XML 98 R19.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes | 12 Months Ended
--- | ---
Mar. 28, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | 13. Income Taxes The provision for income taxes for fiscal years 2015, 2014 and 2013 were as follows (in thousands):
| Fiscal Year
| 2015 |  | 2014 |  | 2013
Current |  |  |  |  |
Federal | $ | 8,277 |  |  | $ | 7,630 |  |  | $ | 3,955 |
State | 882 |  |  | 913 |  |  | 263 |
Total current | 9,159 |  |  | 8,543 |  |  | 4,218 |
Deferred |  |  |  |  |
Federal | 3,937 |  |  | 586 |  |  | 1,416 |
State | 414 |  |  | (30 | ) |  | 717 |
Total deferred | 4,351 |  |  | 556 |  |  | 2,133 |
Total income tax provision | $ | 13,510 |  |  | $ | 9,099 |  |  | $ | 6,351 |
A reconciliation of income taxes computed by applying the expected federal statutory income tax rates of 35% for fiscal years 2015 and 2014, and 34% for fiscal year 2013 to income before income taxes to the total income tax provision reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands):
| Fiscal Year
| 2015 |  | 2014 |  | 2013
Federal income tax at statutory rate | $ | 13,065 |  |  | $ | 9,732 |  |  | $ | 5,660 |
State income taxes, net of federal benefit | 1,104 |  |  | 849 |  |  | 597 |
Domestic production activities deduction | (561 | ) |  | (783 | ) |  | (123 | )
Tax credits | (374 | ) |  | (319 | ) |  | (595 | )
Change in deferred tax rate | 92 |  |  | (557 | ) |  | 966 |
Other | 184 |  |  | 177 |  |  | (154 | )
Total income tax provision | $ | 13,510 |  |  | $ | 9,099 |  |  | $ | 6,351 |
Net current deferred tax assets and net long-term deferred tax liabilities were as follows (in thousands):
| March 28, 2015 |  | March 29, 2014
Net current deferred tax assets (liabilities) |  |  |
Warranty reserves | $ | 3,714 |  |  | $ | 3,447 |
Salaries and wages | 2,354 |  |  | 2,432 |
Inventory | 1,305 |  |  | 1,164 |
Policy acquisition costs | (1,136 | ) |  | (946 | )
Deferred revenue | 1,132 |  |  | 951 |
Repurchase reserves | 962 |  |  | 831 |
Insurance reserves | 628 |  |  | 655 |
Net operating loss carryforwards | 246 |  |  | 3,653 |
Other | (632 | ) |  | 126 |
| $ | 8,573 |  |  | $ | 12,313 |
Net long-term deferred tax (liabilities) assets |  |  |
Goodwill | $ | (24,714 | ) |  | $ | (24,597 | )
Loan discount | 8,519 |  |  | 9,509 |
Property, plant, equipment and depreciation | (4,970 | ) |  | (5,454 | )
Stock based compensation | 2,648 |  |  | 2,094 |
Other intangibles | (2,416 | ) |  | (2,833 | )
Deferred margin | 1,117 |  |  | 1,625 |
Bond discount | (925 | ) |  | (1,036 | )
Buydown points | (569 | ) |  | (662 | )
Reserves related to consumer loans sold | 350 |  |  | 402 |
Net operating loss carryforwards | 156 |  |  | 665 |
Tax credits | 155 |  |  | 159 |
Other | 62 |  |  | 180 |
| $ | (20,587 | ) |  | $ | (19,948 | )
The effective income tax rate for the current year was positively impacted from the timing of certain tax credits and deductions. As Cavco’s taxable income has grown, we have realized additional benefit from tax deductions established to favor domestic manufacturing operations. We also received benefit from tax credits, including the Work Opportunity Tax Credit and the Energy Efficient Home Credit, which expired on December 31, 2014, and if not renewed, we will no longer be able to utilize these tax credits in the future. During fiscal year 2013, the Company recognized an additional income tax benefit of $966,000 resulting from changes in state income tax rates applied to the Company's deferred tax amounts and income projections reaching a higher federal income tax rate. The Company recorded an insignificant amount of unrecognized tax benefits during fiscal years 2015, 2014 and 2013, and there would be an insignificant effect on the effective tax rate if all unrecognized tax benefits were recognized. The Company classifies interest and penalties related to unrecognized tax benefits in income tax expense. At March 28, 2015, the Company has state net operating loss carryforwards that total $20.8 million, that begin to expire in 2015. As a result, the Company recorded a $215,000 valuation allowance against the related deferred tax asset. The Company periodically evaluates the deferred tax assets based on the requirements established in ASC 740 which requires the recording of a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of the need for or amount of any valuation allowance involves significant management judgment and is based upon the evaluation of both positive and negative evidence, including management projections of anticipated taxable income. At March 28, 2015, the Company evaluated forecasted taxable income and determined that, except as described above, all of the deferred tax assets would be utilized in future periods. Ultimate realization of the deferred tax assets depends on our ability to meet these forecasts in future periods. Income tax returns are filed in the U.S. federal jurisdiction and in several state jurisdictions. The Company is no longer subject to examination by the IRS for years before fiscal year 2012. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to the Company’s financial position. The total amount of unrecognized tax benefit related to any particular tax position is not anticipated to change significantly within the next 12 months. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year.

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration