Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 26, 2020 |
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 | 56,638,000 | 56,665,000 |
| Shares subject to restriction | 0 | 145,000 |
Condensed Consolidated Income Statements - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
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| Income Statement [Abstract] | ||||
| Net sales | $ 322,366 | $ 354,458 | $ 595,651 | $ 726,346 |
| Cost of sales | 259,573 | 280,403 | 478,855 | 576,256 |
| Gross profit | 62,793 | 74,055 | 116,796 | 150,090 |
| Selling, general, and administrative expenses | 41,373 | 48,402 | 82,180 | 100,117 |
| Operating income | 21,420 | 25,653 | 34,616 | 49,973 |
| Interest expense, net | 864 | 382 | 1,806 | 691 |
| Other income | (2,599) | (6,813) | ||
| Income before income taxes | 23,155 | 25,271 | 39,623 | 49,282 |
| Income tax expense | 5,644 | 7,526 | 10,209 | 14,157 |
| Net income | $ 17,511 | $ 17,745 | $ 29,414 | $ 35,125 |
| Net income per share: | ||||
| Basic | $ 0.31 | $ 0.31 | $ 0.52 | $ 0.62 |
| Diluted | $ 0.31 | $ 0.31 | $ 0.52 | $ 0.62 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
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| Statement Of Income And Comprehensive Income [Abstract] | ||||
| Net income | $ 17,511 | $ 17,745 | $ 29,414 | $ 35,125 |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustments | 861 | (530) | 1,956 | 369 |
| Total comprehensive income | $ 18,372 | $ 17,215 | $ 31,370 | $ 35,494 |
Basis of Presentation and Business |
6 Months Ended | ||
|---|---|---|---|
Sep. 26, 2020 | |||
| Accounting Policies [Abstract] | |||
| Basis of Presentation and Business |
Nature of Operations: Skyline Champion Corporation (the “Company”) is a leading producer of factory-built housing in the United States (“U.S.”) and Canada. The Company’s operations consist of manufacturing, retail, and transportation activities. The Company operates 33 manufacturing facilities throughout the U.S. and five manufacturing facilities in western Canada. These facilities primarily construct factory-built, timber-framed manufactured, and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company’s retail operations consist of 18 sales centers that sell manufactured houses to consumers primarily in the Southern U.S. The Company’s transportation business engages independent owners/drivers to transport manufactured homes, recreational vehicles and other products throughout the U.S. and Canada. COVID-19 Government Financial Assistance: The outbreak of a novel strain of coronavirus ("COVID-19") was declared a global pandemic by the World Health Organization in March 2020. Various government programs have been announced which provide financial relief for affected businesses including the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in the United States, and the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada. During the first quarter of fiscal 2021, the Company recognized CARES Act subsidies of $0.6 million. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through September 26, 2020, the Company has deferred $7.4 million of payroll taxes that will be paid beginning in December 2021. In Canada, the Company recognized $2.6 million and $6.2 million of payroll subsidies under CEWS during the three and six months ended September 26, 2020, respectively. The Company’s policy is to account for these subsidies as Other Income in the period in which the related costs are incurred and the Company is reasonably assured to receive payment. As of September 26, 2020, the Company had received $5.6 million of the CEWS subsidies. Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany balances and transactions. In the opinion of management, these statements include all normal recurring adjustments necessary to fairly state the Company’s consolidated results of operations, cash flows, and financial position. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on May 21, 2020 (the “Fiscal 2020 Annual Report”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes thereto. Actual results could differ from those estimates. The condensed consolidated income statements, condensed consolidated statements of comprehensive income, and condensed consolidated statements of cash flows for the interim periods are not necessarily indicative of the results of operations or cash flows for the full year. Certain prior year amounts have been reclassified to conform with the current year presentation. The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest to March 31. The Company’s current fiscal year, “fiscal 2021,” will end on April 3, 2021 and will include 53 weeks. References to “fiscal 2020” refer to the Company’s fiscal year ended March 28, 2020. The three and six months ended September 26, 2020 and September 28, 2019 each included 13 weeks and 26 weeks, respectively. 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. As of September 26, 2020 and March 28, 2020, accounts receivable are reflected net of reserves of $0.3 million and $0.4 million, respectively. As of September 26, 2020 and March 28, 2020, other notes receivable are reflected net of reserves of $0.4 million and $0.5 million, respectively. Changes in expected credit losses were not significant in the first six months of fiscal 2021. 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. There were no other accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations. |
Inventories, Net |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories, Net |
The components of inventory, net of reserves for obsolete inventory, were as follows:
At September 26, 2020 and March 28, 2020, reserves for obsolete inventory were $4.5 million and $4.2 million, respectively.
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Property, Plant, and Equipment |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant, and Equipment |
Property, plant, and equipment are stated at cost. Depreciation is calculated primarily on a straight-line basis, generally over the following estimated useful lives: land improvements – 3 to 10 years; buildings and improvements – 8 to 25 years; and vehicles and machinery and equipment – 3 to 8 years. Depreciation expense for the three months ended September 26, 2020 and September 28, 2019 was $million and $million, respectively. Depreciation expense for the six months ended September 26, 2020 and September 28, 2019 was $6.0 million and $6.7 million, respectively. The components of property, plant, and equipment were as follows:
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Goodwill and Intangible Assets |
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Sep. 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets |
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 September 26, 2020 and March 28, 2020, the Company had goodwill of $173.5 million. Intangible Assets The components of amortizable intangible assets were as follows:
During both the three months ended September 26, 2020 and September 28, 2019, amortization of intangible assets was $1.3 million. During both the six months ended September 26, 2020 and September 28, 2019, amortization of intangible assets was $2.7 million.
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Other Current Liabilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Current Liabilities |
The components of other current liabilities were as follows:
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Accrued Warranty Obligations |
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Guarantees And Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Warranty Obligations |
Changes in the accrued warranty obligations were as follows:
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Debt and Floor Plan Payable |
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Floor Plan Payable |
Long-term debt consisted of the following:
The Company has an agreement with a syndicate of banks that provides for a revolving credit facility of up to $100.0 million, including a letter of credit sub-facility of not less than $45.0 million (“Credit Agreement”). The revolving credit facility allows the Company to draw down, repay and re-draw loans on the available funds during the term of the Credit Agreement. The Credit Agreement matures on June 5, 2023 and has no scheduled amortization. The interest rate on borrowings under the Credit Agreement adjusts based on the first lien net leverage of the Company 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 September 26, 2020 the interest rate on borrowings under the Credit Agreement was 1.70%. At September 26, 2020, letters of credit issued under the Credit Agreement totaled $33.9 million. Total available borrowings under the Credit Agreement as of September 26, 2020 were $1.2 million. Obligations under industrial revenue bonds are supported by letters of credit and bear interest based on a municipal bond index rate. The weighted-average interest rate at September 26, 2020, including related costs and fees, was 2.22%. The industrial revenue bonds require lump-sum payments of principal upon maturity in 2029.
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 September 26, 2020. Floor Plan Payable The Company’s retail operations utilize floor plan financing to fund the purchase of manufactured homes for display or resale. At September 26, 2020 and March 28, 2020, the Company had outstanding borrowings on floor plan financing agreements of $26.6 million and $33.9 million, respectively. Total credit line capacity provided under the agreements was $49.0 million as of September 26, 2020. Borrowings are secured by the homes and are required to be repaid when the Company sells the home to a customer. |
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Revenue Recognition |
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| Revenue From Contract With Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition |
The following tables disaggregate the Company’s revenue by sales category for the three and six months ended September 26, 2020 and September 28, 2019:
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 income statements is shown below:
Operating lease assets and obligations included in the accompanying condensed consolidated balance sheets are below:
Maturities of lease obligations as of September 26, 2020, are shown below:
The weighted-average lease term and discount rate for operating leases are shown below:
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.
Cash flow information related to operating leases is shown below:
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Income Taxes |
6 Months Ended | ||
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Sep. 26, 2020 | |||
| Income Tax Disclosure [Abstract] | |||
| Income Taxes |
For the three months ended September 26, 2020 and September 28, 2019, the Company recorded $5.6 million and $7.5 million of income tax expense and had an effective tax rate of 24.4% and 29.8%, respectively. For the six months ended September 26, 2020 and September 28, 2019, the Company recorded $10.2 million and $14.2 million of income tax expense and had an effective tax rate of 25.8% and 28.7%, respectively. The change in the effective tax rate for the three and six months ended September 26, 2020 compared with the same respective periods of the prior year, was primarily due to an increase in tax credits, certain U.S. tax law changes and results in foreign jurisdictions The Company’s effective tax rate for both the three and six months ended September 26, 2020 and September 28, 2019 differs from the federal statutory income tax rate of 21.0% due primarily to the effect of non-deductible expenses, state and local income taxes, tax credits, and results in foreign jurisdictions. At September 26, 2020, the Company had no unrecognized tax benefits. The Company does not anticipate any material changes to uncertain tax benefits in the next twelve months. The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Earnings Per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share |
Basic net income per share (“EPS”) attributable to the Company was computed by dividing net income attributable to the Company by the average number of common shares outstanding during the period. Certain of the Company’s time-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 the three and six months ended September 26, 2020 and September 28, 2019, the two-class method was more dilutive. Securities that could potentially dilute basic EPS in the future that were considered antidilutive in the three and six months ended September 26, 2020 totaled 0.3 million and 0.4 million, respectively. There were no antidilutive securities in the three and six months ended September 28, 2019.
The following table sets forth the computation of basic and diluted earnings per common share:
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information |
Financial results for the Company's reportable segments have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker, the Chief Executive Officer, evaluates the performance of the Company’s segments primarily based on net sales, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and operating assets. The Company operates in two reportable segments: (i) U.S. Factory-built Housing, which includes manufacturing and retail housing operations and (ii) Canadian Factory-built Housing. Corporate/Other includes the Company’s transportation operations, corporate costs 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 includes cash and certain deferred tax items not specifically allocated to another segment.
Selected financial information by reportable segment was as follows:
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Commitments, Contingencies and Legal Proceedings |
6 Months Ended | ||
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Sep. 26, 2020 | |||
| Commitments And Contingencies Disclosure [Abstract] | |||
| Commitments, Contingencies and Legal Proceedings |
Repurchase Contingencies and Guarantees The Company is contingently liable under terms of repurchase agreements with lending institutions that provide wholesale floor plan financing to retailers. These arrangements, which are customary in the manufactured housing industry, provide for the repurchase of products sold to retailers in the event of default by the retailer on 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. Excluding the resale value of the homes, the contingent repurchase obligation as of September 26, 2020 was estimated to be $142.6 million. The Company accounts for the guarantees under its repurchase agreements with the retailers’ financing institutions by estimating and deferring a portion of the related product sale that represents the estimated fair value of the repurchase obligation. In addition, the Company has estimated the expected contingent net loss the Company will incur upon resale of any repurchases. These estimates are based on recent historical experience supplemented by management’s assessment of current economic and other conditions affecting retailers for which the Company has a contingent repurchase obligation. Based on these repurchase agreements, historical loss experience, as well as current economic conditions and forecasts that affect the potential loss exposure, a loss reserve of $0.9 million and $1.0 million was recorded as of September 26, 2020 and March 28, 2020, respectively. Losses incurred on homes repurchased were not significant during the three or six month periods ended September 26, 2020 or September 28, 2019. At September 26, 2020, the Company was contingently obligated for $33.9 million under letters of credit, primarily consisting of $12.6 million to support long-term debt, $21.0 million to support the casualty insurance program, and $0.3 million to support bonding agreements. The letters of credit are issued from a sub-facility of the Credit Agreement. The Company was also contingently obligated for $14.3 million under surety bonds, generally to support performance on long-term construction contracts and license and service bonding requirements. In the normal course of business, the Company’s former subsidiaries that operated in the United Kingdom historically provided certain guarantees to two customers. Those guarantees provide contractual liability for proven construction defects up to 12 years from the date of delivery of certain products. The guarantees remain a contingent liability of the Company which declines over time through October 2027. As of the date of this report, the Company expects few, if any, claims to be reported under the terms of the guarantees. Legal Proceedings The Company has agreed to indemnify counterparties in the ordinary course of its business in agreements to acquire and sell business assets and in financing arrangements. The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. As of the date of this filing, the Company believes the ultimate liability with respect to these contingent obligations will not have, either individually or in the aggregate, a material adverse effect on the Company’s financial condition, results of operations, or cash flows. |
Basis of Presentation and Business (Policies) |
6 Months Ended |
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Sep. 26, 2020 | |
| Accounting Policies [Abstract] | |
| COVID-19 Government Financial Assistance |
COVID-19 Government Financial Assistance: The outbreak of a novel strain of coronavirus ("COVID-19") was declared a global pandemic by the World Health Organization in March 2020. Various government programs have been announced which provide financial relief for affected businesses including the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in the United States, and the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada. During the first quarter of fiscal 2021, the Company recognized CARES Act subsidies of $0.6 million. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through September 26, 2020, the Company has deferred $7.4 million of payroll taxes that will be paid beginning in December 2021. In Canada, the Company recognized $2.6 million and $6.2 million of payroll subsidies under CEWS during the three and six months ended September 26, 2020, respectively. The Company’s policy is to account for these subsidies as Other Income in the period in which the related costs are incurred and the Company is reasonably assured to receive payment. As of September 26, 2020, the Company had received $5.6 million of the CEWS subsidies. |
| Basis of Presentation |
Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany balances and transactions. In the opinion of management, these statements include all normal recurring adjustments necessary to fairly state the Company’s consolidated results of operations, cash flows, and financial position. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on May 21, 2020 (the “Fiscal 2020 Annual Report”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes thereto. Actual results could differ from those estimates. The condensed consolidated income statements, condensed consolidated statements of comprehensive income, and condensed consolidated statements of cash flows for the interim periods are not necessarily indicative of the results of operations or cash flows for the full year. Certain prior year amounts have been reclassified to conform with the current year presentation. The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest to March 31. The Company’s current fiscal year, “fiscal 2021,” will end on April 3, 2021 and will include 53 weeks. References to “fiscal 2020” refer to the Company’s fiscal year ended March 28, 2020. The three and six months ended September 26, 2020 and September 28, 2019 each included 13 weeks and 26 weeks, respectively. |
| Recently Adopted Accounting Pronouncements |
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. As of September 26, 2020 and March 28, 2020, accounts receivable are reflected net of reserves of $0.3 million and $0.4 million, respectively. As of September 26, 2020 and March 28, 2020, other notes receivable are reflected net of reserves of $0.4 million and $0.5 million, respectively. Changes in expected credit losses were not significant in the first six months of fiscal 2021. 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. There were no other accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations. |
Inventories, Net (Tables) |
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Sep. 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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Property, Plant, and Equipment (Tables) |
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Property, Plant, and Equipment |
The components of property, plant, and equipment were as follows:
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Goodwill and Intangible Assets (Tables) |
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| Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Amortizable Intangible Assets |
The components of amortizable intangible assets were as follows:
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Other Current Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Other Current Liabilities |
The components of other current liabilities were as follows:
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Accrued Warranty Obligations (Tables) |
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Guarantees And Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Accrued Warranty Obligations |
Changes in the accrued warranty obligations were as follows:
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Debt and Floor Plan Payable (Tables) |
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Long Term Debt |
Long-term debt consisted of the following:
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue From Contract With Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Corporate Net Sales |
The following tables disaggregate the Company’s revenue by sales category for the three and six months ended September 26, 2020 and September 28, 2019:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Lease Expense Included in Condensed Consolidated Income Statements | Lease expense included in the accompanying condensed consolidated income statements is shown below:
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| Schedule of Operating Lease Assets Included in Condensed Consolidated Balance Sheet |
Operating lease assets and obligations included in the accompanying condensed consolidated balance sheets are below:
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| Summary of Maturities of Lease Obligations |
Maturities of lease obligations as of September 26, 2020, are shown below:
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| Schedule of Weighted Average Remaining Lease Term and Discount Rate |
The weighted-average lease term and discount rate for operating leases are shown below:
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| Schedule of Cash Flow Information Related to Operating Leases |
Cash flow information related to operating leases is shown below:
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Information by Reportable Segments |
Selected financial information by reportable segment was as follows:
|
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Inventories, Net - Summary of Components of Inventory, Net of Reserves for Obsolete Inventory (Detail) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Raw materials | $ 65,072 | $ 55,408 |
| Work in process | 18,292 | 17,773 |
| Finished goods and other | 44,652 | 53,205 |
| Total inventories, net | $ 128,016 | $ 126,386 |
Inventories, Net - Additional Information (Detail) - USD ($) $ in Millions |
Sep. 26, 2020 |
Mar. 28, 2020 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Reserves for obsolete inventory | $ 4.5 | $ 4.2 |
Property Plant, and Equipment - Summary of Components of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | $ 176,754 | $ 175,603 |
| Less: accumulated depreciation | (72,076) | (66,312) |
| Property, plant, and equipment, net | 104,678 | 109,291 |
| Land and Improvements [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | 35,233 | 35,332 |
| Building and Improvements [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | 86,720 | 87,222 |
| Machinery and Equipment [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | 53,308 | 51,239 |
| Construction in Progress [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | $ 1,493 | $ 1,810 |
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
Mar. 28, 2020 |
|
| Goodwill And Intangible Assets Disclosure [Abstract] | |||||
| Goodwill | $ 173,521 | $ 173,521 | $ 173,521 | ||
| Amortization of intangible assets | $ 1,300 | $ 1,300 | $ 2,721 | $ 2,724 | |
Goodwill and Intangible Assets - Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross carrying amount | $ 61,785 | $ 61,438 |
| Accumulated amortization | (21,153) | (18,081) |
| Amortizable intangibles, net | 40,632 | 43,357 |
| Customer Relationships [Member] | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross carrying amount | 48,616 | 48,370 |
| Accumulated amortization | (15,534) | (13,118) |
| Amortizable intangibles, net | 33,082 | 35,252 |
| Trade Names [Member] | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross carrying amount | 13,169 | 13,068 |
| Accumulated amortization | (5,619) | (4,963) |
| Amortizable intangibles, net | $ 7,550 | $ 8,105 |
Other Current Liabilities - Components of Other Current Liabilities (Detail) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
Sep. 28, 2019 |
|---|---|---|---|
| Other Liabilities Disclosure [Abstract] | |||
| Customer deposits | $ 32,471 | $ 22,679 | |
| Accrued volume rebates | 16,208 | 17,469 | |
| Accrued warranty obligations | 18,670 | 19,179 | $ 19,477 |
| Accrued compensation and payroll taxes | 25,525 | 27,776 | |
| Accrued insurance | 12,387 | 11,182 | |
| Other | 19,020 | 15,745 | |
| Total other current liabilities | $ 124,281 | $ 114,030 |
Accrued Warranty Obligations - Summary of Changes in Accrued Warranty Obligations (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
Mar. 28, 2020 |
|
| Guarantees And Product Warranties [Abstract] | |||||
| Balance at the beginning of the period | $ 24,695 | $ 23,990 | $ 24,969 | $ 23,346 | |
| Warranty expense | 8,394 | 9,840 | 14,753 | 19,436 | |
| Cash warranty payments | (8,629) | (9,393) | (15,262) | (18,345) | |
| Balance at end of period | 24,460 | 24,437 | 24,460 | 24,437 | |
| Less: noncurrent portion in other long-term liabilities | (5,790) | (4,960) | (5,790) | (4,960) | |
| Total current portion | $ 18,670 | $ 19,477 | $ 18,670 | $ 19,477 | $ 19,179 |
Debt and Floor Plan Payable - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total debt | $ 77,330 | $ 77,330 |
| Total long-term debt | 77,330 | 77,330 |
| Revolving Credit Facility Maturing in 2023 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | 64,900 | 64,900 |
| Obligations Under Industrial Revenue Bonds Due 2029 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 12,430 | $ 12,430 |
Leases - Summary of Lease Expense Included in Condensed Consolidated Income Statements (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
| Lease Cost [Abstract] | ||||
| Operating lease expense | $ 1,357 | $ 1,470 | $ 2,740 | $ 2,875 |
| Short-term lease expense | 529 | 230 | 985 | 603 |
| Total lease expense | $ 1,886 | $ 1,700 | $ 3,725 | $ 3,478 |
Leases - Schedule of Operating Lease Assets Included in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
|---|---|---|
| Leases [Abstract] | ||
| Right-of-use assets under operating leases, Other long-term assets | $ 12,384 | $ 14,808 |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
| Other current liabilities | $ 4,376 | $ 4,789 |
| Other long-term liabilities | 8,008 | 10,019 |
| Total lease obligation | $ 12,384 | $ 14,808 |
Leases - Summary of Maturities of Lease Obligations (Detail) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
|---|---|---|
| Operating Lease Liabilities Payments Due [Abstract] | ||
| Fiscal 2021 | $ 2,712 | |
| Fiscal 2022 | 4,743 | |
| Fiscal 2023 | 3,683 | |
| Fiscal 2024 | 1,568 | |
| Fiscal 2025 | 786 | |
| Thereafter | 1,705 | |
| Total undiscounted cash flows | 15,197 | |
| Less: imputed interest | (2,813) | |
| Lease obligations under operating leases | $ 12,384 | $ 14,808 |
Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Detail) |
Sep. 26, 2020 |
|---|---|
| Lease Cost [Abstract] | |
| Weighted-average remaining lease term (in years) | 4 years 7 months 6 days |
| Weighted-average discount rate | 5.50% |
Leases - Schedule of Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
|
| Leases [Abstract] | ||
| Right-of-use assets obtained in exchange for operating lease obligations | $ 32 | $ 1,606 |
| Cash paid related to operating lease obligations | $ 2,800 | $ 2,958 |
Income Taxes - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income tax expense | $ 5,644,000 | $ 7,526,000 | $ 10,209,000 | $ 14,157,000 |
| Effective tax rate | 24.40% | 29.80% | 25.80% | 28.70% |
| Statutory federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
| Unrecognized tax benefits | $ 0 | $ 0 | ||
Earnings Per Share - Additional Information (Detail) - shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
| Earnings Per Share [Abstract] | ||||
| Antidilutive securities | 300,000 | 0 | 400,000 | 0 |
Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
| Numerator: | ||||
| Net income | $ 17,511 | $ 17,745 | $ 29,414 | $ 35,125 |
| Undistributed earnings allocated to participating securities | (19) | (65) | (53) | (154) |
| Net income attributable to the Company's common shareholders | $ 17,492 | $ 17,680 | $ 29,361 | $ 34,971 |
| Denominator: | ||||
| Basic weighted-average shares outstanding | 56,654 | 56,481 | 56,593 | 56,424 |
| Dilutive securities | 255 | 243 | 238 | 233 |
| Diluted weighted-average shares outstanding | 56,909 | 56,724 | 56,831 | 56,657 |
| Basic | $ 0.31 | $ 0.31 | $ 0.52 | $ 0.62 |
| Diluted | $ 0.31 | $ 0.31 | $ 0.52 | $ 0.62 |
Segment Information - Additional Information (Detail) |
6 Months Ended |
|---|---|
|
Sep. 26, 2020
Segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 2 |
Segment Information - Schedule of Financial Information by Reportable Segments (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
Mar. 28, 2020 |
|
| Segment Reporting Information [Line Items] | |||||
| Net sales | $ 322,366 | $ 354,458 | $ 595,651 | $ 726,346 | |
| Operating income (loss) | 21,420 | 25,653 | 34,616 | 49,973 | |
| Other income | (2,599) | (6,813) | |||
| Depreciation | 3,048 | 3,545 | 5,969 | 6,655 | |
| Amortization | (1,360) | (1,362) | (2,721) | (2,724) | |
| Amortization of intangible assets | 1,300 | 1,300 | 2,721 | 2,724 | |
| Assets | 829,471 | 829,471 | $ 781,700 | ||
| U.S Factory-built Housing [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net sales | 283,360 | 312,830 | 532,219 | 644,435 | |
| Canadian Factory-built Housing [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net sales | 24,558 | 26,407 | 39,753 | 50,107 | |
| Operating Segments [Member] | U.S Factory-built Housing [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net sales | 283,360 | 312,830 | 532,219 | 644,435 | |
| Operating income (loss) | 28,697 | 35,314 | 53,090 | 71,459 | |
| Depreciation | 2,391 | 3,068 | 4,789 | 5,706 | |
| Amortization of intangible assets | 1,360 | 1,362 | 2,721 | 2,724 | |
| Capital expenditures | 1,054 | 4,144 | 1,939 | 7,502 | |
| Assets | 489,399 | 489,399 | 491,110 | ||
| Operating Segments [Member] | Canadian Factory-built Housing [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net sales | 24,558 | 26,407 | 39,753 | 50,107 | |
| Operating income (loss) | 5,951 | 4,244 | 10,857 | 7,299 | |
| Depreciation | 248 | 247 | 363 | 489 | |
| Capital expenditures | 85 | 317 | 242 | 428 | |
| Assets | 68,696 | 68,696 | 56,760 | ||
| Corporate, Non-Segment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net sales | 14,448 | 15,221 | 23,679 | 31,804 | |
| Operating income (loss) | (6,221) | (8,998) | (13,828) | (19,406) | |
| Depreciation | 409 | 230 | 817 | 460 | |
| Capital expenditures | 102 | 422 | 371 | 1,479 | |
| Assets | 271,376 | 271,376 | 233,830 | ||
| Segment Reconciling Items [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net sales | 322,366 | 354,458 | 595,651 | 726,346 | |
| Operating income (loss) | 21,420 | 25,653 | 34,616 | 49,973 | |
| Depreciation | 3,048 | 3,545 | 5,969 | 6,655 | |
| Amortization of intangible assets | 1,360 | 1,362 | 2,721 | 2,724 | |
| Capital expenditures | 1,241 | $ 4,883 | 2,552 | $ 9,409 | |
| Assets | $ 829,471 | $ 829,471 | $ 781,700 | ||
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Sep. 26, 2020 |
Mar. 28, 2020 |
|
| Commitment And Contingencies [Line Items] | ||
| Reserve for estimated losses under repurchase agreements | $ 0.9 | $ 1.0 |
| Losses under repurchase obligations | $ 142.6 | |
| Guarantee obligations term | 12 years | |
| Letters of Credit [Member] | ||
| Commitment And Contingencies [Line Items] | ||
| Contingent obligation | $ 33.9 | |
| Long-term Debt [Member] | ||
| Commitment And Contingencies [Line Items] | ||
| Contingent obligation | 12.6 | |
| Casualty Insurance Program [Member] | ||
| Commitment And Contingencies [Line Items] | ||
| Contingent obligation | 21.0 | |
| Bonding Agreements [Member] | ||
| Commitment And Contingencies [Line Items] | ||
| Contingent obligation | 0.3 | |
| Surety Bond [Member] | ||
| Commitment And Contingencies [Line Items] | ||
| Contingent obligation | $ 14.3 |