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Income Taxes (Tables) | 12 Months Ended
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Mar. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of Pretax Income | Pretax income for the fiscal years ended March 30, 2024, April 1, 2023, and April 2, 2022 was attributable to the following tax jurisdictions:
|  | Year Ended |
(Dollars in thousands) |  | March 30, 2024 |  |  | April 1, 2023 |  |  | April 2, 2022 |
Domestic |  | $ | 175,465 |  |  | $ | 499,715 |  |  | $ | 300,675 |
Foreign |  |  | 25,390 |  |  |  | 34,181 |  |  |  | 29,754 |
Income before income taxes |  | $ | 200,855 |  |  | $ | 533,896 |  |  | $ | 330,429 |
Schedule of Income Tax Provision by Jurisdiction | The income tax provision by jurisdiction for the fiscal years ended March 30, 2024, April 1, 2023, and April 2, 2022 was as follows:
|  | Year Ended |
(Dollars in thousands) |  | March 30, 2024 |  |  | April 1, 2023 |  |  | April 2, 2022 |
Current: |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 37,105 |  |  | $ | 98,242 |  |  | $ | 55,983 |
Foreign |  |  | 5,058 |  |  |  | 8,560 |  |  |  | 7,907 |
State |  |  | 11,200 |  |  |  | 24,000 |  |  |  | 15,476 |
Total current |  | $ | 53,363 |  |  | $ | 130,802 |  |  | $ | 79,366 |
Deferred |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | (6,873 | ) |  | $ | 78 |  |  | $ | 2,367 |
Foreign |  |  | 2,249 |  |  |  | 1,440 |  |  |  | 1,118 |
State |  |  | (1,603 | ) |  |  | (226 | ) |  |  | (466 | )
Total deferred |  | $ | (6,227 | ) |  | $ | 1,292 |  |  | $ | 3,019 |
Total income tax expense |  | $ | 47,136 |  |  | $ | 132,094 |  |  | $ | 82,385 |
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) |  | March 30, 2024 |  |  | April 1, 2023 |  |  | April 2, 2022 |
Tax expense at U.S federal statutory rate |  | $ | 42,180 |  |  | $ | 112,118 |  |  | $ | 69,390 |
Increase (decrease) in rate resulting from: |  |  |  |  |  |  |  |  |
State taxes, net of U.S. federal benefit |  | $ | 7,575 |  |  | $ | 18,956 |  |  | $ | 11,908 |
Non-deductible compensation due to Section 162(m) |  |  | 2,435 |  |  |  | 1,924 |  |  |  | 1,119 |
Foreign tax rate differences |  |  | 1,134 |  |  |  | 1,566 |  |  |  | 1,417 |
Recognition of foreign investment basis difference |  |  | 955 |  |  |  | 1,249 |  |  |  | 1,076 |
Change in deferred tax valuation allowance |  |  | (333 | ) |  |  | (703 | ) |  |  | 189 |
U.S. tax credits |  |  | (6,129 | ) |  |  | (2,694 | ) |  |  | (2,296 | )
Other |  |  | (681 | ) |  |  | (322 | ) |  |  | (418 | )
Total income tax expense |  | $ | 47,136 |  |  | $ | 132,094 |  |  | $ | 82,385 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at March 30, 2024 and April 1, 2023 consisted of the following:
(Dollars in thousands) |  | March 30, 2024 |  |  | April 1, 2023 |
ASSETS |  |  |  |  |  |
Warranty reserves |  |  | 11,328 |  |  |  | 8,889 |
Lease assets |  |  | 9,573 |  |  |  | 7,487 |
Intangible assets |  |  | 8,448 |  |  |  | 8,763 |
Accrued product liability - water intrusion |  |  | 8,353 |  |  |  | - |
Foreign net operating loss carryforwards |  |  | 6,343 |  |  |  | 6,343 |
Capitalized research expenditures |  |  | 6,312 |  |  |  | - |
Self-insurance reserves |  |  | 4,840 |  |  |  | 5,851 |
Equity-based compensation |  |  | 4,720 |  |  |  | 3,258 |
Employee compensation |  |  | 4,245 |  |  |  | 7,320 |
Inventory reserves and impairments |  |  | 3,427 |  |  |  | 2,599 |
Dealer volume discounts |  |  | 1,821 |  |  |  | 2,749 |
Other |  |  | 3,323 |  |  |  | 3,987 |
Gross deferred tax assets |  | $ | 72,733 |  |  | $ | 57,246 |
LIABILITIES |  |  |  |  |  |
Property, plant, and equipment |  | $ | 20,329 |  |  | $ | 13,367 |
Lease liabilities |  |  | 9,553 |  |  |  | 7,487 |
Foreign tax basis difference in investments |  |  | 6,905 |  |  |  | 5,964 |
Intangible assets |  |  | 3,418 |  |  |  | 5,974 |
Other |  |  | 850 |  |  |  | 958 |
Gross deferred tax liabilities |  |  | 41,055 |  |  |  | 33,750 |
Valuation allowance |  |  | (11,705 | ) |  |  | (12,038 | )
Net deferred tax assets |  | $ | 19,973 |  |  | $ | 11,458 |

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