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Acquisition (Tables) | 3 Months Ended
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Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisition | On January 3, 2023 (the "Acquisition Date"), we completed the acquisition of Solitaire Homes, including their four manufacturing facilities and twenty-two retail locations by acquiring 100% of the outstanding stock of Solitaire Homes for $110.8 million, subject to customary adjustments. Our provisional estimates of the fair values of the assets that we acquired and the liabilities that we assumed were based on the information that was available as of the Acquisition Date. We are continuing to evaluate the underlying inputs and assumptions used in our valuations. Accordingly, these provisional estimates are subject to change during the measurement period, which is up to one year from the Acquisition Date. During the first quarter of fiscal 2024, we made certain adjustments to the assets and liabilities based on information that became available. The following table presents our provisional estimates of the fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date as of the end of the 2024 first quarter (in thousands):
| January 3, 2023 |  | Adjustments |  | January 3, 2023 (as Adjusted at July 1, 2023)
Cash | $ | 5,119 |  |  | $ | (77) |  |  | $ | 5,042 |
Investments | 334 |  |  | — |  |  | 334 |
Accounts receivable | 3,536 |  |  | (778) |  |  | 2,758 |
Inventories | 58,045 |  |  | (54) |  |  | 57,991 |
Property, plant and equipment | 36,109 |  |  | (70) |  |  | 36,039 |
Other current assets | 1,519 |  |  | — |  |  | 1,519 |
Intangible assets(1) | 3,400 |  |  | — |  |  | 3,400 |
Total identifiable assets acquired | 108,062 |  |  | (979) |  |  | 107,083 |
Accounts payable and accrued liabilities | 11,251 |  |  | (28) |  |  | 11,223 |
Net identifiable assets acquired | 96,811 |  |  | (951) |  |  | 95,860 |
Goodwill(2) | 13,970 |  |  | 951 |  |  | 14,921 |
Net assets acquired | $ | 110,781 |  |  | $ | — |  |  | $ | 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.
Pro Forma Impact of Acquisition (Unaudited) | Pro Forma Impact of Acquisition (Unaudited). The following table presents supplemental pro forma information as if the above acquisition had occurred on April 3, 2022 (in thousands, except per share data):
|  |  | Three Months Ended
|  |  | July 2, 2022
Net revenue |  |  | $ | 624,511 |
Net income attributable to Cavco common stockholders |  |  | 61,645 |
Diluted net income per share |  |  | 6.86 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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