Income Taxes (Tables)

12 Months Ended

Apr. 02, 2022

Income Tax Disclosure [Abstract]

Schedule of Pretax Income

Pretax income for the fiscal years ended April 2, 2022, April 3, 2021, and March 28, 2020 was attributable to the following tax jurisdictions:

	Year Ended
(Dollars in thousands)	April 2, 2022		April 3, 2021		March 28, 2020
Domestic	$	300,675	$	92,832	$	76,224
Foreign		29,754		18,568		8,830
Income before income taxes	$	330,429	$	111,400	$	85,054

Schedule of Income Tax Provision by Jurisdiction

The income tax provision by jurisdiction for the fiscal years ended April 2, 2022, April 3, 2021, and March 28, 2020 was as follows:

	Year Ended
(Dollars in thousands)	April 2, 2022			April 3, 2021			March 28, 2020
Current:
U.S. federal	$	55,983		$	13,094		$	9,360
Foreign		7,907			4,738			1,938
State		15,476			5,081			3,800
Total current	$	79,366		$	22,913		$	15,098
Deferred
U.S. federal	$	2,367		$	2,853		$	5,660
Foreign		1,118			851			5,214
State		(466	)		(116	)		922
Total deferred	$	3,019		$	3,588		$	11,796
Total income tax expense	$	82,385		$	26,501		$	26,894

Schedule of Income Tax Expense

Income tax expense differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to income before income taxes as a result of the following differences:

	Year Ended
(Dollars in thousands)	April 2, 2022			April 3, 2021			March 28, 2020
Tax expense at U.S federal statutory rate	$	69,390		$	23,394		$	17,861
Increase (decrease) in rate resulting from:
State taxes, net of U.S. federal benefit	$	11,908		$	3,969		$	4,491
Foreign tax rate differences		1,417			900			502
Non-deductible compensation due to Section 162(m)		1,119			586			1,007
Recognition of foreign investment basis difference		1,076			616			25
Change in deferred tax valuation allowance		189			1,343			3,652
Uncertain tax positions		-			-			(643	)
Deferred tax rate changes		(200	)		(778	)		538
Other permanent difference		(224	)		265			844
U.S. tax credits		(2,296	)		(3,096	)		(1,005	)
Other		6			(698	)		(378	)
Total income tax expense	$	82,385		$	26,501		$	26,894

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at April 2, 2022 and April 3, 2021 consisted of the following:

(Dollars in thousands)	April 2, 2022			April 3, 2021
ASSETS
Employee compensation	$	12,042		$	7,500
Intangible assets		9,833			10,665
Warranty reserves		8,043			7,041
Foreign net operating loss carryforwards		6,470			6,250
Self-insurance reserves		5,396			4,058
Lease assets		2,774			2,879
Equity-based compensation		2,206			1,333
Dealer volume discounts		2,077			1,631
State net operating loss carryforwards		2,023			2,372
U.S. tax credit carryforwards		1,891			2,030
Inventory reserves and impairments		1,750			1,558
Capitalized transaction costs		299			377
Foreign capital loss carryforwards		188			187
U.S. federal net operating loss carryforwards		-			4,583
Other		1,631			1,282
Gross deferred tax assets	$	56,623		$	53,746
LIABILITIES
Property, plant, and equipment		9,901			8,213
Intangible assets		7,834			9,470
Prepaid expenses		5,574			658
Foreign tax basis difference in investments		5,124			4,280
Lease liabilities		2,774			2,879
Other		49			60
Gross deferred tax liabilities	$	31,256		$	25,560
Valuation allowance		(12,741	)		(12,552	)
Net deferred tax assets	$	12,626		$	15,634