Segment Information

6 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Segment Information

12. Segment Information

Financial results for the Company's reportable segments have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker, the Chief Executive Officer, evaluates the performance of the Company’s segments primarily based on net sales, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and operating assets.

The Company operates in two reportable segments: (i) U.S. Factory-built Housing, which includes manufacturing and retail housing operations and (ii) Canadian Factory-built Housing. Corporate/Other includes the Company’s transportation operations, corporate costs directly incurred for all segments and intersegment eliminations. Segments are generally determined by geography. Segment data includes intersegment revenues and corporate office costs that are directly and exclusively incurred for each segment. Total assets for Corporate/Other primarily includes cash and certain deferred tax items not specifically allocated to another segment.

Selected financial information by reportable segment was as follows:

	Three Months Ended						Six Months Ended
(Dollars in thousands)	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
Net sales:
U.S. Factory-built Housing	$	283,360		$	312,830		$	532,219		$	644,435
Canadian Factory-built Housing		24,558			26,407			39,753			50,107
Corporate/Other		14,448			15,221			23,679			31,804
Consolidated net sales	$	322,366		$	354,458		$	595,651		$	726,346
Operating income:
U.S. Factory-built Housing EBITDA	$	28,697		$	35,314		$	53,090		$	71,459
Canadian Factory-built Housing EBITDA		5,951			4,244			10,857			7,299
Corporate/Other EBITDA		(6,221	)		(8,998	)		(13,828	)		(19,406	)
Other income		(2,599	)		—			(6,813	)		—
Depreciation		(3,048	)		(3,545	)		(5,969	)		(6,655	)
Amortization		(1,360	)		(1,362	)		(2,721	)		(2,724	)
Consolidated operating income	$	21,420		$	25,653		$	34,616		$	49,973
Depreciation:
U.S. Factory-built Housing	$	2,391		$	3,068		$	4,789		$	5,706
Canadian Factory-built Housing		248			247			363			489
Corporate/Other		409			230			817			460
Consolidated depreciation	$	3,048		$	3,545		$	5,969		$	6,655
Amortization of intangible assets:
U.S. Factory-built Housing	$	1,360		$	1,362		$	2,721		$	2,724
Canadian Factory-built Housing		—			—			—			—
Corporate/Other		—			—			—			—
Consolidated amortization of intangible assets	$	1,360		$	1,362		$	2,721		$	2,724
Capital expenditures:
U.S. Factory-built Housing	$	1,054		$	4,144		$	1,939		$	7,502
Canadian Factory-built Housing		85			317			242			428
Corporate/Other		102			422			371			1,479
Consolidated capital expenditures	$	1,241		$	4,883		$	2,552		$	9,409
(Dollars in thousands)							September 26, 2020			March 28, 2020
Total Assets:
U.S. Factory-built Housing (1)							$	489,399		$	491,110
Canadian Factory-built Housing (1)								68,696			56,760
Corporate/Other (1)								271,376			233,830
Consolidated total assets							$	829,471		$	781,700

(1) Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable.