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Revenue Recognition | 12 Months Ended
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Apr. 03, 2021
Revenue From Contract With Customer [Abstract] |
Revenue Recognition |
9. | Revenue Recognition
The Company’s revenue is recognized when performance obligations under the terms of a contract are satisfied which generally occurs with the transfer of control of products. The Company enters into contracts with its customers to provide manufactured homes, modular homes, park model RVs, ADUs, commercial structures and transportation services. Generally, the Company’s contracts may be terminated by the Company’s customers at any time prior to initiation of construction of the respective home. Historically, terminations of these contracts have been minimal. The Company receives signed sales quotes from its customers, which provide the terms for a specific home, including price. The Company also has agreements with certain customers that provide for certain variable consideration, such as volume discounts, that are deducted from the contract price and accrued at the time of sale. In certain situations, the Company may receive payment in advance of completion of its contractual obligations. In these situations, the arising contract liability is classified within customer deposits and receipts in excess of revenues. Following the receipt of the customer deposit, the Company typically completes its performance obligation within a twelve-month period. For sales to independent retailers and builders/developers, revenue is recognized at the point in time when wholesale floor plan financing or retailer credit approval has been received, the home has shipped and title has transferred, which occurs when the Company has satisfied its contractual obligations and the control of its products has been transferred. The Company does not have an enforceable right to payment prior to shipment. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for those products. The Company’s customers pay for products received in accordance with payment terms that are customary within the industry. As is customary in the factory-built housing industry, a significant portion of the Company’s sales to independent retailers are financed under floor plan financing programs with certain third-party lenders. Floor plan financing arrangements are generally identified prior to shipment of products and payment for sales financed under floor plan programs is generally received 5 to 10 business days from the date of invoice. For retail sales to consumers from Company-owned retail sales centers, revenue is recognized when the home has been delivered, set up and accepted by the consumer, and title has transferred. The Company recognizes commercial revenue and related cost of sales for long-term construction contracts (“Commercial”) over time as performance obligations are satisfied using the percentage-of-completion method (input method). Management estimates the stage of completion on each construction project based on progress and costs incurred. Unbilled revenue on long-term construction contracts are classified as a contract asset in accounts receivable. Receipts in excess of billings are classified as contract liabilities and included in other current liabilities. At April 3, 2021 and March 28, 2020, uncollected billings related to long-term construction contracts totaled $5.5 million and $1.0 million, respectively. There was no unbilled revenue for long-term contracts at April 3, 2021 or March 28, 2020. Revenue for the Company’s transportation operations is recognized when a shipment has been delivered to its final destination. Amounts billed to customers related to shipping and handling costs are included in net sales. Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales. The following tables disaggregate the Company’s revenue by sales category:
|  | Year Ended April 3, 2021 |
(Dollars in thousands) |  | U.S. Factory-Built Housing |  |  | Canadian Factory-built Housing |  |  | Corporate/ Other |  |  | Total |
Manufacturing and retail |  | $ | 1,254,505 |  |  | $ | 101,328 |  |  | $ | — |  |  | $ | 1,355,833 |
Commercial |  |  | 11,803 |  |  |  | — |  |  |  | — |  |  |  | 11,803 |
Transportation |  |  | — |  |  |  | — |  |  |  | 53,245 |  |  |  | 53,245 |
Total |  | $ | 1,266,308 |  |  | $ | 101,328 |  |  | $ | 53,245 |  |  | $ | 1,420,881 |
|  | Year Ended March 28, 2020 |
(Dollars in thousands) |  | U.S. Factory-Built Housing |  |  | Canadian Factory-built Housing |  |  | Corporate/ Other |  |  | Total |
Manufacturing and retail |  | $ | 1,218,293 |  |  | $ | 84,196 |  |  | $ | — |  |  | $ | 1,302,489 |
Commercial |  |  | 8,100 |  |  |  | — |  |  |  | — |  |  |  | 8,100 |
Transportation |  |  | — |  |  |  | — |  |  |  | 59,141 |  |  |  | 59,141 |
Total |  | $ | 1,226,393 |  |  | $ | 84,196 |  |  | $ | 59,141 |  |  | $ | 1,369,730 |
|  | Year Ended March 30, 2019 |
(Dollars in thousands) |  | U.S. Factory-Built Housing |  |  | Canadian Factory-built Housing |  |  | Corporate/ Other |  |  | Total |
Manufacturing and retail |  | $ | 1,166,245 |  |  | $ | 98,567 |  |  | $ | — |  |  | $ | 1,264,812 |
Commercial |  |  | 11,442 |  |  |  | — |  |  |  | — |  |  |  | 11,442 |
Transportation |  |  | — |  |  |  | — |  |  |  | 83,789 |  |  |  | 83,789 |
Total |  | $ | 1,177,687 |  |  | $ | 98,567 |  |  | $ | 83,789 |  |  | $ | 1,360,043 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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