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v3.23.1

Income Taxes (Tables) | 12 Months Ended
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Apr. 01, 2023
Income Tax Disclosure [Abstract] |
Schedule of Pretax Income | Pretax income for the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021 was attributable to the following tax jurisdictions:
|  | Year Ended |
(Dollars in thousands) |  | April 1, 2023 |  |  | April 2, 2022 |  |  | April 3, 2021 |
Domestic |  | $ | 499,715 |  |  | $ | 300,675 |  |  | $ | 92,832 |
Foreign |  |  | 34,181 |  |  |  | 29,754 |  |  |  | 18,568 |
Income before income taxes |  | $ | 533,896 |  |  | $ | 330,429 |  |  | $ | 111,400 |
Schedule of Income Tax Provision by Jurisdiction | The income tax provision by jurisdiction for the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021 was as follows:
|  | Year Ended |
(Dollars in thousands) |  | April 1, 2023 |  |  | April 2, 2022 |  |  | April 3, 2021 |
Current: |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 98,242 |  |  | $ | 55,983 |  |  | $ | 13,094 |
Foreign |  |  | 8,560 |  |  |  | 7,907 |  |  |  | 4,738 |
State |  |  | 24,000 |  |  |  | 15,476 |  |  |  | 5,081 |
Total current |  | $ | 130,802 |  |  | $ | 79,366 |  |  | $ | 22,913 |
Deferred |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 78 |  |  | $ | 2,367 |  |  | $ | 2,853 |
Foreign |  |  | 1,440 |  |  |  | 1,118 |  |  |  | 851 |
State |  |  | (226 | ) |  |  | (466 | ) |  |  | (116 | )
Total deferred |  | $ | 1,292 |  |  | $ | 3,019 |  |  | $ | 3,588 |
Total income tax expense |  | $ | 132,094 |  |  | $ | 82,385 |  |  | $ | 26,501 |
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 1, 2023 |  |  | April 2, 2022 |  |  | April 3, 2021 |
Tax expense at U.S federal statutory rate |  | $ | 112,118 |  |  | $ | 69,390 |  |  | $ | 23,394 |
Increase (decrease) in rate resulting from: |  |  |  |  |  |  |  |  |
State taxes, net of U.S. federal benefit |  | $ | 18,956 |  |  | $ | 11,908 |  |  | $ | 3,969 |
Foreign tax rate differences |  |  | 1,566 |  |  |  | 1,417 |  |  |  | 900 |
Recognition of foreign investment basis difference |  |  | 1,249 |  |  |  | 1,076 |  |  |  | 616 |
Change in deferred tax valuation allowance |  |  | (703 | ) |  |  | 189 |  |  |  | 1,343 |
U.S. tax credits |  |  | (2,694 | ) |  |  | (2,296 | ) |  |  | (3,096 | )
Other |  |  | 1,602 |  |  |  | 701 |  |  |  | (625 | )
Total income tax expense |  | $ | 132,094 |  |  | $ | 82,385 |  |  | $ | 26,501 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at April 1, 2023 and April 2, 2022 consisted of the following:
(Dollars in thousands) |  | April 1, 2023 |  |  | April 2, 2022 |
ASSETS |  |  |  |  |  |
Warranty reserves |  | $ | 8,889 |  |  | $ | 8,043 |
Intangible assets |  |  | 8,763 |  |  |  | 9,833 |
Lease assets |  |  | 7,487 |  |  |  | 2,774 |
Employee compensation |  |  | 7,320 |  |  |  | 12,042 |
Foreign net operating loss carryforwards |  |  | 6,343 |  |  |  | 6,470 |
Self-insurance reserves |  |  | 5,851 |  |  |  | 5,396 |
Equity-based compensation |  |  | 3,258 |  |  |  | 2,206 |
Dealer volume discounts |  |  | 2,749 |  |  |  | 2,077 |
Inventory reserves and impairments |  |  | 2,599 |  |  |  | 1,750 |
Other |  |  | 3,987 |  |  |  | 6,032 |
Gross deferred tax assets |  | $ | 57,246 |  |  | $ | 56,623 |
LIABILITIES |  |  |  |  |  |
Property, plant, and equipment |  | $ | 13,367 |  |  | $ | 9,901 |
Lease liabilities |  |  | 7,487 |  |  |  | 2,774 |
Intangible assets |  |  | 5,974 |  |  |  | 7,834 |
Foreign tax basis difference in investments |  |  | 5,964 |  |  |  | 5,124 |
Other |  |  | 958 |  |  |  | 5,623 |
Gross deferred tax liabilities |  |  | 33,750 |  |  |  | 31,256 |
Valuation allowance |  |  | (12,038 | ) |  |  | (12,741 | )
Net deferred tax assets |  | $ | 11,458 |  |  | $ | 12,626 |

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