0001213900-20-002587 | 10-Q | XBRL Viewer

Cover - shares	9 Months Ended
Cover - shares	Dec. 28, 2019	Jan. 31, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 28, 2019
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--03-28
Entity File Number	333-124824
Entity Registrant Name	RBC Bearings INC
Entity Central Index Key	0001324948
Entity Tax Identification Number	95-4372080
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	One Tribology Center
Entity Address, City or Town	Oxford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06478
City Area Code	(203)
Local Phone Number	267-7001
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ROLL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,039,691

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 28, 2019	Mar. 30, 2019
Current assets:
Cash and cash equivalents	$ 60,328	$ 29,884
Accounts receivable, net of allowance for doubtful accounts of $1,749 at December 28, 2019 and $1,430 at March 30, 2019	121,847	130,735
Inventory	362,138	335,001
Prepaid expenses and other current assets	10,423	7,661
Total current assets	554,736	503,281
Property, plant and equipment, net	222,599	207,895
Operating lease assets, net	29,644
Goodwill	277,381	261,431
Intangible assets, net of accumulated amortization of $53,172 at December 28, 2019 and $46,101 at March 30, 2019	163,860	155,641
Other assets	24,297	19,119
Total assets	1,272,517	1,147,367
Current liabilities:
Accounts payable	50,209	49,592
Accrued expenses and other current liabilities	35,388	40,070
Current operating lease liabilities	6,756
Current portion of long-term debt	6,649	467
Total current liabilities	99,002	90,129
Deferred income taxes	10,521	6,862
Long-term debt, less current portion	16,160	43,179
Long-term operating lease liabilities	22,982
Other non-current liabilities	44,646	38,631
Total liabilities	193,311	178,801
Stockholders’ equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 at December 28, 2019 and March 30, 2019, respectively; none issued or outstanding
Common stock, $.01 par value; authorized shares: 60,000,000 at December 28, 2019 and March 30, 2019, respectively; issued shares: 25,863,146 and 25,607,196 at December 28, 2019 and March 30, 2019, respectively	259	256
Additional paid-in capital	405,725	378,655
Accumulated other comprehensive loss	(5,925)	(7,467)
Retained earnings	735,467	641,894
Treasury stock, at cost, 835,087 shares and 752,913 shares at December 28, 2019 and March 30, 2019, respectively	(56,320)	(44,772)
Total stockholders’ equity	1,079,206	968,566
Total liabilities and stockholders’ equity	$ 1,272,517	$ 1,147,367

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 28, 2019	Mar. 30, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,749	$ 1,430
Intangible assets, accumulated amortization	$ 53,172	$ 46,101
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	60,000,000	60,000,000
Common stock, issued	25,863,146	25,607,196
Treasury stock, shares	835,087	752,913

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Income Statement [Abstract]
Net sales	$ 177,019	$ 171,453	$ 541,618	$ 520,354
Cost of sales	106,308	103,326	329,099	316,669
Gross margin	70,711	68,127	212,519	203,685
Operating expenses:
Selling, general and administrative	30,719	29,142	91,580	88,043
Other, net	2,526	19,147	7,674	23,922
Total operating expenses	33,245	48,289	99,254	111,965
Operating income	37,466	19,838	113,265	91,720
Interest expense, net	466	1,197	1,486	4,354
Other non-operating expense	217	(386)	581	984
Income before income taxes	36,783	19,027	111,198	86,382
Provision for income taxes	6,268	2,849	18,914	12,626
Net income	$ 30,515	$ 16,178	$ 92,284	$ 73,756
Net income per common share:
Basic	$ 1.24	$ 0.66	$ 3.75	$ 3.03
Diluted	$ 1.22	$ 0.65	$ 3.71	$ 2.99
Weighted average common shares:
Basic	24,699,461	24,457,555	24,595,179	24,308,029
Diluted	24,981,480	24,800,647	24,898,635	24,693,015

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Income Statement [Abstract]
Net income	$ 30,515	$ 16,178	$ 92,284	$ 73,756
Pension and postretirement liability adjustments, net of taxes	178	194	534	582
Foreign currency translation adjustments	1,624	(1,137)	2,297	(4,758)
Total comprehensive income	$ 32,317	$ 15,235	$ 95,115	$ 69,580

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income/(Loss)	Retained Earnings (Accumulated Deficit)	Treasury Stock	Total
Beginning balance, value at Mar. 31, 2018	$ 251	$ 339,148	$ (2,285)	$ 536,978	$ (39,540)	$ 834,552
Balance (in shares) at Mar. 31, 2018	25,123,694				(713,687)
Net income				27,467		27,467
Share-based compensation		3,766				3,766
Repurchase of common stock					$ (1,491)	(1,491)
Repurchase of common stock (in shares)					(11,865)
Exercise of equity awards	$ 2	6,416				6,418
Exercise of equity awards (in shares)	100,142
Change in net prior service cost and actuarial losses, net of taxes			194			194
Issuance of restricted stock
Issuance of restricted stock (in shares)	87,345
Impact from adoption of ASU 2018-02 and 2014-09				(277)		(277)
Currency translation adjustments			(4,061)			(4,061)
Ending balance, value at Jun. 30, 2018	$ 253	349,330	(6,152)	564,168	$ (41,031)	866,568
Balance (in shares) at Jun. 30, 2018	25,311,181				(725,552)
Beginning balance, value at Mar. 31, 2018	$ 251	339,148	(2,285)	536,978	$ (39,540)	834,552
Balance (in shares) at Mar. 31, 2018	25,123,694				(713,687)
Net income						73,756
Currency translation adjustments						(4,758)
Ending balance, value at Dec. 29, 2018	$ 256	371,667	(6,461)	610,457	$ (44,251)	931,668
Balance (in shares) at Dec. 29, 2018	25,566,831				(748,985)
Beginning balance, value at Jun. 30, 2018	$ 253	349,330	(6,152)	564,168	$ (41,031)	866,568
Balance (in shares) at Jun. 30, 2018	25,311,181				(725,552)
Net income				30,111		30,111
Share-based compensation		4,039				4,039
Repurchase of common stock					$ (2,040)	(2,040)
Repurchase of common stock (in shares)					(15,522)
Exercise of equity awards	$ 2	12,989				12,991
Exercise of equity awards (in shares)	192,300
Change in net prior service cost and actuarial losses, net of taxes			194			194
Issuance of restricted stock
Issuance of restricted stock (in shares)	6,210
Currency translation adjustments			440			440
Ending balance, value at Sep. 29, 2018	$ 255	366,358	(5,518)	594,279	$ (43,071)	912,303
Balance (in shares) at Sep. 29, 2018	25,509,691				(741,074)
Net income				16,178		16,178
Share-based compensation		3,904				3,904
Other		154				154
Repurchase of common stock					$ (1,180)	(1,180)
Repurchase of common stock (in shares)					(7,911)
Exercise of equity awards	$ 1	1,251				1,252
Exercise of equity awards (in shares)	16,050
Change in net prior service cost and actuarial losses, net of taxes			194			194
Issuance of restricted stock
Issuance of restricted stock (in shares)	41,090
Currency translation adjustments			(1,137)			(1,137)
Ending balance, value at Dec. 29, 2018	$ 256	371,667	(6,461)	610,457	$ (44,251)	931,668
Balance (in shares) at Dec. 29, 2018	25,566,831				(748,985)
Beginning balance, value at Mar. 30, 2019	$ 256	378,655	(7,467)	641,894	$ (44,772)	968,566
Balance (in shares) at Mar. 30, 2019	25,607,196				(752,913)
Net income				30,499		30,499
Share-based compensation		4,802				4,802
Repurchase of common stock					$ (9,514)	(9,514)
Repurchase of common stock (in shares)					(69,877)
Exercise of equity awards	$ 1	275				276
Exercise of equity awards (in shares)	4,356
Change in net prior service cost and actuarial losses, net of taxes			178			178
Issuance of restricted stock
Issuance of restricted stock (in shares)	86,490
Impact from adoption of ASU 2018-02 and 2014-09			(1,289)	1,289
Currency translation adjustments			2,542			2,542
Ending balance, value at Jun. 29, 2019	$ 257	383,732	(6,036)	673,682	$ (54,286)	997,349
Balance (in shares) at Jun. 29, 2019	25,698,042				(822,790)
Beginning balance, value at Mar. 30, 2019	$ 256	378,655	(7,467)	641,894	$ (44,772)	968,566
Balance (in shares) at Mar. 30, 2019	25,607,196				(752,913)
Net income						92,284
Currency translation adjustments						2,297
Ending balance, value at Dec. 28, 2019	$ 259	405,725	(5,925)	735,467	$ (56,320)	1,079,206
Balance (in shares) at Dec. 28, 2019	25,863,146				(835,087)
Beginning balance, value at Jun. 29, 2019	$ 257	383,732	(6,036)	673,682	$ (54,286)	997,349
Balance (in shares) at Jun. 29, 2019	25,698,042				(822,790)
Net income				31,270		31,270
Share-based compensation		5,059				5,059
Repurchase of common stock					$ (334)	(334)
Repurchase of common stock (in shares)					(2,048)
Exercise of equity awards	$ 1	10,184				10,185
Exercise of equity awards (in shares)	138,898
Change in net prior service cost and actuarial losses, net of taxes			178			178
Issuance of restricted stock
Issuance of restricted stock (in shares)	5,677
Currency translation adjustments			(1,869)			(1,869)
Ending balance, value at Sep. 28, 2019	$ 258	398,975	(7,727)	704,952	$ (54,620)	1,041,838
Balance (in shares) at Sep. 28, 2019	25,842,617				(824,838)
Net income				30,515		30,515
Share-based compensation		5,135				5,135
Repurchase of common stock					$ (1,700)	(1,700)
Repurchase of common stock (in shares)					(10,249)
Exercise of equity awards	$ 1	1,615				1,616
Exercise of equity awards (in shares)	18,419
Change in net prior service cost and actuarial losses, net of taxes			178			178
Issuance of restricted stock
Issuance of restricted stock (in shares)	2,110
Currency translation adjustments			1,624			1,624
Ending balance, value at Dec. 28, 2019	$ 259	$ 405,725	$ (5,925)	$ 735,467	$ (56,320)	$ 1,079,206
Balance (in shares) at Dec. 28, 2019	25,863,146				(835,087)

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Dec. 29, 2018	Sep. 29, 2018	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	$ 55	$ 55	$ 54	$ 59	$ 58	$ 58

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018
Cash flows from operating activities:
Net income	$ 92,284	$ 73,756
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,209	14,931
Deferred income taxes	249	(884)
Amortization of intangible assets	7,066	7,331
Amortization of deferred financing costs	365	780
Loss on extinguishment of debt		987
Share-based compensation	14,996	11,709
Consolidation and restructuring charges		16,786
Other non-cash charges	90	(50)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	10,283	(3,076)
Inventory	(20,739)	(31,953)
Prepaid expenses and other current assets	(2,049)	(3,140)
Other non-current assets	(6,426)	(2,368)
Accounts payable	22	(320)
Accrued expenses and other current liabilities	(4,092)	(3,142)
Other non-current liabilities	2,937	(2,334)
Net cash provided by operating activities	111,195	79,013
Cash flows from investing activities:
Purchase of property, plant and equipment	(27,562)	(29,205)
Proceeds from sale of assets	300	1,904
Proceeds from sale of business		22,284
Acquisition of business	(33,842)
Net cash used in investing activities	(61,104)	(5,017)
Cash flows from financing activities:
Proceeds received from revolving credit facilities	9,435	149,250
Proceeds received from term loans	15,383
Repayments of revolving credit facilities	(45,411)	(40,500)
Repayments of term loans		(168,750)
Repayments of notes payable	(352)	(354)
Finance fees paid in connection with credit facilities and term loans	(276)
Exercise of stock options	12,077	20,661
Repurchase of common stock	(11,548)	(4,711)
Net cash used in financing activities	(20,692)	(44,404)
Effect of exchange rate changes on cash	1,045	(2,058)
Cash and cash equivalents:
Increase during the period	30,444	27,534
Cash, at beginning of period	29,884	54,163
Cash, at end of period	60,328	81,697
Supplemental disclosures of cash flow information:
Income taxes	21,569	16,601
Interest	$ 1,029	$ 3,111

Basis of Presentation

9 Months Ended

Dec. 28, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

1. Basis of Presentation

The interim consolidated financial statements included herein have been prepared by RBC Bearings Incorporated, a Delaware corporation (collectively with its subsidiaries, the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The interim financial statements included with this report have been prepared on a consistent basis with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP). As used in this report, the terms “we,” “us,” “our,” “RBC” and the “Company” mean RBC Bearings Incorporated and its subsidiaries, unless the context indicates another meaning.

These statements reflect all adjustments, accruals and estimates, consisting only of items of a normal recurring nature, that are, in the opinion of management, necessary for the fair presentation of the consolidated financial condition and consolidated results of operations for the interim periods presented. These financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Annual Report on Form 10-K.

The results of operations for the three- and nine-month periods ended December 28, 2019 are not necessarily indicative of the operating results for the entire fiscal year ending March 28, 2020. The three-month periods ended December 28, 2019 and December 29, 2018 each include 13 weeks. The amounts shown are in thousands, unless otherwise indicated.

Significant Accounting Policies

9 Months Ended

Dec. 28, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

The Company’s significant accounting policies are detailed in “Note 2 - Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended March 30, 2019. Significant changes to our accounting policies as a result of adopting new accounting standards are discussed below.

Recent Accounting Standards Adopted

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The core principle of this ASU is that an entity should recognize on its balance sheet assets and liabilities arising from a lease. In accordance with that principle, ASU 2016-02 requires that a lessee recognize a liability to make lease payments (the lease liability) and a lease asset (right-of-use asset) representing its right to use the underlying leased asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on the lease classification as a finance or operating lease.

The Company adopted this accounting standard on March 31, 2019 and has elected the modified retrospective transition method, which permits the application of the new lease standard at the adoption date and recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has elected not to apply the recognition requirements to short-term leases, and will recognize the lease payments in the income statement on a straight-line basis over the lease term and variable payments in the period in which the obligation for those payments is incurred. The Company has elected the following practical expedients (which must be elected as a package and applied consistently to all leases): an entity need not reassess whether any expired or existing contracts are or contain leases; an entity need not reassess the lease classification for any expired or existing leases; and an entity need not reassess initial direct costs for any existing leases. The Company has also elected the practical expedient that permits the inclusion of lease and nonlease components as a single component and account for it as a lease; this election has been made for all asset classes. We also elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases, which resulted in the extension of lease terms for certain existing leases.

The cumulative-effect of the changes made to the balance sheet on the first day of adoption resulted in the recognition of lease assets and lease liabilities for operating lease commitments of $27,378. The adoption of this accounting standard had no impact on the Company’s consolidated statement of operations, debt compliance or the captions on the consolidated statement of cash flows.

The Company determines if an arrangement is a lease at contract inception. For leases where the Company is the lessee, it recognizes lease assets and related lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. The lease term is the noncancellable period for which a lessee has the right to use an underlying asset, including periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. For renewal options, the Company performs an assessment at commencement if it is reasonably likely to exercise the option. The assessment is based on the Company’s intentions, past practices, estimates and factors that create an economic incentive for the Company. Generally, the Company is not reasonably certain to exercise the renewal option in a lease contract, with the exception of some of our leased manufacturing facilities. While some of the Company’s leases include options allowing early termination of the lease, the Company historically has not terminated its lease agreements early unless there is an economic, financial or business reason to do so; therefore, the Company does not typically consider the termination option in its lease term at commencement.

Most of the Company’s leases do not provide an implicit interest rate. As a result, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition.

In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows companies to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (TCJA) from accumulated other comprehensive income to retained earnings. These stranded tax effects refer to the tax amounts included in accumulated other comprehensive income at the previous 35% U.S. corporate statutory federal tax rate, for which the related deferred tax asset or liability was remeasured to the new 21% U.S. corporate statutory federal tax rate in the period of the TCJA’s enactment. The new standard is effective for fiscal years beginning after December 15, 2018, with early adoption permitted, and can be applied either in the period of adoption or retrospectively to each period impacted by the TCJA. As a result of the Company’s adoption on March 31, 2019, the Company reclassified $1,289 from accumulated other comprehensive income to retained earnings, both of which are components of total stockholders’ equity. The adoption of this accounting standard had no impact on the Company’s consolidated statement of operations, debt compliance or the captions on the consolidated statement of cash flows.

Recent Accounting Standards Yet to Be Adopted

In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new guidance will replace the current incurred loss approach with a new expected credit loss impairment model. The new model will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt instruments, net investments in leases, loan commitments and standby letters of credit. Upon initial recognition of the exposure, the expected credit loss model will require entities to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics should be grouped together when estimating expected credit losses. ASU 2016-13 does not prescribe a specific method to make the estimate, so its application will require significant judgment. This ASU is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that the adoption of this ASU will have on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The objective of this standard update is to simplify the subsequent measurement of goodwill, eliminating Step 2 from the goodwill impairment test. Under this ASU, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, assuming the loss recognized does not exceed the total amount of goodwill for the reporting unit. The standard update is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The objective of this standard update is to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This ASU also attempts to improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This standard update is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the effect that the adoption of this ASU will have on the Company’s consolidated financial statements.

Other new pronouncements issued but not effective until after March 28, 2020 are not expected to have a material impact on our financial position, results of operations or liquidity.

Revenue from Contracts with Customers

9 Months Ended

Dec. 28, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

Disaggregation of Revenue

The Company operates in four business segments with similar economic characteristics, including nature of the products and production processes, distribution patterns and classes of customers. Revenue is disaggregated within these business segments by our two principal end markets: aerospace and industrial. Comparative information of the Company’s overall revenues for the three- and nine-month periods ended December 28, 2019 and December 29, 2018 are as follows:

Principal End Markets

Schedule of revenue from business segments of customers
	Three Months Ended
	December 28, 2019						December 29, 2018
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	67,753	$	19,123	$	86,876	$	58,733	$	20,573	$	79,306
Roller		17,332		14,497		31,829		17,763		17,078		34,841
Ball		6,103		12,372		18,475		5,513		11,207		16,720
Engineered Products		24,958		14,881		39,839		23,670		16,916		40,586
	$	116,146	$	60,873	$	177,019	$	105,679	$	65,774	$	171,453

	Nine Months Ended
	December 28, 2019						December 29, 2018
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	205,346	$	59,026	$	264,372	$	172,938	$	62,373	$	235,311
Roller		54,288		46,985		101,273		52,805		54,906		107,711
Ball		16,619		36,990		53,609		14,534		38,298		52,832
Engineered Products		73,596		48,768		122,364		76,403		48,097		124,500
	$	349,849	$	191,769	$	541,618	$	316,680	$	203,674	$	520,354

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of orders meeting the definition of a contract under Accounting Standards Codification (ASC) 606 for which work has not been performed or has been partially performed and excludes unexercised contract options. The duration of many of our contracts, as defined by ASC 606, is less than one year. The Company has elected to apply the practical expedient that allows companies to exclude remaining performance obligations with an original expected duration of one year or less. Performance obligations having a duration of more than one year are concentrated in contracts for certain products and services provided to the U.S. government or its contractors. The aggregate amount of the transaction price allocated to remaining performance obligations for such contracts with a duration of more than one year was approximately $263,231 at December 28, 2019. The Company expects to recognize revenue on approximately 73% and 94% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

Contract Balances

The timing of revenue recognition, invoicing and cash collections affects accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the consolidated balance sheets.

Contract Assets (Unbilled Receivables) - Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when (1) the cost-to-cost method is applied and (2) such revenue exceeds the amount invoiced to the customer.

Contract Liabilities (Deferred Revenue) - The Company may receive a customer advance or deposit, or have an unconditional right to receive a customer advance, prior to revenue being recognized. Since the performance obligations related to such advances may not have been satisfied, a contract liability is established. Advance payments are not considered a significant financing component as the timing of the transfer of the related goods or services is at the discretion of the customer.

These assets and liabilities are reported on the consolidated balance sheets on an individual contract basis at the end of each reporting period. As of December 28, 2019 and March 30, 2019, accounts receivable with customers, net, were $121,847 and $130,735, respectively. The tables below represent a roll-forward of contract assets and contract liabilities for the nine-month period ended December 28, 2019:

Schedule of contract assets and contract liabilities	Contract Assets - Current ⁽¹⁾
Contract Assets - Current ⁽¹⁾

Balance at March 30, 2019	$	1,895
Additional revenue recognized in excess of billings		3,298
Less: amounts billed to customers		(2,661	)
Balance at December 28, 2019	$	2,532

⁽¹⁾

Included within prepaid expenses and other current assets on the consolidated balance sheets.

	Contract Liabilities – Current ⁽²⁾
Contract Liabilities – Current ⁽²⁾

Balance at March 30, 2019	$	10,121
Payments received prior to revenue being recognized		9,223
Revenue recognized		(13,143	)
Reclassification (to)/from noncurrent		(482	)
Balance at December 28, 2019	$	5,719

⁽²⁾ Included within accrued expenses and other current liabilities on the consolidated balance sheets. During the first nine months of fiscal 2020, the Company recognized revenues of $7,319 that were included in the contract liability balance at March 30, 2019.

	Contract Liabilities – Noncurrent ⁽³⁾
Contract Liabilities – Noncurrent ⁽³⁾

Balance at March 30, 2019	$	587
Payments received prior to revenue being recognized		454
Reclassification (to)/from current		482
Balance at December 28, 2019	$	1,523

⁽³⁾

Included within other non-current liabilities on the consolidated balance sheets.

As of December 28, 2019, the Company did not have any contract assets classified as noncurrent on the consolidated balance sheet.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Dec. 28, 2019

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

4. Accumulated Other Comprehensive Income (Loss)

The components of comprehensive income (loss) that relate to the Company are net income, foreign currency translation adjustments, and pension plan and postretirement benefits.

The following summarizes the activity within each component of accumulated other comprehensive income (loss), net of taxes:

Schedule of accumulated other comprehensive income (loss), net of taxes
	Currency Translation			Pension and Postretirement Liability			Total
Balance at March 30, 2019	$	(3,301	)	$	(4,166	)	$	(7,467	)
Impact from adoption of ASU 2018-02		—			(1,289	)		(1,289	)
Other comprehensive income before reclassifications		2,297			—			2,297
Amounts reclassified from accumulated other comprehensive income		—			534			534
Net current period other comprehensive income		2,297			534			2,831
Balance at December 28, 2019	$	(1,004	)	$	(4,921	)	$	(5,925	)

Net Income Per Common Share

9 Months Ended

Dec. 28, 2019

Earnings Per Share [Abstract]

Net Income Per Common Share

5. Net Income Per Common Share

Basic net income per common share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding.

Diluted net income per common share is computed by dividing net income by the sum of the weighted-average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common share equivalents consist of the incremental common shares issuable upon the exercise of stock options.

The table below reflects the calculation of weighted-average shares outstanding for each period presented as well as the computation of basic and diluted net income per common share:

Schedule basic and diluted net income per common share
	Three Months Ended				Nine Months Ended
	December 28, 2019		December 29, 2018		December 28, 2019		December 29, 2018

Net income	$	30,515	$	16,178	$	92,284	$	73,756

Denominator for basic net income per common share—weighted-average shares outstanding		24,699,461		24,457,555		24,595,179		24,308,029
Effect of dilution due to employee stock awards		282,019		343,092		303,456		384,986
Denominator for diluted net income per common share — weighted-average shares outstanding		24,981,480		24,800,647		24,898,635		24,693,015

Basic net income per common share	$	1.24	$	0.66	$	3.75	$	3.03

Diluted net income per common share	$	1.22	$	0.65	$	3.71	$	2.99

At December 28, 2019, 217,470 employee stock options and no restricted shares have been excluded from the calculation of diluted earnings per share. At December 29, 2018, 221,315 employee stock options and no restricted shares have been excluded from the calculation of diluted earnings per share. The inclusion of these employee stock options and restricted shares would be anti-dilutive.

Cash and Cash Equivalents

9 Months Ended

Dec. 28, 2019

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

6. Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Short-term investments, if any, are comprised of equity securities and are measured at fair value by using quoted prices in active markets and are classified as Level 1 of the valuation hierarchy.

Inventory

9 Months Ended

Dec. 28, 2019

Inventory Disclosure [Abstract]

Inventory

7. Inventory

Inventories are stated at the lower of cost or net realizable value, using the first-in, first-out method, and are summarized below:

Schedule of inventory
	December 28, 2019		March 30, 2019
Raw materials	$	52,193	$	48,690
Work in process		97,162		90,820
Finished goods		212,783		195,491
	$	362,138	$	335,001

Goodwill and Intangible Assets

9 Months Ended

Dec. 28, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

Goodwill

Schedule of goodwill
	Roller		Plain		Ball		Engineered Products			Total
March 30, 2019	$	16,007	$	79,597	$	5,623	$	160,204		$	261,431
Translation adjustments		—		—		—		(5	)		(5	)
Acquisition ⁽¹⁾		—		—		—		15,955			15,955
December 28, 2019	$	16,007	$	79,597	$	5,623	$	176,154		$	277,381

⁽¹⁾

Includes the assets acquired as part of the Company’s acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13.

Intangible Assets

December 28, 2019 March 30, 2019

Weighted Average Useful Lives Gross Carrying Amount

Accumulated Amortization

Gross Carrying Amount

Accumulated Amortization

Product approvals 24 $ 50,878 $ 12,066 $ 50,878 $ 10,481

Customer relationships and lists ⁽²⁾ 23 109,328 22,380 96,458 19,149

Trade names 10 16,321 8,534 15,959 7,447

Distributor agreements 5 722 722 722 722

Patents and trademarks ⁽²⁾ 15 11,215 5,923 10,534 5,540

Domain names 10 437 437 437 437

Other 2 3,850 3,110 2,473 2,325

192,751 53,172 177,461 46,101

Non-amortizable repair station certifications n/a 24,281 — 24,281 —

Total 21 $ 217,032 $ 53,172 $ 201,742 $ 46,101

⁽²⁾

Includes the assets acquired as part of the Company’s acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13.

Amortization expense for definite-lived intangible assets for the three- and nine-month periods ended December 28, 2019 were $2,473 and $7,066, respectively, compared to $2,400 and $7,331 for the three- and nine-month periods ended December 29, 2018, respectively. Estimated amortization expense for the remaining three months of fiscal 2020, the five succeeding fiscal years and thereafter is as follows:

Schedule of estimated amortization expense
2020	$	2,414
2021		9,632
2022		9,512
2023		9,428
2024		8,523
2025		7,652
2026 and thereafter		92,418

Leases

9 Months Ended

Dec. 28, 2019

Leases [Abstract]

Leases

9. Leases

The Company enters into operating leases for manufacturing facilities, warehouses, sales offices, information technology equipment, plant equipment, vehicles and certain other equipment with varying end dates from January 2020 to February 2038, including renewal options.

The following table represents the impact of leasing on the consolidated balance sheet:

Schedule of operating leases

Operating Leases:
December 28,

2019

Lease assets:

Operating lease assets, net $ 29,644

Lease liabilities:

Current operating lease liabilities 6,756

Long-term operating lease liabilities 22,982

Total operating lease liabilities $ 29,738

The Company did not have any finance leases as of December 28, 2019. Cash paid included in the measurement of lease liabilities was $1,504 and $4,235 for the three- and nine-month periods ended December 28, 2019, respectively. Lease assets obtained in exchange for new operating lease liabilities were $1,592 and $4,961 for the three- and nine-month periods ended December 28, 2019, respectively.

Operating lease expense was $1,867 and $5,355 for the three- and nine-month periods ended December 28, 2019, respectively. Short-term and variable lease expense were immaterial for both the three- and nine-month periods ended December 28, 2019.

Future undiscounted lease payments for the remaining lease terms as of December 28, 2019, including renewal options reasonably certain of being exercised, are as follows:

Schedule of future undiscounted lease payments

Operating Leases

Within one year $ 5,961

One to two years 5,090

Two to three years 3,647

Three to four years 3,196

Four to five years 2,507

Thereafter 17,174

Total future undiscounted lease payments 37,575

Less: imputed interest (7,837 )

Total operating lease liabilities $ 29,738

The weighted-average remaining lease term on December 28, 2019 for our operating leases is 11.6 years. The weighted-average discount rate on December 28, 2019 for our operating leases is 4.8%.

Debt

9 Months Ended

Dec. 28, 2019

Debt Disclosure [Abstract]

Debt

10. Debt

The balances payable under all borrowing facilities are as follows:

Schedule of balances payable under borrowing facilities
	December 28, 2019			March 30, 2019
Domestic revolving facility	$	—		$	39,250
Foreign term loan		15,377			—
Foreign revolving facility		3,178			—
Debt issuance costs		(1,824	)		(1,912	)
Other		6,078			6,308
Total debt		22,809			43,646
Less: current portion		6,649			467
Long-term debt	$	16,160		$	43,179

The current portion of long-term debt as of December 28, 2019 includes the current portion of the foreign term loan, foreign revolving facility and the Schaublin mortgage, all of which are discussed below in further detail.

Term Loan [Member]

CHF [Member]

Domestic Credit Facility

On January 31, 2019, the Company amended the 2015 credit agreement with Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer, and the other lenders party thereto (the “2015 Credit Agreement”). The 2015 Credit Agreement as so amended (the “Amended Credit Agreement”) now provides the Company with a $250,000 revolving credit facility (the “Revolver”) in place of the revolver provided in the 2015 Credit Agreement. The Revolver expires on January 31, 2024. Debt issuance costs associated with the Amended Credit Agreement totaled $852 and will be amortized through January 31, 2024 along with the unamortized debt issuance costs remaining from the 2015 Credit Agreement.

Amounts outstanding under the Revolver generally bear interest at (a) a base rate determined by reference to the higher of (1) Wells Fargo’s prime lending rate, (2) the federal funds effective rate plus 1/2 of 1% and (3) the one-month LIBOR rate plus 1%, or (b) LIBOR plus a specified margin, depending on the type of borrowing being made. The applicable margin is based on the Company’s consolidated ratio of total net debt to consolidated EBITDA at each measurement date. Currently, the Company’s margin is 0.00% for base rate loans and 0.75% for LIBOR loans.

The Amended Credit Agreement requires the Company to comply with various covenants, including among other things, a financial covenant to maintain a ratio of consolidated net debt to adjusted EBITDA not greater than 3.50 to 1. The Amended Credit Agreement allows the Company to, among other things, make distributions to shareholders, repurchase its stock, incur other debt or liens, or acquire or dispose of assets provided that the Company complies with certain requirements and limitations of the Amended Credit Agreement. As of December 28, 2019, the Company was in compliance with all such covenants.

The Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Amended Credit Agreement. The Company’s obligations under the Amended Credit Agreement and the domestic subsidiaries’ guarantee are secured by a pledge of substantially all of the domestic assets of the Company and its domestic subsidiaries.

Approximately $3,850 of the Revolver is being utilized to provide letters of credit to secure the Company’s obligations relating to certain insurance programs. As of December 28, 2019, $1,616 in unamortized debt issuance costs remain. The Company has the ability to borrow up to an additional $246,150 under the Revolver as of December 28, 2019.

Foreign Term Loan and Revolving Credit Facility

On August 15, 2019, one of our foreign divisions, Schaublin SA (“Schaublin”), entered into two separate credit agreements (the “Schaublin Credit Agreements”) with Credit Suisse (Switzerland) Ltd. to (i) finance the acquisition of Swiss Tool, which is discussed in further detail in Note 13, and (ii) provide future working capital. The Schaublin Credit Agreements provided Schaublin with a CHF 15,000 (approximately $15,383) term loan (the “Foreign Term Loan”), which expires on August 15, 2024 and a CHF 15,000 (approximately $15,383) revolving credit facility (the “Foreign Revolver”), which continues in effect until terminated by either Schaublin or Credit Suisse. Debt issuance costs associated with the Schaublin Credit Agreements totaled CHF 270 (approximately $277) and will be amortized throughout the life of the credit agreements.

Amounts outstanding under the Foreign Term Loan and the Foreign Revolver generally bear interest at LIBOR plus a specified margin. The applicable margin is based on Schaublin’s ratio of total net debt to consolidated EBITDA at each measurement date. Currently, Schaublin’s margin is 2.00%.

The Foreign Credit Agreements require Schaublin to comply with various covenants, which are tested annually on March 31. These covenants include, among other things, a financial covenant to maintain a ratio of consolidated net debt to adjusted EBITDA not greater than 3.00 to 1 as of March 31, 2020 and not greater than 2.50 to 1 as of March 31, 2021 and thereafter. Schaublin is also required to maintain an economic equity of CHF 20,000 at all times. The Foreign Credit Agreements allow Schaublin to, among other things, incur other debt or liens and acquire or dispose of assets provided that Schaublin complies with certain requirements and limitations of the Foreign Credit Agreements. As of December 28, 2019, Schaublin was in compliance with all such covenants.

Schaublin’s parent company, Schaublin Holding, has guaranteed Schaublin’s obligations under the Foreign Credit Agreements. Schaublin Holding’s guaranty and the Foreign Credit Agreements are secured by a pledge of the capital stock of Schaublin. In addition, the Foreign Term Loan is secured with pledges of the capital stock of the top company and the three operating companies in the Swiss Tool System group of companies.

As of December 28, 2019, there was approximately $3,178 outstanding under the Foreign Revolver and approximately $15,377 outstanding under the Foreign Term Loan. As of December 28, 2019, approximately $208 in unamortized debt issuance costs remain. Schaublin has the ability to borrow up to an additional $12,199 under the Foreign Revolver as of December 28, 2019.

Schaublin’s required future annual principal payments for the next five years and thereafter are $0 for fiscal 2020, approximately $6,254 for fiscal 2021, approximately $3,075 for each year from fiscal 2022 through fiscal 2024 and approximately $3,076 thereafter.

Other Notes Payable

On October 1, 2012, Schaublin purchased the land and building that it occupied and had been leasing for approximately $14,910. Schaublin obtained a 20-year fixed-rate mortgage of approximately $9,857 at an interest rate of 2.9%. The balance of the purchase price of approximately $5,053 was paid from cash on hand. The balance on this mortgage as of December 28, 2019 was approximately $6,078.

Income Taxes

9 Months Ended

Dec. 28, 2019

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company files income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to state or foreign income tax examinations by tax authorities for years ending before April 2, 2005. The Company is no longer subject to U.S. federal tax examination by the Internal Revenue Service for years ending before April 2, 2016.

The effective income tax rates for the three-month periods ended December 28, 2019 and December 29, 2018, were 17.0% and 15.0%. In addition to discrete items, the effective income tax rates for these periods are different from the U.S. statutory rates due to the foreign-derived intangible income provision and U.S. credit for increasing research activities which decrease the rate and state income taxes which increase the rate.

The effective income tax rate for the three-month period ended December 28, 2019 of 17.0% includes $857 of tax benefit associated with share-based compensation. The third quarter provision for fiscal 2020 was also impacted by $567 of tax benefit associated with the decrease in the Company’s unrecognized tax positions related to the statute of limitations expiration. The effective income tax rate without discrete items for the three-month period ended December 28, 2019 would have been 20.9%. The effective income tax rate for the three-month period ended December 29, 2018 of 15.0% includes $4,048 of tax benefit associated with the sale of the Miami division. The third quarter provision for fiscal 2019 was also impacted by $1,469 of tax benefit associated with the decrease in the Company’s unrecognized tax positions, pertaining primarily to items associated with the consolidation and restructuring of the Company’s U.K. manufacturing facility. The third quarter provision for fiscal 2019 also includes $943 tax expense associated with withholding tax on a one-time repatriation of cash from the Company’s foreign operations and $558 of tax benefit associated with share-based compensation. The effective income tax rate without discrete items for the three-month period ended December 29, 2018 would have been 22.3%. The Company believes it is reasonably possible that some of its unrecognized tax positions may be effectively settled within the next twelve months due to the closing of audits and the statute of limitations expiring in varying jurisdictions. The decrease in the Company’s unrecognized tax positions, pertaining primarily to credits and state tax, is estimated to be approximately $487.

Income tax expense for the nine-month period ended December 28, 2019 was $18,914 compared to $12,626 for the nine-month period ended December 29, 2018. Our effective income tax rate for the nine-month period ended December 28, 2019 was 17.0% compared to 14.6% for the nine-month period ended December 29, 2018. The effective income tax rate for the nine-month period ended December 28, 2019 of 17.0% includes $3,896 of tax benefit associated with share-based compensation and $477 of tax benefit associated with the decrease in the Company’s unrecognized tax positions related to statute of limitations expiration and $241 of tax benefit associated with other permanent adjustments from filing the Company’s fiscal 2018 foreign tax returns. The effective income tax rate without this benefit and other items for the nine-month period ended December 28, 2019 would have been 21.2%. The effective income tax rate for the nine-month period ended December 29, 2018 of 14.6% includes $4,048 of tax benefit associated with the sale of the Miami division. The effective income tax rate was also impacted by $1,510 of tax benefit associated with the decrease in the Company’s unrecognized tax positions, pertaining primarily to items associated with the consolidation and restructuring of the Company’s U.K. manufacturing facility. The effective rate was also impacted by $943 of tax expense associated with withholding tax on a one-time repatriation of cash from the Company’s foreign operations and $5,063 of tax benefits associated with share-based compensation. The effective income tax rate without discrete items for the nine-month period ended December 29, 2018 would have been 21.6%.

Reportable Segments

9 Months Ended

Dec. 28, 2019

Segment Reporting [Abstract]

Reportable Segments

12. Reportable Segments

The Company operates through operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company’s chief operating decision maker in determining resource allocation and assessing performance. Those operating segments are aggregated as reportable segments as they have similar economic characteristics, including nature of the products and production processes, distribution patterns and classes of customers.

The Company has four reportable business segments, Plain Bearings, Roller Bearings, Ball Bearings and Engineered Products, which are described below.

Plain Bearings. Plain bearings are produced with either self-lubricating or metal-to-metal designs and consists of several sub-classes, including rod end bearings, spherical plain bearings and journal bearings. Unlike ball bearings, which are used in high-speed rotational applications, plain bearings are primarily used to rectify inevitable misalignments in various mechanical components.

Roller Bearings. Roller bearings are anti-friction bearings that use rollers instead of balls. The Company manufactures four basic types of roller bearings: heavy-duty needle roller bearings with inner rings, tapered roller bearings, track rollers and aircraft roller bearings.

Ball Bearings. The Company manufactures four basic types of ball bearings: high precision aerospace, airframe control, thin section and commercial ball bearings, which are used in high-speed rotational applications.

Engineered Products. Engineered Products consists of highly engineered hydraulics, fasteners, collets and precision components used in aerospace, marine and industrial applications.

Segment performance is evaluated based on segment net sales and gross margin. Items not allocated to segment operating income include corporate administrative expenses and certain other amounts.

Corporate [Member]

Schedule of segment information
	Three Months Ended						Nine Months Ended
	December 28, 2019			December 29, 2018			December 28, 2019			December 29, 2018
Net External Sales
Plain	$	86,876		$	79,306		$	264,372		$	235,311
Roller		31,829			34,841			101,273			107,711
Ball		18,475			16,720			53,609			52,832
Engineered Products		39,839			40,586			122,364			124,500
	$	177,019		$	171,453		$	541,618		$	520,354
Gross Margin
Plain	$	35,016		$	31,921		$	104,830		$	93,404
Roller		14,048			14,631			41,968			45,858
Ball		8,184			6,861			23,486			21,548
Engineered Products		13,463			14,714			42,235			42,875
	$	70,711		$	68,127		$	212,519		$	203,685
Selling, General & Administrative Expenses
Plain	$	6,726		$	6,475		$	19,774		$	18,997
Roller		1,632			1,559			4,893			4,739
Ball		1,598			1,656			4,805			4,867
Engineered Products		4,410			4,795			13,147			15,231
Corporate		16,353			14,657			48,961			44,209
	$	30,719		$	29,142		$	91,580		$	88,043
Operating Income
Plain	$	27,503		$	25,044		$	82,583		$	72,443
Roller		12,427			13,049			36,731			41,083
Ball		6,579			5,164			18,623			16,532
Engineered Products		8,274			(8,082	)		25,699			8,315
Corporate		(17,317	)		(15,337	)		(50,371	)		(46,653	)
	$	37,466		$	19,838		$	113,265		$	91,720
Intersegment Sales
Plain	$	1,638		$	1,285		$	4,994		$	4,525
Roller		3,498			3,602			10,722			10,771
Ball		585			740			2,170			2,302
Engineered Products		11,449			9,284			33,022			28,400
	$	17,170		$	14,911		$	50,908		$	45,998

The net loss of $16,802 related to the sale of the Miami division during the third quarter of fiscal 2019 is included within the Engineered Products segment. All intersegment sales are eliminated in consolidation.

Acquisition

9 Months Ended

Dec. 28, 2019

Business Combinations [Abstract]

Acquisition

13. Acquisition

CHF [Member]

On August 15, 2019, the Company, through its Schaublin SA subsidiary, acquired all of the outstanding shares of Vianel Holding AG (“Swiss Tool”) for a purchase price of approximately $33,842 (CHF 33,000), subject to a working capital adjustment. Swiss Tool, which is based in Bürglen, Switzerland, owns Swiss Tool Systems AG and other subsidiaries which collectively develop and manufacture high precision boring and turning solutions for metal cutting machines under the Swiss Tool Systems name. The preliminary purchase price allocation is as follows: accounts receivable ($1,325), inventory ($5,963), other current assets ($586), fixed assets ($3,487), intangible assets ($13,236), operating lease assets ($2,851), other non-current assets ($154), accounts payable ($562), other current liabilities ($894), operating lease liabilities ($2,851), deferred tax liabilities ($3,411) and noncurrent liabilities ($2,085). The purchase price allocation, which resulted in goodwill of approximately $15,955, is not deductible for tax purposes and is subject to change pending a final valuation of the assets and liabilities, including intangible assets and deferred income taxes. Swiss Tool is included in the Engineered Products reporting segment.

Subsequent Events

9 Months Ended

Dec. 28, 2019

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On January 31, 2020, the Company sold its property located in Houston, Texas for approximately $8,000. The transaction will be recorded in the fourth quarter of fiscal 2020.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Dec. 28, 2019
Accounting Policies [Abstract]
Recent Accounting Standards Adopted	*Recent Accounting Standards Adopted* In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The core principle of this ASU is that an entity should recognize on its balance sheet assets and liabilities arising from a lease. In accordance with that principle, ASU 2016-02 requires that a lessee recognize a liability to make lease payments (the lease liability) and a lease asset (right-of-use asset) representing its right to use the underlying leased asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on the lease classification as a finance or operating lease. The Company adopted this accounting standard on March 31, 2019 and has elected the modified retrospective transition method, which permits the application of the new lease standard at the adoption date and recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has elected not to apply the recognition requirements to short-term leases, and will recognize the lease payments in the income statement on a straight-line basis over the lease term and variable payments in the period in which the obligation for those payments is incurred. The Company has elected the following practical expedients (which must be elected as a package and applied consistently to all leases): an entity need not reassess whether any expired or existing contracts are or contain leases; an entity need not reassess the lease classification for any expired or existing leases; and an entity need not reassess initial direct costs for any existing leases. The Company has also elected the practical expedient that permits the inclusion of lease and nonlease components as a single component and account for it as a lease; this election has been made for all asset classes. We also elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases, which resulted in the extension of lease terms for certain existing leases. The cumulative-effect of the changes made to the balance sheet on the first day of adoption resulted in the recognition of lease assets and lease liabilities for operating lease commitments of $27,378. The adoption of this accounting standard had no impact on the Company’s consolidated statement of operations, debt compliance or the captions on the consolidated statement of cash flows. The Company determines if an arrangement is a lease at contract inception. For leases where the Company is the lessee, it recognizes lease assets and related lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. The lease term is the noncancellable period for which a lessee has the right to use an underlying asset, including periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. For renewal options, the Company performs an assessment at commencement if it is reasonably likely to exercise the option. The assessment is based on the Company’s intentions, past practices, estimates and factors that create an economic incentive for the Company. Generally, the Company is not reasonably certain to exercise the renewal option in a lease contract, with the exception of some of our leased manufacturing facilities. While some of the Company’s leases include options allowing early termination of the lease, the Company historically has not terminated its lease agreements early unless there is an economic, financial or business reason to do so; therefore, the Company does not typically consider the termination option in its lease term at commencement. Most of the Company’s leases do not provide an implicit interest rate. As a result, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows companies to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (TCJA) from accumulated other comprehensive income to retained earnings. These stranded tax effects refer to the tax amounts included in accumulated other comprehensive income at the previous 35% U.S. corporate statutory federal tax rate, for which the related deferred tax asset or liability was remeasured to the new 21% U.S. corporate statutory federal tax rate in the period of the TCJA’s enactment. The new standard is effective for fiscal years beginning after December 15, 2018, with early adoption permitted, and can be applied either in the period of adoption or retrospectively to each period impacted by the TCJA. As a result of the Company’s adoption on March 31, 2019, the Company reclassified $1,289 from accumulated other comprehensive income to retained earnings, both of which are components of total stockholders’ equity. The adoption of this accounting standard had no impact on the Company’s consolidated statement of operations, debt compliance or the captions on the consolidated statement of cash flows.
Recent Accounting Standards Yet to Be Adopted	*Recent Accounting Standards Yet to Be Adopted* In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new guidance will replace the current incurred loss approach with a new expected credit loss impairment model. The new model will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt instruments, net investments in leases, loan commitments and standby letters of credit. Upon initial recognition of the exposure, the expected credit loss model will require entities to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics should be grouped together when estimating expected credit losses. ASU 2016-13 does not prescribe a specific method to make the estimate, so its application will require significant judgment. This ASU is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that the adoption of this ASU will have on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The objective of this standard update is to simplify the subsequent measurement of goodwill, eliminating Step 2 from the goodwill impairment test. Under this ASU, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, assuming the loss recognized does not exceed the total amount of goodwill for the reporting unit. The standard update is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The objective of this standard update is to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This ASU also attempts to improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This standard update is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the effect that the adoption of this ASU will have on the Company’s consolidated financial statements. Other new pronouncements issued but not effective until after March 28, 2020 are not expected to have a material impact on our financial position, results of operations or liquidity.

Revenue from Contracts with Customers (Tables)

9 Months Ended

Dec. 28, 2019

Revenue from Contract with Customer [Abstract]

Schedule of revenue from business segments of customers

Schedule of revenue from business segments of customers
	Three Months Ended
	December 28, 2019						December 29, 2018
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	67,753	$	19,123	$	86,876	$	58,733	$	20,573	$	79,306
Roller		17,332		14,497		31,829		17,763		17,078		34,841
Ball		6,103		12,372		18,475		5,513		11,207		16,720
Engineered Products		24,958		14,881		39,839		23,670		16,916		40,586
	$	116,146	$	60,873	$	177,019	$	105,679	$	65,774	$	171,453

	Nine Months Ended
	December 28, 2019						December 29, 2018
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	205,346	$	59,026	$	264,372	$	172,938	$	62,373	$	235,311
Roller		54,288		46,985		101,273		52,805		54,906		107,711
Ball		16,619		36,990		53,609		14,534		38,298		52,832
Engineered Products		73,596		48,768		122,364		76,403		48,097		124,500
	$	349,849	$	191,769	$	541,618	$	316,680	$	203,674	$	520,354

Schedule of contract assets and contract liabilities

Schedule of contract assets and contract liabilities	Contract Assets - Current ⁽¹⁾
Contract Assets - Current ⁽¹⁾

Balance at March 30, 2019	$	1,895
Additional revenue recognized in excess of billings		3,298
Less: amounts billed to customers		(2,661	)
Balance at December 28, 2019	$	2,532

⁽¹⁾

Included within prepaid expenses and other current assets on the consolidated balance sheets.

	Contract Liabilities – Current ⁽²⁾
Contract Liabilities – Current ⁽²⁾

Balance at March 30, 2019	$	10,121
Payments received prior to revenue being recognized		9,223
Revenue recognized		(13,143	)
Reclassification (to)/from noncurrent		(482	)
Balance at December 28, 2019	$	5,719

	Contract Liabilities – Noncurrent ⁽³⁾
Contract Liabilities – Noncurrent ⁽³⁾

Balance at March 30, 2019	$	587
Payments received prior to revenue being recognized		454
Reclassification (to)/from current		482
Balance at December 28, 2019	$	1,523

⁽³⁾

Included within other non-current liabilities on the consolidated balance sheets.

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Dec. 28, 2019

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss), net of taxes

Schedule of accumulated other comprehensive income (loss), net of taxes
	Currency Translation			Pension and Postretirement Liability			Total
Balance at March 30, 2019	$	(3,301	)	$	(4,166	)	$	(7,467	)
Impact from adoption of ASU 2018-02		—			(1,289	)		(1,289	)
Other comprehensive income before reclassifications		2,297			—			2,297
Amounts reclassified from accumulated other comprehensive income		—			534			534
Net current period other comprehensive income		2,297			534			2,831
Balance at December 28, 2019	$	(1,004	)	$	(4,921	)	$	(5,925	)

Net Income Per Common Share (Tables)

9 Months Ended

Dec. 28, 2019

Earnings Per Share [Abstract]

Schedule basic and diluted net income per common share

Schedule basic and diluted net income per common share
	Three Months Ended				Nine Months Ended
	December 28, 2019		December 29, 2018		December 28, 2019		December 29, 2018

Net income	$	30,515	$	16,178	$	92,284	$	73,756

Denominator for basic net income per common share—weighted-average shares outstanding		24,699,461		24,457,555		24,595,179		24,308,029
Effect of dilution due to employee stock awards		282,019		343,092		303,456		384,986
Denominator for diluted net income per common share — weighted-average shares outstanding		24,981,480		24,800,647		24,898,635		24,693,015

Basic net income per common share	$	1.24	$	0.66	$	3.75	$	3.03

Diluted net income per common share	$	1.22	$	0.65	$	3.71	$	2.99

Inventory (Tables)

9 Months Ended

Dec. 28, 2019

Inventory Disclosure [Abstract]

Inventory

Schedule of inventory
	December 28, 2019		March 30, 2019
Raw materials	$	52,193	$	48,690
Work in process		97,162		90,820
Finished goods		212,783		195,491
	$	362,138	$	335,001

Goodwill and Intangible Assets (Tables)

9 Months Ended

Dec. 28, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

Schedule of goodwill
	Roller		Plain		Ball		Engineered Products			Total
March 30, 2019	$	16,007	$	79,597	$	5,623	$	160,204		$	261,431
Translation adjustments		—		—		—		(5	)		(5	)
Acquisition ⁽¹⁾		—		—		—		15,955			15,955
December 28, 2019	$	16,007	$	79,597	$	5,623	$	176,154		$	277,381

⁽¹⁾

Includes the assets acquired as part of the Company’s acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13.

Schedule of Finite-Lived Intangible Assets [Table Text Block]

			December 28, 2019				March 30, 2019
	Weighted Average Useful Lives		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Product approvals		24	$	50,878	$	12,066	$	50,878	$	10,481
Customer relationships and lists ⁽²⁾		23		109,328		22,380		96,458		19,149
Trade names		10		16,321		8,534		15,959		7,447
Distributor agreements		5		722		722		722		722
Patents and trademarks ⁽²⁾		15		11,215		5,923		10,534		5,540
Domain names		10		437		437		437		437
Other		2		3,850		3,110		2,473		2,325
				192,751		53,172		177,461		46,101
Non-amortizable repair station certifications		n/a		24,281		—		24,281		—
Total		21	$	217,032	$	53,172	$	201,742	$	46,101

⁽²⁾

Includes the assets acquired as part of the Company’s acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13.

Schedule of estimated amortization expense

Schedule of estimated amortization expense
2020	$	2,414
2021		9,632
2022		9,512
2023		9,428
2024		8,523
2025		7,652
2026 and thereafter		92,418

Leases (Tables)

9 Months Ended

Dec. 28, 2019

Leases [Abstract]

Schedule of operating leases

Schedule of operating leases
Operating Leases:	December 28, 2019
Lease assets:
Operating lease assets, net	$	29,644

Lease liabilities:
Current operating lease liabilities		6,756
Long-term operating lease liabilities		22,982
Total operating lease liabilities	$	29,738

Schedule of future undiscounted lease payments

Schedule of future undiscounted lease payments
	Operating Leases
Within one year	$	5,961
One to two years		5,090
Two to three years		3,647
Three to four years		3,196
Four to five years		2,507
Thereafter		17,174
Total future undiscounted lease payments		37,575
Less: imputed interest		(7,837	)
Total operating lease liabilities	$	29,738

Debt (Tables)

9 Months Ended

Dec. 28, 2019

Debt Disclosure [Abstract]

Schedule of balances payable under borrowing facilities

Schedule of balances payable under borrowing facilities
	December 28, 2019			March 30, 2019
Domestic revolving facility	$	—		$	39,250
Foreign term loan		15,377			—
Foreign revolving facility		3,178			—
Debt issuance costs		(1,824	)		(1,912	)
Other		6,078			6,308
Total debt		22,809			43,646
Less: current portion		6,649			467
Long-term debt	$	16,160		$	43,179

Reportable Segments (Tables)

9 Months Ended

Dec. 28, 2019

Segment Reporting [Abstract]

Schedule of segment information

Schedule of segment information
	Three Months Ended						Nine Months Ended
	December 28, 2019			December 29, 2018			December 28, 2019			December 29, 2018
Net External Sales
Plain	$	86,876		$	79,306		$	264,372		$	235,311
Roller		31,829			34,841			101,273			107,711
Ball		18,475			16,720			53,609			52,832
Engineered Products		39,839			40,586			122,364			124,500
	$	177,019		$	171,453		$	541,618		$	520,354
Gross Margin
Plain	$	35,016		$	31,921		$	104,830		$	93,404
Roller		14,048			14,631			41,968			45,858
Ball		8,184			6,861			23,486			21,548
Engineered Products		13,463			14,714			42,235			42,875
	$	70,711		$	68,127		$	212,519		$	203,685
Selling, General & Administrative Expenses
Plain	$	6,726		$	6,475		$	19,774		$	18,997
Roller		1,632			1,559			4,893			4,739
Ball		1,598			1,656			4,805			4,867
Engineered Products		4,410			4,795			13,147			15,231
Corporate		16,353			14,657			48,961			44,209
	$	30,719		$	29,142		$	91,580		$	88,043
Operating Income
Plain	$	27,503		$	25,044		$	82,583		$	72,443
Roller		12,427			13,049			36,731			41,083
Ball		6,579			5,164			18,623			16,532
Engineered Products		8,274			(8,082	)		25,699			8,315
Corporate		(17,317	)		(15,337	)		(50,371	)		(46,653	)
	$	37,466		$	19,838		$	113,265		$	91,720
Intersegment Sales
Plain	$	1,638		$	1,285		$	4,994		$	4,525
Roller		3,498			3,602			10,722			10,771
Ball		585			740			2,170			2,302
Engineered Products		11,449			9,284			33,022			28,400
	$	17,170		$	14,911		$	50,908		$	45,998

Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 30, 2019	Feb. 28, 2018	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Accounting Policies (Textual)
Operating lease commitments					$ 27,378
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			17.00%	15.00%	17.00%	14.60%
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax					$ 534
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accounting Policies (Textual)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax	$ 1,289
Before Tax Cut Job Act [Member]
Accounting Policies (Textual)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		35.00%
After Tax Cut Job Act [Member]
Accounting Policies (Textual)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 177,019	$ 171,453	$ 541,618	$ 520,354
Plain [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	86,876	79,306	264,372	235,311
Roller [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	31,829	34,841	101,273	107,711
Ball [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	18,475	16,720	53,609	52,832
Engineered Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	39,839	40,586	122,364	124,500
Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	116,146	105,679	349,849	316,680
Aerospace [Member] \| Plain [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	67,753	58,733	205,346	172,938
Aerospace [Member] \| Roller [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	17,332	17,763	54,288	52,805
Aerospace [Member] \| Ball [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6,103	5,513	16,619	14,534
Aerospace [Member] \| Engineered Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	24,958	23,670	73,596	76,403
Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	60,873	65,774	191,769	203,674
Industrial [Member] \| Plain [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	19,123	20,573	59,026	62,373
Industrial [Member] \| Roller [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	14,497	17,078	46,985	54,906
Industrial [Member] \| Ball [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12,372	11,207	36,990	38,298
Industrial [Member] \| Engineered Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 14,881	$ 16,916	$ 48,768	$ 48,097

Revenue from Contracts with Customers (Details 1)
$ in Thousands

9 Months Ended

Dec. 28, 2019

USD ($)

Contract Assets - Current (1)

Balance at March 30, 2019

$ 1,895

^[1]

Additional revenue recognized in excess of billings

3,298

^[1]

Less: amounts billed to customers

(2,661)

^[1]

Balance at December 28, 2019

2,532

^[1]

Contract Liabilities – Current (2)

Balance at March 30, 2019

10,121

^[2]

Payments received prior to revenue being recognized

9,223

^[2]

Revenue recognized

(13,143)

^[2]

Reclassification (to)/from noncurrent

(482)

^[2]

Balance at December 28, 2019

5,719

^[2]

Contract Liabilities – Noncurrent (3)

Balance at March 30, 2019

587

^[3]

Payments received prior to revenue being recognized

454

^[3]

Reclassification (to)/from current

482

^[3]

Balance at December 28, 2019

$ 1,523

^[3]

[1]	Included within prepaid expenses and other current assets on the consolidated balance sheets.
[2]	Included within accrued expenses and other current liabilities on the consolidated balance sheets. During the first nine months of fiscal 2020, the Company recognized revenues of $7,319 that were included in the contract liability balance at March 30, 2019.
[3]	Included within other non-current liabilities on the consolidated balance sheets.

Revenue from Contracts with Customers (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Dec. 28, 2019	Mar. 30, 2019
Revenue from Contract with Customer [Abstract]
The aggregate amount of the transaction price allocated to remaining performance obligations	$ 263,231
Revenue recognize remaining performance obligations	The Company expects to recognize revenue on approximately 73% and 94% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.
Accounts Receivable, after Allowance for Credit Loss, Current	$ 121,847	$ 130,735
Revenue recognized included in the contract liability		$ 7,319

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Dec. 29, 2018	Sep. 29, 2018	Jun. 30, 2018	Dec. 28, 2019	Dec. 29, 2018
Equity [Abstract]
Currency Translation, Beginning Balance			$ (3,301)				$ (3,301)
Pension and Postretirement Liability, Beginning Balance			(4,166)				(4,166)
Total, Beginning Balance			(7,467)				(7,467)
Currency Translation, Amounts reclassified from accumulated other comprehensive income
Pension and Postretirement Liability, Impact from adoption of ASU 2018-02							(1,289)
Total, Impact from adoption of ASU 2018-02							(1,289)
Currency Translation, Other comprehensive income before reclassifications							2,297
Pension and Postretirement Liability, Other comprehensive income before reclassifications
Total, Other comprehensive income before reclassifications							2,297
Pension and Postretirement Liability, Amounts reclassified from accumulated other comprehensive income							534
Total, Amounts reclassified from accumulated other comprehensive income							534
Currency Translation, Net current period other comprehensive income	$ 1,624	$ (1,869)	$ 2,542	$ (1,137)	$ 440	$ (4,061)	2,297	$ (4,758)
Pension and Postretirement Liability, Net current period other comprehensive income	178			$ 194			534	$ 582
Total, Net current period other comprehensive income							2,831
Currency Translation, Ending Balance	(1,004)						(1,004)
Pension and Postretirement Liability, Ending Balance	(4,921)						(4,921)
Total, Ending Balance	$ (5,925)						$ (5,925)

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Dec. 29, 2018	Sep. 29, 2018	Jun. 30, 2018	Dec. 28, 2019	Dec. 29, 2018
Earnings Per Share [Abstract]
Net income	$ 30,515	$ 31,270	$ 30,499	$ 16,178	$ 30,111	$ 27,467	$ 92,284	$ 73,756
Denominator for basic net income per common share—weighted-average shares outstanding	24,699,461			24,457,555			24,595,179	24,308,029
Effect of dilution due to employee stock awards	282,019			343,092			303,456	384,986
Denominator for diluted net income per common share — weighted-average shares outstanding	24,981,480			24,800,647			24,898,635	24,693,015
Basic net income per common share	$ 1.24			$ 0.66			$ 3.75	$ 3.03
Diluted net income per common share	$ 1.22			$ 0.65			$ 3.71	$ 2.99

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Net Income Per Common Share (Details Narrative) - shares	9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018
Earnings Per Share [Abstract]
Number of employee stock options excluded from calculation of diluted earnings per share	217,470	221,315

Inventory (Details) - USD ($) $ in Thousands	Dec. 28, 2019	Mar. 30, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 52,193	$ 48,690
Work in process	97,162	90,820
Finished goods	212,783	195,491
Inventory, Net, Total	$ 362,138	$ 335,001

Goodwill and Intangible Assets (Details)
$ in Thousands

9 Months Ended

Dec. 28, 2019

USD ($)

Indefinite-lived Intangible Assets [Line Items]

March 30, 2019

$ 261,431

Translation adjustments

(5)

Goodwill, Acquired During Period

15,955

^[1]

December 28, 2019

277,381

Roller [Member]

Indefinite-lived Intangible Assets [Line Items]

March 30, 2019

16,007

Translation adjustments

Goodwill, Acquired During Period

^[1]

December 28, 2019

16,007

Plain [Member]

Indefinite-lived Intangible Assets [Line Items]

March 30, 2019

79,597

Translation adjustments

Goodwill, Acquired During Period

^[1]

December 28, 2019

79,597

Ball [Member]

Indefinite-lived Intangible Assets [Line Items]

March 30, 2019

5,623

Translation adjustments

Goodwill, Acquired During Period

^[1]

December 28, 2019

5,623

Engineered Products [Member]

Indefinite-lived Intangible Assets [Line Items]

March 30, 2019

160,204

Translation adjustments

(5)

Goodwill, Acquired During Period

15,955

^[1]

December 28, 2019

$ 176,154

[1]	Includes the assets acquired as part of the Company’s acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13.

Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Dec. 28, 2019	Mar. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	21 years
Gross Carrying Amount	$ 192,751	$ 177,461
Accumulated Amortization	53,172	46,101
Non-amortizable repair station certifications	24,281	24,281
Gross Carrying Amount	$ 217,032	201,742
Product Approvals [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 50,878	50,878
Accumulated Amortization	$ 12,066	10,481
Customer Relationships And Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	23 years
Gross Carrying Amount	$ 109,328	96,458
Accumulated Amortization	$ 22,380	19,149
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 16,321	15,959
Accumulated Amortization	$ 8,534	7,447
Distributor Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	5 years
Gross Carrying Amount	$ 722	722
Accumulated Amortization	$ 722	722
Patents And Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	15 years
Gross Carrying Amount	$ 11,215	10,534
Accumulated Amortization	$ 5,923	5,540
Domain Names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 437	437
Accumulated Amortization	$ 437	437
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	2 years
Gross Carrying Amount	$ 3,850	2,473
Accumulated Amortization	$ 3,110	$ 2,325

Goodwill and Intangible Assets (Details 2) $ in Thousands	Dec. 28, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 2,414
2021	9,632
2022	9,512
2023	9,428
2024	8,523
2025	7,652
2026 and thereafter	$ 92,418

Goodwill and Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 2,473	$ 2,400	$ 7,066	$ 7,331

Leases (Details) - USD ($) $ in Thousands	Dec. 28, 2019	Mar. 30, 2019
Lease assets:
Operating lease assets, net	$ 29,644
Lease liabilities:
Current operating lease liabilities	6,756
Long-term operating lease liabilities	22,982
Operating Lease, Liability	$ 29,738

Leases (Details 1) $ in Thousands	Dec. 28, 2019 USD ($)
Leases [Abstract]
Within one year	$ 5,961
One to two years	5,090
Two to three years	3,647
Three to four years	3,196
Four to five years	2,507
Thereafter	17,174
Total future undiscounted lease payments	37,575
Less: imputed interest	(7,837)
Total operating lease liabilities	$ 29,738

Leases (Details Narrative) $ in Thousands	3 Months Ended	9 Months Ended
Leases (Details Narrative) $ in Thousands	Dec. 28, 2019 USD ($)	Dec. 28, 2019 USD ($)
Leases [Abstract]
Cash paid included in measurement of lease liabilities	$ 1,504	$ 4,235
Lease assets obtained in exchange for new operating lease liabilities	1,592	4,961
Operating lease expense	$ 1,867	$ 5,355
Weighted-average remaining lease term	11 years 7 months 6 days	11 years 7 months 6 days
Weighted average discount rate of operating leases	4.80%	4.80%

Debt (Details) - USD ($) $ in Thousands	Dec. 28, 2019	Mar. 30, 2019
Line of Credit Facility [Line Items]
Total debt	$ 22,809	$ 43,646
Debt issuance costs	(1,824)	(1,912)
Less: current portion	6,649	467
Long-term debt	16,160	43,179
Domestic revolving facility [Member]
Line of Credit Facility [Line Items]
Total debt		39,250
Foreign term loan [Member]
Line of Credit Facility [Line Items]
Total debt	15,377
Foreign revolving facility [Member]
Line of Credit Facility [Line Items]
Total debt	3,178
Other Loan [Member]
Line of Credit Facility [Line Items]
Total debt	$ 6,078	$ 6,308

Debt (Details Narrative) SFr in Thousands, $ in Thousands			1 Months Ended	9 Months Ended
Debt (Details Narrative) SFr in Thousands, $ in Thousands	Aug. 15, 2019 USD ($)	Oct. 01, 2012 USD ($)	Jan. 31, 2019 USD ($)	Dec. 28, 2019 USD ($)	Aug. 15, 2019 CHF (SFr)
Debt Instrument [Line Items]
Line of Credit				$ 3,850
Unamortized debt issuance costs				$ 1,616
Debt instrument, description of variable rate basis				Amounts outstanding under the Revolver generally bear interest at (a) a base rate determined by reference to the higher of (1) Wells Fargo’s prime lending rate, (2) the federal funds effective rate plus 1/2 of 1% and (3) the one-month LIBOR rate plus 1%, or (b) LIBOR plus a specified margin, depending on the type of borrowing being made. The applicable margin is based on the Company’s consolidated ratio of total net debt to consolidated EBITDA at each measurement date.
Debt instrument, basis spread on variable rate				0.75%
Line of credit facility, remaining borrowing capacity				$ 246,150
Balance on mortgage loan				6,078
Schaublin [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs				208
Line of credit facility, expiration date	Aug. 15, 2024
Future annual principal payments in Fiscal 2020				0
Future annual principal payments in Fiscal 2021				6,254
Future annual principal payments in Fiscal 2022				3,075
Future annual principal payments in Fiscal 2023				3,075
Future annual principal payments in Fiscal 2024				3,075
Future annual principal payments in Fiscal Year Five				$ 3,076
Cash paid for purchase price		$ 5,053
Schaublin [Member] \| Land and Building [Member]
Debt Instrument [Line Items]
Land and building leased		$ 14,910
Period for fixed rate on mortgage loan		20 years
Mortgage loan fixed rate		$ 9,857
Mortgage loan interest rate		2.90%
Minimum [Member]
Debt Instrument [Line Items]
Consolidated net debt adjusted EBITDA ratio				3.50
Maximum [Member]
Debt Instrument [Line Items]
Consolidated net debt adjusted EBITDA ratio				1
Base Rate [Member] \| Schaublin [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.00%
Sargent Aerospace Defense Business [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.00%
Foreign Revolver [Member]
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity				$ 12,199
Foreign Revolver [Member] \| Schaublin [Member]
Debt Instrument [Line Items]
Credit facility outstanding amount				3,178
Foreign term loan [Member] \| Schaublin [Member]
Debt Instrument [Line Items]
Credit facility outstanding amount				$ 15,377
Amended Credit Agreement [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Line of Credit			$ 250,000
Debt instrument maturity term			Jan. 31, 2024
Unamortized debt issuance costs			$ 852
Term Loan [Member] \| Schaublin [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 15,383
Term Loan [Member] \| Schaublin [Member] \| CHF [Member]
Debt Instrument [Line Items]
Debt instrument face amount \| SFr					SFr 15,000
Revolving Credit Facility [Member] \| Schaublin [Member]
Debt Instrument [Line Items]
Debt instrument face amount	15,383
Revolving Credit Facility [Member] \| Schaublin [Member] \| CHF [Member]
Debt Instrument [Line Items]
Debt instrument face amount \| SFr					15,000
Schaublin Credit Agreement [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 277
Schaublin Credit Agreement [Member] \| CHF [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs \| SFr					SFr 270
Foreign Credit Agreement [Member] \| Schaublin [Member]
Debt Instrument [Line Items]
Line of credit covenant terms				The Foreign Credit Agreements require Schaublin to comply with various covenants, which are tested annually on March 31. These covenants include, among other things, a financial covenant to maintain a ratio of consolidated net debt to adjusted EBITDA not greater than 3.00 to 1 as of March 31, 2020 and not greater than 2.50 to 1 as of March 31, 2021 and thereafter. Schaublin is also required to maintain an economic equity of CHF 20,000 at all times.

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Income tax provision at the federal statutory rate	17.00%	15.00%	17.00%	14.60%
Income tax provision at the federal statutory rate reduced	17.00%		17.00%
U.S. corporate income tax rate amount	$ 857		$ 3,896
Decrease in unrecognized tax positions	$ 567	$ 1,469	$ 477	$ 1,510
Effective income tax rate without benefits and other items	20.90%	22.30%	21.20%	21.60%
Tax expense associated with withholding tax on a one-time repatriation of foreign operations		$ 943		$ 943
Unrecognized tax positions associated with shared -based compensation		558		5,063
Estimated decrease in unrecognized tax positions in credits and state tax			$ 487
Income tax expense	$ 6,268	2,849	18,914	12,626
Unrecognized tax benefit associated with other permanent adjustments			$ 241
Miami Division [Member]
Condensed Cash Flow Statements, Captions [Line Items]
U.S. corporate income tax rate amount		$ 4,048		$ 4,048

Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Reportable Segments (Details) - USD ($) $ in Thousands	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Segment Reporting Information [Line Items]
Net External Sales	$ 177,019	$ 171,453	$ 541,618	$ 520,354
Gross Margin	70,711	68,127	212,519	203,685
Selling, General & Administrative Expenses	30,719	29,142	91,580	88,043
Operating Income	37,466	19,838	113,265	91,720
Intersegment Sales	17,170	14,911	50,908	45,998
Plain [Member]
Segment Reporting Information [Line Items]
Net External Sales	86,876	79,306	264,372	235,311
Gross Margin	35,016	31,921	104,830	93,404
Selling, General & Administrative Expenses	6,726	6,475	19,774	18,997
Operating Income	27,503	25,044	82,583	72,443
Intersegment Sales	1,638	1,285	4,994	4,525
Roller [Member]
Segment Reporting Information [Line Items]
Net External Sales	31,829	34,841	101,273	107,711
Gross Margin	14,048	14,631	41,968	45,858
Selling, General & Administrative Expenses	1,632	1,559	4,893	4,739
Operating Income	12,427	13,049	36,731	41,083
Intersegment Sales	3,498	3,602	10,722	10,771
Ball [Member]
Segment Reporting Information [Line Items]
Net External Sales	18,475	16,720	53,609	52,832
Gross Margin	8,184	6,861	23,486	21,548
Selling, General & Administrative Expenses	1,598	1,656	4,805	4,867
Operating Income	6,579	5,164	18,623	16,532
Intersegment Sales	585	740	2,170	2,302
Engineered Products [Member]
Segment Reporting Information [Line Items]
Net External Sales	39,839	40,586	122,364	124,500
Gross Margin	13,463	14,714	42,235	42,875
Selling, General & Administrative Expenses	4,410	4,795	13,147	15,231
Operating Income	8,274	(8,082)	25,699	8,315
Intersegment Sales	11,449	9,284	33,022	28,400
Corporate [Member]
Segment Reporting Information [Line Items]
Selling, General & Administrative Expenses	16,353	14,657	48,961	44,209
Operating Income	$ (17,317)	$ (15,337)	$ (50,371)	$ (46,653)

Reportable Segments (Details Narrative)	3 Months Ended		9 Months Ended
Reportable Segments (Details Narrative)	Dec. 28, 2019 Segment	Dec. 29, 2018 USD ($) Segment	Dec. 28, 2019 Segment	Dec. 29, 2018 Segment
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4	4	4	4
Miami Division [Member] \| Engineered Products [Member]
Segment Reporting Information [Line Items]
Loss on sale of miami division \| $		$ 16,802

Acquisition (Details Narrative) SFr in Thousands, $ in Thousands	Aug. 15, 2019 USD ($)	Aug. 15, 2019 CHF (SFr)	Dec. 28, 2019 USD ($)	Mar. 30, 2019 USD ($)
Purchase price	$ 33,842
Accounts receivable	1,325
Inventory	5,963
Current assets	586
Fixed assets	3,487
Intangible assets	13,236
Operating lease assets	2,851
Other non-current assets	154
Accounts payable	562
Other current liabilities	894
Operating lease liabilities	2,851
Deferred tax liabilities	3,411
Noncurrent liabilities	2,085
Goodwill	$ 15,955		$ 277,381	$ 261,431
CHF [Member]
Purchase price \| SFr		SFr 33,000

Subsequent Events (Details Narrative)	Jan. 31, 2020 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of property	$ 8,000