0001213900-20-034285 | 10-Q | XBRL Viewer

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Sep. 26, 2020	Oct. 23, 2020
Document Information Line Items
Entity Registrant Name	RBC BEARINGS INCORPORATED
Trading Symbol	ROLL
Document Type	10-Q
Current Fiscal Year End Date	--04-03
Entity Common Stock, Shares Outstanding		25,101,224
Amendment Flag	false
Entity Central Index Key	0001324948
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Sep. 26, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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	Sep. 26, 2020	Mar. 28, 2020
Current assets:
Cash and cash equivalents	$ 166,352	$ 103,255
Accounts receivable, net of allowance for doubtful accounts of $1,703 at September 26, 2020 and $1,627 at March 28, 2020	108,078	128,995
Inventory	371,546	367,494
Prepaid expenses and other current assets	15,038	12,262
Total current assets	661,014	612,006
Property, plant and equipment, net	214,347	219,846
Operating lease assets, net	29,686	28,953
Goodwill	277,784	277,776
Intangible assets, net of accumulated amortization of $58,408 at September 26, 2020 and $55,732 at March 28, 2020	159,034	162,747
Other assets	26,020	20,584
Total assets	1,367,885	1,321,912
Current liabilities:
Accounts payable	39,600	51,038
Accrued expenses and other current liabilities	36,468	40,580
Current operating lease liabilities	5,808	5,708
Current portion of long-term debt	6,634	6,429
Total current liabilities	88,510	103,755
Deferred income taxes	20,700	16,560
Long-term debt, less current portion	13,758	16,583
Long-term operating lease liabilities	24,160	23,396
Other non-current liabilities	48,653	43,619
Total liabilities	195,781	203,913
Stockholders’ equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 at September 26, 2020 and March 28, 2020, respectively; none issued or outstanding
Common stock, $.01 par value; authorized shares: 60,000,000 at September 26, 2020 and March 28, 2020, respectively; issued shares: 25,970,673 and 25,881,415 at September 26, 2020 and March 28, 2020, respectively	260	259
Additional paid-in capital	425,488	412,400
Accumulated other comprehensive loss	(4,593)	(6,898)
Retained earnings	812,329	769,219
Treasury stock, at cost, 870,223 shares and 838,982 shares at September 26, 2020 and March 28, 2020, respectively	(61,380)	(56,981)
Total stockholders’ equity	1,172,104	1,117,999
Total liabilities and stockholders’ equity	$ 1,367,885	$ 1,321,912

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 26, 2020	Mar. 28, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 1,703	$ 1,627
Intangible assets, accumulated amortization (in Dollars)	$ 58,408	$ 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	25,970,673	25,881,415
Treasury stock, shares	870,223	838,982

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Statement [Abstract]
Net sales	$ 146,335	$ 181,909	$ 302,828	$ 364,599
Cost of sales	89,739	110,795	186,779	222,791
Gross margin	56,596	71,114	116,049	141,808
Operating expenses:
Selling, general and administrative	26,023	30,774	52,852	60,861
Other, net	4,210	3,031	8,020	5,148
Total operating expenses	30,233	33,805	60,872	66,009
Operating income	26,363	37,309	55,177	75,799
Interest expense, net	343	473	768	1,020
Other non-operating expense	211	195	253	364
Income before income taxes	25,809	36,641	54,156	74,415
Provision for income taxes	5,388	5,371	11,046	12,646
Net income	$ 20,421	$ 31,270	$ 43,110	$ 61,769
Net income per common share:
Basic (in Dollars per share)	$ 0.82	$ 1.27	$ 1.74	$ 2.52
Diluted (in Dollars per share)	$ 0.82	$ 1.26	$ 1.73	$ 2.49
Weighted average common shares:
Basic (in Shares)	24,823,658	24,584,369	24,793,245	24,543,038
Diluted (in Shares)	24,957,158	24,905,173	24,944,608	24,856,561

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

3 Months Ended

6 Months Ended

Sep. 26, 2020

Sep. 28, 2019

Sep. 26, 2020

Sep. 28, 2019

Statement of Comprehensive Income [Abstract]

Net income

$ 20,421

$ 31,270

$ 43,110

$ 61,769

Pension and postretirement liability adjustments, net of taxes

^[1]

259

178

519

356

Foreign currency translation adjustments

1,377

(1,869)

1,786

673

Total comprehensive income

$ 22,057

$ 29,579

$ 45,415

$ 62,798

[1]	These adjustments were net of tax expense of $79 and $55 for the three-month periods ended September 26, 2020 and September 28, 2019, respectively and $158 and $109 for the six-month periods ended September 26, 2020 and September 28, 2019, respectively.

- Definition

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

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+ Details

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 26, 2020	Jun. 27, 2020	Sep. 28, 2019	Jun. 29, 2019	Sep. 26, 2020	Sep. 28, 2019
Statement of Comprehensive Income [Abstract]
Pension and postretirement liability adjustments, net of taxes	$ 79	$ 79	$ 55	$ 54	$ 158	$ 109

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 taxes			178			178
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (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. 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						61,769
Currency translation adjustments						673
Balance 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)
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)
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, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)	5,677
Currency translation adjustments			(1,869)			(1,869)
Balance 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)
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 taxes			260			260
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (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)
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						43,110
Currency translation adjustments						1,786
Balance at Sep. 26, 2020	$ 260	425,488	(4,593)	812,329	$ (61,380)	1,172,104
Balance (in Shares) at Sep. 26, 2020	25,970,673				(870,223)
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)
Net income				20,421		20,421
Share-based compensation		5,231				5,231
Repurchase of common stock					$ (8)	(8)
Repurchase of common stock (in Shares)					(62)
Exercise of equity awards	$ 1	2,188				2,189
Exercise of equity awards (in Shares)	31,200
Change in net prior service cost and actuarial losses, net of taxes			259			259
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)	(2,299)
Currency translation adjustments			1,377			1,377
Balance at Sep. 26, 2020	$ 260	$ 425,488	$ (4,593)	$ 812,329	$ (61,380)	$ 1,172,104
Balance (in Shares) at Sep. 26, 2020	25,970,673				(870,223)

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 26, 2020	Jun. 27, 2020	Sep. 28, 2019	Jun. 29, 2019	Sep. 26, 2020	Sep. 28, 2019
Statement of Stockholders' Equity [Abstract]
Change in net prior service cost and actuarial losses, net of tax expense	$ 79	$ 79	$ 55	$ 54	$ 158	$ 109

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Cash flows from operating activities:
Net income	$ 43,110	$ 61,769
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	11,744	10,729
Deferred income taxes	4,051	898
Amortization of intangible assets	5,089	4,593
Amortization of deferred financing costs	259	207
Share-based compensation	10,669	9,861
Other non-cash charges	3,004	75
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	21,267	2,303
Inventory	(4,981)	(13,125)
Prepaid expenses and other current assets	(2,812)	(5,617)
Other non-current assets	(6,885)	(1,777)
Accounts payable	(11,554)	678
Accrued expenses and other current liabilities	(4,137)	(5,760)
Other non-current liabilities	5,655	(216)
Net cash provided by operating activities	74,479	64,618
Cash flows from investing activities:
Purchase of property, plant and equipment	(6,008)	(20,216)
Proceeds from sale of assets	10	300
Acquisition of business	245	(33,842)
Net cash used in investing activities	(5,753)	(53,758)
Cash flows from financing activities:
Proceeds received from revolving credit facilities		9,435
Proceeds received from term loans		15,383
Repayments of revolving credit facilities		(30,000)
Repayments of term loans	(3,287)
Repayments of notes payable	(249)	(235)
Finance fees paid in connection with credit facilities and term loans		(276)
Exercise of stock options	2,420	10,461
Repurchase of common stock	(4,399)	(9,848)
Net cash used in financing activities	(5,515)	(5,080)
Effect of exchange rate changes on cash	(114)	734
Cash and cash equivalents:
Increase during the period	63,097	6,514
Cash and cash equivalents, at beginning of period	103,255	29,884
Cash and cash equivalents, at end of period	166,352	36,398
Supplemental disclosures of cash flow information:
Income taxes	6,559	17,147
Interest	$ 516	$ 759

Basis of Presentation

6 Months Ended

Sep. 26, 2020

Accounting Policies [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- and six-month periods ended September 26, 2020 are not necessarily indicative of the operating results for the entire fiscal year ending April 3, 2021. The three- and six-month periods ended September 26, 2020 and September 28, 2019 each include 13 weeks and 26 weeks, respectively. The amounts shown are in thousands, unless otherwise indicated.

Significant Accounting Policies

6 Months Ended

Sep. 26, 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

6 Months Ended

Sep. 26, 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- and six-month periods ended September 26, 2020 and September 28, 2019 are as follows:

Principal End Markets

	Three Months Ended
	September 26, 2020						September 28, 2019
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	51,040	$	20,013	$	71,053	$	70,287	$	19,720	$	90,007
Roller		10,674		10,905		21,579		17,643		14,942		32,585
Ball		7,311		13,788		21,099		5,086		12,338		17,424
Engineered Products		18,116		14,488		32,604		24,368		17,525		41,893
	$	87,141	$	59,194	$	146,335	$	117,384	$	64,525	$	181,909

	Six Months Ended
	September 26, 2020						September 28, 2019
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	110,392	$	39,536	$	149,928	$	137,593	$	39,903	$	177,496
Roller		23,904		20,575		44,479		36,956		32,488		69,444
Ball		14,333		25,606		39,939		10,516		24,618		35,134
Engineered Products		37,494		30,988		68,482		48,638		33,887		82,525
	$	186,123	$	116,705	$	302,828	$	233,703	$	130,896	$	364,599

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 $259,351 at September 26, 2020. The Company expects to recognize revenue on approximately 59% and 88% 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 at the end of each reporting period. As of September 26, 2020 and March 28, 2020, accounts receivable with customers, net, were $108,078 and $128,995, respectively. The tables below represent a roll-forward of contract assets and contract liabilities for the six-month period ended September 26, 2020:

Contract Assets - Current ⁽¹⁾

Balance at March 28, 2020	$	2,604
Additional revenue recognized in excess of billings		3,732
Less: amounts billed to customers		(1,732	)
Balance at September 26, 2020	$	4,604

⁽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		6,611
Revenue recognized		(9,326	)
Reclassification (to)/from noncurrent		(498	)
Balance at September 26, 2020	$	7,903

⁽²⁾

Included within accrued expenses and other current liabilities on the consolidated balance sheets. During the first six months of fiscal 2021, the Company recognized revenues of $7,765 that were included within contract liabilites at March 28, 2020.

Contract Liabilities – Noncurrent ⁽³⁾

Balance at March 28, 2020	$	2,427
Payments received prior to revenue being recognized		395
Reclassification (to)/from current		498
Balance at September 26, 2020	$	3,320

⁽³⁾

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

As of September 26, 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
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-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
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-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)

6 Months Ended

Sep. 26, 2020

Stockholders' Equity Note [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		1,786			—			1,786
Amounts reclassified from accumulated other comprehensive income		—			519			519
Net current period other comprehensive income		1,786			519			2,305
Balance at September 26, 2020	$	1,204		$	(5,797	)	$	(4,593	)

Net Income Per Common Share

6 Months Ended

Sep. 26, 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 vesting or exercise of stock awards.

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				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019

Net income	$	20,421	$	31,270	$	43,110	$	61,769

Denominator for basic net income per common share — weighted-average shares outstanding		24,823,658		24,584,369		24,793,245		24,543,038
Effect of dilution due to employee stock awards		133,500		320,804		151,363		313,523
Denominator for diluted net income per common share — weighted-average shares outstanding		24,957,158		24,905,173		24,944,608		24,856,561

Basic net income per common share	$	0.82	$	1.27	$	1.74	$	2.52

Diluted net income per common share	$	0.82	$	1.26	$	1.73	$	2.49

At September 26, 2020, 502,861 employee stock options and 115,185 restricted shares have been excluded from the calculation of diluted earnings per share. At September 28, 2019, 209,040 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

6 Months Ended

Sep. 26, 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

6 Months Ended

Sep. 26, 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:

	September 26, 2020		March 28, 2020
Raw materials	$	52,807	$	51,362
Work in process		89,310		97,286
Finished goods		229,429		218,846
	$	371,546	$	367,494

Debt

6 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Debt

8. Debt

The balances payable under all borrowing facilities are as follows:

	September 26, 2020			March 28, 2020
Revolver and term loan facilities	$	15,818		$	18,593
Debt issuance costs		(1,430	)		(1,687	)
Other		6,004			6,106
Total debt		20,392			23,012
Less: current portion		6,634			6,429
Long-term debt	$	13,758		$	16,583

The current portion of long-term debt as of September 26, 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 September 26, 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 September 26, 2020, $1,319 in unamortized debt issuance costs remain. The Company has the ability to borrow up to an additional $246,300 under the Revolver as of September 26, 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 Foreign 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 September 26, 2020, there was approximately $2,906 outstanding under the Foreign Revolver and approximately $12,912 outstanding under the Foreign Term Loan. These borrowings have been classified as Level 2 of the valuation hierarchy. As of September 26, 2020, approximately $111 in unamortized debt issuance costs remain. Schaublin has the ability to borrow up to an additional $13,235 under the Foreign Revolver as of September 26, 2020.

Schaublin’s required future annual principal payments are approximately $6,134 for the next twelve months and approximately $3,228 for each year for the next three years.

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 September 26, 2020 was approximately $6,004 and has been classified as Level 2 of the valuation hierarchy.

The Company’s required future annual principal payments are approximately $500 each year for the next five years and $3,504 thereafter.

Income Taxes

6 Months Ended

Sep. 26, 2020

Income Tax Disclosure [Abstract]

Income Taxes

9. 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 September 26, 2020 and September 28, 2019 were 20.9% and 14.7%, 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, which increase the rate.

The effective income tax rate for the three-month period ended September 26, 2020 of 20.9% includes $364 of tax benefits associated with share-based compensation. The effective income tax rate without discrete items for the three-month period ended September 26, 2020 would have been 22.0%. The effective income tax rate for the three-month period ended September 28, 2019 of 14.7% includes $2,529 of tax benefits associated with share-based compensation. The effective income tax rate without discrete items for the three-month period ended September 28, 2019 would have been 21.3%. 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 federal and state credits and state tax, is estimated to be approximately $1,524.

Income tax expense for the six-month period ended September 26, 2020 was $11,046 compared to $12,646 for the six-month period ended September 28, 2019. Our effective income tax rate for the six-month period ended September 26, 2020 was 20.4% compared to 17.0% for the six-month period ended September 28, 2019. The effective income tax rate for the six-month period ended September 26, 2020 of 20.4% includes $679 of tax benefits associated with share-based compensation. The effective income tax rate without these benefits and other items for the six-month period ended September 26, 2020 would have been 21.6%. The effective income tax rate for the six-month period ended September 28, 2019 of 17.0% included $3,039 of tax benefits associated with share-based compensation and $241 of tax benefits associated with other permanent adjustments from filing the Company’s fiscal 2018 foreign tax returns. The effective income tax rate without these benefits and other items for the six-month period ended September 28, 2019 would have been 21.3%.

- 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

6 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Reportable Segments

10. 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						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
Net External Sales
Plain	$	71,053		$	90,007		$	149,928		$	177,496
Roller		21,579			32,585			44,479			69,444
Ball		21,099			17,424			39,939			35,134
Engineered Products		32,604			41,893			68,482			82,525
	$	146,335		$	181,909		$	302,828		$	364,599
Gross Margin
Plain	$	29,750		$	35,700		$	61,827		$	69,814
Roller		6,236			13,396			14,643			27,920
Ball		9,129			7,503			17,056			15,302
Engineered Products		11,481			14,515			22,523			28,772
	$	56,596		$	71,114		$	116,049		$	141,808
Selling, General & Administrative Expenses
Plain	$	5,276		$	6,534		$	10,547		$	13,048
Roller		1,162			1,647			2,401			3,261
Ball		1,289			1,574			2,635			3,207
Engineered Products		3,838			4,434			7,650			8,737
Corporate		14,458			16,585			29,619			32,608
	$	26,023		$	30,774		$	52,852		$	60,861
Operating Income
Plain	$	23,472		$	28,255		$	48,873		$	55,080
Roller		4,481			11,734			11,580			24,304
Ball		7,803			5,907			14,354			12,044
Engineered Products		6,112			8,423			12,093			17,425
Corporate		(15,505	)		(17,010	)		(31,723	)		(33,054	)
	$	26,363		$	37,309		$	55,177		$	75,799
Intersegment Sales
Plain	$	1,212		$	1,509		$	2,774		$	3,356
Roller		2,171			4,023			5,549			7,224
Ball		464			916			1,131			1,585
Engineered Products		6,832			10,751			17,481			21,573
	$	10,679		$	17,199		$	26,935		$	33,738

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
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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

6 Months Ended

Sep. 26, 2020

Acquisition [Abstract]

Acquisition

11. 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.

Restructuring and Consolidation

6 Months Ended

Sep. 26, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Consolidation

12. Restructuring and Consolidation

In the second quarter of fiscal 2021, the Company made the decision to consolidate two of its manufacturing facilities. This resulted in $2,579 of non-cash restructuring charges comprised of $1,994 of inventory rationalization costs included within cost of sales and $585 of fixed asset disposals included within other operating expenses. These restructuring charges are included within the Roller segment.

Accounting Policies, by Policy (Policies)	6 Months Ended
Accounting Policies, by Policy (Policies)	Sep. 26, 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)

6 Months Ended

Sep. 26, 2020

Revenue from Contract with Customer [Abstract]

Schedule of revenue from business segments of customers

	Three Months Ended
	September 26, 2020						September 28, 2019
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	51,040	$	20,013	$	71,053	$	70,287	$	19,720	$	90,007
Roller		10,674		10,905		21,579		17,643		14,942		32,585
Ball		7,311		13,788		21,099		5,086		12,338		17,424
Engineered Products		18,116		14,488		32,604		24,368		17,525		41,893
	$	87,141	$	59,194	$	146,335	$	117,384	$	64,525	$	181,909

	Six Months Ended
	September 26, 2020						September 28, 2019
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	110,392	$	39,536	$	149,928	$	137,593	$	39,903	$	177,496
Roller		23,904		20,575		44,479		36,956		32,488		69,444
Ball		14,333		25,606		39,939		10,516		24,618		35,134
Engineered Products		37,494		30,988		68,482		48,638		33,887		82,525
	$	186,123	$	116,705	$	302,828	$	233,703	$	130,896	$	364,599

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		3,732
Less: amounts billed to customers		(1,732	)
Balance at September 26, 2020	$	4,604

⁽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		6,611
Revenue recognized		(9,326	)
Reclassification (to)/from noncurrent		(498	)
Balance at September 26, 2020	$	7,903

⁽²⁾

Contract Liabilities – Noncurrent ⁽³⁾

Balance at March 28, 2020	$	2,427
Payments received prior to revenue being recognized		395
Reclassification (to)/from current		498
Balance at September 26, 2020	$	3,320

⁽³⁾

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

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Sep. 26, 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		1,786			—			1,786
Amounts reclassified from accumulated other comprehensive income		—			519			519
Net current period other comprehensive income		1,786			519			2,305
Balance at September 26, 2020	$	1,204		$	(5,797	)	$	(4,593	)

Net Income Per Common Share (Tables)

6 Months Ended

Sep. 26, 2020

Earnings Per Share [Abstract]

Schedule basic and diluted net income per common share

	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019

Net income	$	20,421	$	31,270	$	43,110	$	61,769

Denominator for basic net income per common share — weighted-average shares outstanding		24,823,658		24,584,369		24,793,245		24,543,038
Effect of dilution due to employee stock awards		133,500		320,804		151,363		313,523
Denominator for diluted net income per common share — weighted-average shares outstanding		24,957,158		24,905,173		24,944,608		24,856,561

Basic net income per common share	$	0.82	$	1.27	$	1.74	$	2.52

Diluted net income per common share	$	0.82	$	1.26	$	1.73	$	2.49

Inventory (Tables)

6 Months Ended

Sep. 26, 2020

Inventory Disclosure [Abstract]

Schedule of inventory

	September 26, 2020		March 28, 2020
Raw materials	$	52,807	$	51,362
Work in process		89,310		97,286
Finished goods		229,429		218,846
	$	371,546	$	367,494

Debt (Tables)

6 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Schedule of debt

	September 26, 2020			March 28, 2020
Revolver and term loan facilities	$	15,818		$	18,593
Debt issuance costs		(1,430	)		(1,687	)
Other		6,004			6,106
Total debt		20,392			23,012
Less: current portion		6,634			6,429
Long-term debt	$	13,758		$	16,583

Reportable Segments (Tables)

6 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Schedule of segment information

	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
Net External Sales
Plain	$	71,053		$	90,007		$	149,928		$	177,496
Roller		21,579			32,585			44,479			69,444
Ball		21,099			17,424			39,939			35,134
Engineered Products		32,604			41,893			68,482			82,525
	$	146,335		$	181,909		$	302,828		$	364,599
Gross Margin
Plain	$	29,750		$	35,700		$	61,827		$	69,814
Roller		6,236			13,396			14,643			27,920
Ball		9,129			7,503			17,056			15,302
Engineered Products		11,481			14,515			22,523			28,772
	$	56,596		$	71,114		$	116,049		$	141,808
Selling, General & Administrative Expenses
Plain	$	5,276		$	6,534		$	10,547		$	13,048
Roller		1,162			1,647			2,401			3,261
Ball		1,289			1,574			2,635			3,207
Engineered Products		3,838			4,434			7,650			8,737
Corporate		14,458			16,585			29,619			32,608
	$	26,023		$	30,774		$	52,852		$	60,861
Operating Income
Plain	$	23,472		$	28,255		$	48,873		$	55,080
Roller		4,481			11,734			11,580			24,304
Ball		7,803			5,907			14,354			12,044
Engineered Products		6,112			8,423			12,093			17,425
Corporate		(15,505	)		(17,010	)		(31,723	)		(33,054	)
	$	26,363		$	37,309		$	55,177		$	75,799
Intersegment Sales
Plain	$	1,212		$	1,509		$	2,774		$	3,356
Roller		2,171			4,023			5,549			7,224
Ball		464			916			1,131			1,585
Engineered Products		6,832			10,751			17,481			21,573
	$	10,679		$	17,199		$	26,935		$	33,738

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 26, 2020	Mar. 28, 2020
Revenue from Contract with Customer [Abstract]
Aggregate amount of the transaction price allocated to remaining performance obligations	$ 259,351
Performance obligations expected to be satisfied in the future	The Company expects to recognize revenue on approximately 59% 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	$ 108,078	$ 128,995
Revenue recognized included in the contract liability	$ 7,765

Revenue from Contracts with Customers (Details) - Schedule of revenue from business segments of customers - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	$ 146,335	$ 181,909	$ 302,828	$ 364,599
Plain [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	71,053	90,007	149,928	177,496
Roller [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	21,579	32,585	44,479	69,444
Ball [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	21,099	17,424	39,939	35,134
Engineered Products [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	32,604	41,893	68,482	82,525
Aerospace [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	87,141	117,384	186,123	233,703
Aerospace [Member] \| Plain [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	51,040	70,287	110,392	137,593
Aerospace [Member] \| Roller [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	10,674	17,643	23,904	36,956
Aerospace [Member] \| Ball [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	7,311	5,086	14,333	10,516
Aerospace [Member] \| Engineered Products [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	18,116	24,368	37,494	48,638
Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	59,194	64,525	116,705	130,896
Industrial [Member] \| Plain [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	20,013	19,720	39,536	39,903
Industrial [Member] \| Roller [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	10,905	14,942	20,575	32,488
Industrial [Member] \| Ball [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	13,788	12,338	25,606	24,618
Industrial [Member] \| Engineered Products [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	$ 14,488	$ 17,525	$ 30,988	$ 33,887

- 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)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-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

6 Months Ended

Sep. 26, 2020

USD ($)

Contract Assets - Current (1)

Balance at March 28, 2020

$ 2,604

^[1]

Additional revenue recognized in excess of billings

3,732

^[1]

Less: amounts billed to customers

(1,732)

^[1]

Balance at September 26, 2020

4,604

^[1]

Contract Liabilities – Current (2)

Balance at March 28, 200

11,116

^[2]

Payments received prior to revenue being recognized

6,611

^[2]

Revenue recognized

(9,326)

^[2]

Reclassification (to)/from noncurrent

(498)

^[2]

Balance at September 26, 200

7,903

^[2]

Contract Liabilities – Noncurrent (3)

Balance at March 28, 2020

2,427

^[3]

Payments received prior to revenue being recognized

395

^[3]

Reclassification (to)/from current

498

^[3]

Balance at September 26, 2020

$ 3,320

^[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 six months of fiscal 2021, the Company recognized revenues of $7,765 that were included within contract liabilites 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	6 Months Ended
	Sep. 26, 2020 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (6,898)
Other comprehensive income before reclassifications	1,786
Amounts reclassified from accumulated other comprehensive income	519
Net current period other comprehensive income	2,305
Ending balance	(4,593)
Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(582)
Other comprehensive income before reclassifications	1,786
Amounts reclassified from accumulated other comprehensive income
Net current period other comprehensive income	1,786
Ending balance	1,204
Pension and Postretirement Liability [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(6,316)
Other comprehensive income before reclassifications
Amounts reclassified from accumulated other comprehensive income	519
Net current period other comprehensive income	519
Ending balance	$ (5,797)

- 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	6 Months Ended
Net Income Per Common Share (Details) - shares	Sep. 26, 2020	Sep. 28, 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	502,861	209,040
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	115,185

Net Income Per Common Share (Details) - Schedule basic and diluted net income per common share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 26, 2020	Jun. 27, 2020	Sep. 28, 2019	Jun. 29, 2019	Sep. 26, 2020	Sep. 28, 2019
Schedule basic and diluted net income per common share [Abstract]
Net income (in Dollars)	$ 20,421	$ 22,689	$ 31,270	$ 30,499	$ 43,110	$ 61,769
Denominator for basic net income per common share—weighted-average shares outstanding	24,823,658		24,584,369		24,793,245	24,543,038
Effect of dilution due to employee stock awards	133,500		320,804		151,363	313,523
Denominator for diluted net income per common share — weighted-average shares outstanding	24,957,158		24,905,173		24,944,608	24,856,561
Basic net income per common share (in Dollars per share)	$ 0.82		$ 1.27		$ 1.74	$ 2.52
Diluted net income per common share (in Dollars per share)	$ 0.82		$ 1.26		$ 1.73	$ 2.49

- 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
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+ 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

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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

Inventory (Details) - Schedule of inventory - USD ($) $ in Thousands	Sep. 26, 2020	Mar. 28, 2020
Schedule of inventory [Abstract]
Raw materials	$ 52,807	$ 51,362
Work in process	89,310	97,286
Finished goods	229,429	218,846
Inventory, Net, Total	$ 371,546	$ 367,494

Debt (Details) SFr in Thousands, $ in Thousands				6 Months Ended
Debt (Details) SFr in Thousands, $ in Thousands	Aug. 15, 2019 USD ($)	Aug. 15, 2019 CHF (SFr)	Oct. 01, 2012 USD ($)	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	Aug. 15, 2019 CHF (SFr)
Debt Instrument [Line Items]
Debt issuance costs				$ 259	$ 207
Future annual principal payments in fiscal 2021				500
Future annual principal payments in fiscal 2022				500
Future annual principal payments in fiscal 2023				500
Future annual principal payments in fiscal 2024				500
Future annual principal payments in fiscal 2025				500
Future annual principal payments in fiscal thereafter				3,504
Revolver [Member]
Debt Instrument [Line Items]
Line of credit				3,700
Unamortized debt issuance costs				$ 1,319
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.
Line of credit facility, remaining borrowing capacity				$ 246,300
Domestic Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis				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.
Foreign Revolver [Member]
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity				$ 13,235
Amended Credit Agreement [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Line of credit				250,000
Unamortized debt issuance costs				852
Schaublin Credit Agreement [Member]
Debt Instrument [Line Items]
Debt issuance costs	$ 277	SFr 270
Schaublin [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs				111
Future annual principal payments in fiscal 2021				6,134
Future annual principal payments in Fiscal 2022				3,228
Future annual principal payments in Fiscal 2023				3,228
Future annual principal payments in Fiscal 2024				3,228
Cash paid for purchase price				5,053
Balance on mortgage loan				6,004
Schaublin [Member] \| Foreign Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument face amount	15,383					SFr 15,000
Credit facility outstanding amount				12,912
Schaublin [Member] \| Foreign Revolver [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 15,383					SFr 15,000
Credit facility outstanding amount				$ 2,906
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%
Schaublin [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%	1.00%

Debt (Details) - Schedule of debt - USD ($) $ in Thousands	Sep. 26, 2020	Mar. 28, 2020
Schedule of debt [Abstract]
Revolver and term loan facilities	$ 15,818	$ 18,593
Debt issuance costs	(1,430)	(1,687)
Other	6,004	6,106
Total debt	20,392	23,012
Less: current portion	6,634	6,429
Long-term debt	$ 13,758	$ 16,583

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Tax Disclosure [Abstract]
Income tax provision at the federal statutory rate	20.90%	14.70%	20.40%	17.00%
Tax benefit associated with share-based compensation	$ 364	$ 2,529	$ 679	$ 3,039
Effective income tax rate without discrete	22.00%	21.30%	21.60%	21.30%
Estimated decrease in unrecognized tax positions in federal and state credits and state tax	$ 1,524
Income Tax Expense (Benefit)	$ 5,388	$ 5,371	$ 11,046	$ 12,646
Effective income tax rate reconciliation, prior year income taxes, amount			$ 241

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Reportable Segments (Details)	6 Months Ended
Reportable Segments (Details)	Sep. 26, 2020
Segment Reporting [Abstract]
Number of reportable business segments	4

Reportable Segments (Details) - Schedule of segment information - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Net External Sales
Net External Sales	$ 146,335	$ 181,909	$ 302,828	$ 364,599
Gross Margin
Gross Margin	56,596	71,114	116,049	141,808
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	26,023	30,774	52,852	60,861
Operating Income
Operating Income	26,363	37,309	55,177	75,799
Intersegment Sales
Intersegment Sales	10,679	17,199	26,935	33,738
Plain [Member]
Net External Sales
Net External Sales	71,053	90,007	149,928	177,496
Gross Margin
Gross Margin	29,750	35,700	61,827	69,814
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	5,276	6,534	10,547	13,048
Operating Income
Operating Income	23,472	28,255	48,873	55,080
Intersegment Sales
Intersegment Sales	1,212	1,509	2,774	3,356
Roller [Member]
Net External Sales
Net External Sales	21,579	32,585	44,479	69,444
Gross Margin
Gross Margin	6,236	13,396	14,643	27,920
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	1,162	1,647	2,401	3,261
Operating Income
Operating Income	4,481	11,734	11,580	24,304
Intersegment Sales
Intersegment Sales	2,171	4,023	5,549	7,224
Ball [Member]
Net External Sales
Net External Sales	21,099	17,424	39,939	35,134
Gross Margin
Gross Margin	9,129	7,503	17,056	15,302
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	1,289	1,574	2,635	3,207
Operating Income
Operating Income	7,803	5,907	14,354	12,044
Intersegment Sales
Intersegment Sales	464	916	1,131	1,585
Engineered Products [Member]
Net External Sales
Net External Sales	32,604	41,893	68,482	82,525
Gross Margin
Gross Margin	11,481	14,515	22,523	28,772
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	3,838	4,434	7,650	8,737
Operating Income
Operating Income	6,112	8,423	12,093	17,425
Intersegment Sales
Intersegment Sales	6,832	10,751	17,481	21,573
Corporate [Member]
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	14,458	16,585	29,619	32,608
Operating Income
Operating Income	$ (15,505)	$ (17,010)	$ (31,723)	$ (33,054)

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

Restructuring and Consolidation (Details) $ in Thousands	6 Months Ended
Restructuring and Consolidation (Details) $ in Thousands	Sep. 26, 2020 USD ($)
Restructuring and Related Activities [Abstract]
Non-cash restructuring charges	$ 2,579
Inventory rationalization costs	1,994
Fixed asset disposals included within other operating expenses	$ 585