Income Taxes

12 Months Ended

Mar. 29, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12.Income Taxes

Pretax income for the fiscal years ended March 29, 2025, March 30, 2024, and April 1, 2023 was attributable to the following tax jurisdictions:

	Year Ended
(Dollars in thousands)	March 29, 2025		March 30, 2024		April 1, 2023
Domestic	$	237,329	$	175,465	$	499,715
Foreign		20,039		25,390		34,181
Income before income taxes	$	257,368	$	200,855	$	533,896

The income tax provision by jurisdiction for the fiscal years ended March 29, 2025, March 30, 2024, and April 1, 2023 was as follows:

	Year Ended
(Dollars in thousands)	March 29, 2025			March 30, 2024			April 1, 2023
Current:
U.S. federal	$	48,065		$	37,105		$	98,242
Foreign		3,905			5,058			8,560
State		12,270			11,200			24,000
Total current	$	64,240		$	53,363		$	130,802
Deferred
U.S. federal	$	(10,530	)	$	(6,873	)	$	78
Foreign		1,361			2,249			1,440
State		(1,347	)		(1,603	)		(226	)
Total deferred	$	(10,516	)	$	(6,227	)	$	1,292
Total income tax expense	$	53,724		$	47,136		$	132,094

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)	March 29, 2025			March 30, 2024			April 1, 2023
Tax expense at U.S federal statutory rate	$	54,047		$	42,180		$	112,118
Increase (decrease) in rate resulting from:
State taxes, net of U.S. federal benefit	$	8,420		$	7,575		$	18,956
Change in net operating loss carryforward		6,343			—			—
Non-deductible compensation due to Section 162(m)		1,486			2,435			1,924
Recognition of foreign investment basis difference		822			955			1,249
Foreign tax rate differences		793			1,134			1,566
Change in deferred tax valuation allowance		(6,659	)		(333	)		(703	)
U.S. tax credits		(11,820	)		(6,129	)		(2,694	)
Other		292			(681	)		(322	)
Total income tax expense	$	53,724		$	47,136		$	132,094

The U.S. income tax rate for fiscal 2025, 2024, and 2023 was 21.0%.

Deferred tax assets and liabilities at March 29, 2025 and March 30, 2024 consisted of the following:

(Dollars in thousands)	March 29, 2025			March 30, 2024
ASSETS
Warranty reserves		12,759			11,328
Capitalized research expenditures		11,733			6,312
Employee compensation		8,427			4,245
Accrued product liability - water intrusion		8,291			8,353
Lease assets		8,034			9,573
Intangible assets		7,733			8,448
Self-insurance reserves		5,899			4,840
Equity-based compensation		3,800			4,720
Inventory reserves and impairments		3,688			3,427
Dealer volume discounts		2,354			1,821
Foreign net operating loss carryforwards		—			6,343
Other		5,391			3,323
Gross deferred tax assets	$	78,109		$	72,733
LIABILITIES
Property, plant, and equipment	$	21,559		$	20,329
Lease liabilities		7,908			9,553
Foreign tax basis difference in investments		7,350			6,905
Intangible assets		4,705			3,418
Other		893			850
Gross deferred tax liabilities		42,415			41,055
Valuation allowance		(5,046	)		(11,705	)
Net deferred tax assets	$	30,648		$	19,973

The Company anticipates periodically repatriating the earnings of its Canadian subsidiaries. A deferred tax liability is recognized for income tax withholding which may be incurred upon the reversal of basis differences in investments in its foreign subsidiaries.

The Company periodically evaluates the realizability of its deferred tax assets based on whether it is “more likely than not” that some portion of the deferred tax assets will not be realized. Our evaluation considers available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. As of March 29, 2025, the Company’s valuation allowance principally consists of valuation allowances for certain state NOL carryforwards and certain Canadian deferred tax assets. As of March 30, 2024, the Company’s valuation allowance principally consists of valuation allowances for certain state NOL carryforwards, certain Canadian deferred tax assets, and the Company’s deferred tax assets in the Netherlands.

As of March 29, 2025, the Company has state NOL carryforwards in various jurisdictions which expire primarily in 2028 through 2036.

Unrecognized tax benefits represent the differences between tax positions taken or expected to be taken on a tax return and the benefits recognized for financial statement purposes. There were no unrecognized tax benefits at March 29, 2025 and March 30, 2024.

The Company is no longer subject to foreign tax examinations by tax authorities for years prior to fiscal 2021. The Company’s U.S. subsidiaries are subject to U.S. federal tax examinations for fiscal 2022 through fiscal 2025, and U.S. state tax examinations by tax authorities for fiscal 2021 through fiscal 2025.