26, 2020 | |
Cash flows from operating activities | ||
Net income | $ 161,246 | $ 51,013 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 9,869 | 8,994 |
Amortization of intangible assets | 5,664 | 4,082 |
Amortization of deferred financing fees | 599 | 380 |
Equity-based compensation | 6,134 | 4,625 |
Deferred taxes | 5,942 | 3,251 |
Loss (gain) on disposal of property, plant, and equipment | 696 | (75) |
Foreign currency transaction loss (gain) | 55 | (421) |
Change in assets and liabilities: | ||
Accounts receivable | 11,419 | 4,577 |
Inventories | (19,133) | (3,388) |
Prepaids and other assets | (22,954) | (2,239) |
Accounts payable | (13,076) | (284) |
Accrued expenses and other liabilities | 17,945 | 33,301 |
Net cash provided by operating activities | 164,406 | 103,816 |
Cash flows from investing activities | ||
Additions to property, plant, and equipment | (22,784) | (4,235) |
Cash paid for acquisition | (207) | |
Proceeds from maturity of Company owned life insurance policy | 1,186 | |
Proceeds from disposal of property, plant, and equipment | 70 | 1,836 |
Net cash used in investing activities | (22,921) | (1,213) |
Cash flows from financing activities | ||
Changes in floor plan financing, net | 8,583 | (8,318) |
Payments on deferred financing fees | (1,130) | |
Payments on revolving debt facility | (26,900) | (38,000) |
Stock option exercises | 1,099 | 67 |
Tax payments for equity-based compensation | (3,007) | (1,687) |
Net cash used in financing activities | (21,355) | (47,938) |
Effect of exchange rate changes on cash and cash equivalents | (578) | 2,940 |
Net increase in cash and cash equivalents | 119,552 | 57,605 |
Cash and cash equivalents at beginning of period | 262,581 | 209,455 |
Cash and cash equivalents at end of period | $ 382,133 | $ 267,060 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Mar. 28, 2020 | $ 474,315 | $ (245) | $ 1,570 | $ 485,552 | $ (48) | $ (245) | $ (12,759) |
Beginning balance, shares at Mar. 28, 2020 | 56,665 | ||||||
Net income | $ 51,013 | 51,013 | |||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | ||||||
Equity-based compensation | $ 4,625 | 4,625 | |||||
Net common stock issued under equity-based compensation plans | (1,620) | $ (1) | (1,619) | ||||
Net common stock issued under equity-based compensation plans, shares | (27) | ||||||
Foreign currency translation adjustments | 4,107 | 4,107 | |||||
Ending balance at Dec. 26, 2020 | 532,195 | $ 1,569 | 488,558 | 50,720 | (8,652) | ||
Ending balance, shares at Dec. 26, 2020 | 56,638 | ||||||
Beginning balance at Sep. 26, 2020 | 507,444 | $ 1,569 | 487,557 | 29,121 | (10,803) | ||
Beginning balance, shares at Sep. 26, 2020 | 56,638 | ||||||
Net income | 21,599 | 21,599 | |||||
Equity-based compensation | 1,001 | 1,001 | |||||
Foreign currency translation adjustments | 2,151 | 2,151 | |||||
Ending balance at Dec. 26, 2020 | 532,195 | $ 1,569 | 488,558 | 50,720 | (8,652) | ||
Ending balance, shares at Dec. 26, 2020 | 56,638 | ||||||
Beginning balance at Apr. 03, 2021 | 568,611 | $ 1,569 | 491,668 | 82,898 | (7,524) | ||
Beginning balance, shares at Apr. 03, 2021 | 56,640 | ||||||
Net income | 161,246 | 161,246 | |||||
Equity-based compensation | 6,134 | 6,134 | |||||
Net common stock issued under equity-based compensation plans | (1,910) | $ 3 | 1,096 | (3,009) | |||
Net common stock issued under equity-based compensation plans, shares | 187 | ||||||
Foreign currency translation adjustments | (703) | (703) | |||||
Ending balance at Jan. 01, 2022 | 733,378 | $ 1,572 | 498,898 | 241,135 | (8,227) | ||
Ending balance, shares at Jan. 01, 2022 | 56,827 | ||||||
Beginning balance at Oct. 02, 2021 | 662,978 | $ 1,572 | 496,059 | 173,513 | (8,166) | ||
Beginning balance, shares at Oct. 02, 2021 | 56,796 | ||||||
Net income | 67,622 | 67,622 | |||||
Equity-based compensation | 1,921 | 1,921 | |||||
Net common stock issued under equity-based compensation plans | 918 | 918 | |||||
Net common stock issued under equity-based compensation plans, shares | 31 | ||||||
Foreign currency translation adjustments | (61) | (61) | |||||
Ending balance at Jan. 01, 2022 | $ 733,378 | $ 1,572 | $ 498,898 | $ 241,135 | $ (8,227) | ||
Ending balance, shares at Jan. 01, 2022 | 56,827 |
Basis of Presentation and Busin
Basis of Presentation and Business | 9 Months Ended |
Jan. 01, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Business | 1. Basis of Presentation and Business Nature of Operations: Skyline Champion Corporation (the “Company”) is a leading producer of factory-built housing in the United States (“U.S.”) and Canada. The Company’s operations consist of manufacturing, retail, and transportation activities. The Company operates 35 manufacturing facilities throughout the U.S. and five manufacturing facilities in western Canada. These facilities primarily construct factory-built, timber-framed manufactured, and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company’s retail operations consist of 18 sales centers that sell manufactured houses to consumers primarily in the Southern U.S. The Company’s transportation business engages independent owners/drivers to transport manufactured homes, recreational vehicles and other products throughout the U.S. and Canada. COVID-19 Government Financial Assistance: The outbreak of a novel strain of coronavirus ("COVID-19") was declared a global pandemic by the World Health Organization in March 2020. Various government programs were announced to provide financial relief for affected businesses, including the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and state level programs in the United States and the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada. The Company recognized $ 0.2 million and $ 7.0 million of subsidies under these programs during the three and nine months ended December 26, 2020, respectively. The Company’s policy is to account for these subsidies as Other Income in the period in which the related costs are incurred and the Company is reasonably assured to receive payment. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through December 2020 the Company deferred $ 11.8 million of payroll taxes. The Company paid $ 5.9 million of the deferred payroll taxes in the third quarter of fiscal 2022, with the remaining amount expected to be paid in December 2022. 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 26, 2021 (the “Fiscal 2021 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 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 $ 1.0 million and $ 0.4 million at January 1, 2022 and April 3, 2021, respectively. At both January 1, 2022 and April 3, 2021, other notes receivable are reflected net of reserves of $ 0.4 million. 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 2022,” will end on April 2, 2022 and will include 52 weeks. References to “fiscal 2021” refer to the Company’s fiscal year ended April 3, 2021. The three and nine months ended January 1, 2022 and December 26, 2020 each included 13 and 39 weeks, respectively. 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. |
Business Acquisition
Business Acquisition | 9 Months Ended |
Jan. 01, 2022 | |
Business Combinations [Abstract] | |
Business Acquisition | 2. Business Acquisition ScotBilt Acquisition On February 28, 2021 , the Company acquired 100 % of the membership interests of ScotBilt Homes, LLC and related companies (“ScotBilt”), a builder of manufactured homes with annual revenues of approximately $ 79.0 million, for a purchase price of $ 53.0 million. Under the terms of the purchase agreement, the preliminary purchase price was adjusted for cash held by ScotBilt at the closing date and working capital adjustments resulting in an initial total purchase consideration of $ 54.5 million. In the first quarter of fiscal 2022, the Company reduced the preliminary purchase price allocation by $ 0.2 million as a result of the final working capital settlement. The Company accounted for the acquisition as a business combination under the acquisition method of accounting provided by FASB ASC 805, Business Combinations (“ASC 805”). As such, the purchase price was allocated to the net assets acquired, inclusive of intangible assets, with the excess fair value recorded to goodwill. The purchase price allocation for this acquisition is preliminary and could change. The preliminary allocation of the purchase price was as follows: (Dollars in thousands) Cash $ 1,521 Trade accounts receivable 2,256 Inventory 6,752 Property, plant, and equipment 10,466 Other assets 1,164 Accounts payable and accrued liabilities ( 7,432 ) Intangibles 21,100 Goodwill 18,449 Total purchase price allocation $ 54,276 Goodwill is primarily attributable to expected synergies from the combination of the companies, including, but not limited to, expected cost synergies through procurement activities and operational improvements through sharing of best practices. Goodwill, which is deductible for income tax purposes, was allocated to the U.S. Factory-built Housing reporting unit. Cash, trade accounts receivable, inventory, other assets, accounts payable, and accrued liabilities were generally stated at historical carrying values given the short-term nature of these assets and liabilities. Intangible assets include $ 13.0 million in customer relationships and $ 8.1 million associated with the ScotBilt trade name and were based on an independent appraisal. The fair value of the customer relationships was determined using the multi-period excess earnings method and the fair value of the trade name was determined using the relief-from-royalty method. The Company estimates that each intangible asset has a weighted average useful life of ten years from the acquisition date. Fair value estimates of property, plant, and equipment were based on independent appraisals, giving consideration to the highest and best use of the assets. Key assumptions used in the appraisals were based on a combination of market, cost, and sales comparison approaches, as appropriate. Level 3 fair value estimates of $ 10.5 million related to property, plant, and equipment and $ 21.1 million related to intangible assets were recorded in the accompanying consolidated balance sheet as of April 3, 2021. The acquisition of ScotBilt was a taxable business combination. Therefore, the Company’s tax basis in the assets acquired and the liabilities assumed approximate the respective fair values at the acquisition date. |
Inventories, Net
Inventories, Net | 9 Months Ended |
Jan. 01, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 3. Inventories, net The components of inventory, net of reserves for obsolete inventory, were as follows: (Dollars in thousands) January 1, April 3, Raw materials $ 108,370 $ 91,916 Work in process 22,644 21,642 Finished goods and other 54,038 52,555 Total inventories, net $ 185,052 $ 166,113 At January 1, 2022 and April 3, 2021, reserves for obsolete inventory were $ 4.4 million and $ 4.6 million, respectively . |
Property, Plant, and Equipment
Property, Plant, and Equipment | 9 Months Ended |
Jan. 01, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | 4. 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 January 1, 2022 and December 26, 2020 was $ 3.3 million and $ 3.0 million, respectively. Depreciation expense for the nine months ended January 1, 2022 and December 26, 2020 was $ 9.9 m illion and $ 9.0 million, respectively. The components of property, plant, and equipment were as follows: (Dollars in thousands) January 1, April 3, Land and improvements $ 39,411 $ 36,470 Buildings and improvements 97,206 97,005 Machinery and equipment 64,286 57,790 Construction in progress 13,913 1,889 Property, plant, and equipment, at cost 214,816 193,154 Less: accumulated depreciation ( 87,620 ) ( 78,014 ) Property, plant, and equipment, net $ 127,196 $ 115,140 |
Goodwill, Intangible Assets, an
Goodwill, Intangible Assets, and Cloud Computing Arrangements | 9 Months Ended |
Jan. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Intangible Assets, and Cloud Computing Arrangements | 5. 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 January 1, 2022 and April 3, 2021, the Company had goodwill o f $ 192.0 mil lion and $ 191.8 million, respectively. Intangible Assets The components of amortizable intangible assets were as follows: (Dollars in thousands) January 1, 2022 April 3, 2021 Customer Trade Total Customer Trade Total Gross carrying amount $ 61,913 $ 21,389 $ 83,302 $ 61,963 $ 21,409 $ 83,372 Accumulated amortization ( 22,336 ) ( 7,795 ) ( 30,131 ) ( 18,158 ) ( 6,379 ) $ ( 24,537 ) Amortizable intangibles, net $ 39,577 $ 13,594 $ 53,171 $ 43,805 $ 15,030 $ 58,835 During the three months ended January 1, 2022 and December 26, 2020, amortization of intangible assets wa s $ 1.9 million and $ 1.4 million, respectively. During the nine months ended January 1, 2022 and December 26, 2020 , amortization of intangible assets was $ 5.7 million and $ 4.1 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 January 1, 2022 and April 3, 2021, the Company had capitalized cloud computing costs o f $ 15.7 million and $ 0.3 million, respectively. Cloud computing costs are included in other noncurrent assets in the accompanying Consolidated Balance Sheets. There was no amortization of capitalized cloud computing costs during the three and nine months ended January 1, 2022 and December 26, 2020 as the related systems have not yet been placed in service. |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Jan. 01, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 6. Other Current Liabilities The components of other current liabilities were as follows: (Dollars in thousands) January 1, April 3, Customer deposits $ 65,114 $ 58,888 Accrued volume rebates 24,849 18,207 Accrued warranty obligations 24,508 24,033 Accrued compensation and payroll taxes 50,149 42,560 Accrued insurance 17,455 12,421 Other 23,019 24,586 Total other current liabilities $ 205,094 $ 180,695 |
Accrued Warranty Obligations
Accrued Warranty Obligations | 9 Months Ended |
Jan. 01, 2022 | |
Guarantees and Product Warranties [Abstract] | |
Accrued Warranty Obligations | 7. Accrued Warranty Obligations Changes in the accrued warranty obligations were as follows: Three months ended Nine months ended (Dollars in thousands) January 1, December 26, January 1, December 26, Balance at beginning of period $ 31,855 $ 24,460 $ 30,469 $ 24,969 Warranty expense 9,146 9,863 30,330 24,616 Cash warranty payments ( 10,057 ) ( 8,808 ) ( 29,855 ) ( 24,070 ) Balance at end of period 30,944 25,515 30,944 25,515 Less: noncurrent portion in other long-term liabilities ( 6,436 ) ( 5,790 ) ( 6,436 ) ( 5,790 ) Total current portion $ 24,508 $ 19,725 $ 24,508 $ 19,725 |
Debt and Floor Plan Payable
Debt and Floor Plan Payable | 9 Months Ended |
Jan. 01, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Floor Plan Payable | 8. Debt and Floor Plan Payable Long-term debt consisted of the following: (Dollars in thousands) January 1, April 3, Revolving credit facility maturing in 2026 $ — $ 26,900 Obligations under industrial revenue bonds due 2029 12,430 12,430 Total debt 12,430 39,330 Less: current portion — — Total long-term debt $ 12,430 $ 39,330 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. Outstanding borrowings of $ 26.9 million on the Company’s previous revolving credit facility were repaid in July 2021. The Amended Credit Agreement allows the Company to draw down, repay and re-draw loans on the available funds during the term, subject to certain terms and conditions, matures in July 2026 and has no scheduled amortization. The Company capitalized $ 1.1 million of deferred financing fees associated with the Amended Credit Agreement, which is included in other noncurrent assets on the accompanying consolidated balance sheets. The Company wrote off $ 0.3 million of deferred financing fees associated with the previously existing credit facility, which is included in interest expense, net for the nine months ended January 1, 2022. The interest rate on borrowings under the Amended Credit Agreement adjusts based on the consolidated total net leverage of the Company from a high of LIBOR plus 1.875 % and ABR plus 0.875 %, at the election of the Company, when the consolidated total net leverage ratio is equal to or greater than 2.25 :1.00, to a low of LIBOR plus 1.125 % and ABR plus 0.125 % when the consolidated total net leverage is below 0.50:1.00. 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 January 1, 2022 the interest rate under the Amended Credit Agreement was 1.23 %. At January 1, 2022 , letters of credit issued under the Amended Credit Agreement totaled $ 30.4 million and total available borrowings were $ 169.6 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 January 1, 2022, including related costs and fees, was 1.78 %. T he industrial revenue bonds require lump-sum payments of principal upon maturity in 2029 . 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 January 1, 2022. Floor Plan Payable The Company’s retail operations utilize floor plan financing to fund the purchase of manufactured homes for display or resale. At January 1, 2022 and April 3, 2021, the Company had outstanding borrowings on floor plan financing agreements of $ 34.3 million and $ 25.7 million, respectively. Total credit line capacity provided under the agreements was $ 57.0 million as of January 1, 2022 . Borrowings are secured by the financed homes and are required to be repaid when the Company sells a financed home to a customer. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jan. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 9. Revenue Recognition The following tables disaggregate the Company’s revenue by sales category for the three and nine months ended January 1, 2022 and December 26, 2020: Three months ended January 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 478,838 $ 36,910 $ — $ 515,748 Commercial 5,481 — — 5,481 Transportation — — 13,461 13,461 Total $ 484,319 $ 36,910 $ 13,461 $ 534,690 Nine months ended January 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 1,403,856 $ 113,242 $ — $ 1,517,098 Commercial 9,482 — — 9,482 Transportation — — 42,532 42,532 Total $ 1,413,338 $ 113,242 $ 42,532 $ 1,569,112 Three months ended December 26, 2020 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 332,200 $ 26,351 $ — $ 358,551 Commercial 4,158 — — 4,158 Transportation — — 14,872 14,872 Total $ 336,358 $ 26,351 $ 14,872 $ 377,581 Nine months ended December 26, 2020 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 857,028 $ 66,104 $ — $ 923,132 Commercial 11,549 — — 11,549 Transportation — — 38,551 38,551 Total $ 868,577 $ 66,104 $ 38,551 $ 973,232 |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes For the three months ended January 1, 2022 and December 26, 2020 , the Company recorded $ 23.3 million and $ 5.3 million of income tax expense and had an effective tax rate of 25.6 % and 19.7 %, respectively. For the nine months ended January 1, 2022 and December 26, 2020 , the Company recorded $ 53.7 million and $ 15.5 million of income tax expense and had an effective tax rate of 25.0 % and 23.3 %, respectively. During the three months ended December 26, 2020, the Company completed a U.S. research and development ("R&D") tax credit study for the years 2018 and 2019 that resulted in the recognition of a tax benefit of $ 1.7 million. The Company’s effective tax rate for the three and nine months ended January 1, 2022 differs from the federal statutory rate of 21.0 % due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, results in foreign jurisdictions, and tax benefits related to equity compensation. The Company’s effective tax rate for the three and nine months ended December 26, 2020 differs from the federal statutory rate of 21.0 % due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits (including the $ 1.7 million R&D credit), and results in foreign jurisdictions. At January 1, 2022 , the Company had no unrecognized tax benefits. The Company does not anticipate any material changes to uncertain tax benefits in the next twelve months. The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jan. 01, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11. Earnings Per Share Basic net income per share (“EPS”) 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. Certain of the Company’s time-based restricted share awards were considered participating securities prior to the completion of the vesting period. The vesting for these time-based shares occurred in the second quarter of fiscal 2021. Diluted earnings per common share is computed based on the more dilutive of: (i) the two class method, assuming the participating securities are not exercised or converted; or (ii) the summation of average common shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued. During the nine months ended December 26, 2020, the two-class method was more dilutive. The two-class method was not applicable to the computation for the three months ended December 26,2020, or any subsequent periods, as the time-vested restricted share awards were fully vested and no longer considered participating securities. The following table sets forth the computation of basic and diluted earnings per common share: Three months ended Nine months ended (Dollars and shares in thousands, except per share data) January 1, December 26, January 1, December 26, Numerator: Net income $ 67,622 $ 21,599 $ 161,246 $ 51,013 Undistributed earnings allocated to participating securities — — — ( 62 ) Net income attributable to the Company's common shareholders $ 67,622 $ 21,599 $ 161,246 $ 50,951 Denominator: Basic weighted-average shares outstanding 56,847 56,702 56,787 56,630 Dilutive securities 491 288 498 253 Diluted weighted-average shares outstanding 57,338 56,990 57,285 56,883 Basic net income per share $ 1.19 $ 0.38 $ 2.84 $ 0.90 Diluted net income per share $ 1.18 $ 0.38 $ 2.81 $ 0.90 |
Segment Information
Segment Information | 9 Months Ended |
Jan. 01, 2022 | |
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, 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 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 includes cash and certain deferred tax items not specifically allocated to another segment. Selected financial information by reportable segment was as follows: Three months ended Nine months ended (Dollars in thousands) January 1, December 26, January 1, December 26, Net sales: U.S. Factory-built Housing $ 484,319 $ 336,358 $ 1,413,338 $ 868,577 Canadian Factory-built Housing 36,910 26,351 113,242 66,104 Corporate/Other 13,461 14,872 42,532 38,551 Consolidated net sales $ 534,690 $ 377,581 $ 1,569,112 $ 973,232 Operating income: U.S. Factory-built Housing EBITDA $ 98,724 $ 35,538 $ 239,816 $ 88,628 Canadian Factory-built Housing EBITDA 7,571 2,933 19,627 13,790 Corporate/Other EBITDA ( 9,638 ) ( 6,407 ) ( 26,966 ) ( 20,235 ) Other income 7 ( 180 ) ( 36 ) ( 6,993 ) Depreciation ( 3,348 ) ( 3,025 ) ( 9,869 ) ( 8,994 ) Amortization ( 1,902 ) ( 1,361 ) ( 5,664 ) ( 4,082 ) Consolidated operating income $ 91,414 $ 27,498 $ 216,908 $ 62,114 Depreciation: U.S. Factory-built Housing $ 2,706 $ 2,378 $ 7,935 $ 7,167 Canadian Factory-built Housing 279 246 837 609 Corporate/Other 363 401 1,097 1,218 Consolidated depreciation $ 3,348 $ 3,025 $ 9,869 $ 8,994 Amortization of U.S. Factory-built Housing intangible assets: $ 1,902 $ 1,361 $ 5,664 $ 4,082 Capital expenditures: U.S. Factory-built Housing $ 6,799 $ 1,234 $ 19,070 $ 3,173 Canadian Factory-built Housing 248 312 589 554 Corporate/Other 632 137 3,125 508 Consolidated capital expenditures $ 7,679 $ 1,683 $ 22,784 $ 4,235 (Dollars in thousands) January 1, April 3, Total Assets: U.S. Factory-built Housing (1) $ 586,047 $ 578,897 Canadian Factory-built Housing (1) 94,891 87,224 Corporate/Other (1) 387,213 251,781 Consolidated total assets $ 1,068,151 $ 917,902 (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 |
Oct. 02, 2021 | |
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 spread over numerous retailers. The repurchase price is generally determined by the original sales price of the product less contractually defined curtailment payments. Excluding the resale value of the homes, the contingent repurchase obligation as of January 1, 2022 was estimated to be $ 281.7 million . The Company accounts for the guarantees under its repurchase agreements with the retailers’ financing institutions by estimating and deferring a portion of the related product sale that represents the estimated fair value of the repurchase obligation. In addition, the Company has estimated the expected contingent net loss the Company will incur upon resale of any repurchases. These estimates are based on recent historical experience supplemented by management’s assessment of current economic and other conditions affecting retailers for which the Company has a contingent repurchase obligation. Based on these repurchase agreements and historical loss experience, as well as current economic conditions and forecasts that affect the potential loss exposure, a loss reserve of $ 1.8 million and $ 1.4 million was recorded as of January 1, 2022 and April 3, 2021, respectively. Losses incurred on homes repurchased were not significant during the three or nine months ended January 1, 2022 or December 26, 2020. At January 1, 2022, the Company was contingently obligated fo r $ 30.4 million under letters of credit, primarily consisting of $ 12.6 million to support long-term debt, $ 17.5 million to support the casualty insurance program, and $ 0.3 million to su pport bonding agreements. The letters of credit are issued from a sub-facility of the Amended Credit Agreement. The Company was also contingently obligated for $ 35.6 million under surety bonds, generally to support performance on long-term construction contracts and license and service bonding requirements. 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. |
Basis of Presentation and Bus_2
Basis of Presentation and Business (Policies) | 9 Months Ended |
Jan. 01, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: Skyline Champion Corporation (the “Company”) is a leading producer of factory-built housing in the United States (“U.S.”) and Canada. The Company’s operations consist of manufacturing, retail, and transportation activities. The Company operates 35 manufacturing facilities throughout the U.S. and five manufacturing facilities in western Canada. These facilities primarily construct factory-built, timber-framed manufactured, and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company’s retail operations consist of 18 sales centers that sell manufactured houses to consumers primarily in the Southern U.S. The Company’s transportation business engages independent owners/drivers to transport manufactured homes, recreational vehicles and other products throughout the U.S. and Canada. |
COVID-19 Government Financial Assistance | COVID-19 Government Financial Assistance: The outbreak of a novel strain of coronavirus ("COVID-19") was declared a global pandemic by the World Health Organization in March 2020. Various government programs were announced to provide financial relief for affected businesses, including the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and state level programs in the United States and the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada. The Company recognized $ 0.2 million and $ 7.0 million of subsidies under these programs during the three and nine months ended December 26, 2020, respectively. The Company’s policy is to account for these subsidies as Other Income in the period in which the related costs are incurred and the Company is reasonably assured to receive payment. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through December 2020 the Company deferred $ 11.8 million of payroll taxes. The Company paid $ 5.9 million of the deferred payroll taxes in the third quarter of fiscal 2022, with the remaining amount expected to be paid in December 2022. |
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 26, 2021 (the “Fiscal 2021 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 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 $ 1.0 million and $ 0.4 million at January 1, 2022 and April 3, 2021, respectively. At both January 1, 2022 and April 3, 2021, other notes receivable are reflected net of reserves of $ 0.4 million. 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 2022,” will end on April 2, 2022 and will include 52 weeks. References to “fiscal 2021” refer to the Company’s fiscal year ended April 3, 2021. The three and nine months ended January 1, 2022 and December 26, 2020 each included 13 and 39 weeks, respectively. 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. |
Business Acquisition (Tables)
Business Acquisition (Tables) | 9 Months Ended |
Jan. 01, 2022 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Preliminary Allocation on Assets and Liabilities | The preliminary allocation of the purchase price was as follows: (Dollars in thousands) Cash $ 1,521 Trade accounts receivable 2,256 Inventory 6,752 Property, plant, and equipment 10,466 Other assets 1,164 Accounts payable and accrued liabilities ( 7,432 ) Intangibles 21,100 Goodwill 18,449 Total purchase price allocation $ 54,276 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Jan. 01, 2022 | |
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) January 1, April 3, Raw materials $ 108,370 $ 91,916 Work in process 22,644 21,642 Finished goods and other 54,038 52,555 Total inventories, net $ 185,052 $ 166,113 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 9 Months Ended |
Jan. 01, 2022 | |
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) January 1, April 3, Land and improvements $ 39,411 $ 36,470 Buildings and improvements 97,206 97,005 Machinery and equipment 64,286 57,790 Construction in progress 13,913 1,889 Property, plant, and equipment, at cost 214,816 193,154 Less: accumulated depreciation ( 87,620 ) ( 78,014 ) Property, plant, and equipment, net $ 127,196 $ 115,140 |
Goodwill, Intangible Assets, _2
Goodwill, Intangible Assets, and Cloud Computing Arrangements (Tables) | 9 Months Ended |
Jan. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Amortizable Intangible Assets | The components of amortizable intangible assets were as follows: (Dollars in thousands) January 1, 2022 April 3, 2021 Customer Trade Total Customer Trade Total Gross carrying amount $ 61,913 $ 21,389 $ 83,302 $ 61,963 $ 21,409 $ 83,372 Accumulated amortization ( 22,336 ) ( 7,795 ) ( 30,131 ) ( 18,158 ) ( 6,379 ) $ ( 24,537 ) Amortizable intangibles, net $ 39,577 $ 13,594 $ 53,171 $ 43,805 $ 15,030 $ 58,835 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Jan. 01, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Current Liabilities | The components of other current liabilities were as follows: (Dollars in thousands) January 1, April 3, Customer deposits $ 65,114 $ 58,888 Accrued volume rebates 24,849 18,207 Accrued warranty obligations 24,508 24,033 Accrued compensation and payroll taxes 50,149 42,560 Accrued insurance 17,455 12,421 Other 23,019 24,586 Total other current liabilities $ 205,094 $ 180,695 |
Accrued Warranty Obligations (T
Accrued Warranty Obligations (Tables) | 9 Months Ended |
Jan. 01, 2022 | |
Guarantees and Product Warranties [Abstract] | |
Summary of Changes in Accrued Warranty Obligations | Changes in the accrued warranty obligations were as follows: Three months ended Nine months ended (Dollars in thousands) January 1, December 26, January 1, December 26, Balance at beginning of period $ 31,855 $ 24,460 $ 30,469 $ 24,969 Warranty expense 9,146 9,863 30,330 24,616 Cash warranty payments ( 10,057 ) ( 8,808 ) ( 29,855 ) ( 24,070 ) Balance at end of period 30,944 25,515 30,944 25,515 Less: noncurrent portion in other long-term liabilities ( 6,436 ) ( 5,790 ) ( 6,436 ) ( 5,790 ) Total current portion $ 24,508 $ 19,725 $ 24,508 $ 19,725 |
Debt and Floor Plan Payable (Ta
Debt and Floor Plan Payable (Tables) | 9 Months Ended |
Jan. 01, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | Long-term debt consisted of the following: (Dollars in thousands) January 1, April 3, Revolving credit facility maturing in 2026 $ — $ 26,900 Obligations under industrial revenue bonds due 2029 12,430 12,430 Total debt 12,430 39,330 Less: current portion — — Total long-term debt $ 12,430 $ 39,330 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Jan. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Corporate Net Sales | The following tables disaggregate the Company’s revenue by sales category for the three and nine months ended January 1, 2022 and December 26, 2020: Three months ended January 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 478,838 $ 36,910 $ — $ 515,748 Commercial 5,481 — — 5,481 Transportation — — 13,461 13,461 Total $ 484,319 $ 36,910 $ 13,461 $ 534,690 Nine months ended January 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 1,403,856 $ 113,242 $ — $ 1,517,098 Commercial 9,482 — — 9,482 Transportation — — 42,532 42,532 Total $ 1,413,338 $ 113,242 $ 42,532 $ 1,569,112 Three months ended December 26, 2020 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 332,200 $ 26,351 $ — $ 358,551 Commercial 4,158 — — 4,158 Transportation — — 14,872 14,872 Total $ 336,358 $ 26,351 $ 14,872 $ 377,581 Nine months ended December 26, 2020 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 857,028 $ 66,104 $ — $ 923,132 Commercial 11,549 — — 11,549 Transportation — — 38,551 38,551 Total $ 868,577 $ 66,104 $ 38,551 $ 973,232 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jan. 01, 2022 | |
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 Nine months ended (Dollars and shares in thousands, except per share data) January 1, December 26, January 1, December 26, Numerator: Net income $ 67,622 $ 21,599 $ 161,246 $ 51,013 Undistributed earnings allocated to participating securities — — — ( 62 ) Net income attributable to the Company's common shareholders $ 67,622 $ 21,599 $ 161,246 $ 50,951 Denominator: Basic weighted-average shares outstanding 56,847 56,702 56,787 56,630 Dilutive securities 491 288 498 253 Diluted weighted-average shares outstanding 57,338 56,990 57,285 56,883 Basic net income per share $ 1.19 $ 0.38 $ 2.84 $ 0.90 Diluted net income per share $ 1.18 $ 0.38 $ 2.81 $ 0.90 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jan. 01, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segments | Selected financial information by reportable segment was as follows: Three months ended Nine months ended (Dollars in thousands) January 1, December 26, January 1, December 26, Net sales: U.S. Factory-built Housing $ 484,319 $ 336,358 $ 1,413,338 $ 868,577 Canadian Factory-built Housing 36,910 26,351 113,242 66,104 Corporate/Other 13,461 14,872 42,532 38,551 Consolidated net sales $ 534,690 $ 377,581 $ 1,569,112 $ 973,232 Operating income: U.S. Factory-built Housing EBITDA $ 98,724 $ 35,538 $ 239,816 $ 88,628 Canadian Factory-built Housing EBITDA 7,571 2,933 19,627 13,790 Corporate/Other EBITDA ( 9,638 ) ( 6,407 ) ( 26,966 ) ( 20,235 ) Other income 7 ( 180 ) ( 36 ) ( 6,993 ) Depreciation ( 3,348 ) ( 3,025 ) ( 9,869 ) ( 8,994 ) Amortization ( 1,902 ) ( 1,361 ) ( 5,664 ) ( 4,082 ) Consolidated operating income $ 91,414 $ 27,498 $ 216,908 $ 62,114 Depreciation: U.S. Factory-built Housing $ 2,706 $ 2,378 $ 7,935 $ 7,167 Canadian Factory-built Housing 279 246 837 609 Corporate/Other 363 401 1,097 1,218 Consolidated depreciation $ 3,348 $ 3,025 $ 9,869 $ 8,994 Amortization of U.S. Factory-built Housing intangible assets: $ 1,902 $ 1,361 $ 5,664 $ 4,082 Capital expenditures: U.S. Factory-built Housing $ 6,799 $ 1,234 $ 19,070 $ 3,173 Canadian Factory-built Housing 248 312 589 554 Corporate/Other 632 137 3,125 508 Consolidated capital expenditures $ 7,679 $ 1,683 $ 22,784 $ 4,235 (Dollars in thousands) January 1, April 3, Total Assets: U.S. Factory-built Housing (1) $ 586,047 $ 578,897 Canadian Factory-built Housing (1) 94,891 87,224 Corporate/Other (1) 387,213 251,781 Consolidated total assets $ 1,068,151 $ 917,902 (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 | 9 Months Ended | ||||
Jan. 01, 2022USD ($)Center | Dec. 26, 2020USD ($) | Jan. 01, 2022USD ($)FacilityCenter | Dec. 26, 2020USD ($) | Apr. 03, 2021USD ($) | Dec. 31, 2020USD ($) | |
Significant Accounting Policies [Line Items] | ||||||
Trade accounts receivable, net | $ 46,184 | $ 46,184 | $ 57,481 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Trade accounts receivable, net | 1,000 | 1,000 | 400 | |||
Other notes receivable net of reserves | $ 400 | $ 400 | $ 400 | |||
U.S [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of manufacturing facilities | Facility | 35 | |||||
Number of sales centers | Center | 18 | 18 | ||||
Canada [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of manufacturing facilities | Facility | 5 | |||||
COVID-19 [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
CARES act and other state level programs subsidies recognized | $ 200 | $ 7,000 | ||||
Deferred payroll taxes | $ 11,800 | |||||
Deferred payroll taxes paid | $ 5,900 |
Business Acquisition - ScotBilt
Business Acquisition - ScotBilt Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 28, 2021 | Apr. 03, 2021 | Jan. 01, 2022 |
Business Acquisition [Line Items] | |||
Estimated weighted average useful lives | 10 years | ||
ScotBilt [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquired | Feb. 28, 2021 | ||
Percentage of membership interest | 100.00% | ||
Annual revenues | $ 79,000 | ||
Purchase price | 53,000 | ||
Initial total purchase consideration | 54,500 | $ 54,276 | |
Preliminary purchase price allocation | 200 | ||
Intangible assets | $ 21,100 | ||
ScotBilt [Member] | Level 3 Fair Value Estimates [Member] | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment, fair value | $ 10,500 | ||
Intangible assets, fair value | $ 21,100 | ||
ScotBilt [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 13,000 | ||
ScotBilt [Member] | Trade Name [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 8,100 |
Business Acquisition - Schedule
Business Acquisition - Schedule of Purchase Price Preliminary Allocation on Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Apr. 03, 2021 | Feb. 28, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 191,970 | $ 191,803 | |
ScotBilt [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 1,521 | ||
Trade accounts receivable | 2,256 | ||
Inventory | 6,752 | ||
Property, plant, and equipment | 10,466 | ||
Other assets | 1,164 | ||
Accounts payable and accrued liabilities | (7,432) | ||
Intangibles | 21,100 | ||
Goodwill | 18,449 | ||
Total purchase price allocation | $ 54,276 | $ 54,500 |
Inventories, Net - Summary of C
Inventories, Net - Summary of Components of Inventory, Net of Reserves for Obsolete Inventory (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Apr. 03, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 108,370 | $ 91,916 |
Work in process | 22,644 | 21,642 |
Finished goods and other | 54,038 | 52,555 |
Total inventories, net | $ 185,052 | $ 166,113 |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2022 | Apr. 03, 2021 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete inventory | $ 4.4 | $ 4.6 |
Property Plant, and Equipment -
Property Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2022 | Dec. 26, 2020 | Jan. 01, 2022 | Dec. 26, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 3,348 | $ 3,025 | $ 9,869 | $ 8,994 |
Minimum [Member] | Land and Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 3 years | |||
Minimum [Member] | Building and Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 8 years | |||
Minimum [Member] | Vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 3 years | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 3 years | |||
Maximum [Member] | Land and Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 10 years | |||
Maximum [Member] | Building and Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 25 years | |||
Maximum [Member] | Vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 8 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property, plant and equipment | 8 years |
Property Plant, and Equipment_2
Property Plant, and Equipment - Summary of Components of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Apr. 03, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 214,816 | $ 193,154 |
Less accumulated depreciation | (87,620) | (78,014) |
Property, plant, and equipment, net | 127,196 | 115,140 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 39,411 | 36,470 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 97,206 | 97,005 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 64,286 | 57,790 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 13,913 | $ 1,889 |
Goodwill, Intangible Assets, _3
Goodwill, Intangible Assets, and Cloud Computing Arrangements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 2022 | Dec. 26, 2020 | Jan. 01, 2022 | Dec. 26, 2020 | Apr. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 191,970,000 | $ 191,970,000 | $ 191,803,000 | ||
Amortization of intangible assets | 1,900,000 | $ 1,400,000 | 5,664,000 | $ 4,082,000 | |
Capitalized cloud computing costs | 15,700,000 | 15,700,000 | $ 300,000 | ||
Amortization of capitalized cloud computing costs | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill, Intangible Assets, _4
Goodwill, Intangible Assets, and Cloud Computing Arrangements - Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Apr. 03, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 83,302 | $ 83,372 |
Accumulated amortization | (30,131) | (24,537) |
Amortizable intangibles, net | 53,171 | 58,835 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 61,913 | 61,963 |
Accumulated amortization | (22,336) | (18,158) |
Amortizable intangibles, net | 39,577 | 43,805 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 21,389 | 21,409 |
Accumulated amortization | (7,795) | (6,379) |
Amortizable intangibles, net | $ 13,594 | $ 15,030 |
Other Current Liabilities - Com
Other Current Liabilities - Components of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Apr. 03, 2021 | Dec. 26, 2020 |
Other Liabilities Disclosure [Abstract] | |||
Customer deposits | $ 65,114 | $ 58,888 | |
Accrued volume rebates | 24,849 | 18,207 | |
Accrued warranty obligations | 24,508 | 24,033 | $ 19,725 |
Accrued compensation and payroll taxes | 50,149 | 42,560 | |
Accrued insurance | 17,455 | 12,421 | |
Other | 23,019 | 24,586 | |
Total other current liabilities | $ 205,094 | $ 180,695 |
Accrued Warranty Obligations -
Accrued Warranty Obligations - Summary of Changes in Accrued Warranty Obligations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 2022 | Dec. 26, 2020 | Jan. 01, 2022 | Dec. 26, 2020 | Apr. 03, 2021 | |
Guarantees and Product Warranties [Abstract] | |||||
Balance at beginning of period | $ 31,855 | $ 24,460 | $ 30,469 | $ 24,969 | |
Warranty expense | 9,146 | 9,863 | 30,330 | 24,616 | |
Cash warranty payments | (10,057) | (8,808) | (29,855) | (24,070) | |
Balance at end of period | 30,944 | 25,515 | 30,944 | 25,515 | |
Less noncurrent portion in other long-term liabilities | (6,436) | (5,790) | (6,436) | (5,790) | |
Total current portion | $ 24,508 | $ 19,725 | $ 24,508 | $ 19,725 | $ 24,033 |
Debt and Floor Plan Payable - S
Debt and Floor Plan Payable - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Apr. 03, 2021 |
Debt Instrument [Line Items] | ||
Total debt | $ 12,430 | $ 39,330 |
Total long-term debt | 12,430 | 39,330 |
Revolving Credit Facility Maturing in 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 26,900 | |
Obligations Under Industrial Revenue Bonds Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 12,430 | $ 12,430 |
Debt and Floor Plan Payable - A
Debt and Floor Plan Payable - Additional Information (Detail) | 9 Months Ended | ||||
Jan. 01, 2022USD ($) | Dec. 26, 2020USD ($) | Jul. 07, 2021USD ($) | Jul. 03, 2021USD ($) | Apr. 03, 2021USD ($) | |
Debt Instrument [Line Items] | |||||
Revolving credit facility, maturity month and year | 2026-07 | ||||
Deferred financing fees written off | $ 599,000 | $ 380,000 | |||
Interest Expense, Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred financing fees written off | $ 300,000 | ||||
Obligations Under Industrial Revenue Bonds Due 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted-average interest rate | 1.78% | ||||
Industrial revenue bonds maturity | 2029 | ||||
Floor Plan Financing Arrangements [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding borrowings | $ 34,300,000 | $ 25,700,000 | |||
Line of Credit Facility, description | Borrowings are secured by the financed homes and are required to be repaid when the Company sells a financed home to a customer. | ||||
Credit Agreement [Member] | Other Noncurrent Assets [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred financing fees capitalized | $ 1,100,000 | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | 200,000,000 | $ 100,000,000 | |||
First lien leverage ratio | 2.25 | ||||
Interest rate on borrowings | 1.23% | ||||
Outstanding borrowings | $ 26,900,000 | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Ratio Equal to Or Greater Than 2.25:1.00 [Member] | LIBOR [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] | LIBOR [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] | Floor Plan Financing Arrangements [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 57,000,000 | ||||
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 | $ 45,000,000 | ||||
Letters of credit issued | $ 30,400,000 | ||||
Available borrowings under Credit Agreement | $ 169,600,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Corporate Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2022 | Dec. 26, 2020 | Jan. 01, 2022 | Dec. 26, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | $ 534,690 | $ 377,581 | $ 1,569,112 | $ 973,232 |
Manufacturing and Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 515,748 | 358,551 | 1,517,098 | 923,132 |
Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 5,481 | 4,158 | 9,482 | 11,549 |
Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 13,461 | 14,872 | 42,532 | 38,551 |
U.S Factory-Built Housing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 484,319 | 336,358 | 1,413,338 | 868,577 |
U.S Factory-Built Housing [Member] | Manufacturing and Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 478,838 | 332,200 | 1,403,856 | 857,028 |
U.S Factory-Built Housing [Member] | Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 5,481 | 4,158 | 9,482 | 11,549 |
Canadian Factory-Built Housing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 36,910 | 26,351 | 113,242 | 66,104 |
Canadian Factory-Built Housing [Member] | Manufacturing and Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 36,910 | 26,351 | 113,242 | 66,104 |
Corporate Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | 13,461 | 14,872 | 42,532 | 38,551 |
Corporate Other [Member] | Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated Net Sales | $ 13,461 | $ 14,872 | $ 42,532 | $ 38,551 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2022 | Dec. 26, 2020 | Jan. 01, 2022 | Dec. 26, 2020 | |
Income Tax Contingency [Line Items] | ||||
Income tax expense | $ 23,277,000 | $ 5,284,000 | $ 53,696,000 | $ 15,493,000 |
Effective tax rate | 25.60% | 19.70% | 25.00% | 23.30% |
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Unrecognized tax benefits | $ 0 | $ 0 | ||
Tax Years 2018 and 2019 | ||||
Income Tax Contingency [Line Items] | ||||
Research and development tax credit | $ 1,700,000 | $ 1,700,000 |
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 | 9 Months Ended | ||
Jan. 01, 2022 | Dec. 26, 2020 | Jan. 01, 2022 | Dec. 26, 2020 | |
Numerator: | ||||
Net income (loss) | $ 67,622 | $ 21,599 | $ 161,246 | $ 51,013 |
Undistributed earnings allocated to participating securities | (62) | |||
Net income attributable to the Company's common shareholders | $ 67,622 | $ 21,599 | $ 161,246 | $ 50,951 |
Denominator: | ||||
Basic weighted average shares outstanding | 56,847 | 56,702 | 56,787 | 56,630 |
Dilutive securities | 491 | 288 | 498 | 253 |
Diluted weighted average shares outstanding | 57,338 | 56,990 | 57,285 | 56,883 |
Basic net income per share | $ 1.19 | $ 0.38 | $ 2.84 | $ 0.90 |
Diluted net income per share | $ 1.18 | $ 0.38 | $ 2.81 | $ 0.90 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Jan. 01, 2022Segment | |
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 | 9 Months Ended | |||
Jan. 01, 2022 | Dec. 26, 2020 | Jan. 01, 2022 | Dec. 26, 2020 | Apr. 03, 2021 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 534,690 | $ 377,581 | $ 1,569,112 | $ 973,232 | |
Operating income (loss) | 91,414 | 27,498 | 216,908 | 62,114 | |
Other income | 7 | (180) | (36) | (6,993) | |
Depreciation | 3,348 | 3,025 | 9,869 | 8,994 | |
Amortization | (1,902) | (1,361) | (5,664) | (4,082) | |
Amortization of intangible assets | 1,900 | 1,400 | 5,664 | 4,082 | |
Assets | 1,068,151 | 1,068,151 | $ 917,902 | ||
U.S Factory-Built Housing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 484,319 | 336,358 | 1,413,338 | 868,577 | |
Amortization of intangible assets | 1,902 | 1,361 | 5,664 | 4,082 | |
Canadian Factory-Built Housing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 36,910 | 26,351 | 113,242 | 66,104 | |
Operating Segments [Member] | U.S Factory-Built Housing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 484,319 | 336,358 | 1,413,338 | 868,577 | |
Operating income (loss) | 98,724 | 35,538 | 239,816 | 88,628 | |
Depreciation | 2,706 | 2,378 | 7,935 | 7,167 | |
Capital expenditures | 6,799 | 1,234 | 19,070 | 3,173 | |
Assets | 586,047 | 586,047 | 578,897 | ||
Operating Segments [Member] | Canadian Factory-Built Housing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 36,910 | 26,351 | 113,242 | 66,104 | |
Operating income (loss) | 7,571 | 2,933 | 19,627 | 13,790 | |
Depreciation | 279 | 246 | 837 | 609 | |
Capital expenditures | 248 | 312 | 589 | 554 | |
Assets | 94,891 | 94,891 | 87,224 | ||
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 13,461 | 14,872 | 42,532 | 38,551 | |
Operating income (loss) | (9,638) | (6,407) | (26,966) | (20,235) | |
Depreciation | 363 | 401 | 1,097 | 1,218 | |
Capital expenditures | 632 | 137 | 3,125 | 508 | |
Assets | 387,213 | 387,213 | 251,781 | ||
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 534,690 | 377,581 | 1,569,112 | 973,232 | |
Operating income (loss) | 91,414 | 27,498 | 216,908 | 62,114 | |
Depreciation | 3,348 | 3,025 | 9,869 | 8,994 | |
Capital expenditures | 7,679 | $ 1,683 | 22,784 | $ 4,235 | |
Assets | $ 1,068,151 | $ 1,068,151 | $ 917,902 |
Commitments, Contingencies an_2
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Jan. 01, 2022 | Apr. 03, 2021 | |
Commitment And Contingencies [Line Items] | ||
Losses under repurchase obligations | $ 281.7 | |
Reserve for estimated losses under repurchase agreements | $ 1.8 | $ 1.4 |
Guarantee obligations term | 12 years | |
Letters of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent obligation | $ 30.4 | |
Long-term Debt [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent obligation | 12.6 | |
Casualty Insurance Program [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent obligation | 17.5 | |
Bonding Agreements [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent obligation | 0.3 | |
Surety Bond [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent obligation | $ 35.6 |