0001213900-20-020679 | 10-Q | XBRL Viewer

Print Document View Excel Document

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Jun. 27, 2020	Jul. 31, 2020
Document Information Line Items
Entity Registrant Name	RBC BEARINGS INCORPORATED
Trading Symbol	ROLL
Document Type	10-Q
Current Fiscal Year End Date	--03-28
Entity Common Stock, Shares Outstanding		25,071,591
Amendment Flag	false
Entity Central Index Key	0001324948
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Jun. 27, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-124824
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4372080
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
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020
Current assets:
Cash and cash equivalents	$ 143,615	$ 103,255
Accounts receivable, net of allowance for doubtful accounts of $1,642 at June 27, 2020 and $1,627 at March 28, 2020	113,184	128,995
Inventory	371,009	367,494
Prepaid expenses and other current assets	11,041	12,262
Total current assets	638,849	612,006
Property, plant and equipment, net	218,128	219,846
Operating lease assets, net	30,530	28,953
Goodwill	277,455	277,776
Intangible assets, net of accumulated amortization of $58,242 at June 27, 2020 and $55,732 at March 28, 2020	161,060	162,747
Other assets	23,187	20,584
Total assets	1,349,209	1,321,912
Current liabilities:
Accounts payable	51,812	51,038
Accrued expenses and other current liabilities	36,098	40,580
Current operating lease liabilities	5,891	5,708
Current portion of long-term debt	6,489	6,429
Total current liabilities	100,290	103,755
Deferred income taxes	19,425	16,560
Long-term debt, less current portion	16,635	16,583
Long-term operating lease liabilities	24,857	23,396
Other non-current liabilities	45,367	43,619
Total liabilities	206,574	203,913
Stockholders’ equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 at June 27, 2020 and March 28, 2020, respectively; none issued or outstanding
Common stock, $.01 par value; authorized shares: 60,000,000 at June 27, 2020 and March 28, 2020, respectively; issued shares: 25,941,772 and 25,881,415 at June 27, 2020 and March 28, 2020, respectively	259	259
Additional paid-in capital	418,069	412,400
Accumulated other comprehensive loss	(6,229)	(6,898)
Retained earnings	791,908	769,219
Treasury stock, at cost, 870,161 shares and 838,982 shares at June 27, 2020 and March 28, 2020, respectively	(61,372)	(56,981)
Total stockholders’ equity	1,142,635	1,117,999
Total liabilities and stockholders’ equity	$ 1,349,209	$ 1,321,912

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 1,642	$ 1,627
Intangible assets, accumulated amortization (in Dollars)	$ 58,242	$ 55,732
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued
Preferred stock, outstanding
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	60,000,000	60,000,000
Common stock, issued	25,941,772	25,881,415
Treasury stock, shares	870,161	838,982

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Income Statement [Abstract]
Net sales	$ 156,493	$ 182,690
Cost of sales	97,040	111,996
Gross margin	59,453	70,694
Operating expenses:
Selling, general and administrative	26,829	30,087
Other, net	3,810	2,117
Total operating expenses	30,639	32,204
Operating income	28,814	38,490
Interest expense, net	425	547
Other non-operating expense	42	169
Income before income taxes	28,347	37,774
Provision for income taxes	5,658	7,275
Net income	$ 22,689	$ 30,499
Net income per common share:
Basic (in Dollars per share)	$ 0.92	$ 1.24
Diluted (in Dollars per share)	$ 0.91	$ 1.23
Weighted average common shares:
Basic (in Shares)	24,763,903	24,501,707
Diluted (in Shares)	24,933,941	24,807,307

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Jun. 27, 2020

Jun. 29, 2019

Statement of Comprehensive Income [Abstract]

Net income

$ 22,689

$ 30,499

Pension and postretirement liability adjustments, net of taxes

^[1]

260

178

Foreign currency translation adjustments

409

2,542

Total comprehensive income

$ 23,358

$ 33,219

[1]	These adjustments were net of tax expense of $79 and $54 for the three-month periods ended June 27, 2020 and June 29, 2019, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Statement of Comprehensive Income [Abstract]
Pension and postretirement liability adjustments, net of a tax benefit and expense	$ 79	$ 54

Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income/(Loss)	Retained Earnings	Treasury Stock	Total
Balance 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 tax expense			178			178
Issuance of restricted stock (in Shares)	86,490
Impact from adoption of ASU 2018-02			(1,289)	1,289
Currency translation adjustments			2,542			2,542
Balance 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)
Balance at Mar. 28, 2020	$ 259	412,400	(6,898)	769,219	$ (56,981)	1,117,999
Balance (in Shares) at Mar. 28, 2020	25,881,415				(838,982)
Net income				22,689		22,689
Share-based compensation		5,438				5,438
Repurchase of common stock					$ (4,391)	(4,391)
Repurchase of common stock (in Shares)					(31,179)
Exercise of equity awards		231				231
Exercise of equity awards (in Shares)	4,200
Change in net prior service cost and actuarial losses, net of tax expense			260			260
Issuance of restricted stock (in Shares)	56,157
Currency translation adjustments			409			409
Balance at Jun. 27, 2020	$ 259	$ 418,069	$ (6,229)	$ 791,908	$ (61,372)	$ 1,142,635
Balance (in Shares) at Jun. 27, 2020	25,941,772				(870,161)

Consolidated Statements of Stockholders’ Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Statement of Stockholders' Equity [Abstract]
Change in net prior service cost and actuarial losses, net of tax expense	$ 79	$ 54

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Cash flows from operating activities:
Net income	$ 22,689	$ 30,499
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,892	5,236
Deferred income taxes	2,865	1,153
Amortization of intangible assets	2,504	2,284
Amortization of deferred financing costs	141	99
Share-based compensation	5,438	4,802
Other non-cash charges	3	(11)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	15,848	815
Inventory	(3,294)	(7,423)
Prepaid expenses and other current assets	1,240	(1,052)
Other non-current assets	(4,678)	(1,041)
Accounts payable	739	1,986
Accrued expenses and other current liabilities	(4,180)	2,773
Other non-current liabilities	3,152	16
Net cash provided by operating activities	48,359	40,136
Cash flows from investing activities:
Purchase of property, plant and equipment	(3,875)	(12,040)
Proceeds from sale of assets	5	2
Acquisition of business	245
Net cash used in investing activities	(3,625)	(12,038)
Cash flows from financing activities:
Repayments of revolving credit facilities		(17,000)
Repayments of notes payable	(122)	(117)
Exercise of stock options	231	276
Repurchase of common stock	(4,391)	(9,514)
Net cash used in financing activities	(4,282)	(26,355)
Effect of exchange rate changes on cash	(92)	1,086
Cash and cash equivalents:
Increase during the period	40,360	2,829
Cash, at beginning of period	103,255	29,884
Cash, at end of period	143,615	32,713
Supplemental disclosures of cash flow information:
Income taxes	899	489
Interest	$ 267	$ 408

Basis of Presentation

3 Months Ended

Jun. 27, 2020

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 28, 2020. 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-month period ended June 27, 2020 are not necessarily indicative of the operating results for the entire fiscal year ending April 3, 2021. The three-month periods ended June 27, 2020 and June 29, 2019 each include 13 weeks. The amounts shown are in thousands, unless otherwise indicated.

Significant Accounting Policies

3 Months Ended

Jun. 27, 2020

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 28, 2020. Significant changes to our accounting policies as a result of adopting new accounting standards are discussed below.

Recent Accounting Standards Adopted

In September 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new guidance replaces the current incurred loss approach with a new expected credit loss impairment model. The new model applies 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 requires entities to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses considers historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics are grouped together when estimating expected credit losses. ASU 2016-13 does not prescribe a specific method to make the estimate, so its application requires significant judgment. The Company adopted this accounting standard update in the first quarter of fiscal 2021 and it did not have a material impact 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 did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Standards Yet to Be Adopted

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 April 3, 2021 are not expected to have a material impact on our financial position, results of operations or liquidity.

Revenue from Contracts with Customers

3 Months Ended

Jun. 27, 2020

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-month periods ended June 27, 2020 and June 29, 2019 are as follows:

Principal End Markets

	Three Months Ended
	June 27, 2020						June 29, 2019
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	59,352	$	19,523	$	78,875	$	67,306	$	20,183	$	87,489
Roller		13,230		9,670		22,900		19,313		17,546		36,859
Ball		7,022		11,818		18,840		5,430		12,280		17,710
Engineered Products		19,378		16,500		35,878		24,270		16,362		40,632
	$	98,982	$	57,511	$	156,493	$	116,319	$	66,371	$	182,690

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 $274,688 at June 27, 2020. The Company expects to recognize revenue on approximately 65% and 88% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. Excluded from these remaining performance obligations are orders received from customers for which the delivery date has not yet been agreed to.

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 June 27, 2020 and March 28, 2020, accounts receivable with customers, net, were $113,184 and $128,995, respectively. The tables below represent a roll-forward of contract assets and contract liabilities for the three-month period ended June 27, 2020:

Contract Assets - Current ⁽¹⁾

Balance at March 28, 2020	$	2,604
Additional revenue recognized in excess of billings		670
Less: amounts billed to customers		(1,429	)
Balance at June 27, 2020	$	1,845

⁽¹⁾

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

Contract Liabilities – Current ⁽²⁾

Balance at March 28, 2020	$	11,116
Payments received prior to revenue being recognized		634
Revenue recognized		(6,310	)
Reclassification (to)/from noncurrent		727
Balance at June 27, 2020	$	6,167

⁽²⁾

Included within accrued expenses and other current liabilities on the consolidated balance sheets. During the first three months of fiscal 2021, the Company recognized revenues of $5,821 that were included in the contract liability balance at March 28, 2020.

Contract Liabilities – Noncurrent ⁽³⁾

Balance at March 28, 2020	$	2,427
Payments received prior to revenue being recognized		—
Reclassification (to)/from current		(727	)
Balance at June 27, 2020	$	1,700

⁽³⁾

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

As of June 27, 2020, the Company did not have any contract assets classified as noncurrent on the consolidated balance sheet.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Jun. 27, 2020

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:

	Currency Translation			Pension and Postretirement Liability			Total
Balance at March 28, 2020	$	(582	)	$	(6,316	)	$	(6,898	)
Other comprehensive income before reclassifications		409			—			409
Amounts reclassified from accumulated other comprehensive income		—			260			260
Net current period other comprehensive income		409			260			669
Balance at June 27, 2020	$	(173	)	$	(6,056	)	$	(6,229	)

Net Income Per Common Share

3 Months Ended

Jun. 27, 2020

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:

	Three Months Ended
	June 27, 2020		June 29, 2019

Net income	$	22,689	$	30,499

Denominator for basic net income per common share—weighted-average shares outstanding		24,763,903		24,501,707
Effect of dilution due to employee stock awards		170,038		305,600
Denominator for diluted net income per common share — weighted-average shares outstanding		24,933,941		24,807,307

Basic net income per common share	$	0.92	$	1.24

Diluted net income per common share	$	0.91	$	1.23

At June 27, 2020, 504,768 employee stock options and 61,025 restricted shares have been excluded from the calculation of diluted earnings per share. At June 29, 2019, 373,840 employee stock options and 86,040 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

3 Months Ended

Jun. 27, 2020

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

3 Months Ended

Jun. 27, 2020

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:

	June 27, 2020		March 28, 2020
Raw materials	$	52,310	$	51,362
Work in process		93,496		97,286
Finished goods		225,203		218,846
	$	371,009	$	367,494

Goodwill and Intangible Assets

3 Months Ended

Jun. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

Goodwill

	Roller		Plain		Ball		Engineered Products			Total
March 28, 2020	$	16,007	$	79,597	$	5,623	$	176,549		$	277,776
Translation adjustments		—		—		—		62			62
Acquisition ⁽¹⁾		—		—		—		(383	)		(383	)
June 27, 2020	$	16,007	$	79,597	$	5,623	$	176,228		$	277,455

⁽¹⁾

Includes a reduction of goodwill recognized due to opening balance sheet adjustments made during the measurement period of the Company’s acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019.

Intangible Assets

		June 27, 2020				March 28, 2020
	Weighted Average Useful Lives	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Product approvals	24	$	50,878	$	13,125	$	50,878	$	12,597
Customer relationships and lists	23		109,696		24,731		109,645		23,557
Trade names	10		16,331		9,278		16,330		8,906
Distributor agreements	5		722		722		722		722
Patents and trademarks	16		11,775		6,167		11,553		6,045
Domain names	10		437		437		437		437
Other	3		5,182		3,782		4,633		3,468
			195,021		58,242		194,198		55,732
Non-amortizable repair station certifications	n/a		24,281		—		24,281		—
Total	21	$	219,302	$	58,242	$	218,479	$	55,732

Amortization expense for definite-lived intangible assets for the three-month period ended June 27, 2020 was $2,504, compared to $2,284 for the three-month period ended June 29, 2019. Estimated amortization expense for the remaining nine months of fiscal 2021, the five succeeding fiscal years and thereafter is as follows:

2021	$	7,240
2022		9,538
2023		9,456
2024		9,327
2025		8,679
2026		7,218
2027 and thereafter		85,321

Debt

3 Months Ended

Jun. 27, 2020

Debt Disclosure [Abstract]

Debt

9. Debt

The balances payable under all borrowing facilities are as follows:

	June 27, 2020			March 28, 2020
Revolver and term loan facilities	$	18,664		$	18,593
Debt issuance costs		(1,546	)		(1,687	)
Other		6,006			6,106
Total debt		23,124		$	23,012
Less: current portion		6,489		$	6,429
Long-term debt	$	16,635		$	16,583

The current portion of long-term debt as of June 27, 2020 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.

Domestic Credit Facility

The Company’s 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 “Credit Agreement”) provides the Company with a $250,000 revolving credit facility (the “Revolver”), which expires on January 31, 2024. Debt issuance costs associated with the Credit Agreement totaled $852 and will be amortized through January 31, 2024 along with the unamortized debt issuance costs remaining from the Company’s prior 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 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 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 Credit Agreement. As of June 27, 2020, the Company was in compliance with all such covenants.

The Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Agreement, and the Company’s obligations 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 $3,700 of the Revolver is being utilized to provide letters of credit to secure the Company’s obligations relating to certain insurance programs. As of June 27, 2020, $1,418 in unamortized debt issuance costs remain. The Company has the ability to borrow up to an additional $246,300 under the Revolver as of June 27, 2020.

Foreign Term Loan and Revolving Credit Facility

On August 15, 2019, one of our foreign subsidiaries, Schaublin SA (“Schaublin”), entered into two separate credit agreements (the “Foreign Credit Agreements”) with Credit Suisse (Switzerland) Ltd. to finance the acquisition of Swiss Tool and 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 July 31, 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 Foreign Credit Agreements totaled CHF 270 (approximately $277) and will be amortized throughout the life of the Foreign 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 1.00%.

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 March 31, 2020, 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 June 27, 2020, there was approximately $2,847 outstanding under the Foreign Revolver and approximately $15,817 outstanding under the Foreign Term Loan. These borrowings have been classified as Level 2 of the valuation hierarchy. As of June 27, 2020, approximately $128 in unamortized debt issuance costs remain. Schaublin has the ability to borrow up to an additional $12,970 under the Foreign Revolver as of June 27, 2020.

Schaublin’s required future annual principal payments for the next five years and thereafter are approximately $5,999 for fiscal 2021, approximately $3,163 for each year from fiscal 2022 through fiscal 2024 and approximately $3,176 for fiscal 2025.

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 June 27, 2020 was approximately $6,006 and has been classified as Level 2 of the valuation hierarchy.

The Company’s required future annual principal payments for the next five years are approximately $490 for each year from fiscal 2021 through fiscal 2025 and $3,556 thereafter.

Income Taxes

3 Months Ended

Jun. 27, 2020

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The Company files income tax returns in numerous U.S. and foreign jurisdictions, with returns subject to examination for varying periods, but generally back to and including the year ending 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 1, 2017.

The effective income tax rates for the three-month periods ended June 27, 2020 and June 29, 2019, were 20.0% and 19.3%, respectively. 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 that increase the rate.

The effective income tax rate for the three-month period ended June 27, 2020 of 20.0% includes $315 of tax benefit associated with share-based compensation, along with $75 of tax benefit for the release of unrecognized tax positions associated with a statute of limitations expiration. The effective income tax rate without discrete items for the three-month period ended June 27, 2020 would have been 21.3%. The effective income tax rate for the three-month period ended June 29, 2019 of 19.3% includes discrete items of $510 of tax benefit associated with share-based compensation 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 discrete items for the three-month period ended June 29, 2019 would have been 21.2%. The Company believes it is reasonably possible that some of its unrecognized tax positions may be effectively settled within the next 12 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 federal and state credits and state tax, is estimated to be approximately $1,524.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Reportable Segments

3 Months Ended

Jun. 27, 2020

Segment Reporting [Abstract]

Reportable Segments

11. 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.

	Three Months Ended
	June 27, 2020			June 29, 2019
Net External Sales
Plain	$	78,875		$	87,489
Roller		22,900			36,859
Ball		18,840			17,710
Engineered Products		35,878			40,632
	$	156,493		$	182,690
Gross Margin
Plain	$	32,077		$	34,114
Roller		8,407			14,524
Ball		7,927			7,799
Engineered Products		11,042			14,257
	$	59,453		$	70,694
Selling, General & Administrative Expenses
Plain	$	5,271		$	6,514
Roller		1,239			1,614
Ball		1,346			1,633
Engineered Products		3,812			4,303
Corporate		15,161			16,023
	$	26,829		$	30,087
Operating Income
Plain	$	25,401		$	26,825
Roller		7,099			12,570
Ball		6,551			6,137
Engineered Products		5,981			9,002
Corporate		(16,218	)		(16,044	)
	$	28,814		$	38,490
Intersegment Sales
Plain	$	1,562		$	1,847
Roller		3,378			3,201
Ball		667			669
Engineered Products		10,649			10,822
	$	16,256		$	16,539

All intersegment sales are eliminated in consolidation.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Acquisition

3 Months Ended

Jun. 27, 2020

Acquisition [Abstract]

Acquisition

12. Acquisition

On August 15, 2019, the Company, through its Schaublin SA subsidiary, acquired all of the outstanding shares of Swiss Tool for a purchase price of approximately $33,597 (CHF 32,768). We have finalized the purchase price allocation with no material adjustments subsequent to March 28, 2020.

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Jun. 27, 2020
Accounting Policies [Abstract]
Recent Accounting Standards Adopted	*Recent Accounting Standards Adopted* In September 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new guidance replaces the current incurred loss approach with a new expected credit loss impairment model. The new model applies 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 requires entities to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses considers historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics are grouped together when estimating expected credit losses. ASU 2016-13 does not prescribe a specific method to make the estimate, so its application requires significant judgment. The Company adopted this accounting standard update in the first quarter of fiscal 2021 and it did not have a material impact 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 did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Standards Yet to Be Adopted	*Recent Accounting Standards Yet to Be Adopted* 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 April 3, 2021 are not expected to have a material impact on our financial position, results of operations or liquidity.

Revenue from Contracts with Customers (Tables)

3 Months Ended

Jun. 27, 2020

Revenue from Contract with Customer [Abstract]

Schedule of revenue from business segments of customers

	Three Months Ended
	June 27, 2020						June 29, 2019
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	59,352	$	19,523	$	78,875	$	67,306	$	20,183	$	87,489
Roller		13,230		9,670		22,900		19,313		17,546		36,859
Ball		7,022		11,818		18,840		5,430		12,280		17,710
Engineered Products		19,378		16,500		35,878		24,270		16,362		40,632
	$	98,982	$	57,511	$	156,493	$	116,319	$	66,371	$	182,690

Schedule of contract assets and contract liabilities

Contract Assets - Current ⁽¹⁾

Balance at March 28, 2020	$	2,604
Additional revenue recognized in excess of billings		670
Less: amounts billed to customers		(1,429	)
Balance at June 27, 2020	$	1,845

⁽¹⁾

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

Contract Liabilities – Current ⁽²⁾

Balance at March 28, 2020	$	11,116
Payments received prior to revenue being recognized		634
Revenue recognized		(6,310	)
Reclassification (to)/from noncurrent		727
Balance at June 27, 2020	$	6,167

⁽²⁾

Contract Liabilities – Noncurrent ⁽³⁾

Balance at March 28, 2020	$	2,427
Payments received prior to revenue being recognized		—
Reclassification (to)/from current		(727	)
Balance at June 27, 2020	$	1,700

⁽³⁾

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

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Jun. 27, 2020

Stockholders' Equity Note [Abstract]

Schedule of component of accumulated other comprehensive income (loss)

	Currency Translation			Pension and Postretirement Liability			Total
Balance at March 28, 2020	$	(582	)	$	(6,316	)	$	(6,898	)
Other comprehensive income before reclassifications		409			—			409
Amounts reclassified from accumulated other comprehensive income		—			260			260
Net current period other comprehensive income		409			260			669
Balance at June 27, 2020	$	(173	)	$	(6,056	)	$	(6,229	)

Net Income Per Common Share (Tables)

3 Months Ended

Jun. 27, 2020

Earnings Per Share [Abstract]

Schedule basic and diluted net income per common share

	Three Months Ended
	June 27, 2020		June 29, 2019

Net income	$	22,689	$	30,499

Denominator for basic net income per common share—weighted-average shares outstanding		24,763,903		24,501,707
Effect of dilution due to employee stock awards		170,038		305,600
Denominator for diluted net income per common share — weighted-average shares outstanding		24,933,941		24,807,307

Basic net income per common share	$	0.92	$	1.24

Diluted net income per common share	$	0.91	$	1.23

Inventory (Tables)

3 Months Ended

Jun. 27, 2020

Inventory Disclosure [Abstract]

Schedule of inventory

	June 27, 2020		March 28, 2020
Raw materials	$	52,310	$	51,362
Work in process		93,496		97,286
Finished goods		225,203		218,846
	$	371,009	$	367,494

Goodwill and Intangible Assets (Tables)

3 Months Ended

Jun. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill balances, by segment

	Roller		Plain		Ball		Engineered Products			Total
March 28, 2020	$	16,007	$	79,597	$	5,623	$	176,549		$	277,776
Translation adjustments		—		—		—		62			62
Acquisition ⁽¹⁾		—		—		—		(383	)		(383	)
June 27, 2020	$	16,007	$	79,597	$	5,623	$	176,228		$	277,455

⁽¹⁾

Schedule of intangible assets

		June 27, 2020				March 28, 2020
	Weighted Average Useful Lives	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Product approvals	24	$	50,878	$	13,125	$	50,878	$	12,597
Customer relationships and lists	23		109,696		24,731		109,645		23,557
Trade names	10		16,331		9,278		16,330		8,906
Distributor agreements	5		722		722		722		722
Patents and trademarks	16		11,775		6,167		11,553		6,045
Domain names	10		437		437		437		437
Other	3		5,182		3,782		4,633		3,468
			195,021		58,242		194,198		55,732
Non-amortizable repair station certifications	n/a		24,281		—		24,281		—
Total	21	$	219,302	$	58,242	$	218,479	$	55,732

Schedule of estimated amortization expense

2021	$	7,240
2022		9,538
2023		9,456
2024		9,327
2025		8,679
2026		7,218
2027 and thereafter		85,321

Debt (Tables)

3 Months Ended

Jun. 27, 2020

Debt Disclosure [Abstract]

Schedule of debt

	June 27, 2020			March 28, 2020
Revolver and term loan facilities	$	18,664		$	18,593
Debt issuance costs		(1,546	)		(1,687	)
Other		6,006			6,106
Total debt		23,124		$	23,012
Less: current portion		6,489		$	6,429
Long-term debt	$	16,635		$	16,583

Reportable Segments (Tables)

3 Months Ended

Jun. 27, 2020

Segment Reporting [Abstract]

Schedule of segment information

	Three Months Ended
	June 27, 2020			June 29, 2019
Net External Sales
Plain	$	78,875		$	87,489
Roller		22,900			36,859
Ball		18,840			17,710
Engineered Products		35,878			40,632
	$	156,493		$	182,690
Gross Margin
Plain	$	32,077		$	34,114
Roller		8,407			14,524
Ball		7,927			7,799
Engineered Products		11,042			14,257
	$	59,453		$	70,694
Selling, General & Administrative Expenses
Plain	$	5,271		$	6,514
Roller		1,239			1,614
Ball		1,346			1,633
Engineered Products		3,812			4,303
Corporate		15,161			16,023
	$	26,829		$	30,087
Operating Income
Plain	$	25,401		$	26,825
Roller		7,099			12,570
Ball		6,551			6,137
Engineered Products		5,981			9,002
Corporate		(16,218	)		(16,044	)
	$	28,814		$	38,490
Intersegment Sales
Plain	$	1,562		$	1,847
Roller		3,378			3,201
Ball		667			669
Engineered Products		10,649			10,822
	$	16,256		$	16,539

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Mar. 28, 2020
Revenue from Contract with Customer [Abstract]
Aggregate amount of the transaction price allocated to remaining performance obligations	$ 274,688
Revenue recognize remaining performance obligations	The Company expects to recognize revenue on approximately 65% and 88% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.
Accounts receivable with customers, net	$ 113,184	$ 128,995
Revenue recognized included in the contract liability		$ 5,821

Revenue from Contracts with Customers (Details) - Schedule of revenue from business segments of customers - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	$ 156,493	$ 182,690
Plain [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	78,875	87,489
Roller [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	22,900	36,859
Ball [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	18,840	17,710
Engineered Products [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	35,878	40,632
Aerospace [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	98,982	116,319
Aerospace [Member] \| Plain [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	59,352	67,306
Aerospace [Member] \| Roller [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	13,230	19,313
Aerospace [Member] \| Ball [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	7,022	5,430
Aerospace [Member] \| Engineered Products [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	19,378	24,270
Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	57,511	66,371
Industrial [Member] \| Plain [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	19,523	20,183
Industrial [Member] \| Roller [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	9,670	17,546
Industrial [Member] \| Ball [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	11,818	12,280
Industrial [Member] \| Engineered Products [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	$ 16,500	$ 16,362

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue from Contracts with Customers (Details) - Schedule of contract assets and contract liabilities
$ in Thousands

3 Months Ended

Jun. 27, 2020

USD ($)

Contract Assets - Current (1)

Balance at March 28, 2020

$ 2,604

^[1]

Additional revenue recognized in excess of billings

670

^[1]

Less: amounts billed to customers

(1,429)

^[1]

Balance at June 27, 2020

1,845

^[1]

Contract Liabilities – Current (2)

Balance at March 28, 2020

11,116

^[2]

Payments received prior to revenue being recognized

634

^[2]

Revenue recognized

(6,310)

^[2]

Reclassification (to)/from noncurrent

727

^[2]

Balance at June 27, 2020

6,167

^[2]

Contract Liabilities – Noncurrent (3)

Balance at March 28, 2020

2,427

^[3]

Payments received prior to revenue being recognized

^[3]

Reclassification (to)/from current

(727)

^[3]

Balance at June 27, 2020

$ 1,700

^[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 three months of fiscal 2021, the Company recognized revenues of $5,821 that were included in the contract liability balance at March 28, 2020.
[3]	Included within other non-current liabilities on the consolidated balance sheets.

Accumulated Other Comprehensive Income (Loss) (Details) - Schedule of component of accumulated other comprehensive income (loss) $ in Thousands	3 Months Ended
	Jun. 27, 2020 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (6,898)
Other comprehensive income before reclassifications	409
Amounts reclassified from accumulated other comprehensive income	260
Net current period other comprehensive income	669
Ending balance	(6,229)
Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(582)
Other comprehensive income before reclassifications	409
Net current period other comprehensive income	409
Ending balance	(173)
Pension and Postretirement Liability [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(6,316)
Amounts reclassified from accumulated other comprehensive income	260
Net current period other comprehensive income	260
Ending balance	$ (6,056)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Net Income Per Common Share (Details) - shares	3 Months Ended
Net Income Per Common Share (Details) - shares	Jun. 27, 2020	Jun. 29, 2019
Employee Stock Options [Member]
Net Income Per Common Share (Details) [Line Items]
Number of employee stock options and restricted shares excluded from calculation of diluted earnings per share	504,768	373,840
Restricted Shares [Member]
Net Income Per Common Share (Details) [Line Items]
Number of employee stock options and restricted shares excluded from calculation of diluted earnings per share	61,025	86,040

Net Income Per Common Share (Details) - Schedule basic and diluted net income per common share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Schedule basic and diluted net income per common share [Abstract]
Net income (in Dollars)	$ 22,689	$ 30,499
Denominator for basic net income per common share—weighted-average shares outstanding	24,763,903	24,501,707
Effect of dilution due to employee stock awards	170,038	305,600
Denominator for diluted net income per common share — weighted-average shares outstanding	24,933,941	24,807,307
Basic net income per common share (in Dollars per share)	$ 0.92	$ 1.24
Diluted net income per common share (in Dollars per share)	$ 0.91	$ 1.23

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ 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
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

- Definition

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

+ References

+ Details

Inventory (Details) - Schedule of inventory - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020
Schedule of inventory [Abstract]
Raw materials	$ 52,310	$ 51,362
Work in process	93,496	97,286
Finished goods	225,203	218,846
Inventory, Net, Total	$ 371,009	$ 367,494

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2,504	$ 2,284

Goodwill and Intangible Assets (Details) - Schedule of goodwill balances, by segment
$ in Thousands

3 Months Ended

Jun. 27, 2020

USD ($)

Goodwill [Line Items]

Balance at beginning

$ 277,776

Translation adjustments

Acquisition

(383)

^[1]

Balance at end

277,455

Roller [Member]

Goodwill [Line Items]

Balance at beginning

16,007

Translation adjustments

Acquisition

^[1]

Balance at end

16,007

Plain [Member]

Goodwill [Line Items]

Balance at beginning

79,597

Translation adjustments

Acquisition

^[1]

Balance at end

79,597

Ball [Member]

Goodwill [Line Items]

Balance at beginning

5,623

Translation adjustments

Acquisition

^[1]

Balance at end

5,623

Engineered Products [Member]

Goodwill [Line Items]

Balance at beginning

176,549

Translation adjustments

Acquisition

(383)

^[1]

Balance at end

$ 176,228

[1]	Includes a reduction of goodwill recognized due to opening balance sheet adjustments made during the measurement period of the Company’s acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019.

Goodwill and Intangible Assets (Details) - Schedule of intangible assets - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Mar. 28, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 195,021	$ 194,198
Accumulated Amortization	$ 58,242	55,732
Non-amortizable repair station certifications, Weighted Average Useful Lives	n/a
Non-amortizable repair station certifications, Gross Carrying Amount	$ 24,281	24,281
Non-amortizable repair station certifications, Accumulated Amortization
Total, Weighted Average Useful Lives	21 years
Total, Gross Carrying Amount	$ 219,302	218,479
Total, Accumulated Amortization	$ 58,242	55,732
Product Approvals [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 50,878	50,878
Accumulated Amortization	$ 13,125	12,597
Customer Relationships And Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	23 years
Gross Carrying Amount	$ 109,696	109,645
Accumulated Amortization	$ 24,731	23,557
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 16,331	16,330
Accumulated Amortization	$ 9,278	8,906
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	16 years
Gross Carrying Amount	$ 11,775	11,553
Accumulated Amortization	$ 6,167	6,045
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 [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	3 years
Gross Carrying Amount	$ 5,182	4,633
Accumulated Amortization	$ 3,782	$ 3,468

Goodwill and Intangible Assets (Details) - Schedule of estimated amortization expense $ in Thousands	Jun. 27, 2020 USD ($)
Schedule of estimated amortization expense [Abstract]
2021	$ 7,240
2022	9,538
2023	9,456
2024	9,327
2025	8,679
2026	7,218
2027 and thereafter	$ 85,321

Debt (Details) SFr in Thousands, $ in Thousands			3 Months Ended
Debt (Details) SFr in Thousands, $ in Thousands	Aug. 15, 2019 USD ($)	Oct. 01, 2012 USD ($)	Jun. 27, 2020 USD ($)	Jun. 29, 2019 USD ($)	Aug. 15, 2019 CHF (SFr)
Debt Instrument [Line Items]
Debt issuance costs			$ 141	$ 99
Future annual principal payments in Fiscal 2021			490
Future annual principal payments in Fiscal 2023			490
Future annual principal payments in Fiscal 2024			490
Future annual principal payments in Fiscal 2025			490
Future annual principal payments in Fiscal 2022			490
Future annual principal payments in Fiscal thereafter			3,556
Revolver [Member]
Debt Instrument [Line Items]
Line of credit			3,700
Unamortized debt issuance costs			$ 1,418
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. Currently, the Company’s margin is 0.00% for base rate loans and 0.75% for LIBOR loans.
Debt instrument, basis spread on variable rate			0.75%
Line of credit facility, remaining borrowing capacity			$ 246,300
Foreign Revolver [Member]
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity			$ 12,970
Amended Credit Agreement [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Consolidated net debt adjusted EBITDA ratio			3.50
Amended Credit Agreement [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Consolidated net debt adjusted EBITDA ratio			1
Amended Credit Agreement [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Line of credit			$ 250,000
Debt instrument expiry date			Jan. 31, 2024
Unamortized debt issuance costs			$ 852
Schaublin Credit Agreement [Member]
Debt Instrument [Line Items]
Debt issuance costs	$ 277
Schaublin [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs			128
Future annual principal payments in Fiscal 2021			5,999
Future annual principal payments in Fiscal 2022			3,163
Future annual principal payments in Fiscal 2023			3,163
Future annual principal payments in Fiscal 2024			3,163
Future annual principal payments in Fiscal 2025			3,176
Cash paid for purchase price		$ 5,053
Balance on mortgage loan			6,006
Schaublin [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Schaublin [Member] \| Foreign Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 15,383				SFr 15,000
Credit facility outstanding amount			15,817
Schaublin [Member] \| Foreign Revolver [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 15,383				SFr 15,000
Credit facility outstanding amount			$ 2,847
Schaublin [Member] \| Foreign Credit Agreement [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.
Schaublin [Member] \| Land and Building [Member]
Debt Instrument [Line Items]
Land and building leased		$ 14,910
Period for fixed rate on mortgage loan		Schaublin obtained a 20-year fixed-rate mortgage of approximately $9,857 at an interest rate of 2.9%.
Mortgage loan fixed rate		$ 9,857
Mortgage loan interest rate		2.90%

Debt (Details) - Schedule of debt - USD ($) $ in Thousands	Jun. 27, 2020	Mar. 28, 2020
Schedule of debt [Abstract]
Revolver and term loan facilities	$ 18,664	$ 18,593
Debt issuance costs	(1,546)	(1,687)
Other	6,006	6,106
Total debt	23,124	23,012
Less: current portion	6,489	6,429
Long-term debt	$ 16,635	$ 16,583

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Jun. 29, 2019
Income Tax Disclosure [Abstract]
Income tax provision at the federal statutory rate	20.00%	19.30%
Income tax provision at the federal statutory rate reduced	20.00%
U.S. corporate income tax rate amount	$ 315	$ 510
Unrecognized tax positions associated with shared -based compensation	$ 75	$ 241
Effective income tax rate without discrete	21.30%	21.20%
Estimated decrease in unrecognized tax positions in federal and state credits and state tax	$ 1,524

Reportable Segments (Details)	3 Months Ended
Reportable Segments (Details)	Jun. 27, 2020
Segment Reporting [Abstract]
Number of reportable business segments	4

Reportable Segments (Details) - Schedule of segment information - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Net External Sales
Net External Sales	$ 156,493	$ 182,690
Gross Margin
Gross Margin	59,453	70,694
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	26,829	30,087
Operating Income
Operating Income	28,814	38,490
Intersegment Sales
Intersegment Sales	16,256	16,539
Plain [Member]
Net External Sales
Net External Sales	78,875	87,489
Gross Margin
Gross Margin	32,077	34,114
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	5,271	6,514
Operating Income
Operating Income	25,401	26,825
Intersegment Sales
Intersegment Sales	1,562	1,847
Roller [Member]
Net External Sales
Net External Sales	22,900	36,859
Gross Margin
Gross Margin	8,407	14,524
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	1,239	1,614
Operating Income
Operating Income	7,099	12,570
Intersegment Sales
Intersegment Sales	3,378	3,201
Ball [Member]
Net External Sales
Net External Sales	18,840	17,710
Gross Margin
Gross Margin	7,927	7,799
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	1,346	1,633
Operating Income
Operating Income	6,551	6,137
Intersegment Sales
Intersegment Sales	667	669
Engineered Products [Member]
Net External Sales
Net External Sales	35,878	40,632
Gross Margin
Gross Margin	11,042	14,257
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	3,812	4,303
Operating Income
Operating Income	5,981	9,002
Intersegment Sales
Intersegment Sales	10,649	10,822
Corporate [Member]
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	15,161	16,023
Operating Income
Operating Income	$ (16,218)	$ (16,044)

Acquisition (Details) - Aug. 15, 2019 SFr in Thousands, $ in Thousands	USD ($)	CHF (SFr)
Disclosure Text Block Supplement [Abstract]
Purchase price	$ 33,597	SFr 32,768