Income Taxes (Tables)
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12 Months Ended |
Mar. 30, 2024 |
Income Tax Disclosure [Abstract] |
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Schedule of Pretax Income |
Pretax income for the fiscal years ended March 30, 2024, April 1, 2023, and April 2, 2022 was attributable to the following tax jurisdictions:
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Year Ended |
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(Dollars in thousands) |
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March 30, 2024 |
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April 1, 2023 |
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April 2, 2022 |
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Domestic |
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$ |
175,465 |
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$ |
499,715 |
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$ |
300,675 |
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Foreign |
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|
25,390 |
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|
34,181 |
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|
|
29,754 |
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Income before income taxes |
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$ |
200,855 |
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|
$ |
533,896 |
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|
$ |
330,429 |
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Schedule of Income Tax Provision by Jurisdiction |
The income tax provision by jurisdiction for the fiscal years ended March 30, 2024, April 1, 2023, and April 2, 2022 was as follows:
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Year Ended |
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(Dollars in thousands) |
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March 30, 2024 |
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April 1, 2023 |
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April 2, 2022 |
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Current: |
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U.S. federal |
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$ |
37,105 |
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$ |
98,242 |
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$ |
55,983 |
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Foreign |
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|
5,058 |
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|
8,560 |
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|
7,907 |
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State |
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|
11,200 |
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|
24,000 |
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|
15,476 |
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Total current |
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$ |
53,363 |
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$ |
130,802 |
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$ |
79,366 |
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Deferred |
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U.S. federal |
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$ |
(6,873 |
) |
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$ |
78 |
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$ |
2,367 |
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Foreign |
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|
2,249 |
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|
1,440 |
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|
1,118 |
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State |
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(1,603 |
) |
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(226 |
) |
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(466 |
) |
Total deferred |
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$ |
(6,227 |
) |
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$ |
1,292 |
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|
$ |
3,019 |
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Total income tax expense |
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$ |
47,136 |
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|
$ |
132,094 |
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|
$ |
82,385 |
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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:
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Year Ended |
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(Dollars in thousands) |
|
March 30, 2024 |
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April 1, 2023 |
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April 2, 2022 |
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Tax expense at U.S federal statutory rate |
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$ |
42,180 |
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$ |
112,118 |
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$ |
69,390 |
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Increase (decrease) in rate resulting from: |
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State taxes, net of U.S. federal benefit |
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$ |
7,575 |
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$ |
18,956 |
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$ |
11,908 |
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Non-deductible compensation due to Section 162(m) |
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|
2,435 |
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|
1,924 |
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|
1,119 |
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Foreign tax rate differences |
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|
1,134 |
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|
1,566 |
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|
1,417 |
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Recognition of foreign investment basis difference |
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|
955 |
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1,249 |
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|
1,076 |
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Change in deferred tax valuation allowance |
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(333 |
) |
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(703 |
) |
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|
189 |
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U.S. tax credits |
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(6,129 |
) |
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(2,694 |
) |
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(2,296 |
) |
Other |
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(681 |
) |
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(322 |
) |
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(418 |
) |
Total income tax expense |
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$ |
47,136 |
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|
$ |
132,094 |
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$ |
82,385 |
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Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities at March 30, 2024 and April 1, 2023 consisted of the following:
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(Dollars in thousands) |
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March 30, 2024 |
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April 1, 2023 |
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ASSETS |
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Warranty reserves |
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11,328 |
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|
8,889 |
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Lease assets |
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9,573 |
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|
7,487 |
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Intangible assets |
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8,448 |
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|
8,763 |
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Accrued product liability - water intrusion |
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8,353 |
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- |
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Foreign net operating loss carryforwards |
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6,343 |
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6,343 |
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Capitalized research expenditures |
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6,312 |
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- |
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Self-insurance reserves |
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4,840 |
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5,851 |
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Equity-based compensation |
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4,720 |
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3,258 |
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Employee compensation |
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4,245 |
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|
7,320 |
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Inventory reserves and impairments |
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3,427 |
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|
2,599 |
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Dealer volume discounts |
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1,821 |
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2,749 |
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Other |
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3,323 |
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|
3,987 |
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Gross deferred tax assets |
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$ |
72,733 |
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$ |
57,246 |
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LIABILITIES |
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Property, plant, and equipment |
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$ |
20,329 |
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$ |
13,367 |
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Lease liabilities |
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|
9,553 |
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|
7,487 |
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Foreign tax basis difference in investments |
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6,905 |
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5,964 |
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Intangible assets |
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3,418 |
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5,974 |
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Other |
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|
850 |
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|
958 |
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Gross deferred tax liabilities |
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|
41,055 |
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|
33,750 |
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Valuation allowance |
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(11,705 |
) |
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(12,038 |
) |
Net deferred tax assets |
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$ |
19,973 |
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$ |
11,458 |
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