Segment Information

9 Months Ended

Dec. 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						Nine Months Ended
(Dollars in thousands)	December 26, 2020			December 28, 2019			December 26, 2020			December 28, 2019
Net sales:
U.S. Factory-built Housing	$	336,358		$	304,818		$	868,577		$	949,253
Canadian Factory-built Housing		26,351			22,809			66,104			72,916
Corporate/Other		14,872			14,612			38,551			46,416
Consolidated net sales	$	377,581		$	342,239		$	973,232		$	1,068,585
Operating income:
U.S. Factory-built Housing EBITDA	$	35,538		$	33,165		$	88,628		$	104,624
Canadian Factory-built Housing EBITDA		2,933			1,786			13,790			9,085
Corporate/Other EBITDA		(6,407	)		(6,771	)		(20,235	)		(26,177	)
Other income		(180	)		—			(6,993	)		—
Depreciation		(3,025	)		(3,171	)		(8,994	)		(9,826	)
Amortization		(1,361	)		(1,345	)		(4,082	)		(4,069	)
Consolidated operating income	$	27,498		$	23,664		$	62,114		$	73,637
Depreciation:
U.S. Factory-built Housing	$	2,378		$	2,659		$	7,167		$	8,365
Canadian Factory-built Housing		246			255			609			744
Corporate/Other		401			257			1,218			717
Consolidated depreciation	$	3,025		$	3,171		$	8,994		$	9,826
Amortization of intangible assets:
U.S. Factory-built Housing	$	1,361		$	1,345		$	4,082		$	4,069
Canadian Factory-built Housing		—			—			—			—
Corporate/Other		—			—			—			—
Consolidated amortization of intangible assets	$	1,361		$	1,345		$	4,082		$	4,069
Capital expenditures:
U.S. Factory-built Housing	$	1,234		$	1,981		$	3,173		$	9,483
Canadian Factory-built Housing		312			414			554			842
Corporate/Other		137			306			508			1,785
Consolidated capital expenditures	$	1,683		$	2,701		$	4,235		$	12,110
(Dollars in thousands)							December 26, 2020			March 28, 2020
Total Assets:
U.S. Factory-built Housing (1)							$	482,043		$	491,110
Canadian Factory-built Housing (1)								77,113			56,760
Corporate/Other (1)								266,709			233,830
Consolidated total assets							$	825,865		$	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.