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Income Taxes | 12 Months Ended
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Mar. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 12. Income Taxes 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 |
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 |
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 |
The U.S. income tax rate for fiscal 2024, 2023, and 2022 was 21%. 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 |
The Company anticipates periodically repatriating the earnings of its Netherlands and Canadian subsidiaries. A deferred tax liability is recognized for income tax withholding which may be incurred upon the reversal of basis differences in investments in its foreign subsidiaries. The Company periodically evaluates the realizability of its deferred tax assets based on whether it is “more likely than not” that some portion of the deferred tax assets will not be realized. Our evaluation considers available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. The Company’s valuation allowance principally consists of valuation allowances for certain state NOL carryforwards, certain Canadian deferred tax assets, and the Company’s deferred tax assets in the Netherlands. As of March 30, 2024, the Company has state NOL carryforwards in various jurisdictions which expire primarily in 2024 through 2042. Unrecognized tax benefits represent the differences between tax positions taken or expected to be taken on a tax return and the benefits recognized for financial statement purposes. There were no unrecognized tax benefits at March 30, 2024 and April 1, 2023. The Company is no longer subject to foreign tax examinations by tax authorities for years prior to fiscal 2020. The Company’s U.S. subsidiaries are subject to U.S. federal tax examinations for fiscal 2021 through fiscal 2024, and U.S. state tax examinations by tax authorities for fiscal 2020 through fiscal 2024.

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