QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices, including zip code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
(Nasdaq Global Select Market) |
☒ | Accelerated Filer | ☐ | |||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | |||||||||
Emerging Growth Company |
Page | |||||
September 26, 2020 | March 28, 2020 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash, current | |||||||||||
Accounts receivable, net | |||||||||||
Short-term investments | |||||||||||
Current portion of consumer loans receivable, net | |||||||||||
Current portion of commercial loans receivable, net | |||||||||||
Current portion of commercial loans receivable from affiliates, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Restricted cash | |||||||||||
Investments | |||||||||||
Consumer loans receivable, net | |||||||||||
Commercial loans receivable, net | |||||||||||
Commercial loans receivable from affiliates, net | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangibles, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portion of secured credit facilities and other | |||||||||||
Total current liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Secured credit facilities and other | |||||||||||
Deferred income taxes | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income | |||||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Reclassification adjustment for securities sold or matured | |||||||||||||||||||||||
Applicable income taxes | ( | ( | ( | ||||||||||||||||||||
Net change in unrealized position of investments held | |||||||||||||||||||||||
Applicable income taxes | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Six Months Ended | |||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Provision for credit losses | |||||||||||
Deferred income taxes | ( | ||||||||||
Stock-based compensation expense | |||||||||||
Non-cash interest income, net | ( | ( | |||||||||
Loss (gain) on sale or retirement of property, plant and equipment, net | ( | ||||||||||
Gain on investments and sale of loans, net | ( | ( | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Consumer loans receivable originated | ( | ( | |||||||||
Proceeds from sales of consumer loans | |||||||||||
Principal payments received on consumer loans receivable | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Commercial loans receivable | ( | ||||||||||
Accounts payable and accrued expenses and other current liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Payments for acquisition, net | ( | ||||||||||
Proceeds from sale of property, plant and equipment | |||||||||||
Purchases of investments | ( | ( | |||||||||
Proceeds from sale of investments | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Payments for exercise of stock options | ( | ( | |||||||||
Proceeds from secured financings and other | |||||||||||
Payments on securitized financings and other | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net increase in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | |||||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for income taxes | $ | $ | |||||||||
Cash paid for interest | $ | $ | |||||||||
Supplemental disclosures of noncash activity: | |||||||||||
GNMA loans eligible for repurchase | $ | $ | |||||||||
Right-of-use assets recognized | $ | $ | |||||||||
Operating lease obligations incurred | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Factory-built housing | |||||||||||||||||||||||
U.S. Housing and Urban Development code homes | $ | $ | $ | $ | |||||||||||||||||||
Modular homes | |||||||||||||||||||||||
Park model RVs | |||||||||||||||||||||||
Other (1) | |||||||||||||||||||||||
Net revenue from factory-built housing | |||||||||||||||||||||||
Financial services | |||||||||||||||||||||||
Insurance agency commissions received from third-party insurance companies | |||||||||||||||||||||||
Other (2) | |||||||||||||||||||||||
Net revenue from financial services | |||||||||||||||||||||||
Total Net revenue | $ | $ | $ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Cash related to CountryPlace customer payments to be remitted to third parties | $ | $ | |||||||||
Other restricted cash | |||||||||||
$ | $ |
September 26, 2020 | March 28, 2020 | September 28, 2019 | March 30, 2019 | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash, current | |||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Cash, cash equivalents and restricted cash per statement of cash flows | $ | $ | $ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Available-for-sale debt securities | $ | $ | |||||||||
Marketable equity securities | |||||||||||
Non-marketable equity investments | |||||||||||
Less current portion | ( | ( | |||||||||
$ | $ |
September 26, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | $ | ( | $ | ||||||||||||||||||
State and political subdivision debt securities | |||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ |
March 28, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | $ | ( | $ | ||||||||||||||||||
State and political subdivision debt securities | ( | ||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ |
September 26, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
State and political subdivision debt securities | |||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( |
March 28, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
State and political subdivision debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( |
September 26, 2020 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
Due in less than one year | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Mortgage-backed securities | |||||||||||
$ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||
Net gains on securities held | $ | $ | $ | $ | |||||||||||||||||||
Net (losses) gains on securities sold | ( | ( | ( | ||||||||||||||||||||
$ | $ | $ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
$ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Loans held for investment (at Acquisition Date, defined below) | $ | $ | |||||||||
Loans held for investment (originated after Acquisition Date) | |||||||||||
Loans held for sale | |||||||||||
Construction advances | |||||||||||
Deferred financing fees and other, net | ( | ( | |||||||||
Allowance for loan losses | ( | ( | |||||||||
Less current portion | ( | ( | |||||||||
$ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Impact of adoption of ASU 2016-13 | |||||||||||||||||||||||
Change in estimated loan losses, net | ( | ( | |||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Allowance for loan losses at end of period | $ | $ | $ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Weighted average contractual interest rate | % | % | |||||||||
Weighted average effective interest rate | % | % | |||||||||
Weighted average months to maturity |
September 26, 2020 | March 28, 2020 | ||||||||||
Current | $ | $ | |||||||||
31-to-60 days | |||||||||||
61-to-90 days | |||||||||||
91+ days | |||||||||||
$ | $ |
September 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | March 28, 2020 | ||||||||||||||||||||||||||||||||||||||||
Prime- FICO score 680 and greater | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Near Prime- FICO score 620-679 | |||||||||||||||||||||||||||||||||||||||||||||||
Sub-Prime- FICO score less than 620 | |||||||||||||||||||||||||||||||||||||||||||||||
No FICO score | |||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Direct loans receivable | $ | $ | |||||||||
Participation loans receivable | |||||||||||
Allowance for loan losses | ( | ( | |||||||||
Deferred financing fees, net | ( | ( | |||||||||
Less current portion of commercial loans receivable (including from affiliates), net | ( | ( | |||||||||
$ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Weighted average contractual interest rate | % | % | |||||||||
Weighted average months to maturity |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Impact of adoption of ASU 2016-13 | |||||||||||||||||||||||
Change in estimated loan losses, net | ( | ( | ( | ( | |||||||||||||||||||
Loans charged off, net of recoveries | |||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
September 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Total | March 28, 2020 | ||||||||||||||||||||||||||||||||||||||
Risk profile based on payment activity: | ||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Watch list | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Property, plant and equipment, at cost: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
$ | $ |
Operating Leases | Finance Leases | Total | |||||||||||||||
Remainder of 2021 | $ | $ | $ | ||||||||||||||
2022 | |||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
Thereafter | |||||||||||||||||
Less amount representing interest | ( | ( | ( | ||||||||||||||
Less current portion | ( | ( | ( | ||||||||||||||
$ | $ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Indefinite-lived: | |||||||||||||||||||||||||||||||||||
Goodwill | $ | $ | — | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Trademarks and trade names | — | — | |||||||||||||||||||||||||||||||||
State insurance licenses | — | — | |||||||||||||||||||||||||||||||||
— | — | ||||||||||||||||||||||||||||||||||
Finite-lived: | |||||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Customer deposits | $ | $ | |||||||||
Salaries, wages and benefits | |||||||||||
Company repurchase options on certain loans sold | |||||||||||
Unearned insurance premiums | |||||||||||
Estimated warranties | |||||||||||
Accrued volume rebates | |||||||||||
Insurance loss reserves | |||||||||||
Accrued self-insurance | |||||||||||
Operating lease liabilities | |||||||||||
Accrued taxes | |||||||||||
Reserve for repurchase commitments | |||||||||||
Other | |||||||||||
$ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Purchase accounting additions | |||||||||||||||||||||||
Charged to costs and expenses | |||||||||||||||||||||||
Payments and deductions | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Secured credit facilities | $ | $ | |||||||||
Other secured financings | |||||||||||
Finance lease liabilities | |||||||||||
Less current portion | ( | ( | |||||||||
$ | $ |
Three Months Ended | |||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | $ | $ | $ | |||||||||||||||||||
Assumed premiums—nonaffiliated | |||||||||||||||||||||||
Ceded premiums—nonaffiliated | ( | ( | ( | ( | |||||||||||||||||||
$ | $ | $ | $ |
Six Months Ended | |||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | $ | $ | $ | |||||||||||||||||||
Assumed premiums—nonaffiliated | |||||||||||||||||||||||
Ceded premiums—nonaffiliated | ( | ( | ( | ( | |||||||||||||||||||
$ | $ | $ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||
Construction loan contract amount | $ | $ | |||||||||
Cumulative advances | ( | ( | |||||||||
$ | $ |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income | Total | ||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, March 28, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Cumulative effect of implementing ASU 2016-13, net | — | ( | ( | ||||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | ( | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | ||||||||||||||||||||||||||||||||||
Balance, June 27, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | ||||||||||||||||||||||||||||||||||
Balance, September 26, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total | ||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, March 30, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | ( | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | ||||||||||||||||||||||||||||||||||
Balance, June 29, 2019 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | ||||||||||||||||||||||||||||||||||
Balance, September 28, 2019 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
September 26, 2020 | March 28, 2020 | ||||||||||||||||||||||
Book Value | Estimated Fair Value | Book Value | Estimated Fair Value | ||||||||||||||||||||
Available-for-sale debt securities | $ | $ | $ | $ | |||||||||||||||||||
Marketable equity securities | |||||||||||||||||||||||
Non-marketable equity investments | |||||||||||||||||||||||
Consumer loans receivable | |||||||||||||||||||||||
Interest rate lock commitment derivatives | |||||||||||||||||||||||
Forward loan sale commitment derivatives | ( | ( | |||||||||||||||||||||
Commercial loans receivable | |||||||||||||||||||||||
Securitized financings and other | ( | ( | ( | ( | |||||||||||||||||||
September 26, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Residential mortgage-backed securities (1) | $ | $ | $ | $ | |||||||||||||||||||
State and political subdivision debt securities (1) | |||||||||||||||||||||||
Corporate debt securities (1) | |||||||||||||||||||||||
Marketable equity securities (2) | |||||||||||||||||||||||
Interest rate lock commitment derivatives (3) | |||||||||||||||||||||||
Forward loan sale commitment derivatives (3) | |||||||||||||||||||||||
Mortgage servicing rights (4) |
March 28, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Residential mortgage-backed securities (1) | $ | $ | $ | $ | |||||||||||||||||||
State and political subdivision debt securities (1) | |||||||||||||||||||||||
Corporate debt securities (1) | |||||||||||||||||||||||
Marketable equity securities (2) | |||||||||||||||||||||||
Interest rate lock commitment derivatives (3) | |||||||||||||||||||||||
Forward loan sale commitment derivatives (3) | ( | ( | |||||||||||||||||||||
Mortgage servicing rights (4) |
September 26, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Loans held for investment | $ | $ | $ | $ | |||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Construction advances | |||||||||||||||||||||||
Commercial loans receivable | |||||||||||||||||||||||
Securitized financings and other | ( | ( | |||||||||||||||||||||
Non-marketable equity investments |
March 28, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Loans held for investment | $ | $ | $ | $ | |||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Construction advances | |||||||||||||||||||||||
Commercial loans receivable | |||||||||||||||||||||||
Securitized financings and other | ( | ( | |||||||||||||||||||||
Non-marketable equity investments |
September 26, 2020 | March 28, 2020 | ||||||||||
Number of loans serviced with MSRs | |||||||||||
Weighted average servicing fee (basis points) | 31.81 | 31.12 | |||||||||
Capitalized servicing multiple | % | % | |||||||||
Capitalized servicing rate (basis points) | 17.97 | 20.91 | |||||||||
Serviced portfolio with MSRs (in thousands) | $ | $ | |||||||||
Mortgage servicing rights (in thousands) | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Diluted net income per share |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Factory-built housing | $ | $ | $ | $ | |||||||||||||||||||
Financial services | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Income before income taxes: | |||||||||||||||||||||||
Factory-built housing | $ | $ | $ | $ | |||||||||||||||||||
Financial services | |||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except homes sold and revenue per home sold) | September 26, 2020 | September 28, 2019 | Change | % Change | |||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Factory-built housing | $ | 240,967 | $ | 252,690 | $ | (11,723) | (4.6) | % | |||||||||||||||
Financial services | 17,009 | 15,985 | 1,024 | 6.4 | % | ||||||||||||||||||
$ | 257,976 | $ | 268,675 | $ | (10,699) | (4.0) | % | ||||||||||||||||
Total homes sold | 3,427 | 3,781 | (354) | (9.4) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 70,314 | $ | 66,832 | $ | 3,482 | 5.2 | % |
Six Months Ended | |||||||||||||||||||||||
($ in thousands, except homes sold and revenue per home sold) | September 26, 2020 | September 28, 2019 | Change | % Change | |||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Factory-built housing | $ | 479,057 | $ | 501,458 | $ | (22,401) | (4.5) | % | |||||||||||||||
Financial services | 33,720 | 31,259 | 2,461 | 7.9 | % | ||||||||||||||||||
$ | 512,777 | $ | 532,717 | $ | (19,940) | (3.7) | % | ||||||||||||||||
Total homes sold | 6,776 | 7,588 | (812) | (10.7) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 70,699 | $ | 66,086 | $ | 4,613 | 7.0 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | $ Change | % Change | |||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Factory-built housing | $ | 46,155 | $ | 48,639 | $ | (2,484) | (5.1) | % | |||||||||||||||
Financial services | 7,386 | 9,828 | (2,442) | (24.8) | % | ||||||||||||||||||
$ | 53,541 | $ | 58,467 | $ | (4,926) | (8.4) | % | ||||||||||||||||
Gross profit as % of Net revenue: | |||||||||||||||||||||||
Consolidated | 20.8 | % | 21.8 | % | N/A | (1.0) | % | ||||||||||||||||
Factory-built housing | 19.2 | % | 19.2 | % | N/A | — | % | ||||||||||||||||
Financial services | 43.4 | % | 61.5 | % | N/A | (18.1) | % |
Six Months Ended | |||||||||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | $ Change | % Change | |||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Factory-built housing | $ | 93,147 | $ | 100,774 | $ | (7,627) | (7.6) | % | |||||||||||||||
Financial services | 15,717 | 17,991 | (2,274) | (12.6) | % | ||||||||||||||||||
$ | 108,864 | $ | 118,765 | $ | (9,901) | (8.3) | % | ||||||||||||||||
Gross profit as % of Net revenue: | |||||||||||||||||||||||
Consolidated | 21.2 | % | 22.3 | % | N/A | (1.1) | % | ||||||||||||||||
Factory-built housing | 19.4 | % | 20.1 | % | N/A | (0.7) | % | ||||||||||||||||
Financial services | 46.6 | % | 57.6 | % | N/A | (11.0) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | $ Change | % Change | |||||||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||||
Factory-built housing | $ | 30,725 | $ | 31,580 | $ | (855) | (2.7) | % | |||||||||||||||
Financial services | 4,728 | 4,503 | 225 | 5.0 | % | ||||||||||||||||||
$ | 35,453 | $ | 36,083 | $ | (630) | (1.7) | % | ||||||||||||||||
Selling, general and administrative expenses as % of Net revenue: | 13.7 | % | 13.4 | % | N/A | 0.3 | % |
Six Months Ended | |||||||||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | $ Change | % Change | |||||||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||||
Factory-built housing | $ | 61,462 | $ | 62,331 | $ | (869) | (1.4) | % | |||||||||||||||
Financial services | 9,314 | 9,016 | 298 | 3.3 | % | ||||||||||||||||||
$ | 70,776 | $ | 71,347 | $ | (571) | (0.8) | % | ||||||||||||||||
Selling, general and administrative expenses as % of Net revenue: | 13.8 | % | 13.4 | % | N/A | 0.4 | % |
Six Months Ended | |||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | $ Change | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | $ | 255,607 | $ | 199,869 | $ | 55,738 | |||||||||||
Net cash provided by operating activities | 74,609 | 43,593 | 31,016 | ||||||||||||||
Net cash used in investing activities | (82) | (18,308) | 18,226 | ||||||||||||||
Net cash used in financing activities | (865) | (19,345) | 18,480 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | 329,269 | $ | 205,809 | $ | 123,460 |
Exhibit No. | Exhibit | |||||||
(1) | ||||||||
(1) | ||||||||
(2) | ||||||||
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Cavco Industries, Inc. | |||||||||||
Registrant | |||||||||||
Signature | Title | Date | |||||||||
/s/ William C. Boor | President and Chief Executive Officer | October 30, 2020 | |||||||||
William C. Boor | (Principal Executive Officer) | ||||||||||
/s/ Paul Bigbee | Chief Accounting Officer | October 30, 2020 | |||||||||
Paul Bigbee | (Principal Financial and Accounting Officer) | ||||||||||
Dated: | October 30, 2020 | ||||
By: | /s/ William C. Boor | ||||
William C. Boor | |||||
President and Chief Executive Officer (Principal Executive Officer) |
Dated: | October 30, 2020 | ||||
By: | /s/ Paul Bigbee | ||||
Paul Bigbee | |||||
Chief Accounting Officer (Principal Financial and Accounting Officer) |
October 30, 2020 | ||
/s/ William C. Boor | ||
William C. Boor | ||
President and Chief Executive Officer (Principal Executive Officer) | ||
/s/ Paul Bigbee | ||
Paul Bigbee | ||
Chief Accounting Officer (Principal Financial and Accounting Officer) |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Income Statement [Abstract] | ||||
Net revenue | $ 257,976 | $ 268,675 | $ 512,777 | $ 532,717 |
Cost of sales | 204,435 | 210,208 | 403,913 | 413,952 |
Gross profit | 53,541 | 58,467 | 108,864 | 118,765 |
Selling, general and administrative expenses | 35,453 | 36,083 | 70,776 | 71,347 |
Income from operations | 18,088 | 22,384 | 38,088 | 47,418 |
Interest expense | (194) | (302) | (390) | (788) |
Other income, net | 1,702 | 5,173 | 3,578 | 7,987 |
Income before income taxes | 19,596 | 27,255 | 41,276 | 54,617 |
Income tax expense | (4,547) | (6,370) | (9,553) | (12,450) |
Net income | 15,049 | 20,885 | 31,723 | 42,167 |
Comprehensive income: | ||||
Net income | 15,049 | 20,885 | 31,723 | 42,167 |
Reclassification adjustment for securities sold or matured | 7 | 0 | 33 | 2 |
Applicable income taxes | (2) | 0 | (7) | (1) |
Net change in unrealized position of investments held | 3 | 29 | 62 | 140 |
Applicable income taxes | (1) | (6) | (13) | (29) |
Comprehensive income | $ 15,056 | $ 20,908 | $ 31,798 | $ 42,279 |
Net income per share attributable to Cavco common stockholders: | ||||
Basic (usd per share) | $ 1.64 | $ 2.29 | $ 3.46 | $ 4.63 |
Diluted (usd per share) | $ 1.62 | $ 2.25 | $ 3.42 | $ 4.56 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 9,182,945 | 9,119,835 | 9,178,609 | 9,111,260 |
Diluted (in shares) | 9,295,409 | 9,266,085 | 9,280,080 | 9,241,834 |
Basis of Presentation |
6 Months Ended |
---|---|
Sep. 26, 2020 | |
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 (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, that the Company believes are necessary to fairly state the results for the periods presented. 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; and except for the events set forth in Note 22 of the Consolidated Financial Statements Notes ("Notes") of the Company's Quarterly Report on Form 10-Q for the period ended September 26, 2020, there were no subsequent events requiring disclosure. 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 2020 Annual Report on Form 10-K for the year ended March 28, 2020 filed with the SEC on May 27, 2020 ("Form 10-K"). 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. The uncertainty created by the novel coronavirus COVID-19 ("COVID-19") have made such estimates more difficult and subjective. Due to that and other uncertainties, 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 31st 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 31st. The Company's current fiscal year will end on April 3, 2021. 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 through 20 homebuilding production lines located throughout the United States, which are sold to a network of independent distributors, community owners and developers and through the Company's 40 Company-owned retail stores. Our financial services segment is comprised of a finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Co. ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association and Federal Home Loan Mortgage Corporation seller/servicer and a Government National Mortgage Association mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Standard Casualty provides property and casualty insurance primarily to owners of manufactured homes. Recently Issued or Adopted Accounting Standards. On March 29, 2020, the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("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 and requires a forward-looking impairment model based on expected losses rather than incurred losses. The Company adopted the standard by recognizing the cumulative effect of initially applying the new credit loss standard as an adjustment to the opening balance of Retained earnings. The comparative information has not been restated and continues to be reported under the accounting standard in effect for the applicable prior periods. The cumulative effect of the changes made to our consolidated balance sheet at March 29, 2020 for the adoption of ASU 2016-13 was $733,000, net of taxes. The application of ASU 2016-13 increased our allowance for loan losses by $435,000 for commercial loans receivable and $528,000 for non-acquired consumer loans receivable. It had an insignificant impact to our allowance for credit losses for Accounts receivable, net. The Company adopted ASU 2016-13 using the prospective transition approach for acquired consumer loans receivable assets that were previously accounted for under FASB Accounting Standards Codification ("ASC") 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). The Company determined that $1.7 million of the existing purchase discount for acquired consumer loans was related to credit factors and was reclassified to the allowance for loan loss upon adoption. The remaining discount on the acquired consumer loans was determined to be related to non-credit factors and will be accreted into interest income over the life of the loans. 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 included in the Form 10-K.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following table summarizes customer contract revenues disaggregated by reportable segment and source (in thousands):
(1) Other factory-built housing revenue includes revenue from ancillary products and services including used homes, freight and other services. (2) Other financial services revenue includes consumer finance and insurance revenue that is not within the scope of ASU 2014-09, Revenue from Contracts with Customers ("Topic 606").
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Restricted Cash |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash | Restricted Cash Restricted cash consisted of the following (in thousands):
Corresponding amounts for customer payments to be remitted to third parties are recorded in Accounts payable. The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the Consolidated Balance Sheets to the combined amounts shown on the Consolidated Statements of Cash Flows (in thousands):
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Investments |
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Investments consisted of the following (in thousands):
The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies. As of September 26, 2020 and March 28, 2020, non-marketable equity investments included contributions of $15.0 million to equity-method investments in community-based initiatives that buy and sell the Company's homes and provide home-only financing to residents of certain manufactured home communities. Other non-marketable equity investments included investments in other distribution operations. The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands):
The Company is not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of September 26, 2020. Further, the Company does not intend to sell the investments, and it is more likely than not that the Company will not be required to sell the investments, before recovery of their amortized cost. The amortized cost and fair value of the Company's investments in available-for-sale 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 penalties.
The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities using the specific identification method. For the three and six months ended September 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and gross losses realized were $5,000. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended September 28, 2019. The Company recognizes unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. Net investment gains and losses on marketable equity securities were as follows (in thousands):
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Inventories |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following (in thousands):
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Consumer Loans Receivable |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands):
The Company acquired consumer loans receivable as part of its acquisition of Palm Harbor Homes, Inc. in April 2011 ("Acquisition Date"). The allowance for loan losses reflects the Company's judgment of the probable loss exposure on its loans held for investment portfolio. On March 29, 2020 the Company adopted ASU 2016-13 using the prospective transition approach for acquired consumer loans receivable assets that were previously accounted for under ASC 310-30. The Company determined that $1.7 million of the existing purchase discount for such consumer loans was related to credit factors and was reclassified to the allowance for loan loss upon adoption. The remaining discount on the acquired consumer loans was determined to be related to non-credit factors and will be accreted into interest income over the life of the loans. The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):
The consumer loans held for investment had the following characteristics:
The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):
The following tables disaggregates CountryPlace's gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
Loan contracts secured by geographically concentrated collateral could experience higher rates of delinquencies, default and foreclosure losses than loan contracts secured by collateral that is more geographically dispersed. As of September 26, 2020, 35% of the outstanding principal balance of consumer loans receivable portfolio was concentrated in Texas and 19% was concentrated in Florida. As of March 28, 2020, 36% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 16% was concentrated in Florida. Other than Texas and Florida, no state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of September 26, 2020 or March 28, 2020. 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 determined based on the historical recovery rates of previously charged-off loans; the loan is charged off and the loss is recorded to the allowance for loan losses. Repossessed homes totaled approximately $931,000 and $1.5 million as of September 26, 2020 and March 28, 2020, respectively, and are included in Prepaid expenses and other current assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $240,000 and $560,000 as of September 26, 2020 and March 28, 2020, respectively.
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Commercial Loans Receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Loans Receivables | Commercial Loans Receivable The Company's commercial loans receivable balance consists of two classes: (i) direct financing arrangements for the home product needs of the Company's independent distributors, 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 financed home purchases by independent distributors, communities and developers. The notes are secured by the homes as collateral and, in some instances, other security. 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 distributors to finance their inventory purchases. The participation commercial loans receivables are unsecured general obligations of the independent floor plan lenders. Commercial loans receivable, net consisted of the following, by class of financing notes receivable (in thousands):
The commercial loans receivable balance had the following characteristics:
The risk of loss is spread over numerous borrowers. 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. The Company has historically been able to sell repossessed homes, thereby mitigating loss exposure. If a default occurs and collateral is lost, the Company is exposed to loss of the full value of the home loan. The Company evaluates the potential for loss from its commercial loan programs based on the borrower's risk rating, overall financial stability, historical experience and estimates of other economic factors. The Company has included considerations related to the COVID-19 pandemic when assessing its risk of loan loss and setting reserve amounts for its commercial finance portfolio as of September 26, 2020. The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):
The following table disaggregates the Company's commercial loans receivable by credit quality indicator and fiscal year of origination (in thousands):
At September 26, 2020, there were no commercial loans 90 days or more past due that were still accruing interest and the Company was not aware of any potential problem loans that would have a material effect on the commercial loans receivable balance. As of September 26, 2020, 10.5% of the Company's outstanding commercial loans receivable principal balance was concentrated in Arizona and 10.0% was concentrated in California. As of March 28, 2020, 11.0% of the Company's outstanding commercial loans receivable principal balance was concentrated in California. No other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of September 26, 2020 or March 28, 2020. The Company had concentrations with one independent third-party and its affiliates that equaled 17.9% and 21.0% of the net commercial loans receivables principal balance outstanding, all of which was secured, as of September 26, 2020 and March 28, 2020 respectively. The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan loss.
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Property, Plant and Equipment, net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, net | Property, Plant and Equipment, net Property, plant and equipment, net, consisted of the following (in thousands):
Depreciation expense was $1.4 million and $1.3 million for the three months ended September 26, 2020 and September 28, 2019, respectively. Depreciation expense for the six months ended September 26, 2020 and September 28, 2019 was $2.8 million and $2.4 million, respectively. Included in the amounts above are certain assets under finance leases. See Note 9 for additional information.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | LeasesThe Company leases certain production and retail locations, office space and equipment. During the period ended September 26, 2020, the Company executed various lease renewals, including a five-year extension at one of our active manufacturing facilities, which increased the right of use asset and lease liability. The present value of minimum payments for future fiscal years under non-cancelable leases as of September 26, 2020 was as follows (in thousands):
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Finance Leases | LeasesThe Company leases certain production and retail locations, office space and equipment. During the period ended September 26, 2020, the Company executed various lease renewals, including a five-year extension at one of our active manufacturing facilities, which increased the right of use asset and lease liability. The present value of minimum payments for future fiscal years under non-cancelable leases as of September 26, 2020 was as follows (in thousands):
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Goodwill and Other Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill and other intangibles, net, consisted of the following (in thousands):
Amortization expense recognized on intangible assets was $187,000 and $151,000 for the three months ended September 26, 2020 and September 28, 2019, respectively. Amortization expense recognized on intangible assets was $374,000 and $231,000 for the six months ended September 26, 2020 and September 28, 2019, respectively.
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Accrued Expenses and Other Current Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
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Warranties |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranties | Warranties Activity in the liability for estimated warranties was as follows (in thousands):
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Debt and Finance Lease Obligations |
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Finance Lease Obligations | Debt and Finance Lease Obligations Debt and finance lease obligations primarily consist of secured credit facilities at the Company's finance subsidiary and lease obligations in which it is expected that the Company will obtain ownership of a leased asset at the end of the lease term. The following table summarizes debt and finance lease obligations (in thousands):
The Company's finance subsidiary entered into secured credit facilities with independent third-party banks with draw periods from one to fifteen months and maturity dates of ten years after the expiration of the draw periods, which have now expired. The proceeds were used by the Company to originate and hold consumer home-only loans secured by manufactured homes, which are pledged as collateral to the facilities. Upon completion of the draw down periods, the facilities were converted into an amortizing loan based on a 20-year amortization period with a balloon payment due upon maturity. The maximum advance for loans under this program was 80% of the outstanding collateral principal balance, with the Company providing the remaining funds. As of September 26, 2020, the outstanding balance of the converted loans was $9.8 million at a weighted average interest rate of 4.91%. See Note 9 for further discussion of the finance lease obligations.
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Reinsurance |
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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. 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 were as follows (in thousands):
Typical insurance policies written or assumed by Standard Casualty have a maximum coverage of $300,000 per claim, of which Standard Casualty cedes $175,000 of the risk of loss per reinsurance. Therefore, Standard Casualty's risk of loss is limited to $125,000 per claim on typical policies, subject to the reinsurers meeting their obligations. 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.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and ContingenciesRepurchase Contingencies. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent distributors of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor. The maximum amount for which the Company was liable under such agreements approximated $77.6 million and $79.3 million at September 26, 2020 and March 28, 2020, respectively, without reduction for the resale value of the homes. The Company applies ASC 460, Guarantees, and ASC 450-20, Loss Contingencies, to account for its liability for repurchase commitments. The Company had a reserve for repurchase commitments of $2.5 million and $2.7 million at September 26, 2020 and March 28, 2020, respectively. Letter of Credit. To secure certain reinsurance contracts, Standard Casualty maintained an irrevocable letter of credit of $11.0 million to provide assurance that Standard Casualty would fulfill its reinsurance obligations. The letter of credit was released on July 11, 2020. Construction-Period Mortgages. CountryPlace funds construction-period mortgages through periodic advances during 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 on the Consolidated Balance Sheets at the amount advanced less a valuation allowance and are included in Consumer loans receivable, net. 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):
Representations and Warranties of Mortgages Sold. CountryPlace sells loans to Government-Sponsored Enterprises ("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 and whole-loan purchasers and lenders representations and warranties related to the loans sold or financed. Upon a breach of a representation, CountryPlace may be required to repurchase the loan or to indemnify a party for incurred losses. The Company maintains a reserve for these contingent repurchase and indemnification obligations. This reserve of $1.3 million as of September 26, 2020 and $1.0 million as of March 28, 2020, included in Accrued expenses and other current liabilities, reflects management's estimate of probable loss. During the six months ended September 26, 2020, no claim request resulted in the execution of an indemnification agreement or in the repurchase of a loan. Interest Rate Lock Commitments. In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers. These IRLCs represent an agreement to extend credit to a loan applicant, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind the Company 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 of September 26, 2020, CountryPlace had outstanding IRLCs with a notional amount of $23.2 million, which are recorded at fair value in accordance with ASC 815, Derivatives and Hedging. During the three months ended September 26, 2020 and September 28, 2019, the Company recognized losses of $19,000 and $2,000, respectively, on outstanding IRLCs. During the six months ended September 26, 2020 and September 28, 2019, the Company recognized losses of $144,000 and $3,000, respectively, on 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 26, 2020, CountryPlace had $58.8 million in outstanding notional forward sales of MBSs and forward sales commitments. Commitments for 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 whole loan sale commitments are based on quoted market values and are recorded within Prepaid expenses and other current assets in the Consolidated Balance Sheets. During the three months ended September 26, 2020 and September 28, 2019, the Company recognized gains of $118,000 and $49,000 on forward sales of MBS and whole loan sale commitments, respectively. During the six months ended September 26, 2020 and September 28, 2019, the Company recognized gains of $1.1 million and $84,000 on forward sales of MBS and whole loan sale commitments, respectively. Legal Matters. Since 2018, the Company has been cooperating with an investigation by the enforcement staff of the SEC's Los Angeles Regional Office regarding securities trading in personal and Company accounts directed by the Company's former Chief Executive Officer, Joseph Stegmayer. The Audit Committee of the Board conducted an internal investigation led by independent legal counsel and other advisers and, following the completion of its work in early 2019, the Audit Committee shared the results of its work with the Company's auditors, listing exchange and the SEC staff. The Company has also made documents and personnel available to the SEC staff and intends to continue cooperating with its investigation. The Company has been exploring the possibility of a settlement with the SEC staff, but at this time, the Company is unable to estimate the amount of a potential loss, if any. Joseph D. Robles v. Cavco Industries, Inc., was filed in the Superior Court for the State of California, Riverside on June 25, 2019 and Malik Griffin v. Fleetwood Homes, Inc., was filed in the Superior Court for the State of California, San Bernardino on September 19, 2019, seeking recovery on behalf of a putative class of current and former hourly employees for certain alleged wage-and-hour violations including, among other things: (i) alleged failure to comply with certain wage statement formatting requirements; (ii) alleged failure to compensate employees for straight-time and overtime hours worked; and (iii) alleged failure to provide employees with all requisite work breaks. All parties have agreed to jointly mediate both cases. The mediation is currently scheduled for January 27, 2021. The Company is party to certain other lawsuits in the ordinary course of business. Based on management's present knowledge of the facts and (in certain cases) advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on the Company's consolidated financial position, liquidity or results of operations after taking into account any existing reserves included in Accrued expenses and other current liabilities in the Consolidated Balance Sheets. However, future events or circumstances that may currently be 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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Legal Matters | Legal Matters. Since 2018, the Company has been cooperating with an investigation by the enforcement staff of the SEC's Los Angeles Regional Office regarding securities trading in personal and Company accounts directed by the Company's former Chief Executive Officer, Joseph Stegmayer. The Audit Committee of the Board conducted an internal investigation led by independent legal counsel and other advisers and, following the completion of its work in early 2019, the Audit Committee shared the results of its work with the Company's auditors, listing exchange and the SEC staff. The Company has also made documents and personnel available to the SEC staff and intends to continue cooperating with its investigation. The Company has been exploring the possibility of a settlement with the SEC staff, but at this time, the Company is unable to estimate the amount of a potential loss, if any. Joseph D. Robles v. Cavco Industries, Inc., was filed in the Superior Court for the State of California, Riverside on June 25, 2019 and Malik Griffin v. Fleetwood Homes, Inc., was filed in the Superior Court for the State of California, San Bernardino on September 19, 2019, seeking recovery on behalf of a putative class of current and former hourly employees for certain alleged wage-and-hour violations including, among other things: (i) alleged failure to comply with certain wage statement formatting requirements; (ii) alleged failure to compensate employees for straight-time and overtime hours worked; and (iii) alleged failure to provide employees with all requisite work breaks. All parties have agreed to jointly mediate both cases. The mediation is currently scheduled for January 27, 2021. The Company is party to certain other lawsuits in the ordinary course of business. Based on management's present knowledge of the facts and (in certain cases) advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on the Company's consolidated financial position, liquidity or results of operations after taking into account any existing reserves included in Accrued expenses and other current liabilities in the Consolidated Balance Sheets. However, future events or circumstances that may currently be 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity The following table represents changes in stockholders' equity for each quarterly period during the six months ended September 26, 2020 (dollars in thousands):
The following table represents changes in stockholders' equity for each quarterly period during the six months ended September 28, 2019 (dollars in thousands):
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Earnings Per Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts):
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Fair Value Measurements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The book value and estimated fair value of the Company's financial instruments were as follows (in thousands):
See Note 19, Fair Value Measurements and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies in the Form 10-K for more information on the methodologies the Company uses in determining fair value. Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):
(1)Unrealized gains or losses on investments are recorded in Accumulated other comprehensive income at each measurement date. (2)Unrealized gains or losses on investments are recorded in earnings at each measurement date. (3)Gains or losses on derivatives are recorded in earnings through Cost of sales. (4)Changes in the fair value of mortgage servicing rights are recorded in earnings through Net revenue. No transfers between Level 1, Level 2 or Level 3 occurred during the six months ended September 26, 2020. 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):
No impairment charges were recorded during the six months ended September 26, 2020. 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 earnings.
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Related Party Transactions |
6 Months Ended |
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Sep. 26, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsThe Company has non-marketable equity investments in other distribution operations outside of Company-owned retail locations. In the ordinary course of business, the Company sells homes and lends to certain of these operations through its commercial lending programs. For the three months ended September 26, 2020 and September 28, 2019, the total amount of sales to related parties was $10.3 million and $10.4 million, respectively. For the six months ended September 26, 2020 and September 28, 2019, the total amount of sales to related parties was $23.0 million and $23.8 million, respectively. As of September 26, 2020, receivables from related parties included $2.9 million of accounts receivable and $7.3 million of commercial loans outstanding. As of March 28, 2020, receivables from related parties included $1.7 million of accounts receivable and $8.2 million of commercial loans outstanding. |
Acquisition of Destiny Homes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Destiny Homes | Acquisition of Destiny Homes On August 2, 2019, the Company purchased certain manufactured housing assets and assumed certain liabilities of Destiny Homes, which operates one manufacturing facility located in Moultrie, Georgia and produces and distributes manufactured and modular homes through a network of independent retailers in the Southeastern United States, further expanding the Company's reach. The Company finalized the purchase price allocation and has not made any purchase accounting adjustments during fiscal year 2021. Pro Forma Impact of Acquisition. The following table presents supplemental pro forma information as if the acquisition of Destiny Homes had occurred on March 31, 2019 (in thousands, except per share data):
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Business Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Subsequent Events |
6 Months Ended |
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Sep. 26, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 27, 2020, the Company’s Board of Directors approved a $100 million stock repurchase program that may be used to purchase its outstanding common stock. This program replaces a previously standing $10 million authorization, which is now canceled. The purchases may be made in the open market or one or more privately negotiated transactions in compliance with applicable securities laws and other legal requirements. The actual timing, number and value of shares repurchased under the program will be determined by the Company in its discretion and will depend on a number of factors, including market conditions, applicable legal requirements and other strategic capital needs and opportunities. The plan does not obligate Cavco to acquire any particular amount of common stock and may be suspended or discontinued at any time.
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Basis of Presentation (Policies) |
6 Months Ended |
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Sep. 26, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, that the Company believes are necessary to fairly state the results for the periods presented. 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; and except for the events set forth in Note 22 of the Consolidated Financial Statements Notes ("Notes") of the Company's Quarterly Report on Form 10-Q for the period ended September 26, 2020, there were no subsequent events requiring disclosure. 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 2020 Annual Report on Form 10-K for the year ended March 28, 2020 filed with the SEC on May 27, 2020 ("Form 10-K"). 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. The uncertainty created by the novel coronavirus COVID-19 ("COVID-19") have made such estimates more difficult and subjective. Due to that and other uncertainties, 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 31st 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 31st. The Company's current fiscal year will end on April 3, 2021. 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 through 20 homebuilding production lines located throughout the United States, which are sold to a network of independent distributors, community owners and developers and through the Company's 40 Company-owned retail stores. Our financial services segment is comprised of a finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Co. ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association and Federal Home Loan Mortgage Corporation seller/servicer and a Government National Mortgage Association mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Standard Casualty provides property and casualty insurance primarily to owners of manufactured homes.
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Adoption of New Accounting Standards | Recently Issued or Adopted Accounting Standards. On March 29, 2020, the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("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 and requires a forward-looking impairment model based on expected losses rather than incurred losses. The Company adopted the standard by recognizing the cumulative effect of initially applying the new credit loss standard as an adjustment to the opening balance of Retained earnings. The comparative information has not been restated and continues to be reported under the accounting standard in effect for the applicable prior periods. The cumulative effect of the changes made to our consolidated balance sheet at March 29, 2020 for the adoption of ASU 2016-13 was $733,000, net of taxes. The application of ASU 2016-13 increased our allowance for loan losses by $435,000 for commercial loans receivable and $528,000 for non-acquired consumer loans receivable. It had an insignificant impact to our allowance for credit losses for Accounts receivable, net. The Company adopted ASU 2016-13 using the prospective transition approach for acquired consumer loans receivable assets that were previously accounted for under FASB Accounting Standards Codification ("ASC") 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). The Company determined that $1.7 million of the existing purchase discount for acquired consumer loans was related to credit factors and was reclassified to the allowance for loan loss upon adoption. The remaining discount on the acquired consumer loans was determined to be related to non-credit factors and will be accreted into interest income over the life of the loans.
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Accounting Standards Issued But Not Yet Adopted | |
Significant Accounting Policies | 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 included in the Form 10-K. |
Debt and Finance Lease Obligations Debt Obligations (Policies) |
6 Months Ended |
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Sep. 26, 2020 | |
Debt Disclosure [Abstract] | |
Accounting policy for debt | The Company's finance subsidiary entered into secured credit facilities with independent third-party banks with draw periods from one to fifteen months and maturity dates of ten years after the expiration of the draw periods, which have now expired. The proceeds were used by the Company to originate and hold consumer home-only loans secured by manufactured homes, which are pledged as collateral to the facilities. Upon completion of the draw down periods, the facilities were converted into an amortizing loan based on a 20-year amortization period with a balloon payment due upon maturity. The maximum advance for loans under this program was 80% of the outstanding collateral principal balance, with the Company providing the remaining funds. As of September 26, 2020, the outstanding balance of the converted loans was $9.8 million at a weighted average interest rate of 4.91%. |
Commitments and Contingencies (Policies) |
6 Months Ended |
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Sep. 26, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Repurchase Contingencies | Repurchase Contingencies. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent distributors of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor.The maximum amount for which the Company was liable under such agreements approximated $77.6 million and $79.3 million at September 26, 2020 and March 28, 2020, respectively, without reduction for the resale value of the homes. The Company applies ASC 460, Guarantees, and ASC 450-20, Loss Contingencies, to account for its liability for repurchase commitments. The Company had a reserve for repurchase commitments of $2.5 million and $2.7 million at September 26, 2020 and March 28, 2020, respectively. |
Representations and Warranties of Mortgages Sold | Representations and Warranties of Mortgages Sold. CountryPlace sells loans to Government-Sponsored Enterprises ("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 and whole-loan purchasers and lenders representations and warranties related to the loans sold or financed. Upon a breach of a representation, CountryPlace may be required to repurchase the loan or to indemnify a party for incurred losses. The Company maintains a reserve for these contingent repurchase and indemnification obligations. This reserve of $1.3 million as of September 26, 2020 and $1.0 million as of March 28, 2020, included in Accrued expenses and other current liabilities, reflects management's estimate of probable loss. During the six months ended September 26, 2020, no claim request resulted in the execution of an indemnification agreement or in the repurchase of a loan |
Derivatives | Interest Rate Lock Commitments. In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers. These IRLCs represent an agreement to extend credit to a loan applicant, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind the Company 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 of September 26, 2020, CountryPlace had outstanding IRLCs with a notional amount of $23.2 million, which are recorded at fair value in accordance with ASC 815, Derivatives and Hedging. During the three months ended September 26, 2020 and September 28, 2019, the Company recognized losses of $19,000 and $2,000, respectively, on outstanding IRLCs. During the six months ended September 26, 2020 and September 28, 2019, the Company recognized losses of $144,000 and $3,000, respectively, on 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 26, 2020, CountryPlace had $58.8 million in outstanding notional forward sales of MBSs and forward sales commitments. Commitments for 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 whole loan sale commitments are based on quoted market values and are recorded within Prepaid expenses and other current assets in the Consolidated Balance Sheets. During the three months ended September 26, 2020 and September 28, 2019, the Company recognized gains of $118,000 and $49,000 on forward sales of MBS and whole loan sale commitments, respectively. During the six months ended September 26, 2020 and September 28, 2019, the Company recognized gains of $1.1 million and $84,000 on forward sales of MBS and whole loan sale commitments, respectively.
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Fair Value Measurements (Policies) |
6 Months Ended |
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Sep. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Disclosures | See Note 19, Fair Value Measurements and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies in the Form 10-K for more information on the methodologies the Company uses in determining fair value. |
Impairment or Disposal of Long-Lived Assets | No impairment charges were recorded during the six months ended September 26, 2020. |
Transfers and 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 earnings. |
Revenue from Contracts with Customers (Tables) |
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table summarizes customer contract revenues disaggregated by reportable segment and source (in thousands):
(1) Other factory-built housing revenue includes revenue from ancillary products and services including used homes, freight and other services. (2) Other financial services revenue includes consumer finance and insurance revenue that is not within the scope of ASU 2014-09, Revenue from Contracts with Customers ("Topic 606").
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Restricted Cash (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of restricted cash | Restricted cash consisted of the following (in thousands):
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Investments consisted of the following (in thousands):
The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies. As of September 26, 2020 and March 28, 2020, non-marketable equity investments included contributions of $15.0 million to equity-method investments in community-based initiatives that buy and sell the Company's homes and provide home-only financing to residents of certain manufactured home communities. Other non-marketable equity investments included investments in other distribution operations. The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands):
The Company is not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of September 26, 2020. Further, the Company does not intend to sell the investments, and it is more likely than not that the Company will not be required to sell the investments, before recovery of their amortized cost. The amortized cost and fair value of the Company's investments in available-for-sale 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 penalties.
The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities using the specific identification method. For the three and six months ended September 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and gross losses realized were $5,000. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended September 28, 2019. The Company recognizes unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. Net investment gains and losses on marketable equity securities were as follows (in thousands):
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Schedule of Investments | Investments consisted of the following (in thousands):
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Available-for-Sale Securities by Investment Category | The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
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Investment Securities in a Continuous Unrealized Loss Position | The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands):
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Contractual Maturity of Investment Securities | The amortized cost and fair value of the Company's investments in available-for-sale 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 penalties.
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Gain (Loss) on Securities | The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities using the specific identification method. For the three and six months ended September 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and gross losses realized were $5,000. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended September 28, 2019. The Company recognizes unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. Net investment gains and losses on marketable equity securities were as follows (in thousands):
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of inventories | Inventories consisted of the following (in thousands):
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Consumer Loans Receivable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands):
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Financing Receivable, Allowance for Credit Loss | The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):
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Deliquency Status of Consumer Loans | The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):
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Gross Consumer Loans Receivable by Credit Quality and Fiscal Year of Origination | The following tables disaggregates CountryPlace's gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
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Commercial Loans Receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Loans Receivables | Commercial loans receivable, net consisted of the following, by class of financing notes receivable (in thousands):
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Changes in the Allowance for Loan Losses on Commercial Loans Receivables | The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):
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Commercial Loans Receivables by Class and Internal Credit Quality Indicator | The following table disaggregates the Company's commercial loans receivable by credit quality indicator and fiscal year of origination (in thousands):
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Geographic Concentration of Commercial Loans Receivables in Key States | As of September 26, 2020, 10.5% of the Company's outstanding commercial loans receivable principal balance was concentrated in Arizona and 10.0% was concentrated in California. As of March 28, 2020, 11.0% of the Company's outstanding commercial loans receivable principal balance was concentrated in California. No other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of September 26, 2020 or March 28, 2020. |
Property, Plant and Equipment, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, net | Property, plant and equipment, net, consisted of the following (in thousands):
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance lease minimum future payments | The present value of minimum payments for future fiscal years under non-cancelable leases as of September 26, 2020 was as follows (in thousands):
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Operating lease minimum future payments | The present value of minimum payments for future fiscal years under non-cancelable leases as of September 26, 2020 was as follows (in thousands):
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Goodwill and Other Intangibles (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles | Goodwill and other intangibles, net, consisted of the following (in thousands):
|
Accrued Expenses and Other Current Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands):
|
Warranties (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in the liability for estimated warranties | Activity in the liability for estimated warranties was as follows (in thousands):
|
Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Debt and finance lease obligations primarily consist of secured credit facilities at the Company's finance subsidiary and lease obligations in which it is expected that the Company will obtain ownership of a leased asset at the end of the lease term. The following table summarizes debt and finance lease obligations (in thousands):
|
Reinsurance (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Reinsurance | The effects of reinsurance on premiums written and earned were as follows (in thousands):
|
Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Contingencies [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Contracts with Off-Balance Sheet Commitments | Letter of Credit. To secure certain reinsurance contracts, Standard Casualty maintained an irrevocable letter of credit of $11.0 million to provide assurance that Standard Casualty would fulfill its reinsurance obligations. The letter of credit was released on July 11, 2020. Construction-Period Mortgages. CountryPlace funds construction-period mortgages through periodic advances during 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 on the Consolidated Balance Sheets at the amount advanced less a valuation allowance and are included in Consumer loans receivable, net. 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):
|
Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity | The following table represents changes in stockholders' equity for each quarterly period during the six months ended September 26, 2020 (dollars in thousands):
The following table represents changes in stockholders' equity for each quarterly period during the six months ended September 28, 2019 (dollars in thousands):
|
Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Fair Value and Carrying Value of Financial Instruments | The book value and estimated fair value of the Company's financial instruments were as follows (in thousands):
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Summary of Assets Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):
(1)Unrealized gains or losses on investments are recorded in Accumulated other comprehensive income at each measurement date. (2)Unrealized gains or losses on investments are recorded in earnings at each measurement date. (3)Gains or losses on derivatives are recorded in earnings through Cost of sales. (4)Changes in the fair value of mortgage servicing rights are recorded in earnings through Net revenue.
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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):
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Assumptions for Mortgage Servicing Rights |
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Acquisition of Destiny Homes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Impact of Acquisition | Pro Forma Impact of Acquisition. The following table presents supplemental pro forma information as if the acquisition of Destiny Homes had occurred on March 31, 2019 (in thousands, except per share data):
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Business Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | The following table details Net revenue and Income before income taxes by segment (in thousands):
|
Subsequent Events (Tables) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Sep. 26, 2020 |
Oct. 27, 2020 |
|
Subsequent Event [Line Items] | ||
Date of subsequent event | Oct. 27, 2020 | |
Stock repurchase program authorized amount | $ 10,000 | |
Subsequent event | ||
Subsequent Event [Line Items] | ||
Stock repurchase program authorized amount | $ 100,000 |
Basis of Presentation (Principles of Consolidation) (Details) |
6 Months Ended |
---|---|
Sep. 26, 2020
Segment
store
factories
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | Segment | 2 |
Number of operating production lines | factories | 20 |
Number of Stores | store | 40 |
Basis of Presentation New Accounting Pronouncements (Details) - Accounting Standards Update 2016-13 - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Allowance for loan loss - Commercial loans receivable | ||||
ASU 2016-13 | ||||
Impact of adoption of ASU 2016-13 | $ 0 | $ 0 | $ 435 | $ 0 |
Allowance for loan loss - Consumer loans receivable | ||||
ASU 2016-13 | ||||
Impact of adoption of ASU 2016-13 | $ 0 | $ 0 | 2,276 | $ 0 |
Allowance for loan loss - Consumer loans receivable | Loans held at acquisition date | ||||
ASU 2016-13 | ||||
Impact of adoption of ASU 2016-13 | 1,700 | |||
Cumulative effect of implementing ASU 2016-13, net | Allowance for loan loss - Commercial loans receivable | ||||
ASU 2016-13 | ||||
Impact of adoption of ASU 2016-13 | 435 | |||
Cumulative effect of implementing ASU 2016-13, net | Allowance for loan loss - Consumer loans receivable | Originated after Acquisition Date | ||||
ASU 2016-13 | ||||
Impact of adoption of ASU 2016-13 | $ 528 |
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 257,976 | $ 268,675 | $ 512,777 | $ 532,717 | ||||
Factory-built housing | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 240,967 | 252,690 | 479,057 | 501,458 | ||||
Factory-built housing | HUD Code | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 197,723 | 207,556 | 387,169 | 410,035 | ||||
Factory-built housing | Modular | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 20,483 | 19,412 | 41,266 | 38,819 | ||||
Factory-built housing | Park Model RVs | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 9,027 | 11,751 | 22,749 | 24,612 | ||||
Factory-built housing | Product and Service, Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | [1] | 13,734 | 13,971 | 27,873 | 27,992 | |||
Financial Services | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 17,009 | 15,985 | 33,720 | 31,259 | ||||
Financial Services | Insurance Agency Commissions | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 777 | 274 | 1,547 | 1,429 | ||||
Financial Services | Financial Service, Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | [2] | $ 16,232 | $ 15,711 | $ 32,173 | $ 29,830 | |||
|
Restricted Cash (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
Sep. 28, 2019 |
Mar. 30, 2019 |
---|---|---|---|---|
Summary of restricted cash | ||||
Restricted cash, current | $ 16,691 | $ 13,446 | $ 14,981 | $ 12,148 |
Restricted cash | 335 | 335 | $ 350 | $ 351 |
Total restricted cash | 17,026 | 13,781 | ||
Cash related to CountryPlace customer payments to be remitted to third parties | ||||
Summary of restricted cash | ||||
Restricted cash, current | 15,818 | 12,740 | ||
Other restricted cash | ||||
Summary of restricted cash | ||||
Restricted cash | $ 1,208 | $ 1,041 |
Restricted Cash Reconciliation of Cash and cash equivalents and Restricted cash to SOCF (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
Sep. 28, 2019 |
Mar. 30, 2019 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 312,243 | $ 241,826 | $ 190,478 | $ 187,370 |
Restricted cash, current | 16,691 | 13,446 | 14,981 | 12,148 |
Restricted cash | 335 | 335 | 350 | 351 |
Cash, cash equivalents and restricted cash | $ 329,269 | $ 255,607 | $ 205,809 | $ 199,869 |
Investments (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 12,676 | $ 14,774 |
Marketable equity securities | 12,791 | 9,829 |
Non-marketable equity investments | 21,400 | 21,536 |
Investments | 46,867 | 46,139 |
Short-term investments | (16,589) | (14,582) |
Investments | 30,278 | 31,557 |
Payments to acquire interest in joint venture | $ 15,000 | $ 15,000 |
Investments (Contractual Maturities) (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Amortized Cost | ||
Due in less than one year | $ 3,506 | |
Due after one year through five years | 3,013 | |
Due after five years through ten years | 1,028 | |
Due after ten years | 1,315 | |
Mortgage-backed securities | 3,605 | |
Amortized Cost | 12,467 | $ 14,660 |
Fair Value | ||
Due in less than one year | 3,515 | |
Due after one year through five years | 3,040 | |
Due after five years through ten years | 1,109 | |
Due after ten years | 1,371 | |
Mortgage-backed securities | 3,641 | |
Fair Value | $ 12,676 | $ 14,774 |
Investments (Recognized Gains and Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Gain (Loss) on Securities | ||||
Gross gains realized on debt securities | $ 0 | $ 0 | $ 0 | $ 0 |
Gross losses realized on debt securities | (5) | 0 | (5) | 0 |
Equity Securities gain on investments held | 1,278 | 350 | 3,275 | 1,302 |
Equity Securities loss on investments sold | (27) | (1) | (2) | |
Equity Securities gain on investments sold | 6 | |||
Gain (Loss) on Equity Securities | $ 1,251 | $ 349 | $ 3,281 | $ 1,300 |
Inventories (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Summary of inventories | ||
Raw materials | $ 41,907 | $ 35,691 |
Work in process | 15,723 | 13,953 |
Finished goods and other | 54,242 | 63,891 |
Total Inventories | $ 111,872 | $ 113,535 |
Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
---|---|---|---|---|---|---|
Receivables [Abstract] | ||||||
Loans held for investment (at Acquisition Date, defined below) | $ 35,692 | $ 37,779 | ||||
Loans held for investment (originated after Acquisition Date) | 19,299 | 20,140 | ||||
Loans held for sale | 18,986 | 14,671 | ||||
Construction Advances | 14,063 | 13,400 | ||||
Consumer loans receivable | 88,040 | 85,990 | ||||
Deferred financing fees and other, net | (2,290) | (1,919) | ||||
Allowance for loan losses | (3,910) | $ (4,012) | (1,767) | $ (415) | $ (421) | $ (415) |
Consumer loans receivable, net | 81,840 | 82,304 | ||||
Current portion of consumer loans receivable, net | (39,023) | (32,376) | ||||
Consumer loans receivable, net | $ 42,817 | $ 49,928 |
Consumer Loans Receivable (Allowance For Loan Loss Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses at beginning of period | $ 4,012 | $ 421 | $ 1,767 | $ 415 |
Allowance for loan losses at end of period | 3,910 | 415 | 3,910 | 415 |
Consumer loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 94 | (6) | 67 | 0 |
Charge-offs | (8) | 0 | (200) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Accounting Standards Update 2016-13 | Consumer loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impact of adoption of ASU 2016-13 | $ 0 | $ 0 | 2,276 | $ 0 |
Accounting Standards Update 2016-13 | Consumer loans receivable | Loans held at acquisition date | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impact of adoption of ASU 2016-13 | $ 1,700 |
Consumer Loans Receivable (Loans Held for investment) (Details) |
6 Months Ended | |
---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Receivables [Abstract] | ||
Weighted average contractual interest rate | 8.40% | 8.40% |
Weighted average effective interest rate | 9.60% | 9.30% |
Weighted average months to maturity | 163 months | 164 months |
Delinquency status of consumer loans (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 88,040 | $ 85,990 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 84,852 | 83,861 |
31 - 60 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 1,200 | 547 |
61 - 90 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 26 | 307 |
91+ days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 1,962 | $ 1,275 |
Consumer Loans Receivable (Narrative) (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Repossessed Homes | $ 931 | $ 1,500 |
Mortgage Loans in Process of Foreclosure, Amount | $ 240 | $ 560 |
TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 35.00% | 36.00% |
FLORIDA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 19.00% | 16.00% |
Commercial Loans Receivables (Changes in the Estimated Allowance for Loan Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 828 | $ 191 | ||
Loans charged off, net of recoveries | 0 | 0 | ||
Balance at end of period | 789 | 163 | $ 789 | $ 163 |
Commercial Loans Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | 393 | 180 | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | (39) | (28) | (39) | (17) |
Loans charged off, net of recoveries | 0 | 0 | ||
Balance at end of period | 789 | 163 | 789 | 163 |
Commercial Loans Receivable | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Impact of adoption of ASU 2016-13 | $ 0 | $ 0 | $ 435 | $ 0 |
Commercial Loans Receivables (Concentrations of Commercial Loans Receivables) (Details) |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration with one independent third-party and its affiliates | 17.90% | 21.00% |
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Concentration Risk on Financing Receivables Percentage | 10.00% | 10.00% |
ARIZONA | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial Loans Receivables Geographic Concentration Percentage | 10.50% | |
CALIFORNIA | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial Loans Receivables Geographic Concentration Percentage | 10.00% | 11.00% |
Commercial Loans Receivables (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Sep. 28, 2019 |
Jun. 29, 2019 |
|
Receivables [Abstract] | |||||
Allowance for loan loss | $ 789 | $ 828 | $ 163 | $ 191 | |
Commercial loans 90 days past due still accruing interest | $ 0 | ||||
Due days for loans on nonaccrual status when interest is past due and remains unpaid | 90 days | ||||
Percentage concentration of commercial loans receivables | 10.00% | 10.00% |
Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 112,833 | $ 109,822 |
Accumulated depreciation | (34,997) | (32,632) |
Property, plant and equipment, net | 77,836 | 77,190 |
Land | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 26,804 | 26,827 |
Buildings and improvements | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 53,743 | 52,011 |
Machinery and equipment | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 32,286 | $ 30,984 |
Property, Plant and Equipment, net (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 1.4 | $ 1.3 | $ 2.8 | $ 2.4 |
Leases (Future Minimum Payments) (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Future minimum lease payments | ||
Remainder of 2021 | $ 2,153 | |
2022 | 4,227 | |
2023 | 3,900 | |
2024 | 3,560 | |
2025 | 2,779 | |
2026 | 2,848 | |
Thereafter | 2,206 | |
Total lease payments due | 21,673 | |
Less amount representing interest | (2,657) | |
Lease liabilties | 19,016 | |
Less current portion | (4,153) | |
Long term lease liabilities | 14,863 | |
Operating leases | ||
Remainder of 2021 | 2,116 | |
2022 | 4,154 | |
2023 | 3,827 | |
2024 | 3,487 | |
2025 | 2,706 | |
2026 | 2,799 | |
Thereafter | 2,206 | |
Total operating lease payments due | 21,295 | |
Less amount representing interest | (2,612) | |
Operating lease liability | 18,683 | |
Less current portion | (4,081) | $ (4,170) |
Long term lease liabilities | 14,602 | 10,743 |
Finance Leases | ||
Remainder of 2021 | 37 | |
2022 | 73 | |
2023 | 73 | |
2024 | 73 | |
2025 | 73 | |
2026 | 49 | |
Thereafter | 0 | |
Total Finance lease payments due | 378 | |
Less amount representing interest | (45) | |
Finance lease liability | 333 | $ 366 |
Less current portion | (72) | |
Long term lease liabilities | $ 261 |
Goodwill and Other Intangibles (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Goodwill and Other Intangibles (Textual) [Abstract] | ||||
Amortization expense on intangible assets | $ 187 | $ 151 | $ 374 | $ 231 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Accrued Expenses and Other Current Liabilities | ||
Customer deposits | $ 30,153 | $ 22,055 |
Salaries, wages and benefits | 29,375 | 25,885 |
Company repurchase options on certain loans sold | 23,854 | 7,444 |
Unearned insurance premiums | 21,907 | 20,614 |
Estimated warranties | 17,805 | 18,678 |
Accrued volume rebates | 11,040 | 9,801 |
Insurance loss reserves | 6,887 | 5,582 |
Accrued self-insurance | 5,827 | 5,112 |
Operating lease liability | 4,081 | 4,170 |
Accrued taxes | 3,247 | 1,908 |
Reserve for repurchase commitments | 2,463 | 2,679 |
Other | 16,545 | 16,002 |
Total accrued expenses and other current liabilities | $ 173,184 | $ 139,930 |
Warranties (Activity for Estimated Warranty Liability) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Accrual for estimated warranties | ||||
Balance at beginning of period | $ 18,538 | $ 17,760 | $ 18,678 | $ 17,069 |
Purchase accounting additions | 0 | 1,192 | 0 | 1,192 |
Charged to costs and expenses | 6,232 | 6,765 | 12,579 | 14,586 |
Payments and deductions | (6,965) | (7,154) | (13,452) | (14,284) |
Balance at end of period | $ 17,805 | $ 18,563 | $ 17,805 | $ 18,563 |
Debt and Finance Lease Obligations (Summary of Debt Obligations) (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Debt Obligations | ||
Secured credit facilities | $ 9,793 | $ 10,474 |
Other secured financings | 3,925 | 4,113 |
Finance lease liability | 333 | 366 |
Total debt obligations | 14,051 | 14,953 |
Secured Debt, Current | (2,118) | (2,248) |
Secured credit facilities and other | $ 11,933 | $ 12,705 |
Debt and Finance Lease Obligations (Narrative) (Details) $ in Millions |
6 Months Ended |
---|---|
Sep. 26, 2020
USD ($)
| |
Debt Disclosure [Abstract] | |
Secured credit facility frequency of payments | 20-year amortization period with a balloon payment due upon maturity |
Maximum Advance under Secured Credit Facility | 80.00% |
Secured credit facilities | $ 9.8 |
Secured credit facility interest rate | 4.91% |
Reinsurance (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Reinsurance Effect on Premiums Written and Earned | ||||
Direct premiums Written | $ 4,915 | $ 4,179 | $ 10,680 | $ 9,212 |
Assumed premiums - nonaffiliate Written | 7,593 | 6,760 | 15,246 | 14,273 |
Ceded premiums - nonaffiliate Written | (2,853) | (3,029) | (6,055) | (6,016) |
Net premiums Written | 9,655 | 7,910 | 19,871 | 17,469 |
Direct premiums Earned | 5,145 | 4,653 | 10,330 | 9,223 |
Assumed premiums - nonaffiliate Earned | 7,043 | 6,592 | 13,833 | 13,027 |
Ceded premiums - nonaffiliate Earned | (2,853) | (3,029) | (6,055) | (6,016) |
Premiums Earned, Net | $ 9,335 | $ 8,216 | $ 18,108 | $ 16,234 |
Reinsurance (Details Textual) $ in Thousands |
6 Months Ended |
---|---|
Sep. 26, 2020
USD ($)
| |
Insurance [Abstract] | |
Insurance policies maximum coverage per claim | $ 300 |
Insurance policies coverage per claim ceded to reinsurers | 175 |
Insurance policy risk of loss maintained per claim | 125 |
Catastrophic losses recoverable in excess of amount | 1,500 |
Aggregate catastrophic losses recoverable in excess of amount | $ 43,500 |
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
Mar. 28, 2020 |
|
Loss Contingencies | |||||
Reserves Related to Consumer Loans Sold | $ 1,300 | $ 1,300 | $ 1,000 | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 2,463 | 2,463 | 2,679 | ||
Product repurchase | |||||
Loss Contingencies | |||||
Loss contingencies | 2,500 | 2,500 | 2,700 | ||
Product repurchase | Maximum | |||||
Loss Contingencies | |||||
Loss contingencies | 77,600 | 77,600 | $ 79,300 | ||
Letter of Credit | |||||
Loss Contingencies | |||||
Loss contingencies | 11,000 | 11,000 | |||
CountryPlace | |||||
Loss Contingencies | |||||
IRLCs recorded at fair value | 23,200 | 23,200 | |||
Recognized gain (loss) on outstanding IRLCs | (19) | $ (2) | (144) | $ (3) | |
Forward Commitments Recorded at Fair Value | 58,800 | 58,800 | |||
Recognized gain (loss) on the forward sales and whole loan commitments | $ 118 | $ 49 | $ 1,100 | $ 84 |
Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Loan Contracts with Off-Balance Sheet Commitments | ||
Construction loan contract amount | $ 39,094 | $ 31,136 |
Construction Advances | (14,063) | (13,400) |
Remaining construction contingent commitment | $ 25,031 | $ 17,736 |
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Mortgage servicing rights | $ 1,058 | $ 1,225 |
Recurring | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 3,641 | 5,443 |
Recurring | Securities issued by states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 4,278 | 4,370 |
Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 4,757 | 4,961 |
Recurring | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 12,791 | 9,829 |
Recurring | Interest rate lock commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 21 | 164 |
Recurring | Forward loan sale commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 123 | |
Derivatives (liability) | (1,011) | |
Recurring | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Mortgage servicing rights | 1,058 | 1,225 |
Level 1 | Recurring | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 1 | Recurring | Securities issued by states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 1 | Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 1 | Recurring | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 12,791 | 9,829 |
Level 1 | Recurring | Interest rate lock commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 0 | 0 |
Level 1 | Recurring | Forward loan sale commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 0 | |
Derivatives (liability) | 0 | |
Level 1 | Recurring | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Level 2 | Recurring | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 3,641 | 5,443 |
Level 2 | Recurring | Securities issued by states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 4,278 | 4,370 |
Level 2 | Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 4,757 | 4,961 |
Level 2 | Recurring | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 2 | Recurring | Interest rate lock commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 0 | 0 |
Level 2 | Recurring | Forward loan sale commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 0 | |
Derivatives (liability) | 0 | |
Level 2 | Recurring | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Level 3 | Recurring | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | Recurring | Securities issued by states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | Recurring | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | Recurring | Interest rate lock commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 21 | 164 |
Level 3 | Recurring | Forward loan sale commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 123 | |
Derivatives (liability) | (1,011) | |
Level 3 | Recurring | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Mortgage servicing rights | $ 1,058 | $ 1,225 |
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands |
Sep. 26, 2020 |
Mar. 28, 2020 |
---|---|---|
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Non-marketable equity investments | $ 21,400 | $ 21,536 |
Non Recurring | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 64,043 | 68,503 |
Loans held for sale | 19,939 | 15,492 |
Construction Loan | 14,063 | 13,400 |
Commercial loans receivable | 41,144 | 46,819 |
Securitized financings and other | (13,638) | (15,592) |
Non-marketable equity investments | 21,400 | 21,536 |
Level 1 | Non Recurring | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Construction Loan | 0 | 0 |
Commercial loans receivable | 0 | 0 |
Securitized financings and other | 0 | 0 |
Non-marketable equity investments | 0 | 0 |
Level 2 | Non Recurring | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Construction Loan | 0 | 0 |
Commercial loans receivable | 0 | 0 |
Securitized financings and other | (13,638) | (15,592) |
Non-marketable equity investments | 0 | 0 |
Level 3 | Non Recurring | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 64,043 | 68,503 |
Loans held for sale | 19,939 | 15,492 |
Construction Loan | 14,063 | 13,400 |
Commercial loans receivable | 41,144 | 46,819 |
Securitized financings and other | 0 | 0 |
Non-marketable equity investments | $ 21,400 | $ 21,536 |
Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) $ in Thousands |
Sep. 26, 2020
USD ($)
Loans
|
Mar. 28, 2020
USD ($)
Loans
|
---|---|---|
Fair Value Disclosures [Abstract] | ||
Number of loans serviced with MSRs | Loans | 4,671 | 4,688 |
Weighted average servicing fee | 0.3181% | 0.3112% |
Capitalized servicing multiple | 56.49% | 67.19% |
Capitalized servicing rate | 0.1797% | 0.2091% |
Serviced portfolio with MSRs | $ 588,955 | $ 585,777 |
Mortgage servicing rights | $ 1,058 | $ 1,225 |
Fair Value Measurements (Narrative) (Details) |
6 Months Ended |
---|---|
Sep. 26, 2020
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 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
Mar. 28, 2020 |
|
Related Party Transactions [Abstract] | |||||
Net Revenue | $ 10.3 | $ 10.4 | $ 23.0 | $ 23.8 | |
Commercial loans receivable | 7.3 | 7.3 | $ 8.2 | ||
Accounts receivable | $ 2.9 | $ 2.9 | $ 1.7 |
Acquisition of Destiny Homes Pro-forma (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020 |
Sep. 28, 2019 |
Sep. 26, 2020 |
Sep. 28, 2019 |
|
Business Combinations [Abstract] | ||||
Net revenue | $ 257,976 | $ 270,239 | $ 512,777 | $ 543,951 |
Net income | $ 15,049 | $ 21,165 | $ 31,723 | $ 43,807 |
Diluted net income per share | $ 1.62 | $ 2.28 | $ 3.42 | $ 4.74 |
Business Segment Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 26, 2020
USD ($)
|
Sep. 28, 2019
USD ($)
|
Sep. 26, 2020
USD ($)
Segment
|
Sep. 28, 2019
USD ($)
|
|
Business Segment Information | ||||
Number of operating segments | Segment | 2 | |||
Net revenue | $ 257,976 | $ 268,675 | $ 512,777 | $ 532,717 |
Income before income taxes | 19,596 | 27,255 | 41,276 | 54,617 |
Factory-built housing | ||||
Business Segment Information | ||||
Net revenue | 240,967 | 252,690 | 479,057 | 501,458 |
Income before income taxes | 17,452 | 22,463 | 35,902 | 46,776 |
Financial services | ||||
Business Segment Information | ||||
Net revenue | 17,009 | 15,985 | 33,720 | 31,259 |
Income before income taxes | $ 2,144 | $ 4,792 | $ 5,374 | $ 7,841 |
Subsequent Events (Details) $ in Thousands |
6 Months Ended |
---|---|
Sep. 26, 2020
USD ($)
| |
Subsequent Events [Abstract] | |
Date of subsequent event | Oct. 27, 2020 |
Subsequent event | the Company’s Board of Directors approved a $100 million stock repurchase program |
Stock repurchase program authorized amount | $ 10,000 |
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