10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2017

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to

Commission File Number 000-08822

Cavco Industries, Inc.

(Exact name of registrant as specified in its charter)

Delaware	56-2405642
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1001 North Central Avenue, Suite 800 Phoenix, Arizona 85004
(Address of principal executive offices, including zip code)

602-256-6263

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last year)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	ý
Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	¨
Emerging Growth Company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

As of November 3, 2017, 9,027,594 shares of Registrant's Common Stock, $.01 par value, were outstanding.

CAVCO INDUSTRIES, INC.

FORM 10-Q

September 30, 2017

TABLE OF CONTENTS

	Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of September 30, 2017 (unaudited) and April 1, 2017	1
Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended September 30, 2017 and October 1, 2016	2
Consolidated Statements of Cash Flows (unaudited) for the six months ended September 30, 2017 and October 1, 2016	3
Notes to Consolidated Financial Statements	4
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3. Quantitative and Qualitative Disclosures About Market Risk	47
Item 4. Controls and Procedures	48
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	49
Item 1A. Risk Factors	49
Item 6. Exhibits	49
SIGNATURES	50

PART 1. FINANCIAL INFORMATION

Item 1. Financial Statements

CAVCO INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

	September 30, 2017		April 1, 2017
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	136,788	$	132,542
Restricted cash, current	12,899		11,573
Accounts receivable, net	36,237		31,221
Short-term investments	14,179		11,289
Current portion of consumer loans receivable, net	32,104		31,115
Current portion of commercial loans receivable, net	9,474		7,932
Inventories	101,515		93,855
Prepaid expenses and other current assets	44,249		28,033
Deferred income taxes, current	—		9,204
Total current assets	387,445		356,764
Restricted cash	726		724
Investments	32,077		30,256
Consumer loans receivable, net	65,397		64,686
Commercial loans receivable, net	21,682		17,901
Property, plant and equipment, net	58,714		56,964
Goodwill and other intangibles, net	83,044		80,021
Total assets	$	649,085	$	607,316
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	25,296	$	24,010
Accrued liabilities	140,841		109,789
Current portion of securitized financings and other	5,954		6,417
Total current liabilities	172,091		140,216
Securitized financings and other	53,069		51,574
Deferred income taxes	10,957		21,118
Stockholders' equity:
Preferred stock, $.01 par value; 1,000,000 shares authorized; No shares issued or outstanding	—		—
Common stock, $.01 par value; 40,000,000 shares authorized; Outstanding 9,027,594 and 8,994,968 shares, respectively	90		90
Additional paid-in capital	244,743		244,791
Retained earnings	166,145		148,141
Accumulated other comprehensive income	1,990		1,386
Total stockholders' equity	412,968		394,408
Total liabilities and stockholders' equity	$	649,085	$	607,316

See accompanying Notes to Consolidated Financial Statements

1

CAVCO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Net revenue	$	200,507		$	188,348		$	407,323		$	373,489
Cost of sales	165,953			149,241			330,803			301,130
Gross profit	34,554			39,107			76,520			72,359
Selling, general and administrative expenses	26,153			25,429			52,458			50,116
Income from operations	8,401			13,678			24,062			22,243
Interest expense	(1,021		)	(1,132		)	(2,069		)	(2,293		)
Other income, net	1,119			552			2,157			1,578
Income before income taxes	8,499			13,098			24,150			21,528
Income tax expense	(2,317		)	(3,757		)	(6,215		)	(6,744		)
Net income	$	6,182		$	9,341		$	17,935		$	14,784
Comprehensive income:
Net income	$	6,182		$	9,341		$	17,935		$	14,784
Unrealized gain on available-for-sale securities, net of tax	1,159			879			604			824
Comprehensive income	$	7,341		$	10,220		$	18,539		$	15,608
Net income per share:
Basic	$	0.69		$	1.04		$	1.99		$	1.65
Diluted	$	0.67		$	1.03		$	1.96		$	1.63
Weighted average shares outstanding:
Basic	9,020,834			8,980,303			9,013,917			8,958,784
Diluted	9,181,899			9,100,833			9,171,515			9,092,653

See accompanying Notes to Consolidated Financial Statements

2

CAVCO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Six Months Ended
	September 30, 2017			October 1, 2016
OPERATING ACTIVITIES
Net income	$	17,935		$	14,784
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,950			1,852
Provision for credit losses	676			259
Deferred income taxes	(1,267		)	(415		)
Stock-based compensation expense	1,535			1,357
Non-cash interest income, net	(526		)	(589		)
Incremental tax benefits from option exercises	—			(2,287		)
Gain on sale of property, plant and equipment, net	(88		)	(34		)
Gain on sale of loans and investments, net	(5,047		)	(3,685		)
Changes in operating assets and liabilities:
Restricted cash	(1,664		)	(2,050		)
Accounts receivable	(3,739		)	(3,510		)
Consumer loans receivable originated	(66,273		)	(53,960		)
Principal payments on consumer loans receivable	7,876			6,480
Proceeds from sales of consumer loans	59,243			47,405
Inventories	(5,733		)	2,229
Prepaid expenses and other current assets	(14,221		)	(702		)
Commercial loans receivable	(5,355		)	4,529
Accounts payable and accrued liabilities	22,055			10,716
Net cash provided by operating activities	7,357			22,379
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(1,779		)	(3,105		)
Payments for Lexington Homes, net	(564		)	—
Proceeds from sale of property, plant and equipment	411			65
Purchases of investments	(5,162		)	(4,753		)
Proceeds from sale of investments	4,925			5,472
Net cash used in investing activities	(2,169		)	(2,321		)
FINANCING ACTIVITIES
Payments from exercise of stock options	(1,583		)	(1,506		)
Incremental tax benefits from exercise of stock options	—			2,287
Proceeds from secured financings and other	4,963			541
Payments on securitized financings	(4,322		)	(4,135		)
Net cash used in financing activities	(942		)	(2,813		)
Net (decrease) increase in cash and cash equivalents	4,246			17,245
Cash and cash equivalents at beginning of the period	132,542			97,766
Cash and cash equivalents at end of the period	$	136,788		$	115,011
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes	$	7,861		$	7,750
Cash paid during the year for interest	$	1,508		$	1,783

See accompanying Notes to Consolidated Financial Statements

3

CAVCO INDUSTRIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc., and its subsidiaries (collectively, the "Company" or "Cavco"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("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 U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations.

In the opinion of management, these statements include all of the normal recurring adjustments necessary to fairly state the Company's Consolidated Financial Statements. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC; there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended April 1, 2017, filed with the SEC on June 13, 2017.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying Notes. Actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31 of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31. The Company's current fiscal year will end on March 31, 2018.

The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. The Company designs and builds a wide variety of affordable manufactured homes, modular homes and park model RVs in 20 factories located throughout the United States, which are sold to a network of independent retailers, through the Company's 42 Company-owned retail stores and to community owners and developers. Our financial services group is comprised of a mortgage subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Co. ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association ("FNMA" or "Fannie Mae") and Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") seller/servicer, and a Government National Mortgage Association ("GNMA" or "Ginnie Mae") mortgage-backed securities issuer which offers conforming mortgages, non-conforming mortgages and chattel loans to purchasers of factory-built and site-built homes. Standard Casualty provides property and casualty insurance to owners of manufactured homes.

On April 3, 2017, the Company acquired Lexington Homes, Inc. ("Lexington"), which produces manufactured homes distributed in the Southeastern United States. This operation, with one manufactured housing production facility in Lexington, Mississippi, provides for further operating capacity, increased home production capabilities and further distribution into certain markets. The acquisition was accounted for as a business combination and the results of operations have been included since the date of acquisition. Our purchase price allocation is preliminary and subject to revision as more detailed analyses are completed and additional information about fair value of assets and liabilities becomes available, including additional information relating to tax matters and finalization of our valuation of identified intangible assets. Pro forma results of operations for the acquisition during the current period has not been presented because the effects of the business combination are not material to our consolidated results of operations.

4

Recent Accounting Pronouncements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 became effective in the current fiscal year. Therefore, we now present all deferred tax liabilities and assets as noncurrent on the balance sheet instead of separating these items into current and noncurrent amounts. The prior period was not retrospectively adjusted. In addition, in March 2016, the FASB issued ASU 2016-09, Compensation- Stock Compensation (Topic 718) ("ASU 2016-09"), which also became effective in fiscal year 2018. As a result of this required implementation, excess tax benefits are recorded on exercises of stock options as a reduction of income tax expense in the consolidated statement of comprehensive income, whereas they were previously recognized in equity.

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure requirements intended to provide users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company's contracts with customers. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of the new revenue standard. Accordingly, the updated standard is effective for us beginning with the first quarter of the Company's fiscal year 2019. Our implementation approach includes performing a detailed analysis of the various types of agreements that we have with our customers and assessing conformance of our current accounting practices with the new standard. We are making progress in determining the impact of this guidance; however, we are still evaluating the full effects ASU 2014-09 will have on the Company's Consolidated Financial Statements and disclosures. We expect to adopt this guidance using the modified retrospective transition method. 

In January 2016, the FASB issued ASU 2016-01, Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). ASU 2016-01 will be effective beginning with the first quarter of the Company's fiscal year 2019. The amendments require certain equity investments to be measured at fair value, with changes in the fair value recognized through net income. The Company is currently evaluating the effect ASU 2016-01 will have on the Company's Consolidated Financial Statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases(Topic 842) ("ASU 2016-02"). ASU 2016-02 will be effective beginning with the first quarter of the Company's fiscal year 2020, with early adoption permitted. The amendments require the recognition of leased assets and the related liabilities on the balance sheet for most leases, and recognition of expenses in the income statement in a manner similar to current accounting treatment. In addition, disclosures of key information about leasing arrangements are required. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the effect ASU 2016-02 will have on the Company's Consolidated Financial Statements and disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments to require a new forward-looking model based on expected losses rather than incurred losses. The guidance also requires increased disclosures. ASU 2016-01 will be effective beginning with the first quarter of the Company's fiscal year 2021. The Company is currently evaluating the effect ASU 2016-13 will have on the Company's Consolidated Financial Statements and disclosures.

5

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force ("ASU 2016-18"), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. ASU 2016-18 will be effective beginning with the first quarter of the Company's fiscal year 2019. The adoption of ASU 2016-18 will only change the presentation of the Consolidated Statement of Cash Flows and is not expected to have a material impact on the consolidated financial statements.

In March 2017, the FASB issued ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08"), which requires the premium on callable debt securities to be amortized to the earliest call date as opposed to the contractual life of the security. ASU 2017-08 will be effective beginning with the first quarter of the Company's fiscal year 2020. The Company is currently evaluating the effect ASU 2017-08 will have on the Company's Consolidated Financial Statements and disclosures.

From time to time, new accounting pronouncements are issued by the FASB and other regulatory bodies that are adopted by the Company as of the specified effective dates. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's Consolidated Financial Statements upon adoption.

For a description of other significant accounting policies used by the Company in the preparation of its Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements in the Form 10-K.

2. Restricted Cash

Restricted cash consists of the following (in thousands):

	September 30, 2017		April 1, 2017
Cash related to CountryPlace customer payments to be remitted to third parties	$	11,432	$	9,998
Cash related to CountryPlace customer payments on securitized loans to be remitted to bondholders	1,055		1,391
Cash related to workers' compensation insurance held in trust	354		354
Other restricted cash	784		554
	$	13,625	$	12,297

Corresponding amounts are recorded in accounts payable and accrued liabilities for customer payments, deposits and other restricted cash.

3. Investments

Investments consist of the following (in thousands):

	September 30, 2017		April 1, 2017
Available-for-sale investment securities	$	27,713	$	24,162
Non-marketable equity investments	18,543		17,383
	$	46,256	$	41,545

6

The following tables summarize the Company's available-for-sale investment securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):

	September 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	650	$	—	$	(2	)	$	648
Residential mortgage-backed securities	6,549		2		(95		)	6,456
State and political subdivision debt securities	6,257		168		(124		)	6,301
Corporate debt securities	1,690		4		(13		)	1,681
Marketable equity securities	6,601		3,348		(84		)	9,865
Certificates of deposit	2,762		—		—			2,762
	$	24,509	$	3,522	$	(318	)	$	27,713

	April 1, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	650	$	—	$	(1	)	$	649
Residential mortgage-backed securities	5,646		3		(90		)	5,559
State and political subdivision debt securities	7,195		145		(117		)	7,223
Corporate debt securities	1,698		4		(23		)	1,679
Marketable equity securities	5,752		2,430		(130		)	8,052
Certificates of deposit	1,000		—		—			1,000
	$	21,941	$	2,582	$	(361	)	$	24,162

7

The following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	September 30, 2017
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	648	$	(2	)	$	—	$	—		$	648	$	(2	)
Residential mortgage-backed securities	2,475		(22		)	3,253		(73		)	5,728		(95		)
State and political subdivision debt securities	952		(4		)	2,654		(120		)	3,606		(124		)
Corporate debt securities	875		(13		)	—		—			875		(13		)
Marketable equity securities	898		(58		)	100		(26		)	998		(84		)
	$	5,848	$	(99	)	$	6,007	$	(219	)	$	11,855	$	(318	)

	April 1, 2017
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	349	$	(1	)	$	—	$	—		$	349	$	(1	)
Residential mortgage-backed securities	3,449		(38		)	1,962		(52		)	5,411		(90		)
State and political subdivision debt securities	1,948		(36		)	2,084		(81		)	4,032		(117		)
Corporate debt securities	1,424		(23		)	—		—			1,424		(23		)
Marketable equity securities	1,393		(90		)	157		(40		)	1,550		(130		)
	$	8,563	$	(188	)	$	4,203	$	(173	)	$	12,766	$	(361	)

Based on the Company's ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider any investments to be other-than-temporarily impaired at September 30, 2017.

As of September 30, 2017 and April 1, 2017, the Company's investments in marketable equity securities consist of investments in common stock of industrial and other companies.

8

The amortized cost and fair value of the Company's investments in debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2017
	Amortized Cost		Fair Value
Due in less than one year	$	1,563	$	1,552
Due after one year through five years	4,066		4,003
Due after five years through ten years	2,624		2,555
Due after ten years	6,893		6,976
	$	15,146	$	15,086

Realized gains and losses from the sale of securities are determined using the specific identification method. Gross gains realized on the sales of investment securities for the three and six months ended September 30, 2017 were approximately $570,000 and $735,000, respectively. Gross losses realized were approximately $61,000 and $122,000 for the three and six months ended September 30, 2017, respectively. Gross gains realized on the sales of investment securities for the three and six months ended October 1, 2016 were approximately $208,000 and $661,000, respectively. Gross losses realized were approximately $108,000 and $257,000 for the three and six months ended October 1, 2016, respectively.

4. Inventories

Inventories consist of the following (in thousands):

	September 30, 2017		April 1, 2017
Raw materials	$	35,394	$	31,506
Work in process	11,347		11,768
Finished goods and other	54,774		50,581
	$	101,515	$	93,855

5. Consumer Loans Receivable

The Company acquired consumer loans receivable during the first quarter of fiscal 2012 as part of the Palm Harbor transaction. Acquired consumer loans receivable held for investment were acquired at fair value and subsequently are accounted for in accordance with Accounting Standards Codification ("ASC") 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). Consumer loans receivable held for sale are carried at the lower of cost or market and construction advances are carried at the amount advanced less a valuation allowance. The following table summarizes consumer loans receivable (in thousands):

	September 30, 2017			April 1, 2017
Loans held for investment (acquired on Palm Harbor Acquisition Date)	$	55,964		$	60,513
Loans held for investment (originated after Palm Harbor Acquisition Date)	16,891			11,108
Loans held for sale	16,044			18,570
Construction advances	10,349			6,957
Consumer loans receivable	99,248			97,148
Deferred financing fees and other, net	(1,259		)	(1,095		)
Allowance for loan losses	(488		)	(252		)
Consumer loans receivable, net	$	97,501		$	95,801

9

The allowance for loan losses is developed at the loan level and allocated to specific individual loans or to impaired loans. A range of probable losses is calculated after giving consideration to, among other things, the loan characteristics, and historical loss experience. The Company then makes a determination of the best estimate within the range of loan losses. The allowance for loan losses reflects the Company’s judgment of the probable loss exposure on its loans held for investment portfolio.

As of the date of the Palm Harbor acquisition, management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans' contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool's scheduled contractual principal and contractual interest payments over all cash flows expected as of the date of the Palm Harbor transaction as an amount that includes interest that cannot be accreted into interest income (the non-accretable difference). The cash flow expected to be collected in excess of the carrying value of the acquired loans includes interest that is accreted into interest income over the remaining life of the loans (referred to as accretable yield). Interest income on consumer loans receivable is recognized as net revenue.

	September 30, 2017			April 1, 2017
	(in thousands)
Consumer loans receivable held for investment – contractual amount	$	130,484		$	142,391
Purchase discount
Accretable	(51,180		)	(56,686		)
Non-accretable	(23,271		)	(25,032		)
Less consumer loans receivable reclassified as other assets	(69		)	(160		)
Total acquired consumer loans receivable held for investment, net	$	55,964		$	60,513

The Company continues to estimate cash flows expected to be collected over the life of the acquired loans. As of the balance sheet date, the Company evaluates whether the present value of expected cash flows, determined using the effective interest rate, has decreased from the value at acquisition and, if so, recognizes an allowance for loan loss. The present value of any subsequent increase in the loan pool's actual cash flows expected to be collected is used first to reverse any existing allowance for loan loss. Any remaining increase in cash flows expected to be collected adjusts the amount of accretable yield recognized on a prospective basis over the loan pool's remaining life. The weighted averages of assumptions used in the calculation of expected cash flows to be collected are as follows:

	September 30, 2017		April 1, 2017
Prepayment rate	14.1	%	13.8	%
Default rate	1.2	%	1.1	%

Assuming there was a 1% unfavorable variation from the expected level, for each key assumption, the expected cash flows for the life of the portfolio, as of September 30, 2017, would decrease by approximately $1.6 million and $4.3 million for the expected prepayment rate and expected default rate, respectively.

10

The changes in accretable yield on acquired consumer loans receivable held for investment were as follows (in thousands):

	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Balance at the beginning of the period	$	54,912		$	66,284		$	56,686		$	69,053
Accretion	(2,163		)	(2,449		)	(4,373		)	(4,964		)
Reclassifications to non-accretable discount	(1,569		)	(1,626		)	(1,133		)	(1,880		)
Balance at the end of the period	$	51,180		$	62,209		$	51,180		$	62,209

The consumer loans held for investment have the following characteristics:

	September 30, 2017		April 1, 2017
Weighted average contractual interest rate	8.70	%	8.87	%
Weighted average effective interest rate	9.56	%	9.35	%
Weighted average months to maturity	167		165

The Company's consumer loans receivable balance consists of fixed-rate, fixed-term and fully-amortizing single-family home loans. These loans are either secured by a manufactured home, excluding the land upon which the home is located (chattel personal property loans), or by a combination of the home and the land upon which the home is located (real property mortgage loans). The real property mortgage loans are primarily for manufactured homes. Combined land and home loans are further disaggregated by the type of loan documentation: those conforming to the requirements of Government-Sponsored Enterprises ("GSEs"), and those that are non-conforming. In most instances, CountryPlace's loans are secured by a first-lien position and are provided for the consumer purchase of a home. Unsecuritized consumer loans held for investment include chattel personal property loans originated under the Company's chattel lending programs. Accordingly, CountryPlace classifies its loans receivable as follows: chattel loans, conforming mortgages, non-conforming mortgages and other loans.

In measuring credit quality within each segment and class, CountryPlace uses commercially available credit scores (such as FICO®). At the time of each loan's origination, CountryPlace obtains credit scores from each of the three primary credit bureaus, if available. To evaluate credit quality of individual loans, CountryPlace uses the mid-point of the available credit scores or, if only two scores are available, the Company uses the lower of the two. CountryPlace does not update credit bureau scores after the time of origination.

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The following table disaggregates CountryPlace's gross consumer loans receivable for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands):

	September 30, 2017
	Consumer Loans Held for Investment
	Securitized 2005		Securitized 2007		Unsecuritized		Construction Advances		Consumer Loans Held For Sale		Total
Asset Class
Credit Quality Indicator (FICO® score)
Chattel loans
0-619	$	559	$	381	$	359	$	—	$	—	$	1,299
620-719	10,862		7,586		7,024		—		158		25,630
720+	11,696		7,091		9,012		—		2,049		29,848
Other	50		—		373		—		—		423
Subtotal	23,167		15,058		16,768		—		2,207		57,200
Conforming mortgages
0-619	—		—		159		—		93		252
620-719	—		—		1,746		6,344		9,076		17,166
720+	—		—		330		4,005		4,552		8,887
Other	—		—		—		—		116		116
Subtotal	—		—		2,235		10,349		13,837		26,421
Non-conforming mortgages
0-619	84		421		1,079		—		—		1,584
620-719	1,201		4,670		3,257		—		—		9,128
720+	1,494		2,717		404		—		—		4,615
Other	—		—		289		—		—		289
Subtotal	2,779		7,808		5,029		—		—		15,616
Other loans
Subtotal	—		—		11		—		—		11
	$	25,946	$	22,866	$	24,043	$	10,349	$	16,044	$	99,248

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	April 1, 2017
	Consumer Loans Held for Investment
	Securitized 2005		Securitized 2007		Unsecuritized		Construction Advances		Consumer Loans Held For Sale		Total
Asset Class
Credit Quality Indicator (FICO® score)
Chattel loans
0-619	$	705	$	411	$	393	$	—	$	—	$	1,509
620-719	11,681		8,072		5,406		—		697		25,856
720+	12,748		7,800		5,081		—		3,097		28,726
Other	51		—		433		—		—		484
Subtotal	25,185		16,283		11,313		—		3,794		56,575
Conforming mortgages
0-619	—		—		161		261		99		521
620-719	—		—		1,792		4,231		10,553		16,576
720+	—		—		247		2,465		4,124		6,836
Subtotal	—		—		2,200		6,957		14,776		23,933
Non-conforming mortgages
0-619	86		435		1,327		—		—		1,848
620-719	1,242		4,947		3,372		—		—		9,561
720+	1,527		2,909		484		—		—		4,920
Other	—		—		299		—		—		299
Subtotal	2,855		8,291		5,482		—		—		16,628
Other loans
Subtotal	—		—		12		—		—		12
	$	28,040	$	24,574	$	19,007	$	6,957	$	18,570	$	97,148

Loan contracts secured by collateral that is geographically concentrated could experience higher rates of delinquencies, default and foreclosure losses than loan contracts secured by collateral that is more geographically dispersed. Forty-five percent of the outstanding principal balance of consumer loans receivable portfolio is concentrated in Texas and 10% is concentrated in Florida. Other than Texas and Florida, no other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of September 30, 2017.

Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home, less the costs to sell. At repossession, the fair value of the collateral is computed based on the historical recovery rates of previously charged-off loans; the loan is charged off and the loss is charged to the allowance for loan losses. On a monthly basis, the fair value of the collateral is adjusted to the lower of the amount recorded at repossession or the estimated sales price less estimated costs to sell, based on current information. Repossessed homes totaled approximately $1.6 million and $1.2 million as of September 30, 2017 and April 1, 2017, respectively, and are included in prepaid and other assets in the consolidated balance sheet. Foreclosure or similar proceedings in progress totaled approximately $797,000 and $694,000 as of September 30, 2017 and April 1, 2017, respectively.

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6. Commercial Loans Receivable and Allowance for Loan Loss

The Company's commercial loans receivable balance consists of two classes: (i) direct financing arrangements for the home product needs of our independent retailers, communities and developers; and (ii) amounts loaned by the Company under participation financing programs.

Under the terms of the direct programs, the Company provides funds for the independent retailers, communities and developers' financed home purchases. The notes are secured by the homes as collateral and, in some instances, other security depending on the circumstances. The other terms of direct arrangements vary depending on the needs of the borrower and the opportunity for the Company.

Under the terms of the participation programs, the Company provides loans to independent floor plan lenders, representing a significant portion of the funds that such financiers then lend to retailers to finance their inventory purchases. The participation commercial loan receivables are unsecured general obligations of the independent floor plan lenders.

Commercial loans receivables, net, consist of the following by class of financing notes receivable (in thousands):

	September 30, 2017			April 1, 2017
Direct loans receivable	$	30,235		$	24,959
Participation loans receivable	1,163			1,084
Allowance for loan loss	(242		)	(210		)
	$	31,156		$	25,833

The commercial loans receivable balance has the following characteristics:

	September 30, 2017		April 1, 2017
Weighted average contractual interest rate	5.8	%	5.6	%
Weighted average months to maturity	6		6

The Company evaluates the potential for loss from its participation loan programs based on each independent lender's overall financial stability, as well as historical experience, and has determined that an applicable allowance for loan loss was not needed at either September 30, 2017 or April 1, 2017.

With respect to direct programs with communities and developers, borrower activity is monitored on a regular basis and contractual arrangements are in place to provide adequate loss mitigation in the event of a default. For direct programs with independent retailers, the risk of loss is spread over numerous borrowers. Borrower activity is monitored in conjunction with third-party service providers, where applicable, to estimate the potential for loss on the related notes receivable, considering potential exposures, including repossession costs, remarketing expenses, impairment of value and the risk of collateral loss. The Company has historically been able to resell repossessed unused homes, thereby mitigating loss experience. If a default occurs and collateral is lost, the Company is exposed to loss of the full value of the home loan. If the Company determines that it is probable that a borrower will default, a specific reserve is determined and recorded within the estimated allowance for loan loss. The Company recorded an allowance for loan loss of $242,000 and $126,000 at September 30, 2017 and October 1, 2016, respectively.

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The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan loss applicable to the direct programs (in thousands):

	Three Months Ended					Six Months Ended
	September 30, 2017		October 1, 2016			September 30, 2017		October 1, 2016
Balance at beginning of period	$	222	$	135		$	210	$	128
Provision for inventory finance credit losses	20		(9		)	32		(2		)
Loans charged off, net of recoveries	—		—			—		—
Balance at end of period	$	242	$	126		$	242	$	126

The following table disaggregates commercial loans receivable and the estimated allowance for loan loss for each class of financing receivable by evaluation methodology (in thousands):

	Direct Commercial Loans						Participation Commercial Loans
	September 30, 2017			April 1, 2017			September 30, 2017		April 1, 2017
Inventory finance notes receivable:
Collectively evaluated for impairment	$	16,845		$	13,688		$	—	$	—
Individually evaluated for impairment	13,390			11,271			1,163		1,084
	$	30,235		$	24,959		$	1,163	$	1,084
Allowance for loan loss:
Collectively evaluated for impairment	$	(169	)	$	(137	)	$	—	$	—
Individually evaluated for impairment	(73		)	(73		)	—		—
	$	(242	)	$	(210	)	$	—	$	—

Loans are subject to regular review and are given management's attention whenever a problem situation appears to be developing. Loans with indicators of potential performance problems are placed on watch list status and are subject to additional monitoring and scrutiny. Nonperforming status includes loans accounted for on a non-accrual basis and accruing loans with principal payments past due 90 days or more. The Company's policy is to place loans on nonaccrual status when interest is past due and remains unpaid 90 days or more or when there is a clear indication that the borrower has the inability or unwillingness to meet payments as they become due. The Company will resume accrual of interest once these factors have been remedied. At September 30, 2017, there are no commercial loans that are 90 days or more past due that are still accruing interest. Payments received on nonaccrual loans are recorded on a cash basis, first to interest and then to principal. At September 30, 2017, the Company was not aware of any potential problem loans that would have a material effect on the commercial receivables balance. Charge-offs occur when it becomes probable that outstanding amounts will not be recovered.

The following table disaggregates the Company's inventory finance receivables by class and credit quality indicator (in thousands):

	Direct Commercial Loans				Participation Commercial Loans
	September 30, 2017		April 1, 2017		September 30, 2017		April 1, 2017
Risk profile based on payment activity:
Performing	$	30,162	$	24,886	$	1,163	$	1,084
Watch list	—		—		—		—
Nonperforming	73		73		—		—
	$	30,235	$	24,959	$	1,163	$	1,084

15

The Company has concentrations of commercial loans receivable related to factory-built homes located in the following states, measured as a percentage of commercial loans receivables principal balance outstanding:

	September 30, 2017		April 1, 2017
Oregon	18.7	%	15.7	%
Arizona	16.1	%	21.3	%
California	11.3	%	11.0	%
Indiana	11.2	%	10.7	%
Texas	11.0	%	11.0	%

The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses. The Company did not have concentrations in excess of 10% of the principal balance of the commercial loans receivables in any other states as of September 30, 2017 or April 1, 2017, respectively.

As of September 30, 2017 and April 1, 2017, the Company had concentrations with one independent third-party that equaled 23% of the principal balance outstanding, all of which was secured.

7. Property, Plant and Equipment

Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of each asset. Estimated useful lives for significant classes of assets are as follows: (i) buildings and improvements, 10 to 39 years, and (ii) machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred. Property, plant and equipment consist of the following (in thousands):

	September 30, 2017			April 1, 2017
Property, plant and equipment, at cost:
Land	$	23,276		$	22,897
Buildings and improvements	36,099			34,180
Machinery and equipment	22,534			21,618
	81,909			78,695
Accumulated depreciation	(23,195		)	(21,731		)
Property, plant and equipment, net	$	58,714		$	56,964

Included in the amounts above are certain assets under a capital lease. See Note 8 for additional information.

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8. Capital Lease

On April 3, 2017, in connection with the purchase of Lexington Homes, the Company recorded capital leases covering the manufacturing facilities and land in Lexington, Mississippi. The following amounts were recorded for the leased assets as of September 30, 2017 (in thousands):

	September 30, 2017
Land	$	698
Buildings and improvements	1,050
	1,748
Accumulated amortization	(18		)
Leased assets, net	$	1,730

The future minimum payments under the leases as of September 30, 2017 are as follows (in thousands):

FY 2018	$	68
FY 2019	709
FY 2020	459
FY 2021	—
FY 2022	—
Thereafter	—
Total remaining lease payments	$	1,236
Less: Amount representing interest	(75		)
Present value of future minimum lease payments	$	1,161

9. Goodwill and Other Intangibles

Intangible assets principally consist of goodwill, trademarks and trade names, state insurance licenses, customer relationships, and other, which includes technology, insurance policies and renewal rights and other. Goodwill, trademarks and trade names and state insurance licenses are indefinite-lived intangible assets and are evaluated for impairment annually and whenever events or circumstances indicate that more likely than not impairment has occurred. During the six months ended September 30, 2017 and October 1, 2016, no impairment expense was recorded. Finite-lived intangibles are amortized over their estimated useful lives on a straight-line basis and are reviewed for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. The value of customer relationships is amortized over 4 to 15 years and other intangibles over 7 to 15 years.

17

Goodwill and other intangibles consist of the following (in thousands):

	September 30, 2017							April 1, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite lived:
Goodwill	$	72,760	$	—		$	72,760	$	69,753	$	—		$	69,753
Trademarks and trade names	7,200		—			7,200		7,000		—			7,000
State insurance licenses	1,100		—			1,100		1,100		—			1,100
Total indefinite-lived intangible assets	81,060		—			81,060		77,853		—			77,853
Finite lived:
Customer relationships	7,100		(5,649		)	1,451		7,100		(5,543		)	1,557
Other	1,384		(851		)	533		1,384		(773		)	611
Total goodwill and other intangible assets	$	89,544	$	(6,500	)	$	83,044	$	86,337	$	(6,316	)	$	80,021

Amortization expense recognized on intangible assets was $92,000 and $184,000during the three and six months ended September 30, 2017, respectively. Amortization expense of $92,000 and $184,000 was recognized during the three and six months ended October 1, 2016, respectively.

10. Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	September 30, 2017		April 1, 2017
Insurance loss reserves	$	24,870	$	5,239
Salaries, wages and benefits	19,958		22,029
Customer deposits	19,202		15,986
Unearned insurance premiums	17,057		17,488
Estimated warranties	16,470		15,479
Accrued volume rebates	8,030		5,686
Accrued insurance	4,509		4,113
Company repurchase option on certain loans sold	4,311		5,858
Deferred margin	3,595		2,906
Accrued taxes	2,704		1,682
Reserve for repurchase commitments	1,692		1,749
Capital lease obligation	1,161		—
Other	17,282		11,574
	$	140,841	$	109,789

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11. Warranties

Homes are generally warranted against manufacturing defects for a period of one year commencing at the time of sale to the retail customer. Estimated costs relating to home warranties are recorded at the date of sale. The Company has recorded a liability for estimated future warranty costs relating to homes sold based upon management's assessment of historical experience factors, an estimate of the amount of homes in the distribution channel and current industry trends. Activity in the liability for estimated warranties was as follows (in thousands):

	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Balance at beginning of period	$	16,316		$	13,718		$	15,479		$	13,371
Purchase accounting additions	—			—			838			—
Charged to costs and expenses	7,399			6,144			12,622			12,280
Payments and deductions	(7,245		)	(5,816		)	(12,469		)	(11,605		)
Balance at end of period	$	16,470		$	14,046		$	16,470		$	14,046

12. Debt Obligations

Debt obligations consist of amounts related to loans sold that did not qualify for loan sale accounting treatment. The following table summarizes debt obligations (in thousands):

	September 30, 2017		April 1, 2017
Acquired securitized financings (acquired as part of the Palm Harbor transaction)
Securitized financing 2005-1	$	21,993	$	23,756
Securitized financing 2007-1	24,025		25,728
Other secured financings	4,965		4,987
Secured Term Loan	8,040		3,520
Total securitized financings and other, net	$	59,023	$	57,991

The Company acquired CountryPlace's securitized financings during the first quarter of fiscal year 2012 as a part of the Palm Harbor acquisition. Acquired securitized financings were recorded at fair value at the time of acquisition, which resulted in a discount, and subsequently are accounted for in a manner similar to ASC 310-30 to accrete the discount.

19

The Company considers expected prepayments and estimates the amount and timing of undiscounted expected principal, interest and other cash flows for securitized consumer loans receivable held for investment to determine the expected cash flows on securitized financings and the contractual payments. The amount of contractual principal and contractual interest payments due on the securitized financings in excess of all cash flows expected as of the date of the Palm Harbor acquisition include interest that cannot be accreted into interest expense (the non-accretable difference). The remaining amount is accreted into interest expense over the remaining life of the obligation (referred to as accretable yield). The following table summarizes acquired securitized financings (in thousands):

	September 30, 2017			April 1, 2017
Securitized financings – contractual amount	$	51,727		$	57,120
Purchase discount
Accretable	(5,709		)	(7,636		)
Non-accretable (1)	—			—
Total acquired securitized financings, net	$	46,018		$	49,484

(1) There is no non-accretable difference, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans.

Over the life of the loans, the Company continues to estimate cash flows expected to be paid on securitized financings. The Company evaluates at the balance sheet date whether the present value of its securitized financings, determined using the effective interest rate, has increased or decreased. The present value of any subsequent change in cash flows expected to be paid adjusts the amount of accretable yield recognized on a prospective basis over the securitized financing's remaining life.

The changes in accretable yield on securitized financings were as follows (in thousands):

	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Balance at the beginning of the period	$	6,666		$	11,459		$	7,636		$	12,333
Accretion	(846		)	(938		)	(1,716		)	(1,906		)
Adjustment to cash flows	(111		)	(731		)	(211		)	(637		)
Balance at the end of the period	$	5,709		$	9,790		$	5,709		$	9,790

On July 12, 2005, prior to the Company's acquisition of Palm Harbor and CountryPlace, CountryPlace completed its initial securitization (2005-1) for approximately $141.0 million of loans, which was funded by issuing bonds totaling approximately $118.4 million. The bonds were issued in four different classes: Class A-1 totaling $36.3 million with a coupon rate of 4.23%; Class A-2 totaling $27.4 million with a coupon rate of 4.42%; Class A-3 totaling $27.3 million with a coupon rate of 4.80%; and Class A-4 totaling $27.4 million with a coupon rate of 5.20%. The bonds mature at varying dates and at issuance had an expected weighted average maturity of 4.66 years. For accounting purposes, this transaction was structured as a securitized borrowing. As of September 30, 2017, the Class A-1, Class A-2, and Class A-3 bonds have been retired.

On March 22, 2007, prior to the Company's acquisition of Palm Harbor and CountryPlace, CountryPlace completed its second securitization (2007-1) for approximately $116.5 million of loans, which was funded by issuing bonds totaling approximately $101.9 million. The bonds were issued in four classes: Class A-1 totaling $28.9 million with a coupon rate of 5.484%; Class A-2 totaling $23.4 million with a coupon rate of 5.232%; Class A-3 totaling $24.5 million with a coupon rate of 5.593%; and Class A-4 totaling $25.1 million with a coupon rate of 5.846%. The bonds mature at varying dates and at issuance had an expected weighted average maturity of 4.86 years. For accounting purposes, this transaction was also structured as a securitized borrowing. As of September 30, 2017, the Class A-1, Class A-2 and Class A-3 bonds have been retired.

20

CountryPlace's securitized debt is subject to provisions that require certain levels of overcollateralization. Overcollateralization is equal to CountryPlace's equity in the bonds. Failure to satisfy these provisions could cause cash, which would normally be distributed to CountryPlace, to be used for repayment of the principal of the related Class A bonds until the required overcollateralization level is reached. During periods when the overcollateralization is below the specified level, cash collections from the securitized loans in excess of servicing fees payable to CountryPlace and amounts owed to the Class A bondholders, trustee and surety, are applied to reduce the Class A debt until such time the overcollateralization level reaches the specified level. Therefore, failure to meet the overcollateralization requirement could adversely affect the timing of cash flows received by CountryPlace. However, principal payments of the securitized debt, including accelerated amounts, is payable only from cash collections from the securitized loans and no additional sources of repayment are required or permitted. As of September 30, 2017, the 2005-1 and 2007-1 securitized portfolios were within the required overcollateralization level.

The Company has entered into agreements with independent third party banks for a total of $15.0 million secured credit facilities with one year drawn periods and maturity dates of ten years. The proceeds are used by the Company to originate and hold consumer chattel loans secured by manufactured homes, which are pledged as collateral to the facility. The maximum advance for loans under these programs is 80% of the outstanding collateral principal balance, with the Company providing the remaining funds. One of the facilities has a floating interest rate during a one year warehouse period in which the Company has the option to convert all or a portion of the loan to a fixed rate. During the warehouse period, the facility bears interest at an annual rate of the average one month LIBOR rates plus 3.50%. Upon conversion, converted balances bear interest at an annual rate of 10 year US Treasury bonds plus 2.75%. Payments are based on a 20 year amortization schedule with a balloon payment due upon maturity. The other facility has a fixed interest rate of 4.75% and a balloon payment due upon maturity.

13. Reinsurance

Standard Casualty is primarily a specialty writer of manufactured home physical damage insurance. Certain of Standard Casualty's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The ceded reinsurance agreements provide Standard Casualty with increased capacity to write larger risks and maintain its exposure to loss within its capital resources. Standard Casualty remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations. Substantially all of Standard Casualty's assumed reinsurance is with one entity.

The effects of reinsurance on premiums written and earned are as follows (in thousands):

	Three Months Ended
	September 30, 2017						October 1, 2016
	Written			Earned			Written			Earned
Direct premiums	$	3,628		$	4,137		$	3,749		$	3,992
Assumed premiums—nonaffiliate	6,210			6,326			6,152			5,941
Ceded premiums—nonaffiliate	(4,309		)	(4,309		)	(3,077		)	(3,077		)
Net premiums	$	5,529		$	6,154		$	6,824		$	6,856

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	Six Months Ended
	September 30, 2017						October 1, 2016
	Written			Earned			Written			Earned
Direct premiums	$	7,994		$	8,287		$	8,135		$	7,918
Assumed premiums—nonaffiliate	12,470			12,593			13,099			11,573
Ceded premiums—nonaffiliate	(7,257		)	(7,257		)	(6,297		)	(6,297		)
Net premiums	$	13,207		$	13,623		$	14,937		$	13,194

Typical insurance policies written or assumed by Standard Casualty have a maximum coverage of $300,000 per claim, of which Standard cedes $200,000 of the risk of loss per reinsurance. Therefore, Standard Casualty maintains risk of loss limited to $100,000 per claim on typical policies. After this limit, amounts are recoverable by Standard Casualty through reinsurance for catastrophic losses in excess of $1.5 million per occurrence up to a maximum of $43.5 million in the aggregate.

Purchasing reinsurance contracts protects Standard Casualty from frequency and/or severity of losses incurred on insurance policies issued, such as in the case of a catastrophe that generates a large number of serious claims on multiple policies at the same time.

14. Income Taxes

The Company's deferred tax assets primarily result from financial statement accruals not currently deductible for tax purposes and differences in the acquired basis of certain assets, and its deferred tax liabilities primarily result from tax amortization of goodwill and other intangible assets.

The Company complies with the provisions of ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740 also provides guidance on derecognizing, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The amount of unrecognized tax benefits recorded by the Company is insignificant and the impact on the effective tax rate if all unrecognized tax benefits were recognized would be insignificant. The Company classifies interest and penalties related to unrecognized tax benefits in tax expense.

Income tax returns are filed in the U.S. federal jurisdiction and in several state jurisdictions. In August 2017, the Company received a notice of examination from the Internal Revenue Service ("IRS") for the Company’s federal income tax return for the fiscal year ended April 2, 2016. The Company is no longer subject to examination by the IRS for years before fiscal year 2013. In general, the Company is no longer subject to state and local income tax examinations by tax authorities for years before fiscal year 2012. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to the Company's financial position. The total amount of unrecognized tax benefit related to any particular tax position is not anticipated to change significantly within the next 12 months. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year.

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15. Commitments and Contingencies

Repurchase Contingencies. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products. 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. The risk of loss under these agreements is spread over numerous retailers. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months, calculated from the date of sale to the retailer) and the risk of loss is further reduced by the resale value of the repurchased homes. The maximum amount for which the Company was contingently liable under such agreements approximated $46.6 million at September 30, 2017, without reduction for the resale value of the homes. The Company applies ASC 460, Guarantees ("ASC 460"), and ASC 450-20, Loss Contingencies ("ASC 450-20"), to account for its liability for repurchase commitments. Under the provisions of ASC 460, the Company records the greater of the estimated value of the non-contingent obligation or a contingent liability for each repurchase arrangement under the provisions of ASC 450-20. The Company recorded an estimated liability of $1.7 millionat both September 30, 2017 and April 1, 2017, related to the commitments pertaining to these agreements.

Letters of Credit. To secure certain reinsurance contracts, Standard Casualty maintains an irrevocable letter of credit of $7.0 million to provide assurance that Standard Casualty will fulfill its reinsurance obligations. This letter of credit is secured by certain of the Company's investments.

Construction-Period Mortgages. CountryPlace funds construction-period mortgages through periodic advances during the period of home construction. At the time of initial funding, CountryPlace commits to fully fund the loan contract in accordance with a predetermined schedule. Subsequent advances are contingent upon the performance of contractual obligations by the seller of the home and the borrower. Cumulative advances on construction-period mortgages are carried in the consolidated balance sheet at the amount advanced less a valuation allowance, which are included in consumer loans receivable. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment of CountryPlace to fund future advances.

Loan contracts with off-balance sheet commitments are summarized below (in thousands):

	September 30, 2017			April 1, 2017
Construction loan contract amount	$	25,913		$	18,031
Cumulative advances	(10,349		)	(6,957		)
Remaining construction contingent commitment	$	15,564		$	11,074

Representations and Warranties of Mortgages Sold. CountryPlace sells loans to GSEs and whole-loan purchasers and finances certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, CountryPlace provides to the GSEs, whole-loan purchasers and lenders, representations and warranties related to the loans sold or financed. These representations and warranties generally relate to the ownership of the loan, the validity of the lien securing the loan, the loan's compliance with the criteria for inclusion in the sale transactions, including compliance with underwriting standards or loan criteria established by the buyer, and CountryPlace's ability to deliver documentation in compliance with applicable laws. Generally, representations and warranties may be enforced at any time over the life of the loan. Upon a breach of a representation, CountryPlace may be required to repurchase the loan or to indemnify a party for incurred losses. Repurchase demands and claims for indemnification payments are reviewed on a loan-by-loan basis to validate if there has been a breach requiring repurchase. CountryPlace manages the risk of repurchase through underwriting and quality assurance practices and by servicing the mortgage loans to investor standards. CountryPlace maintains a reserve for these contingent repurchase and indemnification obligations. This reserve of $888,000 and $885,000 as of September 30, 2017 and April 1, 2017, respectively, included in accrued liabilities, reflects management's estimate of probable loss. CountryPlace considers a variety of assumptions, including borrower performance (both actual and estimated future defaults), historical repurchase demands and loan defect rates to estimate the liability for loan repurchases and indemnifications.

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Interest Rate Lock Commitments. In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers and third-party originators. These IRLCs represent an agreement to extend credit to a loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind CountryPlace to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As such, outstanding IRLCs are subject to interest rate risk and related loan sale price risk during the period from the date of the IRLC through the earlier of the loan sale date or IRLC expiration date. The loan commitments generally range between 30 and 180 days; however, borrowers are not obligated to close the related loans. As a result, CountryPlace is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs unless the commitment is successfully paired with another loan that may mitigate losses from fallout.

As of September 30, 2017, CountryPlace had outstanding IRLCs with a notional amount of $12.7 million and are recorded at fair value in accordance with ASC 815, Derivatives and Hedging ("ASC 815"). ASC 815 clarifies that the expected net future cash flows related to the associated servicing of a loan should be included in the measurement of all written loan commitments that are accounted for at fair value through earnings. The estimated fair values of IRLCs are recorded in other assets in the consolidated balance sheets. The fair value of IRLCs is based on the value of the underlying mortgage loan adjusted for: (i) estimated cost to complete and originate the loan and (ii) the estimated percentage of IRLCs that will result in closed mortgage loans. The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on mortgage loans held for sale. During the three and six months ended September 30, 2017, CountryPlace recognized gainsof $10,000 and losses of $15,000 on the outstanding IRLCs, respectively. During the three and six months ended October 1, 2016, CountryPlace recognized lossesof $18,000and gains of $10,000, respectively, on the outstanding IRLCs.

Forward Sales Commitments. CountryPlace manages the risk profiles of a portion of its outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities ("MBS") and whole loan sale commitments. As of September 30, 2017, CountryPlace had $45.4 million in outstanding notional forward sales of MBSs and forward sales commitments. Commitments to forward sales of whole loans are typically in an amount proportionate with the amount of IRLCs expected to close in particular time frames, assuming no change in mortgage interest rates, for the respective loan products intended for whole loan sale.

The estimated fair values of forward sales of MBS and forward sale commitments are based on quoted market values and are recorded within other current assets in the consolidated balance sheets. During the three and six months ended September 30, 2017, CountryPlace recognized losses of $227,000 and $72,000, respectively, on forward sales and whole loan sale commitments. CountryPlace recognized gains of $33,000 and losses of $11,000 on forward sales and whole loan sale commitments during the three and six months ended October 1, 2016, respectively.

Legal Matters. The Company is party to certain legal proceedings that arise in the ordinary course and are incidental to its business. Certain of the claims pending against the Company in these proceedings allege, among other things, breach of contract and warranty, product liability and personal injury. Although litigation is inherently uncertain, based on past experience and the information currently available, management does not believe that the currently pending and threatened litigation or claims will have a material adverse effect on the Company's consolidated financial position, liquidity or results of operations. However, future events or circumstances currently unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on the Company's consolidated financial position, liquidity or results of operations in any future reporting periods.

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16. Stockholders' Equity

The following table represents changes in stockholders' equity for the six months ended September 30, 2017 (dollars in thousands):

				Additional paid-in capital			Retained earnings		Accumulated other comprehensive income		Total
	Common Stock
	Shares	Amount
Balance, April 1, 2017	8,994,968	$	90	$	244,791		$	148,141	$	1,386	$	394,408
Cumulative effect of implementing ASU 2016-09	—	—		—			69		—		69
Stock option exercises, including incremental tax benefits	32,626	—		(1,583		)			—		(1,583		)
Share-based compensation	—	—		1,535			—		—		1,535
Net income	—	—		—			17,935		—		17,935
Unrealized loss on available-for-sale securities	—	—		—			—		604		604
Balance, September 30, 2017	9,027,594	$	90	$	244,743		$	166,145	$	1,990	$	412,968

(1) Other comprehensive income is comprised of unrealized gains and losses on available-for-sale investments. Unrealized gains before tax effect on available-for-sale securities were $983,000 for the six months ended September 30, 2017.

17. Stock-Based Compensation

The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. As of September 30, 2017, the plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company's common stock, of which 342,451 shares were still available for grant. When options are exercised, new shares of the Company's common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company's common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a one to five year period as determined by the plan administrator (the Compensation Committee of the Board of Directors, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options upon a change in control (as defined in the plans).

Stock-based compensation cost charged against income for the three and six months ended September 30, 2017 was $1.0 million and $1.5 million, respectively. The Company recorded stock-based compensation expense of $987,000 and $1.4 million for three and six months ended October 1, 2016, respectively.

As of September 30, 2017, total unrecognized compensation cost related to stock options was approximately $4.0 million and the related weighted-average period over which the expense is expected to be recognized is approximately 3.35 years.

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The following table summarizes the option activity within the Company's stock-based compensation plans for the six months ended September 30, 2017:

	Number of Shares
Outstanding at April 1, 2017	464,930
Granted	38,000
Exercised	(66,875	)
Canceled or expired	—
Outstanding at September 30, 2017	436,055
Exercisable at September 30, 2017	215,871

18. Earnings Per Share

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company's stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	September 30, 2017		October 1, 2016		September 30, 2017		October 1, 2016
Net income	$	6,182	$	9,341	$	17,935	$	14,784
Weighted average shares outstanding:
Basic	9,020,834		8,980,303		9,013,917		8,958,784
Common stock equivalents—treasury stock method	161,065		120,530		157,598		133,869
Diluted	9,181,899		9,100,833		9,171,515		9,092,653
Net income per share:
Basic	$	0.69	$	1.04	$	1.99	$	1.65
Diluted	$	0.67	$	1.03	$	1.96	$	1.63

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three and six months ended September 30, 2017were 4,867 and 8,432, respectively. There were 4,155 and 7,941 anti-dilutive common stock equivalents excluded for the three and six months ended October 1, 2016, respectively.

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19. Fair Value Measurements

The book value and estimated fair value of the Company's financial instruments are as follows (in thousands):

	September 30, 2017						April 1, 2017
	Book Value			Estimated Fair Value			Book Value			Estimated Fair Value
Available-for-sale securities (1)	$	27,713		$	27,713		$	24,162		$	24,162
Non-marketable equity investments (2)	18,543			18,543			17,383			17,383
Consumer loans receivable (3)	97,501			122,711			95,801			121,021
Interest rate lock commitment derivatives (4)	21			21			35			35
Forward loan sale commitment derivatives (4)	159			159			(86		)	(86		)
Commercial loans receivable (5)	31,156			31,249			25,833			25,841
Securitized financings and other (6)	(59,023		)	(64,460		)	(57,991		)	(61,270		)
Mortgage servicing rights (7)	1,310			1,310			1,110			1,110

(1) For Level 1 classified securities, the fair value is based on quoted market prices. The fair value of Level 2 securities is based on other inputs, as further described below.

(2) The fair value approximates book value based on the non-marketable nature of the investments.

(3) Includes consumer loans receivable held for investment, held for sale and construction advances. The fair value of the loans held for investment is based on the discounted value of the remaining principal and interest cash flows. The fair value of the loans held for sale are estimated based on recent GSE mortgage-backed bond prices. The fair value of the construction advances approximates book value and the sales price of these loans is estimated based on construction completed.

(4) The fair values are based on changes in GSE mortgage-backed bond prices and, additionally for IRLCs, pull through rates.

(5) The fair value is estimated using market interest rates of comparable loans.

(6) The fair value is estimated using recent public transactions of similar asset-backed securities.

(7) The fair value of the mortgage servicing rights is based on the present value of expected net cash flows related to servicing these loans.

In accordance with ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 –	Quoted prices in active markets for identical assets or liabilities.
Level 2 –	Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 –	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

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When the Company uses observable market prices for identical securities that are traded in less active markets, it classifies such securities as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs.

Financial instruments measured at fair value on a recurring basis are summarized below (in thousands):

	September 30, 2017
	Total		Level 1		Level 2		Level 3
Securities issued by the U.S Treasury and Government (1)	$	648	$	—	$	648	$	—
Mortgage-backed securities (1)	6,456		—		6,456		—
Securities issued by states and political subdivisions (1)	6,301		—		6,301		—
Corporate debt securities (1)	1,681		—		1,681		—
Marketable equity securities (1)	9,865		9,865		—		—
Interest rate lock commitment derivatives (2)	21		—		—		21
Forward loan sale commitment derivatives (2)	159		—		—		159
Mortgage servicing rights (3)	1,310		—		—		1,310

(1) Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date.

(2) Gains or losses on derivatives are recognized in current period earnings through cost of sales.

(3) Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through net revenue.

No transfers between Level 1, Level 2 or Level 3 occurred during the six months ended September 30, 2017. The Company's policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period.

Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands):

	September 30, 2017
	Total			Level 1		Level 2			Level 3
Loans held for investment	$	95,136		$	—	$	—		$	95,136
Loans held for sale	17,225			—		—			17,225
Loans held—construction advances	10,350			—		—			10,350
Commercial loans receivable	31,249			—		—			31,249
Securitized financings and other	(64,460		)	—		(64,460		)	—
Non-marketable equity investments	18,543			—		—			18,543

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No recent sales have been executed in an orderly market of manufactured home loan portfolios with comparable product features, credit characteristics or performance. Therefore, loans held for investment are measured using Level 3 inputs that are calculated using estimated discounted future cash flows from the evaluation of loan credit quality and performance history to determine expected prepayments and defaults on the portfolio, discounted with rates considered to reflect current market conditions. Loans held for sale are measured at the lower of cost or fair value using inputs that consist quoted market prices for mortgage-backed securities or investor purchase commitments for similar types of loan commitments on hand from investors. These loans are held for relatively short periods, typically no more than 45 days. As a result, changes in loan-specific credit risk are not a significant component of the change in fair value and changes are largely driven by changes in interest rates or investor yield requirements. The cost of loans held for sale is lower than the fair value as of September 30, 2017. As noted above, activity in the manufactured housing asset-backed securities market is infrequent with no reliable market price information. As such, to determine the fair value of securitized financings, management evaluates the credit quality and performance history of the underlying loan assets to estimate the expected prepayment of the debt and credit spreads, based on market activity for similar rated bonds from other asset classes with similar durations.

ASC 825, Financial Instruments ("ASC 825"), requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. Where available, quoted market prices are used. In other cases, fair values are based on estimates using other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and the resulting fair values. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair values, the Company's fair values should not be compared to those of other companies.

Under ASC 825, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying market value of the Company.

The Company records impairment losses on long-lived assets held for sale when the fair value of such long-lived assets is below their carrying values. The Company records impairment charges on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. No impairment charges were recorded during the six months ended September 30, 2017.

Mortgage Servicing. Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow accounts, performing loss mitigation activities on behalf of investors and otherwise administering the loan servicing portfolio. MSRs are initially recorded at fair value. Changes in fair value subsequent to the initial capitalization are recorded in the Company's results of operations. The Company recognizes MSRs on all loans sold to investors that meet the requirements for sale accounting and for which servicing rights are retained.

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The Company applies fair value accounting to MSRs, with all changes in fair value recorded to net revenue in accordance with ASC 860-50, Servicing Assets and Liabilities. The fair value of MSRs is based on the present value of the expected future cash flows related to servicing these loans. The revenue components of the cash flows are servicing fees, interest earned on custodial accounts and other ancillary income. The expense components include operating costs related to servicing the loans (including delinquency and foreclosure costs) and interest expenses on servicer advances that the Company believes are consistent with the assumptions major market participants use in valuing MSRs. The expected cash flows are primarily impacted by prepayment estimates, delinquencies and market discounts. Generally, the value of MSRs is expected to increase when interest rates rise and decrease when interest rates decline, due to the effect those changes in interest rates have on prepayment estimates. Other factors noted above as well as the overall market demand for MSRs may also affect the valuation.

	September 30, 2017			April 1, 2017
Number of loans serviced with MSRs	4,200			4,041
Weighted average servicing fee (basis points)	31.78			31.42
Capitalized servicing multiple	83.10		%	74.79		%
Capitalized servicing rate (basis points)	26.41			23.50
Serviced portfolio with MSRs (in thousands)	$	496,010		$	472,492
Mortgage servicing rights (in thousands)	$	1,310		$	1,110

20. Business Segment Information

The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance. The following table details net revenue and income before income taxes by segment (in thousands):

	Three Months Ended					Six Months Ended
	September 30, 2017			October 1, 2016		September 30, 2017		October 1, 2016
Net revenue:
Factory-built housing	$	187,380		$	175,481	$	380,262	$	347,967
Financial services	13,127			12,867		27,061		25,522
	$	200,507		$	188,348	$	407,323	$	373,489
Income before income taxes:
Factory-built housing	$	8,584		$	10,329	$	21,754	$	21,067
Financial services	(85		)	2,769		2,396		461
	$	8,499		$	13,098	$	24,150	$	21,528

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Introduction

The following should be read in conjunction with Cavco Industries, Inc. and its subsidiaries' (collectively, the "Company" or "Cavco") Consolidated Financial Statements and the related Notes that appear in Item 1 of this Report. References to "Note" or "Notes" pertain to the Notes to the Company's Consolidated Financial Statements.

Overview

Headquartered in Phoenix, Arizona, the Company designs and produces factory-built homes primarily distributed through a network of independent and Company-owned retailers. We are the second largest producer of manufactured homes in the United States, based on reported wholesale shipments, marketed under a variety of brand names, including Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes, Friendship Homes, Chariot Eagle and Lexington Homes. The Company is also a leading builder of park model RVs, vacation cabins and systems-built commercial structures, as well as modular homes built primarily under the Nationwide Homes brand. Cavco's mortgage subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), is an approved Federal National Mortgage Association ("FNMA" or "Fannie Mae") and Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") seller/servicer, and a Government National Mortgage Association ("GNMA" or "Ginnie Mae") mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and chattel loans to purchasers of factory-built and site-built homes. Our insurance subsidiary, Standard Casualty Co. ("Standard Casualty"), provides property and casualty insurance primarily to owners of manufactured homes.

Company Growth

From its inception in 1965, Cavco traditionally served affordable housing markets in the southwestern United States principally through manufactured home production. During the period from 1997 to 2000, Cavco was purchased by and became a wholly-owned subsidiary of Centex Corporation, which operated the Company until 2003, when Cavco became a stand-alone publicly-held Company traded on the NASDAQ Global Select Market under the ticker symbol CVCO.

Beginning in 2007, the overall housing industry experienced a multi-year decline, which included the manufactured housing industry. Since this downturn, Cavco strategically expanded its factory operations and related business initiatives primarily through the acquisition of industry competitor operations. This development has enabled the Company to more broadly participate in the overall housing industry recovery.

In 2009, the Company acquired certain manufactured housing assets and liabilities of Fleetwood Enterprises, Inc. ("Fleetwood"). The assets purchased included seven operating production facilities as well as idle factories. During fiscal year 2011, the Company acquired certain manufactured housing assets and liabilities of Palm Harbor Homes, Inc., a Florida corporation. The assets purchased included five operating production facilities as well as idle factories, 49 operating retail locations, a manufactured housing finance company and a homeowners insurance company. These acquisitions expanded the Company’s presence across the United States.

On March 30, 2015, the Company purchased the business and operating assets of Chariot Eagle, a Florida-based manufacturer of park model RVs and manufactured homes. This transaction has grown the Company's offering of park model RV product lines and further strengthened our market position in the Southeastern United States.

On May 1, 2015, Cavco acquired certain assets and liabilities of Fairmont Homes. Fairmont Homes is a builder of manufactured and modular homes and park model RVs, with manufacturing plants in Indiana and Minnesota selling under the Fairmont Homes and Friendship Homes brands. This transaction provides additional home production capabilities and increased distribution into new markets in the Midwest, the western Great Plains states and several provinces in Canada.

On April 3, 2017, the Company purchased Lexington Homes, which operates one manufacturing facility in Lexington, Mississippi. This transaction was accounted for as a business combination and provides additional home production capabilities and increased distribution into new markets in the Southeast.

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The Company operates 20 homebuilding facilities located in Millersburg and Woodburn, Oregon; Nampa, Idaho; Riverside, California; Phoenix and Goodyear, Arizona; Austin, Fort Worth, Seguin and Waco, Texas; Montevideo, Minnesota; Nappanee, Indiana; Lafayette, Tennessee; Lexington, Mississippi; Martinsville and Rocky Mount, Virginia; Douglas, Georgia; and Ocala and Plant City, Florida. The majority of the homes produced are sold to and distributed by independently owned retailers located primarily throughout the United States and Canada. In addition, our homes are sold through 42 Company-owned U.S. retail locations.

We continually review our product offerings throughout the combined organization and strive to improve product designs, production methods and marketing strategies. The supportive market response to the past and recent acquisitions has been encouraging and we believe that these expansions provide positive long-term strategic benefits for the Company. We plan to focus on developing synergies among all operations, which continue to have significant organic growth potential.

Industry and Company Outlook

According to data reported by the Manufactured Housing Institute ("MHI"), industry home shipments continue to improve, increasing 15.8% for the first 8 months of calendar 2017 compared to the same period in the prior year. During calendar year 2016 our industry shipped approximately 81,000 HUD code manufactured homes, an increase of 14.1% over the approximately 71,000 homes shipped in 2015. Shipments were 64,000 in 2014, 60,000 in 2013 and 55,000 in calendar year 2012, among the lowest levels since industry shipment statistics began to be recorded in 1959. Annual home shipments from 2009 to 2016 were less than the annual home shipments for each of the 40 years from 1969 to 2008. While industry HUD code manufactured home shipments have improved modestly in recent years, the manufactured housing industry continues to operate at relatively low levels compared to historical shipment statistics.

We believe that employment rates and underemployment among potential home buyers who favor affordable housing as well as low consumer confidence levels are improving from low levels reported in recent years. "First-time" and "move-up" buyers of affordable homes are historically among the largest segments of new manufactured home purchasers. Included in this group are lower-income households that were particularly affected by an extended period of persistently low employment rates and underemployment. The process of repairing damaged credit among consumers and efforts to save for a home loan down-payment often require substantial time; however, improving consumer confidence in the U.S. economy is evident among manufactured home buyers interested in our products for seasonal or retirement living that have been concerned about financial stability, and now appear to be less hesitant to commit to a new home purchase. We believe sales of our products may continue to increase as employment and consumer confidence levels continue to recover.

The two largest manufactured housing consumer demographics, young adults and those who are 55+ years old, are both growing. The U.S. adult population is estimated to expand by approximately 11.7 million between 2017 and 2022. Young adults born from 1976 to 1995, sometimes referred to as Gen Y, represent a large segment of the population. Late-stage Gen Y is approximately 2 million people larger than the next age category born from 1966 to 1975, Gen X, and is considered to be in the peak home-buying years. Gen Y represents prime first-time home buyers who may be attracted by the affordability, diversity of style choices and location flexibility of factory-built homes. The age 55 and older category is reported to be the fastest growing segment of the U.S. population. This group is similarly interested in the value proposition; however, they are also motivated by the energy efficiency and low maintenance requirements of systems-built homes, and by the lifestyle offered by planned communities that are specifically designed for homeowners that fall into this age group.

The housing industry is subject to seasonal fluctuations based on new home buyer purchasing patterns. Cavco’s Company-owned retail stores experience decreased home buyer traffic during holidays and popular vacation periods. Still, diversification among Cavco’s product lines and operations have served to partially offset the extent of seasonal fluctuations. Demand for our core single-family new home products typically peaks each spring and summer before declining in the winter, consistent with the overall housing industry, although this pattern was partially interrupted during the winter of fiscal year 2017 when the Company produced disaster relief homes for the Federal Emergency Management Agency ("FEMA"). Demand patterns for park model and cabin RVs and homes used primarily for retirement seasonal living partially offset the general housing seasonality.

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Cavco’s mortgage subsidiary experiences minimal seasonal fluctuation in its mortgage origination activities as a result of the time needed for loan application approval processes and subsequent home loan closing activities. The mortgage subsidiary realizes no seasonal impacts from its mortgage servicing operations. Revenue for the home insurance subsidiary is not substantially impacted by seasonality as it recognizes revenue from policy sales ratably over each policy’s term year. However, the insurance subsidiary is subject to adverse effects from excessive policy claims that may occur during periods of inclement weather, including seasonal spring storms or fall hurricane activity in Texas where most of its policies are underwritten.

In August 2017, Hurricane Harvey produced the largest recorded rain volume for a single weather event in U.S. history, resulting in historic flooding and widespread property damage, primarily in southeast Texas. Although our insurance subsidiary does not write policies for manufactured home residents in gulf coast counties or in flood plains, the enormity of this event caused high homeowners' insurance claim volume inland and in non-flood plain areas. The insurance subsidiary’s catastrophic reinsurance contracts serve to limit financial exposure to a pre-established retention amount of $1.5 million; however, these contracts also carry the requirement for the Company to pay additional premiums in order to reinstate reinsurance coverage for the remainder of 2017, further adding to costs incurred as a result of the hurricane.

In September 2017, Hurricane Irma caused significant property damage in Florida. The insurance subsidiary conducts no operations in Florida and was not adversely affected by this storm.

These storms also impacted the factory-built housing segment during the quarter. The flooding from Hurricane Harvey caused substantial new home inventory damage at certain Company-owned retail centers. In addition, both storms caused a limited number of lost production days at manufacturing facilities in the affected areas, resulting in lower sales volume for the quarter. Additionally, as consumer home-site damage and economic disruption in Texas and Florida delayed several home sales in process that would have otherwise been recorded during the quarter.

It has been widely reported that the overall economic toll in the affected market areas is substantial. We expect that consumer demand for replacement of homes lost as a result of these events will continue for several quarters. This may include future disaster-relief manufactured home orders from federal and state agencies. The Company will initially participate by producing a number of disaster-relief homes already ordered by FEMA. These homes will be built in factories located in unaffected regions of the country primarily during the winter months to lessen disruptions to existing demand from our core customer base.

Consumer financing for the retail purchase of manufactured homes needs to become generally more available before marked emergence from continued low home shipment levels can occur. Restrictive underwriting guidelines, irregular appraisal processes, higher interest rates compared to site-built homes, regulatory burdens, a limited number of institutions lending to manufactured home buyers and limited secondary market availability for manufactured home loans are significant constraints to industry growth. We are working directly with other industry participants to develop manufactured home consumer financing loan portfolios to attract industry financiers interested in furthering or expanding lending opportunities in the industry. We continue to invest in community-based lending initiatives that provide home-only financing to new residents of certain manufactured home communities. CountryPlace has invested in and developed chattel lending programs to grow sales of homes through traditional distribution point as well. We believe that growing our participation in chattel lending may provide additional sales growth opportunities for our factory-built housing operation.

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We are also working through industry trade associations to encourage favorable legislative and GSE action to address the mortgage financing needs of potential buyers of affordable homes. Federal law requires the GSEs to issue a regulation to implement the "Duty to Serve" requirements specified in the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. On May 8, 2017, FNMA and FHLMC released their Underserved Markets Plan that describes, with specificity, the actions they will take over a three-year period to fulfill the "Duty to Serve" obligation. The focus of each of the three-year plans is to establish steps to ensure chattel loans can be purchased in bulk prior to proceeding with a chattel loan pilot. Expansion of the secondary market for chattel lending through the GSEs could provide further demand for housing, as lending options would likely become more available to home buyers. Although some limited progress has been made in the area, meaningful positive impact in the form of increased home orders has yet to be realized. See "Regulatory Developments" below.

While sales activity of existing homes has improved, the current lending environment that favors site-built housing and more affluent home buyers has not provided improved capabilities for affordable-home buyers to facilitate a new home purchase.

Based on the relatively low cost associated with manufactured home ownership, our products have traditionally competed with rental housing's monthly payment affordability. Rental housing activity is reported to have continued to increase in recent years. As a result, tenant housing vacancy rates appear to have declined, causing a corresponding rise in associated rental rates. These rental market factors may cause some renters to become interested buyers of affordable housing alternatives including manufactured homes.

Further, with respect to the general rise in demand for rental housing, we have realized a larger proportion of orders from developers and community owners for new manufactured homes intended for use as rental housing. The Company is responsive to the unique product and related requirements of these home buyers and values the opportunity to provide homes that are well suited for these purposes.

The backlog of sales orders at September 30, 2017 varied among our 20 factories and in total was approximately $199 million compared to $63 million at October 1, 2016. Retailers may cancel orders prior to production without penalty. Accordingly, until the production of a particular home has commenced, we do not consider our backlog to be firm orders.

The Company participates in certain commercial loan programs with members of the Company's independent wholesale distribution chain. Under these programs, the Company provides a significant amount of the funds that independent financiers then lend to distributors to finance retail inventories of our products. In addition, the Company has entered into direct commercial loan arrangements with distributors, communities and developers under which the Company provides funds for financing homes (see Note 6 to the Consolidated Financial Statements). The Company's involvement in commercial loans has increased the availability of manufactured home financing to distributors and users of our products. We believe that our participation in wholesale financing is helpful to retailers, communities and developers and allows our homes additional opportunities for exposure to potential home buyers. These initiatives support the Company's ongoing efforts to expand our distribution base in all of our markets with existing and new customers. However, the initiatives expose the Company to risks associated with the creditworthiness of certain customers and business partners, including independent retailers, developers, communities and inventory financing partners.

With manufacturing facilities strategically positioned across the United States, we utilize local market research to design homes to meet the demands of our customers. We have the ability to customize floor plans and designs to fulfill specific needs and interests. By offering a full range of homes from entry-level models to large custom homes with the ability to engineer designs in-house, we can accommodate virtually any customer request. In addition to homes built to the federal HUD code, we construct modular homes that conform to state and local codes, park models and cabins and light commercial buildings at many of our manufacturing facilities.

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We employ a concerted effort to identify niche market opportunities where our diverse product lines and custom building capabilities provide us with a competitive advantage. Our green building initiatives involve the creation of an energy efficient envelope and higher utilization of renewable materials. These homes provide environmentally-friendly maintenance requirements, typically lower utility costs, specially designed ventilation systems and sustainability. Cavco also builds homes designed to use alternative energy sources, such as solar and wind. Building green may significantly reduce greenhouse gas emissions without sacrificing features, style or comfort. From bamboo flooring and tankless water heaters to solar-powered homes, our products are diverse and tailored to a wide range of consumer interests. Innovation in housing design is a forte of the Company and we continue to introduce new models at competitive price points with expressive interiors and exteriors that complement home styles in the areas in which they are located.

We maintain a conservative cost structure in an effort to build added value into our homes. We have placed a consistent focus on developing synergies among all operations. In addition, the Company has worked diligently to maintain a solid financial position. Our balance sheet strength and position in cash and cash equivalents should help avoid liquidity problems and enable us to act effectively as market opportunities present themselves.

In 2008, we announced a stock repurchase program, under which a total of $10.0 million may be used to repurchase our outstanding common stock. The repurchases may be made in the open market or in privately negotiated transactions in compliance with applicable state and federal securities laws and other legal requirements. The level of repurchase activity is subject to market conditions and other investment opportunities. The plan does not obligate us to acquire any particular amount of common stock and may be suspended or discontinued at any time. The repurchase program will be funded using our available cash. No repurchases have been made under this program to date.

Regulatory Developments

In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act" or the "Act") was passed into law. The Dodd-Frank Act is a sweeping piece of legislation and the financial services industry continues to assess its implications and implement necessary changes in procedures and business practices. The Act established the Consumer Financial Protection Bureau ("CFPB") to regulate consumer financial products and services. Although many rules have been implemented, the full impact will not be known for years as revisions and the development of additional rules continue, and as Congress and the new administration consider amending part of the Act. Enforcement actions are in the early stages and the effects of possible litigation related to the regulations remains unknown.

In 2014, certain CFPB mortgage finance rules required under the Dodd-Frank Act became effective. The rules apply to consumer credit transactions secured by a dwelling, which include real property mortgages and chattel loans (financed without land) secured by manufactured homes. The rules defined standards for origination of "Qualified Mortgages," established specific requirements for lenders to prove borrowers' ability to repay loans, and outlined the conditions under which Qualified Mortgages are subject to safe harbor limitations on liability to borrowers. The rules also established interest rates and other cost parameters for determining which Qualified Mortgages fall under safe harbor protection. Among other issues, Qualified Mortgages with interest rates and other costs outside the limits are deemed "rebuttable" by borrowers and expose the lender and its assignees (including investors in loans, pools of loans and instruments secured by loans or loan pools) to possible litigation and penalties.

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While many manufactured homes are currently financed with agency-conforming mortgages in which the ability to repay is verified, and interest rates and other costs are within the safe harbor limits established under the CFPB, mortgage finance rules, certain loans to finance the purchase of manufactured homes, especially chattel loans and non-conforming land-home loans, may fall outside the safe harbor limits. The rules have caused some lenders to curtail underwriting such loans, and some investors are reluctant to own or participate in owning such loans because of the uncertainty of potential litigation and other costs. As a result, some prospective buyers of manufactured homes may be unable to secure the financing necessary to complete purchases. In addition, compliance with the law and ongoing rule implementation has caused lenders to incur additional costs to implement new processes, procedures, controls and infrastructure required to comply with the regulations. Compliance may constrain lenders' ability to profitably price certain loans. Failure to comply with these regulations, changes in these or other regulations, or the imposition of additional regulations, could affect our earnings, limit our access to capital and have a material adverse effect on our business and results of operations.

The CFPB rules amending the Truth in Lending Act ("TILA") and the Real Estate Settlement Procedures Act ("RESPA") expand the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protections Act of 1994 ("HOEPA"), revise and expand the tests for coverage under HOEPA, and impose additional restrictions on mortgages that are covered by HOEPA. As a result, certain manufactured home loans are now subject to HOEPA limits on interest rates and fees. Loans with rates or fees in excess of the limits are deemed High Cost Mortgages and provide additional protections for borrowers, including with respect to determining the value of the home. Most loans for the purchase of manufactured homes have been written at rates and fees that would not appear to be considered High Cost Mortgages under the new rule. Although some lenders may continue to offer loans that are now deemed High Cost Mortgages, the rate and fee limits appear to have deterred some lenders from offering loans to certain borrowers and may continue to make them reluctant to enter into loans subject to the provisions of HOEPA. As a result, some prospective buyers of manufactured homes may be unable to secure financing necessary to complete manufactured home purchases.

The Dodd-Frank Act amended provisions of TILA to require rules for appraisals on principal residences securing higher-priced mortgage loans ("HPML"). Certain loans secured by manufactured homes, primarily chattel loans, could be considered HPMLs. Among other things, the rule requires creditors to provide copies of appraisal reports to borrowers prior to loan closing. To implement these amendments, the CFPB adopted the HPML Appraisal Rule effective December 30, 2014 and loans secured by new manufactured homes were exempt from the rule until July 18, 2015. While effects of these requirements are not fully known, some prospective home buyers may be deterred from completing a manufactured home purchase as a result of appraised values.

The Dodd-Frank Act also required integrating disclosures provided by lenders to borrowers under TILA and RESPA. The final rule became effective October 3, 2015. The TILA-RESPA Integrated Disclosure ("TRID") mandated extensive changes to the mortgage loan closing process and necessitated significant changes to mortgage origination systems. Since its implementation, technical ambiguities in the rule have resulted in lender and investor uncertainty regarding acceptable cures and tolerances for disclosure and estimate errors. It is not yet fully known how the GSEs and HUD will view TRID compliance, how they will apply their own interpretations of TRID to their repurchase and claims review processes, or how the market for private-label securitizations may be impacted.

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Regulation C of the Home Mortgage Disclosure Act ("HMDA") enacted in 1975 requires certain financial institutions, including non-depository institutions, to collect, record, report and disclose information about their mortgage lending activity. The data-related requirements in the HMDA and Regulation C are used to identify potential discriminatory lending patterns and enforce anti-discrimination statutes. The Dodd-Frank Act transferred rulemaking authority for HMDA to the CFPB, effective in 2011. It also amended the HMDA to require financial institutions to report additional data points and to collect, record and report additional information. The CFPB issued a final rule amending Regulation C, which becomes effective on January 1, 2018. Regulation C generally applies to consumer-purpose, closed-end loans and open-end lines of credit that are secured by a dwelling. Non-depository financial institutions are subject to Regulation C if they originate at least 25 covered closed-end mortgage loans or at least 100 covered open-end lines of credit in each of the two preceding calendar years. Violations of Regulation C, including incomplete, inaccurate, or omitted data are subject to administrative sanctions, including civil money penalties and compliance can be enforced by the Federal Reserve Board, Federal Deposit Insurance Corporation, the Office of the Comptroller of Currency, the National Credit Union Administration, HUD, or the CFPB.

New Federal Housing Administration ("FHA") Title I program guidelines became effective on June 1, 2010 and provide Ginnie Mae the ability to securitize manufactured home FHA Title I loans. These guidelines were intended to allow lenders to obtain new capital, which can then be used to fund new loans for our customers. Chattel loans have languished for several years and these changes were meant to broaden chattel financing availability for prospective homeowners. However, we are aware of only a small number of loans currently being securitized under the Ginnie Mae program.

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ("SAFE Act") established requirements for the licensing and registration of all individuals that are Mortgage Loan Originators ("MLOs"). MLOs must be registered or licensed by the states. Traditionally, manufactured housing retailers have assisted home buyers with securing financing for the purchase of homes. This assistance may have included assisting with loan applications and presenting terms of loans. Under the SAFE Act, these activities are prohibited unless performed by a registered or licensed MLO. Although the definition of an MLO contains exemptions for administrative and other specific functions and industries, manufactured housing retailers are no longer able to negotiate rates and terms for loans unless they are licensed as MLOs. Compliance may require manufactured housing retailers to become licensed lenders and employ MLOs, or alter business practices related to assisting home buyers in securing financing. This may result in increased costs for retailers who elect to employ MLOs, penalties assessed against or litigation costs incurred by retailers found to be in violation, reduced home sales from home buyers' inability to secure financing without retailer assistance, or increased costs to home buyers or reduced transaction profitability for retailers as a result of the additional cost of mandatory MLO involvement.

The Housing and Economic Recovery Act of 2008 requires the GSEs to facilitate a secondary market for mortgages on housing for very low, low and moderate-income families in under-served markets, including manufactured housing. On January 30, 2017, the Federal Housing Finance Agency issued a final rule specifying the scope of GSE activities that are eligible to receive credit for compliance with the "Duty to Serve" rule after January 2018. On May 8, 2017, both GSEs released their Underserved Markets Plan, which included steps to ensure chattel loans can be purchased in bulk prior to proceeding with a chattel loan pilot. Both GSEs have expressed interest in pursuing such pilot programs for manufactured housing, however, it is uncertain whether either GSE will conduct a pilot program or launch a chattel loan program.

If passed by Congress and signed into law, the proposed Preserving Access to Manufactured Housing Act of 2017 (House of Representatives Bill 1699) would amend some Dodd-Frank Act provisions that affect manufactured housing financing. In addition to standalone legislation, on July 13, 2017, the House Appropriations Committee passed the language of the bill as a part of its Fiscal Year 2018 Financial Services Appropriations bill. Additionally, on June 8, 2017, the U.S. House of Representatives passed the Financial CHOICE Act (House of Representatives Bill 10), which included the legislative language of House of Representatives Bill 1699. On August 3, 2017, the U.S. Senate introduced Senate Bill 1751, companion legislation to House of Representatives Bill 1699. These bills would revise the triggers by which small-sized manufactured home loans are considered "High-Cost" under HOEPA and clarify the MLO licensing requirements for manufactured home retailers and their employees.

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Our sale of insurance products is subject to various state insurance laws and regulations which govern allowable charges and other insurance practices. Standard Casualty's insurance operations are regulated by the state insurance boards where it underwrites its policies. Underwriting, premiums, investments and capital reserves (including dividend payments to stockholders) are subject to the rules and regulations of these state agencies.

In 2010, the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act ("Health Reform Law"), was passed into law. As enacted, the Health Reform Law reforms, among other things, certain aspects of health insurance. The Health Reform Law could continue to increase our healthcare costs, adversely impacting the Company's earnings. On March 6, 2017, the American Health Care Act of 2017 (House of Representatives Bill 1628) passed the vote of the House of Representatives, which would repeal and replace the Health Reform Law. However, that bill and subsequent reform bills have not passed the Senate. It is uncertain how future legislation would impact our operations.

Governmental authorities have the power to enforce compliance with their regulations, and violations may result in the payment of fines, the entry of injunctions or both. Although we believe that our operations are in substantial compliance with the requirements of all applicable laws and regulations, these requirements have generally become more strict in recent years. Accordingly, we are unable to predict the ultimate cost of compliance with all applicable laws and enforcement policies.

Results of Operations

Three and six months ended September 30, 2017compared to October 1, 2016

Net Revenue.The following tables summarize net revenue for the three and six months ended September 30, 2017 and October 1, 2016.

	Three Months Ended
	September 30, 2017		October 1, 2016		Change		% Change
	(Dollars in thousands)
Net revenue:
Factory-built housing	$	187,380	$	175,481	$	11,899	6.8	%
Financial services	13,127		12,867		260		2.0	%
	$	200,507	$	188,348	$	12,159	6.5	%
Total homes sold	3,298		3,242		56		1.7	%
Net factory-built housing revenue per home sold	$	56,816	$	54,127	$	2,689	5.0	%

	Six Months Ended
	September 30, 2017		October 1, 2016		Change		% Change
	(Dollars in thousands)
Net revenue:
Factory-built housing	$	380,262	$	347,967	$	32,295	9.3	%
Financial services	27,061		25,522		1,539		6.0	%
	$	407,323	$	373,489	$	33,834	9.1	%
Total homes sold	6,773		6,637		136		2.0	%
Net factory-built housing revenue per home sold	$	56,144	$	52,428	$	3,716	7.1	%

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The increase in net revenue from the factory-built housing segment for the three and six months ended September 30, 2017 compared to the same periods last year was from a larger proportion of higher priced homes sold and improved home sales volume. Further growth was impacted by the loss of a limited number of production days at manufacturing facilities in the areas affected by Hurricane Harvey and Hurricane Irma as well as economic disruption in Texas and Florida that caused delays in home sales that would have otherwise been recorded during the second quarter of fiscal 2018.

Net factory-built housing revenue per home sold is a volatile metric dependent upon several factors. A primary factor is the price disparity between sales of homes to independent retailers, builders, communities and developers ("Wholesale") and sales of homes to consumers by Company-owned retail centers ("Retail"). Wholesale sales prices are primarily comprised of the home and the cost to ship the home from a homebuilding facility to the home-site. Retail home prices include these items and retail markup, as well as items that are largely subject to home buyer discretion, including, but not limited to, installation, utilities, site improvements, landscaping and additional services. Changes to the proportion of home sales among these distribution channels between reporting periods impacts the overall net revenue per home sold. For the six months ended September 30, 2017, the Company sold 5,541 homes Wholesale and 1,232 Retail versus 5,312 homes Wholesale and 1,325 homes Retail in the comparable prior year period. Further, fluctuations in net factory-built housing revenue per home sold are the result of changes in product mix, which results from home buyer tastes and preferences as they select home types/models, as well as optional home upgrades when purchasing the home. These selections vary regularly based on consumer interests, local housing preferences and economic circumstances. Our product prices are also periodically adjusted for the cost and availability of raw materials and labor used to produce each home. For these reasons, we have experienced, and expect to continue to experience, volatility in overall net factory-built housing revenue per home sold.

Financial services segment revenue increased, resulting from more insurance policies in force in the current year compared to the prior year as well as an increase of 25.0% in home loan sales volume year over year. Financial services segment revenue is partially offset by lower interest income earned on securitized loan portfolios that continue to amortize and $1.4 million in additional premiums paid to reinstate reinsurance coverage that was utilized to mitigate losses incident to Texas hurricane activity during the quarter.

Gross Profit. The following tables summarize gross profit for the three and six months ended September 30, 2017 and October 1, 2016.

	Three Months Ended
	September 30, 2017			October 1, 2016			$ Change			% Change
	(Dollars in thousands)
Gross profit:
Factory-built housing	$	29,919		$	31,453		$	(1,534	)	(4.9	)%
Financial services	4,635			7,654			(3,019		)	(39.4	)%
	$	34,554		$	39,107		$	(4,553	)	(11.6	)%
Gross profit as % of Net revenue:	17.2		%	20.8		%	N/A			(3.6	)%

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	Six Months Ended
	September 30, 2017			October 1, 2016			$ Change		% Change
	(Dollars in thousands)
Gross profit:
Factory-built housing	$	64,419		$	62,112		$	2,307	3.7	%
Financial services	12,101			10,247			1,854		18.1	%
	$	76,520		$	72,359		$	4,161	5.8	%
Gross profit as % of Net revenue:	18.8		%	19.4		%	N/A		(0.6	)%

Factory-built housing gross profit for the three months ended September 30, 2017 was down from new home inventory damage at certain Company-owned retail centers. This damage was mainly caused by excessive flooding in southeast Texas from Hurricane Harvey. Gross profit was also adversely affected by lower margins from our recent Lexington Homes acquisition. These declines were partially offset by improved home sales revenue. Factory-built housing gross profit for the six months ended September 30, 2017 was up from improved home sales revenue, offset by the inventory losses discussed above.

Financial services gross profit for the three months ended September 30, 2017decreased as a result of high homeowners insurance claim volume in Texas from Hurricane Harvey, although the Company's losses on these claims were mitigated by reinsurance contracts. In addition, there was lower interest income earned on securitized loan portfolios that continue to amortize, offset by higher home loan origination volume. Financial services gross profit for the six months ended September 30, 2017increased as insurance claim during the first three months of the period was considerably lower than the prior year period as well as higher home loan origination volume, offset by homeowners insurance claim volume in Texas from Hurricane Harvey during the second three months of the period.

Selling, General and Administrative Expenses. The following tables summarize selling, general and administrative expenses for the three and six months ended September 30, 2017 and October 1, 2016.

	Three Months Ended
	September 30, 2017			October 1, 2016			$ Change			% Change
	(Dollars in thousands)
Selling, general and administrative expenses:
Factory-built housing	$	22,386		$	21,597		$	789		3.7	%
Financial services	3,767			3,832			(65		)	(1.7	)%
	$	26,153		$	25,429		$	724		2.8	%
Selling, general and administrative expenses as % of Net revenue:	13.0		%	13.5		%	N/A			(0.5	)%

	Six Months Ended
	September 30, 2017			October 1, 2016			$ Change		% Change
	(Dollars in thousands)
Selling, general and administrative expenses:
Factory-built housing	$	44,683		$	42,472		$	2,211	5.2	%
Financial services	7,775			7,644			131		1.7	%
	$	52,458		$	50,116		$	2,342	4.7	%
Selling, general and administrative expenses as % of Net revenue:	12.9		%	13.4		%	N/A		(0.5	)%

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Selling, general and administrative expenses related to factory-built housing increased for the three and six months ended September 30, 2017 primarily from higher salary and incentive compensation expense from larger home sales and the acquisition of Lexington Homes.

Selling, general and administrative expenses for financial services remained relatively flat from operating consistency.

As a percentage of net revenue, selling, general and administrative expenses decreased modestly from fixed cost efficiencies gained from higher sales volume.

Interest Expense. The following tables summarize interest expense for the three and six months ended September 30, 2017 and October 1, 2016.

	Three Months Ended
	September 30, 2017		October 1, 2016		$ Change			% Change
	(Dollars in thousands)
Interest expense	$	1,021	$	1,132	$	(111	)	(9.8	)%

	Six Months Ended
	September 30, 2017		October 1, 2016		$ Change			% Change
	(Dollars in thousands)
Interest expense	$	2,069	$	2,293	$	(224	)	(9.8	)%

Interest expense consists primarily of debt service on the CountyPlace securitized financings of manufactured home loans and interest related to the capital lease treatment for leases of manufacturing facilities and land entered into as part of the Lexington and Fairmont acquisitions. On September 20, 2016, the Company purchased the assets under the capital lease for Fairmont, terminating the lease agreement. The decrease for the three and six months ended September 30, 2017 compared to the same period in the prior year is attributable to lower interest expense on securitized portfolios that continue to amortize.

Other Income, net. The following tables summarize other income, net for the three and six months ended September 30, 2017 and October 1, 2016.

	Three Months Ended
	September 30, 2017		October 1, 2016		$ Change		% Change
	(Dollars in thousands)
Other income, net	$	1,119	$	552	$	567	102.7	%

	Six Months Ended
	September 30, 2017		October 1, 2016		$ Change		% Change
	(Dollars in thousands)
Other income, net	$	2,157	$	1,578	$	579	36.7	%

Other income, net, is attributable to interest income earned on commercial loans receivable in the factory-built housing segment and also represents gains and losses on corporate investments and property, plant and equipment.

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Income (Loss) Before Income Taxes. The following tables summarize income (loss) before income taxes for the three and six months ended September 30, 2017 and October 1, 2016.

	Three Months Ended
	September 30, 2017			October 1, 2016		$ Change			% Change
	(Dollars in thousands)
Income (loss) before income taxes:
Factory-built housing	$	8,584		$	10,329	$	(1,745	)	(16.9	)%
Financial services	(85		)	2,769		(2,854		)	(103.1	)%
	$	8,499		$	13,098	$	(4,599	)	(35.1	)%

	Six Months Ended
	September 30, 2017		October 1, 2016		$ Change		% Change
	(Dollars in thousands)
Income before income taxes:
Factory-built housing	$	21,754	$	21,067	$	687	3.3	%
Financial services	2,396		461		1,935		419.7	%
	$	24,150	$	21,528	$	2,622	12.2	%

Income taxes. The following tables summarize Income taxes for the three and six months ended September 30, 2017 and October 1, 2016.

	Three Months Ended
	September 30, 2017		October 1, 2016		$ Change			% Change
	(Dollars in thousands)
Income taxes	$	2,317	$	3,757	$	(1,440	)	(38.3	)%

	Six Months Ended
	September 30, 2017		October 1, 2016		$ Change			% Change
	(Dollars in thousands)
Income taxes	$	6,215	$	6,744	$	(529	)	(7.8	)%

The effective income tax rate for the second fiscal quarter was 27.3% compared to an effective tax rate of 28.7% for the same period last year. For the six months ended September 30, 2017 and October 1, 2016, the effective income tax rate was 25.7% and 31.3%, respectively. Income tax expense for the six months ended September 30, 2017 includes a benefit of $1.7 million related to the Company's required implementation of Accounting Standards Update No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting, which, among other items, requires us to record excess tax benefits on exercises of stock options as a reduction of income tax expense in the consolidated statement of comprehensive income, whereas they were previously recognized in equity.

42

Liquidity and Capital Resources

We believe that cash and cash equivalents at September 30, 2017, together with cash flow from operations, will be sufficient to fund our operations and provide for growth for the next 12 months and into the foreseeable future. We maintain cash in various deposit accounts, the balances of which are in excess of federally insured limits. We expect to continue to evaluate potential acquisitions of, or strategic investments in, businesses that are complementary to our Company. Such transactions may require the use of cash and have other impacts on the Company's liquidity and capital resources in the event of such a transaction. Because of the Company’s sufficient cash position, the Company has not sought external sources of liquidity, with the exception of certain credit facilities for our chattel lending programs. However, depending on our operating results and strategic opportunities, we may need to seek additional or alternative sources of financing. There can be no assurance that such financing would be available on satisfactory terms, if at all. If this financing were not available, it could be necessary for us to reevaluate our long-term operating plans to make more efficient use of our existing capital resources. The exact nature of any changes to our plans that would be considered depends on various factors, such as conditions in the factory-built housing industry and general economic conditions outside of our control.

Projected cash provided by operations in the coming year is largely dependent on sales volume and other activities. Operating activities provided $7.4 million of cash during the six months ended September 30, 2017, compared to $22.4 million during the same period last year. Cash provided by operating activities during the current period was primarily the result of cash generated by operating income before non-cash charges, principal payments received on consumer loans receivable in the ordinary course of business and higher payables and accrued liabilities, including insurance loss reserves from hurricane-related homeowners' insurance policy claims during the quarter. These are partially offset by: 1) loan origination activity in excess of proceeds from the sale of loans and expansion of chattel lending programs; 2) increased accounts receivable resulting from higher home sales; 3) greater home inventory levels from delayed new home sales resulting from hurricanes during the period; 4) increased raw material stocking practices; and 5) increased other assets from reinsurance amounts to be collected. Cash provided by operating activities during the prior period was primarily the result of cash generated by operating income before non-cash charges, higher accounts payable and accrued liabilities, including customer deposits and volume rebate accruals, as well as payments received from commercial loans receivables.

Consumer loans receivable originated increased to $66.3 million from $54.0 million for the six months endedSeptember 30, 2017 and October 1, 2016, respectively. Proceeds from sales of consumer loans provided $59.2 million in cash, compared to $47.4 million in the previous year, a net increase of $11.8 million, which relates to higher loan originations and the timing of loan sales.

With respect to consumer lending for the purchase of manufactured housing, states may classify manufactured homes for both legal and tax purposes as personal property rather than real estate. As a result, financing for the purchase of manufactured homes is characterized by shorter loan maturities and higher interest rates. Unfavorable changes in these factors and the current adverse trend in the availability and terms of financing in the industry may have material negative effects on our results of operations and financial condition. See Item IA, "Risk Factors."

Cavco has entered into programs to provide some of the capital used by inventory lenders to finance wholesale home purchases by retailers. The Company has also entered into direct commercial loan arrangements with distributors, communities and developers under which the Company provides funds for financing homes and has invested in community-based lending initiatives that provide home-only financing to new residents of certain manufactured home communities (see Note 6 to the Consolidated Financial Statements). In addition, the Company has invested in and developed chattel loan pools and lending programs to attract third-party financier interest and to grow sales of new homes through traditional distribution point as well.

Investing activities used $2.2 million of cash during the six months ended September 30, 2017, compared to $2.3 million during the same period last year. In the current year, cash was used for the purchase of Lexington Homes and other property, plant and equipment as well as investments, partially offset by investment sales. In the prior period, cash was used for the purchases of property, plant and equipment as well as investments by our insurance subsidiary for its investment portfolio, partially offset by that subsidiary's investment sales.

43

Financing activities used $0.9 million in cash during the six months ended September 30, 2017 primarily from payments on securitized financings and payments on stock option exercises, offset by loans accounted for as other secured financings. Financing activities used $2.8 million in cash during the six months ended October 1, 2016, largely from payments on securitized financings, offset by loan sales accounted for as other secured financings and stock option exercises.

CountryPlace's securitized debt is subject to provisions that require certain levels of overcollateralization. Overcollateralization is equal to CountryPlace's equity in the bonds. Failure to satisfy these provisions could cause cash, which would normally be distributed to CountryPlace, to be used for repayment of the principal of the related Class A bonds until the required overcollateralization level is reached. During periods when the overcollateralization is below the specified level, cash collections from the securitized loans in excess of servicing fees payable to CountryPlace and amounts owed to the Class A bondholders, trustee and surety, are applied to reduce the Class A debt until such time the overcollateralization level reaches the specified level. Therefore, failure to meet the overcollateralization requirement could adversely affect the timing of cash flows received by CountryPlace. However, principal payments of the securitized debt, including accelerated amounts, is payable only from cash collections from the securitized loans and no additional sources of repayment are required or permitted. As of September 30, 2017, the 2005-1 and 2007-1 securitized portfolios were within the required overcollateralization level.

Critical Accounting Policies

In Part II, Item 7 of our Form 10-K, under the heading "Critical Accounting Policies," we have provided a discussion of the critical accounting policies that management believes affect its more significant judgments and estimates used in the preparation of our Consolidated Financial Statements.

Recent Accounting Pronouncements

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 became effective in the current fiscal year. Therefore, we now present all deferred tax liabilities and assets as noncurrent on the balance sheet instead of separating these items into current and noncurrent amounts. The prior period was not retrospectively adjusted. In addition, in March 2016, the FASB issued ASU 2016-09, Compensation- Stock Compensation (Topic 718) ("ASU 2016-09"), which also became effective in fiscal year 2018. As a result of this required implementation, excess tax benefits are recorded on exercises of stock options as a reduction of income tax expense in the consolidated statement of comprehensive income, whereas they were previously recognized in equity.

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure requirements intended to provide users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company's contracts with customers. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of the new revenue standard. Accordingly, the updated standard is effective for us beginning with the first quarter of the Company's fiscal year 2019. Our implementation approach includes performing a detailed study of the various types of agreements that we have with our customers and assessing conformance of our current accounting practices with the new standard. We are making progress in determining the impact of this guidance; however, we are still evaluating the full effects ASU 2014-09 will have on the Company's Consolidated Financial Statements and disclosures. We expect to adopt this guidance using the modified retrospective transition method. 

44

In January 2016, the FASB issued ASU 2016-01, Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). ASU 2016-01 will be effective beginning with the first quarter of the Company's fiscal year 2019. The amendments require certain equity investments to be measured at fair value with changes in the fair value recognized through net income. The Company is currently evaluating the effect ASU 2016-01 will have on the Company's Consolidated Financial Statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases(Topic 842) ("ASU 2016-02"). ASU 2016-02 will be effective beginning with the first quarter of the Company's fiscal year 2020, with early adoption permitted. The amendments require the recognition of leased assets and the related liabilities on the balance sheet for most leases, and recognition of expenses in the income statement in a manner similar to current accounting treatment. In addition, disclosures of key information about leasing arrangements are required. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the effect ASU 2016-02 will have on the Company's Consolidated Financial Statements and disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments to require a new forward-looking model based on expected losses rather than incurred losses. The guidance also requires increased disclosures. ASU 2016-01 will be effective beginning with the first quarter of the Company's fiscal year 2021. The Company is currently evaluating the effect ASU 2016-13 will have on the Company's Consolidated Financial Statements and disclosures.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force ("ASU 2016-18"), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. ASU 2016-18 will be effective beginning with the first quarter of the Company's fiscal year 2019. The adoption of ASU 2016-18 will only change the presentation of the Consolidated Statement of Cash Flows and is not expected to have a material impact on the consolidated financial statements.

In March 2017, the FASB issued ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08"), which requires the premium on callable debt securities to be amortized to the earliest call date as opposed to the contractual life of the security. ASU 2017-08 will be effective beginning with the first quarter of the Company's fiscal year 2020. The Company is currently evaluating the effect ASU 2017-08 will have on the Company's Consolidated Financial Statements and disclosures.

From time to time, new accounting pronouncements are issued by the FASB and other regulatory bodies that are adopted by the Company as of the specified effective dates. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's Consolidated Financial Statements upon adoption.

Forward-looking Statements

Statements in this Report on Form 10-Q, including those set forth in this section, may be considered "forward looking statements" within the meaning of Section 21E of the Securities Act of 1934. These forward-looking statements are often identified by words such as "estimate," "predict," "hope," "may," "believe," "anticipate," "plan," "expect," "require," "intend," "assume," and similar words. Forward-looking statements contained in this Report on Form 10-Q speak only as of the date of this report or, in the case of any document incorporated by reference, the date of that document. We do not intend to publicly update or revise any forward-looking statement contained in this Report on Form 10-Q or in any document incorporated herein by reference to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

45

Forward-looking statements involve risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. In addition to the Risk Factors described in Part I, Item 1A. Risk Factors in our Form 10-K, factors that could affect our results and cause them to materially differ from those contained in the forward-looking statements include, but are not limited to:

• We operate in an industry that is currently experiencing a prolonged and significant downturn;

• We may not be able to successfully integrate past acquisitions, including the recent acquisition of Lexington Homes, or any future acquisitions to attain the anticipated benefits. Past acquisitions may adversely impact the Company's liquidity;

• Our involvement in vertically integrated lines of business, including manufactured housing consumer finance, commercial finance and insurance, exposes the Company to certain risks;

• Tightened credit standards, curtailed lending activity by home-only lenders and increased government lending regulations have contributed to a constrained consumer financing market;

• The availability of wholesale financing for industry retailers is limited due to a reduced number of floor plan lenders and reduced lending limits;

• Our participation in certain financing programs for the purchase of our products by industry distributors and consumers may expose us to additional risk of credit loss, which could adversely impact the Company's liquidity and results of operations;

• Our results of operations could be adversely affected by significant warranty and construction defect claims on factory-built housing;

• We have contingent repurchase obligations related to wholesale financing provided to industry retailers;

• Our operating results could be affected by market forces and declining housing demand;

• We have incurred net losses in certain prior periods and there can be no assurance that we will generate income in the future;

• A write-off of all or part of our goodwill could adversely affect our operating results and net worth;

• The cyclical and seasonal nature of the manufactured housing industry causes our revenues and operating results to fluctuate, and we expect this cyclicality and seasonality to continue in the future;

• Our liquidity and ability to raise capital may be limited;

• The manufactured housing industry is highly competitive, and increased competition may result in lower revenue;

• If we are unable to establish or maintain relationships with independent distributors who sell our homes, our revenue could decline;

• Our business and operations are concentrated in certain geographic regions, which could be impacted by market declines;

• Our results of operations can be adversely affected by labor shortages and the pricing and availability of raw materials;

• If the manufactured housing industry is not able to secure favorable local zoning ordinances, our revenue could decline and our business could be adversely affected;

• The loss of any of our executive officers could reduce our ability to execute our business strategy and could have a material adverse effect on our business and results of operations;

46

• Certain provisions of our organizational documents could delay or make more difficult a change in control of our Company;

• Volatility of stock price;

• Deterioration in economic conditions and turmoil in financial markets could reduce our earnings and financial condition;

• The cost of operations could be adversely impacted by increased costs of healthcare benefits provided to employees;

• A prolonged delay by Congress and the President to approve budgets or continuing appropriation resolutions to facilitate the operations of the federal government could delay the completion of home sales and/or cause cancellations, and thereby negatively impact our deliveries and revenues;

• Information technology failures or data security breaches could harm our business; and

• We are subject to extensive regulation affecting the production and sale of manufactured housing, which could adversely affect our profitability.

We may make additional written or oral forward-looking statements from time to time in filings with the SEC or in public news releases or statements. Such additional statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, acquisitions, plans for future operations, financing needs or plans, the impact of inflation and plans relating to our products or services, as well as assumptions relating to the foregoing.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of loss arising from adverse changes in market prices and interest rates. We may from time to time be exposed to interest rate risk inherent in our financial instruments, but are not currently subject to foreign currency or commodity price risk. We manage our exposure to these market risks through our regular operating and financing activities.

Our operations are interest rate sensitive. As overall manufactured housing demand can be adversely affected by increases in interest rates, a significant increase in wholesale or mortgage interest rates may negatively affect the ability of retailers and home buyers to secure financing. Higher interest rates could unfavorably impact our revenues, gross margins and net earnings. Our business is also sensitive to the effects of inflation, particularly with respect to raw material and transportation costs. We may not be able to offset inflation through increased selling prices.

CountryPlace is exposed to market risk related to the accessibility and terms of long-term financing of its loans. In the past, CountryPlace accessed the asset-backed securities market to provide term financing of its chattel and non-conforming mortgage originations. At present, independent asset-backed and mortgage-backed securitization markets are not readily accessible to CountryPlace and other manufactured housing lenders. Accordingly, CountryPlace has not continued to securitize its loan originations as a means to obtain long-term funding.

47

We are also exposed to market risks related to our fixed rate consumer and commercial loan notes receivables, as well as our securitized financings balances. For fixed rate instruments, changes in interest rates do not change future earnings and cash flows. However, changes in interest rates could affect the fair value of these instruments. Assuming the level of these instruments as of September 30, 2017, is held constant, a 1% unfavorable change in average interest rates would adversely impact the fair value of these instruments, as follows (in thousands):

	Change in Fair Value
Consumer loans receivable	$	3,929
Commercial loans receivable	$	200
Securitized financings	$	729

In originating loans for sale, CountryPlace issues IRLCs to prospective borrowers and third-party originators. These IRLCs represent an agreement to extend credit to a loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind CountryPlace to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As such, outstanding IRLCs are subject to interest rate risk and related loan sale price risk during the period from the date of the IRLC through the earlier of the loan sale date or IRLC expiration date. The loan commitments generally range between 30 and 180 days; however, borrowers are not obligated to close the related loans. As a result, CountryPlace is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. As of September 30, 2017, CountryPlace had outstanding IRLCs with a notional amount of $12.7 million and are recorded at fair value in accordance with ASC 815. The estimated fair values of IRLCs are based on quoted market values and are recorded in other assets in the consolidated balance sheets. The fair value of IRLCs is based on the value of the underlying mortgage loan adjusted for: (i) estimated cost to complete and originate the loan and (ii) the estimated percentage for IRLCs that will result in closed mortgage loans. The initial and subsequent changes in the value of IRLCs are a component of current income. Assuming CountryPlace's level of IRLCs as of September 30, 2017 is held constant, a 1% increase in average interest rates would decrease the fair value of CountryPlace's obligations by approximately $183,000.

Item 4. Controls and Procedures

(a) Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were effective.

(b) Changes in Internal Control over Financial Reporting

There have been no changes in our internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the fiscal quarter ended September 30, 2017, which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

48

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Information regarding reportable legal proceedings is contained in Part I, Item 3, Legal Proceedings, in our Form 10-K. The following describes legal proceedings, if any, that became reportable during the period ended September 30, 2017, and, if applicable, amends and restates descriptions of previously reported legal proceedings in which there have been material developments during such quarter.

We are party to certain legal proceedings that arise in the ordinary course and are incidental to our business. Certain of the claims pending against us in these proceedings allege, among other things, breach of contract, breach of express and implied warranties, construction defect, deceptive trade practices, unfair insurance practices, product liability and personal injury. Although litigation is inherently uncertain, based on past experience and the information currently available, management does not believe that the currently pending and threatened litigation or claims will have a material adverse effect on the Company's consolidated financial position, liquidity or results of operations. However, future events or circumstances currently unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on our consolidated financial position, liquidity or results of operations in any future reporting periods.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the factors discussed in Part I, Item 1A, Risk Factors, in our Form 10-K, which could materially affect our business, financial condition or future results. The risks described in this Report and in our Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 6. Exhibits

Exhibit No.	Exhibit
31.1	Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Rule 13a-14(a)/15d-14(a)
31.2	Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Rule 13a-14(a)/15d-14(a)
32	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following materials contained in this Quarterly Report on Form 10-Q for the period ended September 30, 2017 were formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Statements of Cash Flows and (iv) Notes to Consolidated Financial Statements

All other items required under Part II are omitted because they are not applicable.

49

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Cavco Industries, Inc.
Registrant
Signature	Title	Date
/s/ Joseph H. Stegmayer	Chairman, President and	November 8, 2017
Joseph H. Stegmayer	Chief Executive Officer
	(Principal Executive Officer)
/s/ Daniel L. Urness	Executive Vice President, Treasurer and	November 8, 2017
Daniel L. Urness	Chief Financial Officer
	(Principal Financial and Accounting Officer)

50

EX-31.1

Exhibit 31.1

Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Joseph H. Stegmayer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Cavco Industries, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:	November 8, 2017
By:	/s/ Joseph H. Stegmayer
	Joseph H. Stegmayer
	Chairman, President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Daniel L. Urness, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Cavco Industries, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:	November 8, 2017
By:	/s/ Daniel L. Urness
	Daniel L. Urness
	Executive Vice President, Treasurer, and Chief Financial Officer

EX-32

Exhibit 32

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. 1350, As Adopted

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Cavco Industries, Inc. (the “Registrant”) on Form 10-Q for the period ending September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Joseph H. Stegmayer and Daniel L. Urness, Chief Executive Officer and Chief Financial Officer, respectively, of the Registrant, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

November 8, 2017

/s/ Joseph H. Stegmayer

Joseph H. Stegmayer

Chairman, President and

Chief Executive Officer

/s/ Daniel L. Urness

Daniel L. Urness

Executive Vice President, Treasurer, and Chief Financial Officer

XML

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2017	Nov. 03, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	CAVCO INDUSTRIES INC
Entity Central Index Key	0000278166
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		9,027,594

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Apr. 01, 2017
Current assets:
Cash and cash equivalents	$ 136,788	$ 132,542
Restricted cash, current	12,899	11,573
Accounts receivable, net	36,237	31,221
Short-term investments	14,179	11,289
Current portion of consumer loans receivable, net	32,104	31,115
Current portion of commercial loans receivable, net	9,474	7,932
Inventories	101,515	93,855
Prepaid expenses and other current assets	44,249	28,033
Deferred income taxes, current	0	9,204
Total current assets	387,445	356,764
Restricted cash	726	724
Investments	32,077	30,256
Consumer loans receivable, net	65,397	64,686
Commercial loans receivable, net	21,682	17,901
Property, plant and equipment, net	58,714	56,964
Goodwill and other intangibles, net	83,044	80,021
Total assets	649,085	607,316
Current liabilities:
Accounts payable	25,296	24,010
Accrued liabilities	140,841	109,789
Current portion of securitized financings and other	5,954	6,417
Total current liabilities	172,091	140,216
Securitized financings and other	53,069	51,574
Deferred income taxes	10,957	21,118
Stockholders' equity:
Preferred stock, $.01 par value; 1,000,000 shares authorized; No shares issued or outstanding	0	0
Common stock, $.01 par value; 40,000,000 shares authorized; Outstanding 9,027,594 and 8,994,968 shares, respectively	90	90
Additional paid-in capital	244,743	244,791
Retained earnings	166,145	148,141
Accumulated other comprehensive income	1,990	1,386
Total stockholders' equity	412,968	394,408
Total liabilities and stockholders' equity	$ 649,085	$ 607,316

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Apr. 01, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares outstanding	9,027,594	8,994,968

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Income Statement [Abstract]
Net revenue	$ 200,507	$ 188,348	$ 407,323	$ 373,489
Cost of sales	165,953	149,241	330,803	301,130
Gross profit	34,554	39,107	76,520	72,359
Selling, general and administrative expenses	26,153	25,429	52,458	50,116
Income from operations	8,401	13,678	24,062	22,243
Interest expense	(1,021)	(1,132)	(2,069)	(2,293)
Other income, net	1,119	552	2,157	1,578
Income before income taxes	8,499	13,098	24,150	21,528
Income tax expense	(2,317)	(3,757)	(6,215)	(6,744)
Net income	6,182	9,341	17,935	14,784
Net income attributable to Cavco common stockholders	6,182	9,341	17,935	14,784
Comprehensive income:
Net income	6,182	9,341	17,935	14,784
Unrealized gain on available-for-sale securities, net of tax	1,159	879	604	824
Comprehensive income	$ 7,341	$ 10,220	$ 18,539	$ 15,608
Net income per share attributable to Cavco common stockholders:
Basic (usd per share)	$ 0.69	$ 1.04	$ 1.99	$ 1.65
Diluted (usd per share)	$ 0.67	$ 1.03	$ 1.96	$ 1.63
Weighted average shares outstanding:
Basic (in shares)	9,020,834	8,980,303	9,013,917	8,958,784
Diluted (in shares)	9,181,899	9,100,833	9,171,515	9,092,653

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016
OPERATING ACTIVITIES
Net income	$ 17,935	$ 14,784
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,950	1,852
Provision for credit losses	676	259
Deferred income taxes	(1,267)	(415)
Stock-based compensation expense	1,535	1,357
Non-cash interest income, net	526	589
Excess Tax Benefit from Share-based Compensation, Operating Activities	0	(2,287)
Gain on sale of property, plant and equipment, net	(88)	(34)
Gain (loss) on sales of loans and investments	5,047	3,685
Changes in operating assets and liabilities:
Restricted cash	(1,664)	(2,050)
Accounts receivable	(3,739)	(3,510)
Consumer loans receivable originated	(66,273)	(53,960)
Principal payments on consumer loans receivable	7,876	6,480
Proceeds from sales of consumer loans	59,243	47,405
Inventories	(5,733)	2,229
Prepaid expenses and other current assets	(14,221)	(702)
Commercial loans receivable	(5,355)	4,529
Accounts payable and accrued liabilities	22,055	10,716
Net cash provided by operating activities	7,357	22,379
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(1,779)	(3,105)
Payments to Acquire Businesses, Gross	(564)	0
Proceeds from sale of property, plant and equipment	411	65
Purchases of investments	(5,162)	(4,753)
Proceeds from sale of investments	4,925	5,472
Net cash used in investing activities	(2,169)	(2,321)
FINANCING ACTIVITIES
Payments from exercise of stock options	1,583	1,506
Excess Tax Benefit from Share-based Compensation, Financing Activities	0	2,287
Proceeds from (Repayments of) Secured Debt	4,963	541
Payments on securitized financings	(4,322)	(4,135)
Net cash used in financing activities	(942)	(2,813)
Net (decrease) increase in cash and cash equivalents	4,246	17,245
Cash and cash equivalents at beginning of the period	132,542	97,766
Cash and cash equivalents at end of the period	136,788	115,011
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes	7,861	7,750
Cash paid during the year for interest	$ 1,508	$ 1,783

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Basis of Presentation

6 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc., and its subsidiaries (collectively, the "Company" or "Cavco"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("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 U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations.

In the opinion of management, these statements include all of the normal recurring adjustments necessary to fairly state the Company's Consolidated Financial Statements. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC; there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended April 1, 2017, filed with the SEC on June 13, 2017.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying Notes. Actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31 of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31. The Company's current fiscal year will end on March 31, 2018.

The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. The Company designs and builds a wide variety of affordable manufactured homes, modular homes and park model RVs in 20 factories located throughout the United States, which are sold to a network of independent retailers, through the Company's 42 Company-owned retail stores and to community owners and developers. Our financial services group is comprised of a mortgage subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Co. ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association ("FNMA" or "Fannie Mae") and Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") seller/servicer, and a Government National Mortgage Association ("GNMA" or "Ginnie Mae") mortgage-backed securities issuer which offers conforming mortgages, non-conforming mortgages and chattel loans to purchasers of factory-built and site-built homes. Standard Casualty provides property and casualty insurance to owners of manufactured homes.

On April 3, 2017, the Company acquired Lexington Homes, Inc. ("Lexington"), which produces manufactured homes distributed in the Southeastern United States. This operation, with one manufactured housing production facility in Lexington, Mississippi, provides for further operating capacity, increased home production capabilities and further distribution into certain markets. The acquisition was accounted for as a business combination and the results of operations have been included since the date of acquisition. Our purchase price allocation is preliminary and subject to revision as more detailed analyses are completed and additional information about fair value of assets and liabilities becomes available, including additional information relating to tax matters and finalization of our valuation of identified intangible assets. Pro forma results of operations for the acquisition during the current period has not been presented because the effects of the business combination are not material to our consolidated results of operations.

Recent Accounting Pronouncements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 became effective in the current fiscal year. Therefore, we now present all deferred tax liabilities and assets as noncurrent on the balance sheet instead of separating these items into current and noncurrent amounts. The prior period was not retrospectively adjusted. In addition, in March 2016, the FASB issued ASU 2016-09, Compensation- Stock Compensation (Topic 718) ("ASU 2016-09"), which also became effective in fiscal year 2018. As a result of this required implementation, excess tax benefits are recorded on exercises of stock options as a reduction of income tax expense in the consolidated statement of comprehensive income, whereas they were previously recognized in equity.

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure requirements intended to provide users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company's contracts with customers. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of the new revenue standard. Accordingly, the updated standard is effective for us beginning with the first quarter of the Company's fiscal year 2019. Our implementation approach includes performing a detailed analysis of the various types of agreements that we have with our customers and assessing conformance of our current accounting practices with the new standard. We are making progress in determining the impact of this guidance; however, we are still evaluating the full effects ASU 2014-09 will have on the Company's Consolidated Financial Statements and disclosures. We expect to adopt this guidance using the modified retrospective transition method. 

In January 2016, the FASB issued ASU 2016-01, Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). ASU 2016-01 will be effective beginning with the first quarter of the Company's fiscal year 2019. The amendments require certain equity investments to be measured at fair value, with changes in the fair value recognized through net income. The Company is currently evaluating the effect ASU 2016-01 will have on the Company's Consolidated Financial Statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases(Topic 842) ("ASU 2016-02"). ASU 2016-02 will be effective beginning with the first quarter of the Company's fiscal year 2020, with early adoption permitted. The amendments require the recognition of leased assets and the related liabilities on the balance sheet for most leases, and recognition of expenses in the income statement in a manner similar to current accounting treatment. In addition, disclosures of key information about leasing arrangements are required. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the effect ASU 2016-02 will have on the Company's Consolidated Financial Statements and disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments to require a new forward-looking model based on expected losses rather than incurred losses. The guidance also requires increased disclosures. ASU 2016-01 will be effective beginning with the first quarter of the Company's fiscal year 2021. The Company is currently evaluating the effect ASU 2016-13 will have on the Company's Consolidated Financial Statements and disclosures.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force ("ASU 2016-18"), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. ASU 2016-18 will be effective beginning with the first quarter of the Company's fiscal year 2019. The adoption of ASU 2016-18 will only change the presentation of the Consolidated Statement of Cash Flows and is not expected to have a material impact on the consolidated financial statements.

In March 2017, the FASB issued ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08"), which requires the premium on callable debt securities to be amortized to the earliest call date as opposed to the contractual life of the security. ASU 2017-08 will be effective beginning with the first quarter of the Company's fiscal year 2020. The Company is currently evaluating the effect ASU 2017-08 will have on the Company's Consolidated Financial Statements and disclosures.

From time to time, new accounting pronouncements are issued by the FASB and other regulatory bodies that are adopted by the Company as of the specified effective dates. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's Consolidated Financial Statements upon adoption.

For a description of other significant accounting policies used by the Company in the preparation of its Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements in the Form 10-K.

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Restricted Cash

6 Months Ended

Sep. 30, 2017

Cash and Cash Equivalents [Abstract]

Restricted Cash

Restricted Cash

Restricted cash consists of the following (in thousands):

	September 30, 2017		April 1, 2017
Cash related to CountryPlace customer payments to be remitted to third parties	$	11,432	$	9,998
Cash related to CountryPlace customer payments on securitized loans to be remitted to bondholders	1,055		1,391
Cash related to workers' compensation insurance held in trust	354		354
Other restricted cash	784		554
	$	13,625	$	12,297

Corresponding amounts are recorded in accounts payable and accrued liabilities for customer payments, deposits and other restricted cash.

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Investments

6 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Investments consist of the following (in thousands):

	September 30, 2017		April 1, 2017
Available-for-sale investment securities	$	27,713	$	24,162
Non-marketable equity investments	18,543		17,383
	$	46,256	$	41,545

The following tables summarize the Company's available-for-sale investment securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):

	September 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	650	$	—	$	(2	)	$	648
Residential mortgage-backed securities	6,549		2		(95		)	6,456
State and political subdivision debt securities	6,257		168		(124		)	6,301
Corporate debt securities	1,690		4		(13		)	1,681
Marketable equity securities	6,601		3,348		(84		)	9,865
Certificates of deposit	2,762		—		—			2,762
	$	24,509	$	3,522	$	(318	)	$	27,713

	April 1, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	650	$	—	$	(1	)	$	649
Residential mortgage-backed securities	5,646		3		(90		)	5,559
State and political subdivision debt securities	7,195		145		(117		)	7,223
Corporate debt securities	1,698		4		(23		)	1,679
Marketable equity securities	5,752		2,430		(130		)	8,052
Certificates of deposit	1,000		—		—			1,000
	$	21,941	$	2,582	$	(361	)	$	24,162

The following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	September 30, 2017
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	648	$	(2	)	$	—	$	—		$	648	$	(2	)
Residential mortgage-backed securities	2,475		(22		)	3,253		(73		)	5,728		(95		)
State and political subdivision debt securities	952		(4		)	2,654		(120		)	3,606		(124		)
Corporate debt securities	875		(13		)	—		—			875		(13		)
Marketable equity securities	898		(58		)	100		(26		)	998		(84		)
	$	5,848	$	(99	)	$	6,007	$	(219	)	$	11,855	$	(318	)

	April 1, 2017
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	349	$	(1	)	$	—	$	—		$	349	$	(1	)
Residential mortgage-backed securities	3,449		(38		)	1,962		(52		)	5,411		(90		)
State and political subdivision debt securities	1,948		(36		)	2,084		(81		)	4,032		(117		)
Corporate debt securities	1,424		(23		)	—		—			1,424		(23		)
Marketable equity securities	1,393		(90		)	157		(40		)	1,550		(130		)
	$	8,563	$	(188	)	$	4,203	$	(173	)	$	12,766	$	(361	)

Based on the Company's ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider any investments to be other-than-temporarily impaired at September 30, 2017.

As of September 30, 2017 and April 1, 2017, the Company's investments in marketable equity securities consist of investments in common stock of industrial and other companies.

The amortized cost and fair value of the Company's investments in debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2017
	Amortized Cost		Fair Value
Due in less than one year	$	1,563	$	1,552
Due after one year through five years	4,066		4,003
Due after five years through ten years	2,624		2,555
Due after ten years	6,893		6,976
	$	15,146	$	15,086

Realized gains and losses from the sale of securities are determined using the specific identification method. Gross gains realized on the sales of investment securities for the three and six months ended September 30, 2017 were approximately $570,000 and $735,000, respectively. Gross losses realized were approximately $61,000 and $122,000 for the three and six months ended September 30, 2017, respectively. Gross gains realized on the sales of investment securities for the three and six months ended October 1, 2016 were approximately $208,000 and $661,000, respectively. Gross losses realized were approximately $108,000 and $257,000 for the three and six months ended October 1, 2016, respectively.

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Inventories

6 Months Ended

Sep. 30, 2017

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following (in thousands):

	September 30, 2017		April 1, 2017
Raw materials	$	35,394	$	31,506
Work in process	11,347		11,768
Finished goods and other	54,774		50,581
	$	101,515	$	93,855

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Consumer Loans Receivable

6 Months Ended

Sep. 30, 2017

Receivables [Abstract]

Consumer Loans Receivable

Consumer Loans Receivable

The Company acquired consumer loans receivable during the first quarter of fiscal 2012 as part of the Palm Harbor transaction. Acquired consumer loans receivable held for investment were acquired at fair value and subsequently are accounted for in accordance with Accounting Standards Codification ("ASC") 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). Consumer loans receivable held for sale are carried at the lower of cost or market and construction advances are carried at the amount advanced less a valuation allowance. The following table summarizes consumer loans receivable (in thousands):

	September 30, 2017			April 1, 2017
Loans held for investment (acquired on Palm Harbor Acquisition Date)	$	55,964		$	60,513
Loans held for investment (originated after Palm Harbor Acquisition Date)	16,891			11,108
Loans held for sale	16,044			18,570
Construction advances	10,349			6,957
Consumer loans receivable	99,248			97,148
Deferred financing fees and other, net	(1,259		)	(1,095		)
Allowance for loan losses	(488		)	(252		)
Consumer loans receivable, net	$	97,501		$	95,801

The allowance for loan losses is developed at the loan level and allocated to specific individual loans or to impaired loans. A range of probable losses is calculated after giving consideration to, among other things, the loan characteristics, and historical loss experience. The Company then makes a determination of the best estimate within the range of loan losses. The allowance for loan losses reflects the Company’s judgment of the probable loss exposure on its loans held for investment portfolio.

As of the date of the Palm Harbor acquisition, management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans' contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool's scheduled contractual principal and contractual interest payments over all cash flows expected as of the date of the Palm Harbor transaction as an amount that includes interest that cannot be accreted into interest income (the non-accretable difference). The cash flow expected to be collected in excess of the carrying value of the acquired loans includes interest that is accreted into interest income over the remaining life of the loans (referred to as accretable yield). Interest income on consumer loans receivable is recognized as net revenue.

	September 30, 2017			April 1, 2017
	(in thousands)
Consumer loans receivable held for investment – contractual amount	$	130,484		$	142,391
Purchase discount
Accretable	(51,180		)	(56,686		)
Non-accretable	(23,271		)	(25,032		)
Less consumer loans receivable reclassified as other assets	(69		)	(160		)
Total acquired consumer loans receivable held for investment, net	$	55,964		$	60,513

The Company continues to estimate cash flows expected to be collected over the life of the acquired loans. As of the balance sheet date, the Company evaluates whether the present value of expected cash flows, determined using the effective interest rate, has decreased from the value at acquisition and, if so, recognizes an allowance for loan loss. The present value of any subsequent increase in the loan pool's actual cash flows expected to be collected is used first to reverse any existing allowance for loan loss. Any remaining increase in cash flows expected to be collected adjusts the amount of accretable yield recognized on a prospective basis over the loan pool's remaining life. The weighted averages of assumptions used in the calculation of expected cash flows to be collected are as follows:

	September 30, 2017		April 1, 2017
Prepayment rate	14.1	%	13.8	%
Default rate	1.2	%	1.1	%

Assuming there was a 1% unfavorable variation from the expected level, for each key assumption, the expected cash flows for the life of the portfolio, as of September 30, 2017, would decrease by approximately $1.6 million and $4.3 million for the expected prepayment rate and expected default rate, respectively.

The changes in accretable yield on acquired consumer loans receivable held for investment were as follows (in thousands):

	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Balance at the beginning of the period	$	54,912		$	66,284		$	56,686		$	69,053
Accretion	(2,163		)	(2,449		)	(4,373		)	(4,964		)
Reclassifications to non-accretable discount	(1,569		)	(1,626		)	(1,133		)	(1,880		)
Balance at the end of the period	$	51,180		$	62,209		$	51,180		$	62,209

The consumer loans held for investment have the following characteristics:

	September 30, 2017		April 1, 2017
Weighted average contractual interest rate	8.70	%	8.87	%
Weighted average effective interest rate	9.56	%	9.35	%
Weighted average months to maturity	167		165

The Company's consumer loans receivable balance consists of fixed-rate, fixed-term and fully-amortizing single-family home loans. These loans are either secured by a manufactured home, excluding the land upon which the home is located (chattel personal property loans), or by a combination of the home and the land upon which the home is located (real property mortgage loans). The real property mortgage loans are primarily for manufactured homes. Combined land and home loans are further disaggregated by the type of loan documentation: those conforming to the requirements of Government-Sponsored Enterprises ("GSEs"), and those that are non-conforming. In most instances, CountryPlace's loans are secured by a first-lien position and are provided for the consumer purchase of a home. Unsecuritized consumer loans held for investment include chattel personal property loans originated under the Company's chattel lending programs. Accordingly, CountryPlace classifies its loans receivable as follows: chattel loans, conforming mortgages, non-conforming mortgages and other loans.

In measuring credit quality within each segment and class, CountryPlace uses commercially available credit scores (such as FICO®). At the time of each loan's origination, CountryPlace obtains credit scores from each of the three primary credit bureaus, if available. To evaluate credit quality of individual loans, CountryPlace uses the mid-point of the available credit scores or, if only two scores are available, the Company uses the lower of the two. CountryPlace does not update credit bureau scores after the time of origination.

The following table disaggregates CountryPlace's gross consumer loans receivable for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands):

	September 30, 2017
	Consumer Loans Held for Investment
	Securitized 2005		Securitized 2007		Unsecuritized		Construction Advances		Consumer Loans Held For Sale		Total
Asset Class
Credit Quality Indicator (FICO® score)
Chattel loans
0-619	$	559	$	381	$	359	$	—	$	—	$	1,299
620-719	10,862		7,586		7,024		—		158		25,630
720+	11,696		7,091		9,012		—		2,049		29,848
Other	50		—		373		—		—		423
Subtotal	23,167		15,058		16,768		—		2,207		57,200
Conforming mortgages
0-619	—		—		159		—		93		252
620-719	—		—		1,746		6,344		9,076		17,166
720+	—		—		330		4,005		4,552		8,887
Other	—		—		—		—		116		116
Subtotal	—		—		2,235		10,349		13,837		26,421
Non-conforming mortgages
0-619	84		421		1,079		—		—		1,584
620-719	1,201		4,670		3,257		—		—		9,128
720+	1,494		2,717		404		—		—		4,615
Other	—		—		289		—		—		289
Subtotal	2,779		7,808		5,029		—		—		15,616
Other loans
Subtotal	—		—		11		—		—		11
	$	25,946	$	22,866	$	24,043	$	10,349	$	16,044	$	99,248

	April 1, 2017
	Consumer Loans Held for Investment
	Securitized 2005		Securitized 2007		Unsecuritized		Construction Advances		Consumer Loans Held For Sale		Total
Asset Class
Credit Quality Indicator (FICO® score)
Chattel loans
0-619	$	705	$	411	$	393	$	—	$	—	$	1,509
620-719	11,681		8,072		5,406		—		697		25,856
720+	12,748		7,800		5,081		—		3,097		28,726
Other	51		—		433		—		—		484
Subtotal	25,185		16,283		11,313		—		3,794		56,575
Conforming mortgages
0-619	—		—		161		261		99		521
620-719	—		—		1,792		4,231		10,553		16,576
720+	—		—		247		2,465		4,124		6,836
Subtotal	—		—		2,200		6,957		14,776		23,933
Non-conforming mortgages
0-619	86		435		1,327		—		—		1,848
620-719	1,242		4,947		3,372		—		—		9,561
720+	1,527		2,909		484		—		—		4,920
Other	—		—		299		—		—		299
Subtotal	2,855		8,291		5,482		—		—		16,628
Other loans
Subtotal	—		—		12		—		—		12
	$	28,040	$	24,574	$	19,007	$	6,957	$	18,570	$	97,148

Loan contracts secured by collateral that is geographically concentrated could experience higher rates of delinquencies, default and foreclosure losses than loan contracts secured by collateral that is more geographically dispersed. Forty-five percent of the outstanding principal balance of consumer loans receivable portfolio is concentrated in Texas and 10% is concentrated in Florida. Other than Texas and Florida, no other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of September 30, 2017.

Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home, less the costs to sell. At repossession, the fair value of the collateral is computed based on the historical recovery rates of previously charged-off loans; the loan is charged off and the loss is charged to the allowance for loan losses. On a monthly basis, the fair value of the collateral is adjusted to the lower of the amount recorded at repossession or the estimated sales price less estimated costs to sell, based on current information. Repossessed homes totaled approximately $1.6 million and $1.2 million as of September 30, 2017 and April 1, 2017, respectively, and are included in prepaid and other assets in the consolidated balance sheet. Foreclosure or similar proceedings in progress totaled approximately $797,000 and $694,000 as of September 30, 2017 and April 1, 2017, respectively.

Revenue Recognition, Interest [Policy Text Block]

As of the date of the Palm Harbor acquisition, management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans' contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool's scheduled contractual principal and contractual interest payments over all cash flows expected as of the date of the Palm Harbor transaction as an amount that includes interest that cannot be accreted into interest income (the non-accretable difference). The cash flow expected to be collected in excess of the carrying value of the acquired loans includes interest that is accreted into interest income over the remaining life of the loans (referred to as accretable yield). Interest income on consumer loans receivable is recognized as net revenue.

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Commercial Loans Receivables and Allowance for Loan Loss

6 Months Ended

Sep. 30, 2017

Receivables [Abstract]

Inventory Finance Receivables and Allowance for Loan Loss

6. Commercial Loans Receivable and Allowance for Loan Loss

The Company's commercial loans receivable balance consists of two classes: (i) direct financing arrangements for the home product needs of our independent retailers, communities and developers; and (ii) amounts loaned by the Company under participation financing programs.

Under the terms of the direct programs, the Company provides funds for the independent retailers, communities and developers' financed home purchases. The notes are secured by the homes as collateral and, in some instances, other security depending on the circumstances. The other terms of direct arrangements vary depending on the needs of the borrower and the opportunity for the Company.

Under the terms of the participation programs, the Company provides loans to independent floor plan lenders, representing a significant portion of the funds that such financiers then lend to retailers to finance their inventory purchases. The participation commercial loan receivables are unsecured general obligations of the independent floor plan lenders.

Commercial loans receivables, net, consist of the following by class of financing notes receivable (in thousands):

	September 30, 2017			April 1, 2017
Direct loans receivable	$	30,235		$	24,959
Participation loans receivable	1,163			1,084
Allowance for loan loss	(242		)	(210		)
	$	31,156		$	25,833

The commercial loans receivable balance has the following characteristics:

	September 30, 2017		April 1, 2017
Weighted average contractual interest rate	5.8	%	5.6	%
Weighted average months to maturity	6		6

The Company evaluates the potential for loss from its participation loan programs based on each independent lender's overall financial stability, as well as historical experience, and has determined that an applicable allowance for loan loss was not needed at either September 30, 2017 or April 1, 2017.

With respect to direct programs with communities and developers, borrower activity is monitored on a regular basis and contractual arrangements are in place to provide adequate loss mitigation in the event of a default. For direct programs with independent retailers, the risk of loss is spread over numerous borrowers. Borrower activity is monitored in conjunction with third-party service providers, where applicable, to estimate the potential for loss on the related notes receivable, considering potential exposures, including repossession costs, remarketing expenses, impairment of value and the risk of collateral loss. The Company has historically been able to resell repossessed unused homes, thereby mitigating loss experience. If a default occurs and collateral is lost, the Company is exposed to loss of the full value of the home loan. If the Company determines that it is probable that a borrower will default, a specific reserve is determined and recorded within the estimated allowance for loan loss. The Company recorded an allowance for loan loss of $242,000 and $126,000 at September 30, 2017 and October 1, 2016, respectively.

The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan loss applicable to the direct programs (in thousands):

	Three Months Ended					Six Months Ended
	September 30, 2017		October 1, 2016			September 30, 2017		October 1, 2016
Balance at beginning of period	$	222	$	135		$	210	$	128
Provision for inventory finance credit losses	20		(9		)	32		(2		)
Loans charged off, net of recoveries	—		—			—		—
Balance at end of period	$	242	$	126		$	242	$	126

The following table disaggregates commercial loans receivable and the estimated allowance for loan loss for each class of financing receivable by evaluation methodology (in thousands):

	Direct Commercial Loans						Participation Commercial Loans
	September 30, 2017			April 1, 2017			September 30, 2017		April 1, 2017
Inventory finance notes receivable:
Collectively evaluated for impairment	$	16,845		$	13,688		$	—	$	—
Individually evaluated for impairment	13,390			11,271			1,163		1,084
	$	30,235		$	24,959		$	1,163	$	1,084
Allowance for loan loss:
Collectively evaluated for impairment	$	(169	)	$	(137	)	$	—	$	—
Individually evaluated for impairment	(73		)	(73		)	—		—
	$	(242	)	$	(210	)	$	—	$	—

Loans are subject to regular review and are given management's attention whenever a problem situation appears to be developing. Loans with indicators of potential performance problems are placed on watch list status and are subject to additional monitoring and scrutiny. Nonperforming status includes loans accounted for on a non-accrual basis and accruing loans with principal payments past due 90 days or more. The Company's policy is to place loans on nonaccrual status when interest is past due and remains unpaid 90 days or more or when there is a clear indication that the borrower has the inability or unwillingness to meet payments as they become due. The Company will resume accrual of interest once these factors have been remedied. At September 30, 2017, there are no commercial loans that are 90 days or more past due that are still accruing interest. Payments received on nonaccrual loans are recorded on a cash basis, first to interest and then to principal. At September 30, 2017, the Company was not aware of any potential problem loans that would have a material effect on the commercial receivables balance. Charge-offs occur when it becomes probable that outstanding amounts will not be recovered.

The following table disaggregates the Company's inventory finance receivables by class and credit quality indicator (in thousands):

	Direct Commercial Loans				Participation Commercial Loans
	September 30, 2017		April 1, 2017		September 30, 2017		April 1, 2017
Risk profile based on payment activity:
Performing	$	30,162	$	24,886	$	1,163	$	1,084
Watch list	—		—		—		—
Nonperforming	73		73		—		—
	$	30,235	$	24,959	$	1,163	$	1,084

The Company has concentrations of commercial loans receivable related to factory-built homes located in the following states, measured as a percentage of commercial loans receivables principal balance outstanding:

	September 30, 2017		April 1, 2017
Oregon	18.7	%	15.7	%
Arizona	16.1	%	21.3	%
California	11.3	%	11.0	%
Indiana	11.2	%	10.7	%
Texas	11.0	%	11.0	%

The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses. The Company did not have concentrations in excess of 10% of the principal balance of the commercial loans receivables in any other states as of September 30, 2017 or April 1, 2017, respectively.

As of September 30, 2017 and April 1, 2017, the Company had concentrations with one independent third-party that equaled 23% of the principal balance outstanding, all of which was secured.

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Property, Plant and Equipment

6 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Policy [Policy Text Block]

Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of each asset. Estimated useful lives for significant classes of assets are as follows: (i) buildings and improvements, 10 to 39 years, and (ii) machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of each asset. Estimated useful lives for significant classes of assets are as follows: (i) buildings and improvements, 10 to 39 years, and (ii) machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred. Property, plant and equipment consist of the following (in thousands):

	September 30, 2017			April 1, 2017
Property, plant and equipment, at cost:
Land	$	23,276		$	22,897
Buildings and improvements	36,099			34,180
Machinery and equipment	22,534			21,618
	81,909			78,695
Accumulated depreciation	(23,195		)	(21,731		)
Property, plant and equipment, net	$	58,714		$	56,964

Included in the amounts above are certain assets under a capital lease. See Note 8 for additional information.

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Capital Lease (Notes)

6 Months Ended

Sep. 30, 2017

Capital Leased Assets [Line Items]

Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

On April 3, 2017, in connection with the purchase of Lexington Homes, the Company recorded capital leases covering the manufacturing facilities and land in Lexington, Mississippi. The following amounts were recorded for the leased assets as of September 30, 2017 (in thousands):

	September 30, 2017
Land	$	698
Buildings and improvements	1,050
	1,748
Accumulated amortization	(18		)
Leased assets, net	$	1,730

The future minimum payments under the leases as of September 30, 2017 are as follows (in thousands):

FY 2018	$	68
FY 2019	709
FY 2020	459
FY 2021	—
FY 2022	—
Thereafter	—
Total remaining lease payments	$	1,236
Less: Amount representing interest	(75		)
Present value of future minimum lease payments	$	1,161

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Goodwill and Other Intangibles

6 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Policy [Policy Text Block]

Intangible assets principally consist of goodwill, trademarks and trade names, state insurance licenses, customer relationships, and other, which includes technology, insurance policies and renewal rights and other. Goodwill, trademarks and trade names and state insurance licenses are indefinite-lived intangible assets and are evaluated for impairment annually and whenever events or circumstances indicate that more likely than not impairment has occurred. During the six months ended September 30, 2017 and October 1, 2016, no impairment expense was recorded. Finite-lived intangibles are amortized over their estimated useful lives on a straight-line basis and are reviewed for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. The value of customer relationships is amortized over 4 to 15 years and other intangibles over 7 to 15 years.

Goodwill and Other Intangibles

Goodwill and Other Intangibles

Intangible assets principally consist of goodwill, trademarks and trade names, state insurance licenses, customer relationships, and other, which includes technology, insurance policies and renewal rights and other. Goodwill, trademarks and trade names and state insurance licenses are indefinite-lived intangible assets and are evaluated for impairment annually and whenever events or circumstances indicate that more likely than not impairment has occurred. During the six months ended September 30, 2017 and October 1, 2016, no impairment expense was recorded. Finite-lived intangibles are amortized over their estimated useful lives on a straight-line basis and are reviewed for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. The value of customer relationships is amortized over 4 to 15 years and other intangibles over 7 to 15 years.

Goodwill and other intangibles consist of the following (in thousands):

	September 30, 2017							April 1, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite lived:
Goodwill	$	72,760	$	—		$	72,760	$	69,753	$	—		$	69,753
Trademarks and trade names	7,200		—			7,200		7,000		—			7,000
State insurance licenses	1,100		—			1,100		1,100		—			1,100
Total indefinite-lived intangible assets	81,060		—			81,060		77,853		—			77,853
Finite lived:
Customer relationships	7,100		(5,649		)	1,451		7,100		(5,543		)	1,557
Other	1,384		(851		)	533		1,384		(773		)	611
Total goodwill and other intangible assets	$	89,544	$	(6,500	)	$	83,044	$	86,337	$	(6,316	)	$	80,021

Amortization expense recognized on intangible assets was $92,000 and $184,000during the three and six months ended September 30, 2017, respectively. Amortization expense of $92,000 and $184,000 was recognized during the three and six months ended October 1, 2016, respectively.

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Accrued Liabilities

6 Months Ended

Sep. 30, 2017

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	September 30, 2017		April 1, 2017
Insurance loss reserves	$	24,870	$	5,239
Salaries, wages and benefits	19,958		22,029
Customer deposits	19,202		15,986
Unearned insurance premiums	17,057		17,488
Estimated warranties	16,470		15,479
Accrued volume rebates	8,030		5,686
Accrued insurance	4,509		4,113
Company repurchase option on certain loans sold	4,311		5,858
Deferred margin	3,595		2,906
Accrued taxes	2,704		1,682
Reserve for repurchase commitments	1,692		1,749
Capital lease obligation	1,161		—
Other	17,282		11,574
	$	140,841	$	109,789

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Warranties

6 Months Ended

Sep. 30, 2017

Product Warranties Disclosures [Abstract]

Extended Product Warranty, Policy [Policy Text Block]

Homes are generally warranted against manufacturing defects for a period of one year commencing at the time of sale to the retail customer. Estimated costs relating to home warranties are recorded at the date of sale. The Company has recorded a liability for estimated future warranty costs relating to homes sold based upon management's assessment of historical experience factors, an estimate of the amount of homes in the distribution channel and current industry trends.

Warranties

Warranties

Homes are generally warranted against manufacturing defects for a period of one year commencing at the time of sale to the retail customer. Estimated costs relating to home warranties are recorded at the date of sale. The Company has recorded a liability for estimated future warranty costs relating to homes sold based upon management's assessment of historical experience factors, an estimate of the amount of homes in the distribution channel and current industry trends. Activity in the liability for estimated warranties was as follows (in thousands):

	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Balance at beginning of period	$	16,316		$	13,718		$	15,479		$	13,371
Purchase accounting additions	—			—			838			—
Charged to costs and expenses	7,399			6,144			12,622			12,280
Payments and deductions	(7,245		)	(5,816		)	(12,469		)	(11,605		)
Balance at end of period	$	16,470		$	14,046		$	16,470		$	14,046

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Debt Obligations

6 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt, Policy [Policy Text Block]

The Company acquired CountryPlace's securitized financings during the first quarter of fiscal year 2012 as a part of the Palm Harbor acquisition. Acquired securitized financings were recorded at fair value at the time of acquisition, which resulted in a discount, and subsequently are accounted for in a manner similar to ASC 310-30 to accrete the discount.

The Company considers expected prepayments and estimates the amount and timing of undiscounted expected principal, interest and other cash flows for securitized consumer loans receivable held for investment to determine the expected cash flows on securitized financings and the contractual payments. The amount of contractual principal and contractual interest payments due on the securitized financings in excess of all cash flows expected as of the date of the Palm Harbor acquisition include interest that cannot be accreted into interest expense (the non-accretable difference). The remaining amount is accreted into interest expense over the remaining life of the obligation (referred to as accretable yield).

Debt Obligations

Debt Obligations

Debt obligations consist of amounts related to loans sold that did not qualify for loan sale accounting treatment. The following table summarizes debt obligations (in thousands):

	September 30, 2017		April 1, 2017
Acquired securitized financings (acquired as part of the Palm Harbor transaction)
Securitized financing 2005-1	$	21,993	$	23,756
Securitized financing 2007-1	24,025		25,728
Other secured financings	4,965		4,987
Secured Term Loan	8,040		3,520
Total securitized financings and other, net	$	59,023	$	57,991

The Company acquired CountryPlace's securitized financings during the first quarter of fiscal year 2012 as a part of the Palm Harbor acquisition. Acquired securitized financings were recorded at fair value at the time of acquisition, which resulted in a discount, and subsequently are accounted for in a manner similar to ASC 310-30 to accrete the discount.

The Company considers expected prepayments and estimates the amount and timing of undiscounted expected principal, interest and other cash flows for securitized consumer loans receivable held for investment to determine the expected cash flows on securitized financings and the contractual payments. The amount of contractual principal and contractual interest payments due on the securitized financings in excess of all cash flows expected as of the date of the Palm Harbor acquisition include interest that cannot be accreted into interest expense (the non-accretable difference). The remaining amount is accreted into interest expense over the remaining life of the obligation (referred to as accretable yield). The following table summarizes acquired securitized financings (in thousands):

	September 30, 2017			April 1, 2017
Securitized financings – contractual amount	$	51,727		$	57,120
Purchase discount
Accretable	(5,709		)	(7,636		)
Non-accretable (1)	—			—
Total acquired securitized financings, net	$	46,018		$	49,484

(1) There is no non-accretable difference, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans.

Over the life of the loans, the Company continues to estimate cash flows expected to be paid on securitized financings. The Company evaluates at the balance sheet date whether the present value of its securitized financings, determined using the effective interest rate, has increased or decreased. The present value of any subsequent change in cash flows expected to be paid adjusts the amount of accretable yield recognized on a prospective basis over the securitized financing's remaining life.

The changes in accretable yield on securitized financings were as follows (in thousands):

	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Balance at the beginning of the period	$	6,666		$	11,459		$	7,636		$	12,333
Accretion	(846		)	(938		)	(1,716		)	(1,906		)
Adjustment to cash flows	(111		)	(731		)	(211		)	(637		)
Balance at the end of the period	$	5,709		$	9,790		$	5,709		$	9,790

On July 12, 2005, prior to the Company's acquisition of Palm Harbor and CountryPlace, CountryPlace completed its initial securitization (2005-1) for approximately $141.0 million of loans, which was funded by issuing bonds totaling approximately $118.4 million. The bonds were issued in four different classes: Class A-1 totaling $36.3 million with a coupon rate of 4.23%; Class A-2 totaling $27.4 million with a coupon rate of 4.42%; Class A-3 totaling $27.3 million with a coupon rate of 4.80%; and Class A-4 totaling $27.4 million with a coupon rate of 5.20%. The bonds mature at varying dates and at issuance had an expected weighted average maturity of 4.66 years. For accounting purposes, this transaction was structured as a securitized borrowing. As of September 30, 2017, the Class A-1, Class A-2, and Class A-3 bonds have been retired.

On March 22, 2007, prior to the Company's acquisition of Palm Harbor and CountryPlace, CountryPlace completed its second securitization (2007-1) for approximately $116.5 million of loans, which was funded by issuing bonds totaling approximately $101.9 million. The bonds were issued in four classes: Class A-1 totaling $28.9 million with a coupon rate of 5.484%; Class A-2 totaling $23.4 million with a coupon rate of 5.232%; Class A-3 totaling $24.5 million with a coupon rate of 5.593%; and Class A-4 totaling $25.1 million with a coupon rate of 5.846%. The bonds mature at varying dates and at issuance had an expected weighted average maturity of 4.86 years. For accounting purposes, this transaction was also structured as a securitized borrowing. As of September 30, 2017, the Class A-1, Class A-2 and Class A-3 bonds have been retired.

CountryPlace's securitized debt is subject to provisions that require certain levels of overcollateralization. Overcollateralization is equal to CountryPlace's equity in the bonds. Failure to satisfy these provisions could cause cash, which would normally be distributed to CountryPlace, to be used for repayment of the principal of the related Class A bonds until the required overcollateralization level is reached. During periods when the overcollateralization is below the specified level, cash collections from the securitized loans in excess of servicing fees payable to CountryPlace and amounts owed to the Class A bondholders, trustee and surety, are applied to reduce the Class A debt until such time the overcollateralization level reaches the specified level. Therefore, failure to meet the overcollateralization requirement could adversely affect the timing of cash flows received by CountryPlace. However, principal payments of the securitized debt, including accelerated amounts, is payable only from cash collections from the securitized loans and no additional sources of repayment are required or permitted. As of September 30, 2017, the 2005-1 and 2007-1 securitized portfolios were within the required overcollateralization level.

The Company has entered into agreements with independent third party banks for a total of $15.0 million secured credit facilities with one year drawn periods and maturity dates of ten years. The proceeds are used by the Company to originate and hold consumer chattel loans secured by manufactured homes, which are pledged as collateral to the facility. The maximum advance for loans under these programs is 80% of the outstanding collateral principal balance, with the Company providing the remaining funds. One of the facilities has a floating interest rate during a one year warehouse period in which the Company has the option to convert all or a portion of the loan to a fixed rate. During the warehouse period, the facility bears interest at an annual rate of the average one month LIBOR rates plus 3.50%. Upon conversion, converted balances bear interest at an annual rate of 10 year US Treasury bonds plus 2.75%. Payments are based on a 20 year amortization schedule with a balloon payment due upon maturity. The other facility has a fixed interest rate of 4.75% and a balloon payment due upon maturity.

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Reinsurance

6 Months Ended

Sep. 30, 2017

Insurance [Abstract]

Reinsurance

Reinsurance

Standard Casualty is primarily a specialty writer of manufactured home physical damage insurance. Certain of Standard Casualty's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The ceded reinsurance agreements provide Standard Casualty with increased capacity to write larger risks and maintain its exposure to loss within its capital resources. Standard Casualty remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations. Substantially all of Standard Casualty's assumed reinsurance is with one entity.

The effects of reinsurance on premiums written and earned are as follows (in thousands):

	Three Months Ended
	September 30, 2017						October 1, 2016
	Written			Earned			Written			Earned
Direct premiums	$	3,628		$	4,137		$	3,749		$	3,992
Assumed premiums—nonaffiliate	6,210			6,326			6,152			5,941
Ceded premiums—nonaffiliate	(4,309		)	(4,309		)	(3,077		)	(3,077		)
Net premiums	$	5,529		$	6,154		$	6,824		$	6,856

	Six Months Ended
	September 30, 2017						October 1, 2016
	Written			Earned			Written			Earned
Direct premiums	$	7,994		$	8,287		$	8,135		$	7,918
Assumed premiums—nonaffiliate	12,470			12,593			13,099			11,573
Ceded premiums—nonaffiliate	(7,257		)	(7,257		)	(6,297		)	(6,297		)
Net premiums	$	13,207		$	13,623		$	14,937		$	13,194

Typical insurance policies written or assumed by Standard Casualty have a maximum coverage of $300,000 per claim, of which Standard cedes $200,000 of the risk of loss per reinsurance. Therefore, Standard Casualty maintains risk of loss limited to $100,000 per claim on typical policies. After this limit, amounts are recoverable by Standard Casualty through reinsurance for catastrophic losses in excess of $1.5 million per occurrence up to a maximum of $43.5 million in the aggregate.

Purchasing reinsurance contracts protects Standard Casualty from frequency and/or severity of losses incurred on insurance policies issued, such as in the case of a catastrophe that generates a large number of serious claims on multiple policies at the same time.

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Income Taxes

6 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company's deferred tax assets primarily result from financial statement accruals not currently deductible for tax purposes and differences in the acquired basis of certain assets, and its deferred tax liabilities primarily result from tax amortization of goodwill and other intangible assets.

The Company complies with the provisions of ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740 also provides guidance on derecognizing, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The amount of unrecognized tax benefits recorded by the Company is insignificant and the impact on the effective tax rate if all unrecognized tax benefits were recognized would be insignificant. The Company classifies interest and penalties related to unrecognized tax benefits in tax expense.

Income tax returns are filed in the U.S. federal jurisdiction and in several state jurisdictions. In August 2017, the Company received a notice of examination from the Internal Revenue Service ("IRS") for the Company’s federal income tax return for the fiscal year ended April 2, 2016. The Company is no longer subject to examination by the IRS for years before fiscal year 2013. In general, the Company is no longer subject to state and local income tax examinations by tax authorities for years before fiscal year 2012. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to the Company's financial position. The total amount of unrecognized tax benefit related to any particular tax position is not anticipated to change significantly within the next 12 months. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year.

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Commitments and Contingencies

6 Months Ended

Sep. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Derivatives, Reporting of Derivative Activity [Policy Text Block]

Interest Rate Lock Commitments. In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers and third-party originators. These IRLCs represent an agreement to extend credit to a loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind CountryPlace to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As such, outstanding IRLCs are subject to interest rate risk and related loan sale price risk during the period from the date of the IRLC through the earlier of the loan sale date or IRLC expiration date. The loan commitments generally range between 30 and 180 days; however, borrowers are not obligated to close the related loans. As a result, CountryPlace is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs unless the commitment is successfully paired with another loan that may mitigate losses from fallout.

As of September 30, 2017, CountryPlace had outstanding IRLCs with a notional amount of $12.7 million and are recorded at fair value in accordance with ASC 815, Derivatives and Hedging ("ASC 815"). ASC 815 clarifies that the expected net future cash flows related to the associated servicing of a loan should be included in the measurement of all written loan commitments that are accounted for at fair value through earnings. The estimated fair values of IRLCs are recorded in other assets in the consolidated balance sheets. The fair value of IRLCs is based on the value of the underlying mortgage loan adjusted for: (i) estimated cost to complete and originate the loan and (ii) the estimated percentage of IRLCs that will result in closed mortgage loans. The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on mortgage loans held for sale. During the three and six months ended September 30, 2017, CountryPlace recognized gainsof $10,000 and losses of $15,000 on the outstanding IRLCs, respectively. During the three and six months ended October 1, 2016, CountryPlace recognized lossesof $18,000and gains of $10,000, respectively, on the outstanding IRLCs.

Forward Sales Commitments. CountryPlace manages the risk profiles of a portion of its outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities ("MBS") and whole loan sale commitments. As of September 30, 2017, CountryPlace had $45.4 million in outstanding notional forward sales of MBSs and forward sales commitments. Commitments to forward sales of whole loans are typically in an amount proportionate with the amount of IRLCs expected to close in particular time frames, assuming no change in mortgage interest rates, for the respective loan products intended for whole loan sale.

The estimated fair values of forward sales of MBS and forward sale commitments are based on quoted market values and are recorded within other current assets in the consolidated balance sheets.

Commitments and Contingencies, Policy [Policy Text Block]

Repurchase Contingencies. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products. 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. The risk of loss under these agreements is spread over numerous retailers. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months, calculated from the date of sale to the retailer) and the risk of loss is further reduced by the resale value of the repurchased homes.

Representations and Warranties of Mortgages Sold [Policy Text Block]

Representations and Warranties of Mortgages Sold. CountryPlace sells loans to GSEs and whole-loan purchasers and finances certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, CountryPlace provides to the GSEs, whole-loan purchasers and lenders, representations and warranties related to the loans sold or financed. These representations and warranties generally relate to the ownership of the loan, the validity of the lien securing the loan, the loan's compliance with the criteria for inclusion in the sale transactions, including compliance with underwriting standards or loan criteria established by the buyer, and CountryPlace's ability to deliver documentation in compliance with applicable laws. Generally, representations and warranties may be enforced at any time over the life of the loan. Upon a breach of a representation, CountryPlace may be required to repurchase the loan or to indemnify a party for incurred losses. Repurchase demands and claims for indemnification payments are reviewed on a loan-by-loan basis to validate if there has been a breach requiring repurchase. CountryPlace manages the risk of repurchase through underwriting and quality assurance practices and by servicing the mortgage loans to investor standards. CountryPlace maintains a reserve for these contingent repurchase and indemnification obligations. This reserve of $888,000 and $885,000 as of September 30, 2017 and April 1, 2017, respectively, included in accrued liabilities, reflects management's estimate of probable loss. CountryPlace considers a variety of assumptions, including borrower performance (both actual and estimated future defaults), historical repurchase demands and loan defect rates to estimate the liability for loan repurchases and indemnifications.

Commitments and Contingencies

Commitments and Contingencies

Repurchase Contingencies. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products. 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. The risk of loss under these agreements is spread over numerous retailers. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months, calculated from the date of sale to the retailer) and the risk of loss is further reduced by the resale value of the repurchased homes. The maximum amount for which the Company was contingently liable under such agreements approximated $46.6 million at September 30, 2017, without reduction for the resale value of the homes. The Company applies ASC 460, Guarantees ("ASC 460"), and ASC 450-20, Loss Contingencies ("ASC 450-20"), to account for its liability for repurchase commitments. Under the provisions of ASC 460, the Company records the greater of the estimated value of the non-contingent obligation or a contingent liability for each repurchase arrangement under the provisions of ASC 450-20. The Company recorded an estimated liability of $1.7 millionat both September 30, 2017 and April 1, 2017, related to the commitments pertaining to these agreements.

Letters of Credit. To secure certain reinsurance contracts, Standard Casualty maintains an irrevocable letter of credit of $7.0 million to provide assurance that Standard Casualty will fulfill its reinsurance obligations. This letter of credit is secured by certain of the Company's investments.

Construction-Period Mortgages. CountryPlace funds construction-period mortgages through periodic advances during the period of home construction. At the time of initial funding, CountryPlace commits to fully fund the loan contract in accordance with a predetermined schedule. Subsequent advances are contingent upon the performance of contractual obligations by the seller of the home and the borrower. Cumulative advances on construction-period mortgages are carried in the consolidated balance sheet at the amount advanced less a valuation allowance, which are included in consumer loans receivable. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment of CountryPlace to fund future advances.

Loan contracts with off-balance sheet commitments are summarized below (in thousands):

	September 30, 2017			April 1, 2017
Construction loan contract amount	$	25,913		$	18,031
Cumulative advances	(10,349		)	(6,957		)
Remaining construction contingent commitment	$	15,564		$	11,074

Representations and Warranties of Mortgages Sold. CountryPlace sells loans to GSEs and whole-loan purchasers and finances certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, CountryPlace provides to the GSEs, whole-loan purchasers and lenders, representations and warranties related to the loans sold or financed. These representations and warranties generally relate to the ownership of the loan, the validity of the lien securing the loan, the loan's compliance with the criteria for inclusion in the sale transactions, including compliance with underwriting standards or loan criteria established by the buyer, and CountryPlace's ability to deliver documentation in compliance with applicable laws. Generally, representations and warranties may be enforced at any time over the life of the loan. Upon a breach of a representation, CountryPlace may be required to repurchase the loan or to indemnify a party for incurred losses. Repurchase demands and claims for indemnification payments are reviewed on a loan-by-loan basis to validate if there has been a breach requiring repurchase. CountryPlace manages the risk of repurchase through underwriting and quality assurance practices and by servicing the mortgage loans to investor standards. CountryPlace maintains a reserve for these contingent repurchase and indemnification obligations. This reserve of $888,000 and $885,000 as of September 30, 2017 and April 1, 2017, respectively, included in accrued liabilities, reflects management's estimate of probable loss. CountryPlace considers a variety of assumptions, including borrower performance (both actual and estimated future defaults), historical repurchase demands and loan defect rates to estimate the liability for loan repurchases and indemnifications.

Interest Rate Lock Commitments. In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers and third-party originators. These IRLCs represent an agreement to extend credit to a loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind CountryPlace to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As such, outstanding IRLCs are subject to interest rate risk and related loan sale price risk during the period from the date of the IRLC through the earlier of the loan sale date or IRLC expiration date. The loan commitments generally range between 30 and 180 days; however, borrowers are not obligated to close the related loans. As a result, CountryPlace is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs unless the commitment is successfully paired with another loan that may mitigate losses from fallout.

As of September 30, 2017, CountryPlace had outstanding IRLCs with a notional amount of $12.7 million and are recorded at fair value in accordance with ASC 815, Derivatives and Hedging ("ASC 815"). ASC 815 clarifies that the expected net future cash flows related to the associated servicing of a loan should be included in the measurement of all written loan commitments that are accounted for at fair value through earnings. The estimated fair values of IRLCs are recorded in other assets in the consolidated balance sheets. The fair value of IRLCs is based on the value of the underlying mortgage loan adjusted for: (i) estimated cost to complete and originate the loan and (ii) the estimated percentage of IRLCs that will result in closed mortgage loans. The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on mortgage loans held for sale. During the three and six months ended September 30, 2017, CountryPlace recognized gainsof $10,000 and losses of $15,000 on the outstanding IRLCs, respectively. During the three and six months ended October 1, 2016, CountryPlace recognized lossesof $18,000and gains of $10,000, respectively, on the outstanding IRLCs.

Forward Sales Commitments. CountryPlace manages the risk profiles of a portion of its outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities ("MBS") and whole loan sale commitments. As of September 30, 2017, CountryPlace had $45.4 million in outstanding notional forward sales of MBSs and forward sales commitments. Commitments to forward sales of whole loans are typically in an amount proportionate with the amount of IRLCs expected to close in particular time frames, assuming no change in mortgage interest rates, for the respective loan products intended for whole loan sale.

The estimated fair values of forward sales of MBS and forward sale commitments are based on quoted market values and are recorded within other current assets in the consolidated balance sheets. During the three and six months ended September 30, 2017, CountryPlace recognized losses of $227,000 and $72,000, respectively, on forward sales and whole loan sale commitments. CountryPlace recognized gains of $33,000 and losses of $11,000 on forward sales and whole loan sale commitments during the three and six months ended October 1, 2016, respectively.

Legal Matters. The Company is party to certain legal proceedings that arise in the ordinary course and are incidental to its business. Certain of the claims pending against the Company in these proceedings allege, among other things, breach of contract and warranty, product liability and personal injury. Although litigation is inherently uncertain, based on past experience and the information currently available, management does not believe that the currently pending and threatened litigation or claims will have a material adverse effect on the Company's consolidated financial position, liquidity or results of operations. However, future events or circumstances currently unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on the Company's consolidated financial position, liquidity or results of operations in any future reporting periods.

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Stockholders' Equity

6 Months Ended

Sep. 30, 2017

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

The following table represents changes in stockholders' equity for the six months ended September 30, 2017 (dollars in thousands):

				Additional paid-in capital			Retained earnings		Accumulated other comprehensive income		Total
	Common Stock
	Shares	Amount
Balance, April 1, 2017	8,994,968	$	90	$	244,791		$	148,141	$	1,386	$	394,408
Cumulative effect of implementing ASU 2016-09	—	—		—			69		—		69
Stock option exercises, including incremental tax benefits	32,626	—		(1,583		)			—		(1,583		)
Share-based compensation	—	—		1,535			—		—		1,535
Net income	—	—		—			17,935		—		17,935
Unrealized loss on available-for-sale securities	—	—		—			—		604		604
Balance, September 30, 2017	9,027,594	$	90	$	244,743		$	166,145	$	1,990	$	412,968

(1) Other comprehensive income is comprised of unrealized gains and losses on available-for-sale investments. Unrealized gains before tax effect on available-for-sale securities were $983,000 for the six months ended September 30, 2017.

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Stock-Based Compensation

6 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. As of September 30, 2017, the plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company's common stock, of which 342,451 shares were still available for grant. When options are exercised, new shares of the Company's common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company's common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a one to five year period as determined by the plan administrator (the Compensation Committee of the Board of Directors, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options upon a change in control (as defined in the plans).

Stock-Based Compensation

Stock-Based Compensation

The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. As of September 30, 2017, the plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company's common stock, of which 342,451 shares were still available for grant. When options are exercised, new shares of the Company's common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company's common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a one to five year period as determined by the plan administrator (the Compensation Committee of the Board of Directors, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options upon a change in control (as defined in the plans).

Stock-based compensation cost charged against income for the three and six months ended September 30, 2017 was $1.0 million and $1.5 million, respectively. The Company recorded stock-based compensation expense of $987,000 and $1.4 million for three and six months ended October 1, 2016, respectively.

As of September 30, 2017, total unrecognized compensation cost related to stock options was approximately $4.0 million and the related weighted-average period over which the expense is expected to be recognized is approximately 3.35 years.

The following table summarizes the option activity within the Company's stock-based compensation plans for the six months ended September 30, 2017:

	Number of Shares
Outstanding at April 1, 2017	464,930
Granted	38,000
Exercised	(66,875	)
Canceled or expired	—
Outstanding at September 30, 2017	436,055
Exercisable at September 30, 2017	215,871

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Earnings Per Share

6 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share, Policy [Policy Text Block]

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company's stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method.

Earnings Per Share

Earnings Per Share

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company's stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	September 30, 2017		October 1, 2016		September 30, 2017		October 1, 2016
Net income	$	6,182	$	9,341	$	17,935	$	14,784
Weighted average shares outstanding:
Basic	9,020,834		8,980,303		9,013,917		8,958,784
Common stock equivalents—treasury stock method	161,065		120,530		157,598		133,869
Diluted	9,181,899		9,100,833		9,171,515		9,092,653
Net income per share:
Basic	$	0.69	$	1.04	$	1.99	$	1.65
Diluted	$	0.67	$	1.03	$	1.96	$	1.63

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three and six months ended September 30, 2017were 4,867 and 8,432, respectively. There were 4,155 and 7,941 anti-dilutive common stock equivalents excluded for the three and six months ended October 1, 2016, respectively.

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Fair Value Measurements

6 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

The Company records impairment losses on long-lived assets held for sale when the fair value of such long-lived assets is below their carrying values. The Company records impairment charges on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. No impairment charges were recorded during the six months ended September 30, 2017.

Fair Value Measurements

Fair Value Measurements

The book value and estimated fair value of the Company's financial instruments are as follows (in thousands):

	September 30, 2017						April 1, 2017
	Book Value			Estimated Fair Value			Book Value			Estimated Fair Value
Available-for-sale securities (1)	$	27,713		$	27,713		$	24,162		$	24,162
Non-marketable equity investments (2)	18,543			18,543			17,383			17,383
Consumer loans receivable (3)	97,501			122,711			95,801			121,021
Interest rate lock commitment derivatives (4)	21			21			35			35
Forward loan sale commitment derivatives (4)	159			159			(86		)	(86		)
Commercial loans receivable (5)	31,156			31,249			25,833			25,841
Securitized financings and other (6)	(59,023		)	(64,460		)	(57,991		)	(61,270		)
Mortgage servicing rights (7)	1,310			1,310			1,110			1,110

(1) For Level 1 classified securities, the fair value is based on quoted market prices. The fair value of Level 2 securities is based on other inputs, as further described below.

(2) The fair value approximates book value based on the non-marketable nature of the investments.

(3) Includes consumer loans receivable held for investment, held for sale and construction advances. The fair value of the loans held for investment is based on the discounted value of the remaining principal and interest cash flows. The fair value of the loans held for sale are estimated based on recent GSE mortgage-backed bond prices. The fair value of the construction advances approximates book value and the sales price of these loans is estimated based on construction completed.

(4) The fair values are based on changes in GSE mortgage-backed bond prices and, additionally for IRLCs, pull through rates.

(5) The fair value is estimated using market interest rates of comparable loans.

(6) The fair value is estimated using recent public transactions of similar asset-backed securities.

(7) The fair value of the mortgage servicing rights is based on the present value of expected net cash flows related to servicing these loans.

In accordance with ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 –	Quoted prices in active markets for identical assets or liabilities.
Level 2 –	Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 –	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

When the Company uses observable market prices for identical securities that are traded in less active markets, it classifies such securities as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs.

Financial instruments measured at fair value on a recurring basis are summarized below (in thousands):

	September 30, 2017
	Total		Level 1		Level 2		Level 3
Securities issued by the U.S Treasury and Government (1)	$	648	$	—	$	648	$	—
Mortgage-backed securities (1)	6,456		—		6,456		—
Securities issued by states and political subdivisions (1)	6,301		—		6,301		—
Corporate debt securities (1)	1,681		—		1,681		—
Marketable equity securities (1)	9,865		9,865		—		—
Interest rate lock commitment derivatives (2)	21		—		—		21
Forward loan sale commitment derivatives (2)	159		—		—		159
Mortgage servicing rights (3)	1,310		—		—		1,310

(1) Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date.

(2) Gains or losses on derivatives are recognized in current period earnings through cost of sales.

(3) Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through net revenue.

No transfers between Level 1, Level 2 or Level 3 occurred during the six months ended September 30, 2017. The Company's policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period.

Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands):

	September 30, 2017
	Total			Level 1		Level 2			Level 3
Loans held for investment	$	95,136		$	—	$	—		$	95,136
Loans held for sale	17,225			—		—			17,225
Loans held—construction advances	10,350			—		—			10,350
Commercial loans receivable	31,249			—		—			31,249
Securitized financings and other	(64,460		)	—		(64,460		)	—
Non-marketable equity investments	18,543			—		—			18,543

No recent sales have been executed in an orderly market of manufactured home loan portfolios with comparable product features, credit characteristics or performance. Therefore, loans held for investment are measured using Level 3 inputs that are calculated using estimated discounted future cash flows from the evaluation of loan credit quality and performance history to determine expected prepayments and defaults on the portfolio, discounted with rates considered to reflect current market conditions. Loans held for sale are measured at the lower of cost or fair value using inputs that consist quoted market prices for mortgage-backed securities or investor purchase commitments for similar types of loan commitments on hand from investors. These loans are held for relatively short periods, typically no more than 45 days. As a result, changes in loan-specific credit risk are not a significant component of the change in fair value and changes are largely driven by changes in interest rates or investor yield requirements. The cost of loans held for sale is lower than the fair value as of September 30, 2017. As noted above, activity in the manufactured housing asset-backed securities market is infrequent with no reliable market price information. As such, to determine the fair value of securitized financings, management evaluates the credit quality and performance history of the underlying loan assets to estimate the expected prepayment of the debt and credit spreads, based on market activity for similar rated bonds from other asset classes with similar durations.

ASC 825, Financial Instruments ("ASC 825"), requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. Where available, quoted market prices are used. In other cases, fair values are based on estimates using other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and the resulting fair values. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair values, the Company's fair values should not be compared to those of other companies.

Under ASC 825, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying market value of the Company.

The Company records impairment losses on long-lived assets held for sale when the fair value of such long-lived assets is below their carrying values. The Company records impairment charges on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. No impairment charges were recorded during the six months ended September 30, 2017.

Mortgage Servicing. Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow accounts, performing loss mitigation activities on behalf of investors and otherwise administering the loan servicing portfolio. MSRs are initially recorded at fair value. Changes in fair value subsequent to the initial capitalization are recorded in the Company's results of operations. The Company recognizes MSRs on all loans sold to investors that meet the requirements for sale accounting and for which servicing rights are retained.

The Company applies fair value accounting to MSRs, with all changes in fair value recorded to net revenue in accordance with ASC 860-50, Servicing Assets and Liabilities. The fair value of MSRs is based on the present value of the expected future cash flows related to servicing these loans. The revenue components of the cash flows are servicing fees, interest earned on custodial accounts and other ancillary income. The expense components include operating costs related to servicing the loans (including delinquency and foreclosure costs) and interest expenses on servicer advances that the Company believes are consistent with the assumptions major market participants use in valuing MSRs. The expected cash flows are primarily impacted by prepayment estimates, delinquencies and market discounts. Generally, the value of MSRs is expected to increase when interest rates rise and decrease when interest rates decline, due to the effect those changes in interest rates have on prepayment estimates. Other factors noted above as well as the overall market demand for MSRs may also affect the valuation.

	September 30, 2017			April 1, 2017
Number of loans serviced with MSRs	4,200			4,041
Weighted average servicing fee (basis points)	31.78			31.42
Capitalized servicing multiple	83.10		%	74.79		%
Capitalized servicing rate (basis points)	26.41			23.50
Serviced portfolio with MSRs (in thousands)	$	496,010		$	472,492
Mortgage servicing rights (in thousands)	$	1,310		$	1,110

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Business Segment Information

6 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance. The following table details net revenue and income before income taxes by segment (in thousands):

	Three Months Ended					Six Months Ended
	September 30, 2017			October 1, 2016		September 30, 2017		October 1, 2016
Net revenue:
Factory-built housing	$	187,380		$	175,481	$	380,262	$	347,967
Financial services	13,127			12,867		27,061		25,522
	$	200,507		$	188,348	$	407,323	$	373,489
Income before income taxes:
Factory-built housing	$	8,584		$	10,329	$	21,754	$	21,067
Financial services	(85		)	2,769		2,396		461
	$	8,499		$	13,098	$	24,150	$	21,528

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Basis of Presentation (Policies)

6 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc., and its subsidiaries (collectively, the "Company" or "Cavco"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("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 U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations.

In the opinion of management, these statements include all of the normal recurring adjustments necessary to fairly state the Company's Consolidated Financial Statements. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC; there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended April 1, 2017, filed with the SEC on June 13, 2017.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying Notes. Actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31 of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31. The Company's current fiscal year will end on March 31, 2018.

The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. The Company designs and builds a wide variety of affordable manufactured homes, modular homes and park model RVs in 20 factories located throughout the United States, which are sold to a network of independent retailers, through the Company's 42 Company-owned retail stores and to community owners and developers. Our financial services group is comprised of a mortgage subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Co. ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association ("FNMA" or "Fannie Mae") and Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") seller/servicer, and a Government National Mortgage Association ("GNMA" or "Ginnie Mae") mortgage-backed securities issuer which offers conforming mortgages, non-conforming mortgages and chattel loans to purchasers of factory-built and site-built homes. Standard Casualty provides property and casualty insurance to owners of manufactured homes.

On April 3, 2017, the Company acquired Lexington Homes, Inc. ("Lexington"), which produces manufactured homes distributed in the Southeastern United States. This operation, with one manufactured housing production facility in Lexington, Mississippi, provides for further operating capacity, increased home production capabilities and further distribution into certain markets. The acquisition was accounted for as a business combination and the results of operations have been included since the date of acquisition. Our purchase price allocation is preliminary and subject to revision as more detailed analyses are completed and additional information about fair value of assets and liabilities becomes available, including additional information relating to tax matters and finalization of our valuation of identified intangible assets. Pro forma results of operations for the acquisition during the current period has not been presented because the effects of the business combination are not material to our consolidated results of operations.

Recent Accounting Pronouncements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 became effective in the current fiscal year. Therefore, we now present all deferred tax liabilities and assets as noncurrent on the balance sheet instead of separating these items into current and noncurrent amounts. The prior period was not retrospectively adjusted. In addition, in March 2016, the FASB issued ASU 2016-09, Compensation- Stock Compensation (Topic 718) ("ASU 2016-09"), which also became effective in fiscal year 2018. As a result of this required implementation, excess tax benefits are recorded on exercises of stock options as a reduction of income tax expense in the consolidated statement of comprehensive income, whereas they were previously recognized in equity.

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure requirements intended to provide users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company's contracts with customers. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of the new revenue standard. Accordingly, the updated standard is effective for us beginning with the first quarter of the Company's fiscal year 2019. Our implementation approach includes performing a detailed analysis of the various types of agreements that we have with our customers and assessing conformance of our current accounting practices with the new standard. We are making progress in determining the impact of this guidance; however, we are still evaluating the full effects ASU 2014-09 will have on the Company's Consolidated Financial Statements and disclosures. We expect to adopt this guidance using the modified retrospective transition method. 

In January 2016, the FASB issued ASU 2016-01, Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). ASU 2016-01 will be effective beginning with the first quarter of the Company's fiscal year 2019. The amendments require certain equity investments to be measured at fair value, with changes in the fair value recognized through net income. The Company is currently evaluating the effect ASU 2016-01 will have on the Company's Consolidated Financial Statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases(Topic 842) ("ASU 2016-02"). ASU 2016-02 will be effective beginning with the first quarter of the Company's fiscal year 2020, with early adoption permitted. The amendments require the recognition of leased assets and the related liabilities on the balance sheet for most leases, and recognition of expenses in the income statement in a manner similar to current accounting treatment. In addition, disclosures of key information about leasing arrangements are required. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the effect ASU 2016-02 will have on the Company's Consolidated Financial Statements and disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments to require a new forward-looking model based on expected losses rather than incurred losses. The guidance also requires increased disclosures. ASU 2016-01 will be effective beginning with the first quarter of the Company's fiscal year 2021. The Company is currently evaluating the effect ASU 2016-13 will have on the Company's Consolidated Financial Statements and disclosures.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force ("ASU 2016-18"), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. ASU 2016-18 will be effective beginning with the first quarter of the Company's fiscal year 2019. The adoption of ASU 2016-18 will only change the presentation of the Consolidated Statement of Cash Flows and is not expected to have a material impact on the consolidated financial statements.

In March 2017, the FASB issued ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08"), which requires the premium on callable debt securities to be amortized to the earliest call date as opposed to the contractual life of the security. ASU 2017-08 will be effective beginning with the first quarter of the Company's fiscal year 2020. The Company is currently evaluating the effect ASU 2017-08 will have on the Company's Consolidated Financial Statements and disclosures.

From time to time, new accounting pronouncements are issued by the FASB and other regulatory bodies that are adopted by the Company as of the specified effective dates. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's Consolidated Financial Statements upon adoption.

For a description of other significant accounting policies used by the Company in the preparation of its Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements in the Form 10-K.

Principles of Consolidation

The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc., and its subsidiaries (collectively, the "Company" or "Cavco"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("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 U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations.

In the opinion of management, these statements include all of the normal recurring adjustments necessary to fairly state the Company's Consolidated Financial Statements. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC; there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended April 1, 2017, filed with the SEC on June 13, 2017.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying Notes. Actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31 of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31. The Company's current fiscal year will end on March 31, 2018.

The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. The Company designs and builds a wide variety of affordable manufactured homes, modular homes and park model RVs in 20 factories located throughout the United States, which are sold to a network of independent retailers, through the Company's 42 Company-owned retail stores and to community owners and developers. Our financial services group is comprised of a mortgage subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Co. ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association ("FNMA" or "Fannie Mae") and Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") seller/servicer, and a Government National Mortgage Association ("GNMA" or "Ginnie Mae") mortgage-backed securities issuer which offers conforming mortgages, non-conforming mortgages and chattel loans to purchasers of factory-built and site-built homes. Standard Casualty provides property and casualty insurance to owners of manufactured homes.

Fair Value of Financial Instruments

ASC 825, Financial Instruments ("ASC 825"), requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. Where available, quoted market prices are used. In other cases, fair values are based on estimates using other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and the resulting fair values. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair values, the Company's fair values should not be compared to those of other companies.

Under ASC 825, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying market value of the Company.

Revenue Recognition, Interest [Policy Text Block]

As of the date of the Palm Harbor acquisition, management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans' contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool's scheduled contractual principal and contractual interest payments over all cash flows expected as of the date of the Palm Harbor transaction as an amount that includes interest that cannot be accreted into interest income (the non-accretable difference). The cash flow expected to be collected in excess of the carrying value of the acquired loans includes interest that is accreted into interest income over the remaining life of the loans (referred to as accretable yield). Interest income on consumer loans receivable is recognized as net revenue.

Asset Impairment

The Company records impairment losses on long-lived assets held for sale when the fair value of such long-lived assets is below their carrying values. The Company records impairment charges on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. No impairment charges were recorded during the six months ended September 30, 2017.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of each asset. Estimated useful lives for significant classes of assets are as follows: (i) buildings and improvements, 10 to 39 years, and (ii) machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred.

Goodwill and Other Intangibles

Intangible assets principally consist of goodwill, trademarks and trade names, state insurance licenses, customer relationships, and other, which includes technology, insurance policies and renewal rights and other. Goodwill, trademarks and trade names and state insurance licenses are indefinite-lived intangible assets and are evaluated for impairment annually and whenever events or circumstances indicate that more likely than not impairment has occurred. During the six months ended September 30, 2017 and October 1, 2016, no impairment expense was recorded. Finite-lived intangibles are amortized over their estimated useful lives on a straight-line basis and are reviewed for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. The value of customer relationships is amortized over 4 to 15 years and other intangibles over 7 to 15 years.

Extended Product Warranty, Policy [Policy Text Block]

Homes are generally warranted against manufacturing defects for a period of one year commencing at the time of sale to the retail customer. Estimated costs relating to home warranties are recorded at the date of sale. The Company has recorded a liability for estimated future warranty costs relating to homes sold based upon management's assessment of historical experience factors, an estimate of the amount of homes in the distribution channel and current industry trends.

Net Income Per Share

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company's stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method.

Debt, Policy [Policy Text Block]

The Company acquired CountryPlace's securitized financings during the first quarter of fiscal year 2012 as a part of the Palm Harbor acquisition. Acquired securitized financings were recorded at fair value at the time of acquisition, which resulted in a discount, and subsequently are accounted for in a manner similar to ASC 310-30 to accrete the discount.

The Company considers expected prepayments and estimates the amount and timing of undiscounted expected principal, interest and other cash flows for securitized consumer loans receivable held for investment to determine the expected cash flows on securitized financings and the contractual payments. The amount of contractual principal and contractual interest payments due on the securitized financings in excess of all cash flows expected as of the date of the Palm Harbor acquisition include interest that cannot be accreted into interest expense (the non-accretable difference). The remaining amount is accreted into interest expense over the remaining life of the obligation (referred to as accretable yield).

Commitments and Contingencies, Policy [Policy Text Block]

Repurchase Contingencies. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products. 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. The risk of loss under these agreements is spread over numerous retailers. The price the Company is obligated to pay generally declines over the period of the agreement (generally 18 to 36 months, calculated from the date of sale to the retailer) and the risk of loss is further reduced by the resale value of the repurchased homes.

Representations and Warranties of Mortgages Sold [Policy Text Block]

Representations and Warranties of Mortgages Sold. CountryPlace sells loans to GSEs and whole-loan purchasers and finances certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, CountryPlace provides to the GSEs, whole-loan purchasers and lenders, representations and warranties related to the loans sold or financed. These representations and warranties generally relate to the ownership of the loan, the validity of the lien securing the loan, the loan's compliance with the criteria for inclusion in the sale transactions, including compliance with underwriting standards or loan criteria established by the buyer, and CountryPlace's ability to deliver documentation in compliance with applicable laws. Generally, representations and warranties may be enforced at any time over the life of the loan. Upon a breach of a representation, CountryPlace may be required to repurchase the loan or to indemnify a party for incurred losses. Repurchase demands and claims for indemnification payments are reviewed on a loan-by-loan basis to validate if there has been a breach requiring repurchase. CountryPlace manages the risk of repurchase through underwriting and quality assurance practices and by servicing the mortgage loans to investor standards. CountryPlace maintains a reserve for these contingent repurchase and indemnification obligations. This reserve of $888,000 and $885,000 as of September 30, 2017 and April 1, 2017, respectively, included in accrued liabilities, reflects management's estimate of probable loss. CountryPlace considers a variety of assumptions, including borrower performance (both actual and estimated future defaults), historical repurchase demands and loan defect rates to estimate the liability for loan repurchases and indemnifications.

Derivatives

Interest Rate Lock Commitments. In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers and third-party originators. These IRLCs represent an agreement to extend credit to a loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind CountryPlace to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As such, outstanding IRLCs are subject to interest rate risk and related loan sale price risk during the period from the date of the IRLC through the earlier of the loan sale date or IRLC expiration date. The loan commitments generally range between 30 and 180 days; however, borrowers are not obligated to close the related loans. As a result, CountryPlace is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs unless the commitment is successfully paired with another loan that may mitigate losses from fallout.

As of September 30, 2017, CountryPlace had outstanding IRLCs with a notional amount of $12.7 million and are recorded at fair value in accordance with ASC 815, Derivatives and Hedging ("ASC 815"). ASC 815 clarifies that the expected net future cash flows related to the associated servicing of a loan should be included in the measurement of all written loan commitments that are accounted for at fair value through earnings. The estimated fair values of IRLCs are recorded in other assets in the consolidated balance sheets. The fair value of IRLCs is based on the value of the underlying mortgage loan adjusted for: (i) estimated cost to complete and originate the loan and (ii) the estimated percentage of IRLCs that will result in closed mortgage loans. The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on mortgage loans held for sale. During the three and six months ended September 30, 2017, CountryPlace recognized gainsof $10,000 and losses of $15,000 on the outstanding IRLCs, respectively. During the three and six months ended October 1, 2016, CountryPlace recognized lossesof $18,000and gains of $10,000, respectively, on the outstanding IRLCs.

Forward Sales Commitments. CountryPlace manages the risk profiles of a portion of its outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities ("MBS") and whole loan sale commitments. As of September 30, 2017, CountryPlace had $45.4 million in outstanding notional forward sales of MBSs and forward sales commitments. Commitments to forward sales of whole loans are typically in an amount proportionate with the amount of IRLCs expected to close in particular time frames, assuming no change in mortgage interest rates, for the respective loan products intended for whole loan sale.

The estimated fair values of forward sales of MBS and forward sale commitments are based on quoted market values and are recorded within other current assets in the consolidated balance sheets.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. As of September 30, 2017, the plans, which are shareholder approved, permit the award of up to 1,650,000 shares of the Company's common stock, of which 342,451 shares were still available for grant. When options are exercised, new shares of the Company's common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company's common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a one to five year period as determined by the plan administrator (the Compensation Committee of the Board of Directors, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options upon a change in control (as defined in the plans).

Fair Value Measurement

In accordance with ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 –	Quoted prices in active markets for identical assets or liabilities.
Level 2 –	Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 –	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

When the Company uses observable market prices for identical securities that are traded in less active markets, it classifies such securities as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs.

Fair Value Transfer

The Company's policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period.

Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Servicing of Financial Assets

Mortgage Servicing. Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow accounts, performing loss mitigation activities on behalf of investors and otherwise administering the loan servicing portfolio. MSRs are initially recorded at fair value. Changes in fair value subsequent to the initial capitalization are recorded in the Company's results of operations. The Company recognizes MSRs on all loans sold to investors that meet the requirements for sale accounting and for which servicing rights are retained.

The Company applies fair value accounting to MSRs, with all changes in fair value recorded to net revenue in accordance with ASC 860-50, Servicing Assets and Liabilities. The fair value of MSRs is based on the present value of the expected future cash flows related to servicing these loans. The revenue components of the cash flows are servicing fees, interest earned on custodial accounts and other ancillary income. The expense components include operating costs related to servicing the loans (including delinquency and foreclosure costs) and interest expenses on servicer advances that the Company believes are consistent with the assumptions major market participants use in valuing MSRs. The expected cash flows are primarily impacted by prepayment estimates, delinquencies and market discounts. Generally, the value of MSRs is expected to increase when interest rates rise and decrease when interest rates decline, due to the effect those changes in interest rates have on prepayment estimates.

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Restricted Cash (Tables)

6 Months Ended

Sep. 30, 2017

Cash and Cash Equivalents [Abstract]

Summary of restricted cash

Restricted cash consists of the following (in thousands):

	September 30, 2017		April 1, 2017
Cash related to CountryPlace customer payments to be remitted to third parties	$	11,432	$	9,998
Cash related to CountryPlace customer payments on securitized loans to be remitted to bondholders	1,055		1,391
Cash related to workers' compensation insurance held in trust	354		354
Other restricted cash	784		554
	$	13,625	$	12,297

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Investments (Tables)

6 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Investments

Investments consist of the following (in thousands):

	September 30, 2017		April 1, 2017
Available-for-sale investment securities	$	27,713	$	24,162
Non-marketable equity investments	18,543		17,383
	$	46,256	$	41,545

The following tables summarize the Company's available-for-sale investment securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):

	September 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	650	$	—	$	(2	)	$	648
Residential mortgage-backed securities	6,549		2		(95		)	6,456
State and political subdivision debt securities	6,257		168		(124		)	6,301
Corporate debt securities	1,690		4		(13		)	1,681
Marketable equity securities	6,601		3,348		(84		)	9,865
Certificates of deposit	2,762		—		—			2,762
	$	24,509	$	3,522	$	(318	)	$	27,713

	April 1, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	650	$	—	$	(1	)	$	649
Residential mortgage-backed securities	5,646		3		(90		)	5,559
State and political subdivision debt securities	7,195		145		(117		)	7,223
Corporate debt securities	1,698		4		(23		)	1,679
Marketable equity securities	5,752		2,430		(130		)	8,052
Certificates of deposit	1,000		—		—			1,000
	$	21,941	$	2,582	$	(361	)	$	24,162

The following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	September 30, 2017
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	648	$	(2	)	$	—	$	—		$	648	$	(2	)
Residential mortgage-backed securities	2,475		(22		)	3,253		(73		)	5,728		(95		)
State and political subdivision debt securities	952		(4		)	2,654		(120		)	3,606		(124		)
Corporate debt securities	875		(13		)	—		—			875		(13		)
Marketable equity securities	898		(58		)	100		(26		)	998		(84		)
	$	5,848	$	(99	)	$	6,007	$	(219	)	$	11,855	$	(318	)

	April 1, 2017
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	349	$	(1	)	$	—	$	—		$	349	$	(1	)
Residential mortgage-backed securities	3,449		(38		)	1,962		(52		)	5,411		(90		)
State and political subdivision debt securities	1,948		(36		)	2,084		(81		)	4,032		(117		)
Corporate debt securities	1,424		(23		)	—		—			1,424		(23		)
Marketable equity securities	1,393		(90		)	157		(40		)	1,550		(130		)
	$	8,563	$	(188	)	$	4,203	$	(173	)	$	12,766	$	(361	)

Based on the Company's ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider any investments to be other-than-temporarily impaired at September 30, 2017.

As of September 30, 2017 and April 1, 2017, the Company's investments in marketable equity securities consist of investments in common stock of industrial and other companies.

The amortized cost and fair value of the Company's investments in debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2017
	Amortized Cost		Fair Value
Due in less than one year	$	1,563	$	1,552
Due after one year through five years	4,066		4,003
Due after five years through ten years	2,624		2,555
Due after ten years	6,893		6,976
	$	15,146	$	15,086

Realized gains and losses from the sale of securities are determined using the specific identification method. Gross gains realized on the sales of investment securities for the three and six months ended September 30, 2017 were approximately $570,000 and $735,000, respectively. Gross losses realized were approximately $61,000 and $122,000 for the three and six months ended September 30, 2017, respectively. Gross gains realized on the sales of investment securities for the three and six months ended October 1, 2016 were approximately $208,000 and $661,000, respectively. Gross losses realized were approximately $108,000 and $257,000 for the three and six months ended October 1, 2016, respectively.

Schedule of Investments [Table Text Block]

Investments consist of the following (in thousands):

	September 30, 2017		April 1, 2017
Available-for-sale investment securities	$	27,713	$	24,162
Non-marketable equity investments	18,543		17,383
	$	46,256	$	41,545

Available-for-Sale Securities by Investment Category

The following tables summarize the Company's available-for-sale investment securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):

	September 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	650	$	—	$	(2	)	$	648
Residential mortgage-backed securities	6,549		2		(95		)	6,456
State and political subdivision debt securities	6,257		168		(124		)	6,301
Corporate debt securities	1,690		4		(13		)	1,681
Marketable equity securities	6,601		3,348		(84		)	9,865
Certificates of deposit	2,762		—		—			2,762
	$	24,509	$	3,522	$	(318	)	$	27,713

	April 1, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	650	$	—	$	(1	)	$	649
Residential mortgage-backed securities	5,646		3		(90		)	5,559
State and political subdivision debt securities	7,195		145		(117		)	7,223
Corporate debt securities	1,698		4		(23		)	1,679
Marketable equity securities	5,752		2,430		(130		)	8,052
Certificates of deposit	1,000		—		—			1,000
	$	21,941	$	2,582	$	(361	)	$	24,162

Investment Securities in a Continuous Unrealized Loss Position

The following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	September 30, 2017
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	648	$	(2	)	$	—	$	—		$	648	$	(2	)
Residential mortgage-backed securities	2,475		(22		)	3,253		(73		)	5,728		(95		)
State and political subdivision debt securities	952		(4		)	2,654		(120		)	3,606		(124		)
Corporate debt securities	875		(13		)	—		—			875		(13		)
Marketable equity securities	898		(58		)	100		(26		)	998		(84		)
	$	5,848	$	(99	)	$	6,007	$	(219	)	$	11,855	$	(318	)

	April 1, 2017
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	349	$	(1	)	$	—	$	—		$	349	$	(1	)
Residential mortgage-backed securities	3,449		(38		)	1,962		(52		)	5,411		(90		)
State and political subdivision debt securities	1,948		(36		)	2,084		(81		)	4,032		(117		)
Corporate debt securities	1,424		(23		)	—		—			1,424		(23		)
Marketable equity securities	1,393		(90		)	157		(40		)	1,550		(130		)
	$	8,563	$	(188	)	$	4,203	$	(173	)	$	12,766	$	(361	)

Contractual Maturity of Investment Securities

The amortized cost and fair value of the Company's investments in debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2017
	Amortized Cost		Fair Value
Due in less than one year	$	1,563	$	1,552
Due after one year through five years	4,066		4,003
Due after five years through ten years	2,624		2,555
Due after ten years	6,893		6,976
	$	15,146	$	15,086

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Inventories (Tables)

6 Months Ended

Sep. 30, 2017

Inventory Disclosure [Abstract]

Summary of inventories

Inventories consist of the following (in thousands):

	September 30, 2017		April 1, 2017
Raw materials	$	35,394	$	31,506
Work in process	11,347		11,768
Finished goods and other	54,774		50,581
	$	101,515	$	93,855

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Consumer Loans Receivable (Tables)

3 Months Ended

6 Months Ended

Apr. 01, 2017

Sep. 30, 2017

Receivables [Abstract]

Consumer Loans Receivable

The following table summarizes consumer loans receivable (in thousands):

	September 30, 2017			April 1, 2017
Loans held for investment (acquired on Palm Harbor Acquisition Date)	$	55,964		$	60,513
Loans held for investment (originated after Palm Harbor Acquisition Date)	16,891			11,108
Loans held for sale	16,044			18,570
Construction advances	10,349			6,957
Consumer loans receivable	99,248			97,148
Deferred financing fees and other, net	(1,259		)	(1,095		)
Allowance for loan losses	(488		)	(252		)
Consumer loans receivable, net	$	97,501		$	95,801

Acquired Consumer Loans Receivable Held for Investment

	September 30, 2017			April 1, 2017
	(in thousands)
Consumer loans receivable held for investment – contractual amount	$	130,484		$	142,391
Purchase discount
Accretable	(51,180		)	(56,686		)
Non-accretable	(23,271		)	(25,032		)
Less consumer loans receivable reclassified as other assets	(69		)	(160		)
Total acquired consumer loans receivable held for investment, net	$	55,964		$	60,513

Accretable Yield Movement on Acquired Consumer Loans Receivable

The changes in accretable yield on acquired consumer loans receivable held for investment were as follows (in thousands):

	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Balance at the beginning of the period	$	54,912		$	66,284		$	56,686		$	69,053
Accretion	(2,163		)	(2,449		)	(4,373		)	(4,964		)
Reclassifications to non-accretable discount	(1,569		)	(1,626		)	(1,133		)	(1,880		)
Balance at the end of the period	$	51,180		$	62,209		$	51,180		$	62,209

Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score

	April 1, 2017
	Consumer Loans Held for Investment
	Securitized 2005		Securitized 2007		Unsecuritized		Construction Advances		Consumer Loans Held For Sale		Total
Asset Class
Credit Quality Indicator (FICO® score)
Chattel loans
0-619	$	705	$	411	$	393	$	—	$	—	$	1,509
620-719	11,681		8,072		5,406		—		697		25,856
720+	12,748		7,800		5,081		—		3,097		28,726
Other	51		—		433		—		—		484
Subtotal	25,185		16,283		11,313		—		3,794		56,575
Conforming mortgages
0-619	—		—		161		261		99		521
620-719	—		—		1,792		4,231		10,553		16,576
720+	—		—		247		2,465		4,124		6,836
Subtotal	—		—		2,200		6,957		14,776		23,933
Non-conforming mortgages
0-619	86		435		1,327		—		—		1,848
620-719	1,242		4,947		3,372		—		—		9,561
720+	1,527		2,909		484		—		—		4,920
Other	—		—		299		—		—		299
Subtotal	2,855		8,291		5,482		—		—		16,628
Other loans
Subtotal	—		—		12		—		—		12
	$	28,040	$	24,574	$	19,007	$	6,957	$	18,570	$	97,148

The following table disaggregates CountryPlace's gross consumer loans receivable for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands):

	September 30, 2017
	Consumer Loans Held for Investment
	Securitized 2005		Securitized 2007		Unsecuritized		Construction Advances		Consumer Loans Held For Sale		Total
Asset Class
Credit Quality Indicator (FICO® score)
Chattel loans
0-619	$	559	$	381	$	359	$	—	$	—	$	1,299
620-719	10,862		7,586		7,024		—		158		25,630
720+	11,696		7,091		9,012		—		2,049		29,848
Other	50		—		373		—		—		423
Subtotal	23,167		15,058		16,768		—		2,207		57,200
Conforming mortgages
0-619	—		—		159		—		93		252
620-719	—		—		1,746		6,344		9,076		17,166
720+	—		—		330		4,005		4,552		8,887
Other	—		—		—		—		116		116
Subtotal	—		—		2,235		10,349		13,837		26,421
Non-conforming mortgages
0-619	84		421		1,079		—		—		1,584
620-719	1,201		4,670		3,257		—		—		9,128
720+	1,494		2,717		404		—		—		4,615
Other	—		—		289		—		—		289
Subtotal	2,779		7,808		5,029		—		—		15,616
Other loans
Subtotal	—		—		11		—		—		11
	$	25,946	$	22,866	$	24,043	$	10,349	$	16,044	$	99,248

Loans and Leases Receivable, Other Information

ver the life of the acquired loans. As of the balance sheet date, the Company evaluates whether the present value of expected cash flows, determined using the effective interest rate, has decreased from the value at acquisition and, if so, recognizes an allowance for loan loss. The present value of any subsequent increase in the loan pool's actual cash flows expected to be collected is used first to reverse any existing allowance for loan loss. Any remaining increase in cash flows expected to be collected adjusts the amount of accretable yield recognized on a prospective basis over the loan pool's remaining life. The weighted averages of assumptions used in the calculation of expected cash flows to be collected are as follows:

	September 30, 2017		April 1, 2017
Prepayment rate	14.1	%	13.8	%
Default rate	1.2	%	1.1	%

Assuming there was a 1% unfavorable variation from the expected level, for each key assumption, the expected cash flows for the life of the portfolio, as of September 30, 2017, would decrease by approximately $1.6 million and $4.3 million for the expected prepayment rate and expected default rate, respectively.

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Commercial Loans Receivables and Allowance for Loan Loss (Tables)

6 Months Ended

Sep. 30, 2017

Receivables [Abstract]

Inventory Finance Receivables

receivables, net, consist of the following by class of financing notes receivable (in thousands):

	September 30, 2017			April 1, 2017
Direct loans receivable	$	30,235		$	24,959
Participation loans receivable	1,163			1,084
Allowance for loan loss	(242		)	(210		)
	$	31,156		$	25,833

Changes in the Allowance for Loan Losses on Inventory Finance Receivables

he following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan loss applicable to the direct programs (in thousands):

	Three Months Ended					Six Months Ended
	September 30, 2017		October 1, 2016			September 30, 2017		October 1, 2016
Balance at beginning of period	$	222	$	135		$	210	$	128
Provision for inventory finance credit losses	20		(9		)	32		(2		)
Loans charged off, net of recoveries	—		—			—		—
Balance at end of period	$	242	$	126		$	242	$	126

Allowance for Loan Losses and Inventory Finance Receivables By Class Individually and Collectively Evaluated for Impairment

The following table disaggregates commercial loans receivable and the estimated allowance for loan loss for each class of financing receivable by evaluation methodology (in thousands):

	Direct Commercial Loans						Participation Commercial Loans
	September 30, 2017			April 1, 2017			September 30, 2017		April 1, 2017
Inventory finance notes receivable:
Collectively evaluated for impairment	$	16,845		$	13,688		$	—	$	—
Individually evaluated for impairment	13,390			11,271			1,163		1,084
	$	30,235		$	24,959		$	1,163	$	1,084
Allowance for loan loss:
Collectively evaluated for impairment	$	(169	)	$	(137	)	$	—	$	—
Individually evaluated for impairment	(73		)	(73		)	—		—
	$	(242	)	$	(210	)	$	—	$	—

Inventory Finance Receivables by Class and Internal Credit Quality Indicator

The following table disaggregates the Company's inventory finance receivables by class and credit quality indicator (in thousands):

	Direct Commercial Loans				Participation Commercial Loans
	September 30, 2017		April 1, 2017		September 30, 2017		April 1, 2017
Risk profile based on payment activity:
Performing	$	30,162	$	24,886	$	1,163	$	1,084
Watch list	—		—		—		—
Nonperforming	73		73		—		—
	$	30,235	$	24,959	$	1,163	$	1,084

Geographic Concentration of Inventory Finance Receivables in Key States

The Company has concentrations of commercial loans receivable related to factory-built homes located in the following states, measured as a percentage of commercial loans receivables principal balance outstanding:

	September 30, 2017		April 1, 2017
Oregon	18.7	%	15.7	%
Arizona	16.1	%	21.3	%
California	11.3	%	11.0	%
Indiana	11.2	%	10.7	%
Texas	11.0	%	11.0	%

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Property, Plant and Equipment (Tables)

6 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following (in thousands):

	September 30, 2017			April 1, 2017
Property, plant and equipment, at cost:
Land	$	23,276		$	22,897
Buildings and improvements	36,099			34,180
Machinery and equipment	22,534			21,618
	81,909			78,695
Accumulated depreciation	(23,195		)	(21,731		)
Property, plant and equipment, net	$	58,714		$	56,964

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Accrued Liabilities (Tables)

6 Months Ended

Sep. 30, 2017

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	September 30, 2017		April 1, 2017
Insurance loss reserves	$	24,870	$	5,239
Salaries, wages and benefits	19,958		22,029
Customer deposits	19,202		15,986
Unearned insurance premiums	17,057		17,488
Estimated warranties	16,470		15,479
Accrued volume rebates	8,030		5,686
Accrued insurance	4,509		4,113
Company repurchase option on certain loans sold	4,311		5,858
Deferred margin	3,595		2,906
Accrued taxes	2,704		1,682
Reserve for repurchase commitments	1,692		1,749
Capital lease obligation	1,161		—
Other	17,282		11,574
	$	140,841	$	109,789

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Warranties (Tables)

6 Months Ended

Sep. 30, 2017

Product Warranties Disclosures [Abstract]

Activity in the liability for estimated warranties

Activity in the liability for estimated warranties was as follows (in thousands):

	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Balance at beginning of period	$	16,316		$	13,718		$	15,479		$	13,371
Purchase accounting additions	—			—			838			—
Charged to costs and expenses	7,399			6,144			12,622			12,280
Payments and deductions	(7,245		)	(5,816		)	(12,469		)	(11,605		)
Balance at end of period	$	16,470		$	14,046		$	16,470		$	14,046

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Debt Obligations (Tables)

6 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt Obligations

Debt obligations consist of amounts related to loans sold that did not qualify for loan sale accounting treatment. The following table summarizes debt obligations (in thousands):

	September 30, 2017		April 1, 2017
Acquired securitized financings (acquired as part of the Palm Harbor transaction)
Securitized financing 2005-1	$	21,993	$	23,756
Securitized financing 2007-1	24,025		25,728
Other secured financings	4,965		4,987
Secured Term Loan	8,040		3,520
Total securitized financings and other, net	$	59,023	$	57,991

Acquired Securitized Financings

The following table summarizes acquired securitized financings (in thousands):

	September 30, 2017			April 1, 2017
Securitized financings – contractual amount	$	51,727		$	57,120
Purchase discount
Accretable	(5,709		)	(7,636		)
Non-accretable (1)	—			—
Total acquired securitized financings, net	$	46,018		$	49,484

(1) There is no non-accretable difference, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans.

Accretable Yield Movement on Acquired Securitized Financings

The changes in accretable yield on securitized financings were as follows (in thousands):

	Three Months Ended						Six Months Ended
	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Balance at the beginning of the period	$	6,666		$	11,459		$	7,636		$	12,333
Accretion	(846		)	(938		)	(1,716		)	(1,906		)
Adjustment to cash flows	(111		)	(731		)	(211		)	(637		)
Balance at the end of the period	$	5,709		$	9,790		$	5,709		$	9,790

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Reinsurance (Tables)

6 Months Ended

Sep. 30, 2017

Insurance [Abstract]

Reinsurance Effect on Premiums Written and Earned

The effects of reinsurance on premiums written and earned are as follows (in thousands):

	Three Months Ended
	September 30, 2017						October 1, 2016
	Written			Earned			Written			Earned
Direct premiums	$	3,628		$	4,137		$	3,749		$	3,992
Assumed premiums—nonaffiliate	6,210			6,326			6,152			5,941
Ceded premiums—nonaffiliate	(4,309		)	(4,309		)	(3,077		)	(3,077		)
Net premiums	$	5,529		$	6,154		$	6,824		$	6,856

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Commitments and Contingencies (Tables)

6 Months Ended

Sep. 30, 2017

Repurchase Contingencies [Roll Forward]

Loan Contracts with Off-Balance Sheet Commitments

Loan contracts with off-balance sheet commitments are summarized below (in thousands):

	September 30, 2017			April 1, 2017
Construction loan contract amount	$	25,913		$	18,031
Cumulative advances	(10,349		)	(6,957		)
Remaining construction contingent commitment	$	15,564		$	11,074

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Stockholders' Equity (Tables)

6 Months Ended

Sep. 30, 2017

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

The following table represents changes in stockholders' equity for the six months ended September 30, 2017 (dollars in thousands):

				Additional paid-in capital			Retained earnings		Accumulated other comprehensive income		Total
	Common Stock
	Shares	Amount
Balance, April 1, 2017	8,994,968	$	90	$	244,791		$	148,141	$	1,386	$	394,408
Cumulative effect of implementing ASU 2016-09	—	—		—			69		—		69
Stock option exercises, including incremental tax benefits	32,626	—		(1,583		)			—		(1,583		)
Share-based compensation	—	—		1,535			—		—		1,535
Net income	—	—		—			17,935		—		17,935
Unrealized loss on available-for-sale securities	—	—		—			—		604		604
Balance, September 30, 2017	9,027,594	$	90	$	244,743		$	166,145	$	1,990	$	412,968

(1) Other comprehensive income is comprised of unrealized gains and losses on available-for-sale investments. Unrealized gains before tax effect on available-for-sale securities were $983,000 for the six months ended September 30, 2017.

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Stock-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Options Activity

The following table summarizes the option activity within the Company's stock-based compensation plans for the six months ended September 30, 2017:

	Number of Shares
Outstanding at April 1, 2017	464,930
Granted	38,000
Exercised	(66,875	)
Canceled or expired	—
Outstanding at September 30, 2017	436,055
Exercisable at September 30, 2017	215,871

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Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share Computation

The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	September 30, 2017		October 1, 2016		September 30, 2017		October 1, 2016
Net income	$	6,182	$	9,341	$	17,935	$	14,784
Weighted average shares outstanding:
Basic	9,020,834		8,980,303		9,013,917		8,958,784
Common stock equivalents—treasury stock method	161,065		120,530		157,598		133,869
Diluted	9,181,899		9,100,833		9,171,515		9,092,653
Net income per share:
Basic	$	0.69	$	1.04	$	1.99	$	1.65
Diluted	$	0.67	$	1.03	$	1.96	$	1.63

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Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments, Policy [Policy Text Block]

ASC 825, Financial Instruments ("ASC 825"), requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and the relevant market information. Where available, quoted market prices are used. In other cases, fair values are based on estimates using other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and the resulting fair values. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair values, the Company's fair values should not be compared to those of other companies.

Under ASC 825, fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying market value of the Company.

Fair Value Transfer, Policy [Policy Text Block]

The Company's policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period.

Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy [Policy Text Block]

Mortgage Servicing. Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow accounts, performing loss mitigation activities on behalf of investors and otherwise administering the loan servicing portfolio. MSRs are initially recorded at fair value. Changes in fair value subsequent to the initial capitalization are recorded in the Company's results of operations. The Company recognizes MSRs on all loans sold to investors that meet the requirements for sale accounting and for which servicing rights are retained.

The Company applies fair value accounting to MSRs, with all changes in fair value recorded to net revenue in accordance with ASC 860-50, Servicing Assets and Liabilities. The fair value of MSRs is based on the present value of the expected future cash flows related to servicing these loans. The revenue components of the cash flows are servicing fees, interest earned on custodial accounts and other ancillary income. The expense components include operating costs related to servicing the loans (including delinquency and foreclosure costs) and interest expenses on servicer advances that the Company believes are consistent with the assumptions major market participants use in valuing MSRs. The expected cash flows are primarily impacted by prepayment estimates, delinquencies and market discounts. Generally, the value of MSRs is expected to increase when interest rates rise and decrease when interest rates decline, due to the effect those changes in interest rates have on prepayment estimates.

Summary of the Fair Value and Carrying Value of Financial Instruments

The book value and estimated fair value of the Company's financial instruments are as follows (in thousands):

	September 30, 2017						April 1, 2017
	Book Value			Estimated Fair Value			Book Value			Estimated Fair Value
Available-for-sale securities (1)	$	27,713		$	27,713		$	24,162		$	24,162
Non-marketable equity investments (2)	18,543			18,543			17,383			17,383
Consumer loans receivable (3)	97,501			122,711			95,801			121,021
Interest rate lock commitment derivatives (4)	21			21			35			35
Forward loan sale commitment derivatives (4)	159			159			(86		)	(86		)
Commercial loans receivable (5)	31,156			31,249			25,833			25,841
Securitized financings and other (6)	(59,023		)	(64,460		)	(57,991		)	(61,270		)
Mortgage servicing rights (7)	1,310			1,310			1,110			1,110

Fair Value Measurement, Policy [Policy Text Block]

In accordance with ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 –	Quoted prices in active markets for identical assets or liabilities.
Level 2 –	Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 –	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

When the Company uses observable market prices for identical securities that are traded in less active markets, it classifies such securities as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs.

Summary of Assets Measured at Fair Value on a Recurring Basis

Financial instruments measured at fair value on a recurring basis are summarized below (in thousands):

	September 30, 2017
	Total		Level 1		Level 2		Level 3
Securities issued by the U.S Treasury and Government (1)	$	648	$	—	$	648	$	—
Mortgage-backed securities (1)	6,456		—		6,456		—
Securities issued by states and political subdivisions (1)	6,301		—		6,301		—
Corporate debt securities (1)	1,681		—		1,681		—
Marketable equity securities (1)	9,865		9,865		—		—
Interest rate lock commitment derivatives (2)	21		—		—		21
Forward loan sale commitment derivatives (2)	159		—		—		159
Mortgage servicing rights (3)	1,310		—		—		1,310

(1) Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date.

(2) Gains or losses on derivatives are recognized in current period earnings through cost of sales.

(3) Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through net revenue.

Summary of Assets and Liabilities Measured at Fair Value for Disclosure

Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands):

	September 30, 2017
	Total			Level 1		Level 2			Level 3
Loans held for investment	$	95,136		$	—	$	—		$	95,136
Loans held for sale	17,225			—		—			17,225
Loans held—construction advances	10,350			—		—			10,350
Commercial loans receivable	31,249			—		—			31,249
Securitized financings and other	(64,460		)	—		(64,460		)	—
Non-marketable equity investments	18,543			—		—			18,543

Assumptions for Mortgage Servicing Rights

	September 30, 2017			April 1, 2017
Number of loans serviced with MSRs	4,200			4,041
Weighted average servicing fee (basis points)	31.78			31.42
Capitalized servicing multiple	83.10		%	74.79		%
Capitalized servicing rate (basis points)	26.41			23.50
Serviced portfolio with MSRs (in thousands)	$	496,010		$	472,492
Mortgage servicing rights (in thousands)	$	1,310		$	1,110

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Business Segment Information (Tables)

6 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Business Segment Information

The following table details net revenue and income before income taxes by segment (in thousands):

	Three Months Ended					Six Months Ended
	September 30, 2017			October 1, 2016		September 30, 2017		October 1, 2016
Net revenue:
Factory-built housing	$	187,380		$	175,481	$	380,262	$	347,967
Financial services	13,127			12,867		27,061		25,522
	$	200,507		$	188,348	$	407,323	$	373,489
Income before income taxes:
Factory-built housing	$	8,584		$	10,329	$	21,754	$	21,067
Financial services	(85		)	2,769		2,396		461
	$	8,499		$	13,098	$	24,150	$	21,528

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Basis of Presentation (Principles of Consolidation) (Details)	6 Months Ended
	Sep. 30, 2017 store factories Segment
Business Acquisition [Line Items]
Number of operating segments | Segment	2
Number of operating manufacturing facilities | factories	20
Number of Stores | store	42

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Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Apr. 01, 2017
Summary of restricted cash
Restricted cash	$ 12,899	$ 11,573
Restricted cash, Noncurrent	726	724
Total restricted cash	13,625	12,297
Cash related to CountryPlace customer payments to be remitted to third parties [Member]
Summary of restricted cash
Restricted cash	11,432	9,998
Cash related to CountryPlace customers' principal and interest payments on securitized loans to be remitted to bondholders [Member]
Summary of restricted cash
Restricted cash	1,055	1,391
Cash related to workers' compensation insurance held in trust [Member]
Summary of restricted cash
Restricted cash, Noncurrent	354	354
Other restricted cash [Member]
Summary of restricted cash
Restricted cash, Noncurrent	$ 784	$ 554

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Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Apr. 01, 2017
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	$ 27,713	$ 24,162
Equity Method Investments	18,543	17,383
Investments	$ 46,256	$ 41,545

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Investments (Details 1) - USD ($) $ in Thousands	Sep. 30, 2017	Apr. 01, 2017
Available-for-Sale Securities by Investment Category
Amortized Cost - Available-for sale Debt Securities	$ 15,146
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	3,522	$ 2,582
Available-for-sale Securities, Amortized Cost Basis	24,509	21,941
Total Amortized Cost - Available-for-sale Securities	24,509	21,941
Gross Unrealized Losses	(318)	(361)
Total Fair Value - Available-for-sale Debt Securities	15,086
Total Fair Value - Available-for-sale Securities	27,713	24,162
Equity Method Investments	18,543	17,383
U.S. Treasury and Government Agencies [Member]
Available-for-Sale Securities by Investment Category
Amortized Cost - Available-for sale Debt Securities	650	650
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Gross Unrealized Losses	(2)	(1)
Total Fair Value - Available-for-sale Debt Securities	648	649
Mortgage-backed securities [Member]
Available-for-Sale Securities by Investment Category
Amortized Cost - Available-for sale Debt Securities	6,549	5,646
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	2	3
Gross Unrealized Losses	(95)	(90)
Total Fair Value - Available-for-sale Debt Securities	6,456	5,559
States and political subdivisions [Member]
Available-for-Sale Securities by Investment Category
Amortized Cost - Available-for sale Debt Securities	6,257	7,195
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	168	145
Gross Unrealized Losses	(124)	(117)
Total Fair Value - Available-for-sale Debt Securities	6,301	7,223
Corporate debt securities [Member]
Available-for-Sale Securities by Investment Category
Amortized Cost - Available-for sale Debt Securities	1,690	1,698
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	4	4
Gross Unrealized Losses	(13)	(23)
Total Fair Value - Available-for-sale Debt Securities	1,681	1,679
Marketable equity securities [Member]
Available-for-Sale Securities by Investment Category
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	3,348	2,430
Amortized Cost - Available-for-sale Equity Securities	6,601	5,752
Gross Unrealized Losses	(84)	(130)
Total Fair Value - Available-for-sale Equity Securities	9,865	8,052
Certificates of Deposit [Member]
Available-for-Sale Securities by Investment Category
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Securities, Amortized Cost Basis	2,762	1,000
Total Amortized Cost - Available-for-sale Securities	2,762	1,000
Gross Unrealized Losses	0	0
Total Fair Value - Available-for-sale Securities	$ 2,762	$ 1,000

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Investments (Details 2) - USD ($) $ in Thousands	Sep. 30, 2017	Apr. 01, 2017
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	$ 3,522	$ 2,582
Investment Securities in a Continuous Unrealized Loss Position
Less than 12 Months, Fair Value	5,848	8,563
12 Months or Longer, Fair Value	6,007	4,203
Total Fair Value	11,855	12,766
Less than 12 Months, Unrealized Losses	(99)	(188)
12 Months or Longer, Unrealized Losses	(219)	(173)
Gross Unrealized Losses	(318)	(361)
Available-for-sale Securities	27,713	24,162
U.S. Treasury and Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Investment Securities in a Continuous Unrealized Loss Position
Less than 12 Months, Fair Value	648	349
12 Months or Longer, Fair Value	0	0
Total Fair Value	648	349
Less than 12 Months, Unrealized Losses	(2)	(1)
12 Months or Longer, Unrealized Losses	0	0
Gross Unrealized Losses	(2)	(1)
Mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	2	3
Investment Securities in a Continuous Unrealized Loss Position
Less than 12 Months, Fair Value	2,475	3,449
12 Months or Longer, Fair Value	3,253	1,962
Total Fair Value	5,728	5,411
Less than 12 Months, Unrealized Losses	(22)	(38)
12 Months or Longer, Unrealized Losses	(73)	(52)
Gross Unrealized Losses	(95)	(90)
States and political subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	168	145
Investment Securities in a Continuous Unrealized Loss Position
Less than 12 Months, Fair Value	952	1,948
12 Months or Longer, Fair Value	2,654	2,084
Total Fair Value	3,606	4,032
Less than 12 Months, Unrealized Losses	(4)	(36)
12 Months or Longer, Unrealized Losses	(120)	(81)
Gross Unrealized Losses	(124)	(117)
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	4	4
Investment Securities in a Continuous Unrealized Loss Position
Less than 12 Months, Fair Value	875	1,424
12 Months or Longer, Fair Value	0	0
Total Fair Value	875	1,424
Less than 12 Months, Unrealized Losses	(13)	(23)
12 Months or Longer, Unrealized Losses	0	0
Gross Unrealized Losses	(13)	(23)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	3,348	2,430
Investment Securities in a Continuous Unrealized Loss Position
Less than 12 Months, Fair Value	898	1,393
12 Months or Longer, Fair Value	100	157
Total Fair Value	998	1,550
Less than 12 Months, Unrealized Losses	(58)	(90)
12 Months or Longer, Unrealized Losses	(26)	(40)
Gross Unrealized Losses	(84)	(130)
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Investment Securities in a Continuous Unrealized Loss Position
Gross Unrealized Losses	0	0
Available-for-sale Securities	$ 2,762	$ 1,000

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Investments (Details 3) $ in Thousands	Sep. 30, 2017 USD ($)
Contractual Maturity of Investment Securities
Due in less than one year, Amortized Cost	$ 1,563
Due after one year through five years, Amortized Cost	4,066
Due after five years through ten years, Amortized Cost	2,624
Due after ten years, Amortized Cost	6,893
Amortized Cost - Available-for sale Debt Securities	15,146
Due in less than one year, Fair Value	1,552
Due after one year through five years, Fair Value	4,003
Due after five years through ten years, Fair Value	2,555
Due after ten years, Fair Value	6,976
Total Fair Value - Available-for-sale Debt Securities	$ 15,086

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Investments (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016	Apr. 01, 2017
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	$ 3,522,000		$ 3,522,000		$ 2,582,000
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	(318,000)		(318,000)		(361,000)
Investments (Textual) [Abstract]
Value of investments to be other-than-temporarily impaired			0
Gross gains realized	570,000	$ 208,000	735,000	$ 661,000
Gross losses realized	(61,000)	$ (108,000)	(122,000)	$ (257,000)
US Treasury and Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0		0		0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	$ (2,000)		$ (2,000)		$ (1,000)

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Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Apr. 01, 2017
Summary of inventories
Raw materials	$ 35,394	$ 31,506
Work in process	11,347	11,768
Finished goods and other	54,774	50,581
Total Inventories	$ 101,515	$ 93,855

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Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Apr. 01, 2017	Sep. 30, 2017
Consumer Loans Receivable
Loans held for investment (acquired on Palm Harbor Acquisition Date)	$ 55,964	$ 60,513	$ 55,964
Loans held for investment (originated after Palm Harbor Acquisition Date)	16,891	11,108	16,891
Loans held for sale	16,044	18,570	16,044
Loans and Leases Receivable, Gross, Consumer, Construction	10,349	6,957	10,349
Loans and Leases Receivable, Gross, Carrying Amount, Covered	99,248	97,148	99,248
Loans and Leases Receivable, Deferred Income	(1,259)	(1,095)	(1,259)
Other Deductions or Allowable Credits	488	252	488
Loans and Leases Receivable, Net Amount	$ 97,501	$ 95,801	$ 97,501
Fair Value Inputs, Prepayment Rate	14.10%	13.80%
Weighted average contractual interest rate		8.87%	8.70%
Fair Value Inputs, Probability of Default	1.20%	1.10%
Weighted average effective interest rate		9.35%	9.56%
Weighted average months to maturity		165 months	167 months
Sensitivity Analysis, Change in Default Rate			$ 4,300

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Consumer Loans Receivable (Summary of Acquired Loans Receivable) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016
Acquired Consumer Loans Receivable Held for Investment
Consumer loans receivable held for investment - contractual amount	$ 130,484		$ 142,391
Purchase discount, accretable	(51,180)	$ (54,912)	(56,686)	$ (62,209)	$ (66,284)	$ (69,053)
Purchase discount, non-accretable	(23,271)		(25,032)
Less consumer loans receivable reclassified as other assets	(69)		(160)
Total acquired consumer loans receivable held for investment, net	$ 55,964		$ 60,513

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Consumer Loans Receivable (Changes in Accretable Yield on Acquired Loans Receivable) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Accretable Yield Movement on Acquired Consumer Loans Receivable
Balance at the beginning of the period	$ 54,912	$ 66,284	$ 56,686	$ 69,053
Accretion	(2,163)	(2,449)	(4,373)	(4,964)
Balance at the end of the period	51,180	62,209	51,180	62,209
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference	$ (1,569)	$ (1,626)	$ (1,133)	$ (1,880)

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Consumer Loans Receivable (Narrative) (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2017 USD ($) Score	Apr. 01, 2017 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other Deductions or Allowable Credits	$ (488)	$ (252)
Loans and Leases Receivable, Net Amount	97,501	95,801
Loans and Leases Receivable, Gross, Carrying Amount, Consumer	99,248	97,148
Mortgage Loans on Real Estate, Foreclosures	$ 797	694
Credit scores at time of loan origination | Score	3
Percentage concentration of consumer loans receivable	10.00%
Real Estate Acquired Through Foreclosure	$ 1,600	1,200
Other states with concentrations greater than minimum	0
TEXAS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Consumer Loans Receivable Geographical Concentration Percentage	45.00%
FLORIDA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Consumer Loans Receivable Geographical Concentration Percentage	10.00%
Consumer Loans Held for Investment, Unsecuritized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value Measurements, Sensitivity Analysis, Description	0.01
Chattel Loans Range Four [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount, Consumer	$ 423	484
Conforming Mortgages Range Four [Member] [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount, Consumer	116
Consumer, Loans Held for Sale [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount, Consumer	16,044	$ 18,570
Consumer, Loans Held for Sale [Member] | Conforming Mortgages Range Four [Member] [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount, Consumer	$ 116

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Consumer Loans Receivable (Consumer Loan Receivables by Segment and Credit Quality Indicator) (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2017 USD ($) Credit_Quality_Indicator	Apr. 01, 2017 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sensitivity Analysis, Change in Prepayment Rate	$ 1,600
Sensitivity Analysis, Change in Default Rate	4,300
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	99,248	$ 97,148
Chattel Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	57,200	56,575
Chattel Loans Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 1,299	1,509
Chattel Loans Range One [Member] | Minimum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	0
Chattel Loans Range One [Member] | Maximum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	619
Chattel Loans Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 25,630	25,856
Chattel Loans Range Two [Member] | Minimum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	620
Chattel Loans Range Two [Member] | Maximum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	719
Chattel Loans Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 29,848	28,726
Chattel Loans Range Three [Member] | Minimum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	720
Chattel Loans Range Four [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 423	484
Conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	26,421	23,933
Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 252	521
Conforming Mortgages Range One [Member] | Minimum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	0
Conforming Mortgages Range One [Member] | Maximum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	619
Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 17,166	16,576
Conforming Mortgages Range Two [Member] | Minimum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	620
Conforming Mortgages Range Two [Member] | Maximum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	719
Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 8,887	6,836
Conforming Mortgages Range Three [Member] | Minimum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	720
Non-conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 15,616	16,628
Non Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 1,584	1,848
Non Conforming Mortgages Range One [Member] | Minimum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	0
Non Conforming Mortgages Range One [Member] | Maximum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	619
Non Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 9,128	9,561
Non Conforming Mortgages Range Two [Member] | Minimum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	620
Non Conforming Mortgages Range Two [Member] | Maximum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	719
Non Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 4,615	4,920
Non Conforming Mortgages Range Three [Member] | Minimum [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Asset class credit quality indicator | Credit_Quality_Indicator	720
Non Conforming Mortgages Range Four [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 289	299
Other Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	11	12
Loans Securitized 2005 [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	25,946	28,040
Loans Securitized 2005 [Member] | Chattel Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	23,167	25,185
Loans Securitized 2005 [Member] | Chattel Loans Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	559	705
Loans Securitized 2005 [Member] | Chattel Loans Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	10,862	11,681
Loans Securitized 2005 [Member] | Chattel Loans Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	11,696	12,748
Loans Securitized 2005 [Member] | Chattel Loans Range Four [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	50	51
Loans Securitized 2005 [Member] | Conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Loans Securitized 2005 [Member] | Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Loans Securitized 2005 [Member] | Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Loans Securitized 2005 [Member] | Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Loans Securitized 2005 [Member] | Non-conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	2,779	2,855
Loans Securitized 2005 [Member] | Non Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	84	86
Loans Securitized 2005 [Member] | Non Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	1,201	1,242
Loans Securitized 2005 [Member] | Non Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	1,494	1,527
Loans Securitized 2005 [Member] | Other Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Loans Securitized 2007 [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	22,866	24,574
Loans Securitized 2007 [Member] | Chattel Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	15,058	16,283
Loans Securitized 2007 [Member] | Chattel Loans Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	381	411
Loans Securitized 2007 [Member] | Chattel Loans Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	7,586	8,072
Loans Securitized 2007 [Member] | Chattel Loans Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	7,091	7,800
Loans Securitized 2007 [Member] | Conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Loans Securitized 2007 [Member] | Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Loans Securitized 2007 [Member] | Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Loans Securitized 2007 [Member] | Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Loans Securitized 2007 [Member] | Non-conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	7,808	8,291
Loans Securitized 2007 [Member] | Non Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	421	435
Loans Securitized 2007 [Member] | Non Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	4,670	4,947
Loans Securitized 2007 [Member] | Non Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	2,717	2,909
Loans Securitized 2007 [Member] | Other Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Loans Unsecuritized [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	24,043	19,007
Loans Unsecuritized [Member] | Chattel Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	16,768	11,313
Loans Unsecuritized [Member] | Chattel Loans Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	359	393
Loans Unsecuritized [Member] | Chattel Loans Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	7,024	5,406
Loans Unsecuritized [Member] | Chattel Loans Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	9,012	5,081
Loans Unsecuritized [Member] | Chattel Loans Range Four [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	373	433
Loans Unsecuritized [Member] | Conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	2,235	2,200
Loans Unsecuritized [Member] | Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	159	161
Loans Unsecuritized [Member] | Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	1,746	1,792
Loans Unsecuritized [Member] | Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	330	247
Loans Unsecuritized [Member] | Non-conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	5,029	5,482
Loans Unsecuritized [Member] | Non Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	1,079	1,327
Loans Unsecuritized [Member] | Non Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	3,257	3,372
Loans Unsecuritized [Member] | Non Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	404	484
Loans Unsecuritized [Member] | Non Conforming Mortgages Range Four [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	289	299
Loans Unsecuritized [Member] | Other Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	11	12
Construction Advances [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	10,349	6,957
Construction Advances [Member] | Chattel Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Construction Advances [Member] | Chattel Loans Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Construction Advances [Member] | Chattel Loans Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Construction Advances [Member] | Chattel Loans Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Construction Advances [Member] | Conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	10,349	6,957
Construction Advances [Member] | Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	261
Construction Advances [Member] | Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	6,344	4,231
Construction Advances [Member] | Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	4,005	2,465
Construction Advances [Member] | Non-conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Construction Advances [Member] | Non Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Construction Advances [Member] | Non Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Construction Advances [Member] | Non Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Construction Advances [Member] | Other Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Consumer Loans Held For Sale [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	16,044	18,570
Consumer Loans Held For Sale [Member] | Chattel Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	2,207	3,794
Consumer Loans Held For Sale [Member] | Chattel Loans Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Consumer Loans Held For Sale [Member] | Chattel Loans Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	158	697
Consumer Loans Held For Sale [Member] | Chattel Loans Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	2,049	3,097
Consumer Loans Held For Sale [Member] | Conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	13,837	14,776
Consumer Loans Held For Sale [Member] | Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	93	99
Consumer Loans Held For Sale [Member] | Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	9,076	10,553
Consumer Loans Held For Sale [Member] | Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	4,552	4,124
Consumer Loans Held For Sale [Member] | Non-conforming Mortgages [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Consumer Loans Held For Sale [Member] | Non Conforming Mortgages Range One [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Consumer Loans Held For Sale [Member] | Non Conforming Mortgages Range Two [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Consumer Loans Held For Sale [Member] | Non Conforming Mortgages Range Three [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	0	0
Consumer Loans Held For Sale [Member] | Other Loans [Member]
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
Consumer loans receivable	$ 0	$ 0

XML

Commercial Loans Receivables and Allowance for Loan Loss (Inventory Finance Notes Receivables, Net) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016
Commercial Loans Receivable
Allowance for loan loss	$ (242)	$ (222)	$ (210)	$ (126)	$ (135)	$ (128)
Financing Receivable, Net	31,156		25,833
Direct inventory finance receivables [Member]
Commercial Loans Receivable
Financing Receivable, Gross	30,235		24,959
Allowance for loan loss	(242)		(210)
Participation inventory finance receivables [Member]
Commercial Loans Receivable
Financing Receivable, Gross	1,163		1,084
Allowance for loan loss	$ 0		$ 0

XML

Commercial Loans Receivables and Allowance for Loan Loss (Changes in the Estimated Allowance for Loan Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Changes in the Allowance for Loan Losses on Inventory Finance Receivables
Balance at beginning of period	$ 222	$ 135	$ 210	$ 128
Provision for inventory finance credit losses	(20)	9	(32)	2
Loans charged off, net of recoveries	0	0	0	0
Balance at end of period	$ 242	$ 126	$ 242	$ 126

XML

Commercial Loans Receivables and Allowance for Loan Loss (Finance Receivables by Evaluation Methodology) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016
Allowance for loan losses and inventory finance receivables by class individually and collectively evaluated for impairment
Allowance for loan loss	$ (242)	$ (222)	$ (210)	$ (126)	$ (135)	$ (128)
Direct Inventory Finance [Member]
Allowance for loan losses and inventory finance receivables by class individually and collectively evaluated for impairment
Financing Receivable, Collectively Evaluated for Impairment	16,845		13,688
Financing Receivable, Individually Evaluated for Impairment	13,390		11,271
Financing Receivable, Gross	30,235		24,959
Allowance for loan loss: collectively evaluated for impairment	(169)		(137)
Allowance for loan loss: individually evaluated for impairment	(73)		(73)
Allowance for loan loss	(242)		(210)
Participation Inventory Finance [Member]
Allowance for loan losses and inventory finance receivables by class individually and collectively evaluated for impairment
Financing Receivable, Collectively Evaluated for Impairment	0		0
Financing Receivable, Individually Evaluated for Impairment	1,163		1,084
Financing Receivable, Gross	1,163		1,084
Allowance for loan loss: collectively evaluated for impairment	0		0
Allowance for loan loss: individually evaluated for impairment	0		0
Allowance for loan loss	$ 0		$ 0

XML

Commercial Loans Receivables and Allowance for Loan Loss (Inventory Finance Receivables by Class and Credit Quality Indicator) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Apr. 01, 2017
Financing Receivable Recorded Investment [Line Items]
Weighted average contractual interest rate, commercial	5.80%	5.60%
Weighted average months to maturity, commercial	6 months	6 months
Direct Inventory Finance [Member]
Risk profile based on payment activity
Financing Receivable, Gross	$ 30,235	$ 24,959
Direct Inventory Finance [Member] | Performing [Member]
Risk profile based on payment activity
Financing Receivable, Gross	30,162	24,886
Direct Inventory Finance [Member] | Watch list [Member]
Risk profile based on payment activity
Financing Receivable, Gross	0	0
Direct Inventory Finance [Member] | Nonperforming [Member]
Risk profile based on payment activity
Financing Receivable, Gross	73	73
Participation Inventory Finance [Member]
Risk profile based on payment activity
Financing Receivable, Gross	1,163	1,084
Participation Inventory Finance [Member] | Performing [Member]
Risk profile based on payment activity
Financing Receivable, Gross	1,163	1,084
Participation Inventory Finance [Member] | Watch list [Member]
Risk profile based on payment activity
Financing Receivable, Gross	0	0
Participation Inventory Finance [Member] | Nonperforming [Member]
Risk profile based on payment activity
Financing Receivable, Gross	$ 0	$ 0

XML

Commercial Loans Receivables and Allowance for Loan Loss (Concentrations of Inventory Finance Receivables) (Details)	Sep. 30, 2017	Apr. 01, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial Loans Receivable Principal Balance Concentration	23.10%	23.00%
INDIANA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Inventory Finance Receivables Geographic Concentration Percentage	11.20%	10.70%
ARIZONA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Inventory Finance Receivables Geographic Concentration Percentage	16.10%	21.30%
CALIFORNIA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Inventory Finance Receivables Geographic Concentration Percentage	11.30%	11.00%
Texas [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Inventory Finance Receivables Geographic Concentration Percentage	11.00%	11.00%
OREGON
Accounts, Notes, Loans and Financing Receivable [Line Items]
Inventory Finance Receivables Geographic Concentration Percentage	18.70%	15.70%

XML

Commercial Loans Receivables and Allowance for Loan Loss (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016
Receivables [Abstract]
Allowance for loan loss	$ 242	$ 222	$ 210	$ 126	$ 135	$ 128
Due days for loans accounted for on a non-accrual basis and accruing loans with principal payments past	90 days or more
Due days for loans on nonaccrual status when interest is past due and remains unpaid	90 days or more
Percentage concentration of inventory finance receivables	10.00%		10.00%

XML

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Apr. 01, 2017
Property, plant and equipment
Property, plant and equipment, at cost	$ 81,909	$ 78,695
Accumulated depreciation	(23,195)	(21,731)
Property, plant and equipment, net	58,714	56,964
Land [Member]
Property, plant and equipment
Property, plant and equipment, at cost	23,276	22,897
Buildings and improvements [Member]
Property, plant and equipment
Property, plant and equipment, at cost	36,099	34,180
Machinery and equipment [Member]
Property, plant and equipment
Property, plant and equipment, at cost	$ 22,534	$ 21,618

XML

Property, Plant and Equipment (Narrative) (Details)	6 Months Ended
	Sep. 30, 2017
Buildings and improvements [Member] | Minimum [Member]
Property, Plant and Equipment (Textual) [Abstract]
Useful lives	10 years
Buildings and improvements [Member] | Maximum [Member]
Property, Plant and Equipment (Textual) [Abstract]
Useful lives	39 years
Machinery and equipment [Member] | Minimum [Member]
Property, Plant and Equipment (Textual) [Abstract]
Useful lives	3 years
Machinery and equipment [Member] | Maximum [Member]
Property, Plant and Equipment (Textual) [Abstract]
Useful lives	25 years

XML

Capital Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Apr. 01, 2017
Capital Leases [Abstract]
Capital Leases, Balance Sheet, Assets by Major Class, Net	$ 1,730
Capital Leased Assets [Line Items]
Capital Leases, Future Minimum Payments Due, Next Twelve Months	68
Capital Leases, Future Minimum Payments Due in Two Years	709
Capital Leases, Future Minimum Payments Due in Three Years	459
Capital Leases, Future Minimum Payments Due in Four Years	0
Capital Leases, Future Minimum Payments Due in Five Years	0
Capital Leases, Future Minimum Payments Due Thereafter	0
Capital Leases, Future Minimum Payments Due	1,236
Capital Leases, Future Minimum Payments, Interest Included in Payments	(75)
Capital Lease Obligations	1,161	$ 0
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation	(18)
Capital Leased Assets, Gross	1,748
Land [Member]
Capital Leased Assets [Line Items]
Capital Leased Assets, Gross	698
Building and Building Improvements [Member]
Capital Leased Assets [Line Items]
Capital Leased Assets, Gross	$ 1,050

XML

Capital Lease P (Details) $ in Thousands	Sep. 30, 2017 USD ($)
Property, Plant and Equipment [Line Items]
Capital Leased Assets, Gross	$ 1,748
Land [Member]
Property, Plant and Equipment [Line Items]
Capital Leased Assets, Gross	698
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Capital Leased Assets, Gross	$ 1,050

XML

Goodwill and Other Intangibles (Summary of Goodwill and Other Intangibles) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Apr. 01, 2017
Indefinite lived:
Gross Carrying Amount	$ 81,060	$ 77,853
Net Carrying Amount	81,060	77,853
Finite lived:
Accumulated Amortization	(6,500)	(6,316)
Gross Carrying Amount	89,544	86,337
Net Carrying Amount	83,044	80,021
Customer relationships [Member]
Finite lived:
Gross Carrying Amount	7,100	7,100
Accumulated Amortization	(5,649)	(5,543)
Net Carrying Amount	1,451	1,557
Other Intangible Assets [Member]
Finite lived:
Gross Carrying Amount	1,384	1,384
Accumulated Amortization	(851)	(773)
Net Carrying Amount	533	611
Goodwill [Member]
Acquired Finite and Indefinite Lived Intangible Assets [Line Items]
Goodwill	72,760	69,753
Trademarks and trade names [Member]
Acquired Finite and Indefinite Lived Intangible Assets [Line Items]
Indefinite lived intangible assets including goodwill.	7,200	7,000
State insurance licenses [Member]
Acquired Finite and Indefinite Lived Intangible Assets [Line Items]
Indefinite lived intangible assets including goodwill.	$ 1,100	$ 1,100

XML

Goodwill and Other Intangibles (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Goodwill and Other Intangibles (Textual) [Abstract]
Impairment expense			$ 0
Amortization expense on intangible assets	$ 92,000	$ 92,000	$ 184,000	$ 184,000
Minimum [Member] | Customer relationships [Member]
Goodwill and Other Intangibles (Textual) [Abstract]
Finite-lived intangibles, estimated useful life			4 years
Minimum [Member] | Technology [Member]
Goodwill and Other Intangibles (Textual) [Abstract]
Finite-lived intangibles, estimated useful life			7 years
Maximum [Member] | Customer relationships [Member]
Goodwill and Other Intangibles (Textual) [Abstract]
Finite-lived intangibles, estimated useful life			15 years

XML

Accrued Liabilities (Details) - USD ($)	Sep. 30, 2017	Apr. 01, 2017
Accrued liabilities
Salaries, wages and benefits	$ 19,958,000	$ 22,029,000
Customer deposits	19,202,000	15,986,000
Unearned insurance premiums	17,057,000	17,488,000
Estimated warranties	16,470,000	15,479,000
Accrued Volume Rebates	8,030,000	5,686,000
Liabilities Related To Consumer Loans Sold	4,311,000	5,858,000
Accrued Insurance, Current	4,509,000	4,113,000
Liability for Unpaid Claims and Claims Adjustment Expense, Reported and Incurred but Not Reported (IBNR) Claims	24,870,000	5,239,000
Deferred Margin Current	3,595,000	2,906,000
Accrued Income Taxes	2,704,000	1,682,000
Assets Sold under Agreements to Repurchase, Repurchase Liability	1,692,000	1,749,000
Capital Lease Obligations	1,161,000	0
Other	17,282,000	11,574,000
Total accrued liabilities	$ 140,841,000	$ 109,789,000

XML

Warranties (Activity for Estimated Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Product Warranties Disclosures [Abstract]
Product Warranty Accrual, Additions from Business Acquisition	$ 0	$ 0	$ 838	$ 0
Accrual for estimated warranties
Balance at beginning of period	16,316	13,718	15,479	13,371
Charged to costs and expenses	7,399	6,144	12,622	12,280
Payments and deductions	(7,245)	(5,816)	(12,469)	(11,605)
Balance at end of period	$ 16,470	$ 14,046	$ 16,470	$ 14,046

XML

Warranties (Narrative) (Details)	6 Months Ended
	Sep. 30, 2017
Product Warranties Disclosures [Abstract]
Warranties against manufacturing defects	1 year

XML

Debt Obligations (Summary of Debt Obligations) (Details) - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2005	Sep. 30, 2017	Apr. 01, 2017	Mar. 22, 2007	Jul. 12, 2005
Debt Instrument [Line Items]
Initial Amount of Securitized Financings				$ 101,900	$ 118,400
Debt Obligations
Securitized financing 2005-1		$ 21,993	$ 23,756
Securitized financing 2007-1		24,025	25,728
Other Secured Financings		4,965	4,987
Long-term Line of Credit		8,040	3,520
Total debt obligations		$ 59,023	$ 57,991
Securitized Financing 2005-1 [Member]
Debt Instrument [Line Items]
Securitized Financings Expected Weighted Average Maturity	4 years 7 months 28 days

XML

Debt Obligations (Summarizes Securitized Financings) (Details) - USD ($) $ in Thousands		6 Months Ended
		Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 15,000
Maximum Advance under Secured Credit Facility		80.00%
Line of Credit Facility, Interest Rate Description		0.0475
Line of Credit Facility, Frequency of Payment and Payment Terms		20 year amortization schedule
Acquired Securitized Financings
Securitized financings - contractual amount		$ 51,727		$ 57,120
Purchase Discount
Accretable yield		(5,709)	$ (6,666)	(7,636)	$ (9,790)	$ (11,459)	$ (12,333)
Non-accretable difference	[1]	0		0
Total securitized financings, net		$ 46,018		$ 49,484
Secured Debt [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description		10 year US Treasury bonds plus 2.75%

[1] There is no non-accretable difference, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans.

XML

Debt Obligations (Changes in Accretable Yield on Securitized Financings) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Accretable Yield Movement on Acquired Securitized Financings
Balance at the beginning of the period	$ 6,666	$ 11,459	$ 7,636	$ 12,333
Accretion	(846)	(938)	(1,716)	(1,906)
Adjustment to cash flows	(111)	(731)	(211)	(637)
Balance at the end of the period	$ 5,709	$ 9,790	$ 5,709	$ 9,790

XML

Debt Obligations (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	Mar. 31, 2007	Jul. 31, 2005	Sep. 30, 2017	Mar. 22, 2007	Jul. 12, 2005
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate Description			0.0475
Issuance Dates	Mar. 22, 2007	Jul. 12, 2005
Total amount of loans included in initial securitization				$ 116.5	$ 141.0
Total amount of bonds issued to fund initial securitization				101.9	118.4
Class A-1 [Member]
Debt Instrument [Line Items]
Amount of bonds				$ 28.9	$ 36.3
Coupon rate				5.484%	4.23%
Class A-2 [Member]
Debt Instrument [Line Items]
Amount of bonds				$ 23.4	$ 27.4
Coupon rate				5.232%	4.42%
Class A-3 [Member]
Debt Instrument [Line Items]
Amount of bonds				$ 24.5	$ 27.3
Coupon rate				5.593%	4.80%
Class A-4 [Member]
Debt Instrument [Line Items]
Amount of bonds				$ 25.1	$ 27.4
Coupon rate				5.846%	5.20%
Securitized Financing 2005-1 [Member]
Debt Instrument [Line Items]
Expected weighted average maturity		4 years 7 months 28 days
Securitized Financing 2007-1 [Member]
Debt Instrument [Line Items]
Expected weighted average maturity	4 years 10 months 10 days
Warehouse Agreement Borrowings [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate Description			average one month LIBOR rates plus 3.50%

XML

Reinsurance (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2017

Oct. 01, 2016

Sep. 30, 2017

Oct. 01, 2016

Effects of Reinsurance [Line Items]

Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block]

The effects of reinsurance on premiums written and earned are as follows (in thousands):

	Three Months Ended
	September 30, 2017						October 1, 2016
	Written			Earned			Written			Earned
Direct premiums	$	3,628		$	4,137		$	3,749		$	3,992
Assumed premiums—nonaffiliate	6,210			6,326			6,152			5,941
Ceded premiums—nonaffiliate	(4,309		)	(4,309		)	(3,077		)	(3,077		)
Net premiums	$	5,529		$	6,154		$	6,824		$	6,856

Reinsurance Effect on Premiums Written and Earned

Direct premiums Written

$ 3,628

$ 3,749

$ 7,994

$ 8,135

Assumed premiums - nonaffiliate Written

6,210

6,152

12,470

13,099

Ceded premiums - nonaffiliate Written

(4,309)

(3,077)

(7,257)

(6,297)

Net premiums Written

5,529

6,824

13,207

14,937

Direct premiums Earned

4,137

3,992

8,287

7,918

Assumed premiums - nonaffiliate Earned

6,326

5,941

12,593

11,573

Ceded premiums - nonaffiliate Earned

(4,309)

(3,077)

(7,257)

(6,297)

Net premiums Earned

$ 6,154

$ 6,856

$ 13,623

$ 13,194

XML

Reinsurance (Details Textual)	6 Months Ended
	Sep. 30, 2017 USD ($)
Insurance [Abstract]
Insurance policies maximum coverage per claim	$ 300,000
Insurance policies coverage per claim ceded to reinsurers	200,000
Insurance policy risk of loss maintained per claim	100,000
Catastrophic losses recoverable in excess of amount	1,500,000
Aggregate catastrophic losses recoverable in excess of amount	$ 43,500,000

XML

Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016	Apr. 01, 2017
Loss Contingencies [Line Items]
Repurchase agreements period, minimum			18 months
Repurchase agreements period, maximum			36 months
Repurchase agreements maximum amount contingently liable	$ 46,600,000		$ 46,600,000
Reserve for repurchase commitments	(1,692,000)		(1,692,000)		$ (1,749,000)
Reserve for contingent repurchase and indemnification obligations	888,000		$ 888,000		$ 885,000
IRLC Loan Commitment Range Minimum			30 days
IRLC Loan Commitment Range Maximum			180 days
CountryPlace [Member]
Loss Contingencies [Line Items]
IRLCs recorded at fair value	12,700,000		$ 12,700,000
Recognized gain on outstanding IRLCs	10,000	$ (18,000)	(15,000)	$ 10,000
Forward Commitments Recorded at Fair Value	45,400,000		45,400,000
Recognized gain (loss) on the forward sales and whole loan commitments	(227,000)	$ 33,000	(72,000)	$ (11,000)
Reinsurance Obligations [Member] | Letter of Credit [Member]
Loss Contingencies [Line Items]
Letter of Credit	$ 7,000,000		$ 7,000,000

XML

Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016	Apr. 01, 2017
Loan Contracts with Off-Balance Sheet Commitments
Construction loan contract amount	$ 25,913,000		$ 25,913,000		$ 18,031,000
Cumulative advances	(10,349,000)		(10,349,000)		(6,957,000)
Remaining construction contingent commitment	15,564,000		15,564,000		$ 11,074,000
CountryPlace Commitment [Member]
Loss Contingencies [Line Items]
Recognized gain (loss) on the forward sales and whole loan commitments	(227,000)	$ 33,000	(72,000)	$ (11,000)
Gain (Loss) on Derivative Instruments, Net, Pretax	$ 10,000	$ (18,000)	$ (15,000)	$ 10,000

XML

Stockholders' Equity (Details) - USD ($)		3 Months Ended		6 Months Ended
		Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 69,000		$ 69,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, common stock, shares				8,994,968
Beginning balance				$ 394,408,000
Stock option exercises, amount				(1,583,000)
Stock-based compensation				1,535,000
Net income		$ 6,182,000	$ 9,341,000	17,935,000	$ 14,784,000
Other comprehensive loss	[1]			$ 604,000
Ending balance, common stock, shares		9,027,594		9,027,594
Ending balance		$ 412,968,000		$ 412,968,000
Pre-tax unrealized loss on available-for-sale investments				$ 983,000,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, common stock, shares				8,994,968
Beginning balance				$ 90,000
Stock option exercises, shares				32,626
Stock option exercises, amount				$ 0
Stock-based compensation				0
Net income				0
Other comprehensive loss				$ 0
Ending balance, common stock, shares		9,027,594		9,027,594
Ending balance		$ 90,000		$ 90,000
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				244,791,000
Stock option exercises, amount				(1,583,000)
Stock-based compensation				1,535,000
Net income				0
Other comprehensive loss				0
Ending balance		244,743,000		244,743,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				148,141,000
Stock option exercises, amount
Stock-based compensation				0
Net income				17,935,000
Other comprehensive loss				0
Ending balance		166,145,000		166,145,000
Accumulated other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				1,386,000
Stock option exercises, amount				0
Stock-based compensation				0
Net income				0
Other comprehensive loss	[1]			604,000
Ending balance		$ 1,990,000		$ 1,990,000

[1] Other comprehensive income is comprised of unrealized gains and losses on available-for-sale investments. Unrealized gains before tax effect on available-for-sale securities were $983,000 for the six months ended September 30, 2017.

XML

Stock-Based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of Cavco common stock authorized for grant under stock incentive plans	1,650,000		1,650,000
Number of shares of Cavco common stock available for grant under stock incentive plans	342,451		342,451
Stock option exercise price as a percent of fair value of common stock			100.00%
Stock option expiration period			7 years
Typical vesting period of stock options and restricted stock awards			5 years
Stock-based compensation cost charged against income	$ 1,022,000	$ 987,000	$ 1,535,000	$ 1,400,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to stock options	$ 4,000,000		$ 4,000,000
Weighted-average period over stock options expected to be recognized			3 years 4 months 7 days

XML

Stock-Based Compensation (Stock Option Activity) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 1,022,000	$ 987,000	$ 1,535,000	$ 1,400,000
Stock Options [Member]
Stock Option Activity, Number of Shares [Roll Forward]
Beginning balance, shares outstanding			464,930
Granted			38,000
Exercised			(66,875)
Canceled or forfeited			0
Ending balance, shares outstanding	436,055		436,055
Shares exercisable	215,871		215,871

XML

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Earnings Per Share Computation
Net income attributable to Cavco common stockholders	$ 6,182	$ 9,341	$ 17,935	$ 14,784
Weighted average shares outstanding:
Basic (in shares)	9,020,834	8,980,303	9,013,917	8,958,784
Common stock equivalents - treasury stock method (in shares)	161,065	120,530	157,598	133,869
Diluted (in shares)	9,181,899	9,100,833	9,171,515	9,092,653
Net income per share attributable to Cavco common stockholders:
Basic (usd per share)	$ 0.69	$ 1.04	$ 1.99	$ 1.65
Diluted (usd per share)	$ 0.67	$ 1.03	$ 1.96	$ 1.63
Anti-dilutive stock equivalents excluded from computation	4,867	4,155	8,432	7,941

XML

Fair Value Measurements (Book Value and Estimated Fair Value) (Details) - USD ($) $ in Thousands		Sep. 30, 2017	Apr. 01, 2017
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Servicing Asset at Fair Value, Amount		$ 1,310	$ 1,110
Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, Fair Value Disclosure	[1]	27,713	24,162
Non-marketable equity investments, Fair Value Disclosure	[2]	18,543	17,383
Notes Receivable, Fair Value Disclosure	[3]	97,501	95,801
Interest Rate Lock Commitments Fair Value Disclosure	[4]	21	35
Forward Commitments Fair Value Disclosure	[4]	159	(86)
Inventory Finance Receivable	[5]	31,156	25,833
Securitized Financings	[6]	(59,023)	(57,991)
Servicing Asset at Fair Value, Amount	[7]	1,310	1,110
Estimate of Fair Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investments, Fair Value Disclosure	[1]	27,713	24,162
Non-marketable equity investments, Fair Value Disclosure	[2]	18,543	17,383
Notes Receivable, Fair Value Disclosure	[3]	122,711	121,021
Interest Rate Lock Commitments Fair Value Disclosure	[4]	21	35
Forward Commitments Fair Value Disclosure	[4]	159	(86)
Inventory Finance Receivable	[5]	31,249	25,841
Securitized Financings	[6]	(64,460)	(61,270)
Servicing Asset at Fair Value, Amount	[7]	1,310	$ 1,110
Fair Value, Measurements, Nonrecurring [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Securitized Financings		(64,460)
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Inventory Finance Receivable		0
Securitized Financings		0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Inventory Finance Receivable		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Inventory Finance Receivable		31,249
Securitized Financings		0
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Inventory Finance Receivable		$ 31,249

[1] the fair value is based on quoted market prices. The fair value of Level 2 securities is based on other inputs, as further described below.

[2] The fair value approximates book value based on the non-marketable nature of the investments.

[3] Includes consumer loans receivable held for investment, held for sale and construction advances. The fair value of the loans held for investment is based on the discounted value of the remaining principal and interest cash flows. The fair value of the loans held for sale are estimated based on recent GSE mortgage-backed bond prices. The fair value of the construction advances approximates book value and the sales price of these loans is estimated based on construction completed.

[4] The fair values are based on changes in GSE mortgage-backed bond prices and, additionally for IRLCs, pull through rates.

[5] The fair value is estimated using market interest rates of comparable loans.

[6] The fair value is estimated using recent public transactions of similar asset-backed securities.

[7] The fair value of the mortgage servicing rights is based on the present value of expected net cash flows related to servicing these loans.

XML

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands		Sep. 30, 2017	Apr. 01, 2017
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Servicing Asset at Fair Value, Amount		$ 1,310	$ 1,110
Recurring [Member] | US Treasury and Government [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	(648)
Recurring [Member] | Mortgage-backed securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	(6,456)
Recurring [Member] | Securities issued by states and political subdivisions [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	(6,301)
Recurring [Member] | Corporate debt securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	(1,681)
Recurring [Member] | Marketable equity securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	(9,865)
Recurring [Member] | Interest rate lock commitments [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[2]	(21)
Recurring [Member] | Forward loan sale commitments [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[2]	(159)
Recurring [Member] | Mortgage servicing rights [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[3]	(1,310)
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Construction Loan		10,350
Inventory Finance Receivable		31,249
Loans Held for Investment Fair Value Disclosure		95,136
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Construction Loan		0
Inventory Finance Receivable		0
Loans Held for Investment Fair Value Disclosure		0
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | US Treasury and Government [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	0
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Mortgage-backed securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	0
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Securities issued by states and political subdivisions [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	0
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Corporate debt securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	0
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Marketable equity securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	(9,865)
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Interest rate lock commitments [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[2]	0
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Forward loan sale commitments [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[2]	0
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | Mortgage servicing rights [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[3]	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Construction Loan		0
Inventory Finance Receivable		0
Loans Held for Investment Fair Value Disclosure		0
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | US Treasury and Government [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	(648)
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Mortgage-backed securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	(6,456)
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Securities issued by states and political subdivisions [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	(6,301)
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Corporate debt securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	(1,681)
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Marketable equity securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	0
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Interest rate lock commitments [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[2]	0
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Forward loan sale commitments [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[2]	0
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | Mortgage servicing rights [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[3]	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Construction Loan		10,350
Inventory Finance Receivable		31,249
Loans Held for Investment Fair Value Disclosure		95,136
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | US Treasury and Government [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	0
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Mortgage-backed securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	0
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Securities issued by states and political subdivisions [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	0
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Corporate debt securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	0
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Marketable equity securities [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[1]	0
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Interest rate lock commitments [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[2]	(21)
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Forward loan sale commitments [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[2]	(159)
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | Mortgage servicing rights [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets fair value	[3]	$ (1,310)

[1] Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date

[2] Gains or losses on derivatives are recognized in current period earnings through cost of sales.

[3] Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through net revenue.

XML

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Apr. 01, 2017
Summary of Assets and Liabilities Measured at Fair Value for Disclosure
Equity Method Investments	$ 18,543	$ 17,383
Non Recurring [Member]
Summary of Assets and Liabilities Measured at Fair Value for Disclosure
Securitized Financings	64,460
Estimate of Fair Value Measurement [Member] | Non Recurring [Member]
Summary of Assets and Liabilities Measured at Fair Value for Disclosure
Loans held for investment	95,136
Loans held for sale	17,225
Construction Loan	10,350
Inventory Finance Receivable	31,249
Level 1 [Member] | Non Recurring [Member]
Summary of Assets and Liabilities Measured at Fair Value for Disclosure
Loans held for investment	0
Loans held for sale	0
Construction Loan	0
Inventory Finance Receivable	0
Securitized Financings	0
Equity Method Investments	0
Level 2 [Member] | Non Recurring [Member]
Summary of Assets and Liabilities Measured at Fair Value for Disclosure
Loans held for investment	0
Loans held for sale	0
Construction Loan	0
Inventory Finance Receivable	0
Equity Method Investments	0
Level 3 [Member] | Non Recurring [Member]
Summary of Assets and Liabilities Measured at Fair Value for Disclosure
Loans held for investment	95,136
Loans held for sale	17,225
Construction Loan	10,350
Inventory Finance Receivable	31,249
Securitized Financings	0
Equity Method Investments	$ 18,543

XML

Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) $ in Thousands	Sep. 30, 2017 USD ($) Loans	Apr. 01, 2017 USD ($) Loans
Fair Value Disclosures [Abstract]
Number of loans serviced with MSRs | Loans	4,200	4,041
Weighted average servicing fee (basis points)	0.3178%	0.3142%
Capitalized servicing multiple	83.10%	74.79%
Capitalized servicing rate (basis points)	0.2641%	0.235%
Serviced portfolio with MSRs	$ 496,010	$ 472,492
Mortgage servicing rights	$ 1,310	$ 1,110

XML

Fair Value Measurements (Narrative) (Details)	6 Months Ended
	Sep. 30, 2017 USD ($)
Fair Value Measurements (Textual) [Abstract]
Fair Value, Assets, Level 1, Level 2, or Level 3 Transfers, Amount	$ 0
Impairment charges on assets held for sale or held and used	$ 0
Typical period a loan is held for sale	45 days

XML

Business Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017 USD ($)	Oct. 01, 2016 USD ($)	Sep. 30, 2017 USD ($) Segment	Oct. 01, 2016 USD ($)
Business Segment Information
Number of operating segments | Segment			2
Net revenue	$ 200,507	$ 188,348	$ 407,323	$ 373,489
Income before income taxes	8,499	13,098	24,150	21,528
Factory-built housing [Member]
Business Segment Information
Net revenue	187,380	175,481	380,262	347,967
Income before income taxes	8,584	10,329	21,754	21,067
Financial services [Member]
Business Segment Information
Net revenue	13,127	12,867	27,061	25,522
Income before income taxes	$ (85)	$ 2,769	$ 2,396	$ 461