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Income Taxes (Tables)
12 Months Ended
Apr. 01, 2023
Income Tax Disclosure [Abstract]  
Schedule of Pretax Income

Pretax income for the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021 was attributable to the following tax jurisdictions:

 

 

Year Ended

 

(Dollars in thousands)

 

April 1,
2023

 

 

April 2,
2022

 

 

April 3,
2021

 

 

 

 

 

 

 

 

Domestic

 

$

499,715

 

 

$

300,675

 

 

$

92,832

 

Foreign

 

 

34,181

 

 

 

29,754

 

 

 

18,568

 

Income before income taxes

 

$

533,896

 

 

$

330,429

 

 

$

111,400

 

 

Schedule of Income Tax Provision by Jurisdiction

The income tax provision by jurisdiction for the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021 was as follows:

 

 

Year Ended

 

(Dollars in thousands)

 

April 1,
2023

 

 

April 2,
2022

 

 

April 3,
2021

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

98,242

 

 

$

55,983

 

 

$

13,094

 

Foreign

 

 

8,560

 

 

 

7,907

 

 

 

4,738

 

State

 

 

24,000

 

 

 

15,476

 

 

 

5,081

 

Total current

 

$

130,802

 

 

$

79,366

 

 

$

22,913

 

Deferred

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

78

 

 

$

2,367

 

 

$

2,853

 

Foreign

 

 

1,440

 

 

 

1,118

 

 

 

851

 

State

 

 

(226

)

 

 

(466

)

 

 

(116

)

Total deferred

 

$

1,292

 

 

$

3,019

 

 

$

3,588

 

Total income tax expense

 

$

132,094

 

 

$

82,385

 

 

$

26,501

 

 

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 1,
2023

 

 

April 2,
2022

 

 

April 3,
2021

 

 

 

 

 

 

 

 

 

 

 

Tax expense at U.S federal statutory rate

 

$

112,118

 

 

$

69,390

 

 

$

23,394

 

Increase (decrease) in rate resulting from:

 

 

 

 

 

 

 

 

 

State taxes, net of U.S. federal benefit

 

$

18,956

 

 

$

11,908

 

 

$

3,969

 

Foreign tax rate differences

 

 

1,566

 

 

 

1,417

 

 

 

900

 

Recognition of foreign investment basis difference

 

 

1,249

 

 

 

1,076

 

 

 

616

 

Change in deferred tax valuation allowance

 

 

(703

)

 

 

189

 

 

 

1,343

 

U.S. tax credits

 

 

(2,694

)

 

 

(2,296

)

 

 

(3,096

)

Other

 

 

1,602

 

 

 

701

 

 

 

(625

)

Total income tax expense

 

$

132,094

 

 

$

82,385

 

 

$

26,501

 

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at April 1, 2023 and April 2, 2022 consisted of the following:

 

(Dollars in thousands)

 

April 1,
2023

 

 

April 2,
2022

 

ASSETS

 

 

 

 

 

 

Warranty reserves

 

$

8,889

 

 

$

8,043

 

Intangible assets

 

 

8,763

 

 

 

9,833

 

Lease assets

 

 

7,487

 

 

 

2,774

 

Employee compensation

 

 

7,320

 

 

 

12,042

 

Foreign net operating loss carryforwards

 

 

6,343

 

 

 

6,470

 

Self-insurance reserves

 

 

5,851

 

 

 

5,396

 

Equity-based compensation

 

 

3,258

 

 

 

2,206

 

Dealer volume discounts

 

 

2,749

 

 

 

2,077

 

Inventory reserves and impairments

 

 

2,599

 

 

 

1,750

 

Other

 

 

3,987

 

 

 

6,032

 

Gross deferred tax assets

 

$

57,246

 

 

$

56,623

 

LIABILITIES

 

 

 

 

 

 

Property, plant, and equipment

 

$

13,367

 

 

$

9,901

 

Lease liabilities

 

 

7,487

 

 

 

2,774

 

Intangible assets

 

 

5,974

 

 

 

7,834

 

Foreign tax basis difference in investments

 

 

5,964

 

 

 

5,124

 

Other

 

 

958

 

 

 

5,623

 

Gross deferred tax liabilities

 

 

33,750

 

 

 

31,256

 

Valuation allowance

 

 

(12,038

)

 

 

(12,741

)

Net deferred tax assets

 

$

11,458

 

 

$

12,626