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Revenue from Contracts with Customers | 12 Months Ended
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Mar. 30, 2019
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer | Revenue from Contracts with Customers As discussed in Note 1, the Company adopted ASC 606 on April 1, 2018. Our revenue recognition practices under ASC 606 do not differ materially from prior practices. Under ASC 606, revenues are recognized when a good or service is transferred to a customer. A good or service is transferred when, or as, the customer obtains control of that good or service. Revenues are based on the consideration expected to be received in connection with our promises to deliver goods and services to our customers. Site Improvements on Retail Sales. Under previous guidance, the Company recorded sales of subcontracted ancillary services, such as preparation of the home site or other exterior enhancements, net of associated costs. Such services are provided as a convenience to the customer. As the Company is involved in the selection of subcontractors, under ASC 606, we have concluded that it is appropriate to recognize the sale of these ancillary services on a gross basis. The revenues associated with these programs for fiscal years 2019, 2018 and 2017 were $24.9 million, $21.2 million and $18.8 million, respectively. Additional Items. Expected consideration, and therefore revenue, reflects reductions for returns, allowances, and other incentives, some of which may be contingent on future events. Additionally, the Company's volume rebates are accrued at the time of sale and are recorded as a reduction of Net revenue. In customer contracts for retail sales of manufactured homes, consideration includes certain state and local excise taxes billed to customers when those taxes are levied directly upon us by the taxing authorities. Expected consideration excludes sales and other taxes collected on behalf of taxing authorities. The Company elects to treat consideration for freight performed as a fulfillment activity. Therefore, Net revenue includes consideration for freight and other fulfillment activities performed prior to the customer obtaining control of the goods. Practical Expedients and Exemptions. The Company generally expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within Selling, general and administrative expenses. In addition, the Company does not disclose the value of unsatisfied performance obligations for contracts with an expected length of one year or less. Disaggregation of Revenue. The following table summarizes customer contract revenues disaggregated by reportable segment and the source of the revenue. All revenue from customers is recognized at a point in time, either when the customer takes delivery or when a third-party insurance contract is executed, as more fully discussed above. Other items included in our consolidated revenues are primarily related to financial services, including manufactured housing consumer finance and insurance, which are not within the scope of ASC 606.
| Fiscal year ended March 30, 2019
Factory-built housing |
U.S. Housing and Urban Development code homes | $ | 727,950 |
Modular homes | 90,636 |
Park model RVs | 38,057 |
Other (1) | 49,083 |
Net revenue from factory-built housing | 905,726 |
Financial services |
Insurance agency commissions received from third-party insurance companies | 3,065 |
Other | 53,955 |
Net revenue from financial services | 57,020 |
Total Net revenue | $ | 962,746 |
(1) | Other factory-built housing revenue from ancillary products and services including used homes, freight and other services.
Impacts on Consolidated Financial Statements. The impacts to our Consolidated Financial Statements as a result of ASC 606 implementation are as follows (in thousands):
| March 30, 2019
Consolidated Balance Sheet | As Reported |  | Adjustments |  | Balance without ASC 606 Adoption
Accrued liabilities | $ | 125,181 |  |  | $ | 1,750 |  |  | $ | 126,931 |
Total current liabilities | 174,008 |  |  | 1,750 |  |  | 175,758 |
Deferred income taxes | 7,002 |  |  | (461 | ) |  | 6,541 |
Retained earnings | 280,078 |  |  | (1,289 | ) |  | 278,789 |
Total stockholders' equity | 529,588 |  |  | (1,289 | ) |  | 528,299 |
| Fiscal year ended March 30, 2019
Consolidated Statement of Comprehensive Income | As Reported |  | Adjustments |  | Balance without ASC 606 Adoption
Net revenue | $ | 962,746 |  |  | $ | (32,420 | ) |  | $ | 930,326 |
Cost of sales | 757,040 |  |  | (31,047 | ) |  | 725,993 |
Gross profit | 205,706 |  |  | (1,373 | ) |  | 204,333 |
Selling, general and administrative expenses | 121,568 |  |  | (289 | ) |  | 121,279 |
Income from operations | 84,138 |  |  | (1,084 | ) |  | 83,054 |
Income before income taxes | 86,676 |  |  | (1,084 | ) |  | 85,592 |
Income tax expense | (18,054 | ) |  | 250 |  |  | (17,804 | )
Net income | 68,622 |  |  | (834 | ) |  | 67,788 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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