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Acquisitions | 12 Months Ended
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Apr. 01, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Acquisitions FY22 Craftsman Acquisition On July 4, 2021, we obtained an additional 20% ownership interest in Craftsman Homes, LLC and Craftsman Homes Development, LLC (collectively known as "Craftsman" or the "Entities"), which gave us a 70% controlling ownership interest and resulted in consolidation of the Entities. See Redeemable Noncontrolling Interest policy in Note 1. The purchase price on July 4, 2021 for 20% ownership was $2.5 million, valuing the Entities at $12.4 million. The remeasurement of the Entities assets and liabilities to fair value resulted in a non-cash gain of $3.3 million, recorded in Other income, net in the Consolidated Statements of Comprehensive Income. FY22 Commodore Acquisition On September 24, 2021, we purchased certain manufactured housing assets and assumed certain liabilities of The Commodore Corporation ("Commodore"). The acquisition-date fair value of the total consideration was $146.0 million. During the second fiscal quarter of 2023, we finalized the purchase price allocation related to the Commodore acquisition, which did not have a material effect on the Consolidated Financial Statements. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands).
| September 24, 2021
| (as finalized)
Cash | $ | 619 |
Accounts receivable | 20,930 |
Commercial loans | 30,922 |
Inventories | 31,787 |
Property, plant and equipment(1) | 59,339 |
Other current assets | 534 |
Intangible assets(2) | 12,500 |
Total identifiable assets acquired | 156,631 |
Accounts payable and accrued liabilities | 31,536 |
Net identifiable assets acquired | 125,095 |
Goodwill(3) | 20,892 |
Net assets acquired | $ | 145,987 |
(1) Includes assets acquired under finance leases. (2) Includes $7.2 million assigned to customer-related intangibles, subject to a useful life of 11 years amortized on a straight-line basis; $3.8 million assigned to trademarks and trade names, which are considered indefinite lived intangible assets and are not subject to amortization; $1.0 million for acquired sales order backlogs that will be amortized over the period to produce the associated backlog; and $0.5 million for a covenant not to compete from the sellers, amortized on a straight-line basis over the term of 5 years. (3) Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. FY23 Solitaire Acquisition On January 3, 2023, we completed the acquisition of Solitaire Inc. and other related entities (collectively "Solitaire Homes"), including their four manufacturing facilities and twenty-two retail locations by acquiring 100% of the outstanding stock of Solitaire Homes. The addition of Solitaire Homes to our existing manufacturing and retail system strengthens our retail position in the Southwest and expands our manufacturing capabilities into Mexico. The acquisition-date fair value of the total consideration was $110.8 million, which is subject to customary adjustments. We have expensed $2.4 million in acquisition related transaction costs in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income and have not incurred debt in connection with the purchase or subsequent operations. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands). Certain estimated fair values for Inventories, Property, plant and equipment and Other current assets are not yet finalized and are subject to change, which could be signifi cant. We will finalize the amounts recognized as we obtain the information necessary to complete the analysis. We expect to finalize these amounts as soon as possible but no later than one year from the acquisition date.
| January 3, 2023
Cash | $ | 5,119 |
Investments | 334 |
Accounts receivable | 3,536 |
Inventories | 58,045 |
Property, plant and equipment | 36,109 |
Other current assets | 1,519 |
Intangible assets(1) | 3,400 |
Total identifiable assets acquired | 108,062 |
Accounts payable and accrued liabilities | 11,251 |
Net identifiable assets acquired | 96,811 |
Goodwill(2) | 13,970 |
Net assets acquired | $ | 110,781 |
(1) Includes $1.3 million assigned to trade names, which are considered indefinite lived intangible assets and are not subject to amortization, $1.9 million assigned to customer-related intangibles, subject to a useful life of 10 years amortized on a straight-line basis, and $0.2 million for covenants not to compete from the sellers, amortized on a straight-line basis over the term of 5 years. (2) Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. Since the acquisition date, Solitaire Homes contributed Net revenue of $28.3 million and a Net loss of $0.9 million for the fiscal year ended April 1, 2023. Pro Forma Impact of Acquisitions (Unaudited). The following table presents supplemental pro forma information as if the above acquisitions had occurred on April 4, 2021 (in thousands, except per share data):
| Year Ended
| April 1, 2023 |  | April 2, 2022
Net revenue | $ | 2,251,233 |  |  | $ | 1,914,866 |
Net income attributable to Cavco common stockholders | 251,903 |  |  | 208,149 |
Diluted net income per share | 28.23 |  |  | 22.47 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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