Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 03, 2021 | May 14, 2021 | Sep. 25, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 3, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Skyline Champion Corporation | ||
Entity Central Index Key | 0000090896 | ||
Current Fiscal Year End Date | --03-28 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,474,876,072 | ||
Entity Common Stock, Shares Outstanding | 56,639,614 | ||
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 Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 262,581 | $ 209,455 |
Trade accounts receivable, net | 57,481 | 45,733 |
Inventories, net | 166,113 | 126,386 |
Other current assets | 13,592 | 17,239 |
Total current assets | 499,767 | 398,813 |
Long-term assets: | ||
Property, plant, and equipment, net | 115,140 | 109,291 |
Goodwill | 191,803 | 173,521 |
Amortizable intangible assets, net | 58,835 | 43,357 |
Deferred tax assets | 19,914 | 21,812 |
Other noncurrent assets | 32,443 | 34,906 |
Total assets | 917,902 | 781,700 |
Current liabilities: | ||
Floor plan payable | 25,733 | 33,914 |
Accounts payable | 57,214 | 38,703 |
Other current liabilities | 180,695 | 114,030 |
Total current liabilities | 263,642 | 186,647 |
Long-term liabilities: | ||
Long-term debt | 39,330 | 77,330 |
Deferred tax liabilities | 4,280 | 3,264 |
Other | 42,039 | 40,144 |
Total long-term liabilities | 85,649 | 120,738 |
Stockholders' Equity: | ||
Common stock, $0.0277 par value, 115,000 shares authorized, 56,640 and 56,665 shares issued (including 0 and 145 shares subject to restriction) as of April 3, 2021 and March 28, 2020, respectively | 1,569 | 1,570 |
Additional paid-in capital | 491,668 | 485,552 |
Retained earnings (accumulated deficit) | 82,898 | (48) |
Accumulated other comprehensive loss | (7,524) | (12,759) |
Total equity | 568,611 | 474,315 |
Total liabilities and stockholders' equity | $ 917,902 | $ 781,700 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 03, 2021 | Mar. 28, 2020 |
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 | 56,640,000 | 56,665,000 |
Shares subject to restriction | 0 | 145,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 1,420,881 | $ 1,369,730 | $ 1,360,043 |
Cost of sales | 1,133,186 | 1,090,755 | 1,114,684 |
Gross profit | 287,695 | 278,975 | 245,359 |
Selling, general, and administrative expenses | 178,936 | 192,520 | 275,101 |
Operating income (loss) | 108,759 | 86,455 | (29,742) |
Interest expense | 3,813 | 4,632 | 5,333 |
Interest income | (565) | (3,231) | (2,043) |
Other (income) expense | (5,889) | 8,271 | |
Income (loss) before income taxes | 111,400 | 85,054 | (41,303) |
Income tax expense | 26,501 | 26,894 | 16,905 |
Net income (loss) | $ 84,899 | $ 58,160 | $ (58,208) |
Net income (loss) per share: | |||
Basic | $ 1.50 | $ 1.03 | $ (1.09) |
Diluted | $ 1.49 | $ 1.02 | $ (1.09) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 84,899 | $ 58,160 | $ (58,208) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 5,235 | (2,144) | (1,322) |
Total comprehensive income (loss) | $ 90,134 | $ 56,016 | $ (59,530) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Cash flows from operating activities | |||
Net income (loss) | $ 84,899,000 | $ 58,160,000 | $ (58,208,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 17,704,000 | 18,546,000 | 16,079,000 |
Equity-based compensation | 6,037,000 | 8,349,000 | 101,999,000 |
Deferred taxes | 3,588,000 | 11,796,000 | 3,047,000 |
Amortization of deferred financing fees | 506,000 | 510,000 | 542,000 |
(Gain) loss on disposal of property, plant, and equipment | (61,000) | 239,000 | (37,000) |
Foreign currency transaction (gain) loss | (519,000) | 235,000 | 123,000 |
Fair market value adjustment to held for sale property | 986,000 | ||
Property, plant, and equipment impairment charge | 0 | 550,000 | 0 |
Change in assets and liabilities, net of business acquired: | |||
Accounts receivable | (9,305,000) | 11,901,000 | (2,223,000) |
Inventories | (31,030,000) | (4,491,000) | (6,044,000) |
Other assets | 967,000 | (10,616,000) | (1,973,000) |
Accounts payable | 16,371,000 | (4,606,000) | (3,105,000) |
Accrued expenses and other current liabilities | 64,740,000 | (14,816,000) | 15,147,000 |
Other | (119,000) | ||
Net cash provided by operating activities | 153,897,000 | 76,743,000 | 65,228,000 |
Cash flows from investing activities | |||
Additions to property, plant, and equipment | (8,016,000) | (15,389,000) | (12,092,000) |
Cash paid for acquisitions, net of cash acquired | (52,548,000) | 9,722,000 | |
Proceeds from life insurance policies | 1,829,000 | ||
Proceeds from disposal of property, plant, and equipment | 1,927,000 | 196,000 | 56,000 |
Proceeds from sale of held for sale property | 1,100,000 | ||
Decrease in note receivable | 284,000 | ||
Net cash used in investing activities | (56,808,000) | (14,093,000) | (2,030,000) |
Cash flows from financing activities | |||
Changes in floor plan financing, net | (8,181,000) | 592,000 | 3,496,000 |
Borrowings on revolving debt facility | 38,000,000 | 46,900,000 | |
Payments on revolving debt facility | (38,000,000) | (15,000,000) | (5,000,000) |
Payments on term-loans and other debt | (46,900,000) | ||
Payments for deferred financing fees | (2,169,000) | ||
Members' capital distribution | (65,277,000) | ||
Stock option exercises | 55,000 | 112,000 | 1,615,000 |
Tax payments for equity-based compensation | (1,687,000) | (2,135,000) | (5,183,000) |
Net cash (used in) provided by financing activities | (47,813,000) | 21,569,000 | (72,518,000) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 3,850,000 | (1,398,000) | (662,000) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 53,126,000 | 82,821,000 | (9,982,000) |
Cash, cash equivalents, and restricted cash at beginning of period | 209,455,000 | 126,634,000 | 136,616,000 |
Cash, cash equivalents, and restricted cash at end of period | 262,581,000 | 209,455,000 | 126,634,000 |
Supplemental disclosures of cash flow information | |||
Cash paid for interest | 3,574,000 | 4,044,000 | 4,975,000 |
Cash paid for income taxes | $ 17,540,000 | $ 22,312,000 | $ 13,537,000 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Members' Contributed Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Mar. 31, 2018 | $ 153,297 | $ 140,076 | $ 22,514 | $ (9,293) | ||||
Net income (loss) | (58,208) | (58,208) | ||||||
Equity-based compensation | 101,999 | $ 101,999 | ||||||
Members' capital distributions | (65,277) | (42,763) | (22,514) | |||||
Exchange of membership interest for shares of Skyline Champion Corporation | 285,052 | $ (97,313) | $ 1,555 | 380,810 | ||||
Exchange of membership interest for shares of Skyline Champion Corporation, shares | 56,143 | |||||||
Net common stock issued under equity-based compensation plans | (3,568) | $ 14 | (3,582) | |||||
Net common stock issued under equity-based compensation plans, shares | 514 | |||||||
Foreign currency translation adjustments | (1,323) | (1) | (1,322) | |||||
Ending balance at Mar. 30, 2019 | 411,972 | $ 1,569 | 479,226 | (58,208) | (10,615) | |||
Ending balance, shares at Mar. 30, 2019 | 56,657 | |||||||
Net income (loss) | 58,160 | 58,160 | ||||||
Equity-based compensation | 8,349 | 8,349 | ||||||
Net common stock issued under equity-based compensation plans | (2,022) | $ 1 | (2,023) | |||||
Net common stock issued under equity-based compensation plans, shares | 8 | |||||||
Foreign currency translation adjustments | (2,144) | (2,144) | ||||||
Ending balance at Mar. 28, 2020 | 474,315 | $ (245) | $ 1,570 | 485,552 | (48) | $ (245) | (12,759) | |
Ending balance, shares at Mar. 28, 2020 | 56,665 | |||||||
Net income (loss) | $ 84,899 | 84,899 | ||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | |||||||
Equity-based compensation | $ 6,037 | 6,037 | ||||||
Net common stock issued under equity-based compensation plans | (1,630) | $ (1) | 79 | (1,708) | ||||
Net common stock issued under equity-based compensation plans, shares | (25) | |||||||
Foreign currency translation adjustments | 5,235 | 5,235 | ||||||
Ending balance at Apr. 03, 2021 | $ 568,611 | $ 1,569 | $ 491,668 | $ 82,898 | $ (7,524) | |||
Ending balance, shares at Apr. 03, 2021 | 56,640 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 03, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Basis of Presentation: On June 1, 2018, Skyline Champion Corporation (formerly known as Skyline Corporation), an Indiana corporation (the “Company”) and Champion Enterprises Holdings, LLC (“Champion Holdings”) completed the transactions contemplated by the Share Contribution & Exchange Agreement (the “Exchange Agreement”), dated as of January 5, 2018, by and between the Company and Champion Holdings. Under the Exchange Agreement: (i) Champion Holdings contributed to the Company all of the issued and outstanding equity interests of each of Champion Holdings’ wholly-owned operating subsidiaries (the “Contributed Shares”); and (ii) in exchange for the Contributed Shares, the Company issued to the members of Champion Holdings, in the aggregate, 47,752,008 shares of the Company common stock (“Skyline Common Stock”) (such issuance, the “Shares Issuance”). Immediately following the Shares Issuance, the members of Champion Holdings collectively held 84.5%, and the Company’s pre-closing shareholders collectively held 15.5%, of the issued and outstanding Skyline Common Stock on a fully-diluted basis. The contribution of the Contributed Shares by Champion Holdings to Skyline, and the Shares Issuance by the Company to the members of Champion Holdings are collectively referred to herein as the “Exchange.” The Exchange was treated as a purchase of the Company by Champion Holdings for accounting and financial reporting purposes. As a result, the financial results for the twelve months ending March 30, 2019 are comprised of: (i) the results of Champion Holdings for the period between April 1, 2018 and May 31, 2018; and (ii) the Company, after giving effect to the Exchange, from June 1, 2018 through March 30, 2019. 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 have been 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 $6.2 million for payroll subsidies under CEWS during fiscal 2021. The Company also recognized $0.7 million during fiscal 2021 for wage subsidies under the CARES Act and other state level programs in the United States. 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. As of April 3, 2021, the Company had collected all of the CEWS subsidies for which it has applied. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through April 3, 2021, the Company has deferred $11.8 million of payroll taxes that will be paid beginning in December 2021 Nature of Operations: The Company’s operations consist of manufacturing, retail and transportation activities. At April 3, 2021, the Company operated 35 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. 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 recreational vehicles throughout the U.S. and Canada and manufactured houses in certain regions of the U.S. The Company also has holding companies located in the Netherlands. Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and its majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. Variable Interest Entities and Joint Ventures : The Company analyzes its investments in non-wholly owned subsidiaries to determine whether they are unconsolidated joint ventures, consolidated joint ventures, or variable interest entities (“VIEs”) and, if so, whether the Company is the primary beneficiary in accordance with ASC 810, . Accounting Estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“US. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes thereto. Estimates made in preparing the accompanying consolidated financial statements include, but are not limited to, business combinations, reserves for obsolete inventory, accrued warranty costs, useful lives of fixed and intangible assets, asset impairment analyses, insurance reserves, legal reserves, repurchase reserves, share- based compensation and deferred tax valuation allowances Actual results could differ from those estimates, making it reasonably possible that a change in these estimates could occur within one year. Fiscal Year: The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest March 31. Fiscal 2021 includes the 53-weeks ended April 3, 2021. Fiscal 2020 and 2019 include the 52-weeks ended March 28, 2020 and March 30, 2019, respectively . Revenue Recognition: Revenue is recognized when performance obligations under the terms of a contract are satisfied which generally occurs at a point in time through the transfer of control of promised goods to the Company's customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance. Sales revenue is reported net of applicable sales tax. See Note 9, Revenue Recognition, for additional information. Cost of Sales: Cost of sales includes manufacturing costs such as: (i) materials; (ii) compensation and employee benefits for direct and indirect labor; (iii) fixed and variable manufacturing overhead costs; (iv) warranty costs; (v) inbound delivery costs; and (vi) depreciation of buildings and equipment. Manufacturing overhead costs include costs such as: (i) utilities; (ii) workers’ compensation and product liability self-insurance; (iii) real and personal property taxes on buildings and equipment; (iv) manufacturing supplies; (v) repairs and maintenance; and (vi) rents and leases for buildings and equipment. Cost of sales also includes certain post-manufacturing costs, to the extent such costs are the Company’s responsibility. Post-manufacturing costs may include delivery and setup, foundations, craning, roofing, exterior cladding, interior finishing, utility connections and other miscellaneous site costs. Generally, subcontractors are engaged to perform post-manufacturing activities. Selling, General, and Administrative Expenses: Selling, general, and administrative expenses (“SG&A”) include costs such as (i) salaries, wages, incentives and employee benefits for executive, management, sales, engineering, accounting, information technology (“IT”) and administrative employees; (ii) sales commissions; (iii) marketing and advertising costs; (iv) legal and professional fees; (v) depreciation, rents and leases for administrative facilities, office equipment, IT equipment and computer software; and (vi) postage, office supplies, travel and telephone expenses. Advertising Costs and Delivery Costs and Revenue : Advertising costs are expensed as incurred and are included in selling, general, and administrative expenses. Total advertising expense was approximately $1.7 million, $2.3 million, and $1.5 million for fiscal 2021, 2020, and 2019, respectively. Delivery costs are included in cost of sales and delivery revenue is included in net sales. Foreign Currency: Translation adjustments of the Company’s international subsidiaries for which the local currency is the functional currency are reflected in the accompanying consolidated balance sheets as a component of accumulated other comprehensive income or loss. Fair Value: The Company estimates the fair value of its financial instruments in accordance with ASC 820, t , which establishes a fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As such, the fair value of financial instruments is estimated using available market information and other valuation methods. The Company groups assets • • • Level 3—Fair value determined using significant observable inputs, such as pricing models, discounted cash flows, or similar techniques. The Company records accounts receivable, accounts payable and other current liabilities at cost. The carrying value of these instruments approximate their fair value due to their short-term maturities. Cash and Cash Equivalents : Cash and cash equivalents include highly liquid investments that have original maturities less than 90 days at the time of their purchase. These investments are carried at cost, which approximates market value because of their short maturities. Trade Accounts Receivable and Allowance for Doubtful Accounts: The Company extends credit terms on a customer-by-customer basis in the normal course of business and, as such, trade accounts receivable are subject to customary credit risk. The allowance for doubtful accounts represents the Company's best estimate of probable credit losses in accounts receivable. Receivables are written off against the allowance when management believes that the amount receivable will not be recovered. At both April 3, 2021 and March 28, 2020, the Company had an allowance for doubtful accounts of $0.4 million. Inventories : Inventories are stated at the lower of cost or net realizable value, with cost determined under the first-in, first-out method. Capitalized manufacturing costs include the cost of materials, labor and manufacturing overhead. Retail inventories of new Property, Plant, and Equipment : Property, plant, and equipment are stated at acquisition date cost. Depreciation is provided principally on the straight-line method, 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 was $12.1 million, $13.1 million, and $11.3 million for fiscal 2021, 2020, and 2019, respectively At April 3, 2021, the Company owned five idle manufacturing facilities and two idle retail sales centers with a net book value of $6.8 million. These properties are accounted for as long-lived assets to be held and used. It is the Company’s policy to evaluate the recoverability of property, plant, and equipment whenever events and changes in circumstances indicate that the carrying amount of assets may not be recoverable. If impairment indicators exist, the Company performs the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon a combination of market and cost approaches, as appropriate. An impairment loss of $0.6 million was recorded in selling, general, and administrative expenses in fiscal 2020 related to a decrease in the estimated fair value of the Company’s idle manufacturing facilities. No impairment losses were recorded in either fiscal 2021 or 2019 Leases: The Company has operating leases for land, manufacturing and office facilities, and equipment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. The Company has elected not to recognize any right of use asset or lease liability for leases with an initial term of 12 months or less and has elected not to separate lease and non-lease components. The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments. Assets held for sale: Long-lived assets expected to be sold or otherwise disposed of within one year are classified as assets held for sale and included in other current assets in the consolidated balance sheets. In connection with the Exchange, the Company acquired an office building which was classified as an asset held for sale as of March 30, 2019, valued at $2.1 million. In the first quarter of fiscal 2020, a loss of $1.0 million was recorded in selling, general, and administrative expenses to recognize a decrease in the fair value of the building, which was sold for $1.1 million in the third quarter of fiscal 2020. Goodwill : The Company tests goodwill for impairment in accordance with ASC 350. Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting its annual impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. In fiscal 2021, the Company performed qualitative assessments of its reporting units. The annual assessment was completed on the first day of March. The assessment indicated that it was more likely than not that the fair value of each of the reporting units exceeded its respective carrying value. The Company does not believe that any reporting units are at risk for impairment. Business combinations: The Company accounts for its business combinations in accordance with the accounting guidance in ASC 805. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Refer to Note 2, Business Combination, for additional information. Amortizable Intangible Assets : Amortizable intangible assets consist primarily of fair values assigned to customer relationships and trade names. Trade names were valued based upon the relief-from-royalty method and customer relationships were valued based upon the multi-period excess earnings method. Amortization is provided over the useful lives of the intangible assets, generally up to ten years, using the straight-line method. The recoverability of amortizable intangible assets is evaluated whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recovered, in accordance with the recognition and measurement provisions of ASC 360. Warranty Obligations : The Company’s manufactured housing operations generally provides the homebuyer with an assurance warranty from the date of respective purchase. Estimated warranty costs are accrued as cost of sales at the time of sale. Warranty provisions and reserves are based on estimates of the amounts necessary to settle existing and future claims on homes sold by the manufacturing segment as of the balance sheet date. Factors used to calculate the warranty obligation are the estimated number of homes still under warranty and the historical average costs incurred to service a home. Dealer Volume Rebates : The Company’s manufacturing segment sponsors volume rebate programs under which sales to retailers and builder/developers can qualify for cash rebates generally based on the level of sales attained during a twelve-month period. Volume rebates are accrued at the time of sale and are recorded as a reduction of net sales. Repurchase Agreements: 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 industry, provide for the repurchase of products sold to retailers in the event of default by the retailer on their 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. The Company accounts for the guarantee 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 guarantee. Accrued Self-Insurance : The Company is self-insured for a significant portion of its workers’ compensation, general and product liability, auto liability, health, and property insurance. Insurance coverage is maintained for catastrophic exposures and those risks required to be insured by law. Estimated self-insurance costs are accrued for incurred claims and estimated claims incurred but not yet reported. At April 3, 2021 and March 28, 2020, the Company had gross reserves for estimated losses related to workers’ compensation obligations of $16.3 million and $16.5 million, respectively. The Company also recorded expected reimbursements for the portion of those losses above respective program limits of $5.2 million and $6.1 million at April 3, 2021 and March 28, 2020, respectively. Equity-Based Compensation: Stock-based compensation is measured at the grant date based on the fair value of the award and is generally recognized as expense ratably on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Forfeitures are recognized in the period in which they occur. Comprehensive Income and Loss: Components of comprehensive income and loss are changes in equity other than those resulting from investments by owners and distributions to owners. The aggregate amount of such changes to equity that have not yet been recognized in net income or loss are reported in the equity section of the accompanying consolidated balance sheets as accumulated other comprehensive income or loss, net of tax. Income Taxes : The provision for income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial statement amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, judgment is required. On March 29, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ,” using a modified retrospective approach. The standard amends several aspects of the measurement of credit losses related to certain financial instruments, including the replacement of the existing incurred credit loss model and other models with the current expected credit losses ("CECL") model. The cumulative effect of adoption resulted in an increase of $0.2 million in the allowance for credit loss and a corresponding decrease in retained earnings as of March 29, 2020. 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. At both April 3, 2021 and March 28, 2020, accounts receivable are reflected net of reserves of $0.4 million. Other notes receivable are reflected net of reserves of $0.4 million and $0.5 million at April 3, 2021 and March 28, 2020, respectively In January 2017, the FASB issued ASU 2017-04, “ Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment,” which addresses concerns over the cost and complexity of the two-step impairment testing model, and removes the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company adopted the provisions of ASU 2017-04 effective March 29, 2020, and the adoption did not have an impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements Pending Adoption: 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 Combination
Business Combination | 12 Months Ended |
Apr. 03, 2021 | |
Business Combinations [Abstract] | |
Business Combination | 2. 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 purchase price was adjusted for cash held by ScotBilt at the closing date and working capital adjustments resulting in total purchase consideration of $54.5 million and total cash paid to sellers of $54.1 million. The Company accounted for the acquisition as a business combination under the acquisition method of accounting provided by FASB ASC 805, Business Combinations The preliminary allocation of the purchase price was as follows: (Dollars in thousands) Cash $ 1,542 Trade accounts receivable 2,256 Inventory 6,923 Property, plant, and equipment 10,466 Other assets 1,164 Accounts payable and accrued liabilities (7,243 ) Intangibles 21,100 Goodwill 18,282 Total purchase price allocation $ 54,490 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. For further information on acquired assets measured at fair value, see Note 5, Goodwill and Intangible Assets. 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 | 12 Months Ended |
Apr. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 3 . The components of inventory, net of reserves for obsolete inventory, were as follows: (Dollars in thousands) April 3, 2021 March 28, 2020 Raw materials $ 91,916 $ 55,408 Work in process 21,642 17,773 Finished goods and other 52,555 53,205 Total inventories $ 166,113 $ 126,386 At April 3, 2021 and March 28, 2020, reserves for obsolete inventory were $4.6 million and $4.2 million, respectively. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Apr. 03, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant, and Equipment | 4 . Property, plant, and equipment are stated at cost. Depreciation is calculated primarily on the straight-line method, 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 fiscal years ended April 3, 2021, March 28, 2020, and March 30, 2019 was $12.1 million, $13.1 million, and $11.3 million, respectively. The components of property, plant, and equipment were as follows: (Dollars in thousands) April 3, 2021 March 28, 2020 Land and improvements $ 36,470 $ 35,332 Buildings and improvements 97,005 87,222 Machinery and equipment 57,790 51,239 Construction in progress 1,889 1,810 Property, plant, and equipment, at cost 193,154 175,603 Less accumulated depreciation (78,014 ) (66,312 ) Property, plant, and equipment, net $ 115,140 $ 109,291 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Apr. 03, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5 . 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 April 3, 2021 and March 28, 2020, the Company had goodwill of $191.8 million and $173.5 million, respectively. The change in the goodwill balance during the period was a result of the acquisition of ScotBilt. Goodwill is allocated to reporting units included in the U.S. Factory-built Housing segment, which include the Company’s U.S. manufacturing and retail operations . Intangible Assets The components of amortizable intangible assets were as follows: (Dollars in thousands) April 3, 2021 March 28, 2020 Customer Relationships Trade Names Total Customer Relationships Trade Names Total Gross carrying amount $ 61,963 $ 21,409 $ 83,372 $ 48,370 $ 13,068 $ 61,438 Accumulated amortization (18,158 ) (6,379 ) (24,537 ) (13,118 ) (4,963 ) (18,081 ) Amortizable intangibles, net $ 43,805 $ 15,030 $ 58,835 $ 35,252 $ 8,105 $ 43,357 Weighted average remaining amortization period, in years 7.8 7.9 7.8 7.3 6.2 7.1 The Company recognized customer relationships of $13.0 million and trade names of $8.1 million related to the acquisition of ScotBilt. The fair value of the customer relationship intangible asset was estimated using the multi-period excess earnings method of the income approach. The fair value of the customer relationship intangible asset was determined based on estimates and assumptions of projected cash flows attributable to the acquired customer relationships, the annual attrition rate of existing customer relationships, the contributory asset charges attributable to the assets that support the customer relationships, such as: (i) net working capital; (ii) property, plant, and equipment; (iii) trade names; and (iv) workforce, with the economic life and the discount rate as determined at the time of the acquisition. The fair value of the trade names intangible asset was estimated using the relief-from-royalty method of the income approach. The fair value of the trade names intangible asset was determined based on estimates and assumptions of the expected life of the intangible asset, the royalty rate, and the discount rate that reflects the level of risk associated with the future cash flows, as determined at the time of the acquisition. Amortization of intangible assets for the fiscal years ended April 3, 2021, March 28, 2020, and March 30, 2019 was $5.6 million, $5.4 million, and $4.8 million respectively. Estimated amortization expense of intangible assets over the next five years is estimated to be (dollars in thousands): Fiscal 2022 $ 7,553 Fiscal 2023 7,436 Fiscal 2024 7,388 Fiscal 2025 7,388 Fiscal 2026 7,388 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Apr. 03, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 6 . Other Current Liabilities The components of other current liabilities were as follows: (Dollars in thousands) April 3, 2021 March 28, 2020 Customer deposits $ 58,888 $ 22,679 Accrued volume rebates 18,207 17,469 Accrued warranty obligations 24,033 19,179 Accrued compensation and payroll taxes 42,560 27,776 Accrued insurance 12,421 11,182 Other 24,586 15,745 Total other current liabilities $ 180,695 $ 114,030 |
Accrued Warranty Obligations
Accrued Warranty Obligations | 12 Months Ended |
Apr. 03, 2021 | |
Guarantees And Product Warranties [Abstract] | |
Accrued Warranty Obligations | 7 . Changes in the accrued warranty obligations were as follows: Year Ended (Dollars in thousands) April 3, 2021 March 28, 2020 Balance at the beginning of the period $ 24,969 $ 23,346 Warranty assumed in the acquisition of ScotBilt 1,996 — Warranty expense 37,620 39,434 Cash warranty payments (34,116 ) (37,811 ) Balance at end of period 30,469 24,969 Less noncurrent portion in other long-term liabilities (6,436 ) (5,790 ) Total current portion $ 24,033 $ 19,179 |
Debt and Floor Plan Payable
Debt and Floor Plan Payable | 12 Months Ended |
Apr. 03, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Floor Plan Payable | 8 . Long-term debt consisted of the following: (Dollars in thousands) April 3, 2021 March 28, 2020 Revolving credit facility maturing in 2023 $ 26,900 $ 64,900 Obligations under industrial revenue bonds due 2029 12,430 12,430 Total debt 39,330 77,330 Less current portion — — Total long-term debt $ 39,330 $ 77,330 On June 5, 2018, the Company entered into a credit agreement (the “Credit Agreement”) with a syndicate of banks. The Credit Agreement provides for a revolving credit facility of up to $100.0 million, including a letter of credit sub-facility of not less than $45 million. The credit agreement is secured by the assets of certain manufacturing facilities. Initial borrowings under the Credit Agreement were used to repay the Company’s $46.9 million term loans and replace the Company’s existing cash collateralized stand-alone letter of credit facility. During fiscal 2021, the Company elected to repay $38.0 million of the outstanding balance on the revolving credit facility. The Credit Agreement matures on June 5, 2023 and has no scheduled amortization. The interest rate under the Credit Agreement adjusts based on the first lien net leverage of the Company. From June 5, 2018 through December 31, 2018, the annual interest rate was the selected London Interbank Offered Rate (“LIBOR”) plus 1.75%. Thereafter, the interest rate adjusts based on the first lien net leverage from a high of LIBOR plus 2.25% and ABR plus 1.25% when the first lien net leverage is equal to or greater than 2.00:1.00, to a low of LIBOR plus 1.50% and ABR plus 0.50% when the first lien net leverage is below 0.50:1.00. In addition, the Company is obligated to pay an unused line fee ranging between 0.25% and 0.40% (depending on the first lien net leverage) in respect of unused commitments under the Credit Agreement. At April 3, 2021 the interest rate on borrowings under the Credit Agreement was 1.6% and letters of credit issued under the Credit Agreement totaled $30.4 million. Total available borrowings under the Credit Agreement as of April 3, 2021 were $42.7 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 April 3, 2021, including related costs and fees, was 2.18%. At March 28, 2020, the weighted-average interest rate, including related costs and fees, was 6.31%. The industrial revenue bonds require lump-sum payments of principal upon maturity in 2029 and are secured by the assets of certain manufacturing facilities. The 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 Credit Agreement as of April 3, 2021. Floor Plan Payable The Company’s retail operations utilize floor plan financing to fund the acquisition of manufactured homes for display or resale. At April 3, 2021 and March 28, 2020, the Company had outstanding borrowings on floor plan financing agreements of $25.7 million and $33.9 million, respectively. The financing arrangements allow for borrowings up to $50.0 million. Borrowings are secured by the homes and are required to be repaid when the Company sells the home to a customer. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Apr. 03, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 9 . The Company’s revenue is recognized when performance obligations under the terms of a contract are satisfied which generally occurs with the transfer of control of products. The Company enters into contracts with its customers to provide manufactured homes, modular homes, park model RVs, ADUs, commercial structures and transportation services. Generally, the Company’s contracts may be terminated by the Company’s customers at any time prior to initiation of construction of the respective home. Historically, terminations of these contracts have been minimal. The Company receives signed sales quotes from its customers, which provide the terms for a specific home, including price. The Company also has agreements with certain customers that provide for certain variable consideration, such as volume discounts, that are deducted from the contract price and accrued at the time of sale. In certain situations, the Company may receive payment in advance of completion of its contractual obligations. In these situations, the arising contract liability is classified within customer deposits and receipts in excess of revenues. Following the receipt of the customer deposit, the Company typically completes its performance obligation within a twelve-month period. For sales to independent retailers and builders/developers, revenue is recognized at the point in time when wholesale floor plan financing or retailer credit approval has been received, the home has shipped and title has transferred, which occurs when the Company has satisfied its contractual obligations and the control of its products has been transferred. The Company does not have an enforceable right to payment prior to shipment. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for those products. The Company’s customers pay for products received in accordance with payment terms that are customary within the industry. As is customary in the factory-built housing industry, a significant portion of the Company’s sales to independent retailers are financed under floor plan financing programs with certain third-party lenders. Floor plan financing arrangements are generally identified prior to shipment of products and payment for sales financed under floor plan programs is generally received 5 to 10 business days from the date of invoice. For retail sales to consumers from Company-owned retail sales centers, revenue is recognized when the home has been delivered, set up and accepted by the consumer, and title has transferred. The Company recognizes commercial revenue and related cost of sales for long-term construction contracts (“Commercial”) over time as performance obligations are satisfied using the percentage-of-completion method (input method). Management estimates the stage of completion on each construction project based on progress and costs incurred. Unbilled revenue on long-term construction contracts are classified as a contract asset in accounts receivable. Receipts in excess of billings are classified as contract liabilities and included in other current liabilities. At April 3, 2021 and March 28, 2020, uncollected billings related to long-term construction contracts totaled $5.5 million and $1.0 million, respectively. There was no unbilled revenue for long-term contracts at April 3, 2021 or March 28, 2020. Revenue for the Company’s transportation operations is recognized when a shipment has been delivered to its final destination. Amounts billed to customers related to shipping and handling costs are included in net sales. Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales. The following tables disaggregate the Company’s revenue by sales category: Year Ended April 3, 2021 (Dollars in thousands) U.S. Factory-Built Housing Canadian Factory-built Housing Corporate/ Other Total Manufacturing and retail $ 1,254,505 $ 101,328 $ — $ 1,355,833 Commercial 11,803 — — 11,803 Transportation — — 53,245 53,245 Total $ 1,266,308 $ 101,328 $ 53,245 $ 1,420,881 Year Ended March 28, 2020 (Dollars in thousands) U.S. Factory-Built Housing Canadian Factory-built Housing Corporate/ Other Total Manufacturing and retail $ 1,218,293 $ 84,196 $ — $ 1,302,489 Commercial 8,100 — — 8,100 Transportation — — 59,141 59,141 Total $ 1,226,393 $ 84,196 $ 59,141 $ 1,369,730 Year Ended March 30, 2019 (Dollars in thousands) U.S. Factory-Built Housing Canadian Factory-built Housing Corporate/ Other Total Manufacturing and retail $ 1,166,245 $ 98,567 $ — $ 1,264,812 Commercial 11,442 — — 11,442 Transportation — — 83,789 83,789 Total $ 1,177,687 $ 98,567 $ 83,789 $ 1,360,043 |
Leases
Leases | 12 Months Ended |
Apr. 03, 2021 | |
Leases [Abstract] | |
Leases | 10. Leases The Company has operating leases for land, manufacturing and office facilities, and equipment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. Lease expense included in the accompanying condensed consolidated statement of operations is shown below: (Dollars in thousands) April 3, 2021 March 28, 2020 Operating lease expense $ 5,387 $ 5,884 Short-term lease expense 1,925 1,378 Total lease expense $ 7,312 $ 7,262 Operating lease assets and obligations included in the accompanying condensed consolidated balance sheet are shown below: (Dollars in thousands) April 3, 2021 March 28, 2020 Right-of-use assets under operating leases: Other long-term assets $ 11,473 $ 14,808 Lease obligations under operating leases: Other current liabilities 4,250 4,789 Other long-term liabilities 7,223 10,019 Total lease obligation $ 11,473 $ 14,808 Maturities of lease obligations as of April 3, 2021 are shown below: (Dollars in thousands) April 3, 2021 Fiscal 2022 $ 4,732 Fiscal 2023 3,787 Fiscal 2024 1,823 Fiscal 2025 1,133 Fiscal 2026 440 Thereafter 1,438 Total undiscounted cash flows 13,353 Less: imputed interest (1,880 ) Lease obligations under operating leases $ 11,473 The weighted average lease term and discount rate for operating leases are shown below: April 3, 2021 Weighted average remaining lease term (in years) 4.6 Weighted average discount rate (as a percent) 5.6 Other information related to leases is as follows: (Dollars in thousands) Year Ended April 3, 2021 Year Ended March 28, 2020 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 1,469 $ 6,177 Operating cash flows: Cash paid related to operating lease obligations $ 5,624 $ 5,811 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 1 . Pretax income (loss) for the fiscal years ended April 3, 2021, March 28, 2020, and March 30, 2019 was attributable to the following tax jurisdictions: Year Ended (Dollars in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Domestic $ 92,832 $ 76,224 $ (50,891 ) Foreign 18,568 8,830 9,588 Income (loss) before income taxes $ 111,400 $ 85,054 $ (41,303 ) The income tax provision by jurisdiction for the fiscal years ended April 3, 2021, March 28, 2020, and March 30, 2019 was as follows: Year Ended (Dollars in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Current: U.S. federal $ 13,094 $ 9,360 $ 9,353 Foreign 4,738 1,938 1,452 State 5,081 3,800 3,053 Total current $ 22,913 $ 15,098 $ 13,858 Deferred U.S. federal $ 2,853 $ 5,660 $ 1,854 Foreign 851 5,214 987 State (116 ) 922 206 Total deferred $ 3,588 $ 11,796 $ 3,047 Total income tax expense $ 26,501 $ 26,894 $ 16,905 Income tax expense differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to income before income taxes as a result of the following differences: Year Ended (Dollars in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Tax expense (benefit) at U.S federal statutory rate $ 23,394 $ 17,861 $ (8,674 ) Increase (decrease) in rate resulting from: State taxes, net of U.S. federal benefit $ 3,969 $ 4,491 $ 2,412 Change in deferred tax valuation allowance 1,343 3,652 (986 ) Foreign tax rate differences 900 502 579 Recognition of foreign investment basis difference 616 25 247 Non-deductible compensation due to Section 162(m) 586 1,007 2,760 Other permanent difference 265 844 531 Non-deductible equity-based compensation — — 17,545 Transaction costs related to the Exchange — — 2,051 Uncertain tax positions — (643 ) (590 ) Deferred tax rate changes (778 ) 538 928 U.S. tax credits (3,096 ) (1,005 ) (445 ) Other (698 ) (378 ) 547 Total income tax expense $ 26,501 $ 26,894 $ 16,905 The Tax Cuts and Jobs Act enacted in 2017 (“Tax Act”) subjects a U.S. shareholder to current tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income The U.S. income tax rate for fiscal 2021, 2020 and 2019 is 21%. Deferred tax assets and liabilities at April 3, 2021 and March 28, 2020 consisted of the following: (Dollars in thousands) April 3, 2021 March 28, 2020 ASSETS Intangible assets $ 10,665 $ 9,665 Employee compensation 7,500 5,665 Warranty reserves 7,041 6,175 Foreign net operating loss carryforwards 6,250 5,400 U.S. federal net operating loss carryforwards 4,583 9,368 Self-insurance reserves 4,058 3,806 Lease assets 2,879 3,684 State net operating loss carryforwards 2,372 2,793 U.S. tax credit carryforwards 2,030 2,030 Dealer volume discounts 1,631 1,216 Inventory reserves and impairments 1,558 1,656 Equity-based compensation 1,333 1,156 Capitalized transaction costs 377 456 Foreign capital loss carryforwards 187 168 Outside basis difference in domestic partnership investment - 2,229 Foreign currency translation adjustments - 67 Other 1,282 1,130 Gross deferred tax assets $ 53,746 $ 56,664 LIABILITIES Intangible assets $ 9,470 $ 10,711 Property, plant, and equipment 8,213 8,411 Foreign tax basis difference in investments 4,280 3,264 Lease liabilities 2,879 3,684 Other 718 837 Gross deferred tax liabilities $ 25,560 $ 26,907 Valuation allowance (12,552 ) (11,209 ) Net deferred tax assets $ 15,634 $ 18,548 The Company anticipates periodically repatriating the earnings of its Netherlands and Canadian subsidiaries. A deferred tax liability is recognized for income tax withholding which may be incurred upon the reversal of basis differences in investments in its foreign subsidiaries. The Company periodically evaluates the realizability of its deferred tax assets based on whether it is “more likely than not” that some portion of the deferred tax assets will not be realized. Our evaluation considers available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. Due to the Exchange on June 1, 2018, the Company has U.S. federal and state net operating loss (“NOL”) carryforwards that were generated by the pre-Exchange Skyline entities. The Company’s valuation allowance principally consists of valuation allowances for certain state NOL carryforwards, certain Canadian deferred tax assets, and the Company’s deferred tax assets in the Netherlands. As of April 3, 2021, the Company has U.S. federal NOL carryforwards of $21.8 million, which expire in 2032 through 2035. The Company also has state NOL carryforwards in various jurisdictions which expire primarily in 2021 through 2041. Unrecognized tax benefits represent the differences between tax positions taken or expected to be taken on a tax return and the benefits recognized for financial statement purposes. There were no unrecognized tax benefits at April 3, 2021 or March 28, 2020. The Company classifies interest and penalties on income tax uncertainties as a component of income tax expense. Accrued interest and penalties as of April 3, 2021 and March 28, 2020, were not significant. The following table provides the changes in unrecognized tax benefits for fiscal 2021 and 2020: (Dollars in thousands) April 3, 2021 March 28, 2020 Unrecognized tax benefits, beginning of period $ — $ 643 Increase related to tax positions taken during a prior period — — Reductions as a result of a lapse of the applicable statute of limitations — (643 ) Unrecognized tax benefits, end of period $ — $ — The Company estimates no material changes to uncertain tax benefits in the next twelve months. T |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Apr. 03, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 1 2 . The Company has equity incentive plans under which the Company has been authorized to grant share-based awards to key employees and non-employee directors. Equity-based compensation expense of $6.0 million, $8.3 million, and $102.0 million was recognized in fiscal 2021, 2020, and 2019, respectively. Included in equity-based compensation in fiscal 2019 is $6.0 million of expense related to former Skyline employees that vested in conjunction with the Exchange. Equity-based compensation expense was included in SG&A expenses in the accompanying consolidated statements of operations. The total associated income tax benefit recognized was $1.0 million, $1.3 million, $0.2 million in fiscal 2021, 2020, and 2019 respectively. Total unrecognized equity-based compensation for all share-based payment plans was $10.1 million at April 3, 2021, of which $5.3 million is expected to be recognized in fiscal 2022, $3.5 million in fiscal 2023 and $1.3 million thereafter, or a weighted-average period of 1.17 years. Time-Vesting and Performance-Vesting Restricted Share Awards Champion Holdings granted awards to its officers, management employees, and certain members of the Board of Managers under an equity-classified management incentive plan (the “MIP”). In accordance with the provisions of the MIP, as modified on June 1, 2018, unvested units Champion Holdings granted under the MIP were exchanged for unregistered, time-vesting restricted shares and performance-vesting restricted shares of the Company subject to stock restriction agreements (the “SRAs”). The exchange was accounted for as a modification. During fiscal 2019, a significant portion of the performance-vesting restricted shares vested in conjunction with certain follow-on public offerings. The incremental fair value of the modification of the awards was $95.1 million and was recognized as expense in fiscal 2019 as all vesting conditions were met during the period. The fair value of the awards that vested during fiscal both 2021 and 2020 was $4.2 million. A summary of the activity associated with these awards is as follows: (amounts in thousands) Management Incentive Plan Award Units Time Based Restricted Share Awards Performance Based Restricted Share Awards Outstanding at March 31, 2018 12,655 — — Granted 1,000 — — Exchange of MIP awards for restricted share awards (13,655 ) 290 3,686 Vested — — (3,686 ) Outstanding at March 30, 2019 — 290 — Vested — (145 ) — Outstanding at March 28, 2020 — 145 — Vested — (145 ) — Outstanding at April 3, 2021 — — — On September 26, 2018, the Company’s shareholders approved the Company’s 2018 Equity Incentive Plan (the “Equity Plan”) which provides for grants of options, stock appreciation rights, restricted and unrestricted stock and stock units, performance awards, and other awards convertible into or otherwise based on shares of the Company’s common stock. Prior to the approval of the Equity Plan, the Company maintained the Skyline Corporation 2015 Stock Incentive Plan, which allowed for the grant of stock options and other equity awards. General terms and methods of valuation for the Company’s share-based awards granted under the Equity Plan are described below. Stock Options Stock options generally have terms of 10 years, with one-third of each grant vesting each year for three years, and are assigned an exercise price that is equal to or greater than the closing market price of a share of the Company’s common stock on the date of grant. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. When determining expected volatility, the Company considered volatility of guideline public companies. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, based on the options’ expected term. The expected term of the options is based on the time period to exercise for each vesting tranche, which is calculated based on the average of: (i) the full option contractual term; and (ii) the starting vest date. A summary of the activity associated with these awards is as follows: Shares (in thousands) Weighted Average Exercise Price Per Share Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2018 — Granted 146 $ 15.00 Outstanding at March 30, 2019 146 $ 15.00 Granted 266 $ 32.11 Exercised (8 ) $ 15.00 Forfeitures (1 ) $ 15.00 Outstanding at March 28, 2020 403 $ 26.29 Granted 138 $ 31.21 Exercised (5 ) $ 32.04 Outstanding at April 3, 2021 536 $ 27.50 8.7 $ 10,680 Vested and expected to vest at April 3, 2021 536 $ 27.50 8.7 $ 10,680 Exercisable at April 3, 2021 199 $ 22.64 8.2 $ 4,921 The assumptions used in the Black-Scholes option-pricing model along with the weighted average grant date fair value for awards granted in the periods presented are as follows: Option Award Assumptions Fiscal 2021 Fiscal 2020 Fiscal 2019 Weighted-average assumptions used: Expected volatility 45.0 % 30.0 % 25.8 % Dividend yield — — — Risk-free interest rate 0.5 % 1.7 % 2.4 % Expected term, in years 6.00 5.88 5.75 Weighted average grant date fair value per share $ 12.48 $ 10.33 $ 3.93 Performance Share Units In fiscal 2021, 2020 and 2019, the Company issued performance share units that contain market vesting conditions and service conditions. The market condition is based on the Company’s total shareholder return (“TSR”) compared to the median TSR of certain companies over a three year performance period. The Company used a Monte-Carlo simulation to determine the grant date fair value for these awards, which takes into consideration the possible outcomes pertaining to the TSR market condition. Per the terms of the awards, 0% to 150% of the Company’s performance share units vest on the third anniversary of the vesting commencement date based upon achievement of the market condition as specified in the performance share unit agreement. A summary of the activity associated with these awards is as follows: Shares (in thousands) Weighted Average Grant Date Fair Value Per Unit Outstanding at March 31, 2018 — Granted 146 $ 3.62 Outstanding at March 30, 2019 146 $ 3.62 Granted 86 $ 29.05 Forfeitures (2 ) $ 3.62 Outstanding at March 28, 2020 230 $ 13.85 Granted 61 $ 28.38 Outstanding at April 3, 2021 291 $ 16.90 The assumptions used in the Monte-Carlo simulation for performance share units along with the weighted-average grant date fair value for awards granted in the periods presented are as follows: Performance Unit Assumptions Fiscal 2021 Fiscal 2020 Fiscal 2019 Weighted-average assumptions used: Expected volatility 50.0 % 30.0 % 29.5 % Dividend yield — — — Risk-free interest rate 0.2 % 1.6 % 2.4 % Expected term, in years 3.00 2.84 2.49 Weighted average grant date fair value per share $ 28.38 $ 29.05 $ 3.62 Restricted Stock Units and Restricted Share Awards Restricted stock units and restricted share awards are valued at the market price of a share of the Company’s common stock on the date of grant. In general, these awards have graded vesting conditions in which a portion of awards vest ratably in three equal installments on the anniversary of the vesting commencement date. The total fair value of restricted stock which vested was approximately $2.5 million, $2.1 million, and $8.5 million during fiscal 2021, 2020, and 2019, respectively. The weighted average grant date fair value for restricted stock units granted in fiscal 2021, 2020, and 2019 was $28.33, $31.34, and $14.24, respectively. The weighted average grant date fair value for restricted share awards granted in fiscal 2019 was $29.77. (units and shares in thousands) Restricted Stock Units Restricted Share Awards Outstanding at March 31, 2018 — — Granted 158 349 Vested — (349 ) Outstanding at March 30, 2019 158 — Granted 112 — Vested (75 ) — Forfeitures (1 ) Outstanding at March 28, 2020 194 — Granted 87 — Vested (98 ) — Outstanding at April 3, 2021 183 — |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Apr. 03, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 1 3 . Basic net income (loss) per share (“EPS”) attributable to the Company was computed by dividing net income (loss) attributable to the Company by the average number of common shares outstanding during the period. The Company’s time-vesting and performance-vesting restricted share awards are considered participating securities. 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 fiscal years 2021, 2020, and 2019, the two-class method was more dilutive. The number of shares used to calculate earnings per share prior to the Exchange was determined based on the exchange ratio, as defined in the Exchange Agreement. The following table sets forth the computation of basic and diluted earnings per common share: Year Ended (Dollars and shares in thousands, except per share data) April 3, 2021 March 28, 2020 March 30, 2019 Numerator: Net income (loss) $ 84,899 $ 58,160 $ (58,208 ) Undistributed earnings allocated to participating securities (77 ) (170 ) — Net income (loss) attributable to the Company's common shareholders $ 84,822 $ 57,990 $ (58,208 ) Denominator: Basic weighted average shares outstanding 56,648 56,516 53,491 Dilutive securities 325 246 — Diluted weighted average shares outstanding 56,973 56,762 53,491 Basic net income (loss) per share: $ 1.50 $ 1.03 $ (1.09 ) Diluted net income (loss) per share: $ 1.49 $ 1.02 $ (1.09 ) Securities that could potentially dilute basic EPS in the future that were considered antidilutive in the periods presented are shown below: Type of security (in thousands) April 3, 2021 March 28, 2020 Options $ 62 $ 53 Restricted Share Units 81 60 Performance Share Units 182 133 Total dilutive securities $ 325 $ 246 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Apr. 03, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | 1 4 . Retirement Plans The Company’s U.S. subsidiary sponsors a defined contribution savings plan covering most U.S. employees. Full-time employees covered by the plan are eligible to participate. Participating employees may contribute from 1% to 25% of their compensation to the plan, with the Company matching 50% of the first 6% of pay contributed. The Company match vests after three years of employment or immediately for employees age 50 and over. The Company recognized expense of $2.6 million, $2.4 million, and $0.6 million related to this plan during fiscal 2021, 2020, and 2019, respectively. Full-time employees of the Company’s subsidiaries in Canada are generally covered by employer-sponsored defined contribution plans that require employee contributions and employer matching contributions. The Company recognized expense of $0.5 million in fiscal 2021 and $0.6 million in both fiscal 2020 and 2019. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Apr. 03, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 1 5 . Prior to the Exchange, the Company was party to a Management Advisory Services Agreement (“Services Agreement”) with Centerbridge Advisors, LLC (“Centerbridge”), MAK Management L.P.(“MAK”), and Sankaty Advisors, LLC (“Bain”), collectively, the “Managers”, affiliates of which collectively owned a majority of the units of the Company and the Company’s common stock (the “Principal Shareholders”), whereby the Principal Shareholders provided management, consulting, financial and other advisory services to the Company in exchange for an annual management fee totaling $1.5 million plus reimbursable expenses. Management fee expense during fiscal 2019, recognized prior to the Exchange, was $0.3 million. The Service Agreement was terminated in connection with the Exchange. Management fee expense is included in SG&A expenses in the accompanying consolidated statements of operations. On June 1, 2018, the Company, the Principal Shareholders, Champion Holdings, and certain other parties entered into a registration rights agreement providing for, among other things, customary demand registration rights, shelf registration rights and “piggyback” registration rights in favor of the Principal Shareholders and Arthur J. Decio. The Company registered shares for its own account and registered for sale shares held by the Principal Shareholders and others. As the result of a sale of shares by the Principal Shareholders on September 25, 2018, the Principal Shareholders held less than 50% of the Company’s outstanding shares. Two of the Principal Shareholders, Bain and Centerbridge, have sold all of their shares in the Company. The Company did not sell any shares. MAK continues to hold registration rights in its favor, and their shares are registered for sale. On June 1, 2018 the Company, the Principal Shareholders and Champion Holdings entered into an investor rights agreement (the “Investor Rights Agreement”). The Investor Rights Agreement provides for, among other things, certain information rights and certain agreements relating to the composition of the Board of Directors. As the result of Bain and Centerbridge selling their holdings in the Company, they no longer meet the ownership thresholds to participate in the Investor Rights Agreement. Additionally, the Company and Champion Holdings entered into a transition services agreement, pursuant to which the Company provided certain services to Champion Holdings, including accounting and financial reporting services, tax services, cash and capital management services, and services relating to Champion Holdings’ members and liquidation. |
Segment Information
Segment Information | 12 Months Ended |
Apr. 03, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 1 6 . 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 segment 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 deferred tax items not specifically allocated to another segment. Selected financial information by reportable segment was as follows: Year Ended (Dollars in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Net sales: U.S. Factory-built Housing $ 1,266,308 $ 1,226,393 $ 1,177,687 Canadian Factory-built Housing 101,328 84,196 98,567 Corporate/Other 53,245 59,141 83,789 Consolidated net sales $ 1,420,881 $ 1,369,730 $ 1,360,043 Operating income: U.S. Factory-built Housing EBITDA $ 142,699 $ 131,339 $ 111,857 Canadian Factory-built Housing EBITDA 19,564 9,272 10,417 Corporate/Other EBITDA (29,911 ) (35,610 ) (135,937 ) Other income (5,889 ) — — Depreciation (12,087 ) (13,116 ) (11,259 ) Amortization (5,617 ) (5,430 ) (4,820 ) Consolidated operating income (loss) $ 108,759 $ 86,455 $ (29,742 ) Depreciation: U.S. Factory-built Housing $ 9,620 $ 11,015 $ 9,507 Canadian Factory-built Housing 860 1,073 933 Corporate/Other 1,607 1,028 819 Consolidated depreciation $ 12,087 $ 13,116 $ 11,259 Amortization of intangible assets: U.S. Factory-built Housing $ 5,617 $ 5,430 $ 4,587 Canadian Factory-built Housing — — 233 Corporate/Other — — — Consolidated amortization of intangible assets $ 5,617 $ 5,430 $ 4,820 Capital expenditures: U.S. Factory-built Housing $ 6,261 $ 11,753 $ 9,494 Canadian Factory-built Housing 1,034 1,566 879 Corporate/Other 721 2,070 1,719 Consolidated capital expenditures $ 8,016 $ 15,389 $ 12,092 (Dollars in thousands) April 3, 2021 March 28, 2020 Total Assets: U.S. Factory-built Housing (1) $ 578,897 $ 491,110 Canadian Factory-built Housing (1) 87,224 56,760 Corporate/Other (1) 251,781 233,830 Consolidated total assets $ 917,902 $ 781,700 (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 Concentrations | 12 Months Ended |
Apr. 03, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Concentrations | 1 7 . 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 their 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 establish an associated loss reserve which was $1.4 million and $1.0 million at April 3, 2021 and March 28, 2020, respectively. Excluding the resale value of the homes, the contingent repurchase obligation as of April 3, 2020 was estimated to be approximately $219.5 million. Losses incurred on homes repurchased were immaterial during each of the fiscal years ended April 3, 2021, March 28, 2020, and March 30, 2019. At April 3, 2021, the Company was contingently obligated for approximately $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 support bonding agreements. The letters of credit are issued under a sub-facility of the Credit Agreement. The Company was also contingently obligated for $34.4 million under surety bonds, which generally 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. Concentrations The components and products 2021, T and $45.0 million at April 3, 2021 and March 28, 2020, The Company has approximately 7,700 employees. The Company’s manufacturing facilities in Canada employ approximately 900 workers, and most of the workers belong to trade associations that operate under collective bargaining agreements. There are five collective bargaining agreements (one for each Canadian manufacturing facility) and each have separate expiration dates. We are operating under an extension and continue to negotiate for one agreement that otherwise would have expired in November 2019, the remaining agreements are set to expire in May 2021, June 2021, June 2022, and November 2022. |
Summary Quarterly Financial Dat
Summary Quarterly Financial Data (Unaudited) | 12 Months Ended |
Apr. 03, 2021 | |
Quarterly Financial Data [Abstract] | |
Summary Quarterly Financial Data (Unaudited) | 1 8 . The following table presents summary unaudited quarterly financial data: Fiscal 2021 Fiscal 2020 (Dollars in thousands) First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 273,285 $ 322,366 $ 377,581 $ 447,649 $ 371,888 $ 354,458 $ 342,239 $ 301,145 Gross profit 54,003 62,793 71,784 99,115 76,035 74,055 68,901 59,984 Net income 11,903 17,511 21,599 33,886 17,380 17,745 17,037 5,998 Per share data: Basic income per share 0.21 0.31 0.38 0.60 0.31 0.31 0.30 0.11 Diluted income per share 0.21 0.31 0.38 0.59 0.31 0.31 0.30 0.11 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 03, 2021 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Skyline Champion Corporation Schedule II--Valuation and Qualifying Accounts (in millions) Balance at Beginning of Period Additions Deductions Other Balance at End of Period Fiscal Year Ended April 3, 2021: Allowance for doubtful accounts $ 0.4 $ 0.2 $ (0.2) $ - $ 0.4 Valuation allowance for deferred taxes 11.2 1.4 - - 12.6 Fiscal Year Ended March 28, 2020: Allowance for doubtful accounts $ 0.6 $ 0.7 $ (0.9 ) - $ 0.4 Valuation allowance for deferred taxes 7.3 4.5 (0.2 ) (0.4 ) (a) 11.2 Fiscal Year Ended March 30, 2019 Allowance for doubtful accounts $ 0.2 $ 0.5 $ (0.1 ) - $ 0.6 Valuation allowance for deferred taxes 6.4 0.3 (1.3 ) 1.9 (b) 7.3 (a) (b) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 03, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: On June 1, 2018, Skyline Champion Corporation (formerly known as Skyline Corporation), an Indiana corporation (the “Company”) and Champion Enterprises Holdings, LLC (“Champion Holdings”) completed the transactions contemplated by the Share Contribution & Exchange Agreement (the “Exchange Agreement”), dated as of January 5, 2018, by and between the Company and Champion Holdings. Under the Exchange Agreement: (i) Champion Holdings contributed to the Company all of the issued and outstanding equity interests of each of Champion Holdings’ wholly-owned operating subsidiaries (the “Contributed Shares”); and (ii) in exchange for the Contributed Shares, the Company issued to the members of Champion Holdings, in the aggregate, 47,752,008 shares of the Company common stock (“Skyline Common Stock”) (such issuance, the “Shares Issuance”). Immediately following the Shares Issuance, the members of Champion Holdings collectively held 84.5%, and the Company’s pre-closing shareholders collectively held 15.5%, of the issued and outstanding Skyline Common Stock on a fully-diluted basis. The contribution of the Contributed Shares by Champion Holdings to Skyline, and the Shares Issuance by the Company to the members of Champion Holdings are collectively referred to herein as the “Exchange.” |
COVID-19 Government Financial Assistance | The Exchange was treated as a purchase of the Company by Champion Holdings for accounting and financial reporting purposes. As a result, the financial results for the twelve months ending March 30, 2019 are comprised of: (i) the results of Champion Holdings for the period between April 1, 2018 and May 31, 2018; and (ii) the Company, after giving effect to the Exchange, from June 1, 2018 through March 30, 2019. 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 have been 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 $6.2 million for payroll subsidies under CEWS during fiscal 2021. The Company also recognized $0.7 million during fiscal 2021 for wage subsidies under the CARES Act and other state level programs in the United States. 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. As of April 3, 2021, the Company had collected all of the CEWS subsidies for which it has applied. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through April 3, 2021, the Company has deferred $11.8 million of payroll taxes that will be paid beginning in December 2021 |
Nature of Operations | Nature of Operations: The Company’s operations consist of manufacturing, retail and transportation activities. At April 3, 2021, the Company operated 35 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. 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 recreational vehicles throughout the U.S. and Canada and manufactured houses in certain regions of the U.S. The Company also has holding companies located in the Netherlands. |
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and its majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. |
Variable Interest Entities and Joint Ventures | Variable Interest Entities and Joint Ventures : The Company analyzes its investments in non-wholly owned subsidiaries to determine whether they are unconsolidated joint ventures, consolidated joint ventures, or variable interest entities (“VIEs”) and, if so, whether the Company is the primary beneficiary in accordance with ASC 810, . |
Accounting Estimates | Accounting Estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“US. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes thereto. Estimates made in preparing the accompanying consolidated financial statements include, but are not limited to, business combinations, reserves for obsolete inventory, accrued warranty costs, useful lives of fixed and intangible assets, asset impairment analyses, insurance reserves, legal reserves, repurchase reserves, share- based compensation and deferred tax valuation allowances Actual results could differ from those estimates, making it reasonably possible that a change in these estimates could occur within one year. |
Fiscal Year | Fiscal Year: The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest March 31. Fiscal 2021 includes the 53-weeks ended April 3, 2021. Fiscal 2020 and 2019 include the 52-weeks ended March 28, 2020 and March 30, 2019, respectively . |
Revenue Recognition | Revenue Recognition: Revenue is recognized when performance obligations under the terms of a contract are satisfied which generally occurs at a point in time through the transfer of control of promised goods to the Company's customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance. Sales revenue is reported net of applicable sales tax. See Note 9, Revenue Recognition, for additional information. |
Cost of Sales | Cost of Sales: Cost of sales includes manufacturing costs such as: (i) materials; (ii) compensation and employee benefits for direct and indirect labor; (iii) fixed and variable manufacturing overhead costs; (iv) warranty costs; (v) inbound delivery costs; and (vi) depreciation of buildings and equipment. Manufacturing overhead costs include costs such as: (i) utilities; (ii) workers’ compensation and product liability self-insurance; (iii) real and personal property taxes on buildings and equipment; (iv) manufacturing supplies; (v) repairs and maintenance; and (vi) rents and leases for buildings and equipment. Cost of sales also includes certain post-manufacturing costs, to the extent such costs are the Company’s responsibility. Post-manufacturing costs may include delivery and setup, foundations, craning, roofing, exterior cladding, interior finishing, utility connections and other miscellaneous site costs. Generally, subcontractors are engaged to perform post-manufacturing activities. |
Selling, General and Administrative Expenses | Selling, General, and Administrative Expenses: Selling, general, and administrative expenses (“SG&A”) include costs such as (i) salaries, wages, incentives and employee benefits for executive, management, sales, engineering, accounting, information technology (“IT”) and administrative employees; (ii) sales commissions; (iii) marketing and advertising costs; (iv) legal and professional fees; (v) depreciation, rents and leases for administrative facilities, office equipment, IT equipment and computer software; and (vi) postage, office supplies, travel and telephone expenses. |
Advertising Costs and Delivery Costs and Revenue | Advertising Costs and Delivery Costs and Revenue : Advertising costs are expensed as incurred and are included in selling, general, and administrative expenses. Total advertising expense was approximately $1.7 million, $2.3 million, and $1.5 million for fiscal 2021, 2020, and 2019, respectively. Delivery costs are included in cost of sales and delivery revenue is included in net sales. |
Foreign Currency | Foreign Currency: Translation adjustments of the Company’s international subsidiaries for which the local currency is the functional currency are reflected in the accompanying consolidated balance sheets as a component of accumulated other comprehensive income or loss. |
Fair Value | Fair Value: The Company estimates the fair value of its financial instruments in accordance with ASC 820, t , which establishes a fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As such, the fair value of financial instruments is estimated using available market information and other valuation methods. The Company groups assets • • • Level 3—Fair value determined using significant observable inputs, such as pricing models, discounted cash flows, or similar techniques. The Company records accounts receivable, accounts payable and other current liabilities at cost. The carrying value of these instruments approximate their fair value due to their short-term maturities. |
Cash and Cash Equivalents | Cash and Cash Equivalents : Cash and cash equivalents include highly liquid investments that have original maturities less than 90 days at the time of their purchase. These investments are carried at cost, which approximates market value because of their short maturities. |
Trade Accounts Receivable and Allowance for Doubtful Accounts | Trade Accounts Receivable and Allowance for Doubtful Accounts: The Company extends credit terms on a customer-by-customer basis in the normal course of business and, as such, trade accounts receivable are subject to customary credit risk. The allowance for doubtful accounts represents the Company's best estimate of probable credit losses in accounts receivable. Receivables are written off against the allowance when management believes that the amount receivable will not be recovered. At both April 3, 2021 and March 28, 2020, the Company had an allowance for doubtful accounts of $0.4 million. |
Inventories | Inventories : Inventories are stated at the lower of cost or net realizable value, with cost determined under the first-in, first-out method. Capitalized manufacturing costs include the cost of materials, labor and manufacturing overhead. Retail inventories of new |
Property, Plant, and Equipment | Property, Plant, and Equipment : Property, plant, and equipment are stated at acquisition date cost. Depreciation is provided principally on the straight-line method, 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 was $12.1 million, $13.1 million, and $11.3 million for fiscal 2021, 2020, and 2019, respectively At April 3, 2021, the Company owned five idle manufacturing facilities and two idle retail sales centers with a net book value of $6.8 million. These properties are accounted for as long-lived assets to be held and used. It is the Company’s policy to evaluate the recoverability of property, plant, and equipment whenever events and changes in circumstances indicate that the carrying amount of assets may not be recoverable. If impairment indicators exist, the Company performs the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon a combination of market and cost approaches, as appropriate. An impairment loss of $0.6 million was recorded in selling, general, and administrative expenses in fiscal 2020 related to a decrease in the estimated fair value of the Company’s idle manufacturing facilities. No impairment losses were recorded in either fiscal 2021 or 2019 |
Leases | Leases: The Company has operating leases for land, manufacturing and office facilities, and equipment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. The Company has elected not to recognize any right of use asset or lease liability for leases with an initial term of 12 months or less and has elected not to separate lease and non-lease components. The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments. |
Assets Held for Sale | Assets held for sale: Long-lived assets expected to be sold or otherwise disposed of within one year are classified as assets held for sale and included in other current assets in the consolidated balance sheets. In connection with the Exchange, the Company acquired an office building which was classified as an asset held for sale as of March 30, 2019, valued at $2.1 million. In the first quarter of fiscal 2020, a loss of $1.0 million was recorded in selling, general, and administrative expenses to recognize a decrease in the fair value of the building, which was sold for $1.1 million in the third quarter of fiscal 2020. |
Goodwill | Goodwill : The Company tests goodwill for impairment in accordance with ASC 350. Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting its annual impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. In fiscal 2021, the Company performed qualitative assessments of its reporting units. The annual assessment was completed on the first day of March. The assessment indicated that it was more likely than not that the fair value of each of the reporting units exceeded its respective carrying value. The Company does not believe that any reporting units are at risk for impairment. |
Business Combinations | Business combinations: The Company accounts for its business combinations in accordance with the accounting guidance in ASC 805. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Refer to Note 2, Business Combination, for additional information. |
Amortizable Intangible Assets | Amortizable Intangible Assets : Amortizable intangible assets consist primarily of fair values assigned to customer relationships and trade names. Trade names were valued based upon the relief-from-royalty method and customer relationships were valued based upon the multi-period excess earnings method. Amortization is provided over the useful lives of the intangible assets, generally up to ten years, using the straight-line method. The recoverability of amortizable intangible assets is evaluated whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recovered, in accordance with the recognition and measurement provisions of ASC 360. |
Warranty Obligations | Warranty Obligations : The Company’s manufactured housing operations generally provides the homebuyer with an assurance warranty from the date of respective purchase. Estimated warranty costs are accrued as cost of sales at the time of sale. Warranty provisions and reserves are based on estimates of the amounts necessary to settle existing and future claims on homes sold by the manufacturing segment as of the balance sheet date. Factors used to calculate the warranty obligation are the estimated number of homes still under warranty and the historical average costs incurred to service a home. |
Dealer Volume Rebates | Dealer Volume Rebates : The Company’s manufacturing segment sponsors volume rebate programs under which sales to retailers and builder/developers can qualify for cash rebates generally based on the level of sales attained during a twelve-month period. Volume rebates are accrued at the time of sale and are recorded as a reduction of net sales. |
Repurchase Agreements | Repurchase Agreements: 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 industry, provide for the repurchase of products sold to retailers in the event of default by the retailer on their 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. The Company accounts for the guarantee 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 guarantee. |
Accrued Self-Insurance | Accrued Self-Insurance : The Company is self-insured for a significant portion of its workers’ compensation, general and product liability, auto liability, health, and property insurance. Insurance coverage is maintained for catastrophic exposures and those risks required to be insured by law. Estimated self-insurance costs are accrued for incurred claims and estimated claims incurred but not yet reported. At April 3, 2021 and March 28, 2020, the Company had gross reserves for estimated losses related to workers’ compensation obligations of $16.3 million and $16.5 million, respectively. The Company also recorded expected reimbursements for the portion of those losses above respective program limits of $5.2 million and $6.1 million at April 3, 2021 and March 28, 2020, respectively. |
Equity-Based Compensation | Equity-Based Compensation: Stock-based compensation is measured at the grant date based on the fair value of the award and is generally recognized as expense ratably on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Forfeitures are recognized in the period in which they occur. |
Comprehensive Income and Loss | Comprehensive Income and Loss: Components of comprehensive income and loss are changes in equity other than those resulting from investments by owners and distributions to owners. The aggregate amount of such changes to equity that have not yet been recognized in net income or loss are reported in the equity section of the accompanying consolidated balance sheets as accumulated other comprehensive income or loss, net of tax. |
Income Taxes | Income Taxes : The provision for income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial statement amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, judgment is required. |
Recently Adopted Accounting Pronouncements | On March 29, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ,” using a modified retrospective approach. The standard amends several aspects of the measurement of credit losses related to certain financial instruments, including the replacement of the existing incurred credit loss model and other models with the current expected credit losses ("CECL") model. The cumulative effect of adoption resulted in an increase of $0.2 million in the allowance for credit loss and a corresponding decrease in retained earnings as of March 29, 2020. 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. At both April 3, 2021 and March 28, 2020, accounts receivable are reflected net of reserves of $0.4 million. Other notes receivable are reflected net of reserves of $0.4 million and $0.5 million at April 3, 2021 and March 28, 2020, respectively In January 2017, the FASB issued ASU 2017-04, “ Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment,” which addresses concerns over the cost and complexity of the two-step impairment testing model, and removes the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company adopted the provisions of ASU 2017-04 effective March 29, 2020, and the adoption did not have an impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements Pending Adoption: 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 Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
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 $ 1,542 Trade accounts receivable 2,256 Inventory 6,923 Property, plant, and equipment 10,466 Other assets 1,164 Accounts payable and accrued liabilities (7,243 ) Intangibles 21,100 Goodwill 18,282 Total purchase price allocation $ 54,490 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
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) April 3, 2021 March 28, 2020 Raw materials $ 91,916 $ 55,408 Work in process 21,642 17,773 Finished goods and other 52,555 53,205 Total inventories $ 166,113 $ 126,386 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
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) April 3, 2021 March 28, 2020 Land and improvements $ 36,470 $ 35,332 Buildings and improvements 97,005 87,222 Machinery and equipment 57,790 51,239 Construction in progress 1,889 1,810 Property, plant, and equipment, at cost 193,154 175,603 Less accumulated depreciation (78,014 ) (66,312 ) Property, plant, and equipment, net $ 115,140 $ 109,291 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Amortizable Intangible Assets | The components of amortizable intangible assets were as follows: (Dollars in thousands) April 3, 2021 March 28, 2020 Customer Relationships Trade Names Total Customer Relationships Trade Names Total Gross carrying amount $ 61,963 $ 21,409 $ 83,372 $ 48,370 $ 13,068 $ 61,438 Accumulated amortization (18,158 ) (6,379 ) (24,537 ) (13,118 ) (4,963 ) (18,081 ) Amortizable intangibles, net $ 43,805 $ 15,030 $ 58,835 $ 35,252 $ 8,105 $ 43,357 Weighted average remaining amortization period, in years 7.8 7.9 7.8 7.3 6.2 7.1 |
Summary of Estimated Amortization Expense of Intangible Assets | Estimated amortization expense of intangible assets over the next five years is estimated to be (dollars in thousands): Fiscal 2022 $ 7,553 Fiscal 2023 7,436 Fiscal 2024 7,388 Fiscal 2025 7,388 Fiscal 2026 7,388 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Current Liabilities | The components of other current liabilities were as follows: (Dollars in thousands) April 3, 2021 March 28, 2020 Customer deposits $ 58,888 $ 22,679 Accrued volume rebates 18,207 17,469 Accrued warranty obligations 24,033 19,179 Accrued compensation and payroll taxes 42,560 27,776 Accrued insurance 12,421 11,182 Other 24,586 15,745 Total other current liabilities $ 180,695 $ 114,030 |
Accrued Warranty Obligations (T
Accrued Warranty Obligations (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Guarantees And Product Warranties [Abstract] | |
Summary of Changes in Accrued Warranty Obligations | Changes in the accrued warranty obligations were as follows: Year Ended (Dollars in thousands) April 3, 2021 March 28, 2020 Balance at the beginning of the period $ 24,969 $ 23,346 Warranty assumed in the acquisition of ScotBilt 1,996 — Warranty expense 37,620 39,434 Cash warranty payments (34,116 ) (37,811 ) Balance at end of period 30,469 24,969 Less noncurrent portion in other long-term liabilities (6,436 ) (5,790 ) Total current portion $ 24,033 $ 19,179 |
Debt and Floor Plan Payable (Ta
Debt and Floor Plan Payable (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | Long-term debt consisted of the following: (Dollars in thousands) April 3, 2021 March 28, 2020 Revolving credit facility maturing in 2023 $ 26,900 $ 64,900 Obligations under industrial revenue bonds due 2029 12,430 12,430 Total debt 39,330 77,330 Less current portion — — Total long-term debt $ 39,330 $ 77,330 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Corporate Net Sales | The following tables disaggregate the Company’s revenue by sales category: Year Ended April 3, 2021 (Dollars in thousands) U.S. Factory-Built Housing Canadian Factory-built Housing Corporate/ Other Total Manufacturing and retail $ 1,254,505 $ 101,328 $ — $ 1,355,833 Commercial 11,803 — — 11,803 Transportation — — 53,245 53,245 Total $ 1,266,308 $ 101,328 $ 53,245 $ 1,420,881 Year Ended March 28, 2020 (Dollars in thousands) U.S. Factory-Built Housing Canadian Factory-built Housing Corporate/ Other Total Manufacturing and retail $ 1,218,293 $ 84,196 $ — $ 1,302,489 Commercial 8,100 — — 8,100 Transportation — — 59,141 59,141 Total $ 1,226,393 $ 84,196 $ 59,141 $ 1,369,730 Year Ended March 30, 2019 (Dollars in thousands) U.S. Factory-Built Housing Canadian Factory-built Housing Corporate/ Other Total Manufacturing and retail $ 1,166,245 $ 98,567 $ — $ 1,264,812 Commercial 11,442 — — 11,442 Transportation — — 83,789 83,789 Total $ 1,177,687 $ 98,567 $ 83,789 $ 1,360,043 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Leases [Abstract] | |
Summary of Lease Expense Included in Condensed Consolidated Statement of Operations | Lease expense included in the accompanying condensed consolidated statement of operations is shown below: (Dollars in thousands) April 3, 2021 March 28, 2020 Operating lease expense $ 5,387 $ 5,884 Short-term lease expense 1,925 1,378 Total lease expense $ 7,312 $ 7,262 |
Schedule of Operating Lease Assets Included in Condensed Consolidated Balance Sheet | Operating lease assets and obligations included in the accompanying condensed consolidated balance sheet are shown below: (Dollars in thousands) April 3, 2021 March 28, 2020 Right-of-use assets under operating leases: Other long-term assets $ 11,473 $ 14,808 Lease obligations under operating leases: Other current liabilities 4,250 4,789 Other long-term liabilities 7,223 10,019 Total lease obligation $ 11,473 $ 14,808 |
Summary of Maturities of Lease Obligations | Maturities of lease obligations as of April 3, 2021 are shown below: (Dollars in thousands) April 3, 2021 Fiscal 2022 $ 4,732 Fiscal 2023 3,787 Fiscal 2024 1,823 Fiscal 2025 1,133 Fiscal 2026 440 Thereafter 1,438 Total undiscounted cash flows 13,353 Less: imputed interest (1,880 ) Lease obligations under operating leases $ 11,473 |
Schedule of Weighted Average Remaining Lease Term and Discount Rate | The weighted average lease term and discount rate for operating leases are shown below: April 3, 2021 Weighted average remaining lease term (in years) 4.6 Weighted average discount rate (as a percent) 5.6 |
Schedule of Other Information Related to Leases | Other information related to leases is as follows: (Dollars in thousands) Year Ended April 3, 2021 Year Ended March 28, 2020 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 1,469 $ 6,177 Operating cash flows: Cash paid related to operating lease obligations $ 5,624 $ 5,811 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Pretax Income (Loss) | Pretax income (loss) for the fiscal years ended April 3, 2021, March 28, 2020, and March 30, 2019 was attributable to the following tax jurisdictions: Year Ended (Dollars in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Domestic $ 92,832 $ 76,224 $ (50,891 ) Foreign 18,568 8,830 9,588 Income (loss) before income taxes $ 111,400 $ 85,054 $ (41,303 ) |
Schedule of Income Tax Provision by Jurisdiction | The income tax provision by jurisdiction for the fiscal years ended April 3, 2021, March 28, 2020, and March 30, 2019 was as follows: Year Ended (Dollars in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Current: U.S. federal $ 13,094 $ 9,360 $ 9,353 Foreign 4,738 1,938 1,452 State 5,081 3,800 3,053 Total current $ 22,913 $ 15,098 $ 13,858 Deferred U.S. federal $ 2,853 $ 5,660 $ 1,854 Foreign 851 5,214 987 State (116 ) 922 206 Total deferred $ 3,588 $ 11,796 $ 3,047 Total income tax expense $ 26,501 $ 26,894 $ 16,905 |
Schedule of Income Tax Expense | Income tax expense differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to income before income taxes as a result of the following differences: Year Ended (Dollars in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Tax expense (benefit) at U.S federal statutory rate $ 23,394 $ 17,861 $ (8,674 ) Increase (decrease) in rate resulting from: State taxes, net of U.S. federal benefit $ 3,969 $ 4,491 $ 2,412 Change in deferred tax valuation allowance 1,343 3,652 (986 ) Foreign tax rate differences 900 502 579 Recognition of foreign investment basis difference 616 25 247 Non-deductible compensation due to Section 162(m) 586 1,007 2,760 Other permanent difference 265 844 531 Non-deductible equity-based compensation — — 17,545 Transaction costs related to the Exchange — — 2,051 Uncertain tax positions — (643 ) (590 ) Deferred tax rate changes (778 ) 538 928 U.S. tax credits (3,096 ) (1,005 ) (445 ) Other (698 ) (378 ) 547 Total income tax expense $ 26,501 $ 26,894 $ 16,905 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at April 3, 2021 and March 28, 2020 consisted of the following: (Dollars in thousands) April 3, 2021 March 28, 2020 ASSETS Intangible assets $ 10,665 $ 9,665 Employee compensation 7,500 5,665 Warranty reserves 7,041 6,175 Foreign net operating loss carryforwards 6,250 5,400 U.S. federal net operating loss carryforwards 4,583 9,368 Self-insurance reserves 4,058 3,806 Lease assets 2,879 3,684 State net operating loss carryforwards 2,372 2,793 U.S. tax credit carryforwards 2,030 2,030 Dealer volume discounts 1,631 1,216 Inventory reserves and impairments 1,558 1,656 Equity-based compensation 1,333 1,156 Capitalized transaction costs 377 456 Foreign capital loss carryforwards 187 168 Outside basis difference in domestic partnership investment - 2,229 Foreign currency translation adjustments - 67 Other 1,282 1,130 Gross deferred tax assets $ 53,746 $ 56,664 LIABILITIES Intangible assets $ 9,470 $ 10,711 Property, plant, and equipment 8,213 8,411 Foreign tax basis difference in investments 4,280 3,264 Lease liabilities 2,879 3,684 Other 718 837 Gross deferred tax liabilities $ 25,560 $ 26,907 Valuation allowance (12,552 ) (11,209 ) Net deferred tax assets $ 15,634 $ 18,548 |
Schedule of Changes in Unrecognized Tax Benefits | The following table provides the changes in unrecognized tax benefits for fiscal 2021 and 2020: (Dollars in thousands) April 3, 2021 March 28, 2020 Unrecognized tax benefits, beginning of period $ — $ 643 Increase related to tax positions taken during a prior period — — Reductions as a result of a lapse of the applicable statute of limitations — (643 ) Unrecognized tax benefits, end of period $ — $ — |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Activity Associated with Awards | A summary of the activity associated with these awards is as follows: (amounts in thousands) Management Incentive Plan Award Units Time Based Restricted Share Awards Performance Based Restricted Share Awards Outstanding at March 31, 2018 12,655 — — Granted 1,000 — — Exchange of MIP awards for restricted share awards (13,655 ) 290 3,686 Vested — — (3,686 ) Outstanding at March 30, 2019 — 290 — Vested — (145 ) — Outstanding at March 28, 2020 — 145 — Vested — (145 ) — Outstanding at April 3, 2021 — — — |
Summary of Stock Options Activity | A summary of the activity associated with these awards is as follows: Shares (in thousands) Weighted Average Exercise Price Per Share Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2018 — Granted 146 $ 15.00 Outstanding at March 30, 2019 146 $ 15.00 Granted 266 $ 32.11 Exercised (8 ) $ 15.00 Forfeitures (1 ) $ 15.00 Outstanding at March 28, 2020 403 $ 26.29 Granted 138 $ 31.21 Exercised (5 ) $ 32.04 Outstanding at April 3, 2021 536 $ 27.50 8.7 $ 10,680 Vested and expected to vest at April 3, 2021 536 $ 27.50 8.7 $ 10,680 Exercisable at April 3, 2021 199 $ 22.64 8.2 $ 4,921 |
Summary of Performance Share Units Activity | A summary of the activity associated with these awards is as follows: Shares (in thousands) Weighted Average Grant Date Fair Value Per Unit Outstanding at March 31, 2018 — Granted 146 $ 3.62 Outstanding at March 30, 2019 146 $ 3.62 Granted 86 $ 29.05 Forfeitures (2 ) $ 3.62 Outstanding at March 28, 2020 230 $ 13.85 Granted 61 $ 28.38 Outstanding at April 3, 2021 291 $ 16.90 |
Summary of Restricted Share Units and Restricted Share Awards Activity | (units and shares in thousands) Restricted Stock Units Restricted Share Awards Outstanding at March 31, 2018 — — Granted 158 349 Vested — (349 ) Outstanding at March 30, 2019 158 — Granted 112 — Vested (75 ) — Forfeitures (1 ) Outstanding at March 28, 2020 194 — Granted 87 — Vested (98 ) — Outstanding at April 3, 2021 183 — |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Assumptions Used in Black-Scholes Option-Pricing and Monte-Carlo Simulation Model with Weighted-Average Grant Date Fair Value | The assumptions used in the Black-Scholes option-pricing model along with the weighted average grant date fair value for awards granted in the periods presented are as follows: Option Award Assumptions Fiscal 2021 Fiscal 2020 Fiscal 2019 Weighted-average assumptions used: Expected volatility 45.0 % 30.0 % 25.8 % Dividend yield — — — Risk-free interest rate 0.5 % 1.7 % 2.4 % Expected term, in years 6.00 5.88 5.75 Weighted average grant date fair value per share $ 12.48 $ 10.33 $ 3.93 |
Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Assumptions Used in Black-Scholes Option-Pricing and Monte-Carlo Simulation Model with Weighted-Average Grant Date Fair Value | The assumptions used in the Monte-Carlo simulation for performance share units along with the weighted-average grant date fair value for awards granted in the periods presented are as follows: Performance Unit Assumptions Fiscal 2021 Fiscal 2020 Fiscal 2019 Weighted-average assumptions used: Expected volatility 50.0 % 30.0 % 29.5 % Dividend yield — — — Risk-free interest rate 0.2 % 1.6 % 2.4 % Expected term, in years 3.00 2.84 2.49 Weighted average grant date fair value per share $ 28.38 $ 29.05 $ 3.62 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
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: Year Ended (Dollars and shares in thousands, except per share data) April 3, 2021 March 28, 2020 March 30, 2019 Numerator: Net income (loss) $ 84,899 $ 58,160 $ (58,208 ) Undistributed earnings allocated to participating securities (77 ) (170 ) — Net income (loss) attributable to the Company's common shareholders $ 84,822 $ 57,990 $ (58,208 ) Denominator: Basic weighted average shares outstanding 56,648 56,516 53,491 Dilutive securities 325 246 — Diluted weighted average shares outstanding 56,973 56,762 53,491 Basic net income (loss) per share: $ 1.50 $ 1.03 $ (1.09 ) Diluted net income (loss) per share: $ 1.49 $ 1.02 $ (1.09 ) |
Schedule of Antidilutive Securities | Securities that could potentially dilute basic EPS in the future that were considered antidilutive in the periods presented are shown below: Type of security (in thousands) April 3, 2021 March 28, 2020 Options $ 62 $ 53 Restricted Share Units 81 60 Performance Share Units 182 133 Total dilutive securities $ 325 $ 246 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segments | Selected financial information by reportable segment was as follows: Year Ended (Dollars in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Net sales: U.S. Factory-built Housing $ 1,266,308 $ 1,226,393 $ 1,177,687 Canadian Factory-built Housing 101,328 84,196 98,567 Corporate/Other 53,245 59,141 83,789 Consolidated net sales $ 1,420,881 $ 1,369,730 $ 1,360,043 Operating income: U.S. Factory-built Housing EBITDA $ 142,699 $ 131,339 $ 111,857 Canadian Factory-built Housing EBITDA 19,564 9,272 10,417 Corporate/Other EBITDA (29,911 ) (35,610 ) (135,937 ) Other income (5,889 ) — — Depreciation (12,087 ) (13,116 ) (11,259 ) Amortization (5,617 ) (5,430 ) (4,820 ) Consolidated operating income (loss) $ 108,759 $ 86,455 $ (29,742 ) Depreciation: U.S. Factory-built Housing $ 9,620 $ 11,015 $ 9,507 Canadian Factory-built Housing 860 1,073 933 Corporate/Other 1,607 1,028 819 Consolidated depreciation $ 12,087 $ 13,116 $ 11,259 Amortization of intangible assets: U.S. Factory-built Housing $ 5,617 $ 5,430 $ 4,587 Canadian Factory-built Housing — — 233 Corporate/Other — — — Consolidated amortization of intangible assets $ 5,617 $ 5,430 $ 4,820 Capital expenditures: U.S. Factory-built Housing $ 6,261 $ 11,753 $ 9,494 Canadian Factory-built Housing 1,034 1,566 879 Corporate/Other 721 2,070 1,719 Consolidated capital expenditures $ 8,016 $ 15,389 $ 12,092 (Dollars in thousands) April 3, 2021 March 28, 2020 Total Assets: U.S. Factory-built Housing (1) $ 578,897 $ 491,110 Canadian Factory-built Housing (1) 87,224 56,760 Corporate/Other (1) 251,781 233,830 Consolidated total assets $ 917,902 $ 781,700 (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. |
Summary Quarterly Financial D_2
Summary Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Quarterly Financial Data [Abstract] | |
Summary of Unaudited Quarterly Financial Data (Unaudited) | The following table presents summary unaudited quarterly financial data: Fiscal 2021 Fiscal 2020 (Dollars in thousands) First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 273,285 $ 322,366 $ 377,581 $ 447,649 $ 371,888 $ 354,458 $ 342,239 $ 301,145 Gross profit 54,003 62,793 71,784 99,115 76,035 74,055 68,901 59,984 Net income 11,903 17,511 21,599 33,886 17,380 17,745 17,037 5,998 Per share data: Basic income per share 0.21 0.31 0.38 0.60 0.31 0.31 0.30 0.11 Diluted income per share 0.21 0.31 0.38 0.59 0.31 0.31 0.30 0.11 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional information (Detail) | 3 Months Ended | 12 Months Ended | |||||
Dec. 28, 2019USD ($) | Jun. 29, 2019USD ($) | Apr. 03, 2021USD ($)FacilityCentershares | Mar. 28, 2020USD ($)shares | Mar. 30, 2019USD ($) | Mar. 29, 2020USD ($) | Jan. 05, 2018shares | |
Significant Accounting Policies [Line Items] | |||||||
Common stock, shares issued | shares | 56,640,000 | 56,665,000 | |||||
Allowance for doubtful accounts | $ 400,000 | $ 400,000 | |||||
Depreciation expense, including amortization of assets under capital lease | $ 12,100,000 | 13,100,000 | $ 11,300,000 | ||||
Number of idle manufacturing facilities | Facility | 5 | ||||||
Number of idle retail sales centers | Center | 2 | ||||||
Net book value of property, plant and equipment | $ 115,140,000 | 109,291,000 | |||||
Impairment loss | 0 | 550,000 | 0 | ||||
Asset held for sale | 2,100,000 | ||||||
Loss on long-lived assets held for sale | $ 1,000,000 | ||||||
Proceeds from disposal of property, plant, and equipment | $ 1,100,000 | $ 1,927,000 | $ 196,000 | 56,000 | |||
Amortization period for useful lives of intangible assets | 7 years 9 months 18 days | 7 years 1 month 6 days | |||||
Self insurance reserve | $ 16,300,000 | $ 16,500,000 | |||||
Expected reimbursements on losses above program limits | 5,200,000 | 6,100,000 | |||||
Decreased in retained earnings | 82,898,000 | (48,000) | |||||
Trade accounts receivable, net | 57,481,000 | 45,733,000 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Increase in allowance for credit losses | $ 200,000 | ||||||
Decreased in retained earnings | $ (200,000) | ||||||
Trade accounts receivable, net | 400,000 | 400,000 | |||||
Other notes receivable net of reserves | $ 400,000 | 500,000 | |||||
Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Amortization period for useful lives of intangible assets | 10 years | ||||||
Land and Improvements [Member] | Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful lives of property, plant and equipment | 3 years | ||||||
Land and Improvements [Member] | Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful lives of property, plant and equipment | 10 years | ||||||
Building and Improvements [Member] | Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful lives of property, plant and equipment | 8 years | ||||||
Building and Improvements [Member] | Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful lives of property, plant and equipment | 25 years | ||||||
Machinery and Equipment [Member] | Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful lives of property, plant and equipment | 3 years | ||||||
Machinery and Equipment [Member] | Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful lives of property, plant and equipment | 8 years | ||||||
Vehicles [Member] | Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful lives of property, plant and equipment | 3 years | ||||||
Vehicles [Member] | Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful lives of property, plant and equipment | 8 years | ||||||
Idle Manufacturing Facilities and Idle Retail Sales Centers [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Net book value of property, plant and equipment | $ 6,800,000 | ||||||
Selling, General and Administrative Expenses [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Total advertising expense | $ 1,700,000 | 2,300,000 | $ 1,500,000 | ||||
Impairment loss | $ 600,000 | ||||||
U.S [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of manufacturing facilities | Facility | 35 | ||||||
Number of sales centers | Center | 18 | ||||||
Canada [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of manufacturing facilities | Facility | 5 | ||||||
COVID-19 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
CEWS payroll subsidies recognized | $ 6,200,000 | ||||||
CARES act and other state level programs subsidies recognized | 700,000 | ||||||
Deferred payroll taxes paid | $ 11,800,000 | ||||||
Indiana Corporation [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Ownership percentage | 15.50% | ||||||
Champion Enterprises Holdings, LLC [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Common stock, shares issued | shares | 47,752,008 | ||||||
Ownership percentage | 84.50% |
Business Combination - ScotBilt
Business Combination - ScotBilt Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 28, 2021 | Apr. 03, 2021 |
Business Acquisition [Line Items] | ||
Estimated weighted average useful lives | 10 years | |
ScotBilt [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of membership interest | 100.00% | |
Annual revenues | $ 79,000 | |
Purchase price | 53,000 | |
Total purchase consideration | 54,490 | |
Total cash paid to sellers | 54,100 | |
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 Combination - Schedule
Business Combination - Schedule of Purchase Price Preliminary Allocation on Assets and Liabilities (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Feb. 28, 2021 | Mar. 28, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 191,803 | $ 173,521 | |
ScotBilt [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 1,542 | ||
Trade accounts receivable | 2,256 | ||
Inventory | 6,923 | ||
Property, plant, and equipment | 10,466 | ||
Other assets | 1,164 | ||
Accounts payable and accrued liabilities | (7,243) | ||
Intangibles | 21,100 | ||
Goodwill | 18,282 | ||
Total purchase price allocation | $ 54,490 |
Inventories, Net - Summary of C
Inventories, Net - Summary of Components of Inventory, Net of Reserves for Obsolete Inventory (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 91,916 | $ 55,408 |
Work in process | 21,642 | 17,773 |
Finished goods and other | 52,555 | 53,205 |
Total inventories | $ 166,113 | $ 126,386 |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Detail) - USD ($) $ in Millions | Apr. 03, 2021 | Mar. 28, 2020 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete inventory | $ 4.6 | $ 4.2 |
Property Plant, and Equipment -
Property Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 12,087 | $ 13,116 | $ 11,259 |
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 | Apr. 03, 2021 | Mar. 28, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 193,154 | $ 175,603 |
Less accumulated depreciation | (78,014) | (66,312) |
Property, plant, and equipment, net | 115,140 | 109,291 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 36,470 | 35,332 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 97,005 | 87,222 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 57,790 | 51,239 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 1,889 | $ 1,810 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 191,803 | $ 173,521 | |
Finite-lived intangibles, customer relationships | 13,000 | ||
Finite-lived intangibles, trade names | 8,100 | ||
Amortization of intangible assets | $ 5,600 | $ 5,400 | $ 4,800 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 83,372 | $ 61,438 |
Accumulated amortization | (24,537) | (18,081) |
Amortizable intangibles, net | $ 58,835 | $ 43,357 |
Weighted average remaining amortization period, in years | 7 years 9 months 18 days | 7 years 1 month 6 days |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 61,963 | $ 48,370 |
Accumulated amortization | (18,158) | (13,118) |
Amortizable intangibles, net | $ 43,805 | $ 35,252 |
Weighted average remaining amortization period, in years | 7 years 9 months 18 days | 7 years 3 months 18 days |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 21,409 | $ 13,068 |
Accumulated amortization | (6,379) | (4,963) |
Amortizable intangibles, net | $ 15,030 | $ 8,105 |
Weighted average remaining amortization period, in years | 7 years 10 months 24 days | 6 years 2 months 12 days |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Estimated Amortization Expense of Intangible Assets (Detail) $ in Thousands | Apr. 03, 2021USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Fiscal 2022 | $ 7,553 |
Fiscal 2023 | 7,436 |
Fiscal 2024 | 7,388 |
Fiscal 2025 | 7,388 |
Fiscal 2026 | $ 7,388 |
Other Current Liabilities - Com
Other Current Liabilities - Components of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Customer deposits | $ 58,888 | $ 22,679 |
Accrued volume rebates | 18,207 | 17,469 |
Accrued warranty obligations | 24,033 | 19,179 |
Accrued compensation and payroll taxes | 42,560 | 27,776 |
Accrued insurance | 12,421 | 11,182 |
Other | 24,586 | 15,745 |
Total other current liabilities | $ 180,695 | $ 114,030 |
Accrued Warranty Obligations -
Accrued Warranty Obligations - Summary of Changes in Accrued Warranty Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Guarantees And Product Warranties [Abstract] | ||
Balance at the beginning of the period | $ 24,969 | $ 23,346 |
Warranty assumed in the acquisition of ScotBilt | 1,996 | |
Warranty expense | 37,620 | 39,434 |
Cash warranty payments | (34,116) | (37,811) |
Balance at end of period | 30,469 | 24,969 |
Less noncurrent portion in other long-term liabilities | (6,436) | (5,790) |
Total current portion | $ 24,033 | $ 19,179 |
Debt and Floor Plan Payable - S
Debt and Floor Plan Payable - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 39,330 | $ 77,330 |
Total long-term debt | 39,330 | 77,330 |
Revolving Credit Facility Maturing in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 26,900 | 64,900 |
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) | Apr. 03, 2021USD ($) | Jun. 05, 2018USD ($) | Dec. 31, 2018 | Apr. 03, 2021USD ($) | Mar. 28, 2020USD ($) |
Obligations Under Industrial Revenue Bonds Due 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted-average interest rate | 2.18% | 2.18% | 6.31% | ||
Industrial revenue bonds maturity | 2029 | ||||
Floor Plan Financing Arrangements [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding borrowings | $ 25,700,000 | $ 25,700,000 | $ 33,900,000 | ||
Line of Credit Facility, description | Borrowings are secured by the homes and are required to be repaid when the Company sells the home to a customer. | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 100,000,000 | ||||
First lien leverage ratio | 2 | ||||
Revolving credit facility maturity date | Jun. 5, 2023 | ||||
Interest rate on borrowings | 1.60% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.75% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage Equal to Or Greater Than 2.00:1.00 [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage Equal to Or Greater Than 2.00:1.00 [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage Below 0.50:1.00 [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.50% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage Below 0.50:1.00 [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Champion Enterprises Holdings, LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of long-term debt | $ 46,900,000 | $ 38,000,000 | |||
Minimum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused line fee percentage | 0.25% | ||||
Maximum [Member] | Floor Plan Financing Arrangements [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 50,000,000 | 50,000,000 | |||
Maximum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused line fee percentage | 0.40% | ||||
Letter of Credit [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit issued | 30,400,000 | 30,400,000 | |||
Available borrowings under Credit Agreement | $ 42,700,000 | $ 42,700,000 | |||
Letter of Credit [Member] | Minimum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 45,000,000 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Uncollected billings related to long-term construction contracts | $ 5,500,000 | $ 1,000,000 |
Unbilled revenue for long-term contracts | $ 0 | $ 0 |
Minimum [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Number of business days for the receipt of floor plan payment | 5 days | |
Maximum [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Number of business days for the receipt of floor plan payment | 10 days |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Corporate Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | $ 447,649 | $ 377,581 | $ 322,366 | $ 273,285 | $ 301,145 | $ 342,239 | $ 354,458 | $ 371,888 | $ 1,420,881 | $ 1,369,730 | $ 1,360,043 |
Manufacturing and Retail [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | 1,355,833 | 1,302,489 | 1,264,812 | ||||||||
Commercial [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | 11,803 | 8,100 | 11,442 | ||||||||
Transportation [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | 53,245 | 59,141 | 83,789 | ||||||||
U.S Factory-built Housing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | 1,266,308 | 1,226,393 | 1,177,687 | ||||||||
U.S Factory-built Housing [Member] | Manufacturing and Retail [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | 1,254,505 | 1,218,293 | 1,166,245 | ||||||||
U.S Factory-built Housing [Member] | Commercial [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | 11,803 | 8,100 | 11,442 | ||||||||
Canadian Factory-built Housing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | 101,328 | 84,196 | 98,567 | ||||||||
Canadian Factory-built Housing [Member] | Manufacturing and Retail [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | 101,328 | 84,196 | 98,567 | ||||||||
Corporate Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | 53,245 | 59,141 | 83,789 | ||||||||
Corporate Other [Member] | Transportation [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Consolidated Net Sales | $ 53,245 | $ 59,141 | $ 83,789 |
Leases - Summary of Lease Expen
Leases - Summary of Lease Expense Included in Condensed Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Lease Cost [Abstract] | ||
Operating lease expense | $ 5,387 | $ 5,884 |
Short-term lease expense | 1,925 | 1,378 |
Total lease expense | $ 7,312 | $ 7,262 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Assets Included in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Leases [Abstract] | ||
Right-of-use assets under operating leases, Other long-term assets | $ 11,473 | $ 14,808 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other noncurrent assets | Other noncurrent assets |
Other current liabilities | $ 4,250 | $ 4,789 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | sky:OperatingLeaseLiabilityCurrentMember | sky:OperatingLeaseLiabilityCurrentMember |
Other long-term liabilities | $ 7,223 | $ 10,019 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | sky:OperatingLeaseLiabilityNoncurrentMember | sky:OperatingLeaseLiabilityNoncurrentMember |
Total lease obligation | $ 11,473 | $ 14,808 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Obligations (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Operating Lease Liabilities Payments Due [Abstract] | ||
Fiscal 2022 | $ 4,732 | |
Fiscal 2023 | 3,787 | |
Fiscal 2024 | 1,823 | |
Fiscal 2025 | 1,133 | |
Fiscal 2026 | 440 | |
Thereafter | 1,438 | |
Total undiscounted cash flows | 13,353 | |
Less: imputed interest | (1,880) | |
Lease obligations under operating leases | $ 11,473 | $ 14,808 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Detail) | Apr. 03, 2021 |
Lease Cost [Abstract] | |
Weighted average remaining lease term (in years) | 4 years 7 months 6 days |
Weighted average discount rate (as a percent) | 5.60% |
Leases - Schedule of Other Info
Leases - Schedule of Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Leases [Abstract] | ||
Right-of-use assets obtained in exchange for operating lease obligations | $ 1,469 | $ 6,177 |
Cash paid related to operating lease obligations | $ 5,624 | $ 5,811 |
Income Taxes - Schedule of Pret
Income Taxes - Schedule of Pretax Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 92,832 | $ 76,224 | $ (50,891) |
Foreign | 18,568 | 8,830 | 9,588 |
Income (loss) before income taxes | $ 111,400 | $ 85,054 | $ (41,303) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision by Jurisdiction (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Current: | |||
U.S. federal | $ 13,094 | $ 9,360 | $ 9,353 |
Foreign | 4,738 | 1,938 | 1,452 |
State | 5,081 | 3,800 | 3,053 |
Total current | 22,913 | 15,098 | 13,858 |
Deferred | |||
U.S. federal | 2,853 | 5,660 | 1,854 |
Foreign | 851 | 5,214 | 987 |
State | (116) | 922 | 206 |
Total deferred | 3,588 | 11,796 | 3,047 |
Total income tax expense | $ 26,501 | $ 26,894 | $ 16,905 |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Tax expense (benefit) at U.S federal statutory rate | $ 23,394 | $ 17,861 | $ (8,674) |
Increase (decrease) in rate resulting from: | |||
State taxes, net of U.S. federal benefit | 3,969 | 4,491 | 2,412 |
Change in deferred tax valuation allowance | 1,343 | 3,652 | (986) |
Foreign tax rate differences | 900 | 502 | 579 |
Recognition of foreign investment basis difference | 616 | 25 | 247 |
Non-deductible compensation due to Section 162(m) | 586 | 1,007 | 2,760 |
Other permanent difference | 265 | 844 | 531 |
Non-deductible equity-based compensation | 17,545 | ||
Transaction costs related to the Exchange | 2,051 | ||
Uncertain tax positions | (643) | (590) | |
Deferred tax rate changes | (778) | 538 | 928 |
U.S. tax credits | (3,096) | (1,005) | (445) |
Other | (698) | (378) | 547 |
Total income tax expense | $ 26,501 | $ 26,894 | $ 16,905 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Tax Contingency [Line Items] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
U.S. federal net operating loss carryforwards | $ 4,583,000 | $ 9,368,000 | |
Unrecognized tax benefits | 0 | $ 0 | $ 643,000 |
U.S. Federal [Member] | |||
Income Tax Contingency [Line Items] | |||
U.S. federal net operating loss carryforwards | $ 21,800,000 | ||
Earliest Tax Year [Member] | State [Member] | Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
NOL carryforwards expiration year | 2021 | ||
Earliest Tax Year [Member] | U.S. Federal [Member] | Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
NOL carryforwards expiration year | 2032 | ||
Latest Tax Year [Member] | State [Member] | Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
NOL carryforwards expiration year | 2041 | ||
Latest Tax Year [Member] | U.S. Federal [Member] | Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
NOL carryforwards expiration year | 2035 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
ASSETS | ||
Intangible assets | $ 10,665 | $ 9,665 |
Employee compensation | 7,500 | 5,665 |
Warranty reserves | 7,041 | 6,175 |
Foreign net operating loss carryforwards | 6,250 | 5,400 |
U.S. federal net operating loss carryforwards | 4,583 | 9,368 |
Self-insurance reserves | 4,058 | 3,806 |
Lease assets | 2,879 | 3,684 |
State net operating loss carryforwards | 2,372 | 2,793 |
U.S. tax credit carryforwards | 2,030 | 2,030 |
Dealer volume discounts | 1,631 | 1,216 |
Inventory reserves and impairments | 1,558 | 1,656 |
Equity-based compensation | 1,333 | 1,156 |
Capitalized transaction costs | 377 | 456 |
Foreign capital loss carryforwards | 187 | 168 |
Outside basis difference in domestic partnership investment | 2,229 | |
Foreign currency translation adjustments | 67 | |
Other | 1,282 | 1,130 |
Gross deferred tax assets | 53,746 | 56,664 |
LIABILITIES | ||
Intangible assets | 9,470 | 10,711 |
Property, plant, and equipment | 8,213 | 8,411 |
Foreign tax basis difference in investments | 4,280 | 3,264 |
Lease liabilities | 2,879 | 3,684 |
Other | 718 | 837 |
Gross deferred tax liabilities | 25,560 | 26,907 |
Valuation allowance | (12,552) | (11,209) |
Net deferred tax assets | $ 15,634 | $ 18,548 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes in Unrecognized Tax Benefits (Detail) | 12 Months Ended |
Mar. 28, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits, beginning of period | $ 643,000 |
Reductions as a result of a lapse of the applicable statute of limitations | (643,000) |
Unrecognized tax benefits, end of period | $ 0 |
Equity Based Compensation - Add
Equity Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense recognized | $ 6 | $ 8.3 | $ 102 |
Income tax benefit recognized | 1 | 1.3 | 0.2 |
Unrecognized equity-based compensation | 10.1 | ||
Unrecognized share-based payment expense, fiscal 2022 | 5.3 | ||
Unrecognized share-based payment expense, fiscal 2023 | 3.5 | ||
Unrecognized share-based payment expense, thereafter | $ 1.3 | ||
Unrecognized share-based payment expense, weighted-average period | 1 year 2 months 1 day | ||
Time-Vesting and Performance-Vesting Restricted Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incremental fair value of the modification of awards | $ 95.1 | ||
Fair value of awards vested | $ 4.2 | $ 4.2 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term, description | Stock options generally have terms of 10 years, with one-third of each grant vesting each year for three years | ||
Vesting period | 3 years | ||
Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of awards | 10 years | ||
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | 3 years | 3 years |
Shareholder return performance measurement period | 3 years | 3 years | 3 years |
Performance Share Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares, vesting percentage per annum | 150.00% | 150.00% | 150.00% |
Performance Share Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares, vesting percentage per annum | 0.00% | 0.00% | 0.00% |
Restricted Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of awards vested | $ 2.5 | $ 2.1 | $ 8.5 |
Weighted average grant date fair value | $ 29.77 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value | $ 28.33 | $ 31.34 | $ 14.24 |
Former Skyline Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense recognized | $ 6 |
Equity Based Compensation - Sum
Equity Based Compensation - Summary of Activity Associated with Awards (Detail) - shares shares in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Management Incentive Plan Award Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, Beginning balance | 12,655 | ||
Granted | 1,000 | ||
Exchange of MIP awards for restricted share awards | (13,655) | ||
Time Based Restricted Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, Beginning balance | 145 | 290 | |
Exchange of MIP awards for restricted share awards | 290 | ||
Vested | (145) | (145) | |
Outstanding, Ending balance | 145 | 290 | |
Performance Based Restricted Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exchange of MIP awards for restricted share awards | 3,686 | ||
Vested | (3,686) |
Equity Based Compensation - S_2
Equity Based Compensation - Summary of Stock Options Activity (Detail) - Stock Options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Outstanding, Beginning balance | 403 | 146 | |
Shares, Granted | 138 | 266 | 146 |
Shares, Exercised | (5) | (8) | |
Shares, Forfeitures | (1) | ||
Shares Outstanding, Ending balance | 536 | 403 | 146 |
Shares, Vested and expected to vest | 536 | ||
Shares, Exercisable | 199 | ||
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ 26.29 | $ 15 | |
Weighted Average Exercise Price Per Share, Granted | 31.21 | 32.11 | $ 15 |
Weighted Average Exercise Price Per Share, Exercised | 32.04 | 15 | |
Weighted Average Exercise Price Per Share, Forfeitures | 15 | ||
Weighted Average Exercise Price Per Share, Outstanding, Ending balance | 27.50 | $ 26.29 | $ 15 |
Weighted Average Exercise Price Per Share, Vested and expected to vest | 27.50 | ||
Weighted Average Exercise Price Per Share, Exercisable | $ 22.64 | ||
Weighted Average Remaining Term, Outstanding | 8 years 8 months 12 days | ||
Weighted Average Remaining Term, Vested and expected to vest | 8 years 8 months 12 days | ||
Weighted Average Remaining Term, Exercisable | 8 years 2 months 12 days | ||
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 10,680 | ||
Aggregate Intrinsic Value, Vested and expected to vest | 10,680 | ||
Aggregate Intrinsic Value, Exercisable | $ 4,921 |
Equity Based Compensation - S_3
Equity Based Compensation - Summary of Assumptions Used in Black-Scholes Option-Pricing and Monte-Carlo Simulation Model with Weighted-Average Grant Date Fair Value (Detail) - $ / shares | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Stock Options [Member] | |||
Weighted-average assumptions used: | |||
Expected volatility | 45.00% | 30.00% | 25.80% |
Risk-free interest rate | 0.50% | 1.70% | 2.40% |
Expected term, in years | 6 years | 5 years 10 months 17 days | 5 years 9 months |
Weighted average grant date fair value per share | $ 12.48 | $ 10.33 | $ 3.93 |
Performance Share Units [Member] | |||
Weighted-average assumptions used: | |||
Expected volatility | 50.00% | 30.00% | 29.50% |
Risk-free interest rate | 0.20% | 1.60% | 2.40% |
Expected term, in years | 3 years | 2 years 10 months 2 days | 2 years 5 months 26 days |
Weighted average grant date fair value per share | $ 28.38 | $ 29.05 | $ 3.62 |
Equity Based Compensation - S_4
Equity Based Compensation - Summary of Performance Share Units Activity (Detail) - Performance Share Units [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Shares | |||
Outstanding, Beginning balance | 230 | 146 | |
Granted | 61 | 86 | 146 |
Forfeitures | (2) | ||
Outstanding, Ending balance | 291 | 230 | 146 |
Weighted Average Grant Date Fair Value Per Unit | |||
Outstanding, Beginning balance | $ 13.85 | $ 3.62 | |
Granted | 28.38 | 29.05 | $ 3.62 |
Forfeitures | 3.62 | ||
Outstanding, Ending balance | $ 16.90 | $ 13.85 | $ 3.62 |
Equity Based Compensation - S_5
Equity Based Compensation - Summary of Restricted Share Units and Restricted Share Awards Activity (Detail) - shares shares in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Restricted Stock Units [Member] | |||
Shares | |||
Outstanding, Beginning balance | 194 | 158 | |
Granted | 87 | 112 | 158 |
Vested | (98) | (75) | |
Forfeitures | (1) | ||
Outstanding, Ending balance | 183 | 194 | 158 |
Restricted Share Awards [Member] | |||
Shares | |||
Granted | 349 | ||
Vested | (349) |
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 | 12 Months Ended | ||||||||||
Apr. 03, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Numerator: | ||||||||||||
Net income (loss) | $ 33,886 | $ 21,599 | $ 17,511 | $ 11,903 | $ 5,998 | $ 17,037 | $ 17,745 | $ 17,380 | $ 84,899 | $ 84,899 | $ 58,160 | $ (58,208) |
Undistributed earnings allocated to participating securities | (77) | (170) | ||||||||||
Net income (loss) attributable to the Company's common shareholders | $ 84,822 | $ 57,990 | $ (58,208) | |||||||||
Denominator: | ||||||||||||
Basic weighted average shares outstanding | 56,648 | 56,516 | 53,491 | |||||||||
Dilutive securities | 325 | 246 | ||||||||||
Diluted weighted average shares outstanding | 56,973 | 56,762 | 53,491 | |||||||||
Basic net income (loss) per share: | $ 0.60 | $ 0.38 | $ 0.31 | $ 0.21 | $ 0.11 | $ 0.30 | $ 0.31 | $ 0.31 | $ 1.50 | $ 1.50 | $ 1.03 | $ (1.09) |
Diluted net income (loss) per share: | $ 0.59 | $ 0.38 | $ 0.31 | $ 0.21 | $ 0.11 | $ 0.30 | $ 0.31 | $ 0.31 | $ 1.49 | $ 1.49 | $ 1.02 | $ (1.09) |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Antidilutive Securities (Detail) - shares shares in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total dilutive securities | 325 | 246 |
Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total dilutive securities | 62 | 53 |
Restricted Share Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total dilutive securities | 81 | 60 |
Performance Share Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total dilutive securities | 182 | 133 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - Defined Contribution Savings Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
U.S [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum contribution by employees participating to plan | 1.00% | ||
Maximum contribution by employees participating to plan | 25.00% | ||
Expenses recognized under contribution plan | $ 2.6 | $ 2.4 | $ 0.6 |
Employer matching contribution to plan | 50.00% | ||
Employer matching contribution, first pay | 6.00% | ||
Canada [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Expenses recognized under contribution plan | $ 0.5 | $ 0.6 | $ 0.6 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions | May 31, 2018 | Mar. 30, 2019 | Sep. 25, 2018 |
Maximum [Member] | Principal Shareholders [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 50.00% | ||
Management Advisory [Member] | Services Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Annual management fee | $ 0.3 | $ 1.5 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Apr. 03, 2021Segment | |
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 | 12 Months Ended | |||||||||
Apr. 03, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 447,649 | $ 377,581 | $ 322,366 | $ 273,285 | $ 301,145 | $ 342,239 | $ 354,458 | $ 371,888 | $ 1,420,881 | $ 1,369,730 | $ 1,360,043 |
Operating income (loss) | 108,759 | 86,455 | (29,742) | ||||||||
Other income | (5,889) | 8,271 | |||||||||
Depreciation | 12,087 | 13,116 | 11,259 | ||||||||
Amortization | (5,617) | (5,430) | (4,820) | ||||||||
Amortization of intangible assets | 5,600 | 5,400 | 4,800 | ||||||||
Assets | 917,902 | 781,700 | 917,902 | 781,700 | |||||||
U.S Factory-built Housing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,266,308 | 1,226,393 | 1,177,687 | ||||||||
Canadian Factory-built Housing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 101,328 | 84,196 | 98,567 | ||||||||
Operating Segments [Member] | U.S Factory-built Housing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,266,308 | 1,226,393 | 1,177,687 | ||||||||
Operating income (loss) | 142,699 | 131,339 | 111,857 | ||||||||
Depreciation | 9,620 | 11,015 | 9,507 | ||||||||
Amortization of intangible assets | 5,617 | 5,430 | 4,587 | ||||||||
Capital expenditures | 6,261 | 11,753 | 9,494 | ||||||||
Assets | 578,897 | 491,110 | 578,897 | 491,110 | |||||||
Operating Segments [Member] | Canadian Factory-built Housing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 101,328 | 84,196 | 98,567 | ||||||||
Operating income (loss) | 19,564 | 9,272 | 10,417 | ||||||||
Depreciation | 860 | 1,073 | 933 | ||||||||
Amortization of intangible assets | 233 | ||||||||||
Capital expenditures | 1,034 | 1,566 | 879 | ||||||||
Assets | 87,224 | 56,760 | 87,224 | 56,760 | |||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 53,245 | 59,141 | 83,789 | ||||||||
Operating income (loss) | (29,911) | (35,610) | (135,937) | ||||||||
Depreciation | 1,607 | 1,028 | 819 | ||||||||
Capital expenditures | 721 | 2,070 | 1,719 | ||||||||
Assets | 251,781 | 233,830 | 251,781 | 233,830 | |||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,420,881 | 1,369,730 | 1,360,043 | ||||||||
Operating income (loss) | 108,759 | 86,455 | (29,742) | ||||||||
Depreciation | 12,087 | 13,116 | 11,259 | ||||||||
Amortization of intangible assets | 5,617 | 5,430 | 4,820 | ||||||||
Capital expenditures | 8,016 | 15,389 | $ 12,092 | ||||||||
Assets | $ 917,902 | $ 781,700 | $ 917,902 | $ 781,700 |
Commitments, Contingencies an_2
Commitments, Contingencies and Concentrations - Additional Information (Detail) $ in Millions | Apr. 30, 2020USD ($) | Apr. 03, 2021USD ($)EmployeeAgreement | Mar. 28, 2020USD ($) | Mar. 30, 2019 |
Commitment And Contingencies [Line Items] | ||||
Losses under repurchase obligations | $ 219.5 | |||
Reserve for estimated losses under repurchase agreements | $ 1.4 | $ 1 | ||
Guarantee obligations term | 12 years | |||
Number of employees | Employee | 7,700 | |||
Canada [Member] | Collective Bargaining Agreements One [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Agreement expiration date | 2019-11 | |||
Canada [Member] | Collective Bargaining Agreements Two [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Agreement expiration date | 2021-05 | |||
Canada [Member] | Collective Bargaining Agreements Three [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Agreement expiration date | 2021-06 | |||
Canada [Member] | Collective Bargaining Agreements Four [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Agreement expiration date | 2022-06 | |||
Canada [Member] | Collective Bargaining Agreements Five [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Agreement expiration date | 2022-11 | |||
Canada [Member] | Manufacturing Facilities [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Number of separate collective bargaining agreements | Agreement | 5 | |||
Canada [Member] | Manufacturing Facilities [Member] | Collective Bargaining Agreements [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Number of employees | Employee | 900 | |||
Geographic Concentration Risk | Canada [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Net assets | $ 87.2 | $ 45 | ||
Sales [Member] | Geographic Concentration Risk | Canada [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Concentration risk percentage | 7.00% | 6.00% | 7.00% | |
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 | $ 34.4 |
Summary Quarterly Financial D_3
Summary Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 03, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Quarterly Financial Data [Abstract] | ||||||||||||
Net sales | $ 447,649 | $ 377,581 | $ 322,366 | $ 273,285 | $ 301,145 | $ 342,239 | $ 354,458 | $ 371,888 | $ 1,420,881 | $ 1,369,730 | $ 1,360,043 | |
Gross profit | 99,115 | 71,784 | 62,793 | 54,003 | 59,984 | 68,901 | 74,055 | 76,035 | 287,695 | 278,975 | 245,359 | |
Net income (loss) | $ 33,886 | $ 21,599 | $ 17,511 | $ 11,903 | $ 5,998 | $ 17,037 | $ 17,745 | $ 17,380 | $ 84,899 | $ 84,899 | $ 58,160 | $ (58,208) |
Per share data: | ||||||||||||
Basic income per share | $ 0.60 | $ 0.38 | $ 0.31 | $ 0.21 | $ 0.11 | $ 0.30 | $ 0.31 | $ 0.31 | $ 1.50 | $ 1.50 | $ 1.03 | $ (1.09) |
Diluted income per share | $ 0.59 | $ 0.38 | $ 0.31 | $ 0.21 | $ 0.11 | $ 0.30 | $ 0.31 | $ 0.31 | $ 1.49 | $ 1.49 | $ 1.02 | $ (1.09) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 0.4 | $ 0.6 | $ 0.2 |
Additions | 0.2 | 0.7 | 0.5 |
Deductions | (0.2) | (0.9) | (0.1) |
Balance at End of Period | 0.4 | 0.4 | 0.6 |
Valuation Allowance for Deferred Taxes [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 11.2 | 7.3 | 6.4 |
Additions | 1.4 | 4.5 | 0.3 |
Deductions | (0.2) | (1.3) | |
Other | (0.4) | 1.9 | |
Balance at End of Period | $ 12.6 | $ 11.2 | $ 7.3 |