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Income Taxes (Tables) | 12 Months Ended
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Apr. 03, 2021
Income Tax Disclosure [Abstract] |
Schedule of Pretax Income (Loss) | Pretax income (loss) for the fiscal years ended April 3, 2021, March 28, 2020, and March 30, 2019 was attributable to the following tax jurisdictions:
|  | Year Ended |
(Dollars in thousands) |  | April 3, 2021 |  |  | March 28, 2020 |  |  | March 30, 2019 |
Domestic |  | $ | 92,832 |  |  | $ | 76,224 |  |  | $ | (50,891 | )
Foreign |  |  | 18,568 |  |  |  | 8,830 |  |  |  | 9,588 |
Income (loss) before income taxes |  | $ | 111,400 |  |  | $ | 85,054 |  |  | $ | (41,303 | )
Schedule of Income Tax Provision by Jurisdiction | The income tax provision by jurisdiction for the fiscal years ended April 3, 2021, March 28, 2020, and March 30, 2019 was as follows:
|  | Year Ended |
(Dollars in thousands) |  | April 3, 2021 |  |  | March 28, 2020 |  |  | March 30, 2019 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 13,094 |  |  | $ | 9,360 |  |  | $ | 9,353 |
Foreign |  |  | 4,738 |  |  |  | 1,938 |  |  |  | 1,452 |
State |  |  | 5,081 |  |  |  | 3,800 |  |  |  | 3,053 |
Total current |  | $ | 22,913 |  |  | $ | 15,098 |  |  | $ | 13,858 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 2,853 |  |  | $ | 5,660 |  |  | $ | 1,854 |
Foreign |  |  | 851 |  |  |  | 5,214 |  |  |  | 987 |
State |  |  | (116 | ) |  |  | 922 |  |  |  | 206 |
Total deferred |  | $ | 3,588 |  |  | $ | 11,796 |  |  | $ | 3,047 |
Total income tax expense |  | $ | 26,501 |  |  | $ | 26,894 |  |  | $ | 16,905 |
Schedule of Income Tax Expense | Income tax expense differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to income before income taxes as a result of the following differences:
|  | Year Ended |
(Dollars in thousands) |  | April 3, 2021 |  |  | March 28, 2020 |  |  | March 30, 2019 |
Tax expense (benefit) at U.S federal statutory rate |  | $ | 23,394 |  |  | $ | 17,861 |  |  | $ | (8,674 | )
Increase (decrease) in rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of U.S. federal benefit |  | $ | 3,969 |  |  | $ | 4,491 |  |  | $ | 2,412 |
Change in deferred tax valuation allowance |  |  | 1,343 |  |  |  | 3,652 |  |  |  | (986 | )
Foreign tax rate differences |  |  | 900 |  |  |  | 502 |  |  |  | 579 |
Recognition of foreign investment basis difference |  |  | 616 |  |  |  | 25 |  |  |  | 247 |
Non-deductible compensation due to Section 162(m) |  |  | 586 |  |  |  | 1,007 |  |  |  | 2,760 |
Other permanent difference |  |  | 265 |  |  |  | 844 |  |  |  | 531 |
Non-deductible equity-based compensation |  |  | — |  |  |  | — |  |  |  | 17,545 |
Transaction costs related to the Exchange |  |  | — |  |  |  | — |  |  |  | 2,051 |
Uncertain tax positions |  |  | — |  |  |  | (643 | ) |  |  | (590 | )
Deferred tax rate changes |  |  | (778 | ) |  |  | 538 |  |  |  | 928 |
U.S. tax credits |  |  | (3,096 | ) |  |  | (1,005 | ) |  |  | (445 | )
Other |  |  | (698 | ) |  |  | (378 | ) |  |  | 547 |
Total income tax expense |  | $ | 26,501 |  |  | $ | 26,894 |  |  | $ | 16,905 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at April 3, 2021 and March 28, 2020 consisted of the following:
(Dollars in thousands) |  | April 3, 2021 |  |  | March 28, 2020 |
ASSETS |  |  |  |  |  |  |  |
Intangible assets |  | $ | 10,665 |  |  | $ | 9,665 |
Employee compensation |  |  | 7,500 |  |  |  | 5,665 |
Warranty reserves |  |  | 7,041 |  |  |  | 6,175 |
Foreign net operating loss carryforwards |  |  | 6,250 |  |  |  | 5,400 |
U.S. federal net operating loss carryforwards |  |  | 4,583 |  |  |  | 9,368 |
Self-insurance reserves |  |  | 4,058 |  |  |  | 3,806 |
Lease assets |  |  | 2,879 |  |  |  | 3,684 |
State net operating loss carryforwards |  |  | 2,372 |  |  |  | 2,793 |
U.S. tax credit carryforwards |  |  | 2,030 |  |  |  | 2,030 |
Dealer volume discounts |  |  | 1,631 |  |  |  | 1,216 |
Inventory reserves and impairments |  |  | 1,558 |  |  |  | 1,656 |
Equity-based compensation |  |  | 1,333 |  |  |  | 1,156 |
Capitalized transaction costs |  |  | 377 |  |  |  | 456 |
Foreign capital loss carryforwards |  |  | 187 |  |  |  | 168 |
Outside basis difference in domestic partnership investment |  |  | - |  |  |  | 2,229 |
Foreign currency translation adjustments |  |  | - |  |  |  | 67 |
Other |  |  | 1,282 |  |  |  | 1,130 |
Gross deferred tax assets |  | $ | 53,746 |  |  | $ | 56,664 |
LIABILITIES |  |  |  |  |  |  |  |
Intangible assets |  | $ | 9,470 |  |  | $ | 10,711 |
Property, plant, and equipment |  |  | 8,213 |  |  |  | 8,411 |
Foreign tax basis difference in investments |  |  | 4,280 |  |  |  | 3,264 |
Lease liabilities |  |  | 2,879 |  |  |  | 3,684 |
Other |  |  | 718 |  |  |  | 837 |
Gross deferred tax liabilities |  | $ | 25,560 |  |  | $ | 26,907 |
Valuation allowance |  |  | (12,552 | ) |  |  | (11,209 | )
Net deferred tax assets |  | $ | 15,634 |  |  | $ | 18,548 |
Schedule of Changes in Unrecognized Tax Benefits | The following table provides the changes in unrecognized tax benefits for fiscal 2021 and 2020:
(Dollars in thousands) |  | April 3, 2021 |  |  | March 28, 2020 |
Unrecognized tax benefits, beginning of period |  | $ | — |  |  | $ | 643 |
Increase related to tax positions taken during a prior period |  |  | — |  |  |  | — |
Reductions as a result of a lapse of the applicable statute of limitations |  |  | — |  |  |  | (643 | )
Unrecognized tax benefits, end of period |  | $ | — |  |  | $ | — |

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